Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | BANK OF NOVA SCOTIA |
Entity Central Index Key | 0000009631 |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 1,215,337,523 |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity File Number | 002-09048 |
Document Registration Statement | false |
Annual Information Form | true |
Audited Annual Financial Statements | true |
ICFR Auditor Attestation Flag | true |
Document Annual Report | true |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | 44 King St. West, Scotia Plaza |
Entity Address, Address Line Two | 8th floor |
Entity Address, City or Town | Toronto |
Entity Address, Postal Zip Code | M5H 1H1 |
City Area Code | 416 |
Local Phone Number | 866-3672 |
Title of 12(b) Security | Common Shares |
Trading Symbol | BNS |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, State or Province | NY |
Entity Address, Country | US |
Entity Address, Address Line One | The Bank of Nova Scotia |
Entity Address, Address Line Two | 250 Vesey Street |
Entity Address, City or Town | New York |
Entity Address, Postal Zip Code | 10281 |
City Area Code | 212 |
Local Phone Number | 225-5000 |
Contact Personnel Name | Hector Becil |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Assets | |||
Cash and deposits with financial institutions | [1] | $ 86,323 | $ 76,460 |
Precious metals | 755 | 1,181 | |
Trading assets | |||
Securities | 137,148 | 108,331 | |
Loans | 8,113 | 8,352 | |
Other | 1,051 | 1,156 | |
Total trading assets | 146,312 | 117,839 | |
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Derivative financial instruments | 42,302 | 45,065 | |
Investment securities | 75,199 | 111,389 | |
Loans | |||
Residential mortgages | 319,678 | 284,684 | |
Personal loans | 91,540 | 93,758 | |
Credit cards | 12,450 | 14,797 | |
Business and government | 218,944 | 217,663 | |
Loans and receivables gross | 642,612 | 610,902 | |
Allowance for credit losses | 5,626 | 7,639 | |
Loans and receivables | 636,986 | 603,263 | |
Other | |||
Customers' liability under acceptances, net of allowance | 20,404 | 14,228 | |
Property and equipment | [2] | 5,621 | 5,897 |
Investments in associates | 2,604 | 2,475 | |
Goodwill and other intangible assets | 16,604 | 17,015 | |
Deferred tax assets | 2,051 | 2,185 | |
Other assets | 21,944 | 19,722 | |
Other Assets | 69,228 | 61,522 | |
Total assets | 1,184,844 | 1,136,466 | |
Deposits | |||
Personal | 243,551 | 246,135 | |
Business and government | 511,348 | 464,619 | |
Financial institutions | 42,360 | 40,084 | |
Deposits | [3] | 797,259 | 750,838 |
Financial instruments designated at fair value through profit or loss | 22,493 | 18,899 | |
Other | |||
Acceptances | 20,441 | 14,305 | |
Obligations related to securities sold short | 40,954 | 31,902 | |
Derivative financial instruments | 42,203 | 42,247 | |
Obligations related to securities sold under repurchase agreements and securities lent | 123,469 | 137,763 | |
Subordinated debentures | 6,334 | 7,405 | |
Other liabilities | 58,799 | 62,604 | |
Other Liabilities | 292,200 | 296,226 | |
Total liabilities | 1,111,952 | 1,065,963 | |
Equity | |||
Retained earnings | 51,354 | 46,345 | |
Accumulated other comprehensive income (loss) | (5,333) | (2,125) | |
Other reserves | 222 | 360 | |
Total common equity | 64,750 | 62,819 | |
Total equity attributable to equity holders of the Bank | 70,802 | 68,127 | |
Non-controlling interests in subsidiaries | 2,090 | 2,376 | |
Total equity | 72,892 | 70,503 | |
Total liabilities and equity | 1,184,844 | 1,136,466 | |
Common shares [member] | |||
Equity | |||
Common shares | 18,507 | 18,239 | |
Total equity | 18,507 | 18,239 | |
Preference shares [member] | |||
Equity | |||
Preferred shares and other equity instruments | $ 6,052 | $ 5,308 | |
[1] | Net of allowances of $1 (2020 – $1). | ||
[2] | Includes $40 (2020 – $43) of investment property. | ||
[3] | Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | ||||
Interest income | ||||||
Loans | [1] | $ 23,159 | $ 26,977 | $ 29,116 | ||
Securities | [1] | 1,467 | 2,035 | 2,238 | ||
Securities purchased under resale agreements and securities borrowed | [1] | 178 | 286 | 502 | ||
Deposits with financial institutions | [1] | 182 | 414 | 928 | ||
Interest income | [1] | 24,986 | 29,712 | 32,784 | ||
Interest expense | ||||||
Deposits | 6,465 | 10,731 | 13,871 | |||
Subordinated debentures | 180 | 240 | 294 | |||
Other | [2] | 1,380 | 1,421 | 1,442 | ||
Interest expenses | 8,025 | 12,392 | 15,607 | |||
Net interest income | 16,961 | 17,320 | 17,177 | |||
Non-interest income | ||||||
Card revenues | 749 | 789 | 977 | |||
Banking services fees | 1,598 | 1,540 | 1,812 | |||
Credit fees | 1,485 | 1,348 | 1,316 | |||
Mutual funds | 2,394 | 1,945 | 1,849 | |||
Brokerage fees | 1,039 | 902 | 876 | |||
Investment management and trust | 994 | 946 | 1,050 | |||
Underwriting and other advisory | 724 | 690 | 497 | |||
Non-trading foreign exchange | 787 | 708 | 667 | |||
Trading revenues | 2,033 | 2,411 | 1,488 | |||
Net gain on sale of investment securities | 419 | 607 | 351 | |||
Net income from investments in associated corporations | 339 | 242 | 650 | |||
Insurance underwriting income, net of claims | 398 | 497 | 676 | |||
Other fees and commissions | 677 | 688 | 949 | |||
Other | 655 | 703 | 699 | |||
Total non-interest income | 14,291 | 14,016 | 13,857 | |||
Total revenue | 31,252 | 31,336 | 31,034 | |||
Provision for credit losses | 1,808 | 6,084 | 3,027 | |||
Profit from operating activity | 29,444 | 25,252 | 28,007 | |||
Non-interest expenses | ||||||
Salaries and employee benefits | 8,541 | 8,624 | 8,443 | |||
Premises and technology | [2] | 2,351 | 2,408 | 2,807 | ||
Depreciation and amortization | [2] | 1,511 | 1,546 | 1,053 | ||
Communications | 369 | 418 | 459 | |||
Advertising and business development | 404 | 445 | 625 | |||
Professional | 789 | 753 | 861 | |||
Business and capital taxes | 511 | 517 | 515 | |||
Other | 2,142 | 2,145 | 1,974 | |||
Total non-interest expenses | 16,618 | 16,856 | 16,737 | |||
Income before taxes | 12,826 | 8,396 | 11,270 | |||
Income tax expense | 2,871 | 1,543 | 2,472 | |||
Net income | 9,955 | [3] | 6,853 | [3] | 8,798 | |
Net income attributable to non-controlling interests in subsidiaries | 331 | 75 | 408 | |||
Net income attributable to equity holders of the Bank | 9,624 | 6,778 | 8,390 | |||
Preferred shareholders and other equity instrument holders | 233 | 196 | 182 | |||
Common shareholders | $ 9,391 | $ 6,582 | $ 8,208 | |||
Earnings per common share (in dollars) | ||||||
Basic | [4] | $ 7.74 | $ 5.43 | $ 6.72 | ||
Diluted | [4] | 7.70 | 5.30 | 6.68 | ||
Dividends paid per common share (in dollars) | $ 3.60 | $ 3.60 | $ 3.49 | |||
[1] | Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $24,547 for the year ended October 31, 2021 (October 31, 2020 – $29,173; October 31, 2019 – $32,436). | |||||
[2] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated. | |||||
[3] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). | |||||
[4] | Earnings per share calculations are based on full dollar and share amounts. |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Profit or loss [abstract] | |||
Interest income calculated using effective interest method | $ 24,547 | $ 29,173 | $ 32,436 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |||
Statement of comprehensive income [abstract] | |||||
Net income | $ 9,955 | [1] | $ 6,853 | [1] | $ 8,798 |
Net change in unrealized foreign currency translation gains (losses): | |||||
Net unrealized foreign currency translation gains (losses) | (4,515) | (2,433) | (626) | ||
Net gains (losses) on hedges of net investments in foreign operations | 1,307 | 347 | (232) | ||
Income tax expense (benefit): | |||||
Net unrealized foreign currency translation gains (losses) | (31) | 62 | 21 | ||
Net gains (losses) on hedges of net investments in foreign operations | 343 | 91 | (60) | ||
Other comprehensive income on foreign currency translation and hedges of net investments net of tax | (3,520) | (2,239) | (819) | ||
Net change in fair value due to change in debt instruments measured at fair value through other comprehensive income: | |||||
Net gains (losses) in fair value | (1,341) | 1,495 | 1,265 | ||
Reclassification of net (gains) losses to net income | 522 | (1,091) | (1,150) | ||
Income tax expense (benefit): | |||||
Net gains (losses) in fair value | (346) | 387 | 308 | ||
Reclassification of net (gains) losses to net income | 127 | (276) | (298) | ||
Other comprehensive income net of tax available for sale financial assets net of tax | (600) | 293 | 105 | ||
Net change in gains (losses) on derivative instruments designated as cash flow hedges: | |||||
Net gains (losses) on derivative instruments designated as cash flow hedges | (1,267) | 2,543 | 361 | ||
Reclassification of net (gains) losses to net income | 176 | (2,604) | 596 | ||
Income tax expense (benefit): | |||||
Net gains (losses) on derivative instruments designated as cash flow hedges | (471) | 689 | 86 | ||
Reclassification of net (gains) losses to net income | 186 | (718) | 163 | ||
Other comprehensive income net of tax cash flow hedges | (806) | (32) | 708 | ||
Other comprehensive income (loss) from investments in associates | 37 | (2) | 103 | ||
Net change in remeasurement of employee benefit plan asset and liability: | |||||
Actuarial gains (losses) on employee benefit plans | 1,815 | (620) | (1,096) | ||
Income tax expense (benefit) | 480 | (155) | (281) | ||
Other comprehensive income net of tax actuarial gains (losses) on employee benefit plans | 1,335 | (465) | (815) | ||
Net change in fair value due to change in equity instruments designated at fair value through other comprehensive income: | |||||
Net gains (losses) in fair value | 532 | (122) | 121 | ||
Income tax expense (benefit) | 124 | (37) | 26 | ||
Other comprehensive income net of tax for equity instruments designated at fair value through other comprehensive income | 408 | (85) | 95 | ||
Net change in fair value due to change in own credit risk on financial liabilities designated under the fair value option: | |||||
Change in fair value due to change in own credit risk on financial liabilities designated under the fair value option | (270) | (404) | 11 | ||
Income tax expense (benefit) | (71) | (106) | 3 | ||
Other comprehensive income net of tax change in fair value due to change in own credit risk on financial liabilities designated under the fair value option | (199) | (298) | 8 | ||
Other comprehensive income (loss) from investments in associates | 5 | (8) | (10) | ||
Other comprehensive income (loss) | (3,340) | (2,836) | (625) | ||
Total comprehensive income | 6,615 | 4,017 | 8,173 | ||
Comprehensive income (loss) attributable to non-controlling interests | 125 | (93) | 205 | ||
Comprehensive income attributable to equity holders of the Bank | 6,490 | 4,110 | 7,968 | ||
Preferred shareholders and other equity instrument holders | 233 | 196 | 182 | ||
Common shareholders | $ 6,257 | $ 3,914 | $ 7,786 | ||
[1] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | IFRS 15 [member] | Common shares [member] | Retained earnings [member] | [1] | Retained earnings [member]IFRS 15 [member] | [1] | Other reserves [member] | Total common equity [member] | Total common equity [member]IFRS 15 [member] | Preferred shares and other equity instruments [member] | Total common and preferred equity [member] | Total common and preferred equity [member]IFRS 15 [member] | Non-controlling interests [member] | Foreign currency translation [member]Accumulated other comprehensive income (loss) [member] | Debt Instruments Fair Value Other Comprehensive Income [member]Accumulated other comprehensive income (loss) [member] | Equity Instruments Fair Value Other Comprehensive Income [member]Accumulated other comprehensive income (loss) [member] | Cash flow hedging reserve [member]Accumulated other comprehensive income (loss) [member] | Other [member]Accumulated other comprehensive income (loss) [member] | [2] | ||||
Beginning Balance (Previously stated [member]) at Oct. 31, 2018 | $ 67,680 | $ 18,234 | $ 41,414 | $ 404 | $ 61,044 | $ 4,184 | $ 65,228 | $ 2,452 | $ 1,441 | $ (68) | $ (126) | $ (121) | $ (134) | |||||||||||
Beginning Balance (Balance After IFRS Adjustments [member]) at Oct. 31, 2018 | 67,622 | 18,234 | 41,356 | 404 | 60,986 | 4,184 | 65,170 | 2,452 | 1,441 | (68) | (126) | (121) | (134) | |||||||||||
Beginning Balance at Oct. 31, 2018 | $ (58) | $ (58) | $ (58) | $ (58) | ||||||||||||||||||||
Statement [Line Items] | ||||||||||||||||||||||||
Net income | 8,798 | 8,208 | 8,208 | 182 | 8,390 | 408 | ||||||||||||||||||
Other comprehensive income (loss) | (625) | (422) | (422) | (203) | (641) | 105 | 71 | 771 | (728) | |||||||||||||||
Total comprehensive income | 8,173 | 8,208 | 7,786 | 182 | 7,968 | 205 | (641) | 105 | 71 | 771 | (728) | |||||||||||||
Shares/instruments issued | 218 | 255 | (37) | 218 | 218 | |||||||||||||||||||
Shares repurchased/redeemed | (1,375) | (225) | (850) | (1,075) | (300) | (1,375) | ||||||||||||||||||
Dividends and distributions paid to equity holders | (4,592) | (4,260) | (4,260) | (182) | (4,442) | (150) | ||||||||||||||||||
Share-based payments | [3] | 7 | 7 | 7 | 7 | |||||||||||||||||||
Other | 139 | (15) | (9) | (24) | (24) | 163 | [4] | |||||||||||||||||
Ending Balance at Oct. 31, 2019 | 70,192 | 18,264 | 44,439 | 365 | 63,638 | 3,884 | 67,522 | 2,670 | 800 | 37 | (55) | 650 | (862) | |||||||||||
Statement [Line Items] | ||||||||||||||||||||||||
Net income | 6,853 | [5] | 6,582 | 6,582 | 196 | 6,778 | 75 | |||||||||||||||||
Other comprehensive income (loss) | (2,836) | (2,668) | (2,668) | (168) | (2,128) | 293 | (81) | (11) | (741) | |||||||||||||||
Total comprehensive income | 4,017 | 6,582 | 3,914 | 196 | 4,110 | (93) | (2,128) | 293 | (81) | (11) | (741) | |||||||||||||
Shares/instruments issued | 1,739 | 59 | (9) | 50 | 1,689 | 1,739 | ||||||||||||||||||
Shares repurchased/redeemed | (679) | (84) | (330) | (414) | (265) | (679) | ||||||||||||||||||
Dividends and distributions paid to equity holders | (4,707) | (4,363) | (4,363) | (196) | (4,559) | (148) | ||||||||||||||||||
Share-based payments | [3] | 5 | 5 | 5 | 5 | |||||||||||||||||||
Other | (64) | 17 | (1) | (11) | (11) | (53) | [4] | (27) | ||||||||||||||||
Ending Balance at Oct. 31, 2020 | 70,503 | 18,239 | 46,345 | 360 | 62,819 | 5,308 | 68,127 | 2,376 | (1,328) | 330 | (163) | 639 | (1,603) | |||||||||||
Statement [Line Items] | ||||||||||||||||||||||||
Net income | 9,955 | [5] | 9,391 | 9,391 | 233 | 9,624 | 331 | |||||||||||||||||
Other comprehensive income (loss) | (3,340) | (3,134) | (3,134) | (206) | (3,322) | (600) | 460 | (844) | 1,172 | |||||||||||||||
Total comprehensive income | 6,615 | 9,391 | 6,257 | 233 | 6,490 | 125 | (3,322) | (600) | 460 | (844) | 1,172 | |||||||||||||
Shares/instruments issued | 2,246 | 268 | (25) | 243 | 2,003 | 2,246 | ||||||||||||||||||
Shares repurchased/redeemed | (1,259) | (1,259) | (1,259) | |||||||||||||||||||||
Dividends and distributions paid to equity holders | (4,727) | (4,371) | (4,371) | (233) | (4,604) | (123) | ||||||||||||||||||
Share-based payments | [3] | 7 | 7 | 7 | 7 | |||||||||||||||||||
Other | (493) | (11) | (120) | [4] | (205) | (205) | (288) | [4] | (59) | (6) | (9) | |||||||||||||
Ending Balance at Oct. 31, 2021 | $ 72,892 | $ 18,507 | $ 51,354 | $ 222 | $ 64,750 | $ 6,052 | $ 70,802 | $ 2,090 | $ (4,709) | $ (270) | $ 291 | $ (214) | $ (431) | |||||||||||
[1] | Includes undistributed retained earnings of $60 (2020 – $64; 2019 – $61) related to a foreign associated corporation, which is subject to local regulatory restriction. | |||||||||||||||||||||||
[2] | Includes Share from associates, Employee benefits and Own credit risk. | |||||||||||||||||||||||
[3] | Represents amounts on account of share-based payments (refer to Note 26). | |||||||||||||||||||||||
[4] | Includes changes to non-controlling interests arising from business combinations and related transactions (refer to Note 37). | |||||||||||||||||||||||
[5] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Restatement [abstract] | |||
Undistributed retained earnings | $ 60 | $ 64 | $ 61 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | ||||
Cash flows from operating activities | ||||||
Net income | $ 9,955 | [1] | $ 6,853 | [1] | $ 8,798 | |
Adjustment for: | ||||||
Net interest income | (16,961) | [1] | (17,320) | [1] | (17,177) | |
Depreciation and amortization | 1,511 | [1] | 1,546 | [1] | 1,053 | |
Provision for credit losses | 1,808 | [1] | 6,084 | [1] | 3,027 | |
Equity-settled share-based payment expense | 7 | [1] | 5 | [1] | 7 | |
Net gain on sale of investment securities | (419) | [1] | (607) | [1] | (351) | |
Net (gain)/loss on divestitures | 9 | [1] | (307) | [1] | 125 | |
Net income from investments in associated corporations | (339) | [1] | (242) | [1] | (650) | |
Income tax expense | 2,871 | [1] | 1,543 | [1] | 2,472 | |
Changes in operating assets and liabilities: | ||||||
Trading assets | (33,995) | [1] | 9,945 | [1] | (27,514) | |
Securities purchased under resale agreements and securities borrowed | (14,202) | [1] | 12,781 | [1] | (27,235) | |
Loans | (55,748) | [1] | (25,486) | [1] | (44,337) | |
Deposits | 78,569 | [1] | 27,982 | [1] | 60,705 | |
Obligations related to securities sold short | 10,078 | [1] | 1,195 | [1] | (1,694) | |
Obligations related to securities sold under repurchase agreements and securities lent | (7,709) | [1] | 11,722 | [1] | 22,727 | |
Net derivative financial instruments | 2,123 | [1] | (1,949) | [1] | 1,964 | |
Other, net | (5,300) | [1] | 7,527 | [1] | (8,881) | |
Dividends received | 969 | [1] | 824 | [1] | 520 | |
Interest received | 25,425 | [1] | 29,572 | [1] | 32,696 | |
Interest paid | (8,766) | [1] | (13,042) | [1] | (15,322) | |
Income tax paid | (2,693) | [1] | (1,962) | [1] | (2,958) | |
Net cash from/(used in) operating activities | (12,807) | [1] | 56,664 | [1] | (12,025) | |
Cash flows from investing activities | ||||||
Interest-bearing deposits with financial institutions | (15,006) | [1] | (30,346) | [1] | 18,014 | |
Purchase of investment securities | (72,259) | [1] | (147,629) | [1] | (89,018) | |
Proceeds from sale and maturity of investment securities | 103,765 | [1] | 119,033 | [1] | 86,956 | |
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash | (717) | [1] | 3,938 | [1] | 20 | |
Property and equipment, net of disposals | (462) | [1] | (771) | [1] | (186) | |
Other, net | (624) | [1] | (684) | [1] | (568) | |
Net cash from/(used in) investing activities | 14,697 | [1] | (56,459) | [1] | 15,218 | |
Cash flows from financing activities | ||||||
Proceeds from issue of subordinated debentures | 3,250 | |||||
Redemption/repurchase of subordinated debentures | (750) | [1] | (9) | [1] | (1,771) | |
Proceeds from preferred shares and other equity instruments issued | [1] | 2,003 | 1,689 | |||
Redemption of preferred shares | (1,259) | [1] | (265) | [1] | (300) | |
Proceeds from common shares issued | 268 | [1] | 59 | [1] | 255 | |
Common shares purchased for cancellation | (414) | [1] | (1,075) | |||
Cash dividends and distributions paid | (4,604) | [1] | (4,559) | [1] | (4,442) | |
Distributions to non-controlling interests | (123) | [1] | (148) | [1] | (150) | |
Payment of lease liabilities | [1] | (344) | (345) | |||
Other, net | 2,032 | [1] | 4,135 | [1] | 2,945 | |
Net cash from/(used in) financing activities | (2,777) | [1] | 143 | [1] | (1,288) | |
Effect of exchange rate changes on cash and cash equivalents | (543) | [1] | (129) | [1] | 2 | |
Net change in cash and cash equivalents | (1,430) | [1] | 219 | [1] | 1,907 | |
Cash and cash equivalents at beginning of year | [2] | 11,123 | [1] | 10,904 | [1] | 8,997 |
Cash and cash equivalents at end of year | [1],[2] | $ 9,693 | $ 11,123 | $ 10,904 | ||
[1] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). | |||||
[2] | Represents cash and non-interest bearing deposits with financial institutions (refer to Note 6). |
Reporting entity
Reporting entity | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Reporting entity | 1 Reporting Entity The Bank of Nova Scotia (the Bank) is a chartered Schedule I bank under the Bank Act (Canada) (the Bank Act) and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). The Bank is a global financial services provider offering a diverse range of products and services, including personal, commercial, corporate and investment banking. The head office of the Bank is located at 1709 Hollis Street, Halifax, Nova Scotia, Canada and its executive offices are at Scotia Plaza, 44 King Street West, Toronto, Ontario, Canada. The common shares of the Bank are listed on the Toronto Stock Exchange (TSX) and the New York Stock Exchange. |
Basis of preparation
Basis of preparation | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Basis of preparation | 2 Basis of Preparation Statement of compliance These consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and accounting requirements of OSFI in accordance with Section 308 of the Bank Act. Section 308 states that, except as otherwise specified by OSFI, the financial statements are to be prepared in accordance with IFRS. The consolidated financial statements for the year ended October 31, 2021 have been approved by the Board of Directors for issue on November 30, 2021. Certain comparative amounts have been restated to conform with the basis of presentation in the current year. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items that are measured at fair value in the Consolidated Statement of Financial Position: • Financial assets and liabilities measured at fair value through profit or loss • Financial assets and liabilities designated at fair value through profit or loss • Derivative financial instruments • Equity instruments designated at fair value through other comprehensive income • Debt instruments measured at fair value through other comprehensive income Functional and presentation currency These consolidated financial statements are presented in Canadian dollars, which is the Bank’s functional currency. All financial information presented in Canadian dollars has been rounded to the nearest million unless otherwise stated. Management’s use of estimates, assumptions and judgments The Bank’s accounting policies require estimates, assumptions and judgments that relate to matters that are inherently uncertain. The Bank has established procedures to ensure that accounting policies are applied consistently. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised. Use of estimates and assumptions The preparation of these consolidated financial statements, in conformity with IFRS, requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements, and other comprehensive income and income and expenses during the reporting period. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key areas of estimation uncertainty include those relating to the allowance for credit losses, the fair value of financial instruments (including derivatives), corporate income taxes, employee benefits, goodwill and intangible assets, the fair value of all identifiable assets and liabilities as a result of business combinations, impairment of non-financial COVID-19 Significant judgments In the preparation of these consolidated financial statements, management is required to make significant judgments in the classification and presentation of transactions and instruments and accounting for involvement with other entities. Significant estimates, assumptions and judgments have been made in the following areas and are discussed as noted in the consolidated financial statements: Allowance for credit losses Note 3 Note 13(d) Fair value of financial instruments Note 3 Note 7 Corporate income taxes Note 3 Note 27 Employee benefits Note 3 Note 28 Goodwill and intangible assets Note 3 Note 18 Fair value of all identifiable assets and liabilities as a result of business combinations Note 3 Note 37 Impairment of investment securities Note 3 Note 12 Impairment of non-financial Note 3 Note 16 Structured entities Note 3 Note 15 De facto control of other entities Note 3 Note 31 Derecognition of financial assets and liabilities Note 3 Note 14 Provisions Note 3 Note 23 |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Significant accounting policies | 3 Significant Accounting Policies The significant accounting policies used in the preparation of these consolidated financial statements, including any additional accounting requirements of OSFI, as set out below, have been applied consistently to all periods presented in these consolidated financial statements, with the exception of the adoption of IFRS 16, effective November 1, 2019. Basis of consolidation The consolidated financial statements include the assets, liabilities, financial performance and cash flows of the Bank and all of its subsidiaries, after elimination of intercompany transactions and balances. Subsidiaries are defined as entities controlled by the Bank and exclude associates and joint arrangements. The Bank’s subsidiaries can be classified as entities controlled through voting interests or structured entities. The Bank consolidates a subsidiary from the date it obtains control. The Bank controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. For the Bank to control an entity, all of the three elements of control should be in existence: • power over the investee; • exposure, or rights, to variable returns from involvement with the investee; and • the ability to use power over the investee to affect the amount of the Bank’s returns. The Bank does not control an investee when it is acting as an agent. The Bank assesses whether it is an agent by determining whether it is primarily engaged to act on behalf of and for the benefit of another party or parties. The Bank reassesses whether it controls an investee if facts and circumstances indicate that one or more of the elements of control has changed. Voting-interest subsidiaries Control is presumed with an ownership interest of more than 50% of the voting rights in an entity unless there are other factors that indicate that the Bank does not control the entity despite having more than 50% of voting rights. The Bank may consolidate an entity when it owns less than 50% of the voting rights when it has one or more other attributes of power: • by virtue of an agreement, over more than half of the voting rights; • to govern the financial and operating policies of the entity under a statute or an agreement; • to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or • to govern the financial and operating policies of the entity through the size of its holding of voting rights relative to the size and dispersion of holding of the other vote holders and voting patterns at shareholder meetings (i.e., de facto control). Non-controlling non-controlling Structured entities Structured entities are designed to accomplish certain well-defined objectives and for which voting or similar rights are not the dominant factor in deciding who controls the entity. The Bank may become involved with structured entities either at the formation stage or at a later date. The Bank controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Bank consolidates all structured entities that it controls. Investments in associates An associate is an entity in which the Bank has significant influence, but not control, over the operating and financial policies of the entity. Investments in associates are recognized initially at cost, which includes the purchase price and other costs directly attributable to the purchase. Associates are accounted for using the equity method which reflects the Bank’s share of the increase or decrease of the post-acquisition earnings and other movements in the associate’s equity. Investments in associates are evaluated for impairment at the end of each financial reporting period, or more frequently if events or changes in circumstances indicate the existence of objective evidence of impairment. For purposes of applying the equity method for an investment that has a different reporting period from the Bank, adjustments are made for the effects of any significant events or transactions that occur between the reporting date of the investment and the reporting date of the Bank. Joint arrangements The Bank’s investments in joint arrangements over which the Bank has joint control are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Similar to accounting for investment in associates, for joint ventures, investments are recognized initially at cost and accounted for using the equity method which reflects the Bank’s share of the increase or decrease of the post-acquisition earnings and other movements in the joint venture’s equity. Investments in joint ventures are evaluated for impairment at the end of each financial reporting period, or more frequently if events or changes in circumstances indicate the existence of objective evidence of impairment. For joint operations, the Bank recognizes its direct rights to, and its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the consolidated financial statements under the appropriate headings. Translation of foreign currencies The financial statements of each of the Bank’s foreign operations are measured using its functional currency, being the currency of the primary economic environment of the foreign operation. Translation gains and losses related to the Bank’s monetary items are recognized in non-interest non-monetary non-monetary non-monetary non-monetary Unrealized gains and losses arising upon translation of foreign operations, together with any gains or losses arising from hedges of those net investment positions to the extent effective, are credited or charged to net change in unrealized foreign currency translation gains/losses in other comprehensive income in the Consolidated Statement of Comprehensive Income. On disposal or meeting the definition of partial disposal of a foreign operation, an appropriate portion of the translation differences previously recognized in other comprehensive income are recognized in the Consolidated Statement of Income. Financial assets and liabilities Recognition and initial measurement The Bank, on the date of origination or purchase, recognizes loans, debt and equity securities, deposits and subordinated debentures at the fair value of consideration paid. Regular-way The initial measurement of a financial asset or liability is at fair value plus transaction costs that are directly attributable to its purchase or issuance. For instruments measured at fair value through profit or loss, transaction costs are recognized immediately in profit or loss. Classification and measurement, derecognition, and impairment of financial instruments Classification and measurement Classification and measurement of financial assets Financial assets include both debt and equity instruments, and are classified into one of the following measurement categories: • Amortized cost; • Fair value through other comprehensive income (FVOCI); • Fair value through profit or loss (FVTPL); • Elected at fair value through other comprehensive income (Equities only); or • Designated at FVTPL Debt instruments Debt instruments, including loans and debt securities, are classified into one of the following measurement categories: • Amortized cost; • Fair value through other comprehensive income (FVOCI); • Fair value through profit or loss (FVTPL); or • Designated at FVTPL Classification of debt instruments is determined based on: (i) The business model under which the asset is held; and (ii) The contractual cash flow characteristics of the instrument. Business model assessment Business model assessment involves determining how financial assets are managed in order to generate cash flows. The Bank’s business model assessment is based on the following categories: • Held to collect: The objective of the business model is to hold assets and collect contractual cash flows. Any sales of the asset are incidental to the objective of the model. • Held to collect and for sale: Both collecting contractual cash flows and sales are integral to achieving the objectives of the business model. • Other business model: The business model is neither held-to-collect held-to-collect The Bank assesses business model at a portfolio level reflective of how groups of assets are managed together to achieve a particular business objective. For the assessment of a business model, the Bank takes into consideration the following factors: • How the performance of assets in a portfolio is evaluated and reported to group heads and other key decision makers within the Bank’s business lines; • How compensation is determined for the Bank’s business lines’ management that manages the assets; • How the business lines’ management is compensated for managing the Bank’s assets based on the fair value or the contractual cash flows collected; • Whether the assets are held for trading purposes; • The risks that affect the performance of assets held within a business model and how those risks are managed; and • The frequency and volume of sales in prior periods and expectations about future sales activity. Contractual cash flow characteristics assessment The contractual cash flow characteristics assessment involves assessing the contractual features of an instrument to determine if they give rise to cash flows that are consistent with a basic lending arrangement. Contractual cash flows are consistent with a basic lending arrangement if they represent cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Principal is defined as the fair value of the instrument at initial recognition. Principal may change over the life of the instrument due to repayments or amortization of premium/discount. Interest is defined as the consideration for the time value of money and the credit risk associated with the principal amount outstanding and for other basic lending risks and costs (liquidity risk and administrative costs), and a profit margin. If the Bank identifies any contractual features that could significantly modify the cash flows of the instrument such that they are no longer consistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. Debt instruments measured at amortized cost Debt instruments are measured at amortized cost if they are held within a business model whose objective is to hold for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. After initial measurement, debt instruments in this category are carried at amortized cost. Interest income on these instruments is recognized in interest income using the effective interest rate method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. Amortized cost is calculated by taking into account any discount or premium on acquisition, transaction costs and fees that are an integral part of the effective interest rate. Impairment on debt instruments measured at amortized cost is calculated using the expected credit loss approach. Loans and debt securities measured at amortized cost are presented net of the allowance for credit losses (ACL) in the Statement of Financial Position. Debt instruments measured at FVOCI Debt instruments are measured at FVOCI if they are held within a business model whose objective is to hold for collection of contractual cash flows and for selling financial assets, where the assets’ cash flows represent payments that are solely payments of principal and interest. Subsequent to initial recognition, unrealized gains and losses on debt instruments measured at FVOCI are recorded in other comprehensive income (OCI), unless the instrument is designated in a fair value hedge relationship. When designated in a fair value hedge relationship, any changes in fair value due to changes in the hedged risk are recognized in Non-interest Non-interest Impairment on debt instruments measured at FVOCI is determined using the expected credit loss approach. The ACL on debt instruments measured at FVOCI does not reduce the carrying amount of the asset in the Consolidated Statement of Financial Position, which remains at its fair value. Instead, an amount equal to the allowance that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to Provision for credit losses in the Consolidated Statement of Income. The accumulated allowance recognised in OCI is recycled to the Consolidated Statement of Income upon derecognition of the debt instrument. Debt instruments measured at FVTPL Debt instruments are measured at FVTPL if assets: (i) are held for trading purposes; (ii) are held as part of a portfolio managed on a fair value basis; or (iii) whose cash flows do not represent payments that are solely payments of principal and interest. These instruments are measured at fair value in the Consolidated Statement of Financial Position, with transaction costs recognized immediately in the Consolidated Statement of Income as part of Non-interest Non-interest Debt instruments designated at FVTPL Financial assets classified in this category are those that have been designated by the Bank upon initial recognition, and once designated, the designation is irrevocable. The FVTPL designation is available only for those financial assets for which a reliable estimate of fair value can be obtained. Financial assets are designated at FVTPL if doing so eliminates or significantly reduces an accounting mismatch which would otherwise arise. Financial assets designated at FVTPL are recorded in the Consolidated Statement of Financial Position at fair value. Changes in fair value are recognized in Non-interest Equity instruments Equity instruments are classified into one of the following measurement categories: • Fair value through profit or loss (FVTPL); or • Elected at fair value through other comprehensive income (FVOCI). Equity instruments measured at FVTPL Equity instruments are measured at FVTPL, unless an election is made to designate them at FVOCI upon purchase, with transaction costs recognized immediately in the Consolidated Statement of Income as part of Non-interest Non-interest Equity instruments measured at FVOCI At initial recognition, there is an irrevocable option for the Bank to classify non-trading instrument-by-instrument Gains and losses on these instruments, including when derecognized/sold, are recorded in OCI and are not subsequently reclassified to the Consolidated Statement of Income. As such, there is no specific impairment requirement. Dividends received are recorded in Interest income in the Consolidated Statement of Income. Any transaction costs incurred upon purchase of the security are added to the cost basis of the security and are not reclassified to the Consolidated Statement of Income on sale of the security. Classification and measurement of financial liabilities Financial liabilities are classified into one of the following measurement categories: • Fair value through profit or loss (FVTPL); • Amortized cost; or • Designated at FVTPL. Financial liabilities measured at FVTPL Financial liabilities measured at FVTPL are held principally for the purpose of repurchasing in the near term, or form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short term profit-taking. Financial liabilities are recognized on a trade date basis and are accounted for at fair value, with changes in fair value and any gains or losses recognized in the Consolidated Statement of Income as part of the non-interest Financial liabilities measured at amortized cost Deposits, subordinated notes and debentures are accounted for at amortized cost. Interest on deposits, calculated using the effective interest rate method, is recognized as interest expense. Interest on subordinated notes and debentures, including capitalized transaction costs, is recognized using the effective interest rate method as interest expense. Financial liabilities designated at FVTPL Financial liabilities classified in this category are those that have been designated by the Bank upon initial recognition, and once designated, the designation is irrevocable. The FVTPL designation is available only for those financial liabilities for which a reliable estimate of fair value can be obtained. Financial liabilities are designated at FVTPL when one of the following criteria is met: • The designation eliminates or significantly reduces an accounting mismatch which would otherwise arise; or • A group of financial liabilities are managed and their performance is evaluated on a fair value basis, in accordance with a documented risk management strategy; or • The financial liability contains one or more embedded derivatives which significantly modify the cash flows otherwise required. Financial liabilities designated at FVTPL are recorded in the Consolidated Statement of Financial Position at fair value. Any changes in fair value are recognized in Non-interest Determination of fair value Fair value of a financial asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal, or in its absence, the most advantageous market to which the Bank has access at the measurement date. The Bank values instruments carried at fair value using quoted market prices, where available. Fair value based on unadjusted quoted market prices for identical instruments in active markets represents a Level 1 valuation. When quoted market prices are not available, the Bank maximizes the use of observable inputs within valuation models. When a fair value is based on all significant market observable inputs, the valuation is classified as Level 2. Valuations that require the significant use of unobservable inputs are considered Level 3. Inception gains and losses are only recognized where the valuation is dependent on observable market data; otherwise, they are deferred and amortized over the life of the related contract or until the valuation inputs become observable. IFRS 13, Fair Value Measurement exception through an accounting policy choice. Consequently, the fair values of certain portfolios of financial instruments are determined based on the net exposure of those instruments to particular market, credit or funding risk. In determining fair value for certain instruments or portfolios of instruments, valuation adjustments or reserves may be required to arrive at a more accurate representation of fair value. These adjustments include those made for credit risk, bid-offer Derecognition of financial assets and liabilities Derecognition of financial assets A financial asset is derecognized when the contractual rights to the cash flows from the asset has expired; or the Bank transfers the contractual rights to receive the cash flows from the financial asset; or has assumed an obligation to pay those cash flows to an independent third-party; or the Bank has transferred substantially all the risks and rewards of ownership of that asset to an independent third-party. Management determines whether substantially all the risk and rewards of ownership have been transferred by quantitatively comparing the variability in cash flows before and after the transfer. If the variability in cash flows remains significantly similar subsequent to the transfer, the Bank has retained substantially all of the risks and rewards of ownership. Where substantially all the risks and rewards of ownership of the financial asset are neither retained nor transferred, the Bank derecognizes the transferred asset only if it has lost control over that asset. Control over the asset is represented by the practical ability to sell the transferred asset. If the Bank retains control over the asset, it will continue to recognize the asset to the extent of its continuing involvement. At times such continuing involvement may be in the form of investment in senior or subordinated tranches of notes issued by non-consolidated On derecognition of a financial asset, the difference between the carrying amount and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognized in other comprehensive income is recognized in the Consolidated Statement of Income. Transfers of financial assets that do not qualify for derecognition are reported as secured financings in the Consolidated Statement of Financial Position. The derecognition criteria are applied to the transfer of part of an asset, rather than the asset as a whole, only if such part comprises specifically identified cash flows from the asset, a fully proportionate share of the cash flows from the asset, or a fully proportionate share of specifically identified cash flows from the asset. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, canceled or expires. If an existing financial liability is replaced by another from the same counterparty on substantially different terms, or the terms of the existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability at fair value. The difference in the respective carrying amount of the existing liability and the new liability is recognized as a gain/loss in the Consolidated Statement of Income. Impairment Scope The Bank applies a three-stage approach to measure allowance for credit losses, using an expected credit loss approach as required under IFRS 9, for the following categories of financial instruments that are not measured at fair value through profit or loss: • Amortized cost financial assets; • Debt securities classified as at FVOCI; • Off-balance • Financial guarantee contracts. Expected credit loss impairment model The Bank’s allowance for credit losses calculations are outputs of models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfalls related to default events either (i) over the following twelve months or (ii) over the expected life of a financial instrument depending on credit deterioration from inception. The allowance for credit losses reflects an unbiased, probability-weighted outcome which considers multiple scenarios based on reasonable and supportable forecasts. This impairment model measures credit loss allowances using a three-stage approach based on the extent of credit deterioration since origination: • Stage 1 – Where there has not been a significant increase in credit risk (SIR) since initial recognition of a financial instrument, an amount equal to 12 months expected credit loss is recorded. The expected credit loss is computed using a probability of default occurring over the next 12 months. For those instruments with a remaining maturity of less than 12 months, a probability of default corresponding to remaining term to maturity is used. • Stage 2 – When a financial instrument experiences a SIR subsequent to origination but is not considered to be in default, it is included in Stage 2. This requires the computation of expected credit loss based on the probability of default over the remaining estimated life of the financial instrument. • Stage 3 – Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance for credit losses captures the lifetime expected credit losses. Measurement of expected credit loss The probability of default (PD), exposure at default (EAD), and loss given default (LGD) inputs used to estimate expected credit losses are modelled based on macroeconomic variables that are most closely related with credit losses in the relevant portfolio. Details of these statistical parameters/inputs are as follows: • PD – The probability of default is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the remaining estimated life, if the facility has not been previously derecognized and is still in the portfolio. • EAD – The exposure at default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, expected drawdowns on committed facilities, and accrued interest from missed payments. • LGD – The loss given default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from the realization of any collateral. It is usually expressed as a percentage of the EAD. Forward-looking information The estimation of expected credit losses for each stage and the assessment of significant increases in credit risk consider information about past events and current conditions as well as reasonable and supportable forecasts of future events and economic conditions. The estimation and application of forward-looking information may require significant judgment. Macroeconomic factors In its models, the Bank relies on a broad range of forward-looking economic information as inputs, such as: GDP growth, unemployment rates, central bank interest rates, and house-price indices. The inputs and models used for calculating expected credit losses may not always capture all characteristics of the market at the date of the financial statements. Qualitative adjustments or overlays may be made as temporary adjustments using expert credit judgment. Multiple forward-looking scenarios The Bank determines its allowance for credit losses using four probability-weighted forward-looking scenarios. The Bank considers both internal and external sources of information and data in order to achieve an unbiased projections and forecasts. The Bank prepares the scenarios using forecasts generated by Scotiabank Economics (SE). The forecasts are created using internal and external models which are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of relevant economic variables as well as a representative range of other possible forecast scenarios. The process involves the development of three additional economic scenarios and consideration of the relative probabilities of each outcome. The ‘base case’ represents the most likely outcome and is aligned with information used by the Bank for other purposes such as strategic planning and budgeting. The other scenarios represent more optimistic and more pessimistic outcomes. The Bank has identified and documented key drivers of credit risk and credit losses for each portfolio of financial instruments and, using an analysis of historical data, has estimated relationships between macroeconomic variables, credit risk, and credit losses. Assessment of significant increase in credit risk (SIR) At each reporting date, the Bank assesses whether there has been a significant increase in credit risk for exposures since initial recognition by comparing the risk of default occurring over the remaining expected life from the reporting date and the date of initial recognition. The assessment considers borrower-specific quantitative and qualitative information without consideration of collateral, and the impact of forward-looking macroeconomic factors. The common assessments for SIR on retail and non-retail Retail portfolio – For retail exposures, a significant increase in credit risk cannot be assessed using forward looking information at an individual account level. Therefore, the assessment must be done at the segment level. Segment migration thresholds exist for each PD model by product which considers the proportionate change in PD as well as the absolute change in PD. The thresholds used for PD migration are reviewed and assessed at least annually, unless there is a significant change in credit risk management practices in which case the review is brought forward. Non-retail non-retail non-retail non-borrower Expected life When measuring expected credit loss, the Bank considers the maximum contractual period over which the Bank is exposed to credit risk. All contractual terms are considered when determining the expected life, including prepayment, and extension and rollover options. For certain revolving credit facilities, such as credit cards, the expected life is estimated based on the period over which the Bank is exposed to credit risk and how the credit losses are mitigated by management actions. Presentation of allowance for credit losses in the Statement of Financial Position • Financial assets measured at amortized cost: as a deduction from the gross carrying amount of the financial assets; • Debt instruments measured at fair value through other comprehensive income: no allowance is recognized in the Statement of Financial Position because the carrying value of these assets is their fair value. However, the allowance determined is presented in the accumulated other comprehensive income; • Off-balance Modified financial assets If the terms of a financial asset are modified or an existing financial asset is replaced with a new one, an assessment is made to determine if the existing financial asset should be derecognized. Where a modification does not result in derecognition, the date of origination continues to be used to determine SIR. Where a modification results in derecognition, the new financial asset is recognized at its fair value on the modification date. The modification date is also the date of origination for this new asset. The Bank may modify the contractual terms of loans for either commercial or credit reasons. The terms of a loan in good standing may be modified for commercial reasons to provide competitive pricing to borrowers. Loans are also modified for credit reasons where the contractual terms are modified to grant a concession to a borrower that may be experiencing financial difficulty. For all financial assets modifications of the contractual terms may result in derecognition of the original asset when the changes to the terms of the loans are considered substantial. These terms include interest rate, authorized amount, term, or type of underlying collateral. The original loan is derecognized and the new loan is recognized at its fair value. The difference between the carrying value of the derecognized asset and the fair value of the new asset is recognized in the Consolidated Statement of Income. For all loans, performing and credit-impaired, where the modification of terms did not result in the derecognition of the loan, the gross carrying amount of the modified loan is recalculated based on the present value of the modified cash flows discounted at the original effective interest rate and any gain or loss from the modification is recorded in the provision for credit losses line in the Consolidated Statement of Income. Definition of default The Bank considers a financial instrument to be in default as a result of one or more loss events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the estimated future cash flows of the instrument that can be reliably estimated. This includes events that indicate: • significant financial difficulty of the borrower; • default or delinquency in interest or principal payments; • high probability of the borrower entering a phase of bankruptcy or a financial reorganization; • measurable decrease in the estimated future cash flows from the loan or the underlying assets that back the loan. The Bank considers that default has occurred and classifies the financial asset as impaired when it is more than 90 days past due, with the exception of credit card receivable |
Interest Rate Benchmark Reform
Interest Rate Benchmark Reform | 12 Months Ended |
Oct. 31, 2021 | |
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Interest Rate Benchmark Reform | 4 Interest Rate Benchmark Reform Overview Major interest rate benchmark review and reform has been undertaken globally, with a view to either reforming or phasing out certain interbank offered rates (IBORs), including the Canadian Dollar Offered Rate (CDOR). As alternatives to IBORs, regulators have recommended markets begin adopting alternative risk-free rates (RFRs). The Bank has significant exposures to the London Interbank Offered Rate (LIBOR), particularly USD and GBP LIBOR. IBOR reform and the associated move from IBORs to RFRs carries systemic and market risks. These risks, such as increased volatility, lack of liquidity and uneven fallback practices, may impact market participants. In addition to these inherent risks, the Bank is exposed to operational risk arising from the renegotiation of contracts, technology readiness to issue and trade products referencing RFRs, and conduct with clients and counterparties. The Bank has established an enterprise-wide program (the Transition Program) to support the Bank’s transition away from LIBOR and other IBORs to RFRs. The focus of the Transition Program is to address risks by identifying the exposures to various IBORs, evaluating the existing contract language when the IBORs cease to be published or available, developing the capabilities to issue and trade products referencing RFRs and communicating with clients and counterparties regarding industry developments pertaining to IBOR reform. The Transition Program provides quarterly updates to the Bank’s Regulatory Oversight Committee, and annually, to the Risk Committee of the Board of Directors, regarding the status of transition plans for migrating the Bank’s IBOR-linked products and upgrading systems and processes. On March 5, 2021, the FCA confirmed that the publication of most tenors of USD LIBOR (i.e., overnight, one-month, six-month 12-month While the most widely used USD LIBOR tenors will continue to be published in their current form until June 30, 2023, the Federal Reserve Board has advised that banks should no longer write USD LIBOR linked contracts after December 31, 2021, and sooner, where practicable. Similarly, the Office of the Superintendent of Financial Institutions on June 22, 2021, stated that Federally Regulated Financial Institutions should stop using USD LIBOR as a reference rate as soon as possible and should not enter into transactions using USD LIBOR as a reference rate after December 31, 2021. On July 29, 2021, the Alternative Reference Rate Committee (ARRC) announced its formal recommendation of the CME Group’s forward-looking Secured Overnight Financing Rate (SOFR) term rates. This recommendation marks the completion of the ARRC’s Paced Transition Plan, the series of specific steps established by the ARRC in 2017 to encourage the adoption of SOFR as an alternative to USD LIBOR. On November 16, 2021, the FCA confirmed that it will allow the temporary use of “synthetic” sterling and yen LIBOR rates in all legacy LIBOR contracts, other than cleared derivatives, that have not been amended by December 31, 2021. The change to contractual terms of financial assets and financial liabilities with rates that are subject to IBOR reform is not yet complete. The Bank continues to work towards meeting the regulatory and industry-wide recommended milestones on cessation of LIBOR and will be working with clients and counterparties to issue products based on alternative reference rates. Non-derivative The following table reflects the Bank’s IBOR exposure to non-derivative Carrying amount As at October 31, 2021 As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other Rates (1)(2) Total USD LIBOR GBP LIBOR Other Rates (1) Total Maturing after Maturing after Maturing after Maturing after December 31, 2021 Non-derivative (4) $ 38,517 $ 1,013 $ 1,289 $ 40,819 $ 27,500 $ 1,468 $ 695 $ 29,663 Non-derivative (5) 1,306 – 750 (3) 2,056 1,229 949 750 (3) 2,928 (1) Other rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR, and six-month (2) Includes exposures to SGD Swap Offer Rate (SOR) maturing after June 30, 2023. (3) The Series 2006-1 Bank Deposit Note of $750 million is currently at a fixed rate and will subsequently reset to a six-month CDOR based rate after December 31, 2036. (4) Non derivative financial assets include carrying amounts of debt securities and loans (debt securities and loans measured at amortized cost are gross of allowance for credit losses). (5) Non-derivative financial liabilities include carrying amounts of deposits, subordinated debentures and other liabilities. In addition to the exposures noted in the table above, Additional Tier 1 (AT1) capital instruments of $1.56 billion (US$1.25 billion) that are currently at a fixed rate and, if outstanding, will subsequently reset to three-month USD LIBOR on October 12, 2022. Derivatives and undrawn commitments The following table reflects the Bank’s IBOR exposure to derivatives and undrawn commitments as at October 31, 2021, subject to reform that has yet to transition to alternative benchmark rates. The Bank’s IBOR exposure to financial instruments includes USD LIBOR maturing after June 30, 2023, and GBP LIBOR and Other Rates with most maturing after December 31, 2021. These exposures could remain outstanding until IBOR ceases and will therefore transition in the future. Notional amount As at October 31, 2021 As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other Rates (1)(2) Total USD LIBOR GBP LIBOR Other Rates (1) Total Maturing after Maturing after December 31, 2021 Maturing after Maturing after December 31, 2021 Derivatives Single currency interest rate swaps $ 600,359 $ 711,297 $ 17,178 $ 1,328,834 $ 410,590 $ 699,339 $ 16,697 $ 1,126,626 Cross currency interest rate swaps (3) 280,968 44,300 29,191 354,459 231,539 31,052 19,084 281,675 Other (4) 38,078 35,538 – 73,616 20,885 29,486 – 50,371 Undrawn commitments 32,454 760 454 33,668 20,354 1,094 464 21,912 (1) Other rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Includes exposures to SGD SOR maturing after June 30, 2023. (3) For cross currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. (4) Other derivatives include futures, forward rate agreements and options. Hedging derivatives The following table reflects the Bank’s IBOR exposure to hedging derivatives as at October 31, 2021, subject to reform that has yet to transition to alternative benchmark rates. The Bank’s IBOR exposure to hedging derivatives include USD LIBOR maturing after Jun 30, 2023, and GBP LIBOR maturing after December 31, 2021. These exposures will remain outstanding until IBOR ceases and will therefore transition in the future . Notional amount As at October 31, 2021 As at October 31, 2020 ($ millions) USD LIBOR GBP LIBOR Total USD LIBOR (2) GBP LIBOR Total Maturing after Maturing after December 31, 2021 Maturing after December 31, 2021 Hedging derivatives (1) $ 61,936 $ 5,725 $ 67,661 $ 105,200 $ 4,900 $ 110,100 (1) For cross currency swaps where both legs are referencing rates directly impacted by the Interest Rate Benchmark Reform, and a CAD leg is inserted to create two separate hedging relationships, the relevant notional amount for both legs are included in this table. (2) Prior year USD LIBOR balance is not restated as the FCA announced in March 2021 for extending the cessation date for USD LIBOR from December 31, 2021, to June 30, 2023. |
Future accounting developments
Future accounting developments | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Future accounting developments | 5 Future Accounting Developments The Bank actively monitors developments and changes in accounting standards from the IASB, as well as requirements from the other regulatory bodies, including OSFI. The Bank is currently assessing the impact of adoption of new standards issued by the IASB on its consolidated financial statements and also evaluating the alternative elections available on transition. Effective November 1, 2023 Insurance Contracts On May 18, 2017, the IASB issued IFRS 17 Insurance Contracts, which provides a comprehensive principle-based framework for the measurement and presentation of all insurance contracts. The new standard will replace IFRS 4 Insurance Contracts and requires insurance contracts to be measured using current fulfillment cash flows and for revenue to be recognized as the service is provided over the coverage period. The standard is required to be adopted retrospectively; if this is impractical, the modified retrospective or fair value method may be used. On June 25, 2020, the IASB issued amendments to IFRS 17. The amendments are designed to make it easier for companies to explain their financial performance, reduce costs due to simplification of some requirements in the standard and ease transition by deferring the effective date of the standard by two years. The standard will be effective as of November 1, 2023 for the Bank. The Bank continues to monitor developments related to the standard and industry discussions on the application of the standard. The implementation of IFRS 17 is a multi-year project consisting of technology implementation and policy and process changes. The project has an established structure and governance along with a Project Management Office to assist the Executive Steering and Project Operations Committees. The committees are comprised of representatives from Global Finance, Global Insurance Actuarial Services, Information Technology and the Insurance Business Operation. The Bank has selected its technology partner in implementing the system to capture data and prepare additional disclosures, including for the separate insurance legal entity financial statements, under the new standard. The Bank continues to assess and formulate the actuarial and accounting policies under IFRS 17 to quantify the impact of adopting the new standard. |
Cash and deposits with financia
Cash and deposits with financial institutions | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Cash and deposits with financial institutions | 6 Cash and Deposits with Financial Institutions As at October 31 ($ millions) 2021 2020 Cash and non-interest-bearing $ 9,693 $ 11,123 Interest-bearing deposits with financial institutions 76,630 65,337 Total $ 86,323 (1) $ 76,460 (1) (1) Net of allowances of $1 (2020 – $1). The Bank is required to maintain balances with central banks, other regulatory authorities and certain counterparties and these amounted to $5,719 million (2020 – $7,121 million) and are included above. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Fair Value of Financial Instruments | 7 Fair Value of Financial Instruments Determination of fair value The calculation of fair value is based on market conditions at a specific point in time and therefore may not be reflective of future fair values. The Bank has controls and processes in place to ensure that the valuation of financial instruments is appropriately determined. The Bank discloses the classification of all financial instruments carried at fair value in a hierarchy based on the determination of fair value. The best evidence of fair value for a financial instrument is the quoted price in an active market. Fair value based on unadjusted quoted market prices for identical instruments in active markets represents a Level 1 valuation. Where possible, valuations are based on quoted prices or observable inputs obtained from active markets. Independent Price Verification (IPV) is undertaken to assess the reliability and accuracy of prices and inputs used in the determination of fair value. The IPV process is performed by price verification groups that are independent from the business. The Bank maintains a list of pricing sources that are used in the IPV process. These sources include, but are not limited to, brokers, dealers and consensus pricing services. The valuation policies relating to the IPV process require that all pricing or rate sources used be external to the Bank. On a periodic basis, an independent assessment of pricing or rate sources is performed to determine market presence or market representative levels. Quoted prices are not always available for over-the-counter Where financial instruments trade in inactive markets or when using models where observable parameters do not exist, significant management judgment is required for valuation methodologies and model inputs. Valuations that require the significant use of unobservable inputs are considered Level 3. The specific inputs and valuation techniques used in determining the fair value of financial instruments are noted below. For Level 3 instruments, additional information is disclosed in the Level 3 sensitivity analysis on page 180. The fair values of cash and deposits with banks, securities purchased under resale agreements and securities borrowed, customers’ liability under acceptances, obligations related to securities sold under repurchase agreements and securities lent, acceptances, and obligations related to securities sold short are assumed to approximate their carrying values, either due to their short-term nature or because they are frequently repriced to current market rates. Consolidated Financial Statements Trading loans Trading loans are comprised of loans that serve as hedges to total return swaps, purchased mortgages pooled for securitization, and precious metal loans. Trading loans that serve as hedges to loan-based credit total return swaps are valued using consensus prices from Bank approved independent pricing services (Level 2). Purchased mortgages that are held prior to securitization are valued using inputs observed from the MBS market (Level 2). Precious metal loans are valued using a discounted cash flow model incorporating observable market inputs, including precious metals spot and forward prices and interest rate curves (Level 2). Government issued or guaranteed securities The fair values of government issued or guaranteed debt securities are primarily based on unadjusted quoted prices in active markets, where available (Level 1). Where quoted prices in active markets are not available, the fair value is determined by utilizing recent transaction prices, reliable broker quotes, or pricing services, which derive fair values using only observable valuation inputs, which are significant to the fair values (Level 2). For securities for which quoted prices are not available, the Bank uses a discounted cash flow method, using the effective yield of a similar instrument adjusted for instrument-specific risk factors that are observable inputs such as credit spread and contracted features (Level 2). Corporate and other debt Corporate and other debt securities are valued using unadjusted quoted prices from independent market data providers or third-party broker quotes from an active market (Level 1). Where direct prices from active markets are not available, the valuation is performed with a yield-based valuation approach (Level 2). In some instances, interpolated yields of similar bonds are used to price securities (Level 2). The Bank uses pricing models with observable inputs from market sources such as credit spread, interest rate curves, and recovery rates (Level 2). These inputs are verified through an IPV process on a monthly basis. For certain securities where there is no active market, no consensus market pricing and no indicative or executable independent third-party quotes, the Bank uses pricing by third-party providers or internal pricing models and cannot readily observe the significant inputs used to price such instruments (Level 3). Mortgage-backed securities The fair value of residential mortgage-backed securities is primarily determined using broker quotes and independent market data providers (Level 1/2). In limited circumstances, an internal price-based model may be used with the unobservable inputs that are significant to the fair value (Level 3). Equity securities The fair value of equity securities is based on unadjusted quoted prices in active markets, where available (Level 1). Where equity securities are less frequently traded, the most recent exchange-quoted pricing is used to determine fair value (Level 2). For private equity securities, where quoted prices in active markets are not readily available, the fair value is determined as a multiple of the underlying earnings or percentage of underlying net asset value obtained from third-party general partner statements (Level 3). Derivatives Fair values of exchange-traded derivatives are based on unadjusted quoted market prices from an active market (Level 1). Fair values of over-the-counter Derivative products valued using a valuation technique with market-observable inputs mainly include interest rate swaps and options, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including foreign exchange spot and forward rates and interest rate curves (Level 2). Derivative products valued using a valuation technique with significant unobservable inputs are long dated contracts (interest rate swaps, currency swaps, option contracts and certain credit default swaps) and other derivative products that reference a basket of assets. These models incorporate certain significant non-observable Loans The estimated fair value of loans carried at amortized cost reflects changes in the general level of interest rates and creditworthiness of borrowers that have occurred since the loans were originated or purchased. The particular valuation methods used are as follows: • Canadian fixed rate residential mortgages are fair valued by discounting the expected future contractual cash flows, taking into account expected prepayments and using management’s best estimate of average market interest rates currently offered for mortgages with similar remaining terms (Level 3). • For fixed rate business and government loans, fair value is determined by discounting the expected future contractual cash flows of these loans at interest rates estimated by using the appropriate currency swap curves for the remaining term, adjusted for a credit mark of the expected losses in the portfolio (Level 3). • For all other fixed rate loans, fair value is determined by discounting the expected future contractual cash flows of these loans at interest rates estimated by using the appropriate currency swap curves for the remaining term (Level 3). • For all floating rate loans fair value is assumed to equal book value. The fair value of loans is not adjusted for the value of any credit protection the Bank has purchased to mitigate credit risk. Deposits The fair values of deposits payable on demand or after notice or floating rate deposits payable on a fixed date is assumed to equal book value. The estimated fair values of Canadian personal fixed rate deposits payable on a fixed date are fair valued by discounting the expected future contractual cash outflows, using management’s best estimate of average market interest rates currently offered for deposits with similar remaining terms (Level 2). Deposits under the Canada Mortgage Bond (CMB) program are fair valued by discounting expected future contractual cash flows using market observable inputs (Level 2). For all other fixed rate deposits, fair value is determined by discounting the expected future contractual cash flows of these deposits at interest rates estimated by using the appropriate currency swap curves for the remaining term (Level 2) . For structured notes containing embedded features that are bifurcated from plain vanilla notes, the fair value of the embedded derivatives is determined using option pricing models with observable inputs similar to other interest rate or equity derivative contracts (Level 2). Certain deposits that are designated at FVTPL are structured notes. Their coupon or repayment terms can be linked to the performance of market parameters such as interest rates, equities, and foreign currencies. The fair value of these structured notes is determined using models which incorporate observable market inputs, such as interest rate curves, equity prices, equity volatility and foreign exchange rates (Level 2). Some structured notes have significant unobservable inputs to model valuation such as interest rate volatility and equity correlation (Level 3). Obligations related to securities sold short The fair values of these obligations are based on the fair value of the underlying securities, which can include debt or equity securities. The method used to determine fair value is based on the quoted market prices where available in an active market (Level 1 and/or Level 2). Subordinated debentures and other liabilities The fair values of subordinated debentures, including debentures issued by subsidiaries which are included in other liabilities, are determined by reference to quoted market prices where available or market prices for debt with similar terms and risks (Level 2). The fair values of other liabilities are determined by the discounted contractual cash flow method with appropriate currency swap curves for the remaining term (Level 2). Fair value of financial instruments The following table sets out the fair values of financial instruments of the Bank using the valuation methods and assumptions described above. The fair values disclosed do not include non-financial 2021 2020 As at October 31 ($ millions) Total fair Total carrying Total Total carrying value Assets: Cash and deposits with financial institutions $ 86,323 $ 86,323 $ 76,460 $ 76,460 Trading assets 146,312 146,312 117,839 117,839 Securities purchased under resale agreements and securities borrowed 127,739 127,739 119,747 119,747 Derivative financial instruments 42,302 42,302 45,065 45,065 Investment securities – FVOCI and FVTPL 57,042 57,042 79,745 79,745 Investment securities – amortized cost 18,133 18,157 32,129 31,644 Loans 641,964 636,986 612,368 603,263 Customers’ liability under acceptances 20,404 20,404 14,228 14,228 Other financial assets 14,256 14,256 12,700 12,700 Liabilities: Deposits 798,335 797,259 755,395 750,838 Financial instruments designated at fair value through profit or loss 22,493 22,493 18,899 18,899 Acceptances 20,441 20,441 14,305 14,305 Obligations related to securities sold short 40,954 40,954 31,902 31,902 Derivative financial instruments 42,203 42,203 42,247 42,247 Obligations related to securities sold under repurchase agreements and securities lent 123,469 123,469 137,763 137,763 Subordinated debentures 6,733 6,334 7,827 7,405 Other financial liabilities 39,802 40,254 43,776 42,660 Changes in interest rates, credit spreads and liquidity costs are the main cause of changes in the fair value of the Bank’s financial instruments resulting in a favourable or unfavourable variance compared to carrying value. For the Bank’s financial instruments carried at cost or amortized cost, the carrying value is not adjusted to reflect increases or decreases in fair value due to market fluctuations, including those due to interest rate changes. For FVOCI investment securities, derivatives and financial instruments measured at FVTPL or designated as fair value through profit or loss, the carrying value is adjusted regularly to reflect the fair value. Fair value hierarchy The following table outlines the fair value hierarchy of instruments carried at fair value on a recurring basis and of instruments not carried at fair value. 2021 2020 As at October 31 ($ millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Instruments carried at fair value on a recurring basis: Assets: Precious metals (1) $ – $ 755 $ – $ 755 $ – $ 1,181 $ – $ 1,181 Trading assets Loans – 8,113 – 8,113 – 8,352 – 8,352 Canadian federal government and government guaranteed debt 9,272 3,842 – 13,114 9,154 3,882 – 13,036 Canadian provincial and municipal debt 5,556 4,298 – 9,854 – 9,320 – 9,320 US treasury and other US agencies’ debt 6,760 63 – 6,823 5,182 – – 5,182 Other foreign governments’ debt 129 9,559 – 9,688 9,230 3,415 – 12,645 Corporate and other debt 2,595 9,185 40 11,820 – 10,570 18 10,588 Equity securities 85,688 160 1 85,849 57,199 361 – 57,560 Other – 1,051 – 1,051 1,156 – – 1,156 $ 110,000 $ 36,271 $ 41 $ 146,312 $ 81,921 $ 35,900 $ 18 $ 117,839 Investment securities (2) Canadian federal government and government guaranteed debt $ 1,125 $ 4,679 $ – $ 5,804 $ 1,728 $ 15,100 $ – $ 16,828 Canadian provincial and municipal debt 1,937 3,218 – 5,155 93 17,454 – 17,547 US treasury and other US agencies’ debt 11,462 2,175 – 13,637 11,930 1,299 – 13,229 Other foreign governments’ debt 67 26,605 17 26,689 14,101 13,798 23 27,922 Corporate and other debt 10 1,319 27 1,356 265 850 23 1,138 Equity securities 2,879 218 1,304 4,401 1,954 263 864 3,081 $ 17,480 $ 38,214 $ 1,348 $ 57,042 $ 30,071 $ 48,764 $ 910 $ 79,745 Derivative financial instruments Interest rate contracts $ – $ 13,124 $ 1 $ 13,125 $ – $ 21,013 $ 4 $ 21,017 Foreign exchange and gold contracts – 18,293 – 18,293 – 17,943 – 17,943 Equity contracts 184 3,513 21 3,718 290 2,655 3 2,948 Credit contracts – 245 – 245 – 480 – 480 Commodity contracts – 6,921 – 6,921 – 2,677 – 2,677 $ 184 $ 42,096 $ 22 $ 42,302 $ 290 $ 44,768 $ 7 $ 45,065 Liabilities: Deposits $ – $ 175 $ – $ 175 $ – $ 73 $ – $ 73 Financial liabilities designated at fair value through profit or loss – 22,354 139 22,493 – 18,899 – 18,899 Obligations related to securities sold short 35,487 5,467 – 40,954 25,584 6,318 – 31,902 Derivative financial instruments Interest rate contracts – 13,148 15 13,163 – 16,937 17 16,954 Foreign exchange and gold contracts – 18,171 – 18,171 – 19,511 – 19,511 Equity contracts 307 4,737 6 5,050 599 2,133 2 2,734 Credit contracts – 30 – 30 – 53 – 53 Commodity contracts – 5,789 – 5,789 – 2,995 – 2,995 $ 307 $ 41,875 $ 21 $ 42,203 $ 599 $ 41,629 $ 19 $ 42,247 Instruments not carried at fair value (3) Assets: Investment securities – amortized cost $ 3,714 $ 14,417 $ 2 $ 18,133 $ 4,946 $ 26,864 $ 319 $ 32,129 Loans (4) – – 400,565 400,565 – – 374,767 374,767 Liabilities: Deposits (4) – 290,341 – 290,341 – 307,457 – 307,457 Subordinated debentures – 6,733 – 6,733 – 7,827 – 7,827 Other liabilities – 24,414 209 24,623 – 26,831 – 26,831 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. (2) Excludes debt investment securities measured at amortized cost of $18,157 (October 31, 2020 - $31,644). (3) Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. (4) Represents fixed rate instruments. Level 3 instrument fair value changes Financial instruments categorized as Level 3 as at October 31, 2021, in the fair value hierarchy comprise certain foreign government bonds, structured corporate bonds, equity securities, complex derivatives and financial liabilities designated at fair value through profit or loss. The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2021. All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities. As at October 31, 2021 ($ millions) Fair value Gains/(losses) Gains/(losses) Purchases/ Sales/ Transfers Fair value Change in (1) Trading assets Corporate and other debt $ 18 $ 7 $ – $ 28 $ (22 ) $ 9 $ 40 $ 1 Equity securities – – – – (72 ) 73 1 – 18 7 – 28 (94 ) 82 41 1 Investment securities Other foreign governments’ debt 23 – (6 ) – – – 17 n/a Corporate and other debt 23 1 (4 ) 7 – – 27 1 Equity securities 864 287 51 253 (180 ) 29 1,304 287 910 288 41 260 (180 ) 29 1,348 288 Derivative financial instruments – assets Interest rate contracts 4 (1 ) – 10 (9 ) (3 ) 1 (1 ) Equity contracts 3 4 – 12 – 2 21 4 (2) Derivative financial instruments – liabilities Interest rate contracts (17 ) (11 ) – (70 ) 60 23 (15 ) (11 ) (3) Equity contracts (2 ) 4 – (14 ) – 6 (6 ) 4 (2) (12 ) (4 ) – (62 ) 51 28 1 (4 ) Financial liabilities designated at fair value through profit or loss – (2 ) – (101 ) – (36 ) (139 ) (2 ) Total $ 916 $ 289 $ 41 $ 125 $ (223 ) $ 103 $ 1,251 $ 283 (1) These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income. (2) Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market (3) Certain unrealized losses on interest rate derivative contracts are largely offset by mark-to-market The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2020. As at October 31, 2020 ($ millions) Fair value Gains/(losses) (1) Gains/(losses) Purchases/ Sales/ Transfers Fair value Precious metals $ – $ 1 $ – $ 23 $ (24 ) $ – $ – Trading assets 18 6 – 22 (28 ) – 18 Investment securities 920 13 7 257 (259 ) (28 ) 910 Derivative financial instruments (60 ) 14 – (21 ) 32 23 (12 ) (1) Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. Significant transfers Significant transfers can occur between the fair value hierarchy levels when additional or new information regarding valuation inputs and their refinement and observability becomes available. The Bank recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. The following significant transfers made between Levels 1 and 2 for the year ended October 31, 2021, were based on whether the fair value was determined using quoted market prices from an active market: • Trading assets of $10,045 million, investment securities of $3,407 million and obligations related to securities sold short of $2,550 million were transferred out of Level 2 into Level 1. • Trading assets of $9,972 million, investment securities of $13,522 million and obligations related to securities sold short of $2,235 million were transferred out of Level 1 into Level 2. The following significant transfers made between Levels 2 and 3 for the year ended October 31, 2021, were based on whether the fair value was determined using significant unobservable inputs: • Trading equity securities of $72 million were transferred out of Level 2 into Level 3. There were no significant transfers into and out of Level 3 for the year ended October 31, 2020. Level 3 sensitivity analysis The table below sets out information about significant unobservable inputs used in measuring financial instruments categorized as Level 3 in the fair value hierarchy. Valuation technique Significant unobservable inputs Range of estimates for (1) Changes in fair value Investment securities General Partner valuation Private equity securities (2) Market comparabl per net asset value 97% Capitalization rat 3% (51)/5 Derivative financial instruments Interest rate contracts Option pricin Interest rat model volatility 37% - 66% (10)/1 Equity contracts Option pricin Equity volatilit 2% - 112% mode Correlatio 0% - 97% (3)/3 Financial liabilities designated at fair value through profit or loss Interest rate contracts Option pricin Interest ra model swaption volatility 20% - 273% (11)/1 (1) The range of estimates represents the actual lowest and highest level inputs used to fair value financial instruments within each financial statement category. (2) The valuation of private equity securities utilizes net asset values as reported by fund managers. Net asset values are not considered observable as the Bank cannot redeem these instruments at such values. The range for net asset values per unit or price per share has not been disclosed for these instruments since the valuations are not model-based. The Bank applies judgment in determining unobservable inputs used to calculate the fair value of Level 3 instruments. The following section discusses the significant unobservable inputs for Level 3 instruments. General Partner (GP) Valuations per Net Asset Value Net asset values provided by GPs represent the fair value of investments in private equity securities. Correlation Correlation in a credit derivative or debt instrument refers to the likelihood of a single default causing a succession of defaults. It affects the distribution of the defaults throughout the portfolio and therefore affects the valuation of instruments such as collateralized debt obligation tranches. A higher correlation may increase or decrease fair value depending on the seniority of the instrument. Correlation becomes an input into equity derivative pricing when the relationship between price movements of two or more of the underlying assets is relevant. Volatility Volatility for equity derivatives is a measure of asset price fluctuation. Interest rate volatility measures variability of a security yield or interest rate. Historic volatility is often calculated as the annualized standard deviation of daily price or yield variation for a given time period. Implied volatility is such that, when input into an option pricing model, returns a value equal to the current market value of the option. |
Trading Assets
Trading Assets | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Trading Assets | 8 Trading Assets (a) Trading securities An analysis of the carrying value of trading securities is as follows: As at October 31, 2021 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying value Trading securities: Canadian federal government issued or guaranteed debt $ 868 $ 892 $ 6,134 $ 2,399 $ 2,821 $ – $ 13,114 Canadian provincial and municipal debt 778 1,434 1,829 1,215 4,598 – 9,854 U.S. treasury and other U.S. agency debt 61 1,097 3,366 2,123 176 – 6,823 Other foreign government debt 3,226 2,000 4,022 293 147 – 9,688 Common shares – – – – – 85,016 85,016 Other 873 1,547 5,969 2,180 1,251 833 12,653 Total $ 5,806 $ 6,970 $ 21,320 $ 8,210 $ 8,993 $ 85,849 $ 137,148 Total by currency (in Canadian equivalent): Canadian dollar $ 2,151 $ 2,663 $ 9,034 $ 4,663 $ 8,028 $ 28,116 $ 54,655 U.S. dollar 432 1,848 7,618 3,124 717 42,386 56,125 Mexican peso 1,038 820 2,316 17 40 630 4,861 Other currencies 2,185 1,639 2,352 406 208 14,717 21,507 Total trading securities $ 5,806 $ 6,970 $ 21,320 $ 8,210 $ 8,993 $ 85,849 $ 137,148 As at October 31, 2020 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying value Trading securities: Canadian federal government issued or guaranteed debt $ 938 $ 1,180 $ 5,708 $ 1,915 $ 3,295 $ – $ 13,036 Canadian provincial and municipal debt 562 818 2,026 1,107 4,807 – 9,320 U.S. treasury and other U.S. agency debt 461 93 3,846 644 138 – 5,182 Other foreign government debt 3,708 3,864 3,715 1,039 319 – 12,645 Common shares – – – – – 57,178 57,178 Other 261 1,968 6,013 1,458 887 383 10,970 Total $ 5,930 $ 7,923 $ 21,308 $ 6,163 $ 9,446 $ 57,561 $ 108,331 Total by currency (in Canadian equivalent): Canadian dollar $ 1,640 $ 2,362 $ 7,402 $ 3,577 $ 8,406 $ 20,637 $ 44,024 U.S. dollar 1,249 1,340 10,150 1,212 707 25,600 40,258 Mexican peso 1,188 1,074 1,727 77 54 282 4,402 Other currencies 1,853 3,147 2,029 1,297 279 11,042 19,647 Total trading securities $ 5,930 $ 7,923 $ 21,308 $ 6,163 $ 9,446 $ 57,561 $ 108,331 (b) Trading loans The following table provides the geographic breakdown of trading loans: As at October 31 ($ millions) 2021 2020 Trading loans (1)(2) U.S. (3) $ 5,308 $ 6,227 Europe (4) 548 1,075 Asia Pacific (4) 15 141 Canada (4) 2,034 266 Other (4) 208 643 Total $ 8,113 $ 8,352 (1) Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset. (2) Loans are primarily denominated in U.S. dollars. (3) Includes trading loans that serve as a hedge to loan-based credit total return swaps of $5,203 (2020 – $5,396), while the remaining relates to short-term precious metals trading and lending activities. (4) These loans are primarily related to short-term precious metals trading and lending activities. |
Financial Instruments Designate
Financial Instruments Designated at Fair Value Through Profit or Loss | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Financial Instruments Designated at Fair Value Through Profit or Loss | 9 Financial Instruments Designated at Fair Value Through Profit or Loss In accordance with its risk management strategy, the Bank has elected to designate certain senior note liabilities at fair value through profit or loss to reduce an accounting mismatch between fair value changes in these instruments and fair value changes in related derivatives, and where a hybrid financial liability contains one or more embedded derivatives that are not closely related to the host contract. Changes in fair value of financial liabilities arising from the Bank’s own credit risk are recognized in other comprehensive income, without subsequent reclassification to net income. The cumulative fair value adjustment due to own credit risk is determined at a point in time by comparing the present value of expected future cash flows over the term of these liabilities discounted at the Bank’s effective funding rate, and the present value of expected future cash flows discounted at a benchmark rate. The following table presents the fair value of financial liabilities designated at fair value through profit or loss and their changes in fair value. Fair value Change in fair value Cumulative change in FV (1) As at For the year ended October 31 ($ millions) 2021 2020 2021 2020 2021 2020 Liabilities Senior note liabilities (2) $ 22,493 $ 18,899 $ (906 ) $ 651 $ (707 ) $ 199 (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (2) Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest non-interest The following tables present the changes in fair value attributable to changes in the Bank’s own credit risk for financial liabilities designated at fair value through profit or loss as well as their contractual maturity and carrying amounts. Senior Note Liabilities ($ millions) Contractual (1) Carrying Difference Changes in fair value Cumulative changes (1) As at October 31, 2021 $ 21,786 $ 22,493 $ (707 ) $ (270 ) $ (729 ) As at October 31, 2020 $ 19,098 $ 18,899 $ 199 $ (404 ) $ (459 ) (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Derivative Financial Instruments | 10 Derivative Financial Instruments (a) Notional amounts (1) The following table provides the aggregate notional amounts of derivative financial instruments outstanding by type and segregated between those used by the Bank in its dealer capacity (Trading) and those derivatives designated in hedging relationships. The notional amounts of these contracts represent the derivatives volume outstanding and do not represent the potential gain or loss associated with the market risk or credit risk of such instruments. Credit derivatives within other derivative contracts are comprised primarily of purchased and sold credit default swap transactions. To a lesser extent, this category also includes total return swaps referenced to loans and debt securities. Other derivative contracts – other includes precious metals other than gold, and other commodities including energy and base metal derivatives. 2021 2020 As at October 31 ($ millions) Trading Hedging Total Trading Hedging Total Interest rate contracts Exchange-traded: Futures $ 123,348 $ – $ 123,348 $ 111,065 $ – $ 111,065 Options purchased 2,562 – 2,562 2,047 – 2,047 Options written 1,000 – 1,000 – – – 126,910 – 126,910 113,112 – 113,112 Over-the-counter: Forward rate agreements 820 – 820 7,573 – 7,573 Swaps 336,144 27,875 364,019 380,118 27,987 408,105 Options purchased 38,298 – 38,298 26,167 – 26,167 Options written 40,785 – 40,785 29,343 – 29,343 416,047 27,875 443,922 443,201 27,987 471,188 Over-the-counter (settled through central counterparties): Forward rate agreements 219,021 – 219,021 598,653 – 598,653 Swaps 3,708,222 289,185 3,997,407 2,960,778 236,603 3,197,381 Options purchased – – – – – – Options written – – – – – – 3,927,243 289,185 4,216,428 3,559,431 236,603 3,796,034 Total $ 4,470,200 $ 317,060 $ 4,787,260 $ 4,115,744 $ 264,590 $ 4,380,334 Foreign exchange and gold contracts Exchange-traded: Futures $ 15,798 $ – $ 15,798 $ 9,548 $ – $ 9,548 Options purchased – – – 258 – 258 Options written – – – 187 – 187 15,798 – 15,798 9,993 – 9,993 Over-the-counter: Spot and forwards 381,737 28,642 410,379 354,235 19,114 373,349 Swaps 502,558 67,617 570,175 457,942 78,433 536,375 Options purchased 16,256 – 16,256 33,754 – 33,754 Options written 16,495 – 16,495 32,613 – 32,613 917,046 96,259 1,013,305 878,544 97,547 976,091 Over-the-counter (settled through central counterparties): Spot and forwards 16,627 – 16,627 27,579 – 27,579 Swaps – – – – – – Options purchased – – – – – – Options written – – – – – – 16,627 – 16,627 27,579 – 27,579 Total $ 949,471 $ 96,259 $ 1,045,730 $ 916,116 $ 97,547 $ 1,013,663 Other derivative contracts Exchange-traded: Equity $ 52,335 $ – $ 52,335 $ 45,099 $ – $ 45,099 Credit – – – – – – Commodity and other contracts 31,652 – 31,652 27,083 – 27,083 83,987 – 83,987 72,182 – 72,182 Over-the-counter: Equity 92,052 965 93,017 82,343 582 82,925 Credit 20,800 – 20,800 23,666 – 23,666 Commodity and other contracts 29,476 – 29,476 37,887 – 37,887 142,328 965 143,293 143,896 582 144,478 Over-the-counter (settled through central counterparties): Equity – – – – – – Credit 6,621 – 6,621 10,485 – 10,485 Commodity and other contracts 201 – 201 234 – 234 6,822 – 6,822 10,719 – 10,719 Total $ 233,137 $ 965 $ 234,102 $ 226,797 $ 582 $ 227,379 Total notional amounts outstanding $ 5,652,808 $ 414,284 $ 6,067,092 $ 5,258,657 $ 362,719 $ 5,621,376 (1) The notional amounts represent the amount to which a rate or price is applied to determine the amount of cash flows to be exchanged. (b) Remaining term to maturity The following table summarizes the remaining term to maturity of the notional amounts of the Bank’s derivative financial instruments by type: As at October 31, 2021 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 68,444 $ 54,787 $ 117 $ 123,348 Forward rate agreements 172,600 46,433 808 219,841 Swaps 1,461,005 1,989,045 911,376 4,361,426 Options purchased 22,432 15,694 2,734 40,860 Options written 17,428 14,895 9,462 41,785 1,741,909 2,120,854 924,497 4,787,260 Foreign exchange and gold contracts Futures 9,032 6,382 384 15,798 Spot and forwards 399,518 21,526 5,962 427,006 Swaps 116,067 287,705 166,403 570,175 Options purchased 12,215 3,976 65 16,256 Options written 14,373 2,115 7 16,495 551,205 321,704 172,821 1,045,730 Other derivative contracts Equity 102,031 43,146 175 145,352 Credit 15,554 7,810 4,057 27,421 Commodity and other contracts 39,966 21,182 181 61,329 157,551 72,138 4,413 234,102 Total $ 2,450,665 $ 2,514,696 $ 1,101,731 $ 6,067,092 As at October 31, 2020 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 63,381 $ 47,648 $ 36 $ 111,065 Forward rate agreements 493,676 105,747 6,803 606,226 Swaps 1,204,974 1,617,615 782,897 3,605,486 Options purchased 9,596 17,011 1,607 28,214 Options written 5,784 15,919 7,640 29,343 1,777,411 1,803,940 798,983 4,380,334 Foreign exchange and gold contracts Futures 7,144 2,404 – 9,548 Spot and forwards 373,511 22,353 5,064 400,928 Swaps 111,610 256,789 167,976 536,375 Options purchased 28,329 5,615 68 34,012 Options written 29,989 2,811 – 32,800 550,583 289,972 173,108 1,013,663 Other derivative contracts Equity 81,897 45,083 1,044 128,024 Credit 19,910 8,965 5,276 34,151 Commodity and other contracts 48,970 15,896 338 65,204 150,777 69,944 6,658 227,379 Total $ 2,478,771 $ 2,163,856 $ 978,749 $ 5,621,376 (c) Credit risk As with other financial assets, derivative instruments are subject to credit risk. Credit risk arises from the possibility that counterparties may default on their obligations to the Bank. However, whereas the credit risk of other financial assets is represented by the principal amount net of any applicable allowance for credit losses, the credit risk associated with derivatives is normally a small fraction of the notional amount of the derivative instrument. Derivative contracts generally expose the Bank to credit loss if changes in market rates affect a counterparty’s position unfavourably and the counterparty defaults on payment. Accordingly, exposure to credit risk of derivatives is represented by the positive fair value of the instrument. Negotiated over-the-counter derivatives generally present greater credit exposure than exchange-traded contracts. The net change in the exchange-traded contracts is normally settled daily in cash with the exchange. Holders of these contracts look to the exchange for performance under the contract. The Bank strives to limit credit risk by dealing with counterparties that it believes are creditworthy, and investment grade counterparties account for a significant portion of the credit risk exposure arising from the Bank’s derivative transactions as at October 31, 2021. To control credit risk associated with derivatives, the Bank uses similar credit risk management activities and procedures to the approaches used in the lending business in assessing and adjudicating exposure. The Bank utilizes a risk metric, potential future exposure (PFE) for derivatives, to measure utilization against established credit limits to the counterparty. PFE measures the effect that changes in the market have on derivative exposures throughout the lifetime of the counterparties’ trades. Additionally, PFE considers risk mitigants such as netting and collateralization. PFE limits and utilization for derivatives counterparties are authorized and monitored by the Bank’s risk management unit. The Bank obtains the benefit of netting by entering into master netting arrangements with counterparties (typically industry standard International Swaps and Derivatives Association (ISDA) agreements), which allow for a single net settlement of all transactions covered by that agreement in the event of a default or early termination of the transactions. In this manner, the credit risk associated with favourable contracts is eliminated by the master netting arrangement to the extent that unfavourable contracts with the same counterparty are not settled before favourable contracts. Collateralization is typically documented by way of an ISDA Credit Support Annex (CSA), the terms of which may vary according to each party’s view of the other party’s creditworthiness. CSAs can require one party to post initial margin at the onset of each transaction. CSAs also allow for variation margin to be called if total uncollateralized mark-to-market exposure exceeds an agreed upon threshold. Such variation margin provisions can be one way (only one party will ever post collateral) or bi-lateral (either party may post collateral depending upon which party is in-the-money). The CSA will also detail the types of collateral that are acceptable to each party, and the adjustments that will be applied against each collateral type. The terms of the ISDA master netting agreements and CSAs are taken into consideration in the calculation of counterparty credit risk exposure (see also page 91 of the 2021 Annual Report). Derivative instruments used by the Bank include credit derivatives in its investment and loan portfolios: credit protection is sold as an alternative to acquiring exposure to bond or loan assets, and bought to manage or mitigate credit exposures. The following table summarizes the credit exposure of the Bank’s derivative financial instruments. The credit risk amount (CRA) represents the estimated replacement cost, or positive fair value, for all contracts. CRA takes into account master netting or collateral arrangements that have been made 1 The credit equivalent amount (CEA) is the exposure at default (EAD) prescribed in the Capital Adequacy Requirements (CAR) Guidelines of the Office of the Superintendent of Financial Institutions (OSFI). The risk-weighted asset is calculated by multiplying the CEA by the capital requirement (K) times 12.5, where K is a function of the probability of default (PD), loss given default (LGD), maturity and prescribed correlation factors. Other derivative contracts – other includes precious metals other than gold, and other commodities, including energy and base metal derivatives. 2021 2020 As at October 31 ($ millions) Notional amount Credit risk (1) Credit (1) Risk- Notional amount Credit risk (1) Credit (1) Risk- Interest rate contracts Futures $ 123,348 $ – $ 18 $ 1 $ 111,065 $ – $ 46 $ – Forward rate agreements 219,841 32 125 68 606,226 52 129 45 Swaps 4,361,426 3,951 4,760 1,120 3,605,486 7,418 8,343 2,610 Options purchased 40,860 70 44 10 28,214 78 46 13 Options written 41,785 – 11 3 29,343 – 21 6 4,787,260 4,053 4,958 1,202 4,380,334 7,548 8,585 2,674 Foreign exchange and gold contracts Futures 15,798 – 148 3 9,548 – 42 – Spot and forwards 427,006 1,604 4,455 1,404 400,928 1,492 3,821 1,170 Swaps 570,175 1,128 7,287 1,660 536,375 775 6,313 1,680 Options purchased 16,256 351 247 118 34,012 933 467 242 Options written 16,495 – 14 2 32,800 – 18 2 1,045,730 3,083 12,151 3,187 1,013,663 3,200 10,661 3,094 Other derivative contracts Equity 145,352 1,423 9,707 1,340 128,024 1,098 7,091 1,004 Credit 27,421 197 304 59 34,151 270 458 116 Commodity and other contracts 61,329 4,562 6,610 1,182 65,204 868 3,629 592 234,102 6,182 16,621 2,581 227,379 2,236 11,178 1,712 Credit Valuation Adjustment – – – 3,957 – – – 5,330 Total derivatives $ 6,067,092 $ 13,318 $ 33,730 $ 10,927 $ 5,621,376 $ 12,984 $ 30,424 $ 12,810 Amount settled through central counterparties (2) Exchange-traded 226,695 – 5,200 123 195,287 – 4,194 95 Over-the-counter 4,239,877 – 849 17 3,834,332 – 872 17 $ 4,466,572 $ – $ 6,049 $ 140 $ 4,029,619 $ – $ 5,066 $ 112 (1) The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $28,961 (2020 – $32,081) for CRA, and $67,487 (2020 – $66,686) for CEA. (2) Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties. 1 Regulatory haircuts prescribed by the OSFI CAR Guidelines are applied to the collateral balances of the CRA measure. (d) Fair value The following table summarizes the fair value of derivatives segregated by type and segregated between trading and those derivatives designated in hedging relationships. As at October 31 ($ millions) 2021 2021 2020 Average fair value Year-end fair value Year-end fair value (1) Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Trading Interest rate contracts Forward rate agreements $ 58 $ 3 $ 69 $ 3 $ 138 $ – Swaps 13,702 11,652 9,805 9,427 18,007 13,044 Options 271 233 412 195 89 80 14,031 11,888 10,286 9,625 18,234 13,124 Foreign exchange and gold contracts Forwards 4,430 3,931 4,823 4,154 4,048 3,448 Swaps 9,374 10,851 9,070 10,796 9,931 12,934 Options 615 503 357 259 984 752 14,419 15,285 14,250 15,209 14,963 17,134 Other derivative contracts Equity 3,482 3,918 3,677 5,049 2,940 2,732 Credit 239 40 245 30 480 53 Commodity and other contracts 4,875 4,208 6,921 5,789 2,677 2,995 8,596 8,166 10,843 10,868 6,097 5,780 Trading derivatives’ market valuation $ 37,046 $ 35,339 $ 35,379 $ 35,702 $ 39,294 $ 36,038 Hedging Interest rate contracts Swaps $ 2,839 $ 3,538 $ 2,783 $ 3,830 Foreign exchange and gold contracts Forwards 461 236 198 220 Swaps 3,582 2,726 2,782 2,157 $ 4,043 $ 2,962 $ 2,980 $ 2,377 Other derivative contracts Equity $ 41 $ 1 $ 8 $ 2 Hedging derivatives’ market valuation $ 6,923 $ 6,501 $ 5,771 $ 6,209 Total derivative financial instruments as per $ 42,302 $ 42,203 $ 45,065 $ 42,247 Less: impact of master netting and collateral (2) 28,961 28,961 32,081 32,081 Net derivative financial instruments (2) $ 13,341 $ 13,242 $ 12,984 $ 10,166 (1) The average fair value of trading derivatives’ market valuation for the year ended October 31, 2020 was: favourable $44,942 and unfavourable $44,332. Average fair value amounts are based on the latest 13 month-end balances. (2) Master netting agreement amounts are based on the capital adequacy criteria of the Basel Committee on Banking Supervision (BCBS) and OSFI. These criteria allow netting where there are legally enforceable contracts which enable net settlement in the event of a default, bankruptcy, liquidation or similar circumstances. (e) Hedging activities The Bank manages interest rate risk, foreign currency risk and equity risk through hedge accounting transactions. Interest rate risk Single-currency interest rate swaps are used to hedge interest rate risk exposure. In fair value hedges of interest rate risk, the interest rate exposure from fixed rate assets and liabilities is converted from fixed to floating rate exposure. In cash flow hedges of interest rate risk, the interest rate exposure from floating rate assets and liabilities is converted from floating to fixed rate exposure. The Bank generally hedges interest rate risk only to the extent of benchmark interest rates. The total interest cash flows usually comprise a spread in addition to the benchmark rate. Foreign currency risk In fair value hedges, cross-currency interest rate swaps and single-currency interest rate swaps are used to manage foreign currency exposure in conjunction with interest rate exposure. Cross-currency interest rate swaps or a combination of cross-currency and single-currency interest rate swaps are mainly used to convert a foreign currency fixed rate exposure to a functional currency floating rate exposure. In hedges of both foreign currency and interest rate exposure, the interest rate risk is generally hedged only to the extent of the benchmark interest rate. In cash flow hedges, cross-currency interest rate swaps, single-currency interest rate swaps, foreign currency forwards and foreign currency assets or liabilities are used to manage foreign currency exposure, or a combined foreign currency and interest rate exposure. Cross-currency interest rate swaps are used to offset the foreign currency exposure by exchanging the interest cash flows in one currency for interest cash flows in another currency. Single-currency interest rate swaps may be used in conjunction with cross-currency interest rate swaps to convert the foreign currency exposure or resulting functional currency exposure from floating to fixed. Foreign currency forwards and foreign currency denominated assets and liabilities are used to offset the exposure arising from highly probable future cash flows, including purchase considerations for business acquisitions and sale proceeds for business divestitures that are denominated in a foreign currency. In hedges of both foreign currency and interest rate exposure, the interest rate risk is generally hedged only to the extent of the benchmark interest rate. In net investment hedges, the Bank designates foreign currency liabilities and foreign currency forwards as hedging instruments to manage foreign currency exposure. The designated non-derivative liabilities are denominated in the functional currency of the net investment, such that the foreign currency translation impact from the net investment will be offset by the foreign currency impact from the designated liabilities. The foreign currency forward contracts are structured to sell the functional currency of the net investment in return for the Bank’s functional currency. Equity risk Equity risk is created by the Bank’s share-based compensation plans awarded to employees. In cash flow hedges, total return swaps are mainly used to offset the equity exposure by exchanging interest payments for payments based on the returns on the underlying shares. For all of the risks identified above, the economic relationship and hedge ratio are determined using a qualitative and quantitative assessment. This assessment incorporates comparison of critical terms of the hedged and hedging item, and regression analysis. For regression analysis, a hedging relationship is considered highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8 or greater; slope of the regression is within a 0.8-1.25 range; and confidence level of the slope is at least 95%.The main sources of hedge ineffectiveness include the following: • The use of different discount curves to value the hedged item and the hedging derivative in fair value hedges, in order to reflect the reduced credit risk of collateralized derivatives; • Differences in the underlying reference interest rate tenor, reset/settlement frequency and floating spread between the hedging instruments and the hedged item. The Bank has elected to continue to apply the hedge accounting requirements of IAS 39. However, the Bank has implemented the additional hedge accounting disclosures that are required by the IFRS 9 related amendments to IFRS 7 “ Financial Instruments: Disclosures The following table summarizes the notional amounts of derivatives and carrying amounts of cash and deposit liabilities designated as hedging instruments. 2021 2020 Notional amounts (1) Notional amounts (1) Remaining term to maturity Remaining term to maturity As at October 31 ($ millions) Within one year One to five years Over five years Total Within one year One to five years Over five years Total Fair value hedges Interest rate risk – swaps $ 21,850 $ 127,350 $ 14,489 $ 163,689 $ 41,972 $ 115,479 $ 14,873 $ 172,324 Foreign currency/interest rate risk – swaps – 11 – 11 – 116 107 223 Cash flow hedges Interest rate risk – swaps 34,489 62,934 28,754 126,177 11,990 33,580 11,920 57,490 Foreign currency/interest rate risk – swaps 16,906 23,224 7,645 47,775 17,082 33,516 5,720 56,318 Foreign currency risk Swaps 29,002 54,434 14,425 97,861 25,787 61,137 15,166 102,090 Foreign currency forwards 10,510 – – 10,510 3,000 – – 3,000 Cash 66 – – 66 71 – – 71 Equity risk – total return swaps 316 649 – 965 171 411 – 582 Net investment hedges Foreign currency risk Foreign currency forwards 18,132 – – 18,132 16,114 – – 16,114 Deposit liabilities 5,714 – – 5,714 6,150 – – 6,150 Total $ 136,985 $ 268,602 $ 65,313 $ 470,900 $ 122,337 $ 244,239 $ 47,786 $ 414,362 (1) Notional amounts relating to derivatives that are hedging multiple risks in both assets and liabilities are included in more than one category. The following table shows the average rate or price of significant hedging instruments. 2021 2020 Average rate or price (1) Average rate or price (1) As at October 31 Fixed interest rate FX rate Price Fixed interest rate FX rate Price Fair value hedges Interest rate risk – swaps 1.18 % n/a n/a 1.71 % n/a n/a Cash flow hedges Interest rate risk – swaps 1.22 % n/a n/a 2.10 % n/a n/a Foreign currency/interest rate risk – swaps CAD-USD 1.33 % 1.31 n/a 1.30 % 1.32 n/a Foreign currency risk Swaps CAD-USD n/a 1.27 n/a n/a 1.31 n/a CAD-EUR n/a 1.50 n/a n/a 1.49 n/a CAD-GBP n/a 1.72 n/a n/a 1.72 n/a Foreign currency forwards CAD-USD n/a 1.26 n/a n/a 1.33 n/a Equity price risk – total return swaps n/a n/a $ 71.29 n/a n/a $ 75.40 Net investment hedges Foreign currency risk – foreign currency forwards CAD-USD n/a 1.26 n/a n/a 1.34 n/a MXN-CAD n/a 16.77 n/a n/a 16.60 n/a PEN-CAD n/a 3.08 n/a n/a 2.64 n/a (1) The average rate or price is calculated in aggregate for all of the Bank’s hedge relationships, including hedges of assets and liabilities. The majority of the Bank’s hedges have a remaining term to maturity of less than 5 years. For fair value hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness. Carrying amount of the (1) Hedge Ineffectiveness (2) Accumulated amount of fair (4) For the year ended October 31, 2021 ($ millions) Assets Liabilities Gains/(losses) on Gains/ Ineffectiveness Carrying amount (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 1,868 $ (967 ) $ 1,708 $ (1,736 ) $ (28 ) Investment securities 790 (809 ) (19 ) $ 16,315 $ 92 $ 163 Loans 2,233 (2,230 ) 3 117,009 (1,339 ) 5 Deposit liabilities (1,236 ) 1,224 (12 ) (60,444 ) 417 (371 ) Subordinated debentures (79 ) 79 – (4,692 ) (1 ) (71 ) Foreign currency/interest rate risk – swaps – (1 ) 3 (2 ) 1 Investment securities 3 (2 ) 1 89 – (1 ) Total $ 1,868 $ (968 ) $ 1,711 $ (1,738 ) $ (27 ) $ 68,277 $ (831 ) $ (275 ) (1) Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2021. (3) This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value. (4) This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item. Carrying amount of instruments (1) Hedge Ineffectiveness (2) Accumulated amount of fair (4) For the year ended October 31, 2020 ($ millions) Assets Liabilities Gains/(losses) on Gains/ (losses) on Ineffectiveness Carrying (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 1,742 $ (2,456 ) $ (392 ) $ 377 $ (15 ) Investment securities (622 ) 610 (12 ) $ 40,785 $ 1,049 $ 249 Loans (913 ) 898 (15 ) 71,081 994 48 Deposit liabilities 996 (985 ) 11 (59,084 ) (846 ) (545 ) Subordinated debentures 147 (146 ) 1 (5,638 ) (93 ) (77 ) Foreign currency/interest rate risk – swaps 22 (1 ) (1 ) – (1 ) Investment securities (1 ) – (1 ) 221 1 – Total $ 1,764 $ (2,457 ) $ (393 ) $ 377 $ (16 ) $ 47,365 $ 1,105 $ (325 ) (1) Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2020. (3) This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value. (4) This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item. For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness. Carrying amount of the hedging (1) Hedge Ineffectiveness (2) For the year ended October 31, 2021 ($ millions) Assets Liabilities Gains/(losses) on Gains/(losses) on (3) Ineffectiveness recorded in non-interest (4) Cash flow hedges Interest rate risk – swaps $ 1,204 $ (2,818) $ (1,004 ) $ (1,017 ) $ 16 Foreign currency/interest rate risk – swaps 2,428 (180 ) 1,352 1,378 (5 ) Foreign currency risk Swaps 921 (2,298 ) (1,969 ) (1,973 ) 1 Foreign currency forwards 25 (155 ) 72 69 5 Cash 66 – (2 ) (2 ) – Equity risk – total return swaps 41 (1 ) 330 330 – 4,685 (5,452 ) (1,221 ) (1,215 ) 17 Net investment hedges Foreign currency risk Foreign currency forwards 436 (81 ) 841 841 – Deposit liabilities n/a (5,714 ) 435 435 – 436 (5,795 ) 1,276 1,276 – Total $ 5,121 $ (11,247 ) $ 55 $ 61 $ 17 (1) Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2021. (3) For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness. (4) For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative. Carrying amount of the (1) Hedge Ineffectiveness (2) For the year ended October 31, 2020 ($ millions) Assets Liabilities Gains/(losses) Gains/(losses) on (3) Ineffectiveness recorded in non-interest income – other (4) Cash flow hedges Interest rate risk – swaps $ 684 $ (1,575 ) $ 62 $ 58 $ (2 ) Foreign currency/interest rate risk – swaps 1,347 (570 ) 896 908 13 Foreign currency risk Swaps 1,770 (1,385 ) 1,298 1,276 (2 ) Foreign currency forwards 17 (12 ) 464 464 (1 ) Cash 71 – 4 4 – Equity risk – total return swaps 8 (2 ) (173 ) (173 ) – 3,897 (3,544 ) 2,551 2,537 8 Net investment hedges Foreign currency risk Foreign currency forwards 181 (208 ) (77 ) (77 ) – Deposit liabilities n/a (6,150 ) (70 ) (70 ) – 181 (6,358 ) (147 ) (147 ) – Total $ 4,078 $ (9,902 ) $ 2,404 $ 2,390 $ 8 (1) Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2020. (3) For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness. (4) For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative. For cash flow hedges and net investment hedges, the following table contains information regarding the impacts on the Consolidated Statement of Other Comprehensive Income on a pre-tax basis. AOCI as at Net gains/ Amount (1) Amount (1) Net gains/ non-financial AOCI as at Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2021 For the year ended Active Discontinued Cash flow hedges Interest rate risk $ 412 $ (1,033 ) $ 165 $ – $ – $ (456 ) $ (991 ) $ 535 Foreign currency/interest rate risk 1,054 1,434 (2,497 ) – – (9 ) (192 ) 183 Foreign currency risk (706 ) (1,998 ) 2,747 – – 43 31 12 Equity risk (30 ) 330 (239 ) – – 61 61 – 730 (1,267 ) 176 – – (361 ) (1,091 ) 730 Net investment hedges Foreign currency risk (3,136 ) 1,276 31 – – (1,829 ) (1,726 ) (103 ) Total $ (2,406 ) $ 9 $ 207 $ – $ – $ (2,190 ) $ (2,817 ) $ 627 (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other except for amortization, which is recorded in interest income. AOCI as at November 1, 2019 Net gains/ Amount (1) Amount (1) Net gains/ non-financial AOCI as at October 31, 2020 Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2020 For the year ended October 31, 2020 ($ millions) Active Discontinued Cash flow hedges Interest rate risk $ 463 $ 64 $ (115 ) $ – $ – $ 412 $ (457 ) $ 869 Foreign currency/interest rate risk 208 883 (37 ) – – 1,054 875 179 Foreign currency risk 99 1,769 (2,574 ) – – (706 ) (708 ) 2 Equity risk 21 (173 ) 122 – – (30 ) (30 ) – 791 2,543 (2,604 ) – – 730 (320 ) 1,050 Net investment hedges Foreign currency risk (3,483 ) (147 ) 494 – – (3,136 ) (3,067 ) (69 ) Total $ (2,692 ) $ 2,396 $ (2,110 ) $ – $ – $ (2,406 ) $ (3,387 ) $ 981 (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other. |
Offsetting Financial Assets and
Offsetting Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2021 | |
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Offsetting Financial Assets and Financial Liabilities | 11 Offsetting Financial Assets and Financial Liabilities The Bank is eligible to present certain financial assets and financial liabilities as listed in the table below on a net basis on the Consolidated Statement of Financial Position pursuant to criteria described in Note 3 – Significant accounting policies. The following tables provide information on the impact of offsetting on the Bank’s Consolidated Statement of Financial Position, as well as the financial impact of netting for instruments that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for offsetting in the Consolidated Statement of Financial Position, as well as available cash and financial instrument collateral . As at October 31, 2021 ($ millions) Types of financial assets Gross amounts Gross amounts of Net amounts of Related amounts not offset in the Consolidated Statement of Financial Position Net amount (3) Impact of (1) Collateral (2) Derivative financial instruments $ 42,489 $ (187 ) $ 42,302 $ (25,293 ) $ (3,608 ) $ 13,401 Securities purchased under resale agreements and securities borrowed 160,621 (32,882 ) 127,739 (14,823 ) (109,981 ) 2,935 Total $ 203,110 $ (33,069 ) $ 170,041 $ (40,116 ) $ (113,589 ) $ 16,336 Types of financial liabilities Derivative financial instruments $ 42,390 $ (187 ) $ 42,203 $ (25,293 ) $ (6,489 ) $ 10,421 Obligations related to securities sold under repurchase agreements and securities lent 156,351 (32,882 ) 123,469 (14,823 ) (103,340 ) 5,306 Total $ 198,741 $ (33,069 ) $ 165,672 $ (40,116 ) $ (109,829 ) $ 15,727 Consolidated Financial Statements As at October 31, 2020 ($ millions) Types of financial assets Gross amounts of Net amounts of Related amounts not offset in the Consolidated Statement of Financial Position Gross amounts Impact of (1) Collateral (2) Net amount (3) Derivative financial instruments $ 45,333 $ (268 ) $ 45,065 $ (27,003 ) $ (5,328 ) $ 12,734 Securities purchased under resale agreements and securities borrowed 141,861 (22,114 ) 119,747 (9,690 ) (107,241 ) 2,816 Total $ 187,194 $ (22,382 ) $ 164,812 $ (36,693 ) $ (112,569 ) $ 15,550 Types of financial liabilities Derivative financial instruments $ 42,515 $ (268 ) $ 42,247 $ (27,003 ) $ (9,058) $ 6,186 Obligations related to securities sold under repurchase agreements and securities lent 159,877 (22,114 ) 137,763 (9,690 ) (122,440 ) 5,633 Total $ 202,392 $ (22,382 ) $ 180,010 $ (36,693 ) $ (131,498 ) $ 11,819 (1) Amounts that are subject to master netting arrangements or similar agreements but were not offset in the Consolidated Statement of Financial Position because they did not meet the net settlement/simultaneous settlement criteria; or because the rights of set off are conditional upon the default of the counterparty only. (2) Cash and financial instrument collateral amounts received or pledged in relation to the total amounts of financial assets and financial liabilities, including those that were not offset in the Consolidated Statement of Financial Position. These amounts are disclosed at fair value and the rights of set off are conditional upon the default of the counterparty. (3) Not intended to represent the Bank’s actual exposure to credit risk, as a variety of credit mitigation strategies are employed in addition to offsetting and collateral arrangements. |
Investment Securities
Investment Securities | 12 Months Ended |
Oct. 31, 2021 | |
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Investment Securities | 12 Investment Securities The following table presents the carrying amounts of the Bank’s investment securities per measurement category. As at October 31 ($ millions) 2021 2020 Debt investment securities measured at FVOCI $ 52,611 $ 76,638 Debt investment securities measured at amortized cost 18,157 31,644 Equity investment securities designated at FVOCI 3,178 1,859 Equity investment securities measured at FVTPL 1,223 1,222 Debt investment securities measured at FVTPL 30 26 Total investment securities $ 75,199 $ 111,389 (a) Debt investment securities measured at fair value through other comprehensive income (FVOCI) 2021 2020 As at October 31 ($ millions) Cost Gross Gross Fair value Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 5,694 $ 135 $ 25 $ 5,804 $ 16,374 $ 454 $ – $ 16,828 Canadian provincial and municipal debt 5,202 12 59 5,155 17,295 253 1 17,547 U.S. treasury and other U.S. agency debt 13,528 188 79 13,637 12,634 595 – 13,229 Other foreign government debt 27,126 60 515 26,671 27,643 274 17 27,900 Other debt 1,339 9 4 1,344 1,115 19 – 1,134 Total $ 52,889 $ 404 $ 682 $ 52,611 $ 75,061 $ 1,595 $ 18 $ 76,638 (b) Debt investment securities measured at amortized cost 2021 2020 As at October 31 ($ millions) Fair Value Carrying (1) Fair Value Carrying (1) Canadian federal and provincial government issued or guaranteed debt $ 12,310 $ 12,372 $ 17,955 $ 17,819 U.S. treasury and other U.S. agency debt 4,712 4,687 11,048 10,726 Other foreign government debt 970 960 1,766 1,744 Corporate debt 141 138 1,360 1,355 Total $ 18,133 $ 18,157 $ 32,129 $ 31,644 (1) Balances are net of allowances, which are not significant. (c) Equity investment securities designated at fair value through other comprehensive income (FVOCI) The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes. As at October 31, 2021 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 27 $ 4 $ 3 $ 28 Common shares 2,710 528 88 3,150 Total $ 2,737 $ 532 $ 91 $ 3,178 As at October 31, 2020 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 11 $ – $ 3 $ 8 Common shares 1,735 228 112 1,851 Total $ 1,746 $ 228 $ 115 $ 1,859 Dividend income on equity securities designated at FVOCI of $ During the year ended October 31, 2021, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $1,291 million (2020 – $646 million). These dispositions have resulted in a cumulative gain of $204 million (2020 – loss of $101 million) that remains in OCI. (d) An analysis of the carrying value of investment securities is as follows: Remaining term to maturity As at October 31, 2021 ($ millions) Within three Three to One to Five to Over ten No specific Carrying value Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 70 $ 474 $ 3,717 $ 323 $ 1,220 $ – $ 5,804 Yield (1) 0.1 0.8 0.9 1.7 2.9 – 1.3 Canadian provincial and municipal debt 170 1,248 2,239 1,498 – – 5,155 Yield (1) 0.5 0.6 1.0 1.8 – – 1.1 U.S. treasury and other U.S. agency debt 147 449 10,786 88 2,167 – 13,637 Yield (1) 0.1 0.1 1.2 1.4 1.4 – 1.2 Other foreign government debt 7,445 7,411 9,418 2,077 320 – 26,671 Yield (1) 1.0 1.3 2.2 2.8 2.8 – 1.7 Other debt 78 284 838 129 15 – 1,344 Yield (1) 0.6 1.9 1.8 0.1 5.9 – 1.6 7,910 9,866 26,998 4,115 3,722 – 52,611 Equity instruments Preferred equity instruments – – – – – 28 28 Common shares – – – – – 3,150 3,150 3,178 3,178 Total FVOCI 7,910 9,866 26,998 4,115 3,722 3,178 55,789 Amortized cost Canadian federal and provincial government issued or guaranteed debt 499 3,405 8,061 402 5 – 12,372 U.S. treasury and other U.S. agency debt 12 – 750 8 3,917 – 4,687 Other foreign government debt 74 245 329 258 54 – 960 Corporate debt 9 37 56 36 – – 138 594 3,687 9,196 704 3,976 – 18,157 Fair value through profit or loss Equity instruments – – – – – 1,223 1,223 Debt instruments – – 22 8 – – 30 Total investment securities $ 8,504 $ 13,553 $ 36,216 $ 4,827 $ 7,698 $ 4,401 $ 75,199 Total by currency (in Canadian equivalent): Canadian dollar $ 337 $ 4,102 $ 13,445 $ 2,296 $ 1,240 $ 2,216 $ 23,636 U.S. dollar 705 3,070 16,333 924 6,090 1,911 29,033 Mexican peso 276 919 1,858 157 – 29 3,239 Other currencies 7,186 5,462 4,580 1,450 368 245 19,291 Total investment securities $ 8,504 $ 13,553 $ 36,216 $ 4,827 $ 7,698 $ 4,401 $ 75,199 (1) Represents the weighted-average yield of fixed income securities. Remaining term to maturity As at October 31, 2020 ($ millions) Within three Three to One to five Five to Over ten No specific Carrying value Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 113 $ 2,363 $ 12,158 $ 941 $ 1,253 $ – $ 16,828 Yield (1) 1.0 1.3 1.0 1.5 3.5 – 1.2 Canadian provincial and municipal debt 349 1,521 13,966 1,711 – – 17,547 Yield (1) 1.1 0.6 1.0 1.5 – – 1.0 U.S. treasury and other U.S. agency debt 1,878 3,469 6,144 849 889 – 13,229 Yield (1) 1.7 2.4 2.2 0.4 1.2 – 2.0 Other foreign government debt 5,196 8,933 11,525 2,048 198 – 27,900 Yield (1) 0.8 1.0 1.6 1.9 2.5 – 1.3 Other debt 261 244 572 38 19 – 1,134 Yield (1) (0.7 ) 1.4 1.3 (0.3 ) 5.9 – 0.8 7,797 16,530 44,365 5,587 2,359 – 76,638 Equity instruments Preferred equity instruments – – – – – 8 8 Common shares – – – – – 1,851 1,851 1,859 1,859 Total FVOCI 7,797 16,530 44,365 5,587 2,359 1,859 78,497 Amortized cost Canadian federal and provincial government issued or guaranteed debt 1,048 5,452 10,553 761 5 – 17,819 U.S. treasury and other U.S. agency debt 1,199 929 822 10 7,766 – 10,726 Other foreign government debt 164 870 367 268 75 – 1,744 Corporate debt 487 621 243 4 – – 1,355 2,898 7,872 11,985 1,043 7,846 – 31,644 Fair value through profit or loss Equity instruments – – – – – 1,222 1,222 Debt instruments – – 26 – – – 26 Total investment securities $ 10,695 $ 24,402 $ 56,376 $ 6,630 $ 10,205 $ 3,081 $ 111,389 Total by currency (in Canadian equivalent): Canadian dollar $ 1,151 $ 8,466 $ 32,302 $ 2,955 $ 1,277 $ 1,101 $ 47,252 U.S. dollar 4,088 7,157 18,171 2,258 8,655 1,463 41,792 Mexican peso 267 850 1,459 198 – 17 2,791 Other currencies 5,189 7,929 4,444 1,219 273 500 19,554 Total investment securities $ 10,695 $ 24,402 $ 56,376 $ 6,630 $ 10,205 $ 3,081 $ 111,389 (1) Represents the weighted-average yield of fixed income securities. (e) Net gain on sale of investment securities The following table presents the net gain on sale of investment securities: For the year ended October 31 ($ millions) 2021 2020 2019 Debt investment securities measured at amortized cost $ 53 $ 13 $ 34 Debt investment securities measured at FVOCI 366 594 317 Net gain on sale of investment securities $ 419 $ 607 $ 351 |
Loans, Impaired Loans and Allow
Loans, Impaired Loans and Allowance for Credit Losses | 12 Months Ended |
Oct. 31, 2021 | |
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Loans, Impaired Loans and Allowance for Credit Losses | 13 Loans, Impaired Loans and Allowance for Credit Losses (a) Loans at amortized cost 2021 2020 As at October 31 ($ millions) Gross loans Allowance Net carrying Gross loans Allowance Net carrying Residential mortgages $ 319,678 $ 802 $ 318,876 $ 284,684 $ 884 $ 283,800 Personal loans 91,540 2,341 89,199 93,758 3,155 90,603 Credit cards 12,450 1,211 11,239 14,797 1,886 12,911 Business and government 218,944 1,272 217,672 217,663 1,714 215,949 Total $ 642,612 $ 5,626 $ 636,986 $ 610,902 $ 7,639 $ 603,263 (b) Loans and acceptances outstanding by geography (1) As at October 31 ($ millions) 2021 2020 Canada: Residential mortgages $ 280,169 $ 245,044 Personal loans 73,592 73,919 Credit cards 6,213 6,399 Business and government 77,353 74,590 437,327 399,952 United States: Personal loans 1,137 823 Business and government 42,295 43,126 43,432 43,949 Mexico: Residential mortgages 9,826 9,160 Personal loans 2,454 3,038 Credit cards 540 659 Business and government 18,902 18,356 31,722 31,213 Chile: Residential mortgages 17,176 17,231 Personal loans 4,680 5,187 Credit cards 2,299 2,307 Business and government 20,806 22,135 44,961 46,860 Peru: Residential mortgages 2,894 2,935 Personal loans 4,536 4,773 Credit cards 467 1,823 Business and government 11,511 12,587 19,408 22,118 Colombia: Residential mortgages 2,222 2,114 Personal loans 1,967 2,201 Credit cards 1,608 1,923 Business and government 6,205 4,654 12,002 10,892 Other International: Residential mortgages 7,391 8,200 Personal loans 3,174 3,817 Credit cards 1,323 1,686 Business and government 41,872 42,215 53,760 55,918 Total loans 642,612 610,902 Acceptances (2) 20,404 14,228 Total loans and acceptances (3) 663,016 625,130 Allowance for credit losses (5,663 ) (7,716 ) Total loans and acceptances net of allowance for credit losses $ 657,353 $ 617,414 (1) Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower. (2) 1.2% of borrowers reside outside Canada. (3) Loans and acceptances denominated in US dollars were $112,919 (2020 – $114,788), in Chilean pesos $36,126 (2020 – $36,812), Mexican pesos $23,363 (2020 – $23,654), and in other foreign currencies $46,403 (2020 – $49,652). (c) Loan maturities As at October 31, 2021 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 38,886 $ 247,343 $ 12,112 $ 19,417 $ 1,920 $ 319,678 $ 83,578 $ 233,217 $ 2,883 $ 319,678 Personal loans 15,057 33,414 5,047 1,180 36,842 91,540 37,254 53,374 912 91,540 Credit cards – – – – 12,450 12,450 – 12,450 – 12,450 Business and government 108,405 100,319 4,973 230 5,017 218,944 120,313 96,546 2,085 218,944 Total $ 162,348 $ 381,076 $ 22,132 $ 20,827 $ 56,229 $ 642,612 $ 241,145 $ 395,587 $ 5,880 $ 642,612 Allowance for credit losses – – – – (5,626 ) (5,626 ) – – (5,626 ) (5,626 ) Total loans net of allowance for credit losses $ 162,348 $ 381,076 $ 22,132 $ 20,827 $ 50,603 $ 636,986 $ 241,145 $ 395,587 $ 254 $ 636,986 As at October 31, 2020 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 44,076 $ 207,998 $ 13,216 $ 16,796 $ 2,598 $ 284,684 $ 51,462 $ 230,590 $ 2,632 $ 284,684 Personal loans 15,307 34,190 4,406 873 38,982 93,758 42,284 49,088 2,386 93,758 Credit cards – – – – 14,797 14,797 – 14,797 – 14,797 Business and government 107,393 98,383 4,854 1,969 5,064 217,663 143,895 71,187 2,581 217,663 Total $ 166,776 $ 340,571 $ 22,476 $ 19,638 $ 61,441 $ 610,902 $ 237,641 $ 365,662 $ 7,599 $ 610,902 Allowance for credit losses – – – – (7,639 ) (7,639 ) – – (7,639 ) (7,639 ) Total loans net of allowance for credit losses $ 166,776 $ 340,571 $ 22,476 $ 19,638 $ 53,802 $ 603,263 $ 237,641 $ 365,662 $ (40 ) $ 603,263 (d) Impaired loans (1)(2) 2021 2020 As at October 31 ($ millions) Gross (1) Allowance Net Gross (1) Allowance Net Residential mortgages $ 1,331 $ 374 $ 957 $ 1,490 $ 392 $ 1,098 Personal loans 833 626 207 1,032 820 212 Credit cards – – – – – – Business and government 2,292 655 1,637 2,531 745 1,786 Total $ 4,456 $ 1,655 $ 2,801 $ 5,053 $ 1,957 $ 3,096 By geography: Canada $ 1,090 446 644 $ 1,127 487 640 United States 24 4 20 116 4 112 Mexico 758 269 489 570 222 348 Peru 699 350 349 824 498 326 Chile 512 180 332 775 233 542 Colombia 418 88 330 459 102 357 Other International 955 318 637 1,182 411 771 Total $ 4,456 1,655 2,801 $ 5,053 1,957 3,096 (1) Interest income recognized on impaired loans during the year ended October 31, 2021 was $53 (2020 – $47). (2) Additional interest income of approximately $270 would have been recorded if the above loans had not been classified as impaired (2020 – $310). (e) Allowance for credit losses (i) Key inputs and assumptions The Bank’s allowance for credit losses is measured using a three-stage approach based on the extent of credit deterioration since origination. The calculation of the Bank’s allowance for credit losses is an output of complex models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. Some of the key drivers include the following: • Changes in risk ratings of the borrower or instrument reflecting changes in their credit quality; • Changes in the volumes of transactions; • Changes in the forward-looking macroeconomic environment reflected in the variables used in the models such as GDP growth, unemployment rates, commodity prices, and house price indices, which are most closely related with credit losses in the relevant portfolio; • Changes in macroeconomic scenarios and the probability weights assigned to each scenario; and • Borrower migration between the three stages The Bank determines its allowance for credit losses using four probability-weighted forward-looking scenarios (base case, optimistic, pessimistic and pessimistic front loaded). The Bank considers both internal and external sources of information and data to achieve unbiased projections and forecasts in determining the allowance for credit losses. The Bank prepares the scenarios using forecasts generated by Scotiabank Economics (SE). The forecasts are generated using models whose outputs are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of economic developments. The development of the baseline and alternative scenarios is overseen by a governance committee that consists of internal stakeholders from across the Bank. The final baseline and alternative scenarios reflect significant review and oversight, and incorporate judgment both in the determination of the scenarios’ forecasts and the probability weights that are assigned to them. (ii) Key macroeconomic variables The inputs and models used for calculating expected credit losses may not always capture all characteristics of the market at the date of the financial statements. Qualitative adjustments or overlays may be made for certain portfolios or geographies as temporary adjustments in circumstances where, in the Bank’s view, the inputs, assumptions, and/or modelling techniques do not capture all relevant risk factors including the emergence of economic or political events. The Bank has applied expert credit judgement in the assessment of underlying credit deterioration and migration of balances to progressive stages. The Bank considered both quantitative and qualitative information in the assessment of significant increase in credit risk. The Bank’s models are calibrated to consider past performance and macroeconomic forward-looking variables as inputs. The Bank has generated a forward-looking base case scenario and three alternate forward-looking scenarios. In these scenarios the Bank considered recovery time periods ranging from more immediate (V shape), mid-term (W shape) to longer-term (L shape) periods. While the base case scenario shows continued strong growth economy-wide, growth and employment in individual industries is expected to show considerable heterogeneity, many industries either have already fully recovered or are expected to fully recover to the pre-pandemic level over the course of the next few quarters. In contrast, the activity in a few sectors is expected to remain below the pre-pandemic levels for some time despite strong growth. This industry-level pattern is referred to as a K-shaped recovery, and while not explicitly simulated in the base case scenario, it is incorporated through the consideration of significant increase in risk through expert credit judgement. The following table shows certain key macroeconomic variables used to estimate the allowance for credit losses. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view. Base Case Scenario Alternative Scenario – Optimistic Alternative Scenario – Pessimistic Alternative Scenario – Pessimistic Front Loaded (1) October 31, 2021 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 3.4 1.9 5.3 2.8 -1.3 3.1 -7.4 4.3 Unemployment rate, average % 6.3 5.7 5.6 4.1 8.8 6.3 11.7 8.2 Bank of Canada overnight rate target, average % 0.3 2.0 0.9 3.6 0.3 1.2 0.3 0.5 HPI – Housing Price Index, y/y % change 11.1 2.1 13.2 3.9 3.9 3.3 -2.7 3.9 USDCAD exchange rate, average 1.24 1.21 1.23 1.20 1.28 1.21 1.30 1.24 US Real GDP growth, y/y % change 5.7 1.6 7.3 2.1 2.4 2.4 -1.4 3.5 Unemployment rate, average % 3.8 3.5 3.4 3.2 5.6 4.1 6.8 5.6 Mexico Real GDP growth, y/y % change 2.8 1.9 4.3 2.7 -0.4 2.7 -4.2 3.8 Unemployment rate, average % 4.0 4.0 3.6 3.1 6.5 4.5 9.4 6.4 Chile Real GDP growth, y/y % change 6.7 2.2 8.8 3.1 3.4 3.1 -0.5 4.2 Unemployment rate, average % 6.5 6.2 5.9 5.6 9.0 6.7 12.0 8.6 Peru Real GDP growth, y/y % change 5.0 3.2 7.7 4.3 3.6 3.7 0.0 4.7 Unemployment rate, average % 8.8 7.5 6.0 3.4 10.8 8.1 13.8 10.0 Colombia Real GDP growth, y/y % change 5.0 3.5 6.8 4.8 3.6 4.0 0.0 5.0 Unemployment rate, average % 13.7 11.2 12.0 8.2 15.6 11.8 18.6 13.7 Caribbean Real GDP growth, y/y % change 4.9 4.1 6.2 4.9 3.9 4.6 0.3 5.6 Global WTI oil price, average USD/bbl 69 70 75 86 61 67 57 57 Copper price, average USD/lb 4.20 4.20 4.36 4.78 3.93 4.05 3.81 3.62 Global GDP, y/y % change 5.07 3.02 6.54 3.90 2.44 3.68 -0.69 4.48 (1) Allowance for credit losses as of October 31, 2019, were determined using three probability-weighted scenarios (base case, optimistic and pessimistic). Starting Q1, 2020, the Bank added an additional pessimistic front loaded scenario to its measurement methodology. Base Case Scenario Alternative Scenario – Optimistic Alternative Scenario – Pessimistic Alternative Scenario – Pessimistic Front Loaded (1) October 31, 2020 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 3.1 2.2 4.7 2.7 -2.0 3.8 -10.8 6.4 Unemployment rate, average % 7.3 5.5 6.7 4.7 9.9 5.8 14.1 7.1 Bank of Canada overnight rate target, average % 0.3 0.8 0.5 1.2 0.3 0.4 0.3 0.3 HPI – Housing Price Index, y/y % change 0.4 2.8 1.9 3.3 -6.3 4.6 -15.2 6.8 USDCAD exchange rate, average 1.30 1.25 1.30 1.25 1.37 1.27 1.40 1.33 US Real GDP growth, y/y % change 2.5 2.2 3.6 2.4 -0.5 3.1 -7.4 5.2 Unemployment rate, average % 6.3 3.5 6.1 3.3 8.1 4.1 10.5 7.0 Mexico Real GDP growth, y/y % change 1.0 2.3 2.5 2.6 -1.8 3.1 -8.7 5.3 Unemployment rate, average % 7.3 4.5 6.8 3.9 9.9 4.9 14.1 6.2 Chile Real GDP growth, y/y % change 3.8 2.6 5.6 3.2 0.8 3.4 -6.2 5.6 Unemployment rate, average % 12.1 7.3 11.6 6.9 14.7 7.7 18.9 8.9 Peru Real GDP growth, y/y % change 3.7 3.8 5.0 4.4 2.9 4.4 -3.5 6.3 Unemployment rate, average % 12.4 8.1 11.3 6.3 14.2 8.5 18.5 9.7 Colombia Real GDP growth, y/y % change 1.9 3.5 3.0 4.0 1.1 4.0 -5.2 6.0 Unemployment rate, average % 14.4 8.2 13.6 6.8 16.2 8.7 20.5 9.8 Caribbean Real GDP growth, y/y % change 2.2 4.1 3.3 4.4 1.0 4.7 -6.6 5.9 Global WTI oil price, average USD/bbl 48 58 52 68 42 54 37 38 Copper price, average USD/lb 3.00 3.19 3.09 3.42 2.79 3.06 2.66 2.64 Global GDP, y/y % change 4.44 3.28 5.63 3.72 2.36 3.91 -2.67 5.34 (1) Allowance for credit losses as of October 31, 2019, were determined using three probability-weighted scenarios (base case, optimistic and pessimistic). Starting Q1, 2020, the Bank added an additional pessimistic front loaded scenario to its measurement methodology. (iii) Sensitivity The weighting of these multiple scenarios increased our reported allowance for credit losses for financial assets in Stage 1 and Stage 2, relative to our base case scenario, to $4,076 million (2020 – $5,863 million) from $3,998 million (2020 – $5,407 million). If we were to only use our pessimistic front loaded scenario for the measurement of allowance for credit losses for such assets, our allowance for credit losses on performing financial instruments would be $866 million higher than the reported allowance for credit losses as at October 31, 2021 (2020 – $1,944 million). Actual results will differ as this does not consider the migration of exposures or incorporate changes that would occur in the portfolio due to risk mitigation actions and other factors. Under our current probability-weighted scenarios, if all of our performing financial assets were in Stage 1, reflecting a 12 month expected loss period, the allowance for credit losses would be $407 million (2020 – $495 million) lower than the reported allowance for credit losses on performing financial assets. (iv) Allowance for credit losses ($ millions) Balance as at November 1, 2020 Provision for Net write-offs Other, including Balance as at October 31, 2021 Residential mortgages $ 884 $ 91 $ (84 ) $ (89 ) $ 802 Personal loans 3,155 928 (1,559 ) (183 ) 2,341 Credit cards 1,886 772 (1,340 ) (107 ) 1,211 Business and government 1,892 17 (375 ) (160 ) 1,374 $ 7,817 $ 1,808 $ (3,358 ) $ (539 ) $ 5,728 Presented as: Allowance for credit losses on loans $ 7,639 $ 5,626 Allowance for credit losses on acceptances 77 37 Allowance for credit losses on off-balance sheet exposures 101 65 ($ millions) Balance as at November 1, 2019 Provision for Net write-offs Other, including Balance as at October 31, 2020 Residential mortgages $ 680 $ 418 $ (79 ) $ (135 ) $ 884 Personal loans 2,065 2,632 (1,381 ) (161 ) 3,155 Credit cards 1,255 1,672 (975 ) (66 ) 1,886 Business and government 1,139 1,362 (506 ) (103 ) 1,892 $ 5,139 $ 6,084 $ (2,941) $ (465) $ 7,817 Presented as: Allowance for credit losses on loans $ 5,077 $ 7,639 Allowance for credit losses on acceptances 6 77 Allowance for credit losses on off-balance sheet exposures 56 101 Allowance for credit losses on loans As at October 31, 2021 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 152 $ 276 $ 374 $ 802 Personal loans 644 1,071 626 2,341 Credit cards 352 859 – 1,211 Business and government 186 431 655 1,272 Total (1) $ 1,334 $ 2,637 $ 1,655 $ 5,626 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance sheet credit risks which amounted to $105. As at October 31, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 190 $ 302 $ 392 $ 884 Personal loans 864 1,471 820 3,155 Credit cards 501 1,385 – 1,886 Business and government 409 560 745 1,714 Total (1) $ 1,964 $ 3,718 $ 1,957 $ 7,639 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance sheet credit risks which amounted to $181. The following table presents the changes to the allowance for credit losses on loans . As at October 31, 2021 As at October 31, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of the year $ 190 $ 302 $ 392 $ 884 $ 126 $ 229 $ 325 $ 680 Provision for credit losses Remeasurement (1) (143 ) 70 149 76 (20 ) 150 237 367 Newly originated or purchased financial assets 49 – – 49 39 – – 39 Derecognition of financial assets and maturities (10 ) (24 ) – (34 ) (4 ) (14 ) – (18 ) Changes in models and methodologies – – – – 7 6 17 30 Transfer to (from): Stage 1 88 (74 ) (14 ) – 111 (90 ) (21 ) – Stage 2 (12 ) 62 (50 ) – (18 ) 101 (83 ) – Stage 3 – (32 ) 32 – – (42 ) 42 – Gross write-offs – – (111 ) (111 ) – – (97 ) (97 ) Recoveries – – 27 27 – – 18 18 Foreign exchange and other movements (6) (10 ) (28 ) (51 ) (89 ) (51 ) (38 ) (46 ) (135 ) Balance at end of year (2) $ 152 $ 276 $ 374 $ 802 $ 190 $ 302 $ 392 $ 884 Personal loans Balance at beginning of the year $ 864 $ 1,471 $ 820 $ 3,155 $ 609 $ 865 $ 591 $ 2,065 Provision for credit losses Remeasurement (1) (1,119 ) 1,023 984 888 (559 ) 1,582 1,373 2,396 Newly originated or purchased financial assets 525 – – 525 424 – – 424 Derecognition of financial assets and maturities (171 ) (314 ) – (485 ) (92 ) (161 ) – (253 ) Changes in models and methodologies – – – – 16 33 16 65 Transfer to (from): Stage 1 882 (869 ) (13 ) – 832 (821 ) (11 ) – Stage 2 (253 ) 325 (72 ) – (282 ) 358 (76 ) – Stage 3 (43 ) (487 ) 530 – (6 ) (343 ) 349 – Gross write-offs – – (1,833 ) (1,833 ) – – (1,611 ) (1,611 ) Recoveries – – 274 274 – – 230 230 Foreign exchange and other movements (6) (41 ) (78 ) (64 ) (183 ) (78 ) (42 ) (41 ) (161 ) Balance at end of year (2) $ 644 $ 1,071 $ 626 $ 2,341 $ 864 $ 1,471 $ 820 $ 3,155 Credit cards Balance at beginning of the year $ 501 $ 1,385 $ – $ 1,886 $ 424 $ 831 $ – $ 1,255 Provision for credit losses Remeasurement (1) (452) 299 972 819 (213 ) 1,174 661 1,622 Newly originated or purchased financial assets 117 – – 117 155 – – 155 Derecognition of financial assets and maturities (70 ) (94 ) – (164 ) (72 ) (68 ) – (140 ) Changes in models and methodologies – – – – 6 29 – 35 Transfer to (from): Stage 1 382 (382 ) – – 365 (365 ) – – Stage 2 (103 ) 103 – – (146 ) 146 – – Stage 3 – (389 ) 389 – – (307 ) 307 – Gross write-offs – – (1,543 ) (1,543 ) – – (1,163 ) (1,163 ) Recoveries – – 203 203 – – 188 188 Foreign exchange and other movements (6) (23 ) (63 ) (21 ) (107 ) (18 ) (55 ) 7 (66 ) Balance at end of year (2) $ 352 $ 859 $ – $ 1,211 $ 501 $ 1,385 $ – $ 1,886 Business and government Balance at beginning of the year $ 478 $ 592 $ 745 $ 1,815 $ 191 $ 263 $ 679 $ 1,133 Provision for credit losses Remeasurement (1) (262 ) 11 402 151 146 467 647 1,260 Newly originated or purchased financial assets 325 – – 325 315 – – 315 Derecognition of financial assets and maturities (320 ) (72 ) (11 ) (403 ) (200 ) (72 ) (16 ) (288 ) Changes in models and methodologies (4 ) (11 ) – (15 ) 11 2 – 13 Transfer to (from): Stage 1 66 (66 ) – – 48 (48 ) – – Stage 2 (53 ) 54 (1 ) – (28 ) 31 (3 ) – Stage 3 – (9 ) 9 – (2 ) (27 ) 29 – Gross write-offs – – (414 ) (414 ) – – (534 ) (534 ) Recoveries – – 39 39 – – 28 28 Foreign exchange and other movements (18 ) (29 ) (114 ) (161 ) (3 ) (24 ) (85 ) (112 ) Balance at end of period including off-balance sheet exposures (2) $ 212 $ 470 $ 655 $ 1,337 $ 478 $ 592 $ 745 $ 1,815 Less: Allowance for credits losses on off-balance sheet exposures (2)(3) 26 39 – 65 69 32 – 101 Balance at end of year (2) $ 186 $ 431 $ 655 $ 1,272 $ 409 $ 560 $ 745 $ 1,714 (1) Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments. (2) Interest income on impaired loans for residential mortgages, personal loans, credit cards, and business and government loans totaled $270 (2020 – $310). (3) Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position . (4) Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position. (5) During the year ended October 31, 2021, the contractual terms of certain financial assets were modified where the modification did not result in derecognition. The carrying value of such loans that were modified in Stage 2 and Stage 3 was $1,505 and $854 respectively, before the modification. (6) Divestitures are included in the foreign exchange and other movements. (f) Carrying value of exposures by risk rating Residential mortgages As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 187,163 $ 5,610 $ – $ 192,773 $ 167,233 $ 1,892 $ – $ 169,125 Low 69,306 1,768 – 71,074 61,988 1,495 – 63,483 Medium 9,170 3,690 – 12,860 10,914 2,071 – 12,985 High 904 2,284 – 3,188 1,197 3,435 – 4,632 Very high 16 643 – 659 13 596 – 609 Loans not graded (2) 34,122 3,671 – 37,793 28,787 3,573 – 32,360 Default – – 1,331 1,331 – – 1,490 1,490 Total 300,681 17,666 1,331 319,678 270,132 13,062 1,490 284,684 Allowance for credit losses 152 276 374 802 190 302 392 884 Carrying value $ 300,529 $ 17,390 $ 957 $ 318,876 $ 269,942 $ 12,760 $ 1,098 $ 283,800 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Personal loans As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 30,085 $ 168 $ – $ 30,253 $ 29,557 $ 499 $ – $ 30,056 Low 25,719 574 – 26,293 25,508 1,793 – 27,301 Medium 8,290 1,127 – 9,417 6,619 2,779 – 9,398 High 5,686 2,307 – 7,993 5,809 2,964 – 8,773 Very high 82 1,157 – 1,239 318 1,367 – 1,685 Loans not graded (2) 14,159 1,353 – 15,512 13,629 1,884 – 15,513 Default – – 833 833 – – 1,032 1,032 Total 84,021 6,686 833 91,540 81,440 11,286 1,032 93,758 Allowance for credit losses 644 1,071 626 2,341 864 1,471 820 3,155 Carrying value $ 83,377 $ 5,615 $ 207 $ 89,199 $ 80,576 $ 9,815 $ 212 $ 90,603 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Credit cards As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 1,517 $ 76 $ – $ 1,593 $ 1,318 $ 20 $ – $ 1,338 Low 2,288 135 – 2,423 1,971 184 – 2,155 Medium 2,666 166 – 2,832 2,416 393 – 2,809 High 2,237 1,225 – 3,462 2,229 1,799 – 4,028 Very high 21 509 – 530 41 843 – 884 Loans not graded (1) 1,158 452 – 1,610 2,414 1,169 – 3,583 Default – – – – – – – – Total 9,887 2,563 – 12,450 10,389 4,408 – 14,797 Allowance for credit losses 352 859 – 1,211 501 1,385 – 1,886 Carrying value $ 9,535 $ 1,704 $ – $ 11,239 $ 9,888 $ 3,023 $ – $ 12,911 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 88,308 $ 14 $ – $ 88,322 $ 85,242 $ 6 $ – $ 85,248 Low 17,880 12 – 17,892 16,775 39 – 16,814 Medium 6,858 36 – 6,894 5,739 123 – 5,862 High 3,103 745 – 3,848 2,201 705 – 2,906 Very high 24 212 – 236 3 134 – 137 Loans not graded (1) 9,126 2,204 – 11,330 11,113 4,501 – 15,614 Default – – – – – – – – Carrying value $ 125,299 $ 3,223 $ – $ 128,522 $ 121,073 $ 5,508 $ – $ 126,581 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Total retail loans As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 307,073 $ 5,868 $ – $ 312,941 $ 283,350 $ 2,417 $ – $ 285,767 Low 115,193 2,489 – 117,682 106,242 3,511 – 109,753 Medium 26,984 5,019 – 32,003 25,688 5,366 – 31,054 High 11,930 6,561 – 18,491 11,436 8,903 – 20,339 Very high 143 2,521 – 2,664 375 2,940 – 3,315 Loans not graded (2) 58,565 7,680 – 66,245 55,943 11,127 – 67,070 Default – – 2,164 2,164 – – 2,522 2,522 Total 519,888 30,138 2,164 552,190 483,034 34,264 2,522 519,820 Allowance for credit losses 1,148 2,206 1,000 4,354 1,555 3,158 1,212 5,925 Carrying value $ 518,740 $ 27,932 $ 1,164 $ 547,836 $ 481,479 $ 31,106 $ 1,310 $ 513,895 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Business and government As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 110,786 $ 892 $ – $ 111,678 $ 105,757 $ 1,290 $ – $ 107,047 Non-Investment grade 91,945 7,570 – 99,515 93,998 8,840 – 102,838 Watch list 31 3,266 – 3,297 47 3,101 – 3,148 Loans not graded (2) 2,151 11 – 2,162 2,063 36 – 2,099 Default – – 2,292 2,292 – – 2,531 2,531 Total 204,913 11,739 2,292 218,944 201,865 13,267 2,531 217,663 Allowance for credit losses 186 431 655 1,272 409 560 745 1,714 Carrying value $ 204,727 $ 11,308 $ 1,637 $ 217,672 $ 201,456 $ 12,707 $ 1,786 $ 215,949 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 186,056 $ 1,266 $ – $ 187,322 $ 182,580 $ 1,280 $ – $ 183,860 Non-investment grade 66,009 3,786 – 69,795 59,600 4,336 – 63,936 Watch list 12 2,160 – 2,172 6 1,704 – 1,710 Loans not graded (2) 4,155 – – 4,155 3,702 309 – 4,011 Default – – 102 102 – – 161 161 Total 256,232 7,212 102 263,546 245,888 7,629 161 253,678 Allowance for credit losses 26 39 – 65 69 32 – 101 Carrying value $ 256,206 $ 7,173 $ 102 $ 263,481 $ 245,819 $ 7,597 $ 161 $ 253,577 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Total non-retail loans As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 296,842 $ 2,158 $ – $ 299,000 $ 288,337 $ 2,570 $ – $ 290,907 Non-investment grade 157,954 11,356 – 169,310 153,598 13,176 – 166,774 Watch list 43 5,426 – 5,469 53 4,805 – 4,858 Loans not graded (2) 6,306 11 – 6,317 5,765 345 – 6,110 Default – – 2,394 2,394 – – 2,692 2,692 Total 461,145 18,951 2,394 482,490 447,753 20,896 2,692 471,341 Allowance for credit losses 212 470 655 1,337 478 592 745 1,815 Carrying value $ 460,933 $ 18,481 $ 1,739 $ 481,153 $ 447,275 $ 20,304 $ 1,947 $ 469,526 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. (g) Loans past due but not impaired (1) A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are contractually past due but not classified as impaired because they are either less than 90 days past due or fully secured and collection efforts are reasonably expected to result in repayment, or restoring it to a current status in accordance with the Bank’s policy. In cases where borrowers have opted to participate in payment deferral programs as a result of COVID-19, deferral of payments is not considered past due and such loans are not aged further during the deferral period. 2021 (2) 2020 (2) As at October 31 ($ millions) 31 – 60 61 – 90 91 days (3) Total 31 – 60 61 – 90 91 days (3) Total Residential mortgages $ 732 $ 327 $ – $ 1,059 $ 663 $ 282 $ – $ 945 Personal loans 411 210 – 621 604 273 – 877 Credit cards 125 83 201 409 401 166 277 844 Business and government 124 24 – 148 288 103 – 391 Total $ 1,392 $ 644 $ 201 $ 2,237 $ 1,956 $ 824 $ 277 $ 3,057 (1) Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due. (2) For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period. (3) All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due. (h) Purchased credit-impaired loans Certain financial assets including loans are credit-impaired on initial recognition either through acquisition or origination. The following table provides details of such assets: As at October 31 ($ millions) 2021 2020 Unpaid principal balance (1) $ 303 $ 393 Credit related fair value adjustments (68 ) (93 ) Carrying value 235 300 Stage 3 allowance (1 ) (10 ) Carrying value net of related allowance $ 234 $ 290 (1) Represents principal amount owed net of write-offs. |
Derecognition of Financial Asse
Derecognition of Financial Assets | 12 Months Ended |
Oct. 31, 2021 | |
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Derecognition of Financial Assets | 14 Derecognition of Financial Assets Securitization of residential mortgage loans The Bank securitizes fully insured residential mortgage loans, Bank originated and others, through the creation of mortgage-backed securities (MBS) under the National Housing Act (NHA) MBS program, sponsored by Canada Mortgage and Housing Corporation (CMHC). MBS created under the program are sold to Canada Housing Trust (the Trust), a government sponsored entity, under the Canada Mortgage Bond (CMB) program, and/or third-party investors. The Trust issues securities to third-party investors. The CMHC also purchased insured mortgage pools from the Bank under the Insured Mortgage Purchase Program (IMPP). The sale of mortgages under the above programs does not meet the derecognition requirements, where the Bank retains the pre-payment and interest rate risk associated with the mortgages, which represent substantially all the risks and rewards associated with the transferred assets. The transferred mortgages continue to be recognized on the Consolidated Statement of Financial Position as residential mortgage loans. Cash proceeds from the transfer are treated as secured borrowings and included in Deposits – Business and government on the Consolidated Statement of Financial Position. The following table provides the carrying amount of transferred assets that do not qualify for derecognition and the associated liabilities: As at October 31 ($ millions) 2021 (1) 2020 (1) Assets Carrying value of residential mortgage loans $ 17,145 $ 20,586 Other related assets (2) 9,787 9,548 Liabilities Carrying value of associated liabilities 25,833 27,819 (1) The fair value of the transferred assets is $25,761 (2020 – $29,415) and the fair value of the associated liabilities is $26,021 (2020—$28,920), for a net position of $(260) (2020—$495). (2) These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs. Securitization of personal lines of credit, credit cards and auto loans The Bank securitizes a portion of its credit card and auto loan receivables through consolidated structured entities. These receivables continue to be recognized on the Consolidated Statement of Financial Position as personal loans and credit card loans. For further details, refer to Note 15. Securities sold under repurchase agreements and securities lent The Bank enters into transactions, such as repurchase agreements and securities lending agreements, where the Bank transfers assets under agreements to repurchase them on a future date and retains all the substantial risks and rewards associated with the assets. The transferred assets remain on the Consolidated Statement of Financial Position. Consolidated Financial Statements The following table provides the carrying amount of the transferred assets and the associated liabilities: As at October 31 ($ millions) 2021 (1) 2020 (1) Carrying value of assets associated with: Repurchase agreements (2) $ 100,083 $ 121,918 Securities lending agreements 59,506 53,082 Total 159,589 175,000 Carrying value of associated liabilities (3) $ 123,469 $ 137,763 (1) The fair value of transferred assets is $159,589 (2020 – $175,000) and the fair value of the associated liabilities is $123,469 (2020 – $137,763), for a net position of $36,120 (2020 – $37,237). (2) Does not include over-collateralization of assets pledged. (3) Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral. Continuing involvement in transferred financial assets that qualify for derecognition Loans issued by the Bank under the Canada Emergency Business Account (CEBA) program are derecognized from the Consolidated Statement of Financial Position as the program meets the As at October 31, 2021, the Bank has derecognized $4.3 billion of CEBA loans (October 31, 2020 – $3.0 billion). The Bank retains a continuing involvement in these derecognized loans through |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2021 | |
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Structured Entities | 15 Structured Entities (a) Consolidated structured entities U.S. multi-seller conduit The Bank-sponsored U.S. multi-seller conduit purchases high-quality financial assets from independent third . Each asset purchased by the conduit has a deal-specific liquidity facility provided by the Bank in the form of a Liquidity Asset Purchase Agreement (LAPA). The primary purpose of the backstop liquidity facility is to provide an alternative source of financing in the event the conduit is unable to access the asset-backed commercial paper market. The administration agent can require the Bank in its capacity as liquidity provider to perform under its asset-specific LAPA agreements, in which case the Bank is obliged to purchase an interest in the related assets owned by the conduit. The Bank is not obligated to perform under the LAPA agreements in the event the conduit itself is insolvent. The Bank’s liquidity agreements with the conduit call for the Bank to fund full par value of the assets, including defaulted assets, if any, of the conduit. This facility is available to absorb the losses on defaulted assets, if any, in excess of losses absorbed by deal-specific seller credit enhancements. Further, the Bank holds the subordinated note issued by the conduit. The Bank’s exposure from the U.S. conduit through the LAPA, including the obligation to purchase defaulted assets and investment in the conduit’s subordinated note, give the Bank the obligation to absorb losses that could potentially be significant to the conduit, which in conjunction with power to direct the conduit’s activities, result in the Bank consolidating the U.S. multi-seller conduit. The conduit’s assets are primarily included in business and government loans on the Bank’s Consolidated Statement of Financial Position. There are contractual restrictions on the ability of the Bank’s consolidated U.S. multi-seller conduit to transfer funds to the Bank. The Bank is restricted from accessing the conduit’s assets under the relevant arrangements Bank funding vehicles and capital vehicles The Bank uses funding and capital vehicles to facilitate cost-efficient financing of its own operations, including the issuance of covered bonds and notes. Funding vehicles include Scotiabank Covered Bond Guarantor Limited Partnership, Trillium Credit Card Trust II, and Securitized Term Auto Receivables Trust 2018-2, 2019-1 and 2019-CRT. Activities of these funding structured entities are generally limited to holding an interest in a pool of assets or receivables generated by the Bank. Capital vehicles include Scotiabank LRCN Trust which was established in connection with the Bank’s issuance of qualifying regulatory capital instruments. These structured entities Scotiabank Covered Bond Guarantor Limited Partnership The Bank has a registered covered bond program through which it issues debt that is guaranteed by Scotiabank Covered Bond Guarantor Limited Partnership (the “LP”). Under this program, the LP purchases uninsured residential mortgages from the Bank, which it acquires with funding provided by the Bank. As at October 31, 2021, $31.3 billion (2020 – $30.5 billion) covered bonds were outstanding and included in Deposits – Business and government on the Consolidated Statement of Financial Position. The increase in covered bonds is as a result of new issuances that have taken place throughout the year. The Bank’s outstanding covered bonds are denominated in U.S. dollars, Australian dollars, British pounds, Swiss francs and Euros. As at October 31, 2021, assets pledged in relation to these covered bonds were uninsured residential mortgages denominated in Canadian dollars of $34.7 billion (2020 – $31.5 billion). These figures exclude activities Position. Credit card receivables securitization trust The Bank securitizes a portion of its Canadian credit The Bank is responsible for servicing the transferred receivables as well as performing administrative functions for Trillium. As at October 31, 2021, US$1.3 billion ($1.5 billion Canadian dollars) (2020 – US$1.7 billion, $2.3 billion Canadian dollars) Class A notes ; Class Auto loan receivables securitization trusts The Bank securitizes a portion of its Canadian auto loan receivables (receivables) through Securitized Term Auto Receivables Trust (START entities) 2018-2, 2019-1 and 2019-CRT. Each entity is a Bank-sponsored structured entity. The START entities issue senior and subordinated notes to the Bank and/or third-party investors, and the proceeds of such issuances are used to purchase discrete pools of retail indirect auto loan receivables from the Bank. Recourse of the note holders is limited to the receivables. The Bank is responsible for servicing the transferred receivables as well as performing administrative functions for the START entities. As at October 31, 2021, the aggregate senior and subordinated notes issued to third parties outstanding and included in Deposits – Business and government on the Consolidated Statement of Financial Position were US $0.2 billion ($0.3 billion Canadian dollars) (2020 – US$0.7 billion, $0.9 billion Canadian dollars). As at October 31, 2021, assets pledged in relation to these notes were Canadian auto loan receivables denominated in Canadian dollars of $0.8 billion (2020 – $2 billion). Scotiabank LRCN Trust During the year, the Bank established Scotiabank LRCN Trust (the Trust) in connection with Other Assets of other consolidated structured entities are comprised of securities, deposits with banks and other assets to meet the Bank’s and customer needs. (b) Unconsolidated structured entities The following table provides information about other structured entities in which the Bank has a significant interest but does not control and therefore does not consolidate. A significant interest is generally considered to exist where the Bank is exposed to 10% or more of the unconsolidated structured entities’ maximum exposure to loss. As at October 31, 2021 ($ millions) Canadian multi-seller Structured Capital Total Total assets on structured entity’s financial statements $ 3,519 $ 2,403 $ 833 $ 6,755 Assets recognized on the Bank’s financial statements Trading assets 7 2 – 9 Investment securities – 1,124 10 1,134 Loans (1) – 639 59 698 7 1,765 69 1,841 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 833 833 – – 833 833 Bank’s maximum exposure to loss $ 3,526 $ 1,765 $ 69 $ 5,360 As at October 31, 2020 ($ millions) Canadian multi-seller Structured Capital Total Total assets (on structured entity’s financial statements) $ 3,097 $ 3,106 $ 833 $ 7,036 Assets recognized on the Bank’s financial statements Trading assets 1 2 – 3 Investment securities – 1,192 10 1,202 Loans (1) – 820 59 879 1 2,014 69 2,084 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 833 833 – – 833 833 Bank’s maximum exposure to loss $ 3,098 $ 2,014 $ 69 $ 5,181 (1) Loan balances are presented net of allowance for credit losses. The Bank’s maximum exposure to loss represents the notional amounts of guarantees, liquidity facilities, and other credit support relationships with the structured entities, the credit risk amount for certain derivative contracts with the entities and the amount invested where the Bank holds an ownership interest in the structured entities. Of the aggregate amount of maximum exposure to loss as at October 31, 2021, the Bank has recorded $1.8 billion (2020 – $2.1 billion), primarily its interest in the structured entities, on its Consolidated Statement of Financial Position. Canadian multi-seller conduits that the Bank administers The Bank sponsors two Canadian multi-seller conduits. The conduits purchase assets from independent third parties (the sellers) funded by the issuance of asset-backed commercial paper. The sellers continue to service the assets and provide credit enhancements through overcollateralization protection and cash reserves. The Bank has no rights to these assets as they are available to support the obligations of the respective programs, but manages for a fee the commercial paper selling programs. To ensure timely repayment of the commercial paper, each asset pool financed by the multi-seller conduits has a deal-specific LAPA with the Bank. Pursuant to the terms of the LAPA, the Bank as the liquidity provider is obligated to purchase non-defaulted Although the Bank has power over the relevant activities of the conduits, it has limited exposure to variability in returns, which results in the Bank not consolidating the two Canadian conduits. Structured finance entities The Bank has interests in structured entities used to assist corporate clients in accessing cost-efficient financing through their securitization structures. The Bank may act as an administrator, an investor or a combination of both in these types of structures. Capital funding vehicles These entities are designed to pass the Bank’s credit risk to the holders of the securities. Therefore, the Bank does not have exposure or rights to variable returns from these unconsolidated entities. (c) Other unconsolidated Bank-sponsored entities The Bank sponsors unconsolidated structured entities including mutual funds, in which it has insignificant or no interest at the reporting date. The Bank is a sponsor when it is significantly involved in the design and formation at inception of the structured entities, and the Bank’s name is used by the structured entities to create an awareness of the instruments being backed by the Bank’s reputation and obligation. The Bank also considers other factors, such as its continuing involvement and obligations to determine if, in substance, the Bank is a sponsor . The following table provides information on revenue from unconsolidated Bank-sponsored entities. Funds As at October 31 ($ millions) 2021 2020 Revenue $ 2,604 $ 2,165 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Oct. 31, 2021 | |
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Property and Equipment | 16 Property and Equipment ($ millions) Land & Equipment Technology Leasehold Right-of-use Total Cost Balance as at October 31, 2019 $ 1,743 $ 2,154 $ 2,372 $ 1,615 $ – $ 7,884 Impact of first application of IFRS 16 – – – – 3,620 3,620 Acquisitions – 4 1 10 – 15 Additions 109 262 117 151 259 898 Disposals (205 ) (407 ) (113 ) (114 ) (93 ) (932 ) Foreign currency adjustments and other (28 ) (77 ) 9 (2 ) – (98 ) Balance as at October 31, 2020 $ 1,619 $ 1,936 $ 2,386 $ 1,660 $ 3,786 $ 11,387 Acquisitions – – – – – – Additions 126 111 92 74 456 859 Disposals (49 ) (47 ) (32 ) (51 ) (132 ) (311 ) Foreign currency adjustments and other (127 ) (94 ) (36 ) (34 ) (107 ) (398 ) Balance as at October 31, 2021 $ 1,569 $ 1,906 $ 2,410 $ 1,649 $ 4,003 $ 11,537 Accumulated depreciation Balance as at October 31, 2019 $ 672 $ 1,631 $ 1,935 $ 977 $ – $ 5,215 Depreciation 42 111 153 91 400 797 Disposals (84 ) (321 ) (71 ) (49 ) (9 ) (534 ) Foreign currency adjustments and other (10 ) 50 (47 ) 5 14 12 Balance as at October 31, 2020 $ 620 $ 1,471 $ 1,970 $ 1,024 $ 405 $ 5,490 Depreciation 42 98 155 95 379 769 Disposals (30 ) (32 ) (31 ) (37 ) (35 ) (165 ) Foreign currency adjustments and other (35 ) (73 ) (34 ) (23 ) (13 ) (178 ) Balance as at October 31, 2021 $ 597 $ 1,464 $ 2,060 $ 1,059 $ 736 $ 5,916 Net book value Balance as at October 31, 2020 $ 999 $ 465 $ 416 $ 636 $ 3,381 $ 5,897 (1) Balance as at October 31, 2021 $ 972 $ 442 $ 350 $ 590 $ 3,267 $ 5,621 (1) (1) Includes $40 (2020 – $43) of investment property. |
Investments in Associates
Investments in Associates | 12 Months Ended |
Oct. 31, 2021 | |
Investments accounted for using equity method [abstract] | |
Investments in Associates | 17 Investments in Associates The Bank had significant investments in the following associates: 2021 2020 As at October 31 ($ millions) Country of Nature of business Ownership Date of financial (1) Carrying Carrying Canadian Tire’s Financial Services business (CTFS) (2) Canada Financial Services 20.00 % September 30, 2021 $ 549 $ 534 Bank of Xi’an Co. Ltd. (3) China Banking 17.99 % September 30, 2021 968 926 Maduro & Curiel’s Bank N.V. (4) Curacao Banking 48.10 % September 30, 2021 366 355 (1) Represents the date of the most recent financial statements. Where available, financial statements prepared by the associates’ management or other published information is used to estimate the change in the Bank’s interest since the most recent financial statements. (2) Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value. (3) Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $671 as at October 31, 2021 (October 31, 2020 – $818). (4) The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of October 31, 2021 these reserves amounted to $60 (2020 – $64). Summarized financial information of the Bank’s significant associates are as follows. For the twelve months ended (1) As at October 31, 2021 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,098 $ 437 $ 7,832 $ 6,722 Bank of Xi’an Co. Ltd. 1,402 541 65,006 59,828 Maduro & Curiel’s Bank N.V. 304 67 6,183 5,438 For the twelve months ended (1) As at October 31, 2020 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,183 $ 301 $ 7,035 $ 6,017 Bank of Xi’an Co. Ltd. 1,317 511 60,392 55,459 Maduro & Curiel’s Bank N.V. 334 80 6,117 5,396 (1) Based on the most recent available financial statements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Oct. 31, 2021 | |
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Goodwill and Other Intangible Assets | 18 Goodwill and Other Intangible Assets Goodwill The changes in the carrying amounts of goodwill by cash-generating unit (CGU) are as follows: ($ millions) Canadian Global Global Latin Caribbean Total Balance as at October 31, 2019 $ 5,093 $ – $ 260 $ 3,272 $ 1,006 $ 9,631 Reclassification due to reorganization of operating segments (3,403 ) 3,628 – (225 ) – – Acquisitions – – – – – – Dispositions (1) – – (21 ) (47 ) (67 ) (135 ) Foreign currency adjustments and other – (14 ) 1 (168 ) (36 ) (217 ) Balance as at October 31, 2020 1,690 3,614 240 2,832 903 9,279 Reclassification due to reorganization of operating segments – – – – – – Acquisitions – – – – – – Dispositions (1) – – – – – – Foreign currency adjustments and other – (34 ) (9 ) (315 ) (73 ) (431 ) Balance as at October 31, 2021 $ 1,690 $ 3,580 $ 231 $ 2,517 $ 830 $ 8,848 (1) Includes wind-downs. Global Wealth Management CGU Effective November 1, 2019, the Bank established Global Wealth Management as a separate business segment. Wealth Management results previously reported in the Canadian Banking and International Banking business segments are now being reported in the new business segment. Impairment testing of goodwill Goodwill acquired in business combinations is allocated to each of the Bank’s group of CGUs that are expected to benefit from the synergies of the particular acquisition. Goodwill is assessed for impairment annually or more frequently if events or circumstances occur that may result in the recoverable amount of the CGU falling below its carrying value. The Bank determines the carrying value of the CGU using a regulatory capital approach based on credit, market, and operational risks, and leverage, consistent with the Bank’s capital attribution for business line performance measurement. The recoverable amount is the higher of fair value less costs of disposal and value in use. The recoverable amount for the CGU has been determined using the fair value less costs of disposal method. In arriving at such value for the CGU, the Bank has used price earnings (P/E) multiples applied to normalized net income for the last four quarters as of the test date, a control premium is added based on a five year weighted average acquisition premium paid for comparable companies, and costs of disposal are deducted from the fair value of the CGU. The resulting recoverable amount determined is then compared to its respective carrying amount to identify any impairment. P/E multiples ranging from 10.0 to 12.5 times (2020 – 10.0 to 11.5 times) have been used. The fair value less costs of disposal of the CGU is sensitive to changes in net income, P/E multiples and control premiums. Goodwill was assessed for annual impairment as at July 31, 2021 and July 31, 2020 and no impairment was determined to exist. Management believes that reasonable negative changes in any one key assumption used to determine the recoverable amount of the CGU would not result in an impairment. No significant negative changes were noted as of October 31, 2021. Intangible assets Intangible assets consist of assets with indefinite and finite useful lives. Indefinite life intangible assets consist substantially of fund management contracts. The fund management contracts are for the management of open-ended funds. Finite life intangible assets include assets such as computer software, customer relationships and core deposit intangibles. Finite life Indefinite life ($ millions) Computer Other Fund management (1) Other Total Cost Balance as at October 31, 2019 $ 4,525 $ 2,131 $ 4,415 $ 166 $ 11,237 Acquisitions – – – – – Additions 723 2 – – 725 Disposals (198 ) (59 ) – – (257 ) Foreign currency adjustments and other (59 ) (101 ) – – (160 ) Balance as at October 31, 2020 $ 4,991 $ 1,973 $ 4,415 $ 166 $ 11,545 Acquisitions 2 – – – 2 Additions 861 – – – 861 Disposals (7 ) – – – (7 ) Foreign currency adjustments and other (149 ) (106 ) – – (255 ) Balance as at October 31, 2021 $ 5,698 $ 1,867 $ 4,415 $ 166 $ 12,146 Accumulated amortization Balance as at October 31, 2019 $ 2,169 $ 1,234 $ – $ – $ 3,403 Amortization 625 124 – – 749 Disposals (including wind-downs) (191 ) (55 ) – – (246 ) Foreign currency adjustments and other (22 ) (75 ) – – (97 ) Balance as at October 31, 2020 $ 2,581 $ 1,228 $ – $ – $ 3,809 Amortization 639 103 – – 742 Disposals (5 ) – – – (5 ) Foreign currency adjustments and other (98 ) (58 ) – – (156 ) Balance as at October 31, 2021 $ 3,117 $ 1,273 $ – $ – $ 4,390 Net book value As at October 31, 2020 $ 2,410 (2) $ 745 $ 4,415 $ 166 $ 7,736 As at October 31, 2021 $ 2,581 (2) $ 594 $ 4,415 $ 166 $ 7,756 (1) Fund management contracts are attributable to HollisWealth Inc. (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited. (2) Computer software comprises of purchased software of $380 (2020 – $507), internally generated software of $1,405 (2020 – $1,337), and in process software not subject to amortization of $797 (2020 – $566). Impairment testing of indefinite life intangible assets Indefinite life intangible assets are not amortized and are assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Impairment is assessed by comparing the carrying value of the indefinite life intangible asset to its recoverable amount. The recoverable amount of the fund management contracts is based on a value in use approach using the multi-period excess earnings method. This approach uses cash flow projections from management-approved financial budgets which include key assumptions related to market appreciation, net sales of funds, and operating margins taking into consideration past experience and market expectations. The forecast cash flows cover a 5-year Indefinite life intangible assets were assessed for annual impairment as at July 31, 2021 and July 31, 2020 and no impairment was determined to exist. Management believes that reasonable negative changes in any one key assumption used to determine the recoverable amount would not result in an impairment. No significant negative changes were noted as of October 31, 2021. |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2021 | |
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Other Assets | 19 Other Assets As at October 31 ($ millions) 2021 2020 Accrued interest $ 2,155 $ 2,812 Accounts receivable and prepaids 2,201 2,026 Current tax assets 1,722 1,520 Margin deposit derivatives 5,990 4,912 Segregated fund assets 2,197 2,248 Pension assets (Note 28) 456 260 Receivable from brokers, dealers and clients 2,997 2,347 Other 4,226 3,597 Total $ 21,944 $ 19,722 |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2021 | |
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Deposits | 20 Deposits 2021 2020 Payable on demand (1) As at October 31 ($ millions) Interest- Non-interest- Payable after (2) Payable on a (3) Total Personal $ 9,214 $ 10,191 $ 159,191 $ 64,955 $ 243,551 $ 246,135 Business and government 176,757 34,254 46,150 254,187 511,348 464,619 Financial institutions 10,484 759 1,769 29,348 42,360 40,084 Total $ 196,455 $ 45,204 $ 207,110 (4) $ 348,490 $ 797,259 $ 750,838 Recorded in: Canada $ 139,980 $ 26,624 $ 172,859 $ 231,791 $ 571,254 $ 541,589 United States 44,112 157 4,431 38,926 87,626 60,747 United Kingdom – – 353 16,879 17,232 14,977 Mexico – 5,707 6,718 11,834 24,259 25,294 Peru 5,056 54 5,552 3,858 14,520 17,694 Chile 2,842 6,289 154 11,346 20,631 23,592 Colombia 45 641 5,227 3,271 9,184 9,308 Other International 4,420 5,732 11,816 30,585 52,553 57,637 Total (5) $ 196,455 $ 45,204 $ 207,110 $ 348,490 $ 797,259 $ 750,838 (1) Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. (2) Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts. (3) All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments. (4) Includes $193 (2020 – $158) of non-interest (5) Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). The following table presents the maturity schedule for term deposits in Canada greater than $100,000 (1) ($ millions) Within three Three to six Six to One to Over Total As at October 31, 2021 $ 34,829 $ 24,372 $ 30,918 $ 90,433 $ 20,688 $ 201,240 As at October 31, 2020 $ 38,739 $ 22,498 $ 30,850 $ 92,589 $ 18,072 $ 202,748 (1) The majority of foreign term deposits are in excess of $100,000. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Subordinated Debentures | 21 Subordinated Debentures These debentures are direct, unsecured obligations of the Bank and are subordinate to the claims of the Bank’s depositors and other creditors. The Bank, where appropriate, enters into interest rate and cross-currency swaps to hedge the related risks. As at October 31 ($ millions) 2021 2020 Maturity date Interest Terms (1) Carrying (2) Carrying (2) June 2025 8.90 Redeemable at any time. $ 255 $ 251 December 2025 (3) 3.367 On December 8, 2020 – 732 December 2025 (3) 4.50 US$1,250 million. Interest will be payable semi-annually 1,547 1,665 March 2027 (3) 2.58 Redeemable on or after March 30, 2022. After March 30, 2022 1,156 1,267 January 2029 (3) 3.89 Redeemable on or after January 18, 2024. After January 18, 2024 1,771 1,844 July 2029 (3) 2.836 Redeemable on or after July 3, 2024. After July 3, 2024 1,510 1,544 August 2085 (4) Floating US$76 million bearing interest at a floating rate six-month 95 102 $ 6,334 $ 7,405 (1) In accordance with the provisions of the Capital Adequacy Guideline of the Superintendent, all redemptions are subject to regulatory approval and subject to the terms in the relevant prospectus. (2) The carrying value of subordinated debentures may differ from par value due to fair value hedge adjustments related to hedge accounting and adjustments related to subordinated debentures held for market-making purposes. (3) These debentures contain non-viability contingent capital (NVCC) provisions. Under such NVCC provisions, outstanding debentures are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. If such a conversion were to occur, the debentures would be converted into common shares pursuant to an automatic conversion formula defined (10-day (4) During the year ended October 31, 2020, the Bank purchased for cancellation approximately US$7 million subordinated debentures due 2085. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2021 | |
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Other Liabilities | 22 Other Liabilities As at October 31 ($ millions) 2021 2020 Accrued interest $ 1,454 $ 2,244 Lease liabilities (1) 3,413 3,475 Accounts payable and accrued expenses 6,508 5,441 Current tax liabilities 1,344 743 Deferred tax liabilities (Note 27) 1,149 1,073 Gold and silver certificates and bullion 417 1,112 Margin and collateral accounts 7,313 8,622 Segregated fund liabilities 2,197 2,248 Payables to brokers, dealers and clients 958 624 Provisions (Note 23) 296 125 Allowance for credit losses on off-balance 65 101 Pension liabilities (Note 28) 661 2,202 Other liabilities of subsidiaries and structured entities 25,221 25,938 Other 7,803 8,656 Total $ 58,799 $ 62,604 (1) Presents discounted value of lease liabilities. The table below sets out a maturity analysis of undiscounted lease liabilities showing the lease payments to be made after the reporting date: As at October 31 ($ millions) 2021 2020 Within 1 year $ 420 $ 451 1 to 2 years 404 434 2 to 3 years 391 420 3 to 4 years 380 403 4 to 5 years 359 367 After 5 years 2,105 2,080 Total $ 4,059 $ 4,155 |
Provisions
Provisions | 12 Months Ended |
Oct. 31, 2021 | |
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Provisions | 23 Provisions ($ millions) As at November 1, 2019 $ 210 Provisions made during the year 244 Provisions utilized / released during the year (329 ) Balance as at October 31, 2020 $ 125 Provisions made during the year 306 Provisions utilized / released during the year (135 ) Balance as at October 31, 2021 $ 296 Restructuring The Bank recorded a restructuring charge of $126 million, substantially related to International Banking for the cost of reducing branches and full-time employees, driven by the accelerated customer adoption of digital channels and process automation. These efficiencies are a result of the Bank’s commitment to simplify processes and optimize distribution channels to run businesses more effectively while meeting changing customer needs. This charge was recorded in the Other operating segment. Legal In the ordinary course of business, the Bank and its subsidiaries are routinely defendants in, or parties to a number of pending and threatened legal actions and regulatory proceedings, including actions brought on behalf of various classes of claimants. In view of the inherent difficulty of predicting the outcome of such matters, the Bank cannot state what the eventual outcome of such matters will be. However, based on current knowledge, management does not believe that liabilities, if any, arising from pending litigation or regulatory proceedings will have a material adverse effect on the Consolidated Statement of Financial Position or results of operations of the Bank. Legal provisions are established when it becomes probable that the Bank will incur an expense related to a legal action and the amount can be reliably estimated. Such provisions are recorded at the best estimate of the amount required to settle any obligation related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Management and internal and external experts are involved in estimating any amounts that may be required. The actual costs of resolving these claims may vary significantly from the amount of the legal provisions. The Bank’s estimate involves significant judgement, given the varying stages of the proceedings, the fact that the Bank’s liability, if any, has yet to be determined and the fact that the underlying matters will change from time to time. As such, there is a possibility that the ultimate resolution of those legal actions may be material to the Bank’s consolidated results of operations for any particular reporting period. Current Year The Bank recorded settlement and litigation provisions in the amount of $62 million in connection with the Bank’s former metals business. These provisions were recorded in the Other operating segment. The Bank, through its Peruvian subsidiary, is engaged in legal actions on certain value-added tax assessed amounts and associated interest totalling $149 million, related to certain client transactions which occurred prior to the Bank’s acquisition of the subsidiary. In November 2021, the Bank became aware that the Peruvian constitutional court dismissed the matter relating to the interest for procedural reasons. The Bank is analyzing the decision and evaluating its next steps in this matter. Actions related to the original assessed amount continue. Funds were placed on deposit with the Peruvian tax authority by 2014, which stopped the continued accrual of interest. The Bank is confident that it will be successful in these matters and intends to continue to defend its position. Accordingly, no amounts have been accrued in the consolidated financial statements. Prior Year In the prior year, Scotiabank entered into a Deferred Prosecution Agreement (“DPA”) with the U.S. Department of Justice (the “DOJ”). Additionally, the Commodity Futures Trading Commission (the “CFTC”) issued three separate orders against Scotiabank (collectively, the “Orders”). The DPA and the Orders (together, the “Resolutions”) resolve the DOJ’s and CFTC’s previously disclosed investigations into Scotiabank’s activities and trading practices in the metals markets and related conduct as well as pre-trade mid-market Under the terms of the Resolutions, the Bank made aggregate payments to the DOJ and CFTC of approximately $127.5 million (USD) and has agreed to retain an independent compliance monitor, which the Bank engaged on April 1, 2021. Under one of the orders, the CFTC will defer proceedings to suspend or revoke the Bank’s provisional registration as a swap dealer subject to the Bank’s implementation of a remediation plan, among other conditions, which the Bank is carrying out under the oversight of the independent compliance monitor. |
Common shares, preferred shares
Common shares, preferred shares and other equity instruments | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Common shares, preferred shares and other equity instruments | 24 Common shares, preferred shares and other equity instruments (a) Common shares Authorized: An unlimited number of common shares without nominal or par value. Issued and fully paid: 2021 2020 As at October 31 ($ millions) Number of shares Amount Number of shares Amount Outstanding at beginning of year 1,211,479,297 $ 18,239 1,216,132,250 $ 18,264 Issued in relation to share-based payments, net (Note 26) 3,016,072 200 941,847 59 Issued in relation to the acquisition of a subsidiary or associated corporation 842,154 68 – – Repurchased for cancellation under the Normal Course Issuer Bid – – (5,594,800 ) (84 ) Outstanding at end of year 1,215,337,523 (1) $ 18,507 1,211,479,297 (1) $ 18,239 (1) In the normal course of business, the Bank’s regulated Dealer subsidiary purchases and sells the Bank’s common shares to facilitate trading/institutional client activity. During fiscal 2021, the number of such shares bought and sold was 18,532,448 (2020 – 20,290,297). Dividend The dividends paid on common shares in fiscal 2021 and 2020 were $4,371 million ($3.60 per share) and $4,363 million ($3.60 per share), respectively. The Board of Directors approved a quarterly dividend of $ Normal Course Issuer Bid During the year ended October 31, 2020, the Bank repurchased and cancelled approximately 5.6 million common shares at a volume weighted average price of $73.95 per share for a total amount of $414 million. On March 13, 2020, OSFI advised federally regulated deposit taking institutions to suspend common share buybacks as part of COVID-19 On November 30, 2021, the Bank announced that OSFI and the TSX approved a normal course issuer bid (the “2021 NCIB”) pursuant to which it may repurchase for cancellation up to 24 million of the Bank’s common shares. Purchases under the 2021 NCIB may commence on December 2, 2021 and terminate upon earlier of: (i) the Bank purchasing the maximum number of common shares under the 2021 NCIB, (ii) the Bank providing a notice of termination, or (iii) December 1, 2022. On a quarterly basis, the Bank will notify OSFI prior to making purchases. Non-viability The maximum number of common shares issuable on conversion of NVCC subordinated debentures, NVCC subordinated additional tier 1 capital notes, including those issued to Scotiabank LRCN Trust as recourse assets in respect of NVCC limited recourse capital notes, and NVCC preferred shares as at October 31, 2021 would be 3,246 million common shares (2020 – 3,237 million common shares) based on the floor price and excluding the impact of any accrued and unpaid interest and any declared but unpaid dividends (refer to Note 21 – Subordinated debentures and Note 24(b) – Preferred shares and other equity instruments for further details). (b) Preferred shares and other equity instruments Preferred shares Authorized: An unlimited number of preferred shares without nominal or par value. Issued and fully paid: 2021 2020 As at October 31 ($ millions) Number of shares Amount Dividends declared per share (1) Conversion feature Number of shares Amount Dividends declared per share Conversion feature Preferred shares: (a) Series 30 (b) – – – – – – 0.227500 Series 31 Series 31 (b) – – – – – – 0.331828 Series 30 Series 32 (c) – – 0.138829 Series 33 11,161,422 279 0.515752 Series 33 Series 33 (c) – – 0.100614 Series 32 5,184,345 130 0.579323 Series 32 Series 34 (d) – – 0.687500 Series 35 14,000,000 350 1.375000 Series 35 Series 36 (e) – – 1.031250 Series 37 20,000,000 500 1.375000 Series 37 Series 38 (f)(g)(h) 20,000,000 500 1.212500 Series 39 20,000,000 500 1.212500 Series 39 Series 40 (f)(g)(i) 12,000,000 300 1.212500 Series 41 12,000,000 300 1.212500 Series 41 Total preferred shares 32,000,000 $ 800 82,345,767 $ 2,059 (1) Dividends declared from November 1, 2020 to October 31, 2021. Terms of preferred shares First issue date Issue Initial Initial dividend Rate Redemption date Redemption Preferred shares (a) Series 32 (c) February 28, 2011 25.00 0.215410 April 27, 2011 1.34 % February 2, 2021 25.00 Series 33 (c) February 2, 2016 25.00 0.105690 April 27, 2016 1.34 % February 2, 2021 25.00 Series 34 (d) December 17, 2015 25.00 0.497300 April 27, 2016 4.51 % April 26, 2021 25.00 Series 36 (e) March 14, 2016 25.00 0.508600 July 27, 2016 4.72 % July 26, 2021 25.00 Series 38 (f)(g)(h) September 16, 2016 25.00 0.441800 January 27, 2017 4.19 % January 27, 2022 25.00 Series 40 (f)(g)(i) October 12, 2018 25.00 0.362100 January 29, 2019 2.43 % January 27, 2024 25.00 (a) Non-cumulative Non-cumulative 5-Year Non-cumulative 5-Year 5-year non-cumulative Non-cumulative 5-Year non-cumulative (b) On April 26, 2020 the Bank redeemed all outstanding Non-cumulative Preferred Shares Series 30 and 31 and paid dividends of $0.227500 and $0.331828, respectively, per share. (c) On February 2, 2021, the Bank redeemed all outstanding Non-cumulative (d) On April 26, 2021, the Bank redeemed all outstanding Non-cumulative (e) On July 26, 2021, the Bank redeemed all outstanding Non-cumulative (f) Holders of Fixed Rate Reset Preferred Shares (Series 38 and 40) will have the option to convert shares into an equal number of the relevant series of Floating Rate Preferred Shares on the applicable Rate Reset Series conversion date and every five years thereafter. Holders of Floating Rate Reset Preferred Shares (Series 39 and 41, if outstanding) have reciprocal conversion options into the relevant series of Fixed Rate Reset Preferred Shares. With respect to Series 38 and 39, and 40 and 41, if the Bank determines that, after giving effect to any Election Notices received, there would be less than 1,000,000 Fixed Rate or Floating Rate Preferred Shares of such Series issued and outstanding on an applicable conversion date, then all of the issued and outstanding preferred shares of such Series will automatically be converted into an equal number of the preferred shares of the other relevant Series. (g) These preferred shares contain NVCC provisions necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. (h) Holders of Series 38 Non-cumulative 5-Year non-cumulative (i) Holders of Series 40 Non-cumulative 5-Year non-cumulative Under NVCC provisions, NVCC preferred shares Series 38, 39, 40 and 41, if outstanding, are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. (10-day Other equity instruments are comprised of NVCC additional Tier 1 qualifying regulatory capital notes: 2021 2020 First issue date Notional Reset date Interest rate Payment Interest Redemption (1) Amount Distributions (2) Amount Distributions (2) October 12, 2017, Subordinated (3)(4) US$ 1,250 October 12, 2022 4.65 % Semi- annually LIBOR +2.648 (5) % Quarterly $ 1,560 US$ 46.50 $ 1,560 US$ 46.50 June 4, 2020, Subordinated (3)(4) US$ 1,250 June 4, 2025 4.90 % Quarterly UST +4.551 (6) % Every five years $ 1,689 US$ 49.00 $ 1,689 US$ 12.25 June 15, 2021, Limited Recourse Capital Notes (3)(8)(9) $ 1,250 July 27, 2026 3.70 % Quarterly GO +2.761 (7) % Every five years $ 1,250 $ 13.51 $ – $ – October 7, 2021, Limited Recourse Capital Notes (3)( 8 US$ 600 October 27, 2026 3.625 % Quarterly UST +2.613 (6) % Quarterly $ 753 US$ – $ – US$ – Total other equity instruments $ 5,252 $ 3,249 Contractual NVCC provisions contained conversion equivalent non-viable. (10-day The notes above have been determined to be compound instruments that have both equity and liability features. At inception, the fair value of the liability component is initially measured with any residual amount assigned to the equity component. On the respective dates of issuance, the Bank has assigned an insignificant value to each liability component of the notes and, as a result, the proceeds received upon issuance of the notes have been presented as equity. The Bank will continue to monitor events that could impact the value of the liability component. (1) Each security is redeemable at the sole discretion of the Bank five years after its issuance and every quarter or five years, as applicable, thereafter. The securities are also redeemable following a regulatory or tax event, as described in the offering documents. All redemptions are subject to regulatory consent and occur at a redemption price of par plus accrued and unpaid interest (unless canceled, where applicable). (2) Distributions paid from November 1 to October 31 in the relevant fiscal year per face amount of $1,000 or US$1,000, as applicable. (3) The securities rank pari passu to each other and are the Bank’s direct unsecured obligations, ranking subordinate to Bank’s other subordinated indebtedness. (4) While interest is payable on the securities when it becomes due, the Bank may, at its sole discretion and with notice, cancel interest payments. Refer to Note 24(c) – Restriction on payment of dividends and retirement of shares. (5) Three-month US$ LIBOR. (6) The then-prevailing five-year U.S. Treasury Rate. (7) The then-prevailing five-year Government of Canada yield. (8) Interest on Limited Recourse Capital Notes is non-deferrable, however, non-payment of interest that is not cured within five business days (9) On June 15, 2021, the Bank issued $1,250 million 3.70% Fixed Rate Resetting Limited Recourse Capital Notes Series 1 (NVCC) (“LRCN Series 1”). In connection with the issuance of LRCN Series 1, the Bank issued $1,250 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 1 AT1 Notes”) at a price of $1,000 per Series 1 AT1 Note, to Scotiabank LRCN Trust to be held as trust assets in connection with the Limited Recourse Capital Notes (LRCN) structure. (10) On October 7, 2021, the Bank issued US$600 million 3.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 2 (NVCC) (“LRCN Series 2”). In connection with the issuance of LRCN Series 2, the Bank issued US$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) at a price of US per Series 2 AT1 Note, to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. During the year ended October 31, 2021, the Bank paid aggregate distributions on these notes of $162 million (2020 – $99 million), net of income taxes of $4 million (2020 – nil ), based on exchange rates in effect on the payment dates. (c) Restrictions on payment of dividends and retirement of shares Under the Bank Act, the Bank is prohibited from declaring any dividends on its common or preferred shares or redeeming, purchasing or otherwise retiring such shares when the Bank is, or would be placed by such a declaration or retirement, in contravention of the capital adequacy, liquidity or any other regulatory directives issued under the Bank Act. In the event that applicable cash distributions on any of the Scotiabank Trust Securities are not paid on a regular distribution date, the Bank has undertaken not to declare dividends of any kind on its preferred or common shares until such distributions are made in full or the twelfth month following the non-payment In the event that distributions are not paid in full on the Bank’s Subordinated Additional Tier 1 Capital Notes (NVCC), including those issued as recourse assets in respect of LRCNs to Scotiabank LRCN Trust where the trustee has not waived such distributions or no longer holds the respective AT1 Notes, the Bank has undertaken not to declare dividends on its common or preferred shares or redeem, purchase or otherwise retire such shares until the month commencing after such distributions have been made in full. In the event that dividends to which preferred shareholders are then entitled have not been paid or sufficient funds have not been set aside to do so, the Bank has undertaken not to declare dividends on its common shares or redeem, purchase or otherwise retire its common shares. On March 13, 2020, OSFI advised federally regulated deposit taking institutions to suspend buybacks and increases to dividends in respect of its common shares as part of COVID-19 Currently, the above limitations do not restrict the payment of dividends on or retirement of preferred or common shares. |
Capital Management
Capital Management | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Capital Management | 25 Capital Management The primary regulator over the Bank’s consolidated capital adequacy is the Office of the Superintendent of Financial Institutions, Canada (OSFI). The capital adequacy regulations in Canada are largely consistent with international standards set by the Basel Committee on Banking Supervision (BCBS). OSFI requires Canadian deposit-taking institutions to fully implement the 2019 Basel III reforms and achieve minimums of 7%, 8.5% and 10.5% for CET1, Tier 1 and Total Capital, respectively. OSFI has also designated the Bank as a domestic systemically important bank (D-SIB), In addition, OSFI expects D-SIBs 1 The Bank’s regulatory capital ratios were as follows: As at October 31 ($ millions) 2021 2020 Capital (1) Common Equity Tier 1 capital $ 51,010 $ 49,165 Net Tier 1 capital 57,915 55,362 Total regulatory capital 66,101 64,512 Risk-weighted assets/exposures used in calculation of capital ratios Risk-weighted assets (1)(2) $ 416,105 $ 417,138 Leverage exposures (3) 1,201,766 1,170,290 Capital ratios (1) Common Equity Tier 1 capital ratio 12.3 % 11.8 % Tier 1 capital ratio 13.9 % 13.3 % Total capital ratio 15.9 % 15.5 % Leverage ratio (3) 4.8 % 4.7 % (1) This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018). (2) OSFI has prescribed a minimum capital floor for institutions that use the advanced internal ratings-based approach for credit risk. The Basel II capital floor add-on add-on (3) This measure has been disclosed in this document in accordance with OSFI Guideline - Leverage Requirements (November 2018). The Bank substantially exceeded the OSFI minimum capital ratios as at October 31, 2021, including the Domestic Stability Buffer requirement. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Share-Based Payments | 26 Share-Based Payments (a) Stock option plans The Bank grants stock options as part of the employee Stock Option Plan as well as stand-alone stock appreciation rights (SARs). Options to purchase common shares and/or to receive an equivalent cash payment, as applicable, may be granted to select employees at an exercise price of the higher of the closing price of the Bank’s common shares on the TSX on the trading day prior to the grant date or the volume weighted average trading price for the five trading days immediately preceding the grant date. Stock options granted since December 2014 vest 50% at the end of the third year and 50% at the end of the fourth year. This change is prospective and does not impact prior period grants. Stock options are exercisable no later than 10 years after the grant date. In the event that the expiry date falls within an insider trading blackout period, the expiry date will be extended for 10 business days after the end of the blackout period . As approved by the shareholders, a total of 129 million common shares have been reserved for issuance under the Bank’s employee Stock Option Plan of which 115 million common shares have been issued as a result of the exercise of options and 10 million common shares are committed under outstanding options, leaving 4 million common shares available for issuance as options. Outstanding options expire on dates ranging from December 5, 2021 to December 10, 2030. The cost of these options is recognized on a graded vesting basis except where the employee is eligible to retire prior to a tranche’s vesting date, in which case the cost is recognized between the grant date and the date the employee is eligible to retire. The Stock Option Plan includes: • Stock options The amount recorded in equity – other reserves for vested stock options as at October 31, 2021 was $111 million (2020 – $130 million). In 2021, an expense of $7 million (2020 – $6 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income. As at October 31, 2021, future unrecognized compensation cost for non-vested options • Stock appreciation rights Stand-alone SARs are granted instead of stock options to select employees During fiscal 2021, 90,392 SARs were granted (2020 – 83,050) and as at October 31, 2021, 578,643 SARs were outstanding (2020 – 704,439), of which 571,575 SARs were vested (2020 – 698,533). The share-based payment liability recognized for vested SARs as at October 31, 2021 was $7 million (2020 – $2 million). The corresponding intrinsic value of this liability as at October 31, 2021 was $7 million (2020 – nil). In 2021, a benefit of $1 million (2020 – benefit of $3 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income. This benefit is net of gains Determination of fair values The share-based payment liability and corresponding expense for SARs were quantified using the Black-Scholes option pricing model with the following assumptions and resulting fair value per award: As at October 31 2021 2020 Assumptions Risk-free interest rate% 0.59% – 1.53% 0.25% – 0.45% Expected dividend yield 4.34% 6.30% Expected price volatility 15.12% – 23.51% 21.30% – 31.40% Expected life of option 0.00 – 6.12 years 0.00 – 6.10 years Fair value Weighted-average fair value $ 14.46 $ 2.78 The share-based payment expense for stock options, was quantified using the Black-Scholes option pricing model on the date of grant. The fiscal 2021 and 2020 stock option grants were fair valued using the following weighted-average assumptions and resulting fair value per award: 2021 Grant 2020 Grant Assumptions Risk-free interest rate % 0.58% 1.61% Expected dividend yield 5.10% 4.55% Expected price volatility 19.41% 13.37% Expected life of option 6.8 Years 6.7 years Fair value Weighted-average fair value $ 4.60 $ 3.81 The risk-free rate is based on Canadian treasury bond rates interpolated for the maturity equal to the expected life until exercise of the options. Expected dividend yield is based on historical dividend payout. Expected price volatility is determined based on the historical volatility for compensation. For accounting purposes, an average of the market consensus implied volatility for traded options on our common shares and the historical volatility is used. Details of the Bank’s Employee Stock Option Plan are as follows (1) 2021 2020 As at October 31 Number of stock Weighted average Number of stock Weighted average Outstanding at beginning of year 11,792 $ 66.44 11,509 $ 64.35 Granted 1,876 74.34 1,594 74.34 Exercised as options (3,016 ) 53.50 (942 ) 53.50 Exercised as SARs (59 ) 61.30 (37 ) 61.30 Forfeited (127 ) 70.23 (293 ) 70.23 Expired (8 ) 61.55 (39 ) 61.55 Outstanding at end of year (2) 10,458 $ 69.08 11,792 $ 66.44 Exercisable at end of year (2) 5,252 $ 65.85 7,337 $ 61.08 Available for grant 3,945 5,628 Options Outstanding Options Exercisable As at October 31, 2021 Number of stock options (000’s) Weighted average remaining contractual life (years) Weighted average exercise price Number of stock options (000’s) Weighted average exercise price Range of exercise prices $49.93 to $55.21 267 0.10 $ 49.93 267 $ 49.93 $55.63 to $66.67 2,598 2.33 $ 60.60 2,598 $ 60.60 $63.98 to $81.81 7,593 6.73 $ 72.66 2,387 $ 73.35 10,458 5.47 $ 69.08 5,252 $ 65.85 (1) Excludes SARs. (2) Includes and nil options originally issued under HollisWealth plans (2020 – 10,000). (b) Employee share ownership plans Eligible employees can contribute up to a specified percentage of salary towards the purchase of common shares of the Bank. In general, the Bank matches 50-60% As at October 31, 2021, an aggregate of 18 million common shares were held under the employee share ownership plans (2020 – 17 million). The shares in the employee share ownership plans are considered outstanding for computing the Bank’s basic and diluted earnings per share. (c) Other share-based payment plans Other share-based payment plans use notional units that are valued based on the Bank’s common share price on the TSX. Most grants of units accumulate dividend equivalents in the form of additional units based on the dividends paid on the Bank’s common shares. These plans are settled in cash and, as a result, are liability-classified. Fluctuations in the Bank’s share price change the value of the units, which affects the Bank’s share-based payment expense. As described below, the value of the Performance Share Units also varies based on Bank performance. Upon exercise or redemption, payments are made to the employees with a corresponding reduction in the accrued liability. In 2021, an aggregate expense of $218 million (2020 – $294 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income for these plans. This expense includes gains losses As at October 31, 2021, the share-based payment liability recognized for vested awards under these plans was $887 million (2020 – $534 million). Details of these other share-based payment plans are as follows: Deferred Stock Unit Plan (DSU) Under the DSU Plan, senior executives may elect to receive all or a portion of their cash bonus under the Annual Incentive Plan (which is expensed for the year awarded in salaries and employee benefits in the Consolidated Statement of Income) in the form of deferred stock units which vest immediately. In addition the DSU plan allows for eligible executives of the Bank to participate in grants that are not allocated from the Annual Incentive Plan election. These grants are subject to specific vesting schedules. Units are redeemable in cash only when an executive ceases to be a Bank employee, and must be redeemed by December 31 of the year following that event. As at October 31, 2021, there were 1,496,911 units (2020 – 1,239,755) awarded and outstanding of which 1,095,062 units were vested (2020 – 762,568). Directors’ Deferred Stock Unit Plan (DDSU) Under the DDSU Plan, non-officer Restricted Share Unit Plan (RSU) Under the RSU Plan, select employees receive an award of restricted share units which, for the majority of grants, vest at the end of three years. There are certain grants that provide for a graduated vesting schedule. Upon vesting, all RSU units are paid in cash to the employee. The share-based payment expense is recognized evenly over the vesting period except where the employee is eligible which . Performance Share Unit Plan (PSU) Eligible executives receive an award of performance share units which, for the majority of grants, vest at the end of three years. Certain grants provide for a graduated vesting schedule which includes a specific performance factor calculation. PSU awards are subject to performance criteria measured over a three-year period whereby a multiplier factor is applied which impacts the incremental number of units due to employees. The three-year performance measures include return on equity compared to target and total shareholder return relative to a comparator group selected prior to the granting of the award. The Bank uses a probability-weighted-average of potential outcomes to estimate the multiplier impact. The share-based payment expense is recognized over the vesting period except where the employee is eligible to retire prior to the vesting date; in which case, the expense is recognized between the grant date and the date the employee is eligible to retire. This expense varies based on changes in the Bank’s share price and the Bank’s performance compared to the performance measures. Upon vesting, the units are paid in cash to the employee. As at October 31, 2021, there were 8,693,704 units (2020 – 7,786,944) outstanding subject to performance criteria, of which 6,467,053 units were vested (2020 – 5,982,171). Deferred Performance Plan Under the Deferred Performance Plan, a portion of the bonus received by Global Banking and Markets employees in 2017 and prior years (which is accrued and expensed in the year to which it relates) is allocated to qualifying employees in the form of units. These units are subsequently paid in cash to the employees over each of the following three years. Changes in the value of the units, which arise from fluctuations in the market price of the Bank’s common shares, are expensed in the same manner as the Bank’s other liability-classified share-based payment plans in the salaries and employee benefits expense in the Consolidated Statement of Income. As at October 31, 2021, there were |
Corporate Income Taxes
Corporate Income Taxes | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Corporate Income Taxes | 27 Corporate Income Taxes Corporate income taxes recorded (a) Components of income tax provision For the year ended October 31 ($ millions) 2021 2020 2019 Provision for income taxes in the Consolidated Statement of Income: Current income taxes: Domestic: Federal $ 1,105 $ 635 $ 525 Provincial 824 529 444 Adjustments related to prior periods (27 ) (29 ) 5 Foreign 726 1,053 1,215 Adjustments related to prior periods (24 ) 24 (48 ) 2,604 2,212 2,141 Deferred income taxes: Domestic: Federal 32 (159 ) 174 Provincial 8 (97 ) 103 Foreign 227 (413 ) 54 267 (669 ) 331 Total provision for income taxes in the Consolidated Statement of Income $ 2,871 $ 1,543 $ 2,472 Provision for income taxes in the Consolidated Statement of Changes in Equity: Current income taxes $ 435 $ 149 $ (108 ) Deferred income taxes (100 ) (212 ) 60 335 (63 ) (48 ) Reported in: Other Comprehensive Income 341 (63 ) (33 ) Retained earnings (6 ) – (18 ) Other reserves – – 3 Total provision for income taxes in the Consolidated Statement of Changes in Equity 335 (63 ) (48 ) Total provision for income taxes $ 3,206 $ 1,480 $ 2,424 Provision for income taxes in the Consolidated Statement of Income includes: Deferred tax expense (benefit) relating to origination/reversal of temporary differences $ 269 $ (672 ) $ 329 Deferred tax expense (benefit) of tax rate changes (2 ) 3 2 $ 267 $ (669 ) $ 331 (b) Reconciliation to statutory rate Income taxes in the Consolidated Statement of Income vary from the amounts that would be computed by applying the composite federal and provincial statutory income tax rate for the following reasons: 2021 2020 2019 For the year ended October 31 ($ millions) Amount Percent of pre-tax Amount Percent of pre-tax Amount Percent of pre-tax income Income taxes at Canadian statutory rate $ 3,364 26.2 % $ 2,209 26.3 % $ 2,983 26.5 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries and foreign branches (245 ) (1.9 ) (489 ) (5.8 ) (300 ) (2.7 ) Tax-exempt income from securities (236 ) (1.8 ) (207 ) (2.4 ) (221 ) (2.0 ) Deferred income tax effect of substantively enacted tax rate changes (2 ) – 3 – 2 – Other, net (10 ) (0.1 ) 27 0.3 8 0.1 Total income taxes and effective tax rate $ 2,871 22.4 % $ 1,543 18.4 % $ 2,472 21.9 % (c) Deferred taxes Significant components of the Bank’s deferred tax assets and liabilities are as follows: Statement of Income Statement of Financial Position For the year ended As at October 31 ($ millions) 2021 2020 2021 2020 Deferred tax assets: Loss carryforwards $ 52 $ 60 $ 174 $ 226 Allowance for credit losses 405 (718 ) 922 1,380 Deferred compensation (77 ) 44 241 164 Deferred income 88 112 254 352 Property and equipment (106 ) (35 ) 364 368 Pension and other post-retirement benefits (28 ) (52 ) 522 980 Securities (21 ) (26 ) 323 187 Lease liabilities 59 49 875 827 Cash flow hedges – – 49 – Other (119 ) (78 ) 663 650 Total deferred tax assets $ 253 $ (644 ) $ 4,387 $ 5,134 Deferred tax liabilities: Cash flow hedges $ – $ – $ 34 $ 360 Deferred compensation (16 ) (25 ) 131 121 Deferred income (8 ) (15 ) 14 15 Property and equipment 94 158 808 849 Pension and other post-retirement benefits (9 ) (7 ) 97 90 Securities 14 (40 ) 179 201 Investment in subsidiaries and associates (40 ) 82 122 98 Intangible assets 53 (1 ) 1,774 1,837 Other (102 ) (127 ) 326 451 Total deferred tax liabilities $ (14 ) $ 25 $ 3,485 $ 4,022 Net deferred tax assets (liabilities) (1) $ 267 $ (669 ) $ 902 $ 1,112 (1) For Consolidated Statement of Financial Position presentation, deferred tax assets and liabilities are assessed by legal entity. As a result, the net deferred tax assets of $902 The major changes to net deferred taxes were as follows: For the year ended October 31 ($ millions) 2021 2020 Balance at beginning of year $ 1,112 $ 263 Deferred tax benefit (expense) for the year recorded in income (267 ) 669 Deferred tax benefit (expense) for the year recorded in equity 100 212 Disposed in divestitures – 9 Other (43 ) (41 ) Balance at end of year $ 902 $ 1,112 The tax related to temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized in the Consolidated Statement of Financial Position amounts to $24 million (October 31, 2020 – $15 million). The amount related to unrecognized losses is $24 million, which will expire as follows: $23 million between 2023 and 2031 and $1 million has no expiry. Included in the net deferred tax asset are tax benefits of $164 million (2020 – $177 million) that have been recognized in certain Canadian and foreign subsidiaries that have incurred losses in either the current or the preceding year. In determining if it is appropriate to recognize these tax benefits, the Bank relied on projections of future taxable profits. The amount of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures for which deferred tax liabilities have not been recognized at October 31, 2021 is approximately $34 billion (2020 – $35 billion). Canadian Tax Matters Since 2016, the Bank has received reassessments totaling $1,025 million of tax and interest as a result of the Canada Revenue Agency denying the tax deductibility of certain Canadian dividends received during the 2011-2015 taxation years. In June 2021, the Bank received a reassessment for $176 million of tax and interest in respect of certain Canadian dividends received during the 2016 taxation year. The circumstances of the dividends subject to these reassessments are similar to those prospectively addressed by rules introduced in 2015 and 2018. A subsidiary of the Bank has received withholding tax assessments from the CRA in respect of certain of its securities lending transactions for its 2014 and 2015 taxation years totaling $173 million of tax, penalties and interest. Proposed assessments totaling $300 million have also been received in respect of similar securities lending transactions in 2016 and 2017. In respect of both matters the Bank is confident that its tax filing position was appropriate and in accordance with the relevant provisions of the Income Tax Act (Canada) and intends to vigorously defend its position. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Employee Benefits | 28 Employee Benefits Global pension plans The principal pension plans include plans in Canada, the US, Mexico, the UK, Ireland, Jamaica, Trinidad & Tobago and other countries in the Caribbean in which the Bank operates. The Bank has a strong and well defined governance structure to manage these global obligations. The investment policy for each principal plan is reviewed periodically and all plans are in good standing with respect to legislation and local regulations. Actuarial valuations for funding purposes for the Bank’s funded pension plans are conducted as required by applicable legislation. The purpose of the actuarial valuation is to determine the funded status of the plans on a going-concern and statutory basis and to determine the required contributions. The plans are funded in accordance with applicable pension legislation and the Bank’s funding policies such that future benefit promises based on plan provisions are well secured. The assumptions used for the funding valuations are set by independent plan actuaries on the basis of the requirements of the local actuarial standards of practice and statutes. Scotiabank Pension Plan (Canada) The most significant pension plan is the Scotiabank Pension Plan (SPP) in Canada, which includes a closed defined benefit (DB) component. New employees hired in Canada on or after May 1, 2018, participate in a defined contribution (DC) component only. As the administrator of the SPP, the Bank has established a well-defined governance structure and policies to maintain compliance with legislative and regulatory requirements under OSFI and the Canada Revenue Agency. The Bank appoints a number of committees to oversee and make decisions related to the administration of the SPP. Certain committees are also responsible for the investment of the assets of the SPP Fund and for monitoring the investment managers and performance. • The Human Capital and Compensation Committee (HCOB) of the Board approves the charter of the Pension Administration and Investment Committee (PAIC), reviews reports, and approves the investment policy. The HCOB also reviews and recommends any amendments to the SPP to the Board of Directors. • PAIC is responsible for recommending the investment policy to the HCOB, for appointing and monitoring investment managers, and for reviewing auditor and actuary reports. PAIC also monitors the administration of member pension benefits. PAIC has independent member representation on the committee. • The Scotiabank Master Trust Committee (MTC) invests assets in accordance with the investment policy and all applicable legislation. The MTC assigns specific mandates to investment managers. • The Capital Accumulation Plans (CAP) Committee is responsible for the administration and investment of the DC component of the SPP including the selection and monitoring of investment options available to DC participants. Actuarial valuations for funding purposes for the SPP are conducted on an annual basis. The most recent funding valuation was conducted as of November 1, 2020. Contributions are being made to the SPP in accordance with this valuation and are shown in the table in b) below. The assumptions used for the funding valuation are set by independent plan actuaries on the basis of the requirements of the Canadian Institute of Actuaries and applicable regulation. Other benefit plans The principal other benefit plans include plans in Canada, the US, Mexico, Uruguay, the UK, Jamaica, Trinidad & Tobago, Colombia and other countries in the Caribbean in which the Bank operates. The most significant other benefit plans provided by the Bank are in Canada. Key assumptions The financial information reported below in respect of pension and other benefit plans is based on a number of assumptions. The most significant assumption is the discount rate used to determine the defined benefit obligation, which is set by reference to the yields on high quality corporate bonds that have durations that match the terms of the Bank’s obligations. Separate discount rates are used to determine the annual benefit expense in Canada and the US. These rates are determined with reference to the yields on high quality corporate bonds with durations that match the various components of the annual benefit expense. The discount rate used to determine the annual benefit expense for all other plans continues to be the same as the rate used to determine the defined benefit obligation. Other assumptions set by management are determined in reference to market conditions, plan-level experience, best practices and future expectations. The key weighted-average assumptions used by the Bank for the measurement of the benefit obligation and benefit expense for all of the Bank’s principal plans are summarized in the table in f) below. Risk management The Bank’s defined benefit pension plans and other benefit plans expose the Bank to a number of risks. Some of the more significant risks include interest rate risk, investment risk, longevity risk and health care cost increases, among others. These risks could result in higher defined benefit expense and a higher defined benefit obligation to the extent that: • there is a decline in discount rates; and/or • plan assets returns are less than expected; and/or • plan members live longer than expected; and/or • health care costs are higher than assumed. In addition to the governance structure and policies in place, the Bank manages risks by regularly monitoring market developments and asset investment performance. The Bank also monitors regulatory and legislative changes along with demographic trends and revisits the investment strategy and/or plan design as warranted. a) Relative size of plan obligations and assets Pension plans Other benefit plans Canada For the year ended October 31, 2021 SPP Other International Canada International Percentage of total benefit obligations 72 % 15 % 13 % 56 % 44 % Percentage of total plan assets 75 % 10 % 15 % 0 % 100 % Percentage of total benefit expense (1) 78 % 21 % 1 % 31 % 69 % Pension plans Other benefit plans Canada For the year ended October 31, 2020 SPP Other International Canada International Percentage of total benefit obligations 72 % 15 % 13 % 56 % 44 % Percentage of total plan assets 72 % 10 % 18 % 0 % 100 % Percentage of total benefit expense (1) 78 % 20 % 2 % 36 % 64 % (1) Excludes non-routine benefit expense items such as past service costs, curtailment charges and settlement charges. b) Cash contributions and payments The table below shows the cash contributions and payments made by the Bank to its principal plans in 2021, and the two prior years. Contributions to the principal plans for the year ended October 31 ($ millions) 2021 2020 2019 Defined benefit pension plans (cash contributions to fund the plans, including paying beneficiaries under the unfunded pension arrangements) SPP (excluding DC provision) $ 320 $ 218 $ 196 All other plans 85 158 53 Other benefit plans (cash contributions mainly in the form of benefit payments to beneficiaries) 73 53 78 Defined contribution pension and other benefit plans (cash contributions) 103 90 69 Total contributions (1) $ 581 $ 519 $ 396 (1) Based on preliminary estimates, the Bank expects to make contributions of $295 to the SPP (excluding the DC provision), $76 to all other defined benefit pension plans, $65 to other benefit plans and $114 to all defined contribution plans for the year ending October 31, 2022. c) Funded and unfunded plans The excess (deficit) of the fair value of assets over the benefit obligation at the end of the year includes the following amounts for plans that are wholly unfunded and plans that are wholly or partly funded. Pension plans Other benefit plans As at October 31 ($ millions) 2021 2020 2019 2021 2020 2019 Benefit obligation Benefit obligation of plans that are wholly unfunded $ 438 $ 476 $ 459 $ 1,058 $ 1,139 $ 1,157 Benefit obligation of plans that are wholly or partly funded 9,146 9,873 9,248 244 281 300 Funded status Benefit obligation of plans that are wholly or partly funded $ 9,146 $ 9,873 $ 9,248 $ 244 $ 281 $ 300 Fair value of assets 9,464 8,541 8,439 143 158 193 Excess (deficit) of fair value of assets over benefit obligation of wholly or partly funded plans $ 318 $ (1,332 ) $ (809 ) $ (101 ) $ (123 ) $ (107 ) Benefit obligation of plans that are wholly unfunded 438 476 459 1,058 1,139 1,157 Excess (deficit) of fair value of assets over total benefit obligation $ (120 ) $ (1,808 ) $ (1,268 ) $ (1,159 ) $ (1,262 ) $ (1,264 ) Effect of asset limitation and minimum funding requirement (85 ) (134 ) (2 ) – – – Net asset (liability) at end of year $ (205 ) $ (1,942 ) $ (1,270 ) $ (1,159 ) $ (1,262 ) $ (1,264 ) d) Financial information The following tables present financial information related to the Bank’s principal plans. Pension plans Other benefit plans For the year ended October 31 ($ millions) 2021 2020 2019 2021 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 10,349 $ 9,707 $ 8,268 $ 1,420 $ 1,457 $ 1,374 Current service cost 339 369 291 24 28 26 Interest cost on benefit obligation 269 290 331 56 62 72 Employee contributions 24 26 25 – – – Benefits paid (450 ) (467 ) (770 ) (81 ) (75 ) (96 ) Actuarial loss (gain) (857 ) 531 1,590 (63 ) (17 ) 120 Past service cost 37 – 7 (1 ) (7 ) (9 ) Business acquisition 2 – (4 ) (2 ) (6 ) 1 Settlements (34 ) (115 ) (2 ) (14 ) – (45 ) Foreign exchange (95 ) 8 (29 ) (37 ) (22 ) 14 Benefit obligation at end of year $ 9,584 $ 10,349 $ 9,707 $ 1,302 $ 1,420 $ 1,457 Change in fair value of assets Fair value of assets at beginning of year 8,541 8,439 8,037 158 193 240 Interest income on fair value of assets 257 268 331 13 15 23 Return on plan assets in excess of (less than) interest income on fair value of assets 854 46 634 – (13 ) (16 ) Employer contributions 405 376 249 73 53 78 Employee contributions 24 26 25 – – – Benefits paid (450 ) (467 ) (770 ) (81 ) (75 ) (96 ) Administrative expenses (16 ) (14 ) (17 ) – – – Business acquisition – – – – – – Settlements (34 ) (105 ) (2 ) (14 ) – (46 ) Foreign exchange (117 ) (28 ) (48 ) (6 ) (15 ) 10 Fair value of assets at end of year $ 9,464 $ 8,541 $ 8,439 $ 143 $ 158 $ 193 Funded status Excess (deficit) of fair value of assets over benefit obligation at end of year (120 ) (1,808 ) (1,268 ) (1,159 ) (1,262 ) (1,264 ) Effect of asset limitation and minimum funding requirement (1) (85 ) (134 ) (2 ) – – – Net asset (liability) at end of year $ (205 ) $ (1,942 ) $ (1,270 ) $ (1,159 ) $ (1,262 ) $ (1,264 ) Recorded in: Other assets in the Bank’s Consolidated Statement of Financial Position 456 260 422 – – – Other liabilities in the Bank’s Consolidated Statement of Financial Position (661 ) (2,202 ) (1,692 ) (1,159 ) (1,262 ) (1,264 ) Net asset (liability) at end of year $ (205 ) $ (1,942 ) $ (1,270 ) $ (1,159) $ (1,262 ) $ (1,264 ) Annual benefit expense Current service cost 339 369 291 24 28 26 Net interest expense (income) 23 22 – 43 47 49 Administrative expenses 14 17 14 – – – Past service costs 37 – 7 (1 ) (7 ) (9 ) Amount of settlement (gain) loss recognized – (10 ) – – – 1 Remeasurement of other long-term benefits – – – (6 ) – (5 ) Benefit expense (income) recorded in the Consolidated Statement of Income $ 413 $ 398 $ 312 $ 60 $ 68 $ 62 Defined contribution benefit expense $ 102 $ 89 $ 66 $ 1 $ 1 $ 3 Remeasurements (Return) on plan assets in excess of interest income on fair value of assets (854 ) (46 ) (634 ) – 13 17 Actuarial loss (gain) on benefit obligation (857 ) 531 1,590 (57 ) (17 ) 124 Change in the asset limitation (47 ) 139 – – – – Remeasurements recorded in OCI $ (1,758 ) $ 624 $ 956 $ (57 ) $ (4 ) $ 141 Total benefit cost $ (1,243 ) $ 1,111 $ 1,334 $ 4 $ 65 $ 206 Additional details on actual return on assets and actuarial (gains) and losses Actual return on assets (net of administrative expenses) $ 1,095 $ 300 $ 948 $ 13 $ 2 $ 7 Actuarial (gains) and losses from changes in demographic assumptions 8 (65 ) (5 ) 8 (53 ) (35 ) Actuarial (gains) and losses from changes in financial assumptions (973 ) 524 1,496 (63 ) 49 150 Actuarial (gains) and losses from changes in experience 108 72 99 (8 ) (13 ) 5 Additional details on fair value of pension plan assets invested In Scotiabank securities (stock, bonds) 60 293 392 – 21 – In property occupied by Scotiabank 4 4 4 – – – Change in asset ceiling/onerous liability Asset ceiling /onerous liability at end of prior year 134 2 2 – – – Interest expense 11 – – – – – Remeasurements (47 ) 139 – – – – Foreign exchange (13 ) (7 ) – – – – Asset ceiling /onerous liability at end of year $ 85 $ 134 $ 2 $ – $ – $ – (1) The recognized asset is limited by the present value of economic benefits available from a reduction in future contributions to a plan and from the ability to pay plan expenses from the fund. e) Maturity profile of the defined benefit obligation The weighted average duration of the total benefit obligation at October 31, 2021 is 15.0 years (2020 – 15.9 years, 2019 – 15.7 years). Pension plans Other benefit plans For the year ended October 31 2021 2020 2019 2021 2020 2019 Disaggregation of the benefit obligation (%) Canada Active members 53 % 55 % 53 % 4 % 6 % 6 % Inactive and retired members 47 % 45 % 47 % 96 % 94 % 94 % Total 100 % 100 % 100 % 100 % 100 % 100 % Mexico Active members 21 % 25 % 25 % 43 % 49 % 49 % Inactive and retired members 79 % 75 % 75 % 57 % 51 % 51 % Total 100 % 100 % 100 % 100 % 100 % 100 % United States Active members 45 % 40 % 42 % 40 % 34 % 38 % Inactive and retired members 55 % 60 % 58 % 60 % 66 % 62 % Total 100 % 100 % 100 % 100 % 100 % 100 % f) Key assumptions (%) The key weighted-average assumptions used by the Bank for the measurement of the benefit obligation and benefit expense for all of the Bank’s principal plans are summarized as follows: Pension plans Other benefit plans For the year ended October 31 2021 2020 2019 2021 2020 2019 Benefit obligation at end of year Discount rate – all plans 3.73 % 3.08 % 3.32 % 4.94 % 4.44 % 4.71 % Discount rate – Canadian plans only 3.50 % 2.80 % 3.10 % 3.28 % 2.57 % 2.98 % Rate of increase in future compensation (1) 2.97 % 2.74 % 2.70 % 4.30 % 4.31 % 3.86 % Benefit expense (income) for the year Discount rate – All plans Discount rate for defined benefit obligations 3.30 % 3.32 % 4.35 % 4.44 % 4.71 % 5.54 % Discount rate for net interest cost 2.78 % 3.06 % 4.09 % 4.13 % 4.54 % 5.37 % Discount rate for service cost 3.45 % 3.38 % 4.41 % 4.71 % 4.83 % 5.78 % Discount rate for interest on service cost 2.96 % 3.20 % 4.14 % 4.54 % 4.72 % 5.67 % Discount rate – Canadian plans only Discount rate for defined benefit obligations 3.05 % 3.10 % 4.10 % 2.57 % 2.98 % 3.96 % Discount rate for net interest cost 2.47 % 2.80 % 3.80 % 2.11 % 2.71 % 3.70 % Discount rate for service cost 3.16 % 3.10 % 4.10 % 2.94 % 3.08 % 4.07 % Discount rate for interest on service cost 2.65 % 2.90 % 3.80 % 2.66 % 2.89 % 3.88 % Rate of increase in future compensation (1) 2.74 % 2.70 % 2.80 % 4.31 % 3.86 % 3.83 % Health care cost trend rates at end of year Initial rate n/a n/a n/a 5.68 % 5.75 % 5.80 % Ultimate rate n/a n/a n/a 4.75 % 4.72 % 4.69 % Year ultimate rate reached n/a n/a n/a 2040 2040 2040 Assumed life expectancy in Canada (years) Life expectancy at 65 for current pensioners – male 23.5 23.4 23.4 23.5 23.4 23.4 Life expectancy at 65 for current pensioners – female 24.6 24.5 24.5 24.6 24.5 24.5 Life expectancy at 65, for future pensioners currently aged 45 – male 24.4 24.4 24.3 24.4 24.4 24.3 Life expectancy at 65, for future pensioners currently aged 45 – female 25.5 25.4 25.3 25.5 25.4 25.3 Assumed life expectancy in Mexico (years) Life expectancy at 65 for current pensioners – male 21.5 21.3 21.3 21.5 21.3 21.3 Life expectancy at 65 for current pensioners – female 23.9 23.8 23.8 23.9 23.8 23.8 Life expectancy at 65, for future pensioners currently aged 45 – male 21.6 21.7 21.7 21.6 21.7 21.7 Life expectancy at 65, for future pensioners currently aged 45 – female 24.0 24.0 24.0 24.0 24.0 24.0 Assumed life expectancy in United States (years) Life expectancy at 65 for current pensioners – male 21.8 21.7 21.9 21.8 21.7 21.9 Life expectancy at 65 for current pensioners – female 23.3 23.1 23.3 23.3 23.1 23.3 Life expectancy at 65, for future pensioners currently aged 45 – male 23.2 23.1 23.4 23.2 23.1 23.4 Life expectancy at 65, for future pensioners currently aged 45 – female 24.6 24.5 24.9 24.6 24.5 24.9 (1) The weighted-average rates of increase in future compensation shown for other benefit plans do not include Canadian flexible post-retirement benefits plans established in fiscal 2005, as they are not impacted by future compensation increases. g) Sensitivity analysis The sensitivity analysis presented represents the impact of a change in a single assumption with other assumptions left unchanged. For purposes of the sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation recognized in the statement of financial position. Pension plans Other benefit plans For the year ended October 31, 2021 ($ millions) Benefit Benefit Benefit Benefit Impact of the following changes: 1% decrease in discount rate $ 1,626 $ 90 $ 177 $ 4 0.25% increase in rate of increase in future compensation 82 5 1 – 1% increase in health care cost trend rate n/a n/a 120 12 1% decrease in health care cost trend rate n/a n/a (98 ) (9 ) 1 year increase in Canadian life expectancy 182 10 22 1 1 year increase in Mexican life expectancy 3 – 4 – 1 year increase in the United States life expectancy 4 – 4 – h) Assets The Bank’s principal pension plans’ assets are generally invested with the long-term objective of maximizing overall expected returns, at an acceptable level of risk relative to the benefit obligation. A key factor in managing long-term investment risk is asset mix. Investing the pension assets across different asset classes and geographic regions helps to mitigate risk and to minimize the impact of declines in any single asset class, particular region or type of investment. Investment managers – including related-party managers – are typically hired and assigned specific mandates within each asset class. Pension plan asset mix guidelines are set for the long term, and are documented in each plan’s investment policy. Asset mix policy typically also reflects the nature of the plan’s benefit obligations. Legislation places certain restrictions on asset mix – for example, there are usually limits on concentration in any one investment. Other concentration and quality limits are also set forth in the investment policies. Derivatives are not a significant component of the investment strategy and cannot be used without specific authorization; currently, the main use of derivatives is for currency hedging. Asset mix guidelines are reviewed at least once each year, and adjusted, where appropriate, based on market conditions and opportunities. However, large asset class shifts are not common, and typically reflect a change in the pension plan’s situation (e.g. plan amendments) and/or in the investment strategy. Actual asset mix is reviewed regularly, and rebalancing back to target asset mix is considered – as needed – generally on a semi-annual basis. The Bank’s other benefit plans are generally not funded, with the exception of certain programs in Mexico. The tables below show the weighted-average actual and target asset allocations for the Bank’s principal plans at October 31, by asset category. Pension plans Other benefit plans Asset category % Actual Actual Actual Actual Actual Actual Cash and cash equivalents 4 % 2 % 3 % – % 1 % 1 % Equity investments Quoted in an active market 34 % 29 % 33 % 42 % 40 % 42 % Non quoted 11 % 10 % 10 % – % – % – % 45 % 39 % 43 % 42 % 40 % 42 % Fixed income investments Quoted in an active market 6 % 5 % 13 % 58 % 59 % 57 % Non quoted 35 % 41 % 30 % – % – % – % 41 % 46 % 43 % 58 % 59 % 57 % Property Quoted in an active market – % – % – % – % – % – % Non quoted 1 % 1 % 1 % – % – % – % 1 % 1 % 1 % – % – % – % Other Quoted in an active market – % 3 % – % – % – % – % Non quoted 9 % 9 % 10 % – % – % – % 9 % 12 % 10 % – % – % – % Total 100 % 100 % 100 % 100 % 100 % 100 % Target asset allocation at October 31, 2021 Asset category % Pension plans Other benefit plans Cash and cash equivalents – % – % Equity investments 42 % 44 % Fixed income investments 44 % 56 % Property 1 % – % Other 13 % – % Total 100 % 100 % |
Operating Segments
Operating Segments | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Operating Segments | 29 Operating Segments Scotiabank is a diversified financial services institution that provides a wide range of financial products and services to retail, commercial and corporate customers around the world. The Bank’s businesses are grouped into four business lines: Canadian Banking, International Banking, Global Banking and Markets and Global Wealth Management. Other smaller business segments are included in the Other segment. The results of these business segments are based upon the internal financial reporting systems of the Bank. The accounting policies used in these segments are generally consistent with those followed in the preparation of the consolidated financial statements as disclosed in Note 3. Notable accounting measurement differences are: • tax normalization adjustments related to the gross-up of income from associated corporations. This adjustment normalizes the effective tax rate in the divisions to better present the contribution of the associated companies to the divisional results. • the grossing up of tax-exempt net interest income and non-interest income to an equivalent before-tax basis for those affected segments. These differences in measurement enable comparison of net interest income and non-interest income arising from taxable and tax-exempt sources. Changes to operating segments effective November 1, 2019 Effective November 1, 2019, Global Wealth Management became a fourth business segment. The Canadian and International businesses of Global Wealth results that were previously included in Canadian Banking’s and International Banking’s results, respectively, are included in Global Wealth Management results. The historical comparative segment financial information has been restated to reflect this realignment. The restated historical segment financial information of Canadian Banking, International Banking and Other did not impact the Bank’s previously reported consolidated financial information. The aggregate number of cash-generating units (CGUs) for the purposes of goodwill impairment assessment as of November 1, 2019 has increased to 5 (October 31, 2019 – 4 CGUs) with the creation of the new Global Wealth Management CGU (GWM-CGU). GWM-CGU. GWM-CGU Scotiabank’s results, and average assets and liabilities, allocated by these operating segments, are as follows: For the year ended October 31, 2021 Taxable equivalent basis ($ millions) Canadian International Global Wealth Global Banking Other (1)(2) Total Net interest income (3) $ 8,030 $ 6,625 $ 628 $ 1,436 $ 242 $ 16,961 Non-interest (4)(5) 2,868 2,993 4,752 3,587 91 14,291 Total revenues 10,898 9,618 5,380 5,023 333 31,252 Provision for credit losses 333 1,574 2 (100 ) (1 ) 1,808 Depreciation and amortization 618 517 178 156 42 1,511 Non-interest 4,333 4,737 3,077 2,302 658 15,107 Income tax expense 1,459 635 549 590 (362 ) 2,871 Net income $ 4,155 $ 2,155 $ 1,574 $ 2,075 $ (4 ) $ 9,955 Net income attributable to non-controlling – 332 9 – (10 ) 331 Net income attributable to equity holders of the Bank 4,155 1,823 1,565 2,075 6 9,624 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (6) – 7 – – – 7 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 4,155 1,816 1,565 2,075 6 9,617 Average assets ($ billions) 381 194 29 401 152 1,157 Average liabilities ($ billions) 313 149 45 385 193 1,085 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (2) Net income attributable to equity holders includes restructuring and other provisions (pre-tax (3) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (4) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (5) Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $87; International Banking – $206; Global Wealth Management – $17 (6) Refer to Note 37 for closed divestitures impacting the current year. For the year ended October 31, 2020 Taxable equivalent basis ($ millions) Canadian International Global Wealth Global Banking Other (1)(2) Total Net interest income (3) $ 7,838 $ 7,603 $ 575 $ 1,435 $ (131 ) $ 17,320 Non-interest (4)(5) 2,461 3,207 4,009 3,947 392 14,016 Total revenues 10,299 10,810 4,584 5,382 261 31,336 Provision for credit losses 2,073 3,613 7 390 1 6,084 Depreciation and amortization 633 525 170 156 62 1,546 Non-interest 4,178 5,418 2,708 2,317 689 15,310 Income tax expense 879 182 437 564 (519 ) 1,543 Net income $ 2,536 $ 1,072 $ 1,262 $ 1,955 $ 28 $ 6,853 Net income attributable to non-controlling – 92 10 – (27 ) 75 Net income attributable to equity holders of the Bank 2,536 980 1,252 1,955 55 6,778 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (6) – 70 – – – 70 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 2,536 910 1,252 1,955 55 6,708 Average assets ($ billions) 359 206 26 412 158 1,161 Average liabilities ($ billions) 277 155 39 379 240 1,090 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (2) Net income attributable to equity holders includes Net gain on divestitures of $354 (pre-tax (3) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (4) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (5) Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $56; International Banking – $243; Global Wealth Management – $13 and Other – $(70). (6) Refer to Note 37 for closed divestitures impacting the current year. For the year ended October 31, 2019 Taxable equivalent basis ($ millions) Canadian International Global Wealth Global Banking Other (1)(2) Total Net interest income (3) $ 7,848 $ 8,353 $ 564 $ 1,396 $ (984) $ 17,177 Non-interest (4)(5) 2,616 4,366 3,937 3,084 (146 ) 13,857 Total revenues 10,464 12,719 4,501 4,480 (1,130 ) 31,034 Provision for credit losses 972 2,076 – (22 ) 1 3,027 Depreciation and amortization 441 379 126 91 16 1,053 Non-interest 4,331 6,217 2,779 2,372 (15 ) 15,684 Income tax expense 1,232 909 412 505 (586 ) 2,472 Net income $ 3,488 $ 3,138 $ 1,184 $ 1,534 $ (546 ) $ 8,798 Net income attributable to non-controlling – 373 18 – 17 408 Net income attributable to equity holders of the Bank 3,488 2,765 1,166 1,534 (563 ) 8,390 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (6) – 655 17 – – 672 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 3,488 2,110 1,149 1,534 (563 ) 7,718 Average assets ($ billions) 340 201 25 372 118 1,056 Average liabilities ($ billions) 255 153 32 304 243 987 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (2) Net income attributable to equity holders includes Net loss on divestitures of $308 (pre-tax (3) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (4) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (5) Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $65; International Banking – $753; Global Wealth Management – $10 and Other – $(178). (6) Refer to Note 37 for closed divestitures impacting the current year. Geographical segmentation The following table summarizes the Bank’s financial results by geographic region. Revenues and expenses which have not been allocated back to specific operating business lines are reflected in corporate adjustments. For the year ended October 31, 2021 ($ millions) (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 9,182 $ 742 $ 1,668 $ 1,186 $ 1,507 $ 692 $ 1,345 $ 639 $ 16,961 Non-interest (1) 9,190 953 714 531 666 383 664 1,190 14,291 Total revenues (2) 18,372 1,695 2,382 1,717 2,173 1,075 2,009 1,829 31,252 Provision for credit losses 255 (33 ) 334 586 205 195 221 45 1,808 Non-interest 9,627 915 1,202 662 943 682 1,343 1,244 16,618 Income tax expense 1,909 120 184 104 204 80 103 167 2,871 Subtotal 6,581 693 662 365 821 118 342 373 9,955 Net income attributable to non-controlling (10 ) – 14 2 200 48 77 – 331 Net income attributable to equity holders of the Bank $ 6,591 $ 693 $ 648 $ 363 $ 621 $ 70 $ 265 $ 373 $ 9,624 Total average assets ($ billions) $ 695 $ 167 $ 41 $ 27 $ 53 $ 13 $ 30 $ 131 $ 1,157 (1) Includes net income from investments in associated corporations for Canada – $117, Peru – $10, Chile – $( ), (2) Revenues are attributed to countries based on where services are performed or assets are recorded. For the year ended October 31, 2020 (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 8,515 $ 763 $ 1,661 $ 1,705 $ 1,415 $ 812 $ 1,734 $ 715 $ 17,320 Non-interest (1) 8,085 1,375 724 605 677 449 753 1,348 14,016 Total revenues (2) 16,600 2,138 2,385 2,310 2,092 1,261 2,487 2,063 31,336 Provision for credit losses 2,271 128 644 971 639 666 570 195 6,084 Non-interest 8,952 1,080 1,298 827 973 813 1,589 1,324 16,856 Income tax expense 967 192 98 116 78 (74 ) 45 121 1,543 Subtotal 4,410 738 345 396 402 (144 ) 283 423 6,853 Net income attributable to non-controlling (28 ) – 7 16 91 (87 ) 76 – 75 Net income attributable to equity holders of the Bank $ 4,438 $ 738 $ 338 $ 380 $ 311 $ (57 ) $ 207 $ 423 $ 6,778 Total average assets ($ billions) $ 689 $ 164 $ 41 $ 31 $ 52 $ 14 $ 35 $ 135 $ 1,161 (1) Includes net income from investments in associated corporations for Canada – $(15), Peru – $5, Chile – $3, Caribbean and Central America – $55, and Other International – $194. (2) Revenues are attributed to countries based on where services are performed or assets are recorded. For the year ended October 31, 2019 (1)(2) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 7,630 $ 720 $ 1,684 $ 1,576 $ 1,613 $ 1,017 $ 2,143 $ 794 $ 17,177 Non-interest (1) 7,304 1,189 671 790 806 567 1,048 1,482 13,857 Total revenues (3) 14,934 1,909 2,355 2,366 2,419 1,584 3,191 2,276 31,034 Provision for credit losses 981 (16 ) 335 523 436 362 352 54 3,027 Non-interest 8,275 870 1,306 846 1,166 920 1,933 1,421 16,737 Income tax expense 1,082 267 121 248 185 117 324 128 2,472 Subtotal 4,596 788 593 749 632 185 582 673 8,798 Net income attributable to non-controlling 1 – 14 (11 ) 179 124 101 – 408 Net income attributable to equity holders of the Bank $ 4,595 $ 788 $ 579 $ 760 $ 453 $ 61 $ 481 $ 673 $ 8,390 Total average assets ($ billions) $ 607 $ 149 $ 37 $ 28 $ 51 $ 13 $ 42 $ 129 $ 1,056 (1) Includes net income from investments in associated corporations for Canada – $(114), Peru – $7, Caribbean and Central America – $69, and Other International – $867. (2) Prior period amounts have been restated to conform with current period presentation. (3) Revenues are attributed to countries based on where services are performed or assets are recorded. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Related Party Transactions | 30 Related Party Transactions Compensation of key management personnel of the Bank Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, and comprise the directors of the Bank, the President and Chief Executive Officer, certain direct reports of the President and Chief Executive Officer and Group Heads. For the year ended October 31 ($ millions) 2021 2020 Salaries and cash incentives (1) $ 21 $ 19 Equity-based payment (2) 30 30 Pension and other benefits (1) 3 6 Total $ 54 $ 55 (1) Expensed during the year. (2) Awarded during the year. Directors can use some or all of their director fees earned to buy common shares of the Bank at market rates through the Director’s Share Purchase Plan. Non-officer Loans and deposits of key management personnel As at October 31 ($ millions) 2021 2020 Loans $ 11 $ 15 Deposits $ 5 $ 11 The Bank’s committed credit exposure to companies controlled by directors totaled $252.8 million as at October 31, 2021 (2020 – $177.6 million), while actual utilized amounts were $189.6 million (2020 – $115.9 million). Transactions with associates and joint ventures In the ordinary course of business, the Bank provides normal banking services and enters into transactions with its associated and other related corporations on terms similar to those offered to non-related As at and for the year ended October 31 ($ millions) 2021 2020 Net income / (loss) $ (85 ) $ (75 ) Loans 191 203 Deposits (1) 229 234 Guarantees and commitments 154 23 (1) Prior period amount has been restated to conform with current period presentation. Scotiabank principal pension plan The Bank manages assets of $4.7 billion (2020 – $4.1 billion) which is a portion of the Scotiabank principal pension plan assets and earned $6.6 million (2020 – $7.2 million) in fees. |
Principal Subsidiaries and Non-
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries | 12 Months Ended |
Oct. 31, 2021 | |
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Principal Subsidiaries and Non-Controlling Interests in Subsidiaries | 31 Principal Subsidiaries and Non-Controlling (a) Principal subsidiaries (1) The following table presents certain operating subsidiaries the Bank owns, directly or indirectly. All of these subsidiaries are included in the Bank’s consolidated financial statements. Carrying value of shares As at October 31 ($ millions) Principal office 2021 2020 Canadian 1832 Asset Management L.P. Toronto, Ontario $ 2,680 $ 1,562 BNS Investments Inc. Toronto, Ontario 15,200 14,510 Montreal Trust Company of Canada Montreal, Quebec The Bank of Nova Scotia Trust Company Toronto, Ontario 185 155 National Trust Company Stratford, Ontario 366 359 Roynat Inc. Calgary, Alberta 518 409 Scotia Capital Inc. Toronto, Ontario 2,818 2,338 Scotia Dealer Advantage Inc. Burnaby, British Columbia 729 614 Scotia Mortgage Corporation Toronto, Ontario 750 760 Scotia Securities Inc. Toronto, Ontario 53 49 Tangerine Bank Toronto, Ontario 3,405 3,264 Jarislowsky, Fraser Limited Montreal, Quebec 1,027 957 MD Financial Management Inc. Ottawa, Ontario 2,761 2,645 International Scotiabank Colpatria S.A. (51%) Bogota, Colombia 995 1,004 BNS International (Bahamas) Limited Nassau, Bahamas 17,543 18,510 BNS Asia Limited Singapore The Bank of Nova Scotia Trust Company (Bahamas) Limited Nassau, Bahamas Grupo BNS de Costa Rica, S.A. San Jose, Costa Rica Scotiabank & Trust (Cayman) Ltd. Grand Cayman, Cayman Islands Scotiabank (Bahamas) Limited Nassau, Bahamas Scotiabank (Ireland) Designated Activity Company Dublin, Ireland Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.4%) Mexico City, Mexico 4,714 4,320 Nova Scotia Inversiones Limitada Santiago, Chile 5,173 5,255 Scotiabank Chile S.A. (83.03%) Santiago, Chile Scotia Holdings (US) Inc. (2) New York, New York Scotia Capital (USA) Inc. (2)(3) New York, New York Scotiabank Brasil S.A. Banco Multiplo Sao Paulo, Brazil 280 282 Scotiabank Caribbean Holdings Ltd. Bridgetown, Barbados 1,630 1,842 Scotia Group Jamaica Limited (71.8%) Kingston, Jamaica The Bank of Nova Scotia Jamaica Limited Kingston, Jamaica Scotiabank Trinidad and Tobago Limited (50.9%) Port of Spain, Trinidad and Tobago Scotiabank (Panama) S.A. Panama City, Panama Scotiabank Uruguay S.A. Montevideo, Uruguay 440 472 Scotiabank Europe plc London, United Kingdom 2,273 2,505 Scotia Peru Holdings S.A. Lima, Peru 4,277 5,677 Scotiabank Peru S.A.A. (98.05%) Lima, Peru Profuturo AFP S.A. Lima, Peru Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%) Santo Domingo, Dominican Republic 775 808 Scotiabank (Barbados) Limited Bridgetown, Barbados 235 219 (1) The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted. (2) The carrying value of this subsidiary is included with that of its parent, BNS Investments Inc. (3) The carrying value of this subsidiary is included with that of its parent, Scotia Holdings (US) Inc. Subsidiaries may have a different reporting date from that of the Bank of October 31. Dates may differ for a variety of reasons including local reporting requirements or tax laws. In accordance with our accounting policies, for the purpose of inclusion in the consolidated financial statements of the Bank, adjustments are made where significant for subsidiaries with different reporting dates. (b) Non-controlling The Bank’s significant non-controlling As at and for the year ended 2021 2020 Non-controlling Non-controlling Dividends non-controlling Non-controlling Dividends non-controlling Scotiabank Chile S.A. (1) 16.97 % (2) $ 790 $ 55 $ 1,050 $ 71 Scotiabank Colpatria S.A. (3) 49.0 % 405 – 387 13 Scotia Group Jamaica Limited 28.2 % 261 12 288 14 Scotiabank Trinidad and Tobago Limited 49.1 % 367 56 381 50 Other 0.1% 49.0% – (4) 267 – 270 – Total $ 2,090 $ 123 $ 2,376 $ 148 (1) Non-controlling (2) The Bank increased its ownership in Scotiabank Chile S.A. in 2021 by acquiring an additional 7% stake from the non-controlling shareholder. Refer to Note 37 for details. (3) Non-controlling pre-agreed (4) Range of non-controlling Summarized financial information of the Bank’s subsidiaries with significant non-controlling As at and for the year ended October 31, 2021 As at and for the year ended October 31, 2020 ($ millions) Revenue Total Total assets Total liabilities Revenue Total Total assets Total Total $ 3,875 $ 6 $ 86,317 $ 78,973 $ 4,098 $ (136 ) $ 89,808 $ 82,107 |
Interest Income and Expense
Interest Income and Expense | 12 Months Ended |
Oct. 31, 2021 | |
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Interest Income and Expense | 32 Interest Income and Expense For the year ended October 31 ($ millions) 2021 2020 2019 Interest Interest Interest Interest Interest Interest Measured at amortized cost (1) $ 23,831 $ 7,844 $ 28,113 $ 12,211 $ 30,996 $ 15,575 Measured at FVOCI (1) 716 – 1,060 – 1,440 – 24,547 7,844 29,173 12,211 32,436 15,575 Other 439 (2) 181 (3) 539 (2) 181 (3) 348 (2) 32 Total $ 24,986 $ 8,025 $ 29,712 $ 12,392 $ 32,784 $ 15,607 (1) The interest income/expense on financial assets/liabilities are calculated using the effective interest method. (2) Includes dividend income on equity securities. (3) The interest on lease liabilities was $105 (2020 – $117 ). Amounts for the years ended 2021 and 2020 were prepared in accordance with IFRS 16, prior periods amounts have not been restated. |
Trading Revenues
Trading Revenues | 12 Months Ended |
Oct. 31, 2021 | |
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Trading Revenues | 33 Trading Revenues The following table presents details of trading revenues. For the fiscal years ($ millions) 2021 2020 2019 Trading-related revenue (1) Net interest income $ 136 $ 112 $ 67 Non-interest Trading revenues 2,033 2,411 1,488 Other fees and commissions 185 205 379 Total trading-related revenue $ 2,354 $ 2,728 $ 1,934 (1) Trading-related revenue consists of net interest income and non-interest income. Included are unrealized gains and losses on security positions held, realized gains and losses from the purchase and sale of securities, fees and commissions from securities borrowing and lending activities, and gains and losses on trading derivatives. Underwriting and other advisory fees, which are shown separately in the Consolidated Statement of Income, are excluded |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2021 | |
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Earnings Per Share | 34 Earnings Per Share For the year ended October 31 ($ millions) 2021 2020 2019 Basic earnings per common share Net income attributable to common shareholders $ 9,391 $ 6,582 $ 8,208 Weighted average number of common shares outstanding (millions) 1,214 1,212 1,222 Basic earnings per common share (1) $ 7.74 $ 5.43 $ 6.72 Diluted earnings per common share Net income attributable to common shareholders $ 9,391 $ 6,582 $ 8,208 Dilutive impact of share-based payment options and others (2) 43 6 142 Net income attributable to common shareholders (diluted) $ 9,434 $ 6,588 $ 8,350 Weighted average number of common shares outstanding (millions) 1,214 1,212 1,222 Dilutive impact of share-based payment options and others (2) 11 31 29 Weighted average number of diluted common shares outstanding (millions) 1,225 1,243 1,251 Diluted earnings per common share (1) $ 7.70 $ 5.30 $ 6.68 (1) Earnings per share calculations are based on full dollar and share amounts. (2) Certain tandem stock appreciation rights or options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive. |
Guarantees, Commitments and Ple
Guarantees, Commitments and Pledged Assets | 12 Months Ended |
Oct. 31, 2021 | |
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Guarantees, Commitments and Pledged Assets | 35 Guarantees, Commitments and Pledged Assets (a) Guarantees The Bank enters into various types of guarantees and indemnifications in the normal course of business. Guarantees represent an undertaking to another party to make a payment to that party when certain specified events occur. The various guarantees and indemnifications that the Bank provides with respect to its customers and other third parties are presented below: 2021 2020 As at October 31 ($ millions) Maximum potential (1) Maximum potential (1) Standby letters of credit and letters of guarantee $ 37,277 $ 34,836 Liquidity facilities 4,942 4,248 Derivative instruments 4,203 4,866 Indemnifications 1,306 1,390 (1) The maximum potential amount of future payments represents those guarantees that can be quantified and excludes other guarantees that cannot be quantified. As many of these guarantees will not be drawn upon and the maximum potential amount of future payments listed above does not consider the possibility of recovery under recourse or collateral provisions, the above amounts are not indicative of future cash requirements, credit risk, or the Bank’s expected losses from these arrangements. (i) Standby letters of credit and letters of guarantee Standby letters of credit and letters of guarantee are irrevocable undertakings by the Bank on behalf of a customer, to make payments to a third party in the event that the customer is unable to meet its obligations to the third party. Generally, the term of these guarantees does not exceed four years. The types and amounts of collateral security held by the Bank for these guarantees is generally the same as for loans. As at October 31, 2021, nil ( (ii) Liquidity facilities The Bank’s backstop liquidity facilities are committed liquidity and provided to asset-backed commercial paper conduits, administered by the Bank. These facilities generally provide an alternative source of financing in the event market disruption prevents the conduit from issuing commercial paper or, in some cases, when certain specified conditions or performance measures are not met. These facilities generally have a term of up to three years. (iii) Derivative instruments The Bank enters into written credit derivative contracts under which a counterparty is compensated for losses on a specified referenced asset, typically a loan or bond, if certain events occur. The Bank also enters into written option contracts under which a counterparty is granted the right, but not the obligation, to sell a specified quantity of a financial instrument at a pre-determined (iv) Indemnifications In the ordinary course of business, the Bank enters into many contracts which contain indemnification provisions, such as purchase contracts, service agreements, trademark licensing agreements, director / officer contracts, escrow arrangements, sales of assets or businesses, outsourcing agreements, leasing arrangements, clearing system arrangements, securities lending agency agreements and structured transactions. The Bank cannot estimate the maximum potential future amount that may be payable. The Bank has not made any significant payments under such indemnifications. Historically, the Bank has not made any significant payments under these indemnities. As at October 31, 2021, $1 million (2020 – $1 million) was included in other liabilities in the Consolidated Statement of Financial Position with respect to indemnifications. (b) Other indirect commitments In the normal course of business, various other indirect commitments are outstanding which are not reflected on the Consolidated Statement of Financial Position. These may include: • Commercial letters of credit which require the Bank to honour drafts presented by a third-party when specific activities are completed; • Commitments to extend credit which represent undertakings to make credit available in the form of loans or other financings for specific amounts and maturities, subject to specific conditions; • Securities lending transactions under which the Bank, acting as principal or agent, agrees to lend securities to a borrower. The borrower must fully collateralize the security loan at all times. The market value of the collateral is monitored relative to the amounts due under the agreements, and where necessary, additional collateral is obtained; and • Security purchase commitments which require the Bank to fund future investments. These financial instruments are subject to normal credit standards, financial controls and monitoring procedures. The table below provides a detailed breakdown of the Bank’s other indirect commitments expressed in terms of the contractual amounts of the related commitment or contract which are not reflected on the Consolidated Statement of Financial Position. As at October 31 ($ millions) 2021 2020 Commercial letters of credit $ 1,320 $ 682 Commitments to extend credit (1) Original term to maturity of one year or less 74,053 85,997 Original term to maturity of more than one year 165,726 149,377 Securities lending 59,506 53,082 Securities purchase and other commitments 1,040 1,095 Total $ 301,645 $ 290,233 (1) Includes liquidity facilities. (c) Assets pledged and repurchase agreements In the ordinary course of business, securities and other assets are pledged against liabilities. As well, securities are sold under repurchase agreements. The carrying value of pledged assets and details of related activities are shown below. As at October 31 ($ millions) 2021 2020 Assets pledged to: Bank of Canada (1) $ 184 $ 168 Foreign governments and central banks (1) 2,589 4,165 Clearing systems, payment systems and depositories (1) 1,345 1,353 Assets pledged in relation to exchange-traded derivative transactions 6,105 5,356 Assets pledged in relation to over-the-counter 16,018 16,997 Assets pledged as collateral related to securities borrowing and lending 160,794 136,193 Assets pledged in relation to covered bond program (Note 15) (2) 34,683 31,484 Assets pledged in relation to other securitization programs (Note 15) 2,680 4,600 Assets pledged under CMHC programs (Note 14) 26,932 30,134 Other 1,140 1,420 Total assets pledged $ 252,470 $ 231,870 Obligations related to securities sold under repurchase agreements (3) 100,083 121,918 Total (4) $ 352,553 $ 353,788 (1) Includes assets pledged in order to participate in clearing and payment systems and depositories, or pledged to have access to the facilities of central banks in foreign jurisdictions. (2) Excludes mortgages related to covered bonds held by the Bank or pledged to the Bank of Canada as part of its term repo program. (3) Includes the Bank of Canada term repo program. (4) Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions. (d) Other executory contracts Effective July 2018, the Bank has entered into an $800 million contract for naming rights of an arena for 20 years. The Bank and its subsidiaries have also entered into other long-term executory contracts, relating to outsourced services. The significant outsourcing arrangements have variable pricing based on utilization and are cancellable with notice. |
Financial Instruments - Risk Ma
Financial Instruments - Risk Management | 12 Months Ended |
Oct. 31, 2021 | |
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Financial Instruments - Risk Management | 36 Financial Instruments – Risk Management The Bank’s principal business activities result in a balance sheet that consists primarily of financial instruments. In addition, the Bank uses derivative financial instruments for both trading and hedging purposes. The principal financial risks that arise from transacting financial instruments include credit risk, liquidity risk and market risk. The Bank’s framework to monitor, evaluate and manage these risks is consistent with that in place as at October 31, 2021: • extensive risk management policies define the Bank’s risk appetite, set the limits and controls within which the Bank and its subsidiaries can operate, and reflect the requirements of regulatory authorities. These policies are approved by the Bank’s Board of Directors, either directly or through the Risk Committee of the Board, (the Board); • guidelines are developed to clarify risk limits and conditions under which the Bank’s risk policies are implemented; • processes are implemented to identify, evaluate, document, report and control risk. Standards define the breadth and quality of information required to make a decision; and • compliance with risk policies, limits and guidelines is measured, monitored and reported to ensure consistency against defined goals. Further details on the fair value of financial instruments and how these amounts were determined are provided in Note 7. Note 10 provides details on the terms and conditions of the Bank’s derivative financial instruments including notional amounts, remaining term to maturity, credit risk, and fair values of derivatives used in trading and hedging activities. (a) Credit risk Credit risk is the risk of loss resulting from the failure of a borrower or counterparty to honour its financial or contractual obligations to the Bank. The Bank’s Credit Risk Appetite and Credit Risk Policy are developed by its Global Risk Management (GRM) department and limits are reviewed and approved by the Board on an annual and biennial basis, respectively. The Credit Risk Appetite defines target markets and risk tolerances that are developed at an all-Bank • target markets and product offerings are well defined; • the risk parameters for new underwritings and for the portfolios as a whole are clearly specified; and • transactions, including origination, syndication, loan sales and hedging, are managed in a manner to ensure the goals for the overall portfolio are met. The Credit Risk Policy sets out, among other things, the credit risk rating systems and associated parameter estimates, the delegation of authority for granting credit, and the calculation of allowance for credit losses. It forms an integral part of enterprise-wide policies and procedures that encompass governance, risk management and control structure. The Bank’s credit risk rating systems are designed to support the determination of key credit risk parameter estimates which measure credit and transaction risk. For non-retail (i) Credit risk exposures Credit risk exposures disclosed below are presented based on the Basel framework utilized by the Bank i.e. exposures subject to credit risk capital. The Bank uses the Advanced Internal Ratings Based approach (AIRB) for all material Canadian, U.S., European portfolios, and for a significant portion of all international corporate and commercial portfolios. The remaining portfolios, including other individual portfolios, are treated under the standardized approach. Under the AIRB approach, the Bank uses internal risk parameter estimates, based on historical experience and appropriate margin of conservatism, for probability of default (PD), loss given default (LGD) and exposure at default (EAD). Under the standardized approach, credit risk is estimated using the risk weights as prescribed by the Basel framework either based on credit assessments by external rating agencies or based on the counterparty type for non-retail loan-to-value As at October 31 ($ millions) 2021 2020 Exposure at default (1) Category Drawn (2) Undrawn Other (3) Total Total By counterparty type Non-retail AIRB portfolio Corporate $ 172,443 $ 108,300 $ 91,719 $ 372,462 $ 358,997 Bank 15,737 4,662 15,393 35,792 43,120 Sovereign 207,488 761 5,051 213,300 243,404 395,668 113,723 112,163 621,554 645,521 Standardized portfolio Corporate 52,545 3,475 7,627 63,647 66,500 Bank 3,048 15 1 3,064 2,638 Sovereign 8,641 – 132 8,773 8,322 64,234 3,490 7,760 75,484 77,460 Total non-retail $ 459,902 $ 117,213 $ 119,923 $ 697,038 $ 722,981 Retail AIRB portfolio Real estate secured 207,943 19,984 – 227,927 192,927 Qualifying revolving 14,415 27,356 – 41,771 45,862 Other retail 32,527 3,680 – 36,207 35,056 $ 254,885 $ 51,020 $ – $ 305,905 $ 273,845 Standardized portfolio Real estate secured 54,617 – – 54,617 47,715 Other retail 36,445 – – 36,445 39,683 91,062 – – 91,062 87,398 Total retail $ 345,947 $ 51,020 $ – $ 396,967 $ 361,243 Total $ 805,849 $ 168,233 $ 119,923 $ 1,094,005 $ 1,084,224 By geography (4) Canada $ 493,208 $ 108,440 $ 38,100 $ 639,748 $ 621,409 United States 109,493 40,452 44,479 194,424 188,210 Chile 49,258 1,449 4,070 54,777 56,738 Mexico 34,463 1,483 2,476 38,422 39,187 Peru 24,042 1,134 2,976 28,152 33,931 Colombia 12,839 534 1,073 14,446 13,123 Other International Europe 21,091 7,116 18,972 47,179 51,770 Caribbean 25,281 1,411 981 27,673 31,420 Latin America (other) 12,326 1,241 513 14,080 13,647 All other 23,848 4,973 6,283 35,104 34,789 Total $ 805,849 $ 168,233 $ 119,923 $ 1,094,005 $ 1,084,224 (1) Exposure at default is presented after credit risk mitigation. Exposures exclude equity securities and other assets. Portfolios under the Standardized Approach are reported net of specific allowances for credit losses, and effective 2021, net of collateral amounts treated under the Comprehensive Approach. (2) Non-retail (3) Non-retail off-balance (4) Geographic segmentation is based upon the location of the ultimate risk of the credit exposure. Consolidated Statement of Financial Position asset categories cross-referenced to credit risk exposures The table below provides mapping of on-balance Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2021 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 83,176 $ – $ – $ – $ – $ – $ – $ – $ 3,147 $ 86,323 Precious metals – – – – – – – 755 – 755 Trading assets Securities 1 – – – – – – 137,147 – 137,148 Loans 470 – – – – – 397 7,643 – 8,113 Other – – – – – – – 1,051 – 1,051 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 127,739 – – – – – 127,739 Derivative financial instruments – – – – 42,302 – 35,379 – – 42,302 Investment securities 70,193 – – – – 4,373 – – 633 75,199 Loans: Residential mortgages (2) 77,773 241,833 – – – – – – 72 319,678 Personal loans – 89,518 2,015 – – – – – 7 91,540 Credit cards – 10,842 136 – – – – – 1,472 12,450 Business & government 208,967 4,025 5,861 – – – – – 91 218,944 Allowances for credit losses (3) (552 ) (759 ) – – – – – – (4,315 ) (5,626 ) Customers’ liability under acceptances 20,441 – – – – – – – (37 ) 20,404 Property and equipment – – – – – – – – 5,621 5,621 Investment in associates – – – – – 46 – – 2,558 2,604 Goodwill and other intangibles assets – – – – – – – – 16,604 16,604 Other (including Deferred tax assets) 1,772 659 – 2 – – – – 21,562 23,995 Total $ 462,241 $ 346,118 $ 8,012 $ 127,741 $ 42,302 $ 4,419 $ 35,776 $ 146,596 $ 47,415 $ 1,184,844 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $78.1 billion in mortgages guaranteed by Canada Mortgage Housing Corporation including 90% of privately insured mortgages. (3) Amounts for AIRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2020 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 73,406 $ – $ – $ – $ – $ – $ – $ – $ 3,054 $ 76,460 Precious metals – – – – – – – 1,181 – 1,181 Trading assets Securities – – – – – – – 108,331 – 108,331 Loans 1,640 – – 177 – – 1,470 6,535 – 8,352 Other – – – – – – – 1,156 – 1,156 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 119,747 – – – – – 119,747 Derivative financial instruments – – – – 45,065 – 39,294 – – 45,065 Investment securities 105,811 – – – – 3,056 – – 2,522 111,389 Loans: Residential mortgages (2) 83,606 200,985 – – – – – – 93 284,684 Personal loans – 91,435 2,314 – – – – – 9 93,758 Credit cards – 12,347 93 – – – – – 2,357 14,797 Business & government 206,607 3,649 6,974 – – – – – 433 217,663 Allowances for credit losses (3) (561 ) (944 ) – – – – – – (6,134 ) (7,639 ) Customers’ liability under acceptances 14,305 – – – – – – – (77 ) 14,228 Property and equipment – – – – – – – – 5,897 5,897 Investment in associates – – – – – – – – 2,475 2,475 Goodwill and other intangibles assets – – – – – – – – 17,015 17,015 Other (including Deferred tax assets) 1,844 936 – 10 – – – – 19,117 21,907 Total $ 486,658 $ 308,408 $ 9,381 $ 119,934 $ 45,065 $ 3,056 $ 40,764 $ 117,203 $ 46,761 $ 1,136,466 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $85.4 billion in mortgages guaranteed by Canada Mortgage Housing Corporation including 90% of privately insured mortgages. (3) Amounts for AIRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. (ii) Credit quality of non-retail Credit decisions are made based upon an assessment of the credit risk of the individual borrower or counterparty. Key factors considered in the assessment include: the borrower’s management; the borrower’s current and projected financial results and credit statistics; the industry in which the borrower operates; economic trends; and geopolitical risk. Banking units and Global Risk Management also review the credit quality of the credit portfolio across the organization on a regular basis to assess whether economic trends or specific events may affect the performance of the portfolio. The Bank’s non-retail Internal grades (IG) are used to differentiate the risk of default of a borrower. The following table cross references the Bank’s internal borrower grades with equivalent ratings categories utilized by external rating agencies: Cross referencing of internal ratings to external ratings (1) Equivalent External Rating S&P Moody’s DBRS Internal Grade Internal Grade Code PD Range (2) AAA to AA+ Aaa to Aa1 AAA to AA (high) 99 – 98 0.0000% – 0.0428% AA to A+ Aa2 to A1 AA to A (high) 95 0.0428% – 0.1159% A to A- A2 to A3 A to A (low) Investment grade 90 0.0512% – 0.1271% BBB+ Baa1 BBB (high) 87 0.0800% – 0.2027% BBB Baa2 BBB 85 0.1143% – 0.2950% BBB- Baa3 BBB (low) 83 0.1632% – 0.4293% BB+ Ba1 BB (high) 80 0.2638% – 0.4731% BB Ba2 BB 77 0.4264% – 0.5215% BB- Ba3 BB (low) Non-Investment grade 75 0.5215% – 0.6892% B+ B1 B (high) 73 0.6892% – 1.3282% B to B- B2 to B3 B to B (low) 70 1.3282% – 2.5597% CCC+ Caa1 – 65 2.5597% – 9.3860% CCC Caa2 – Watch list 60 9.3860% – 17.8585% CCC- to CC Caa3 to Ca – 40 17.8585% –34.4434% – – – 30 34.4434% –58.6885% Default Default 21 100% (1) Applies to non-retail (2) PD ranges overlap across IG codes as the Bank utilizes two risk rating systems for its AIRB portfolios, and each risk rating system has its own separate IG to PD mapping. Non-retail The credit quality of the non-retail 2021 2020 Exposure at Default (1) As at October 31 ($ millions) Category of internal grades IG Code Drawn Undrawn Other (2) Total Total Investment grade 99 – 98 $ 100,203 $ 1,785 $ 14,202 $ 116,190 $ 127,534 95 30,814 10,281 21,170 62,265 82,782 90 27,327 18,280 29,930 75,537 70,781 87 29,080 20,388 15,166 64,634 63,904 85 24,191 17,237 11,410 52,838 45,973 83 31,292 16,891 8,357 56,540 53,969 Non-Investment 80 29,127 13,884 4,689 47,700 42,509 77 23,022 8,004 2,748 33,774 33,708 75 15,610 4,333 2,879 22,822 25,527 73 6,581 1,268 600 8,449 10,326 70 1,961 620 233 2,814 4,555 Watch list 65 737 82 483 1,302 1,224 60 884 536 206 1,626 1,802 40 593 84 19 696 506 30 92 – – 92 109 Default 21 1,110 50 68 1,228 1,555 Total $ 322,624 $ 113,723 $ 112,160 $ 548,507 $ 566,764 Government guaranteed residential mortgages (3) 73,044 – – 73,044 78,754 Total $ 395,668 $ 113,723 $ 112,160 $ 621,551 $ 645,518 (1) After credit risk mitigation. (2) Includes off-balance (3) These exposures are classified as sovereign exposures and are included in the non-retail Non-retail The non-retail Non-retail (iii) Credit quality of retail exposures The Bank’s retail portfolios consist of a number of relatively small loans to a large number of borrowers. The portfolios are distributed across Canada and a wide range of countries. As such, the portfolios inherently have a high degree of diversification. In addition, as of October 31, 2021, 31% of the Canadian banking residential mortgage portfolio is insured and the average loan-to-value Retail AIRB portfolio The data in the table below provides a distribution of the retail AIRB exposure within each PD range by asset class: As at October 31 ($ millions) 2021 2020 Exposure at default (1) Real estate secured Category of (PD) grades PD range Mortgages HELOC Qualifying Other retail Total Total Exceptionally Low 0.0000% – 0.0499% $ 56,714 $ 22,387 $ 11,594 $ 731 $ 91,426 $ 14,985 Very Low 0.0500% – 0.1999% 78,041 13,257 9,809 5,887 106,994 99,114 Low 0.2000% – 0.9999% 42,438 4,057 11,063 19,657 77,215 129,345 Medium Low 1.0000% – 2.9999% 9,320 – 5,037 6,387 20,744 20,162 Medium 3.0000% – 9.9999% 528 411 3,619 2,758 7,316 7,698 High 10.0000% – 19.9999% 223 58 200 436 917 631 Extremely High 20.0000% – 99.9999% 240 34 367 222 863 1,388 Default 100% 161 58 82 129 430 522 Total $ 187,665 $ 40,262 $ 41,771 $ 36,207 $ 305,905 $ 273,845 (1) After credit risk mitigation. Retail standardized portfolio The retail standardized portfolio of $91 billion as at October 31, 2021 (2020 – $87 billion) was comprised of residential mortgages, personal loans, credit cards and lines of credit to individuals, mainly in the Latin American and Caribbean region. Of the total retail standardized exposures, $55 billion (2020 – $48 billion) was represented by mortgages and loans secured by residential real estate, mostly with a loan-to-value (iv) Collateral Collateral held In the normal course of business, to reduce its exposure to counterparty credit risk, the Bank receives collateral for capital markets related activities. The following are examples of the terms and conditions customary to collateral for these types of transactions: • The risks and rewards of the pledged assets reside with the pledgor. • Additional collateral is required when the market value of the transaction exceeds thresholds agreed upon with the pledgor. • The Bank is normally permitted to sell or repledge the collateral it receives, although this right is specific to each agreement under which the collateral is pledged. • Upon satisfaction of the obligation, the Bank must return the pledged assets, unless the Bank has the right to sell or repledge the collateral it receives, in which case the Bank must return comparable collateral to the pledgor. As at October 31, 2021, the approximate market value of cash and securities collateral accepted that may be sold or repledged by the Bank was $192 billion (2020 – $176 billion). This collateral is held primarily in connection with reverse repurchase agreements, margin loans, securities lending and derivative transactions. The Bank also borrows securities under standard securities borrowing agreements that it is able to re-pledge. re-pledged re-pledged Collateral pledged In the normal course of business, securities and other assets are pledged to secure an obligation, participate in clearing or settlement systems, or operate in a foreign jurisdiction. Note 35(c) details the nature and extent of the Bank’s asset pledging activities. Asset pledging transactions are conducted under terms that are common and customary to standard derivative, securities financing, and other borrowing activities. Standard risk management controls are applied with respect to asset pledging. Assets acquired in exchange for loans The carrying value of assets acquired in exchange for loans as at October 31, 2021 was $257 million (2020 – $301 million) mainly comprised of real estate and was classified as either held for sale or held for use as appropriate. (b) Liquidity risk Liquidity risk is the risk that the Bank is unable to meet its financial obligations in a timely manner at reasonable prices. The Bank’s liquidity risk is subject to extensive risk management controls and is managed within the framework of policies and limits approved by the Board. The Board receives reports on risk exposures and performance against approved limits. The Asset-Liability Committee (ALCO) provides senior management oversight of liquidity risk. The key elements of the Bank’s liquidity risk management framework include: • liquidity risk measurement and management limits, including limits on maximum net cash outflow by currency over specified short-term horizons; • prudent diversification of its wholesale funding activities by using a number of different funding programs to access the global financial markets and manage its maturity profile, as appropriate; • large holdings of liquid assets to support its operations, which can generally be sold or pledged to meet the Bank’s obligations; • liquidity stress testing, including Bank-specific, global-systemic, and combination systemic/Bank-specific scenarios; and • liquidity contingency planning. The Bank’s foreign operations have liquidity management frameworks that are similar to the Bank’s framework. Local deposits are managed from a liquidity risk perspective based on the local management frameworks and regulatory requirements. (i) Commitments to extend credit In the normal course of business, the Bank enters into commitments to extend credit in the form of loans or other financings for specific amounts and maturities, subject to specific conditions. These commitments, which are not reflected on the Consolidated Statement of Financial Position, are subject to normal credit standards, financial controls and monitoring procedures. (ii) Derivative instruments The Bank is subject to liquidity risk relating to its use of derivatives to meet customer needs, generate revenues from trading activities, manage market and credit risks arising from its lending, funding and investment activities, and lower its cost of capital. The maturity profile of the notional amounts of the Bank’s derivative instruments is summarized in Note 10(b). (c) Market risk Market risk arises from changes in market prices and rates (including interest rates, credit spreads, equity prices, foreign exchange rates and commodity prices), the correlations between them, and their levels of volatility. Market risk is subject to extensive risk management controls, and is managed within the framework of market risk policies and limits approved by the Board. The ALCO and Market Risk Management and Policy Committee oversee the application of the framework set by the Board, and monitor the Bank’s market risk exposures and the activities that give rise to these exposures. The Bank uses a variety of metrics and models to measure and control market risk exposures. The measurements used are selected based on an assessment of the nature of risks in a particular activity. The principal measurement techniques are Value at Risk (VaR), stress testing, sensitivity analysis and simulation modeling. The Board reviews results from these metrics quarterly. Models are independently validated internally prior to implementation and are subject to formal periodic review. VaR is a statistical measure that estimates the potential loss in value of the Bank’s trading positions due to adverse market movements over a defined time horizon with a specified confidence level. The quality of the Bank’s VaR is validated by regular back testing analysis, in which the VaR is compared to theoretical and actual profit and loss results. To complement VaR, the Bank also uses stress testing to examine the impact that abnormally large swings in market factors and periods of prolonged inactivity might have on trading portfolios. The stress testing program is designed to identify key risks and ensure that the Bank’s capital can absorb potential losses from abnormal events. The Bank subjects its trading portfolios to a series of stress tests on a daily, weekly and monthly basis. In trading portfolios, sensitivity analysis is used to measure the effect of changes in risk factors, including prices and volatility, on financial products and portfolios. In non-trading (i) Non-trading Interest rate risk is the risk of loss due to the following: changes in the level, slope and curvature of the yield curve; the volatility of interest rates and changes in customer preferences (e.g. mortgage prepayment rates). The Bank actively manages its interest rate exposures with the objective of protecting and enhancing net interest income within established risk tolerances. Interest rate risk arising from the Bank’s funding and investment activities is managed in accordance with Board-approved policies and global limits, which are designed to control the risk to net interest income and economic value of shareholders’ equity. The income limit measures the effect of a specified shift in interest rates on the Bank’s annual net interest income over the next twelve months, while the economic value limit measures the impact of a specified change in interest rates on the present value of the Bank’s net assets. These calculations are based on models that consider a number of inputs and are on a constant balance sheet and make no assumptions for management actions that may mitigate the risk. Interest rate sensitivity Based on the Bank’s interest rate positions, the following table shows the pro-forma after-tax As at October 31 ($ millions) 2021 2020 Net interest income Economic value of equity Canadian Other Total Canadian Other Total Net interest Economic value 100 bp increase $ 123 $ 34 $ 157 $ (557 ) $ (309 ) $ (866 ) $ 134 $ (510) 25 bp decrease $ (38 ) $ (9 ) $ (47 ) $ 96 $ 58 $ 154 $ (38) $ 63 (ii) Non-trading Foreign currency risk is the risk of loss due to changes in spot and forward rates, and the volatility of currency exchange rates. Non-trading The Bank is subject to foreign currency risk on the earnings of its foreign operations. To manage this risk, foreign currency revenues and expenses, which are primarily denominated in U.S. dollars, are projected over a number of future fiscal quarters. The ALCO assesses economic data and forecasts to decide on the portion of the estimated future foreign currency revenues and expenses to hedge. Hedging instruments normally include foreign currency spot and forward contracts, as well as foreign currency options and swaps. As at October 31, 2021, a one percent increase (decrease) in the Canadian dollar against all currencies in which the Bank operates decreases (increases) the Bank’s before-tax (iii) Non-trading Equity risk is the risk of loss due to adverse movements in equity prices. Equity price risk is often classified into two categories: general equity risk, which refers to the sensitivity of an instrument or portfolio’s value to changes in the overall level of equity prices, and specific equity risk, which refers to that portion of an individual equity instrument’s price volatility that is determined by entity-specific characteristics. The Bank is exposed to equity risk through its equity investment portfolios, which are controlled by Board-approved portfolio and VaR limits. Equity investments include common and preferred shares, as well as a diversified portfolio of third-party managed funds. The majority of the Bank’s equity investment portfolios are managed by Group Treasury under the strategic direction of the ALCO. Group Treasury delegates the management of a portion of equity and equity-related portfolios to other external fund managers to take advantage of these fund managers’ expertise in particular market niches and products. The fair value of equity securities designated at FVOCI is shown in Note 12. (iv) Trading portfolio risk management The Bank’s policies, processes and controls for trading activities are designed to achieve a balance between pursuing profitable trading opportunities and managing earnings volatility within a framework of sound and prudent practices. Trading activities are primarily customer focused. Market risk arising from the Bank’s trading activities is managed in accordance with Board-approved policies and limits, including aggregate VaR and stress testing limits. Trading portfolios are marked-to-market marked-to-market one-day For the year ended October 31, 2021 ($ millions) As at October 31, 2021 Average High Low As at October 31, 2020 Credit spread plus interest rate $ 10.3 $ 11.9 $ 23.2 $ 4.5 $ 11.5 Credit spread 2.0 5.4 12.7 0.5 11.1 Interest rate 11.5 12.2 22.0 4.6 11.4 Equities 6.7 5.9 20.8 2.2 3.1 Foreign exchange 2.0 2.7 5.7 1.4 4.6 Commodities 1.3 3.9 8.7 1.0 5.0 Debt specific 1.5 2.8 5.1 1.5 5.2 Diversification effect (8.6 ) (13.1 ) n/a n/a (14.8 ) All-Bank $ 13.2 $ 14.1 $ 32.8 $ 7.9 $ 14.6 All-Bank $ 36.1 $ 36.2 $ 50.5 $ 22.0 $ 37.0 Below are the market risk capital requirements as at October 31, 2021. ($ millions) All-Bank $ 93 All-Bank (1) 353 Incremental risk charge 150 Standardized approach 53 Total market risk capital $ 649 ( 2 (1) A market risk capital add-on was applied in Q4 to reflect higher stressed VaR utilization from 2020 COVID-19 stress period. (2) Equates to $8,112 million of risk-weighted assets (October 31, 202 0 (d) Operational risk Operational risk is the risk of loss resulting from people, inadequate or failed processes and systems, or from external events. Operational risk includes third party risk management and legal risk but excludes strategic risk and reputational risk. It also exists in some form in each of the Bank’s business and support activities, and third parties to whom activities have been outsourced. It can result in financial loss, regulatory sanctions and damage to the Bank’s reputation. The Bank’s Operational Risk Management Framework outlines the Bank’s structured approach for effective management of enterprise-wide operational risk in a manner consistent with best practices and regulatory requirements. |
Acquisition and Divestitures
Acquisition and Divestitures | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Acquisition and Divestitures | 37 Acquisition and Divestitures Acquisition Scotiabank Chile On May 12, 2021, the Bank increased its ownership in Scotiabank Chile through the acquisition of an additional 7.0% stake from the non-controlling non-controlling shareholder The transaction negatively impacted Scotiabank’s Common Equity Tier 1 capital ratio by six basis points. Scotiabank Chile forms part of the International Banking business segment. Completed acquisitions impacting 2019 Banco Dominicano del Progreso, Dominican Republic On March 1, 2019, the Bank acquired 97.44% of the voting shares of Banco Dominicano del Progreso, a bank with operations in the Dominican Republic, in exchange for total consideration of $440 million in cash, including goodwill of $271 million. The acquired business forms part of the International Banking business segment. Banco Cencosud, Peru On March 1, 2019, the Bank acquired 51% of the voting shares of Banco Cencosud, Peru in exchange for total consideration of $133 million in cash. The Bank and Banco Cencosud will jointly manage the credit card operations and offer other products and services to customers in partnership for 15 years. The acquired business forms part of the International Banking business segment. Divestitures Closed divestitures impacting the current fiscal year Operations in Belize On March 31, 2021, the Bank completed the sale of its 100% interest in Scotiabank (Belize) Ltd. to Caribbean Investment Holdings Limited, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities related to this operation were derecognized on the closing date. The net impact to the Bank of this transaction was not significant. Operations in Antigua and Barbuda On September 1, 2021, the Bank announced that it has completed the sale of its banking operations in Antigua and Barbuda to Eastern Caribbean Amalgamated Bank Limited, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities related to this operation were derecognized on the closing date. The net impact to the Bank of this transaction is not significant. Closed divestitures impacting the prior fiscal years 2020 Thanachart Bank, Thailand On December 3, 2019, the Bank completed the sale to reduce its 49% interest in Thanachart Bank Public Company Limited (“TBank”) in Thailand, upon receiving regulatory approvals and satisfying closing conditions. As part of agreements entered into with ING Groep N.V., TBank, Thanachart Capital Public Co., Ltd and TMB Bank Public Company Limited (“TMB”) in August 2019, the Bank sold its 49% interest in TBank in exchange for cash and an approximately 6% ownership interest in the form of common shares in TMB. As per the agreements, TBank became a wholly-owned subsidiary of TMB. The shares held by the Bank in TMB, which were classified as investment securities measured at fair value through profit or loss, were sold during the fiscal year 2021. The carrying value of the Bank’s 49% interest in TBank of $3.6 billion was derecognized on the date of close and a net gain of approximately $426 million before tax ($414 million after tax) was recorded in Non-interest As part of the overall transaction, the Bank retained a 49% Pension fund operations in Colombia On December 13, 2019, the Bank completed the sale of its 51% interest in AFP Colfondos to an affiliate of AFP Habitat, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities of approximately $240 million and $53 million, respectively, in relation to these operations have been derecognized on the date of close and a total loss of approximately $112 million after tax and non-controlling Non-interest In the Consolidated Statement of Shareholder’s Equity, a gain of $27 million after tax was reclassified from AOCI to retained earnings related to investment securities designated as fair value through other comprehensive income, bringing the net impact of the divestiture to a net loss of $85 million. Operations in Puerto Rico and the U.S. Virgin Islands On December 31, 2019, the Bank completed the sale of its operations in Puerto Rico and the U.S. Virgin Islands (“USVI”) to Oriental Bank, a subsidiary of OFG Bancorp, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities of approximately $4,800 million and $4,166 million, respectively, in relation to these operations have been derecognized on the date of close and a total loss of approximately $424 million after tax (2020 – $22 million; 2019 – $402 million) was recorded in Non-interest points. Insurance and banking operations in El Salvador On January 31, 2020, the Bank completed the sale of its banking and insurance operations in El Salvador, including Scotiabank El Salvador, its subsidiaries and Scotia Seguros , All assets and liabilities of approximately $2,796 million and $2,481 million, respectively, in relation to these operations have been derecognized on the date of close and a total loss of approximately $164 million after tax (2020 – $28 million; 2019 – $136 million) was recorded in Non-interest Operations in British Virgin Islands On May 31, 2020, the Bank completed the sale of its banking operations in the British Virgin Islands to Republic Financial Holdings Limited, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities of approximately $631 million and $537 million, respectively, in relation to these operations have been derecognized on the date of close and a total gain of approximately $48 million after tax was recorded in Non-interest 2019 Pension and insurance operations in the Dominican Republic On April 30, 2019, the Bank completed the sale of Scotia Crecer AFP and Scotia Seguros, its pension and related insurance businesses in the Dominican Republic to Grupo Rizek, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities of approximately $111 million and $26 million, respectively, in relation to this business were derecognized on the date of close and a net gain of approximately $273 million after tax was recorded in Non-interest income – Other and reported in the Other segment. Banking operations in the Caribbean On October 31, 2019, the Bank completed the sale of its banking operations in seven non-core markets in the Caribbean (Anguilla, Dominica, Grenada, St. Kitts & Nevis, St. Lucia, St. Maarten, St. Vincent & the Grenadines) to Republic Financial Holdings Limited, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities of approximately $2,086 million and $2,069 million, respectively, in relation to these operations were derecognized on the date of close and a net gain of approximately $38 million after tax was recorded in Non-interest income – Other and reported in the Other segment. Divestiture announced that is expected to close in a future period Operations in Guyana On March 3, 2021, the Bank announced that it has entered into an agreement to sell its banking operations in Guyana to First Citizens Bank Limited. The transaction is subject to regulatory approvals and customary closing conditions. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the assets, liabilities, financial performance and cash flows of the Bank and all of its subsidiaries, after elimination of intercompany transactions and balances. Subsidiaries are defined as entities controlled by the Bank and exclude associates and joint arrangements. The Bank’s subsidiaries can be classified as entities controlled through voting interests or structured entities. The Bank consolidates a subsidiary from the date it obtains control. The Bank controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. For the Bank to control an entity, all of the three elements of control should be in existence: • power over the investee; • exposure, or rights, to variable returns from involvement with the investee; and • the ability to use power over the investee to affect the amount of the Bank’s returns. The Bank does not control an investee when it is acting as an agent. The Bank assesses whether it is an agent by determining whether it is primarily engaged to act on behalf of and for the benefit of another party or parties. The Bank reassesses whether it controls an investee if facts and circumstances indicate that one or more of the elements of control has changed. Voting-interest subsidiaries Control is presumed with an ownership interest of more than 50% of the voting rights in an entity unless there are other factors that indicate that the Bank does not control the entity despite having more than 50% of voting rights. The Bank may consolidate an entity when it owns less than 50% of the voting rights when it has one or more other attributes of power: • by virtue of an agreement, over more than half of the voting rights; • to govern the financial and operating policies of the entity under a statute or an agreement; • to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or • to govern the financial and operating policies of the entity through the size of its holding of voting rights relative to the size and dispersion of holding of the other vote holders and voting patterns at shareholder meetings (i.e., de facto control). Non-controlling non-controlling Structured entities Structured entities are designed to accomplish certain well-defined objectives and for which voting or similar rights are not the dominant factor in deciding who controls the entity. The Bank may become involved with structured entities either at the formation stage or at a later date. The Bank controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Bank consolidates all structured entities that it controls. Investments in associates An associate is an entity in which the Bank has significant influence, but not control, over the operating and financial policies of the entity. Investments in associates are recognized initially at cost, which includes the purchase price and other costs directly attributable to the purchase. Associates are accounted for using the equity method which reflects the Bank’s share of the increase or decrease of the post-acquisition earnings and other movements in the associate’s equity. Investments in associates are evaluated for impairment at the end of each financial reporting period, or more frequently if events or changes in circumstances indicate the existence of objective evidence of impairment. For purposes of applying the equity method for an investment that has a different reporting period from the Bank, adjustments are made for the effects of any significant events or transactions that occur between the reporting date of the investment and the reporting date of the Bank. Joint arrangements The Bank’s investments in joint arrangements over which the Bank has joint control are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. Similar to accounting for investment in associates, for joint ventures, investments are recognized initially at cost and accounted for using the equity method which reflects the Bank’s share of the increase or decrease of the post-acquisition earnings and other movements in the joint venture’s equity. Investments in joint ventures are evaluated for impairment at the end of each financial reporting period, or more frequently if events or changes in circumstances indicate the existence of objective evidence of impairment. For joint operations, the Bank recognizes its direct rights to, and its share of jointly held assets, liabilities, revenues and expenses of joint operations. These have been incorporated in the consolidated financial statements under the appropriate headings. |
Translation of foreign currencies | Translation of foreign currencies The financial statements of each of the Bank’s foreign operations are measured using its functional currency, being the currency of the primary economic environment of the foreign operation. Translation gains and losses related to the Bank’s monetary items are recognized in non-interest non-monetary non-monetary non-monetary non-monetary Unrealized gains and losses arising upon translation of foreign operations, together with any gains or losses arising from hedges of those net investment positions to the extent effective, are credited or charged to net change in unrealized foreign currency translation gains/losses in other comprehensive income in the Consolidated Statement of Comprehensive Income. On disposal or meeting the definition of partial disposal of a foreign operation, an appropriate portion of the translation differences previously recognized in other comprehensive income are recognized in the Consolidated Statement of Income. |
Financial assets and liabilities | Financial assets and liabilities Recognition and initial measurement The Bank, on the date of origination or purchase, recognizes loans, debt and equity securities, deposits and subordinated debentures at the fair value of consideration paid. Regular-way The initial measurement of a financial asset or liability is at fair value plus transaction costs that are directly attributable to its purchase or issuance. For instruments measured at fair value through profit or loss, transaction costs are recognized immediately in profit or loss. Classification and measurement, derecognition, and impairment of financial instruments Classification and measurement Classification and measurement of financial assets Financial assets include both debt and equity instruments, and are classified into one of the following measurement categories: • Amortized cost; • Fair value through other comprehensive income (FVOCI); • Fair value through profit or loss (FVTPL); • Elected at fair value through other comprehensive income (Equities only); or • Designated at FVTPL Debt instruments Debt instruments, including loans and debt securities, are classified into one of the following measurement categories: • Amortized cost; • Fair value through other comprehensive income (FVOCI); • Fair value through profit or loss (FVTPL); or • Designated at FVTPL Classification of debt instruments is determined based on: (i) The business model under which the asset is held; and (ii) The contractual cash flow characteristics of the instrument. Business model assessment Business model assessment involves determining how financial assets are managed in order to generate cash flows. The Bank’s business model assessment is based on the following categories: • Held to collect: The objective of the business model is to hold assets and collect contractual cash flows. Any sales of the asset are incidental to the objective of the model. • Held to collect and for sale: Both collecting contractual cash flows and sales are integral to achieving the objectives of the business model. • Other business model: The business model is neither held-to-collect held-to-collect The Bank assesses business model at a portfolio level reflective of how groups of assets are managed together to achieve a particular business objective. For the assessment of a business model, the Bank takes into consideration the following factors: • How the performance of assets in a portfolio is evaluated and reported to group heads and other key decision makers within the Bank’s business lines; • How compensation is determined for the Bank’s business lines’ management that manages the assets; • How the business lines’ management is compensated for managing the Bank’s assets based on the fair value or the contractual cash flows collected; • Whether the assets are held for trading purposes; • The risks that affect the performance of assets held within a business model and how those risks are managed; and • The frequency and volume of sales in prior periods and expectations about future sales activity. Contractual cash flow characteristics assessment The contractual cash flow characteristics assessment involves assessing the contractual features of an instrument to determine if they give rise to cash flows that are consistent with a basic lending arrangement. Contractual cash flows are consistent with a basic lending arrangement if they represent cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Principal is defined as the fair value of the instrument at initial recognition. Principal may change over the life of the instrument due to repayments or amortization of premium/discount. Interest is defined as the consideration for the time value of money and the credit risk associated with the principal amount outstanding and for other basic lending risks and costs (liquidity risk and administrative costs), and a profit margin. If the Bank identifies any contractual features that could significantly modify the cash flows of the instrument such that they are no longer consistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. Debt instruments measured at amortized cost Debt instruments are measured at amortized cost if they are held within a business model whose objective is to hold for collection of contractual cash flows where those cash flows represent solely payments of principal and interest. After initial measurement, debt instruments in this category are carried at amortized cost. Interest income on these instruments is recognized in interest income using the effective interest rate method. The effective interest rate is the rate that discounts estimated future cash payments or receipts through the expected life of the financial asset to the gross carrying amount of a financial asset. Amortized cost is calculated by taking into account any discount or premium on acquisition, transaction costs and fees that are an integral part of the effective interest rate. Impairment on debt instruments measured at amortized cost is calculated using the expected credit loss approach. Loans and debt securities measured at amortized cost are presented net of the allowance for credit losses (ACL) in the Statement of Financial Position. Debt instruments measured at FVOCI Debt instruments are measured at FVOCI if they are held within a business model whose objective is to hold for collection of contractual cash flows and for selling financial assets, where the assets’ cash flows represent payments that are solely payments of principal and interest. Subsequent to initial recognition, unrealized gains and losses on debt instruments measured at FVOCI are recorded in other comprehensive income (OCI), unless the instrument is designated in a fair value hedge relationship. When designated in a fair value hedge relationship, any changes in fair value due to changes in the hedged risk are recognized in Non-interest Non-interest Impairment on debt instruments measured at FVOCI is determined using the expected credit loss approach. The ACL on debt instruments measured at FVOCI does not reduce the carrying amount of the asset in the Consolidated Statement of Financial Position, which remains at its fair value. Instead, an amount equal to the allowance that would arise if the assets were measured at amortised cost is recognised in OCI with a corresponding charge to Provision for credit losses in the Consolidated Statement of Income. The accumulated allowance recognised in OCI is recycled to the Consolidated Statement of Income upon derecognition of the debt instrument. Debt instruments measured at FVTPL Debt instruments are measured at FVTPL if assets: (i) are held for trading purposes; (ii) are held as part of a portfolio managed on a fair value basis; or (iii) whose cash flows do not represent payments that are solely payments of principal and interest. These instruments are measured at fair value in the Consolidated Statement of Financial Position, with transaction costs recognized immediately in the Consolidated Statement of Income as part of Non-interest Non-interest Debt instruments designated at FVTPL Financial assets classified in this category are those that have been designated by the Bank upon initial recognition, and once designated, the designation is irrevocable. The FVTPL designation is available only for those financial assets for which a reliable estimate of fair value can be obtained. Financial assets are designated at FVTPL if doing so eliminates or significantly reduces an accounting mismatch which would otherwise arise. Financial assets designated at FVTPL are recorded in the Consolidated Statement of Financial Position at fair value. Changes in fair value are recognized in Non-interest Equity instruments Equity instruments are classified into one of the following measurement categories: • Fair value through profit or loss (FVTPL); or • Elected at fair value through other comprehensive income (FVOCI). Equity instruments measured at FVTPL Equity instruments are measured at FVTPL, unless an election is made to designate them at FVOCI upon purchase, with transaction costs recognized immediately in the Consolidated Statement of Income as part of Non-interest Non-interest Equity instruments measured at FVOCI At initial recognition, there is an irrevocable option for the Bank to classify non-trading instrument-by-instrument Gains and losses on these instruments, including when derecognized/sold, are recorded in OCI and are not subsequently reclassified to the Consolidated Statement of Income. As such, there is no specific impairment requirement. Dividends received are recorded in Interest income in the Consolidated Statement of Income. Any transaction costs incurred upon purchase of the security are added to the cost basis of the security and are not reclassified to the Consolidated Statement of Income on sale of the security. Classification and measurement of financial liabilities Financial liabilities are classified into one of the following measurement categories: • Fair value through profit or loss (FVTPL); • Amortized cost; or • Designated at FVTPL. Financial liabilities measured at FVTPL Financial liabilities measured at FVTPL are held principally for the purpose of repurchasing in the near term, or form part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short term profit-taking. Financial liabilities are recognized on a trade date basis and are accounted for at fair value, with changes in fair value and any gains or losses recognized in the Consolidated Statement of Income as part of the non-interest Financial liabilities measured at amortized cost Deposits, subordinated notes and debentures are accounted for at amortized cost. Interest on deposits, calculated using the effective interest rate method, is recognized as interest expense. Interest on subordinated notes and debentures, including capitalized transaction costs, is recognized using the effective interest rate method as interest expense. Financial liabilities designated at FVTPL Financial liabilities classified in this category are those that have been designated by the Bank upon initial recognition, and once designated, the designation is irrevocable. The FVTPL designation is available only for those financial liabilities for which a reliable estimate of fair value can be obtained. Financial liabilities are designated at FVTPL when one of the following criteria is met: • The designation eliminates or significantly reduces an accounting mismatch which would otherwise arise; or • A group of financial liabilities are managed and their performance is evaluated on a fair value basis, in accordance with a documented risk management strategy; or • The financial liability contains one or more embedded derivatives which significantly modify the cash flows otherwise required. Financial liabilities designated at FVTPL are recorded in the Consolidated Statement of Financial Position at fair value. Any changes in fair value are recognized in Non-interest Determination of fair value Fair value of a financial asset or liability is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants in the principal, or in its absence, the most advantageous market to which the Bank has access at the measurement date. The Bank values instruments carried at fair value using quoted market prices, where available. Fair value based on unadjusted quoted market prices for identical instruments in active markets represents a Level 1 valuation. When quoted market prices are not available, the Bank maximizes the use of observable inputs within valuation models. When a fair value is based on all significant market observable inputs, the valuation is classified as Level 2. Valuations that require the significant use of unobservable inputs are considered Level 3. Inception gains and losses are only recognized where the valuation is dependent on observable market data; otherwise, they are deferred and amortized over the life of the related contract or until the valuation inputs become observable. IFRS 13, Fair Value Measurement exception through an accounting policy choice. Consequently, the fair values of certain portfolios of financial instruments are determined based on the net exposure of those instruments to particular market, credit or funding risk. In determining fair value for certain instruments or portfolios of instruments, valuation adjustments or reserves may be required to arrive at a more accurate representation of fair value. These adjustments include those made for credit risk, bid-offer |
Derecognition of financial assets and liabilities | Derecognition of financial assets and liabilities Derecognition of financial assets A financial asset is derecognized when the contractual rights to the cash flows from the asset has expired; or the Bank transfers the contractual rights to receive the cash flows from the financial asset; or has assumed an obligation to pay those cash flows to an independent third-party; or the Bank has transferred substantially all the risks and rewards of ownership of that asset to an independent third-party. Management determines whether substantially all the risk and rewards of ownership have been transferred by quantitatively comparing the variability in cash flows before and after the transfer. If the variability in cash flows remains significantly similar subsequent to the transfer, the Bank has retained substantially all of the risks and rewards of ownership. Where substantially all the risks and rewards of ownership of the financial asset are neither retained nor transferred, the Bank derecognizes the transferred asset only if it has lost control over that asset. Control over the asset is represented by the practical ability to sell the transferred asset. If the Bank retains control over the asset, it will continue to recognize the asset to the extent of its continuing involvement. At times such continuing involvement may be in the form of investment in senior or subordinated tranches of notes issued by non-consolidated On derecognition of a financial asset, the difference between the carrying amount and the sum of (i) the consideration received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been recognized in other comprehensive income is recognized in the Consolidated Statement of Income. Transfers of financial assets that do not qualify for derecognition are reported as secured financings in the Consolidated Statement of Financial Position. The derecognition criteria are applied to the transfer of part of an asset, rather than the asset as a whole, only if such part comprises specifically identified cash flows from the asset, a fully proportionate share of the cash flows from the asset, or a fully proportionate share of specifically identified cash flows from the asset. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, canceled or expires. If an existing financial liability is replaced by another from the same counterparty on substantially different terms, or the terms of the existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability at fair value. The difference in the respective carrying amount of the existing liability and the new liability is recognized as a gain/loss in the Consolidated Statement of Income. Impairment Scope The Bank applies a three-stage approach to measure allowance for credit losses, using an expected credit loss approach as required under IFRS 9, for the following categories of financial instruments that are not measured at fair value through profit or loss: • Amortized cost financial assets; • Debt securities classified as at FVOCI; • Off-balance • Financial guarantee contracts. Expected credit loss impairment model The Bank’s allowance for credit losses calculations are outputs of models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. The expected credit loss impairment model reflects the present value of all cash shortfalls related to default events either (i) over the following twelve months or (ii) over the expected life of a financial instrument depending on credit deterioration from inception. The allowance for credit losses reflects an unbiased, probability-weighted outcome which considers multiple scenarios based on reasonable and supportable forecasts. This impairment model measures credit loss allowances using a three-stage approach based on the extent of credit deterioration since origination: • Stage 1 – Where there has not been a significant increase in credit risk (SIR) since initial recognition of a financial instrument, an amount equal to 12 months expected credit loss is recorded. The expected credit loss is computed using a probability of default occurring over the next 12 months. For those instruments with a remaining maturity of less than 12 months, a probability of default corresponding to remaining term to maturity is used. • Stage 2 – When a financial instrument experiences a SIR subsequent to origination but is not considered to be in default, it is included in Stage 2. This requires the computation of expected credit loss based on the probability of default over the remaining estimated life of the financial instrument. • Stage 3 – Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance for credit losses captures the lifetime expected credit losses. Measurement of expected credit loss The probability of default (PD), exposure at default (EAD), and loss given default (LGD) inputs used to estimate expected credit losses are modelled based on macroeconomic variables that are most closely related with credit losses in the relevant portfolio. Details of these statistical parameters/inputs are as follows: • PD – The probability of default is an estimate of the likelihood of default over a given time horizon. A default may only happen at a certain time over the remaining estimated life, if the facility has not been previously derecognized and is still in the portfolio. • EAD – The exposure at default is an estimate of the exposure at a future default date, taking into account expected changes in the exposure after the reporting date, including repayments of principal and interest, whether scheduled by contract or otherwise, expected drawdowns on committed facilities, and accrued interest from missed payments. • LGD – The loss given default is an estimate of the loss arising in the case where a default occurs at a given time. It is based on the difference between the contractual cash flows due and those that the lender would expect to receive, including from the realization of any collateral. It is usually expressed as a percentage of the EAD. Forward-looking information The estimation of expected credit losses for each stage and the assessment of significant increases in credit risk consider information about past events and current conditions as well as reasonable and supportable forecasts of future events and economic conditions. The estimation and application of forward-looking information may require significant judgment. Macroeconomic factors In its models, the Bank relies on a broad range of forward-looking economic information as inputs, such as: GDP growth, unemployment rates, central bank interest rates, and house-price indices. The inputs and models used for calculating expected credit losses may not always capture all characteristics of the market at the date of the financial statements. Qualitative adjustments or overlays may be made as temporary adjustments using expert credit judgment. Multiple forward-looking scenarios The Bank determines its allowance for credit losses using four probability-weighted forward-looking scenarios. The Bank considers both internal and external sources of information and data in order to achieve an unbiased projections and forecasts. The Bank prepares the scenarios using forecasts generated by Scotiabank Economics (SE). The forecasts are created using internal and external models which are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of relevant economic variables as well as a representative range of other possible forecast scenarios. The process involves the development of three additional economic scenarios and consideration of the relative probabilities of each outcome. The ‘base case’ represents the most likely outcome and is aligned with information used by the Bank for other purposes such as strategic planning and budgeting. The other scenarios represent more optimistic and more pessimistic outcomes. The Bank has identified and documented key drivers of credit risk and credit losses for each portfolio of financial instruments and, using an analysis of historical data, has estimated relationships between macroeconomic variables, credit risk, and credit losses. Assessment of significant increase in credit risk (SIR) At each reporting date, the Bank assesses whether there has been a significant increase in credit risk for exposures since initial recognition by comparing the risk of default occurring over the remaining expected life from the reporting date and the date of initial recognition. The assessment considers borrower-specific quantitative and qualitative information without consideration of collateral, and the impact of forward-looking macroeconomic factors. The common assessments for SIR on retail and non-retail Retail portfolio – For retail exposures, a significant increase in credit risk cannot be assessed using forward looking information at an individual account level. Therefore, the assessment must be done at the segment level. Segment migration thresholds exist for each PD model by product which considers the proportionate change in PD as well as the absolute change in PD. The thresholds used for PD migration are reviewed and assessed at least annually, unless there is a significant change in credit risk management practices in which case the review is brought forward. Non-retail non-retail non-retail non-borrower Expected life When measuring expected credit loss, the Bank considers the maximum contractual period over which the Bank is exposed to credit risk. All contractual terms are considered when determining the expected life, including prepayment, and extension and rollover options. For certain revolving credit facilities, such as credit cards, the expected life is estimated based on the period over which the Bank is exposed to credit risk and how the credit losses are mitigated by management actions. Presentation of allowance for credit losses in the Statement of Financial Position • Financial assets measured at amortized cost: as a deduction from the gross carrying amount of the financial assets; • Debt instruments measured at fair value through other comprehensive income: no allowance is recognized in the Statement of Financial Position because the carrying value of these assets is their fair value. However, the allowance determined is presented in the accumulated other comprehensive income; • Off-balance Modified financial assets If the terms of a financial asset are modified or an existing financial asset is replaced with a new one, an assessment is made to determine if the existing financial asset should be derecognized. Where a modification does not result in derecognition, the date of origination continues to be used to determine SIR. Where a modification results in derecognition, the new financial asset is recognized at its fair value on the modification date. The modification date is also the date of origination for this new asset. The Bank may modify the contractual terms of loans for either commercial or credit reasons. The terms of a loan in good standing may be modified for commercial reasons to provide competitive pricing to borrowers. Loans are also modified for credit reasons where the contractual terms are modified to grant a concession to a borrower that may be experiencing financial difficulty. For all financial assets modifications of the contractual terms may result in derecognition of the original asset when the changes to the terms of the loans are considered substantial. These terms include interest rate, authorized amount, term, or type of underlying collateral. The original loan is derecognized and the new loan is recognized at its fair value. The difference between the carrying value of the derecognized asset and the fair value of the new asset is recognized in the Consolidated Statement of Income. For all loans, performing and credit-impaired, where the modification of terms did not result in the derecognition of the loan, the gross carrying amount of the modified loan is recalculated based on the present value of the modified cash flows discounted at the original effective interest rate and any gain or loss from the modification is recorded in the provision for credit losses line in the Consolidated Statement of Income. Definition of default The Bank considers a financial instrument to be in default as a result of one or more loss events that occurred after the date of initial recognition of the instrument and the loss event has a negative impact on the estimated future cash flows of the instrument that can be reliably estimated. This includes events that indicate: • significant financial difficulty of the borrower; • default or delinquency in interest or principal payments; • high probability of the borrower entering a phase of bankruptcy or a financial reorganization; • measurable decrease in the estimated future cash flows from the loan or the underlying assets that back the loan. The Bank considers that default has occurred and classifies the financial asset as impaired when it is more than 90 days past due, with the exception of credit card receivables that are treated as defaulted when 180 days past due, unless reasonable and supportable information demonstrates that a more lagging default criterion is appropriate. Write-off The Bank writes off an impaired financial asset (and the related impairment allowance), either partially or in full, when there is no realistic prospect of recovery. Where financial assets are secured, write-off write-off written-off. Purchased loans All purchased loans are initially measured at fair value on the date of acquisition. As a result no allowance for credit losses would be recorded in the Consolidated Statement of Financial Position on the date of acquisition. Purchased loans may fit into either of the two categories: Performing loans or Purchased Credit Impaired (PCI) loans. Purchased performing loans follow the same accounting as originated performing loans and are reflected in Stage 1 on the date of the acquisition. They will be subject to a 12-month PCI loans are reflected in Stage 3 and are always subject to lifetime allowance for credit losses. Any changes in the expected cash flows since the date of acquisition are recorded as a charge/recovery in the provision for credit losses in the Consolidated Statement of Income at the end of all reporting periods subsequent to the date of acquisition. Modification of financial instruments in the context of interest rate benchmark reform – Phase 2 amendments Effective November 1, 2020 When the basis for determining the contractual cash flows of a financial asset or financial liability measured at amortized cost is changed as a result of interest rate benchmark reform (IBOR reform), the Bank updates the effective interest rate of the financial asset or financial liability similar to a floating rate financial instrument and does not derecognize or adjust the carrying amount (the practical expedient). The practical expedient is applied only when the modification is required as a direct consequence of IBOR reform, and the new basis for determining the contractual cash flows is economically equivalent to the previous basis. If changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by the interest rate benchmark reform, then the Bank sequentially updates the effective interest first to reflect the change required by IBOR reform and then applies its policies on modification or derecognition of financial assets and financial liabilities. Offsetting of financial instruments Financial assets and financial liabilities with the same counterparty are offset, with the net amount reported in the Consolidated Statement of Financial Position, only if there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. When financial assets and financial liabilities are offset in the Consolidated Statement of Financial Position, the related income and expense items will also be offset in the Consolidated Statement of Income, unless specifically prohibited by an applicable accounting standard. Cash and deposits with financial institutions Cash and deposits with financial institutions comprises cash, cash equivalents, demand deposits with banks and other financial institutions, highly liquid investments that are readily convertible to cash, subject to insignificant risk of changes in value. These investments are those with less than three months maturity from the date of acquisition. Precious metals Precious metals are carried at fair value less costs to sell, and any changes in value are credited or charged to non-interest Securities purchased and sold under resale agreements Securities purchased under resale agreements (reverse repurchase agreements) require the purchase of securities by the Bank from a counterparty with an agreement entered to resell the securities at a fixed price at a future date. Since the Bank is reselling the securities at a fixed price at a future date, the risks and rewards have not been transferred to the Bank. The Bank has the right to liquidate the securities purchased in the event of counterparty default. Whereas securities sold under agreements to repurchase (repurchase agreements) require the sale of securities by the Bank to a counterparty with an agreement entered simultaneously to purchase the securities back at a fixed price at a future date. Since the Bank is purchasing the securities back at a fixed price at a future date, the risks and rewards have not been transferred from the Bank. The counterparty has the right to use the collateral pledged by the Bank in the event of default. These agreements are treated as collateralized financing arrangements and are initially recognized at amortized cost. The party disbursing the cash takes possession of the securities serving as collateral for the financing and having a market value equal to, or in excess of, the principal amount loaned. The securities received under reverse repurchase agreements and securities delivered under repurchase agreements are not recognized on, or derecognized from, the Consolidated Statement of Financial Position, unless the risks and rewards of ownership are obtained or relinquished. The related interest income and interest expense are recorded on an accrual basis using the effective interest rate in the Consolidated Statement of Income. Obligations related to securities sold short Obligations related to securities sold short arise in dealing and market-making activities where debt securities and equity shares are sold without possessing such securities. Similarly, if securities purchased under an agreement to resell are subsequently sold to third parties, the obligation to return the securities is recorded as a short sale within obligations related to securities sold short in the Consolidated Statement of Financial Position. These trading liabilities are measured at fair value with any gains or losses included in non-interest Securities lending and borrowing Securities lending and borrowing transactions are usually collateralized by securities or cash. The transfer of the securities to counterparties is only reflected on the Consolidated Statement of Financial Position if the risks and rewards of ownership are also transferred. For cash collateral advanced or received, the Bank presents these transactions as securities sold under repurchase agreement or securities purchased under reverse repurchase agreement, respectively. Interest income on cash collateral paid and interest expense on cash collateral received together with securities lending income and securities borrowing fee are reported in the Consolidated Statement of Income. Securities borrowed are not recognized on the Consolidated Statement of Financial Position unless they are then sold to third parties, in which case the obligation to return the securities is recorded as a trading liability and measured at fair value with any gains or losses included in non-interest Derivative instruments Derivative instruments are contracts whose value is derived from interest rates, foreign exchange rates, commodity prices, equity prices or other financial variables. Most derivative instruments can be characterized as interest rate contracts, foreign exchange and gold contracts, commodity contracts, equity contracts or credit contracts. Derivative instruments are either exchange-traded contracts or negotiated over-the-counter over-the-counter The Bank enters into these derivative contracts for trading purposes, as well as to manage its risk exposures (i.e., to manage the Bank’s non-trading Derivatives embedded in other financial liabilities or host contracts are treated as separate stand-alone derivatives when the following conditions are met: • their economic characteristics and risks are not closely related to those of the host contract; • a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and • the combined contract is not held for trading or designated at fair value through profit or loss. Where an embedded derivative is separable from the host contract but the fair value, as at the acquisition or reporting date, cannot be reliably measured separately, the entire combined contract is measured at fair value. All embedded derivatives are presented on a combined basis with the host contracts although they are separated for measurement purposes when conditions requiring separation are met. Subsequent changes in fair value of embedded derivatives are recognized in non-interest All derivatives, including embedded derivatives that must be separately accounted for, are recorded at fair value in the Consolidated Statement of Financial Position. The determination of the fair value of derivatives includes consideration of credit risk, estimated funding costs and ongoing direct costs over the life of the instruments. Inception gains or losses on derivatives are only recognized where the valuation is dependent only on observable market data, otherwise, they are deferred and amortized over the life of the related contract, or until the valuation inputs become observable. The gains and losses resulting from changes in fair values of trading derivatives are included in non-interest Changes in the fair value of non-trading non-interest non-interest Changes in the fair value of derivatives that qualify for hedge accounting are recorded as non-interest |
Hedge accounting | Hedge accounting The Bank has elected to continue to apply the hedge accounting requirements of IAS 39. Also, the Bank has implemented the additional hedge accounting disclosures that are required by the IFRS 9 related amendments to IFRS 7 “Financial Instruments: Disclosures”. The Bank formally documents all hedging relationships and its risk management objective and strategy for undertaking these hedge transactions at inception. The hedge documentation includes identification of the asset, liability, firm commitment or highly probable forecasted transaction being hedged, the nature of the risk being hedged, the hedging instrument used and the method used to assess the effectiveness of the hedge. The Bank also formally assesses, both at each hedge’s inception and on an ongoing basis, whether the hedging instruments are highly effective in offsetting changes in fair value or cash flows of the hedged items within 80-125% 80-125% Hedge ineffectiveness is measured and recorded in non-interest 24-month There are three types of hedges: (i) fair value hedges, (ii) cash flow hedges and (iii) net investment hedges. Fair value hedges For fair value hedges, the change in fair value of the hedging instrument is offset in the Consolidated Statement of Income by the change in fair value of the hedged item attributable to the hedged risk. For hedges that are discontinued, the hedged item is no longer adjusted for changes in fair value. The cumulative fair value adjustment of the hedged item is amortized to interest income over its remaining term to maturity or written off to non-interest income directly if the hedged item ceases to exist. The Bank utilizes fair value hedges primarily to convert fixed rate financial instruments to floating rate financial instruments. Hedged items include debt securities, loans, deposit liabilities and subordinated debentures. Hedging instruments include single-currency interest rate swaps and cross-currency interest rate swaps. Cash flow hedges For cash flow hedges, the change in fair value of the hedging instrument, to the extent effective, is recorded in other comprehensive income until the corresponding gains and losses on the hedged item are recognized in income. For hedges that are discontinued, the cumulative unrealized gain or loss recognized in other comprehensive income is reclassified to interest income and/or salaries and employee benefits as the variability in the cash flows of hedged item affects income. However, if the hedged item is derecognized or the forecasted transaction is no longer expected to occur, the unrealized gain or loss is reclassified immediately to non-interest income and/or salaries and employee benefits. The Bank utilizes cash flow hedges primarily to hedge the variability in cash flows relating to floating rate financial instruments and highly probable forecasted revenues and expenses. Hedged items include debt securities, loans, deposit liabilities, subordinated debentures and highly probable forecasted transactions. Hedging instruments include single-currency interest rate swaps, cross-currency interest rate swaps, total return swaps, foreign currency forwards and foreign currency assets or liabilities. For the Bank’s cash flow hedges of forecasted transactions that are directly affected by the IBOR Reform, it is assumed that the benchmark interest rate will not be altered as a result of the IBOR Reform for purposes of assessing whether the transactions are highly probable or whether the transactions are still expected to occur. Net investment hedges For net investment hedges, the change in fair value of the hedging instrument, to the extent effective, is recorded in other comprehensive income until the corresponding cumulative translation adjustments on the hedged net investment are recognized in income. The Bank designates foreign currency liabilities and foreign currency forwards as hedging instruments to manage the foreign currency exposure and impact on capital ratios arising from foreign operations. |
Property and equipment | Property and equipment Land is non-interest year-end When major components of building and equipment have different useful lives, they are accounted for separately and depreciated over each component’s estimated useful life. Net gains and losses on disposal are included in non-interest |
Assets held-for-sale | Assets held-for-sale Non-current non-financial as held-for-sale held-for-sale Non-current non-financial held-for-sale non-interest non-interest Non-financial held-for-sale held-for-use. held-for-sale, held-for-use, |
Business combinations and goodwill | Business combinations and goodwill The Bank follows the acquisition method of accounting for the acquisition of subsidiaries. The Bank considers the date on which control is obtained and it legally transfers the consideration for the acquired assets and assumed liabilities of the subsidiary to be the date of acquisition. The cost of an acquisition is measured at the fair value of the consideration paid. The fair value of the consideration transferred by the Bank in a business combination is calculated as the sum of the acquisition date fair value of the assets transferred by the Bank, the liabilities incurred by the Bank to former owners of the acquiree, and the equity interests, including any options, issued by the Bank. The Bank recognizes the acquisition date fair values of any previously held investment in the subsidiary and contingent consideration as part of the consideration transferred in exchange for the acquisition. A gain or loss on any previously held investments of an acquiree is recognized in non-interest In general, all identifiable assets acquired (including intangible assets) and liabilities assumed (including any contingent liabilities) are measured at the acquisition date fair value. The Bank records identifiable intangible assets irrespective of whether the assets have been recognized by the acquiree before the business combination. Non-controlling non-controlling non-controlling non-controlling Effective November 1, 2020, the narrow scope amendment as required by IFRS 3 Business Combinations Any excess of the cost of acquisition over the Bank’s share of the net fair value of the identifiable assets acquired and liabilities assumed is recorded as goodwill. If the cost of acquisition is less than the fair value of the Bank’s share of the identifiable assets acquired and liabilities assumed, the resulting gain is recognized immediately in non-interest During the measurement period (which is within one year from the acquisition date), the Bank may, on a retrospective basis, adjust the amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date. The Bank accounts for acquisition-related costs as expenses in the periods in which the costs are incurred and the services are received. Subsequent to acquisition, the Bank accounts for the following assets and liabilities recognized in a business combination as described below: • Contingent liabilities, until resolved, are measured at the higher of the amount that would be recognized as a provision or the amount initially recognized, with any change recognized in the Consolidated Statement of Income. • Indemnification assets are measured on the same basis as the item to which the indemnification relates. • Contingent consideration classified as a liability is measured at fair value, with any change recognized in the Consolidated Statement of Income. • Liabilities to non-controlling After initial recognition of goodwill in a business combination, goodwill in aggregate is measured at cost less any accumulated impairment losses. Goodwill is not amortized but tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Goodwill is reviewed at each reporting date to determine whether there is any indication of impairment. For the purpose of impairment testing, goodwill acquired in a business combination is, on the acquisition date, allocated to each of the Bank’s group of cash-generating units (CGUs) that is expected to benefit from the combination. CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal management purposes. Goodwill impairment, at a standalone subsidiary level, may not in itself result in an impairment at the consolidated Bank level. The Bank determines the carrying value of the CGU using a regulatory capital approach based on credit, market, and operational risks, and leverage, consistent with the Bank’s capital attribution for business line performance measurement. The recoverable amount is the greater of fair value less costs of disposal and value in use. If either fair value less costs of disposal or value in use exceeds the carrying amount, there is no need to determine the other. The recoverable amount of the CGU has been determined using the fair value less costs of disposal method. The estimation of fair value less costs of disposal involves significant judgment in the determination of inputs. In determining fair value less costs of disposal, an appropriate valuation model is used which considers various factors including normalized net income, control premiums and price earnings multiples. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available fair value indicators. An impairment loss is recognized if the carrying amount of the CGU exceeds the recoverable amount. An impairment loss, in respect of goodwill, is not reversed. |
Intangible assets | Intangible assets Intangible assets represent identifiable non-monetary The cost of a separately acquired intangible asset includes its purchase price and directly attributable costs of preparing the asset for its intended use. Intangibles acquired as part of a business combination are initially recognized at fair value. In respect of internally generated intangible assets, cost includes all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. After initial recognition, an intangible asset is carried at its cost less any accumulated amortization and accumulated impairment losses. Intangible assets that have finite useful lives are initially measured at cost and are amortized on a straight-line basis over their useful lives as follows: computer software – 5 to 10 years; and other intangible assets – 5 to 20 years. Amortization expense is included in the Consolidated Statement of Income under operating expenses – depreciation and amortization. As intangible assets are considered to be non-financial non-financial |
Impairment of non-financial assets | Impairment of non-financial The carrying amount of the Bank’s non-financial non-financial If any indication of impairment exists then the asset’s recoverable amount is estimated. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. The Bank’s corporate assets do not generate separate cash inflows. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses of continuing operations are recognized in the Consolidated Statement of Income in those expense categories consistent with the nature of the impaired asset. Impairment losses recognized in prior periods are reassessed at each reporting date for any indication that the loss had decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Such reversal is recognized in the Consolidated Statement of Income. Significant judgment is applied in determining the non-financial |
Corporate income taxes | Corporate income taxes The Bank follows the balance sheet liability method for corporate income taxes. Under this method, deferred tax assets and liabilities represent the cumulative amount of tax applicable to temporary differences which are the differences between the carrying amount of the assets and liabilities, and their values for tax purposes. Deferred tax assets are recognized only to the extent it is probable that sufficient taxable profits will be available against which the benefit of these deferred tax assets can be utilized. Deferred tax assets and liabilities are measured using enacted or substantively enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where the Bank has both the legal right and the intention to settle on a net basis or to realize the asset and settle the liability simultaneously. The Bank maintains provisions for uncertain tax positions that it believes appropriately reflect the risk of tax positions under discussion, audit, dispute, or appeal with tax authorities, or which are otherwise considered to involve uncertainty. These provisions are made using the Bank’s best estimate of the amount expected to be paid based on an assessment of all relevant factors, which are reviewed at the end of each reporting period. It is possible that additional liability and income tax expense could arise in the future, depending on the acceptance of the Bank’s tax positions by the relevant tax authorities in the jurisdictions in which the Bank operates. Income tax is recognized in the Consolidated Statement of Income except where it relates to items recognized in other comprehensive income or directly in equity, in which case income tax is recognized in the same line as the related item. |
Leases | Leases Effective November 1, 2019 At inception of a contract, the Bank assesses whether a contract is, or contains, a lease. A contract is a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Bank is a lessee it recognizes a right-of-use Asset A ROU is an asset that represents a lessee’s right to use an underlying asset for the lease term. The ROU asset is initially measured at cost, which is based on the initial amount of the lease liability, and any direct costs incurred, any lease payments made at or before the commencement date net of lease incentives received, and estimated decommissioning costs. The ROU asset is subsequently measured at cost less accumulated depreciation and accumulated impairment losses, if any. The ROU asset is depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the ROU asset or the end of the lease term. The depreciation is recorded in Depreciation and amortization in the Consolidated Statement of Income. In addition, the ROU asset is adjusted for certain remeasurements of the lease liability. Liability At commencement date, the Bank initially measures the lease liability at the present value of the future lease payments, discounted using the Bank’s incremental borrowing rate that takes into account the Bank’s credit risk and economic environment in which the lease is entered. The lease liability is subsequently measured at amortized cost using the effective interest method. It is re-measured When the lease liability is re-measured right-of-use Presentation The Bank presents ROU assets in Property and equipment and lease liabilities in Other liabilities in the Consolidated Statement of Financial Position. Determining lease term The Bank’s expectation of exercising the option to renew a lease is determined by assessing if the Bank is “reasonably certain” to exercise that option. The Bank will be reasonably certain to exercise an option when factors create a significant economic incentive to do so. This assessment considers the following criteria: key locations for its branch network, locations on which the Bank has spent significant capital on renovation work, contribution to profit, value of locations based on current economic environment and the remaining term of existing leases. Effective prior to November 1, 2019 Bank as a lessor Assets leased to customers under agreements which transfer substantially all the risks and rewards of ownership, with or without ultimate legal title, are classified as finance leases and presented within loans in the Consolidated Statement of Financial Position. When assets held are subject to a finance lease, the leased assets are derecognized and a receivable is recognized which is equal to the present value of the minimum lease payments, discounted at the interest rate implicit in the lease. Initial direct costs incurred in negotiating and arranging a finance lease are incorporated into the receivable through the discount rate applied to the lease. Finance lease income is recognized over the lease term based on a pattern reflecting a constant periodic rate of return on the net investment in the finance lease. Finance lease income is included in the Consolidated Statement of Income under interest income from loans. Assets leased to customers under agreements which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. The leased assets are included within property and equipment on the Bank’s Consolidated Statement of Financial Position. Rental income is recognized on a straight-line basis over the period of the lease in non-interest Bank as a lessee Assets held under finance leases are initially recognized as property and equipment in the Consolidated Statement of Financial Position at an amount equal to the fair value of the leased asset or, if lower, the present value of the minimum lease payments. The corresponding finance lease obligation is included in other liabilities in the Consolidated Statement of Financial Position. The discount rate used in calculating the present value of the minimum lease payments is the interest rate implicit in the lease. Contingent rentals are recognized as expense in the periods in which they are incurred. Operating lease rentals payable are recognized as an expense on a straight-line basis over the lease term, which commences when the lessee controls the physical use of the asset. Lease incentives are treated as a reduction of rental expense and are also recognized over the lease term on a straight-line basis. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. Sale and lease-back Where the Bank enters into a sale lease-back transaction for a non-financial Leasehold improvements Leasehold improvements are investments made to customize buildings and offices occupied under operating lease contracts to make them suitable for their intended purpose. The present value of estimated reinstatement costs to bring a leased property into its original condition at the end of the lease, if required, is capitalized as part of the total leasehold improvements costs. At the same time, a corresponding liability is recognized to reflect the obligation incurred. Reinstatement costs are recognized in net income through depreciation of the capitalized leasehold improvements over their estimated useful life. |
Provisions | Provisions A provision, including for restructuring, is recognized if, as a result of a past event, the Bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. The amount recognized as a provision is the Bank’s best estimate of the consideration required to settle the present obligation, taking into account the risks and uncertainties surrounding the obligation. If the effect of the time value of money is considered material, provisions are determined by discounting the expected future cash flows at a pre-tax |
Insurance contracts | Insurance contracts Gross premiums for life insurance contracts are recognized as income when due. Gross premiums for non-life Gross insurance claims for life insurance contracts reflect the cost of all claims arising during the year. Gross insurance claims for property and casualty insurance contracts include paid claims and movements in outstanding claim liabilities. Insurance premiums ceded to reinsurers are accounted as an expense in the same period as the premiums for the direct insurance contracts to which they relate. |
Guarantees | Guarantees A guarantee is a contract that contingently requires the Bank to make specified payments to reimburse the holder for a loss it incurs because a specified debtor failed to make payment when due in accordance with the original or modified terms of a debt instrument. Guarantees include standby letters of credit, letters of guarantee, indemnifications, credit enhancements and other similar contracts. Guarantees that qualify as a |
Employee benefits | Employee benefits The Bank provides pension and other benefit plans for eligible employees in Canada and internationally. Pension benefits are offered in the form of defined benefit pension plans (generally based on an employee’s length of service and earnings), and in the form of defined contribution pension plans (where the Bank’s contribution is fixed and there is no legal or constructive obligation to pay further amounts). Other benefits provided include post-retirement health care, dental care and life insurance, along with other long-term employee benefits such as long-term disability benefits. Defined benefit pension plans and other post-retirement benefit plans The cost of these employee benefits is actuarially determined each year using the projected unit credit method. The calculation uses management’s best estimate of a number of assumptions – including the discount rate, future compensation, health care costs, mortality, as well as the retirement age of employees. The most significant assumption is the discount rate used to determine the defined benefit obligation, which is set by reference to the yields on high quality corporate bonds that have durations that match the terms of the Bank’s obligations. Separate discount rates are used to determine the annual benefit expense in Canada and the U.S. These rates are determined with reference to the yields on high quality corporate bonds with durations that match the various components of the annual benefit expense. The discount rate used to determine the annual benefit expense for all other plans is the same as the rate used to determine the defined benefit obligation. The Bank’s net asset or liability in respect of employee benefit plans is calculated separately for each plan as the difference between the present value of future benefits earned in respect of service for prior periods and the fair value of plan assets. The net asset or liability is included in other assets and other liabilities, as appropriate, in the Consolidated Statement of Financial Position. When the net amount in the Consolidated Statement of Financial Position is an asset, the recognized asset is limited to the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The current service cost, net interest expense (income), past service cost (credit), settlement gain (loss) and administrative expense are recognized in net income. Net interest expense (income) is calculated by applying the discount rate to the net defined benefit asset or liability. When the benefits of a plan are improved (reduced), a past service cost (credit) is recognized immediately in net income. Remeasurements comprising of actuarial gains and losses, the effect of the asset ceiling and the return on plan assets in excess of or less than the interest income on the fair value of assets are recognized immediately in the Consolidated Statement of Financial Position with a charge or credit to the Statement of Other Comprehensive Income (OCI) in the period in which they occur. Amounts recorded in OCI are not recycled to the Consolidated Statement of Income. Other long-term employee benefits Other long-term employee benefits are accounted for similarly to defined benefit pension plans and other post-retirement benefit plans described above, except that remeasurements are recognized in the Consolidated Statement of Income in the period in which they arise. Defined contribution plans The costs of such plans are equal to contributions payable by the Bank to employees’ accounts for service rendered during the period and expensed. Short-term employee benefits Short-term employee benefits are expensed as the related service is provided and a liability is measured on an undiscounted basis net of payments made. |
Recognition of income and expenses | Interest and similar income and expenses For all non-trading For trading financial instruments, mark-to-market non-interest The carrying amount of interest-bearing financial instruments, measured at amortized cost or classified as FVOCI, is adjusted if the Bank revises its estimates of payments or receipts. The adjusted carrying amount is calculated based on the original effective interest rate and the change in carrying amount is recorded as non-interest Once the carrying value of a financial asset or a group of similar financial assets has been reduced due to an impairment loss, interest income continues to be recognized based on net effective interest rate inherent in the investment. Loan origination costs are deferred and amortized into interest income using the effective interest method over the expected term of the loan. Loan fees are recognized in interest income over the appropriate lending or commitment period. Mortgage prepayment fees are recognized in interest income when received, unless they relate to a minor modification to the terms of the mortgage, in which case the fees are deferred and amortized using the effective interest method over the remaining period of the original mortgage. Loan syndication fees are deferred and amortized in interest income over the term of the loan where the yield the Bank retains is less than that of the comparable lenders in the syndicate. Loan commitment fees for loans that are likely to be drawn down and other credit related fees are deferred (together with any incremental costs) and recognized as part of the interest income on the loan. When it is unlikely that a loan will be drawn down, the loan commitment fees are recognized in non-interest Fee and commission revenues Revenue is recognized once the Bank’s customer has obtained control of the service. The transfer of control occurs when the Bank’s customer has the ability to direct the use of and obtain the benefits of the banking services and the contractual performance obligation to the customer has been satisfied. The Bank records revenue gross of expenses where it is the principal in performing a service to the customer and net of expenses where the Bank it is an agent for these services. The assessment of principal or agent requires judgement on the basis of whether the Bank controls the services before they are transferred to the customer. From time to time, the Bank may receive variable consideration such as performance fees. These fees are only recognized when it is highly probable that the Bank will not need to reverse a significant amount of revenue once the uncertainty relating to the actual consideration received is resolved. Judgement is required to estimate these fees. Card revenues include interchange fees, annual fees and other card related fees. Interchange fees are calculated as a percentage of the transaction and are recognized on the transaction date. Annual fees are recognized in income over 12 months. Other card fees are transaction-based and are recognized on the transaction date. The Bank operates various loyalty points programs, which allow customers to accumulate points when using the Bank’s products and services. Loyalty point liabilities are subject to periodic remeasurement to reflect the expected cost of redemption. Where the customer has the option to redeem points for statement credits, the cost of the loyalty program is presented net of card fees. Where points can only be redeemed for goods or services, interchange revenue allocated to the loyalty rewards is recognized when the rewards are redeemed. Reward costs are recorded in non-interest Banking services fees consist of fees earned on personal, business and government deposit activities. Personal deposit-related fees consist of account maintenance and various transaction-based services. Business and government deposit-related fees consist of commercial deposit and treasury management services and other cash management services. These fees are recognized on the transaction date or over time as services are provided to the customer. Credit fees include fees earned for providing letters of credit and guarantee, loan commitments, bankers’ acceptances, and for arranging loan syndications. These fees are recognized on the transaction date or over time as services are provided based on contractual agreements with the customer. Mutual funds fees include management and administration fees which are earned in the Bank’s wealth management business. These fees are calculated as a percentage of the fund’s net asset value and recognized as the service is provided. From time to time, the Bank may also recognize performance fees from some funds. These fees are only recognized to the extent that it is highly probable that a significant reversal of revenue will not occur. Brokerage fees relate to fees earned for providing full-service and discount brokerage services to clients. These fees are contractually agreed and can be asset-based or linked to individual transactions. Such fees are recognized as the service is provided to clients or on the trade date. Investment management and trust fees include administration, trust services and other investment services provided to clients. These fees are contractually agreed upon and can be linked to portfolio values or individual transactions. Such fees are recognized as the service is provided to clients to the extent that it is highly probable that a significant reversal of revenue will not occur. Underwriting and other advisory fees relate to fees earned for services provided to clients in relation to the placement of debt and equities. Such fees also include services to clients for mergers, acquisitions, financial restructurings and other corporate finance activities. These fees are recognized when the service has been performed and/or contractual milestones are completed. Performance and completion fees are variable consideration and generally contingent on the successful completion of a transaction. Other fees and commissions include commissions earned on the sale of third party insurance products to the Bank’s customers. Such fees and commissions are recognized when the performance obligation is completed. Fee and commission expenses Fee and commission expenses relate to transaction and service fees which are expensed as the services are received. Dividend income Dividend income on equity securities is recognized when the Bank’s right to receive payment is established, which is on the ex-dividend Share-based payments Share-based payments awarded to employees are recognized as compensation expense in the Consolidated Statement of Income over the vesting period based on the number of awards expected to vest including the impact of expected forfeitures. For awards that are delivered in tranches, each tranche is considered a separate award and accounted for separately. Stock appreciation rights and other awards that must be settled for cash are classified as liabilities. Liability-classified awards are re-measured re-measurement Plain vanilla options and other awards that must be settled for shares are classified as equity awards. Equity-classified awards are expensed based on the grant date fair value with a corresponding increase to equity – other reserves in the Consolidated Statement of Financial Position. If an option is exercised, both the exercise price proceeds together with the amount recorded in other reserves is credited to equity – common shares in the Consolidated Statement of Financial Position. For stock appreciation rights and plain vanilla options, the Bank estimates fair value using an option pricing model. The option pricing model requires inputs such as the exercise price of the option, the current share price, the risk free interest rate, expected dividends, expected volatility (calculated using an equal weighting of implied and historical volatility) and specific employee exercise behaviour patterns based on statistical data. For other awards, fair value is the quoted market price of the Bank’s common shares at the reporting date. Where derivatives are used to economically hedge share-based payment expense, related mark-to-market non-interest |
Dividends on shares | Dividends on shares Dividends on common and preferred shares and other equity instruments are recognized as a liability and deducted from equity when they are declared and no longer at the discretion of the Bank. |
Segment reporting | Segment reporting Management’s internal view is the basis for the determination of operating segments. The operating segments are those whose operating results are regularly reviewed by the Bank’s chief operating decision-maker to make decisions about resources to be allocated to the segment and assess its performance. The Bank has four operating segments: Canadian Banking, International Banking, Global Wealth Management and Global Banking and Markets. The Other category represents smaller operating segments, including Group Treasury and other corporate items, which are not allocated to an operating segment. These segments offer different products and services and are managed separately based on the Bank’s management and internal reporting structure. The results of these business segments are based upon the internal financial reporting systems of the Bank. The accounting policies used in these segments are generally consistent with those followed in the preparation of the consolidated financial statements by the Bank. The only notable accounting measurement difference is the grossing up of revenues which are tax-exempt before-tax tax-exempt Given the complexity of the Bank, various estimates and allocation methodologies are used in the preparation of the business segment financial information. The funding value of assets and liabilities is transfer-priced at wholesale market rates, and corporate expenses are allocated to each segment on an equitable basis using various parameters. As well, capital is apportioned to the business segments on a risk-based methodology. Transactions between segments are recorded within segment results as if conducted with a third-party and are eliminated on consolidation. |
Earnings per share (EPS) | Earnings per share (EPS) Basic EPS is computed by dividing net income for the period attributable to the Bank’s common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is calculated by dividing adjusted net income for the period attributable to common shareholders by the weighted-average number of diluted common shares outstanding for the period. In the calculation of diluted earnings per share, earnings are adjusted for changes in income or expenses that would result from the issuance of dilutive shares. The weighted-average number of diluted common shares outstanding for the period reflects the potential dilution that would occur if options, securities or other contracts that entitle their holders to obtain common shares had been outstanding from the beginning of the period (or a later date) to the end of the period (or an earlier date). Instruments determined to have an antidilutive impact for the period are excluded from the calculation of diluted EPS. The number of additional shares for inclusion in diluted EPS for share-based payment options is determined using the treasury share method. Under this method, the net number of incremental common shares is determined by assuming that in-the-money The number of additional shares associated with capital instruments that potentially result in the issuance of common shares is based on the terms of the contract. On occurrence of contingencies as specified in the Non-Viability . |
Interest Rate Benchmark Reform
Interest Rate Benchmark Reform (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Non-derivative Financial Assets and Financial Liabilities | The following table reflects the Bank’s IBOR exposure to non-derivative Carrying amount As at October 31, 2021 As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other Rates (1)(2) Total USD LIBOR GBP LIBOR Other Rates (1) Total Maturing after Maturing after Maturing after Maturing after December 31, 2021 Non-derivative (4) $ 38,517 $ 1,013 $ 1,289 $ 40,819 $ 27,500 $ 1,468 $ 695 $ 29,663 Non-derivative (5) 1,306 – 750 (3) 2,056 1,229 949 750 (3) 2,928 (1) Other rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR, and six-month (2) Includes exposures to SGD Swap Offer Rate (SOR) maturing after June 30, 2023. (3) The Series 2006-1 Bank Deposit Note of $750 million is currently at a fixed rate and will subsequently reset to a six-month CDOR based rate after December 31, 2036. (4) Non derivative financial assets include carrying amounts of debt securities and loans (debt securities and loans measured at amortized cost are gross of allowance for credit losses). (5) Non-derivative financial liabilities include carrying amounts of deposits, subordinated debentures and other liabilities. |
Schedule of Notional Balance of the Bank's Derivative Exposures and Undrawn Commitments to Significant IBORs | The following table reflects the Bank’s IBOR exposure to derivatives and undrawn commitments as at October 31, 2021, subject to reform that has yet to transition to alternative benchmark rates. The Bank’s IBOR exposure to financial instruments includes USD LIBOR maturing after June 30, 2023, and GBP LIBOR and Other Rates with most maturing after December 31, 2021. These exposures could remain outstanding until IBOR ceases and will therefore transition in the future. Notional amount As at October 31, 2021 As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other Rates (1)(2) Total USD LIBOR GBP LIBOR Other Rates (1) Total Maturing after Maturing after December 31, 2021 Maturing after Maturing after December 31, 2021 Derivatives Single currency interest rate swaps $ 600,359 $ 711,297 $ 17,178 $ 1,328,834 $ 410,590 $ 699,339 $ 16,697 $ 1,126,626 Cross currency interest rate swaps (3) 280,968 44,300 29,191 354,459 231,539 31,052 19,084 281,675 Other (4) 38,078 35,538 – 73,616 20,885 29,486 – 50,371 Undrawn commitments 32,454 760 454 33,668 20,354 1,094 464 21,912 (1) Other rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Includes exposures to SGD SOR maturing after June 30, 2023. (3) For cross currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. (4) Other derivatives include futures, forward rate agreements and options. |
Disclosure of Bank's IBOR exposure to hedging derivatives | The following table reflects the Bank’s IBOR exposure to hedging derivatives as at October 31, 2021, subject to reform that has yet to transition to alternative benchmark rates. The Bank’s IBOR exposure to hedging derivatives include USD LIBOR maturing after Jun 30, 2023, and GBP LIBOR maturing after December 31, 2021. These exposures will remain outstanding until IBOR ceases and will therefore transition in the future . Notional amount As at October 31, 2021 As at October 31, 2020 ($ millions) USD LIBOR GBP LIBOR Total USD LIBOR (2) GBP LIBOR Total Maturing after Maturing after December 31, 2021 Maturing after December 31, 2021 Hedging derivatives (1) $ 61,936 $ 5,725 $ 67,661 $ 105,200 $ 4,900 $ 110,100 (1) For cross currency swaps where both legs are referencing rates directly impacted by the Interest Rate Benchmark Reform, and a CAD leg is inserted to create two separate hedging relationships, the relevant notional amount for both legs are included in this table. (2) Prior year USD LIBOR balance is not restated as the FCA announced in March 2021 for extending the cessation date for USD LIBOR from December 31, 2021, to June 30, 2023. |
Cash and deposits with financ_2
Cash and deposits with financial institutions (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Cash and Deposits with Financial Institutions | As at October 31 ($ millions) 2021 2020 Cash and non-interest-bearing $ 9,693 $ 11,123 Interest-bearing deposits with financial institutions 76,630 65,337 Total $ 86,323 (1) $ 76,460 (1) (1) Net of allowances of $1 (2020 – $1). |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption | The following table sets out the fair values of financial instruments of the Bank using the valuation methods and assumptions described above. The fair values disclosed do not include non-financial 2021 2020 As at October 31 ($ millions) Total fair Total carrying Total Total carrying value Assets: Cash and deposits with financial institutions $ 86,323 $ 86,323 $ 76,460 $ 76,460 Trading assets 146,312 146,312 117,839 117,839 Securities purchased under resale agreements and securities borrowed 127,739 127,739 119,747 119,747 Derivative financial instruments 42,302 42,302 45,065 45,065 Investment securities – FVOCI and FVTPL 57,042 57,042 79,745 79,745 Investment securities – amortized cost 18,133 18,157 32,129 31,644 Loans 641,964 636,986 612,368 603,263 Customers’ liability under acceptances 20,404 20,404 14,228 14,228 Other financial assets 14,256 14,256 12,700 12,700 Liabilities: Deposits 798,335 797,259 755,395 750,838 Financial instruments designated at fair value through profit or loss 22,493 22,493 18,899 18,899 Acceptances 20,441 20,441 14,305 14,305 Obligations related to securities sold short 40,954 40,954 31,902 31,902 Derivative financial instruments 42,203 42,203 42,247 42,247 Obligations related to securities sold under repurchase agreements and securities lent 123,469 123,469 137,763 137,763 Subordinated debentures 6,733 6,334 7,827 7,405 Other financial liabilities 39,802 40,254 43,776 42,660 Changes in interest rates, credit spreads and liquidity costs are the main cause of changes in the fair value of the Bank’s financial instruments resulting in a favourable or unfavourable variance compared to carrying value. For the Bank’s financial instruments carried at cost or amortized cost, the carrying value is not adjusted to reflect increases or decreases in fair value due to market fluctuations, including those due to interest rate changes. For FVOCI investment securities, derivatives and financial instruments measured at FVTPL or designated as fair value through profit or loss, the carrying value is adjusted regularly to reflect the fair value. |
Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis | The following table outlines the fair value hierarchy of instruments carried at fair value on a recurring basis and of instruments not carried at fair value. 2021 2020 As at October 31 ($ millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Instruments carried at fair value on a recurring basis: Assets: Precious metals (1) $ – $ 755 $ – $ 755 $ – $ 1,181 $ – $ 1,181 Trading assets Loans – 8,113 – 8,113 – 8,352 – 8,352 Canadian federal government and government guaranteed debt 9,272 3,842 – 13,114 9,154 3,882 – 13,036 Canadian provincial and municipal debt 5,556 4,298 – 9,854 – 9,320 – 9,320 US treasury and other US agencies’ debt 6,760 63 – 6,823 5,182 – – 5,182 Other foreign governments’ debt 129 9,559 – 9,688 9,230 3,415 – 12,645 Corporate and other debt 2,595 9,185 40 11,820 – 10,570 18 10,588 Equity securities 85,688 160 1 85,849 57,199 361 – 57,560 Other – 1,051 – 1,051 1,156 – – 1,156 $ 110,000 $ 36,271 $ 41 $ 146,312 $ 81,921 $ 35,900 $ 18 $ 117,839 Investment securities (2) Canadian federal government and government guaranteed debt $ 1,125 $ 4,679 $ – $ 5,804 $ 1,728 $ 15,100 $ – $ 16,828 Canadian provincial and municipal debt 1,937 3,218 – 5,155 93 17,454 – 17,547 US treasury and other US agencies’ debt 11,462 2,175 – 13,637 11,930 1,299 – 13,229 Other foreign governments’ debt 67 26,605 17 26,689 14,101 13,798 23 27,922 Corporate and other debt 10 1,319 27 1,356 265 850 23 1,138 Equity securities 2,879 218 1,304 4,401 1,954 263 864 3,081 $ 17,480 $ 38,214 $ 1,348 $ 57,042 $ 30,071 $ 48,764 $ 910 $ 79,745 Derivative financial instruments Interest rate contracts $ – $ 13,124 $ 1 $ 13,125 $ – $ 21,013 $ 4 $ 21,017 Foreign exchange and gold contracts – 18,293 – 18,293 – 17,943 – 17,943 Equity contracts 184 3,513 21 3,718 290 2,655 3 2,948 Credit contracts – 245 – 245 – 480 – 480 Commodity contracts – 6,921 – 6,921 – 2,677 – 2,677 $ 184 $ 42,096 $ 22 $ 42,302 $ 290 $ 44,768 $ 7 $ 45,065 Liabilities: Deposits $ – $ 175 $ – $ 175 $ – $ 73 $ – $ 73 Financial liabilities designated at fair value through profit or loss – 22,354 139 22,493 – 18,899 – 18,899 Obligations related to securities sold short 35,487 5,467 – 40,954 25,584 6,318 – 31,902 Derivative financial instruments Interest rate contracts – 13,148 15 13,163 – 16,937 17 16,954 Foreign exchange and gold contracts – 18,171 – 18,171 – 19,511 – 19,511 Equity contracts 307 4,737 6 5,050 599 2,133 2 2,734 Credit contracts – 30 – 30 – 53 – 53 Commodity contracts – 5,789 – 5,789 – 2,995 – 2,995 $ 307 $ 41,875 $ 21 $ 42,203 $ 599 $ 41,629 $ 19 $ 42,247 Instruments not carried at fair value (3) Assets: Investment securities – amortized cost $ 3,714 $ 14,417 $ 2 $ 18,133 $ 4,946 $ 26,864 $ 319 $ 32,129 Loans (4) – – 400,565 400,565 – – 374,767 374,767 Liabilities: Deposits (4) – 290,341 – 290,341 – 307,457 – 307,457 Subordinated debentures – 6,733 – 6,733 – 7,827 – 7,827 Other liabilities – 24,414 209 24,623 – 26,831 – 26,831 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. (2) Excludes debt investment securities measured at amortized cost of $18,157 (October 31, 2020 - $31,644). (3) Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. (4) Represents fixed rate instruments. |
Summary of Changes in Level 3 Instruments Carried at Fair Value | The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2021. All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities. As at October 31, 2021 ($ millions) Fair value Gains/(losses) Gains/(losses) Purchases/ Sales/ Transfers Fair value Change in (1) Trading assets Corporate and other debt $ 18 $ 7 $ – $ 28 $ (22 ) $ 9 $ 40 $ 1 Equity securities – – – – (72 ) 73 1 – 18 7 – 28 (94 ) 82 41 1 Investment securities Other foreign governments’ debt 23 – (6 ) – – – 17 n/a Corporate and other debt 23 1 (4 ) 7 – – 27 1 Equity securities 864 287 51 253 (180 ) 29 1,304 287 910 288 41 260 (180 ) 29 1,348 288 Derivative financial instruments – assets Interest rate contracts 4 (1 ) – 10 (9 ) (3 ) 1 (1 ) Equity contracts 3 4 – 12 – 2 21 4 (2) Derivative financial instruments – liabilities Interest rate contracts (17 ) (11 ) – (70 ) 60 23 (15 ) (11 ) (3) Equity contracts (2 ) 4 – (14 ) – 6 (6 ) 4 (2) (12 ) (4 ) – (62 ) 51 28 1 (4 ) Financial liabilities designated at fair value through profit or loss – (2 ) – (101 ) – (36 ) (139 ) (2 ) Total $ 916 $ 289 $ 41 $ 125 $ (223 ) $ 103 $ 1,251 $ 283 (1) These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income. (2) Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market (3) Certain unrealized losses on interest rate derivative contracts are largely offset by mark-to-market The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2020. As at October 31, 2020 ($ millions) Fair value Gains/(losses) (1) Gains/(losses) Purchases/ Sales/ Transfers Fair value Precious metals $ – $ 1 $ – $ 23 $ (24 ) $ – $ – Trading assets 18 6 – 22 (28 ) – 18 Investment securities 920 13 7 257 (259 ) (28 ) 910 Derivative financial instruments (60 ) 14 – (21 ) 32 23 (12 ) (1) Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. |
Summary of Significant Unobservable Inputs Used in Measuring Financial Instruments Categorized as Level 3 | The table below sets out information about significant unobservable inputs used in measuring financial instruments categorized as Level 3 in the fair value hierarchy. Valuation technique Significant unobservable inputs Range of estimates for (1) Changes in fair value Investment securities General Partner valuation Private equity securities (2) Market comparabl per net asset value 97% Capitalization rat 3% (51)/5 Derivative financial instruments Interest rate contracts Option pricin Interest rat model volatility 37% - 66% (10)/1 Equity contracts Option pricin Equity volatilit 2% - 112% mode Correlatio 0% - 97% (3)/3 Financial liabilities designated at fair value through profit or loss Interest rate contracts Option pricin Interest ra model swaption volatility 20% - 273% (11)/1 (1) The range of estimates represents the actual lowest and highest level inputs used to fair value financial instruments within each financial statement category. (2) The valuation of private equity securities utilizes net asset values as reported by fund managers. Net asset values are not considered observable as the Bank cannot redeem these instruments at such values. The range for net asset values per unit or price per share has not been disclosed for these instruments since the valuations are not model-based. |
Trading Assets (Tables)
Trading Assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Analysis of Carrying Value of Trading Securities | (a) Trading securities An analysis of the carrying value of trading securities is as follows: As at October 31, 2021 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying value Trading securities: Canadian federal government issued or guaranteed debt $ 868 $ 892 $ 6,134 $ 2,399 $ 2,821 $ – $ 13,114 Canadian provincial and municipal debt 778 1,434 1,829 1,215 4,598 – 9,854 U.S. treasury and other U.S. agency debt 61 1,097 3,366 2,123 176 – 6,823 Other foreign government debt 3,226 2,000 4,022 293 147 – 9,688 Common shares – – – – – 85,016 85,016 Other 873 1,547 5,969 2,180 1,251 833 12,653 Total $ 5,806 $ 6,970 $ 21,320 $ 8,210 $ 8,993 $ 85,849 $ 137,148 Total by currency (in Canadian equivalent): Canadian dollar $ 2,151 $ 2,663 $ 9,034 $ 4,663 $ 8,028 $ 28,116 $ 54,655 U.S. dollar 432 1,848 7,618 3,124 717 42,386 56,125 Mexican peso 1,038 820 2,316 17 40 630 4,861 Other currencies 2,185 1,639 2,352 406 208 14,717 21,507 Total trading securities $ 5,806 $ 6,970 $ 21,320 $ 8,210 $ 8,993 $ 85,849 $ 137,148 As at October 31, 2020 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying value Trading securities: Canadian federal government issued or guaranteed debt $ 938 $ 1,180 $ 5,708 $ 1,915 $ 3,295 $ – $ 13,036 Canadian provincial and municipal debt 562 818 2,026 1,107 4,807 – 9,320 U.S. treasury and other U.S. agency debt 461 93 3,846 644 138 – 5,182 Other foreign government debt 3,708 3,864 3,715 1,039 319 – 12,645 Common shares – – – – – 57,178 57,178 Other 261 1,968 6,013 1,458 887 383 10,970 Total $ 5,930 $ 7,923 $ 21,308 $ 6,163 $ 9,446 $ 57,561 $ 108,331 Total by currency (in Canadian equivalent): Canadian dollar $ 1,640 $ 2,362 $ 7,402 $ 3,577 $ 8,406 $ 20,637 $ 44,024 U.S. dollar 1,249 1,340 10,150 1,212 707 25,600 40,258 Mexican peso 1,188 1,074 1,727 77 54 282 4,402 Other currencies 1,853 3,147 2,029 1,297 279 11,042 19,647 Total trading securities $ 5,930 $ 7,923 $ 21,308 $ 6,163 $ 9,446 $ 57,561 $ 108,331 |
Summary of Geographic Breakdown Trading Loans | (b) Trading loans The following table provides the geographic breakdown of trading loans: As at October 31 ($ millions) 2021 2020 Trading loans (1)(2) U.S. (3) $ 5,308 $ 6,227 Europe (4) 548 1,075 Asia Pacific (4) 15 141 Canada (4) 2,034 266 Other (4) 208 643 Total $ 8,113 $ 8,352 (1) Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset. (2) Loans are primarily denominated in U.S. dollars. (3) Includes trading loans that serve as a hedge to loan-based credit total return swaps of $5,203 (2020 – $5,396), while the remaining relates to short-term precious metals trading and lending activities. (4) These loans are primarily related to short-term precious metals trading and lending activities. |
Financial Instruments Designa_2
Financial Instruments Designated at Fair Value Through Profit or Loss (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Fair Value of Financial Assets and Liabilities Designated at Fair Value Through Profit or Loss and Changes in Fair Value | The following table presents the fair value of financial liabilities designated at fair value through profit or loss and their changes in fair value. Fair value Change in fair value Cumulative change in FV (1) As at For the year ended October 31 ($ millions) 2021 2020 2021 2020 2021 2020 Liabilities Senior note liabilities (2) $ 22,493 $ 18,899 $ (906 ) $ 651 $ (707 ) $ 199 (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (2) Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest non-interest |
Changes in Fair Value Attributable to Changes in Bank'S Own Credit Risk for Financial Liabilities Designated at Fair Value | The following tables present the changes in fair value attributable to changes in the Bank’s own credit risk for financial liabilities designated at fair value through profit or loss as well as their contractual maturity and carrying amounts. Senior Note Liabilities ($ millions) Contractual (1) Carrying Difference Changes in fair value Cumulative changes (1) As at October 31, 2021 $ 21,786 $ 22,493 $ (707 ) $ (270 ) $ (729 ) As at October 31, 2020 $ 19,098 $ 18,899 $ 199 $ (404 ) $ (459 ) (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Derivative Financial Instruments at Notional Value | 2021 2020 As at October 31 ($ millions) Trading Hedging Total Trading Hedging Total Interest rate contracts Exchange-traded: Futures $ 123,348 $ – $ 123,348 $ 111,065 $ – $ 111,065 Options purchased 2,562 – 2,562 2,047 – 2,047 Options written 1,000 – 1,000 – – – 126,910 – 126,910 113,112 – 113,112 Over-the-counter: Forward rate agreements 820 – 820 7,573 – 7,573 Swaps 336,144 27,875 364,019 380,118 27,987 408,105 Options purchased 38,298 – 38,298 26,167 – 26,167 Options written 40,785 – 40,785 29,343 – 29,343 416,047 27,875 443,922 443,201 27,987 471,188 Over-the-counter (settled through central counterparties): Forward rate agreements 219,021 – 219,021 598,653 – 598,653 Swaps 3,708,222 289,185 3,997,407 2,960,778 236,603 3,197,381 Options purchased – – – – – – Options written – – – – – – 3,927,243 289,185 4,216,428 3,559,431 236,603 3,796,034 Total $ 4,470,200 $ 317,060 $ 4,787,260 $ 4,115,744 $ 264,590 $ 4,380,334 Foreign exchange and gold contracts Exchange-traded: Futures $ 15,798 $ – $ 15,798 $ 9,548 $ – $ 9,548 Options purchased – – – 258 – 258 Options written – – – 187 – 187 15,798 – 15,798 9,993 – 9,993 Over-the-counter: Spot and forwards 381,737 28,642 410,379 354,235 19,114 373,349 Swaps 502,558 67,617 570,175 457,942 78,433 536,375 Options purchased 16,256 – 16,256 33,754 – 33,754 Options written 16,495 – 16,495 32,613 – 32,613 917,046 96,259 1,013,305 878,544 97,547 976,091 Over-the-counter (settled through central counterparties): Spot and forwards 16,627 – 16,627 27,579 – 27,579 Swaps – – – – – – Options purchased – – – – – – Options written – – – – – – 16,627 – 16,627 27,579 – 27,579 Total $ 949,471 $ 96,259 $ 1,045,730 $ 916,116 $ 97,547 $ 1,013,663 Other derivative contracts Exchange-traded: Equity $ 52,335 $ – $ 52,335 $ 45,099 $ – $ 45,099 Credit – – – – – – Commodity and other contracts 31,652 – 31,652 27,083 – 27,083 83,987 – 83,987 72,182 – 72,182 Over-the-counter: Equity 92,052 965 93,017 82,343 582 82,925 Credit 20,800 – 20,800 23,666 – 23,666 Commodity and other contracts 29,476 – 29,476 37,887 – 37,887 142,328 965 143,293 143,896 582 144,478 Over-the-counter (settled through central counterparties): Equity – – – – – – Credit 6,621 – 6,621 10,485 – 10,485 Commodity and other contracts 201 – 201 234 – 234 6,822 – 6,822 10,719 – 10,719 Total $ 233,137 $ 965 $ 234,102 $ 226,797 $ 582 $ 227,379 Total notional amounts outstanding $ 5,652,808 $ 414,284 $ 6,067,092 $ 5,258,657 $ 362,719 $ 5,621,376 (1) The notional amounts represent the amount to which a rate or price is applied to determine the amount of cash flows to be exchanged. |
Summary of Remaining Term to Maturity of Notional Amounts of Bank's Derivative Financial Instruments | The following table summarizes the remaining term to maturity of the notional amounts of the Bank’s derivative financial instruments by type: As at October 31, 2021 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 68,444 $ 54,787 $ 117 $ 123,348 Forward rate agreements 172,600 46,433 808 219,841 Swaps 1,461,005 1,989,045 911,376 4,361,426 Options purchased 22,432 15,694 2,734 40,860 Options written 17,428 14,895 9,462 41,785 1,741,909 2,120,854 924,497 4,787,260 Foreign exchange and gold contracts Futures 9,032 6,382 384 15,798 Spot and forwards 399,518 21,526 5,962 427,006 Swaps 116,067 287,705 166,403 570,175 Options purchased 12,215 3,976 65 16,256 Options written 14,373 2,115 7 16,495 551,205 321,704 172,821 1,045,730 Other derivative contracts Equity 102,031 43,146 175 145,352 Credit 15,554 7,810 4,057 27,421 Commodity and other contracts 39,966 21,182 181 61,329 157,551 72,138 4,413 234,102 Total $ 2,450,665 $ 2,514,696 $ 1,101,731 $ 6,067,092 As at October 31, 2020 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 63,381 $ 47,648 $ 36 $ 111,065 Forward rate agreements 493,676 105,747 6,803 606,226 Swaps 1,204,974 1,617,615 782,897 3,605,486 Options purchased 9,596 17,011 1,607 28,214 Options written 5,784 15,919 7,640 29,343 1,777,411 1,803,940 798,983 4,380,334 Foreign exchange and gold contracts Futures 7,144 2,404 – 9,548 Spot and forwards 373,511 22,353 5,064 400,928 Swaps 111,610 256,789 167,976 536,375 Options purchased 28,329 5,615 68 34,012 Options written 29,989 2,811 – 32,800 550,583 289,972 173,108 1,013,663 Other derivative contracts Equity 81,897 45,083 1,044 128,024 Credit 19,910 8,965 5,276 34,151 Commodity and other contracts 48,970 15,896 338 65,204 150,777 69,944 6,658 227,379 Total $ 2,478,771 $ 2,163,856 $ 978,749 $ 5,621,376 |
Summary of Credit Exposure of Derivative Financial Instruments | 2021 2020 As at October 31 ($ millions) Notional amount Credit risk (1) Credit (1) Risk- Notional amount Credit risk (1) Credit (1) Risk- Interest rate contracts Futures $ 123,348 $ – $ 18 $ 1 $ 111,065 $ – $ 46 $ – Forward rate agreements 219,841 32 125 68 606,226 52 129 45 Swaps 4,361,426 3,951 4,760 1,120 3,605,486 7,418 8,343 2,610 Options purchased 40,860 70 44 10 28,214 78 46 13 Options written 41,785 – 11 3 29,343 – 21 6 4,787,260 4,053 4,958 1,202 4,380,334 7,548 8,585 2,674 Foreign exchange and gold contracts Futures 15,798 – 148 3 9,548 – 42 – Spot and forwards 427,006 1,604 4,455 1,404 400,928 1,492 3,821 1,170 Swaps 570,175 1,128 7,287 1,660 536,375 775 6,313 1,680 Options purchased 16,256 351 247 118 34,012 933 467 242 Options written 16,495 – 14 2 32,800 – 18 2 1,045,730 3,083 12,151 3,187 1,013,663 3,200 10,661 3,094 Other derivative contracts Equity 145,352 1,423 9,707 1,340 128,024 1,098 7,091 1,004 Credit 27,421 197 304 59 34,151 270 458 116 Commodity and other contracts 61,329 4,562 6,610 1,182 65,204 868 3,629 592 234,102 6,182 16,621 2,581 227,379 2,236 11,178 1,712 Credit Valuation Adjustment – – – 3,957 – – – 5,330 Total derivatives $ 6,067,092 $ 13,318 $ 33,730 $ 10,927 $ 5,621,376 $ 12,984 $ 30,424 $ 12,810 Amount settled through central counterparties (2) Exchange-traded 226,695 – 5,200 123 195,287 – 4,194 95 Over-the-counter 4,239,877 – 849 17 3,834,332 – 872 17 $ 4,466,572 $ – $ 6,049 $ 140 $ 4,029,619 $ – $ 5,066 $ 112 (1) The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $28,961 (2020 – $32,081) for CRA, and $67,487 (2020 – $66,686) for CEA. (2) Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties. 1 Regulatory haircuts prescribed by the OSFI CAR Guidelines are applied to the collateral balances of the CRA measure. |
Summary of Financial Derivatives at Fair Value | The following table summarizes the fair value of derivatives segregated by type and segregated between trading and those derivatives designated in hedging relationships. As at October 31 ($ millions) 2021 2021 2020 Average fair value Year-end fair value Year-end fair value (1) Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Trading Interest rate contracts Forward rate agreements $ 58 $ 3 $ 69 $ 3 $ 138 $ – Swaps 13,702 11,652 9,805 9,427 18,007 13,044 Options 271 233 412 195 89 80 14,031 11,888 10,286 9,625 18,234 13,124 Foreign exchange and gold contracts Forwards 4,430 3,931 4,823 4,154 4,048 3,448 Swaps 9,374 10,851 9,070 10,796 9,931 12,934 Options 615 503 357 259 984 752 14,419 15,285 14,250 15,209 14,963 17,134 Other derivative contracts Equity 3,482 3,918 3,677 5,049 2,940 2,732 Credit 239 40 245 30 480 53 Commodity and other contracts 4,875 4,208 6,921 5,789 2,677 2,995 8,596 8,166 10,843 10,868 6,097 5,780 Trading derivatives’ market valuation $ 37,046 $ 35,339 $ 35,379 $ 35,702 $ 39,294 $ 36,038 Hedging Interest rate contracts Swaps $ 2,839 $ 3,538 $ 2,783 $ 3,830 Foreign exchange and gold contracts Forwards 461 236 198 220 Swaps 3,582 2,726 2,782 2,157 $ 4,043 $ 2,962 $ 2,980 $ 2,377 Other derivative contracts Equity $ 41 $ 1 $ 8 $ 2 Hedging derivatives’ market valuation $ 6,923 $ 6,501 $ 5,771 $ 6,209 Total derivative financial instruments as per $ 42,302 $ 42,203 $ 45,065 $ 42,247 Less: impact of master netting and collateral (2) 28,961 28,961 32,081 32,081 Net derivative financial instruments (2) $ 13,341 $ 13,242 $ 12,984 $ 10,166 (1) The average fair value of trading derivatives’ market valuation for the year ended October 31, 2020 was: favourable $44,942 and unfavourable $44,332. Average fair value amounts are based on the latest 13 month-end balances. (2) Master netting agreement amounts are based on the capital adequacy criteria of the Basel Committee on Banking Supervision (BCBS) and OSFI. These criteria allow netting where there are legally enforceable contracts which enable net settlement in the event of a default, bankruptcy, liquidation or similar circumstances. |
Summary of Notional Amount of Derivatives and Carrying Amount of Deposit Liabilities | The following table summarizes the notional amounts of derivatives and carrying amounts of cash and deposit liabilities designated as hedging instruments. 2021 2020 Notional amounts (1) Notional amounts (1) Remaining term to maturity Remaining term to maturity As at October 31 ($ millions) Within one year One to five years Over five years Total Within one year One to five years Over five years Total Fair value hedges Interest rate risk – swaps $ 21,850 $ 127,350 $ 14,489 $ 163,689 $ 41,972 $ 115,479 $ 14,873 $ 172,324 Foreign currency/interest rate risk – swaps – 11 – 11 – 116 107 223 Cash flow hedges Interest rate risk – swaps 34,489 62,934 28,754 126,177 11,990 33,580 11,920 57,490 Foreign currency/interest rate risk – swaps 16,906 23,224 7,645 47,775 17,082 33,516 5,720 56,318 Foreign currency risk Swaps 29,002 54,434 14,425 97,861 25,787 61,137 15,166 102,090 Foreign currency forwards 10,510 – – 10,510 3,000 – – 3,000 Cash 66 – – 66 71 – – 71 Equity risk – total return swaps 316 649 – 965 171 411 – 582 Net investment hedges Foreign currency risk Foreign currency forwards 18,132 – – 18,132 16,114 – – 16,114 Deposit liabilities 5,714 – – 5,714 6,150 – – 6,150 Total $ 136,985 $ 268,602 $ 65,313 $ 470,900 $ 122,337 $ 244,239 $ 47,786 $ 414,362 (1) Notional amounts relating to derivatives that are hedging multiple risks in both assets and liabilities are included in more than one category. |
Summary of Average Price or Rate of Hedging Instruments | The following table shows the average rate or price of significant hedging instruments. 2021 2020 Average rate or price (1) Average rate or price (1) As at October 31 Fixed interest rate FX rate Price Fixed interest rate FX rate Price Fair value hedges Interest rate risk – swaps 1.18 % n/a n/a 1.71 % n/a n/a Cash flow hedges Interest rate risk – swaps 1.22 % n/a n/a 2.10 % n/a n/a Foreign currency/interest rate risk – swaps CAD-USD 1.33 % 1.31 n/a 1.30 % 1.32 n/a Foreign currency risk Swaps CAD-USD n/a 1.27 n/a n/a 1.31 n/a CAD-EUR n/a 1.50 n/a n/a 1.49 n/a CAD-GBP n/a 1.72 n/a n/a 1.72 n/a Foreign currency forwards CAD-USD n/a 1.26 n/a n/a 1.33 n/a Equity price risk – total return swaps n/a n/a $ 71.29 n/a n/a $ 75.40 Net investment hedges Foreign currency risk – foreign currency forwards CAD-USD n/a 1.26 n/a n/a 1.34 n/a MXN-CAD n/a 16.77 n/a n/a 16.60 n/a PEN-CAD n/a 3.08 n/a n/a 2.64 n/a (1) The average rate or price is calculated in aggregate for all of the Bank’s hedge relationships, including hedges of assets and liabilities. The majority of the Bank’s hedges have a remaining term to maturity of less than 5 years. |
Summary of Items designated as Hedging Instruments, Hedged Items and Ineffectiveness for Fair Value Hedges | For fair value hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness. Carrying amount of the (1) Hedge Ineffectiveness (2) Accumulated amount of fair (4) For the year ended October 31, 2021 ($ millions) Assets Liabilities Gains/(losses) on Gains/ Ineffectiveness Carrying amount (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 1,868 $ (967 ) $ 1,708 $ (1,736 ) $ (28 ) Investment securities 790 (809 ) (19 ) $ 16,315 $ 92 $ 163 Loans 2,233 (2,230 ) 3 117,009 (1,339 ) 5 Deposit liabilities (1,236 ) 1,224 (12 ) (60,444 ) 417 (371 ) Subordinated debentures (79 ) 79 – (4,692 ) (1 ) (71 ) Foreign currency/interest rate risk – swaps – (1 ) 3 (2 ) 1 Investment securities 3 (2 ) 1 89 – (1 ) Total $ 1,868 $ (968 ) $ 1,711 $ (1,738 ) $ (27 ) $ 68,277 $ (831 ) $ (275 ) (1) Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2021. (3) This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value. (4) This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item. |
Summary of Items designated as Hedging Instruments, Hedged Items and Ineffectiveness for Fair Value Hedges for Cash Flow Hedges and Net Investment Hedges | Carrying amount of instruments (1) Hedge Ineffectiveness (2) Accumulated amount of fair (4) For the year ended October 31, 2020 ($ millions) Assets Liabilities Gains/(losses) on Gains/ (losses) on Ineffectiveness Carrying (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 1,742 $ (2,456 ) $ (392 ) $ 377 $ (15 ) Investment securities (622 ) 610 (12 ) $ 40,785 $ 1,049 $ 249 Loans (913 ) 898 (15 ) 71,081 994 48 Deposit liabilities 996 (985 ) 11 (59,084 ) (846 ) (545 ) Subordinated debentures 147 (146 ) 1 (5,638 ) (93 ) (77 ) Foreign currency/interest rate risk – swaps 22 (1 ) (1 ) – (1 ) Investment securities (1 ) – (1 ) 221 1 – Total $ 1,764 $ (2,457 ) $ (393 ) $ 377 $ (16 ) $ 47,365 $ 1,105 $ (325 ) (1) Comprises unrealized gains/losses and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2020. (3) This represents the carrying value on the Consolidated Statement of Financial Position and comprises amortized cost before allowance for credit losses, plus fair value hedge adjustment, except for investment securities which are carried at fair value. (4) This represents the accumulated fair value hedge adjustment and is a component of the carrying amount of the hedged item. |
Summary of Effectiveness of Cash Flow and Net Investment Hedges on Consolidated Statement of Other Comprehensive Income | For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and ineffectiveness. Carrying amount of the hedging (1) Hedge Ineffectiveness (2) For the year ended October 31, 2021 ($ millions) Assets Liabilities Gains/(losses) on Gains/(losses) on (3) Ineffectiveness recorded in non-interest (4) Cash flow hedges Interest rate risk – swaps $ 1,204 $ (2,818) $ (1,004 ) $ (1,017 ) $ 16 Foreign currency/interest rate risk – swaps 2,428 (180 ) 1,352 1,378 (5 ) Foreign currency risk Swaps 921 (2,298 ) (1,969 ) (1,973 ) 1 Foreign currency forwards 25 (155 ) 72 69 5 Cash 66 – (2 ) (2 ) – Equity risk – total return swaps 41 (1 ) 330 330 – 4,685 (5,452 ) (1,221 ) (1,215 ) 17 Net investment hedges Foreign currency risk Foreign currency forwards 436 (81 ) 841 841 – Deposit liabilities n/a (5,714 ) 435 435 – 436 (5,795 ) 1,276 1,276 – Total $ 5,121 $ (11,247 ) $ 55 $ 61 $ 17 (1) Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2021. (3) For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness. (4) For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative. Carrying amount of the (1) Hedge Ineffectiveness (2) For the year ended October 31, 2020 ($ millions) Assets Liabilities Gains/(losses) Gains/(losses) on (3) Ineffectiveness recorded in non-interest income – other (4) Cash flow hedges Interest rate risk – swaps $ 684 $ (1,575 ) $ 62 $ 58 $ (2 ) Foreign currency/interest rate risk – swaps 1,347 (570 ) 896 908 13 Foreign currency risk Swaps 1,770 (1,385 ) 1,298 1,276 (2 ) Foreign currency forwards 17 (12 ) 464 464 (1 ) Cash 71 – 4 4 – Equity risk – total return swaps 8 (2 ) (173 ) (173 ) – 3,897 (3,544 ) 2,551 2,537 8 Net investment hedges Foreign currency risk Foreign currency forwards 181 (208 ) (77 ) (77 ) – Deposit liabilities n/a (6,150 ) (70 ) (70 ) – 181 (6,358 ) (147 ) (147 ) – Total $ 4,078 $ (9,902 ) $ 2,404 $ 2,390 $ 8 (1) Comprises unrealized gains/losses for derivative instruments and are recorded within derivative financial instruments in assets and liabilities, respectively in the Consolidated Statement of Financial Position. (2) Includes ineffectiveness related to hedges discontinued during the year ended October 31, 2020. (3) For cash flow hedges, hypothetical derivatives having critical terms which match those of the underlying hedged item are used to assess hedge ineffectiveness. (4) For cash flow hedges, ineffectiveness is only recognized in the Consolidated Statement of Income when the life-to-date cumulative change in the hedging instrument exceeds the cumulative change in the hypothetical derivative. |
Schedule of Period When Cash Flows of Designated Hedged Items are Expected to Occur and Impact Consolidated Statement of Income | For cash flow hedges and net investment hedges, the following table contains information regarding the impacts on the Consolidated Statement of Other Comprehensive Income on a pre-tax basis. AOCI as at Net gains/ Amount (1) Amount (1) Net gains/ non-financial AOCI as at Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2021 For the year ended Active Discontinued Cash flow hedges Interest rate risk $ 412 $ (1,033 ) $ 165 $ – $ – $ (456 ) $ (991 ) $ 535 Foreign currency/interest rate risk 1,054 1,434 (2,497 ) – – (9 ) (192 ) 183 Foreign currency risk (706 ) (1,998 ) 2,747 – – 43 31 12 Equity risk (30 ) 330 (239 ) – – 61 61 – 730 (1,267 ) 176 – – (361 ) (1,091 ) 730 Net investment hedges Foreign currency risk (3,136 ) 1,276 31 – – (1,829 ) (1,726 ) (103 ) Total $ (2,406 ) $ 9 $ 207 $ – $ – $ (2,190 ) $ (2,817 ) $ 627 (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other except for amortization, which is recorded in interest income. AOCI as at November 1, 2019 Net gains/ Amount (1) Amount (1) Net gains/ non-financial AOCI as at October 31, 2020 Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2020 For the year ended October 31, 2020 ($ millions) Active Discontinued Cash flow hedges Interest rate risk $ 463 $ 64 $ (115 ) $ – $ – $ 412 $ (457 ) $ 869 Foreign currency/interest rate risk 208 883 (37 ) – – 1,054 875 179 Foreign currency risk 99 1,769 (2,574 ) – – (706 ) (708 ) 2 Equity risk 21 (173 ) 122 – – (30 ) (30 ) – 791 2,543 (2,604 ) – – 730 (320 ) 1,050 Net investment hedges Foreign currency risk (3,483 ) (147 ) 494 – – (3,136 ) (3,067 ) (69 ) Total $ (2,692 ) $ 2,396 $ (2,110 ) $ – $ – $ (2,406 ) $ (3,387 ) $ 981 (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest income-other. |
Offsetting Financial Assets a_2
Offsetting Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Financial Assets and Liabilities Offsetting, Enforceable Master Netting or Similar Arrangement | The following tables provide information on the impact of offsetting on the Bank’s Consolidated Statement of Financial Position, as well as the financial impact of netting for instruments that are subject to enforceable master netting arrangements or similar agreements, but do not qualify for offsetting in the Consolidated Statement of Financial Position, as well as available cash and financial instrument collateral . As at October 31, 2021 ($ millions) Types of financial assets Gross amounts Gross amounts of Net amounts of Related amounts not offset in the Consolidated Statement of Financial Position Net amount (3) Impact of (1) Collateral (2) Derivative financial instruments $ 42,489 $ (187 ) $ 42,302 $ (25,293 ) $ (3,608 ) $ 13,401 Securities purchased under resale agreements and securities borrowed 160,621 (32,882 ) 127,739 (14,823 ) (109,981 ) 2,935 Total $ 203,110 $ (33,069 ) $ 170,041 $ (40,116 ) $ (113,589 ) $ 16,336 Types of financial liabilities Derivative financial instruments $ 42,390 $ (187 ) $ 42,203 $ (25,293 ) $ (6,489 ) $ 10,421 Obligations related to securities sold under repurchase agreements and securities lent 156,351 (32,882 ) 123,469 (14,823 ) (103,340 ) 5,306 Total $ 198,741 $ (33,069 ) $ 165,672 $ (40,116 ) $ (109,829 ) $ 15,727 As at October 31, 2020 ($ millions) Types of financial assets Gross amounts of Net amounts of Related amounts not offset in the Consolidated Statement of Financial Position Gross amounts Impact of (1) Collateral (2) Net amount (3) Derivative financial instruments $ 45,333 $ (268 ) $ 45,065 $ (27,003 ) $ (5,328 ) $ 12,734 Securities purchased under resale agreements and securities borrowed 141,861 (22,114 ) 119,747 (9,690 ) (107,241 ) 2,816 Total $ 187,194 $ (22,382 ) $ 164,812 $ (36,693 ) $ (112,569 ) $ 15,550 Types of financial liabilities Derivative financial instruments $ 42,515 $ (268 ) $ 42,247 $ (27,003 ) $ (9,058) $ 6,186 Obligations related to securities sold under repurchase agreements and securities lent 159,877 (22,114 ) 137,763 (9,690 ) (122,440 ) 5,633 Total $ 202,392 $ (22,382 ) $ 180,010 $ (36,693 ) $ (131,498 ) $ 11,819 (1) Amounts that are subject to master netting arrangements or similar agreements but were not offset in the Consolidated Statement of Financial Position because they did not meet the net settlement/simultaneous settlement criteria; or because the rights of set off are conditional upon the default of the counterparty only. (2) Cash and financial instrument collateral amounts received or pledged in relation to the total amounts of financial assets and financial liabilities, including those that were not offset in the Consolidated Statement of Financial Position. These amounts are disclosed at fair value and the rights of set off are conditional upon the default of the counterparty. (3) Not intended to represent the Bank’s actual exposure to credit risk, as a variety of credit mitigation strategies are employed in addition to offsetting and collateral arrangements. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Disclosure of Carrying Value Of Banks Investment Securities Per Measurement Category | The following table presents the carrying amounts of the Bank’s investment securities per measurement category. As at October 31 ($ millions) 2021 2020 Debt investment securities measured at FVOCI $ 52,611 $ 76,638 Debt investment securities measured at amortized cost 18,157 31,644 Equity investment securities designated at FVOCI 3,178 1,859 Equity investment securities measured at FVTPL 1,223 1,222 Debt investment securities measured at FVTPL 30 26 Total investment securities $ 75,199 $ 111,389 |
Disclosure of Unrealized Gains and Losses on Fair Value through Other Comprehensive Income Securities | 2021 2020 As at October 31 ($ millions) Cost Gross Gross Fair value Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 5,694 $ 135 $ 25 $ 5,804 $ 16,374 $ 454 $ – $ 16,828 Canadian provincial and municipal debt 5,202 12 59 5,155 17,295 253 1 17,547 U.S. treasury and other U.S. agency debt 13,528 188 79 13,637 12,634 595 – 13,229 Other foreign government debt 27,126 60 515 26,671 27,643 274 17 27,900 Other debt 1,339 9 4 1,344 1,115 19 – 1,134 Total $ 52,889 $ 404 $ 682 $ 52,611 $ 75,061 $ 1,595 $ 18 $ 76,638 |
Summary of Analysis of Fair Value and Carrying Value of Investment Securities Measured at Amortized Cost | 2021 2020 As at October 31 ($ millions) Fair Value Carrying (1) Fair Value Carrying (1) Canadian federal and provincial government issued or guaranteed debt $ 12,310 $ 12,372 $ 17,955 $ 17,819 U.S. treasury and other U.S. agency debt 4,712 4,687 11,048 10,726 Other foreign government debt 970 960 1,766 1,744 Corporate debt 141 138 1,360 1,355 Total $ 18,133 $ 18,157 $ 32,129 $ 31,644 (1) Balances are net of allowances, which are not significant. |
Summary of Equity Investment Securities Designated as at Fair Value Through Other Comprehensive Income | The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes. As at October 31, 2021 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 27 $ 4 $ 3 $ 28 Common shares 2,710 528 88 3,150 Total $ 2,737 $ 532 $ 91 $ 3,178 As at October 31, 2020 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 11 $ – $ 3 $ 8 Common shares 1,735 228 112 1,851 Total $ 1,746 $ 228 $ 115 $ 1,859 |
Summary of Residual Term to Contractual Maturity of Financial Instruments | (d) An analysis of the carrying value of investment securities is as follows: Remaining term to maturity As at October 31, 2021 ($ millions) Within three Three to One to Five to Over ten No specific Carrying value Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 70 $ 474 $ 3,717 $ 323 $ 1,220 $ – $ 5,804 Yield (1) 0.1 0.8 0.9 1.7 2.9 – 1.3 Canadian provincial and municipal debt 170 1,248 2,239 1,498 – – 5,155 Yield (1) 0.5 0.6 1.0 1.8 – – 1.1 U.S. treasury and other U.S. agency debt 147 449 10,786 88 2,167 – 13,637 Yield (1) 0.1 0.1 1.2 1.4 1.4 – 1.2 Other foreign government debt 7,445 7,411 9,418 2,077 320 – 26,671 Yield (1) 1.0 1.3 2.2 2.8 2.8 – 1.7 Other debt 78 284 838 129 15 – 1,344 Yield (1) 0.6 1.9 1.8 0.1 5.9 – 1.6 7,910 9,866 26,998 4,115 3,722 – 52,611 Equity instruments Preferred equity instruments – – – – – 28 28 Common shares – – – – – 3,150 3,150 3,178 3,178 Total FVOCI 7,910 9,866 26,998 4,115 3,722 3,178 55,789 Amortized cost Canadian federal and provincial government issued or guaranteed debt 499 3,405 8,061 402 5 – 12,372 U.S. treasury and other U.S. agency debt 12 – 750 8 3,917 – 4,687 Other foreign government debt 74 245 329 258 54 – 960 Corporate debt 9 37 56 36 – – 138 594 3,687 9,196 704 3,976 – 18,157 Fair value through profit or loss Equity instruments – – – – – 1,223 1,223 Debt instruments – – 22 8 – – 30 Total investment securities $ 8,504 $ 13,553 $ 36,216 $ 4,827 $ 7,698 $ 4,401 $ 75,199 Total by currency (in Canadian equivalent): Canadian dollar $ 337 $ 4,102 $ 13,445 $ 2,296 $ 1,240 $ 2,216 $ 23,636 U.S. dollar 705 3,070 16,333 924 6,090 1,911 29,033 Mexican peso 276 919 1,858 157 – 29 3,239 Other currencies 7,186 5,462 4,580 1,450 368 245 19,291 Total investment securities $ 8,504 $ 13,553 $ 36,216 $ 4,827 $ 7,698 $ 4,401 $ 75,199 (1) Represents the weighted-average yield of fixed income securities. Remaining term to maturity As at October 31, 2020 ($ millions) Within three Three to One to five Five to Over ten No specific Carrying value Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 113 $ 2,363 $ 12,158 $ 941 $ 1,253 $ – $ 16,828 Yield (1) 1.0 1.3 1.0 1.5 3.5 – 1.2 Canadian provincial and municipal debt 349 1,521 13,966 1,711 – – 17,547 Yield (1) 1.1 0.6 1.0 1.5 – – 1.0 U.S. treasury and other U.S. agency debt 1,878 3,469 6,144 849 889 – 13,229 Yield (1) 1.7 2.4 2.2 0.4 1.2 – 2.0 Other foreign government debt 5,196 8,933 11,525 2,048 198 – 27,900 Yield (1) 0.8 1.0 1.6 1.9 2.5 – 1.3 Other debt 261 244 572 38 19 – 1,134 Yield (1) (0.7 ) 1.4 1.3 (0.3 ) 5.9 – 0.8 7,797 16,530 44,365 5,587 2,359 – 76,638 Equity instruments Preferred equity instruments – – – – – 8 8 Common shares – – – – – 1,851 1,851 1,859 1,859 Total FVOCI 7,797 16,530 44,365 5,587 2,359 1,859 78,497 Amortized cost Canadian federal and provincial government issued or guaranteed debt 1,048 5,452 10,553 761 5 – 17,819 U.S. treasury and other U.S. agency debt 1,199 929 822 10 7,766 – 10,726 Other foreign government debt 164 870 367 268 75 – 1,744 Corporate debt 487 621 243 4 – – 1,355 2,898 7,872 11,985 1,043 7,846 – 31,644 Fair value through profit or loss Equity instruments – – – – – 1,222 1,222 Debt instruments – – 26 – – – 26 Total investment securities $ 10,695 $ 24,402 $ 56,376 $ 6,630 $ 10,205 $ 3,081 $ 111,389 Total by currency (in Canadian equivalent): Canadian dollar $ 1,151 $ 8,466 $ 32,302 $ 2,955 $ 1,277 $ 1,101 $ 47,252 U.S. dollar 4,088 7,157 18,171 2,258 8,655 1,463 41,792 Mexican peso 267 850 1,459 198 – 17 2,791 Other currencies 5,189 7,929 4,444 1,219 273 500 19,554 Total investment securities $ 10,695 $ 24,402 $ 56,376 $ 6,630 $ 10,205 $ 3,081 $ 111,389 (1) Represents the weighted-average yield of fixed income securities. |
Schdule of Analysis of Net Gain on Sale of Investment Securities | The following table presents the net gain on sale of investment securities: For the year ended October 31 ($ millions) 2021 2020 2019 Debt investment securities measured at amortized cost $ 53 $ 13 $ 34 Debt investment securities measured at FVOCI 366 594 317 Net gain on sale of investment securities $ 419 $ 607 $ 351 |
Loans, Impaired Loans and All_2
Loans, Impaired Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of loans at amortized cost | (a) Loans at amortized cost 2021 2020 As at October 31 ($ millions) Gross loans Allowance Net carrying Gross loans Allowance Net carrying Residential mortgages $ 319,678 $ 802 $ 318,876 $ 284,684 $ 884 $ 283,800 Personal loans 91,540 2,341 89,199 93,758 3,155 90,603 Credit cards 12,450 1,211 11,239 14,797 1,886 12,911 Business and government 218,944 1,272 217,672 217,663 1,714 215,949 Total $ 642,612 $ 5,626 $ 636,986 $ 610,902 $ 7,639 $ 603,263 |
Schedule of Loans and Acceptances Outstanding by Geography | (b) Loans and acceptances outstanding by geography (1) As at October 31 ($ millions) 2021 2020 Canada: Residential mortgages $ 280,169 $ 245,044 Personal loans 73,592 73,919 Credit cards 6,213 6,399 Business and government 77,353 74,590 437,327 399,952 United States: Personal loans 1,137 823 Business and government 42,295 43,126 43,432 43,949 Mexico: Residential mortgages 9,826 9,160 Personal loans 2,454 3,038 Credit cards 540 659 Business and government 18,902 18,356 31,722 31,213 Chile: Residential mortgages 17,176 17,231 Personal loans 4,680 5,187 Credit cards 2,299 2,307 Business and government 20,806 22,135 44,961 46,860 Peru: Residential mortgages 2,894 2,935 Personal loans 4,536 4,773 Credit cards 467 1,823 Business and government 11,511 12,587 19,408 22,118 Colombia: Residential mortgages 2,222 2,114 Personal loans 1,967 2,201 Credit cards 1,608 1,923 Business and government 6,205 4,654 12,002 10,892 Other International: Residential mortgages 7,391 8,200 Personal loans 3,174 3,817 Credit cards 1,323 1,686 Business and government 41,872 42,215 53,760 55,918 Total loans 642,612 610,902 Acceptances (2) 20,404 14,228 Total loans and acceptances (3) 663,016 625,130 Allowance for credit losses (5,663 ) (7,716 ) Total loans and acceptances net of allowance for credit losses $ 657,353 $ 617,414 (1) Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower. (2) 1.2% of borrowers reside outside Canada. (3) Loans and acceptances denominated in US dollars were $112,919 (2020 – $114,788), in Chilean pesos $36,126 (2020 – $36,812), Mexican pesos $23,363 (2020 – $23,654), and in other foreign currencies $46,403 (2020 – $49,652). |
Schedule of Loans Maturities | (c) Loan maturities As at October 31, 2021 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 38,886 $ 247,343 $ 12,112 $ 19,417 $ 1,920 $ 319,678 $ 83,578 $ 233,217 $ 2,883 $ 319,678 Personal loans 15,057 33,414 5,047 1,180 36,842 91,540 37,254 53,374 912 91,540 Credit cards – – – – 12,450 12,450 – 12,450 – 12,450 Business and government 108,405 100,319 4,973 230 5,017 218,944 120,313 96,546 2,085 218,944 Total $ 162,348 $ 381,076 $ 22,132 $ 20,827 $ 56,229 $ 642,612 $ 241,145 $ 395,587 $ 5,880 $ 642,612 Allowance for credit losses – – – – (5,626 ) (5,626 ) – – (5,626 ) (5,626 ) Total loans net of allowance for credit losses $ 162,348 $ 381,076 $ 22,132 $ 20,827 $ 50,603 $ 636,986 $ 241,145 $ 395,587 $ 254 $ 636,986 As at October 31, 2020 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 44,076 $ 207,998 $ 13,216 $ 16,796 $ 2,598 $ 284,684 $ 51,462 $ 230,590 $ 2,632 $ 284,684 Personal loans 15,307 34,190 4,406 873 38,982 93,758 42,284 49,088 2,386 93,758 Credit cards – – – – 14,797 14,797 – 14,797 – 14,797 Business and government 107,393 98,383 4,854 1,969 5,064 217,663 143,895 71,187 2,581 217,663 Total $ 166,776 $ 340,571 $ 22,476 $ 19,638 $ 61,441 $ 610,902 $ 237,641 $ 365,662 $ 7,599 $ 610,902 Allowance for credit losses – – – – (7,639 ) (7,639 ) – – (7,639 ) (7,639 ) Total loans net of allowance for credit losses $ 166,776 $ 340,571 $ 22,476 $ 19,638 $ 53,802 $ 603,263 $ 237,641 $ 365,662 $ (40 ) $ 603,263 |
Schedule of Impaired Loans | (d) Impaired loans (1)(2) 2021 2020 As at October 31 ($ millions) Gross (1) Allowance Net Gross (1) Allowance Net Residential mortgages $ 1,331 $ 374 $ 957 $ 1,490 $ 392 $ 1,098 Personal loans 833 626 207 1,032 820 212 Credit cards – – – – – – Business and government 2,292 655 1,637 2,531 745 1,786 Total $ 4,456 $ 1,655 $ 2,801 $ 5,053 $ 1,957 $ 3,096 By geography: Canada $ 1,090 446 644 $ 1,127 487 640 United States 24 4 20 116 4 112 Mexico 758 269 489 570 222 348 Peru 699 350 349 824 498 326 Chile 512 180 332 775 233 542 Colombia 418 88 330 459 102 357 Other International 955 318 637 1,182 411 771 Total $ 4,456 1,655 2,801 $ 5,053 1,957 3,096 (1) Interest income recognized on impaired loans during the year ended October 31, 2021 was $53 (2020 – $47). (2) Additional interest income of approximately $270 would have been recorded if the above loans had not been classified as impaired (2020 – $310). |
Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations | The following table shows certain key macroeconomic variables used to estimate the allowance for credit losses. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view. Base Case Scenario Alternative Scenario – Optimistic Alternative Scenario – Pessimistic Alternative Scenario – Pessimistic Front Loaded (1) October 31, 2021 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 3.4 1.9 5.3 2.8 -1.3 3.1 -7.4 4.3 Unemployment rate, average % 6.3 5.7 5.6 4.1 8.8 6.3 11.7 8.2 Bank of Canada overnight rate target, average % 0.3 2.0 0.9 3.6 0.3 1.2 0.3 0.5 HPI – Housing Price Index, y/y % change 11.1 2.1 13.2 3.9 3.9 3.3 -2.7 3.9 USDCAD exchange rate, average 1.24 1.21 1.23 1.20 1.28 1.21 1.30 1.24 US Real GDP growth, y/y % change 5.7 1.6 7.3 2.1 2.4 2.4 -1.4 3.5 Unemployment rate, average % 3.8 3.5 3.4 3.2 5.6 4.1 6.8 5.6 Mexico Real GDP growth, y/y % change 2.8 1.9 4.3 2.7 -0.4 2.7 -4.2 3.8 Unemployment rate, average % 4.0 4.0 3.6 3.1 6.5 4.5 9.4 6.4 Chile Real GDP growth, y/y % change 6.7 2.2 8.8 3.1 3.4 3.1 -0.5 4.2 Unemployment rate, average % 6.5 6.2 5.9 5.6 9.0 6.7 12.0 8.6 Peru Real GDP growth, y/y % change 5.0 3.2 7.7 4.3 3.6 3.7 0.0 4.7 Unemployment rate, average % 8.8 7.5 6.0 3.4 10.8 8.1 13.8 10.0 Colombia Real GDP growth, y/y % change 5.0 3.5 6.8 4.8 3.6 4.0 0.0 5.0 Unemployment rate, average % 13.7 11.2 12.0 8.2 15.6 11.8 18.6 13.7 Caribbean Real GDP growth, y/y % change 4.9 4.1 6.2 4.9 3.9 4.6 0.3 5.6 Global WTI oil price, average USD/bbl 69 70 75 86 61 67 57 57 Copper price, average USD/lb 4.20 4.20 4.36 4.78 3.93 4.05 3.81 3.62 Global GDP, y/y % change 5.07 3.02 6.54 3.90 2.44 3.68 -0.69 4.48 (1) Allowance for credit losses as of October 31, 2019, were determined using three probability-weighted scenarios (base case, optimistic and pessimistic). Starting Q1, 2020, the Bank added an additional pessimistic front loaded scenario to its measurement methodology. Base Case Scenario Alternative Scenario – Optimistic Alternative Scenario – Pessimistic Alternative Scenario – Pessimistic Front Loaded (1) October 31, 2020 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 3.1 2.2 4.7 2.7 -2.0 3.8 -10.8 6.4 Unemployment rate, average % 7.3 5.5 6.7 4.7 9.9 5.8 14.1 7.1 Bank of Canada overnight rate target, average % 0.3 0.8 0.5 1.2 0.3 0.4 0.3 0.3 HPI – Housing Price Index, y/y % change 0.4 2.8 1.9 3.3 -6.3 4.6 -15.2 6.8 USDCAD exchange rate, average 1.30 1.25 1.30 1.25 1.37 1.27 1.40 1.33 US Real GDP growth, y/y % change 2.5 2.2 3.6 2.4 -0.5 3.1 -7.4 5.2 Unemployment rate, average % 6.3 3.5 6.1 3.3 8.1 4.1 10.5 7.0 Mexico Real GDP growth, y/y % change 1.0 2.3 2.5 2.6 -1.8 3.1 -8.7 5.3 Unemployment rate, average % 7.3 4.5 6.8 3.9 9.9 4.9 14.1 6.2 Chile Real GDP growth, y/y % change 3.8 2.6 5.6 3.2 0.8 3.4 -6.2 5.6 Unemployment rate, average % 12.1 7.3 11.6 6.9 14.7 7.7 18.9 8.9 Peru Real GDP growth, y/y % change 3.7 3.8 5.0 4.4 2.9 4.4 -3.5 6.3 Unemployment rate, average % 12.4 8.1 11.3 6.3 14.2 8.5 18.5 9.7 Colombia Real GDP growth, y/y % change 1.9 3.5 3.0 4.0 1.1 4.0 -5.2 6.0 Unemployment rate, average % 14.4 8.2 13.6 6.8 16.2 8.7 20.5 9.8 Caribbean Real GDP growth, y/y % change 2.2 4.1 3.3 4.4 1.0 4.7 -6.6 5.9 Global WTI oil price, average USD/bbl 48 58 52 68 42 54 37 38 Copper price, average USD/lb 3.00 3.19 3.09 3.42 2.79 3.06 2.66 2.64 Global GDP, y/y % change 4.44 3.28 5.63 3.72 2.36 3.91 -2.67 5.34 (1) Allowance for credit losses as of October 31, 2019, were determined using three probability-weighted scenarios (base case, optimistic and pessimistic). Starting Q1, 2020, the Bank added an additional pessimistic front loaded scenario to its measurement methodology. |
Schedule of Allowance for Credit Losses | (iv) Allowance for credit losses ($ millions) Balance as at November 1, 2020 Provision for Net write-offs Other, including Balance as at October 31, 2021 Residential mortgages $ 884 $ 91 $ (84 ) $ (89 ) $ 802 Personal loans 3,155 928 (1,559 ) (183 ) 2,341 Credit cards 1,886 772 (1,340 ) (107 ) 1,211 Business and government 1,892 17 (375 ) (160 ) 1,374 $ 7,817 $ 1,808 $ (3,358 ) $ (539 ) $ 5,728 Presented as: Allowance for credit losses on loans $ 7,639 $ 5,626 Allowance for credit losses on acceptances 77 37 Allowance for credit losses on off-balance sheet exposures 101 65 ($ millions) Balance as at November 1, 2019 Provision for Net write-offs Other, including Balance as at October 31, 2020 Residential mortgages $ 680 $ 418 $ (79 ) $ (135 ) $ 884 Personal loans 2,065 2,632 (1,381 ) (161 ) 3,155 Credit cards 1,255 1,672 (975 ) (66 ) 1,886 Business and government 1,139 1,362 (506 ) (103 ) 1,892 $ 5,139 $ 6,084 $ (2,941) $ (465) $ 7,817 Presented as: Allowance for credit losses on loans $ 5,077 $ 7,639 Allowance for credit losses on acceptances 6 77 Allowance for credit losses on off-balance sheet exposures 56 101 Allowance for credit losses on loans As at October 31, 2021 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 152 $ 276 $ 374 $ 802 Personal loans 644 1,071 626 2,341 Credit cards 352 859 – 1,211 Business and government 186 431 655 1,272 Total (1) $ 1,334 $ 2,637 $ 1,655 $ 5,626 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance sheet credit risks which amounted to $105. As at October 31, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 190 $ 302 $ 392 $ 884 Personal loans 864 1,471 820 3,155 Credit cards 501 1,385 – 1,886 Business and government 409 560 745 1,714 Total (1) $ 1,964 $ 3,718 $ 1,957 $ 7,639 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance sheet credit risks which amounted to $181. The following table presents the changes to the allowance for credit losses on loans . As at October 31, 2021 As at October 31, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of the year $ 190 $ 302 $ 392 $ 884 $ 126 $ 229 $ 325 $ 680 Provision for credit losses Remeasurement (1) (143 ) 70 149 76 (20 ) 150 237 367 Newly originated or purchased financial assets 49 – – 49 39 – – 39 Derecognition of financial assets and maturities (10 ) (24 ) – (34 ) (4 ) (14 ) – (18 ) Changes in models and methodologies – – – – 7 6 17 30 Transfer to (from): Stage 1 88 (74 ) (14 ) – 111 (90 ) (21 ) – Stage 2 (12 ) 62 (50 ) – (18 ) 101 (83 ) – Stage 3 – (32 ) 32 – – (42 ) 42 – Gross write-offs – – (111 ) (111 ) – – (97 ) (97 ) Recoveries – – 27 27 – – 18 18 Foreign exchange and other movements (6) (10 ) (28 ) (51 ) (89 ) (51 ) (38 ) (46 ) (135 ) Balance at end of year (2) $ 152 $ 276 $ 374 $ 802 $ 190 $ 302 $ 392 $ 884 Personal loans Balance at beginning of the year $ 864 $ 1,471 $ 820 $ 3,155 $ 609 $ 865 $ 591 $ 2,065 Provision for credit losses Remeasurement (1) (1,119 ) 1,023 984 888 (559 ) 1,582 1,373 2,396 Newly originated or purchased financial assets 525 – – 525 424 – – 424 Derecognition of financial assets and maturities (171 ) (314 ) – (485 ) (92 ) (161 ) – (253 ) Changes in models and methodologies – – – – 16 33 16 65 Transfer to (from): Stage 1 882 (869 ) (13 ) – 832 (821 ) (11 ) – Stage 2 (253 ) 325 (72 ) – (282 ) 358 (76 ) – Stage 3 (43 ) (487 ) 530 – (6 ) (343 ) 349 – Gross write-offs – – (1,833 ) (1,833 ) – – (1,611 ) (1,611 ) Recoveries – – 274 274 – – 230 230 Foreign exchange and other movements (6) (41 ) (78 ) (64 ) (183 ) (78 ) (42 ) (41 ) (161 ) Balance at end of year (2) $ 644 $ 1,071 $ 626 $ 2,341 $ 864 $ 1,471 $ 820 $ 3,155 Credit cards Balance at beginning of the year $ 501 $ 1,385 $ – $ 1,886 $ 424 $ 831 $ – $ 1,255 Provision for credit losses Remeasurement (1) (452) 299 972 819 (213 ) 1,174 661 1,622 Newly originated or purchased financial assets 117 – – 117 155 – – 155 Derecognition of financial assets and maturities (70 ) (94 ) – (164 ) (72 ) (68 ) – (140 ) Changes in models and methodologies – – – – 6 29 – 35 Transfer to (from): Stage 1 382 (382 ) – – 365 (365 ) – – Stage 2 (103 ) 103 – – (146 ) 146 – – Stage 3 – (389 ) 389 – – (307 ) 307 – Gross write-offs – – (1,543 ) (1,543 ) – – (1,163 ) (1,163 ) Recoveries – – 203 203 – – 188 188 Foreign exchange and other movements (6) (23 ) (63 ) (21 ) (107 ) (18 ) (55 ) 7 (66 ) Balance at end of year (2) $ 352 $ 859 $ – $ 1,211 $ 501 $ 1,385 $ – $ 1,886 Business and government Balance at beginning of the year $ 478 $ 592 $ 745 $ 1,815 $ 191 $ 263 $ 679 $ 1,133 Provision for credit losses Remeasurement (1) (262 ) 11 402 151 146 467 647 1,260 Newly originated or purchased financial assets 325 – – 325 315 – – 315 Derecognition of financial assets and maturities (320 ) (72 ) (11 ) (403 ) (200 ) (72 ) (16 ) (288 ) Changes in models and methodologies (4 ) (11 ) – (15 ) 11 2 – 13 Transfer to (from): Stage 1 66 (66 ) – – 48 (48 ) – – Stage 2 (53 ) 54 (1 ) – (28 ) 31 (3 ) – Stage 3 – (9 ) 9 – (2 ) (27 ) 29 – Gross write-offs – – (414 ) (414 ) – – (534 ) (534 ) Recoveries – – 39 39 – – 28 28 Foreign exchange and other movements (18 ) (29 ) (114 ) (161 ) (3 ) (24 ) (85 ) (112 ) Balance at end of period including off-balance sheet exposures (2) $ 212 $ 470 $ 655 $ 1,337 $ 478 $ 592 $ 745 $ 1,815 Less: Allowance for credits losses on off-balance sheet exposures (2)(3) 26 39 – 65 69 32 – 101 Balance at end of year (2) $ 186 $ 431 $ 655 $ 1,272 $ 409 $ 560 $ 745 $ 1,714 (1) Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments. (2) Interest income on impaired loans for residential mortgages, personal loans, credit cards, and business and government loans totaled $270 (2020 – $310). (3) Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position . (4) Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position. (5) During the year ended October 31, 2021, the contractual terms of certain financial assets were modified where the modification did not result in derecognition. The carrying value of such loans that were modified in Stage 2 and Stage 3 was $1,505 and $854 respectively, before the modification. (6) Divestitures are included in the foreign exchange and other movements. |
Summary of Carrying Value of Exposures by Risk Rating | Residential mortgages As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 187,163 $ 5,610 $ – $ 192,773 $ 167,233 $ 1,892 $ – $ 169,125 Low 69,306 1,768 – 71,074 61,988 1,495 – 63,483 Medium 9,170 3,690 – 12,860 10,914 2,071 – 12,985 High 904 2,284 – 3,188 1,197 3,435 – 4,632 Very high 16 643 – 659 13 596 – 609 Loans not graded (2) 34,122 3,671 – 37,793 28,787 3,573 – 32,360 Default – – 1,331 1,331 – – 1,490 1,490 Total 300,681 17,666 1,331 319,678 270,132 13,062 1,490 284,684 Allowance for credit losses 152 276 374 802 190 302 392 884 Carrying value $ 300,529 $ 17,390 $ 957 $ 318,876 $ 269,942 $ 12,760 $ 1,098 $ 283,800 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Personal loans As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 30,085 $ 168 $ – $ 30,253 $ 29,557 $ 499 $ – $ 30,056 Low 25,719 574 – 26,293 25,508 1,793 – 27,301 Medium 8,290 1,127 – 9,417 6,619 2,779 – 9,398 High 5,686 2,307 – 7,993 5,809 2,964 – 8,773 Very high 82 1,157 – 1,239 318 1,367 – 1,685 Loans not graded (2) 14,159 1,353 – 15,512 13,629 1,884 – 15,513 Default – – 833 833 – – 1,032 1,032 Total 84,021 6,686 833 91,540 81,440 11,286 1,032 93,758 Allowance for credit losses 644 1,071 626 2,341 864 1,471 820 3,155 Carrying value $ 83,377 $ 5,615 $ 207 $ 89,199 $ 80,576 $ 9,815 $ 212 $ 90,603 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Credit cards As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 1,517 $ 76 $ – $ 1,593 $ 1,318 $ 20 $ – $ 1,338 Low 2,288 135 – 2,423 1,971 184 – 2,155 Medium 2,666 166 – 2,832 2,416 393 – 2,809 High 2,237 1,225 – 3,462 2,229 1,799 – 4,028 Very high 21 509 – 530 41 843 – 884 Loans not graded (1) 1,158 452 – 1,610 2,414 1,169 – 3,583 Default – – – – – – – – Total 9,887 2,563 – 12,450 10,389 4,408 – 14,797 Allowance for credit losses 352 859 – 1,211 501 1,385 – 1,886 Carrying value $ 9,535 $ 1,704 $ – $ 11,239 $ 9,888 $ 3,023 $ – $ 12,911 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 88,308 $ 14 $ – $ 88,322 $ 85,242 $ 6 $ – $ 85,248 Low 17,880 12 – 17,892 16,775 39 – 16,814 Medium 6,858 36 – 6,894 5,739 123 – 5,862 High 3,103 745 – 3,848 2,201 705 – 2,906 Very high 24 212 – 236 3 134 – 137 Loans not graded (1) 9,126 2,204 – 11,330 11,113 4,501 – 15,614 Default – – – – – – – – Carrying value $ 125,299 $ 3,223 $ – $ 128,522 $ 121,073 $ 5,508 $ – $ 126,581 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Total retail loans As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 307,073 $ 5,868 $ – $ 312,941 $ 283,350 $ 2,417 $ – $ 285,767 Low 115,193 2,489 – 117,682 106,242 3,511 – 109,753 Medium 26,984 5,019 – 32,003 25,688 5,366 – 31,054 High 11,930 6,561 – 18,491 11,436 8,903 – 20,339 Very high 143 2,521 – 2,664 375 2,940 – 3,315 Loans not graded (2) 58,565 7,680 – 66,245 55,943 11,127 – 67,070 Default – – 2,164 2,164 – – 2,522 2,522 Total 519,888 30,138 2,164 552,190 483,034 34,264 2,522 519,820 Allowance for credit losses 1,148 2,206 1,000 4,354 1,555 3,158 1,212 5,925 Carrying value $ 518,740 $ 27,932 $ 1,164 $ 547,836 $ 481,479 $ 31,106 $ 1,310 $ 513,895 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Business and government As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 110,786 $ 892 $ – $ 111,678 $ 105,757 $ 1,290 $ – $ 107,047 Non-Investment grade 91,945 7,570 – 99,515 93,998 8,840 – 102,838 Watch list 31 3,266 – 3,297 47 3,101 – 3,148 Loans not graded (2) 2,151 11 – 2,162 2,063 36 – 2,099 Default – – 2,292 2,292 – – 2,531 2,531 Total 204,913 11,739 2,292 218,944 201,865 13,267 2,531 217,663 Allowance for credit losses 186 431 655 1,272 409 560 745 1,714 Carrying value $ 204,727 $ 11,308 $ 1,637 $ 217,672 $ 201,456 $ 12,707 $ 1,786 $ 215,949 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 186,056 $ 1,266 $ – $ 187,322 $ 182,580 $ 1,280 $ – $ 183,860 Non-investment grade 66,009 3,786 – 69,795 59,600 4,336 – 63,936 Watch list 12 2,160 – 2,172 6 1,704 – 1,710 Loans not graded (2) 4,155 – – 4,155 3,702 309 – 4,011 Default – – 102 102 – – 161 161 Total 256,232 7,212 102 263,546 245,888 7,629 161 253,678 Allowance for credit losses 26 39 – 65 69 32 – 101 Carrying value $ 256,206 $ 7,173 $ 102 $ 263,481 $ 245,819 $ 7,597 $ 161 $ 253,577 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Total non-retail loans As at October 31, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 296,842 $ 2,158 $ – $ 299,000 $ 288,337 $ 2,570 $ – $ 290,907 Non-investment grade 157,954 11,356 – 169,310 153,598 13,176 – 166,774 Watch list 43 5,426 – 5,469 53 4,805 – 4,858 Loans not graded (2) 6,306 11 – 6,317 5,765 345 – 6,110 Default – – 2,394 2,394 – – 2,692 2,692 Total 461,145 18,951 2,394 482,490 447,753 20,896 2,692 471,341 Allowance for credit losses 212 470 655 1,337 478 592 745 1,815 Carrying value $ 460,933 $ 18,481 $ 1,739 $ 481,153 $ 447,275 $ 20,304 $ 1,947 $ 469,526 (1) Stage 3 includes purchased or originated credit impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. |
Schedule of Loans Past Due But Not Impaired | The following table presents the carrying value of loans that are contractually past due but not classified as impaired because they are either less than 90 days past due or fully secured and collection efforts are reasonably expected to result in repayment, or restoring it to a current status in accordance with the Bank’s policy. In cases where borrowers have opted to participate in payment deferral programs as a result of COVID-19, deferral of payments is not considered past due and such loans are not aged further during the deferral period. 2021 (2) 2020 (2) As at October 31 ($ millions) 31 – 60 61 – 90 91 days (3) Total 31 – 60 61 – 90 91 days (3) Total Residential mortgages $ 732 $ 327 $ – $ 1,059 $ 663 $ 282 $ – $ 945 Personal loans 411 210 – 621 604 273 – 877 Credit cards 125 83 201 409 401 166 277 844 Business and government 124 24 – 148 288 103 – 391 Total $ 1,392 $ 644 $ 201 $ 2,237 $ 1,956 $ 824 $ 277 $ 3,057 (1) Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due. (2) For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period. (3) All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due. |
Summary of Purchased Credit Impaired Loans | Certain financial assets including loans are credit-impaired on initial recognition either through acquisition or origination. The following table provides details of such assets: As at October 31 ($ millions) 2021 2020 Unpaid principal balance (1) $ 303 $ 393 Credit related fair value adjustments (68 ) (93 ) Carrying value 235 300 Stage 3 allowance (1 ) (10 ) Carrying value net of related allowance $ 234 $ 290 (1) Represents principal amount owed net of write-offs. |
Derecognition of Financial As_2
Derecognition of Financial Assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Carrying Amount of Transferred Assets Do Not Qualify for Derecognition and Associated Liabilities | The following table provides the carrying amount of transferred assets that do not qualify for derecognition and the associated liabilities: As at October 31 ($ millions) 2021 (1) 2020 (1) Assets Carrying value of residential mortgage loans $ 17,145 $ 20,586 Other related assets (2) 9,787 9,548 Liabilities Carrying value of associated liabilities 25,833 27,819 (1) The fair value of the transferred assets is $25,761 (2020 – $29,415) and the fair value of the associated liabilities is $26,021 (2020—$28,920), for a net position of $(260) (2020—$495). (2) These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs. The following table provides the carrying amount of the transferred assets and the associated liabilities: As at October 31 ($ millions) 2021 (1) 2020 (1) Carrying value of assets associated with: Repurchase agreements (2) $ 100,083 $ 121,918 Securities lending agreements 59,506 53,082 Total 159,589 175,000 Carrying value of associated liabilities (3) $ 123,469 $ 137,763 (1) The fair value of transferred assets is $159,589 (2020 – $175,000) and the fair value of the associated liabilities is $123,469 (2020 – $137,763), for a net position of $36,120 (2020 – $37,237). (2) Does not include over-collateralization of assets pledged. (3) Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Unconsolidated Structured Entities | As at October 31, 2021 ($ millions) Canadian multi-seller Structured Capital Total Total assets on structured entity’s financial statements $ 3,519 $ 2,403 $ 833 $ 6,755 Assets recognized on the Bank’s financial statements Trading assets 7 2 – 9 Investment securities – 1,124 10 1,134 Loans (1) – 639 59 698 7 1,765 69 1,841 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 833 833 – – 833 833 Bank’s maximum exposure to loss $ 3,526 $ 1,765 $ 69 $ 5,360 As at October 31, 2020 ($ millions) Canadian multi-seller Structured Capital Total Total assets (on structured entity’s financial statements) $ 3,097 $ 3,106 $ 833 $ 7,036 Assets recognized on the Bank’s financial statements Trading assets 1 2 – 3 Investment securities – 1,192 10 1,202 Loans (1) – 820 59 879 1 2,014 69 2,084 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 833 833 – – 833 833 Bank’s maximum exposure to loss $ 3,098 $ 2,014 $ 69 $ 5,181 (1) Loan balances are presented net of allowance for credit losses. |
Summary of Other Unconsolidated Bank Sponsored Entities | The following table provides information on revenue from unconsolidated Bank-sponsored entities. Funds As at October 31 ($ millions) 2021 2020 Revenue $ 2,604 $ 2,165 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Property, Plant And Equipment | ($ millions) Land & Equipment Technology Leasehold Right-of-use Total Cost Balance as at October 31, 2019 $ 1,743 $ 2,154 $ 2,372 $ 1,615 $ – $ 7,884 Impact of first application of IFRS 16 – – – – 3,620 3,620 Acquisitions – 4 1 10 – 15 Additions 109 262 117 151 259 898 Disposals (205 ) (407 ) (113 ) (114 ) (93 ) (932 ) Foreign currency adjustments and other (28 ) (77 ) 9 (2 ) – (98 ) Balance as at October 31, 2020 $ 1,619 $ 1,936 $ 2,386 $ 1,660 $ 3,786 $ 11,387 Acquisitions – – – – – – Additions 126 111 92 74 456 859 Disposals (49 ) (47 ) (32 ) (51 ) (132 ) (311 ) Foreign currency adjustments and other (127 ) (94 ) (36 ) (34 ) (107 ) (398 ) Balance as at October 31, 2021 $ 1,569 $ 1,906 $ 2,410 $ 1,649 $ 4,003 $ 11,537 Accumulated depreciation Balance as at October 31, 2019 $ 672 $ 1,631 $ 1,935 $ 977 $ – $ 5,215 Depreciation 42 111 153 91 400 797 Disposals (84 ) (321 ) (71 ) (49 ) (9 ) (534 ) Foreign currency adjustments and other (10 ) 50 (47 ) 5 14 12 Balance as at October 31, 2020 $ 620 $ 1,471 $ 1,970 $ 1,024 $ 405 $ 5,490 Depreciation 42 98 155 95 379 769 Disposals (30 ) (32 ) (31 ) (37 ) (35 ) (165 ) Foreign currency adjustments and other (35 ) (73 ) (34 ) (23 ) (13 ) (178 ) Balance as at October 31, 2021 $ 597 $ 1,464 $ 2,060 $ 1,059 $ 736 $ 5,916 Net book value Balance as at October 31, 2020 $ 999 $ 465 $ 416 $ 636 $ 3,381 $ 5,897 (1) Balance as at October 31, 2021 $ 972 $ 442 $ 350 $ 590 $ 3,267 $ 5,621 (1) (1) Includes $40 (2020 – $43) of investment property. |
Investments in Associates (Tabl
Investments in Associates (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Investments accounted for using equity method [abstract] | |
Significant Investments in Associates | 2021 2020 As at October 31 ($ millions) Country of Nature of business Ownership Date of financial (1) Carrying Carrying Canadian Tire’s Financial Services business (CTFS) (2) Canada Financial Services 20.00 % September 30, 2021 $ 549 $ 534 Bank of Xi’an Co. Ltd. (3) China Banking 17.99 % September 30, 2021 968 926 Maduro & Curiel’s Bank N.V. (4) Curacao Banking 48.10 % September 30, 2021 366 355 (1) Represents the date of the most recent financial statements. Where available, financial statements prepared by the associates’ management or other published information is used to estimate the change in the Bank’s interest since the most recent financial statements. (2) Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value. (3) Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $671 as at October 31, 2021 (October 31, 2020 – $818). (4) The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of October 31, 2021 these reserves amounted to $60 (2020 – $64). |
Summarized Financial Information of Significant Associates | Summarized financial information of the Bank’s significant associates are as follows. For the twelve months ended (1) As at October 31, 2021 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,098 $ 437 $ 7,832 $ 6,722 Bank of Xi’an Co. Ltd. 1,402 541 65,006 59,828 Maduro & Curiel’s Bank N.V. 304 67 6,183 5,438 For the twelve months ended (1) As at October 31, 2020 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,183 $ 301 $ 7,035 $ 6,017 Bank of Xi’an Co. Ltd. 1,317 511 60,392 55,459 Maduro & Curiel’s Bank N.V. 334 80 6,117 5,396 (1) Based on the most recent available financial statements. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units | The changes in the carrying amounts of goodwill by cash-generating unit (CGU) are as follows: ($ millions) Canadian Global Global Latin Caribbean Total Balance as at October 31, 2019 $ 5,093 $ – $ 260 $ 3,272 $ 1,006 $ 9,631 Reclassification due to reorganization of operating segments (3,403 ) 3,628 – (225 ) – – Acquisitions – – – – – – Dispositions (1) – – (21 ) (47 ) (67 ) (135 ) Foreign currency adjustments and other – (14 ) 1 (168 ) (36 ) (217 ) Balance as at October 31, 2020 1,690 3,614 240 2,832 903 9,279 Reclassification due to reorganization of operating segments – – – – – – Acquisitions – – – – – – Dispositions (1) – – – – – – Foreign currency adjustments and other – (34 ) (9 ) (315 ) (73 ) (431 ) Balance as at October 31, 2021 $ 1,690 $ 3,580 $ 231 $ 2,517 $ 830 $ 8,848 (1) Includes wind-downs. |
Summary of Intangible Assets | Intangible assets Intangible assets consist of assets with indefinite and finite useful lives. Indefinite life intangible assets consist substantially of fund management contracts. The fund management contracts are for the management of open-ended funds. Finite life intangible assets include assets such as computer software, customer relationships and core deposit intangibles. Finite life Indefinite life ($ millions) Computer Other Fund management (1) Other Total Cost Balance as at October 31, 2019 $ 4,525 $ 2,131 $ 4,415 $ 166 $ 11,237 Acquisitions – – – – – Additions 723 2 – – 725 Disposals (198 ) (59 ) – – (257 ) Foreign currency adjustments and other (59 ) (101 ) – – (160 ) Balance as at October 31, 2020 $ 4,991 $ 1,973 $ 4,415 $ 166 $ 11,545 Acquisitions 2 – – – 2 Additions 861 – – – 861 Disposals (7 ) – – – (7 ) Foreign currency adjustments and other (149 ) (106 ) – – (255 ) Balance as at October 31, 2021 $ 5,698 $ 1,867 $ 4,415 $ 166 $ 12,146 Accumulated amortization Balance as at October 31, 2019 $ 2,169 $ 1,234 $ – $ – $ 3,403 Amortization 625 124 – – 749 Disposals (including wind-downs) (191 ) (55 ) – – (246 ) Foreign currency adjustments and other (22 ) (75 ) – – (97 ) Balance as at October 31, 2020 $ 2,581 $ 1,228 $ – $ – $ 3,809 Amortization 639 103 – – 742 Disposals (5 ) – – – (5 ) Foreign currency adjustments and other (98 ) (58 ) – – (156 ) Balance as at October 31, 2021 $ 3,117 $ 1,273 $ – $ – $ 4,390 Net book value As at October 31, 2020 $ 2,410 (2) $ 745 $ 4,415 $ 166 $ 7,736 As at October 31, 2021 $ 2,581 (2) $ 594 $ 4,415 $ 166 $ 7,756 (1) Fund management contracts are attributable to HollisWealth Inc. (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited. (2) Computer software comprises of purchased software of $380 (2020 – $507), internally generated software of $1,405 (2020 – $1,337), and in process software not subject to amortization of $797 (2020 – $566). |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Other Assets | As at October 31 ($ millions) 2021 2020 Accrued interest $ 2,155 $ 2,812 Accounts receivable and prepaids 2,201 2,026 Current tax assets 1,722 1,520 Margin deposit derivatives 5,990 4,912 Segregated fund assets 2,197 2,248 Pension assets (Note 28) 456 260 Receivable from brokers, dealers and clients 2,997 2,347 Other 4,226 3,597 Total $ 21,944 $ 19,722 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Deposits | 2021 2020 Payable on demand (1) As at October 31 ($ millions) Interest- Non-interest- Payable after (2) Payable on a (3) Total Personal $ 9,214 $ 10,191 $ 159,191 $ 64,955 $ 243,551 $ 246,135 Business and government 176,757 34,254 46,150 254,187 511,348 464,619 Financial institutions 10,484 759 1,769 29,348 42,360 40,084 Total $ 196,455 $ 45,204 $ 207,110 (4) $ 348,490 $ 797,259 $ 750,838 Recorded in: Canada $ 139,980 $ 26,624 $ 172,859 $ 231,791 $ 571,254 $ 541,589 United States 44,112 157 4,431 38,926 87,626 60,747 United Kingdom – – 353 16,879 17,232 14,977 Mexico – 5,707 6,718 11,834 24,259 25,294 Peru 5,056 54 5,552 3,858 14,520 17,694 Chile 2,842 6,289 154 11,346 20,631 23,592 Colombia 45 641 5,227 3,271 9,184 9,308 Other International 4,420 5,732 11,816 30,585 52,553 57,637 Total (5) $ 196,455 $ 45,204 $ 207,110 $ 348,490 $ 797,259 $ 750,838 (1) Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. (2) Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts. (3) All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments. (4) Includes $193 (2020 – $158) of non-interest (5) Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). |
Summary of Maturity Schedule for Term Deposits | The following table presents the maturity schedule for term deposits in Canada greater than $100,000 (1) ($ millions) Within three Three to six Six to One to Over Total As at October 31, 2021 $ 34,829 $ 24,372 $ 30,918 $ 90,433 $ 20,688 $ 201,240 As at October 31, 2020 $ 38,739 $ 22,498 $ 30,850 $ 92,589 $ 18,072 $ 202,748 (1) The majority of foreign term deposits are in excess of $100,000. |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Net of Holdings in Debentures | As at October 31 ($ millions) 2021 2020 Maturity date Interest Terms (1) Carrying (2) Carrying (2) June 2025 8.90 Redeemable at any time. $ 255 $ 251 December 2025 (3) 3.367 On December 8, 2020 – 732 December 2025 (3) 4.50 US$1,250 million. Interest will be payable semi-annually 1,547 1,665 March 2027 (3) 2.58 Redeemable on or after March 30, 2022. After March 30, 2022 1,156 1,267 January 2029 (3) 3.89 Redeemable on or after January 18, 2024. After January 18, 2024 1,771 1,844 July 2029 (3) 2.836 Redeemable on or after July 3, 2024. After July 3, 2024 1,510 1,544 August 2085 (4) Floating US$76 million bearing interest at a floating rate six-month 95 102 $ 6,334 $ 7,405 (1) In accordance with the provisions of the Capital Adequacy Guideline of the Superintendent, all redemptions are subject to regulatory approval and subject to the terms in the relevant prospectus. (2) The carrying value of subordinated debentures may differ from par value due to fair value hedge adjustments related to hedge accounting and adjustments related to subordinated debentures held for market-making purposes. (3) These debentures contain non-viability contingent capital (NVCC) provisions. Under such NVCC provisions, outstanding debentures are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. If such a conversion were to occur, the debentures would be converted into common shares pursuant to an automatic conversion formula defined (10-day (4) During the year ended October 31, 2020, the Bank purchased for cancellation approximately US$7 million subordinated debentures due 2085. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Liabilities | As at October 31 ($ millions) 2021 2020 Accrued interest $ 1,454 $ 2,244 Lease liabilities (1) 3,413 3,475 Accounts payable and accrued expenses 6,508 5,441 Current tax liabilities 1,344 743 Deferred tax liabilities (Note 27) 1,149 1,073 Gold and silver certificates and bullion 417 1,112 Margin and collateral accounts 7,313 8,622 Segregated fund liabilities 2,197 2,248 Payables to brokers, dealers and clients 958 624 Provisions (Note 23) 296 125 Allowance for credit losses on off-balance 65 101 Pension liabilities (Note 28) 661 2,202 Other liabilities of subsidiaries and structured entities 25,221 25,938 Other 7,803 8,656 Total $ 58,799 $ 62,604 (1) Presents discounted value of lease liabilities. |
Disclosure of Lease Payments To Be Made | The table below sets out a maturity analysis of undiscounted lease liabilities showing the lease payments to be made after the reporting date: As at October 31 ($ millions) 2021 2020 Within 1 year $ 420 $ 451 1 to 2 years 404 434 2 to 3 years 391 420 3 to 4 years 380 403 4 to 5 years 359 367 After 5 years 2,105 2,080 Total $ 4,059 $ 4,155 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Provisions | ($ millions) As at November 1, 2019 $ 210 Provisions made during the year 244 Provisions utilized / released during the year (329 ) Balance as at October 31, 2020 $ 125 Provisions made during the year 306 Provisions utilized / released during the year (135 ) Balance as at October 31, 2021 $ 296 |
Common shares, preferred shar_2
Common shares, preferred shares and other equity instruments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Common Shares (Detail) | An unlimited number of common shares without nominal or par value. Issued and fully paid: 2021 2020 As at October 31 ($ millions) Number of shares Amount Number of shares Amount Outstanding at beginning of year 1,211,479,297 $ 18,239 1,216,132,250 $ 18,264 Issued in relation to share-based payments, net (Note 26) 3,016,072 200 941,847 59 Issued in relation to the acquisition of a subsidiary or associated corporation 842,154 68 – – Repurchased for cancellation under the Normal Course Issuer Bid – – (5,594,800 ) (84 ) Outstanding at end of year 1,215,337,523 (1) $ 18,507 1,211,479,297 (1) $ 18,239 (1) In the normal course of business, the Bank’s regulated Dealer subsidiary purchases and sells the Bank’s common shares to facilitate trading/institutional client activity. During fiscal 2021, the number of such shares bought and sold was 18,532,448 (2020 – 20,290,297). |
Schedule of Preferred Shares (Detail) | An unlimited number of preferred shares without nominal or par value. Issued and fully paid: 2021 2020 As at October 31 ($ millions) Number of shares Amount Dividends declared per share (1) Conversion feature Number of shares Amount Dividends declared per share Conversion feature Preferred shares: (a) Series 30 (b) – – – – – – 0.227500 Series 31 Series 31 (b) – – – – – – 0.331828 Series 30 Series 32 (c) – – 0.138829 Series 33 11,161,422 279 0.515752 Series 33 Series 33 (c) – – 0.100614 Series 32 5,184,345 130 0.579323 Series 32 Series 34 (d) – – 0.687500 Series 35 14,000,000 350 1.375000 Series 35 Series 36 (e) – – 1.031250 Series 37 20,000,000 500 1.375000 Series 37 Series 38 (f)(g)(h) 20,000,000 500 1.212500 Series 39 20,000,000 500 1.212500 Series 39 Series 40 (f)(g)(i) 12,000,000 300 1.212500 Series 41 12,000,000 300 1.212500 Series 41 Total preferred shares 32,000,000 $ 800 82,345,767 $ 2,059 (1) Dividends declared from November 1, 2020 to October 31, 2021. Terms of preferred shares First issue date Issue Initial Initial dividend Rate Redemption date Redemption Preferred shares (a) Series 32 (c) February 28, 2011 25.00 0.215410 April 27, 2011 1.34 % February 2, 2021 25.00 Series 33 (c) February 2, 2016 25.00 0.105690 April 27, 2016 1.34 % February 2, 2021 25.00 Series 34 (d) December 17, 2015 25.00 0.497300 April 27, 2016 4.51 % April 26, 2021 25.00 Series 36 (e) March 14, 2016 25.00 0.508600 July 27, 2016 4.72 % July 26, 2021 25.00 Series 38 (f)(g)(h) September 16, 2016 25.00 0.441800 January 27, 2017 4.19 % January 27, 2022 25.00 Series 40 (f)(g)(i) October 12, 2018 25.00 0.362100 January 29, 2019 2.43 % January 27, 2024 25.00 (a) Non-cumulative Non-cumulative 5-Year Non-cumulative 5-Year 5-year non-cumulative Non-cumulative 5-Year non-cumulative (b) On April 26, 2020 the Bank redeemed all outstanding Non-cumulative Preferred Shares Series 30 and 31 and paid dividends of $0.227500 and $0.331828, respectively, per share. (c) On February 2, 2021, the Bank redeemed all outstanding Non-cumulative (d) On April 26, 2021, the Bank redeemed all outstanding Non-cumulative (e) On July 26, 2021, the Bank redeemed all outstanding Non-cumulative (f) Holders of Fixed Rate Reset Preferred Shares (Series 38 and 40) will have the option to convert shares into an equal number of the relevant series of Floating Rate Preferred Shares on the applicable Rate Reset Series conversion date and every five years thereafter. Holders of Floating Rate Reset Preferred Shares (Series 39 and 41, if outstanding) have reciprocal conversion options into the relevant series of Fixed Rate Reset Preferred Shares. With respect to Series 38 and 39, and 40 and 41, if the Bank determines that, after giving effect to any Election Notices received, there would be less than 1,000,000 Fixed Rate or Floating Rate Preferred Shares of such Series issued and outstanding on an applicable conversion date, then all of the issued and outstanding preferred shares of such Series will automatically be converted into an equal number of the preferred shares of the other relevant Series. (g) These preferred shares contain NVCC provisions necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. (h) Holders of Series 38 Non-cumulative 5-Year non-cumulative (i) Holders of Series 40 Non-cumulative 5-Year non-cumulative |
Schedule of Other equity instruments | Other equity instruments are comprised of NVCC additional Tier 1 qualifying regulatory capital notes: 2021 2020 First issue date Notional Reset date Interest rate Payment Interest Redemption (1) Amount Distributions (2) Amount Distributions (2) October 12, 2017, Subordinated (3)(4) US$ 1,250 October 12, 2022 4.65 % Semi- annually LIBOR +2.648 (5) % Quarterly $ 1,560 US$ 46.50 $ 1,560 US$ 46.50 June 4, 2020, Subordinated (3)(4) US$ 1,250 June 4, 2025 4.90 % Quarterly UST +4.551 (6) % Every five years $ 1,689 US$ 49.00 $ 1,689 US$ 12.25 June 15, 2021, Limited Recourse Capital Notes (3)(8)(9) $ 1,250 July 27, 2026 3.70 % Quarterly GO +2.761 (7) % Every five years $ 1,250 $ 13.51 $ – $ – October 7, 2021, Limited Recourse Capital Notes (3)( 8 US$ 600 October 27, 2026 3.625 % Quarterly UST +2.613 (6) % Quarterly $ 753 US$ – $ – US$ – Total other equity instruments $ 5,252 $ 3,249 (1) Each security is redeemable at the sole discretion of the Bank five years after its issuance and every quarter or five years, as applicable, thereafter. The securities are also redeemable following a regulatory or tax event, as described in the offering documents. All redemptions are subject to regulatory consent and occur at a redemption price of par plus accrued and unpaid interest (unless canceled, where applicable). (2) Distributions paid from November 1 to October 31 in the relevant fiscal year per face amount of $1,000 or US$1,000, as applicable. (3) The securities rank pari passu to each other and are the Bank’s direct unsecured obligations, ranking subordinate to Bank’s other subordinated indebtedness. (4) While interest is payable on the securities when it becomes due, the Bank may, at its sole discretion and with notice, cancel interest payments. Refer to Note 24(c) – Restriction on payment of dividends and retirement of shares. (5) Three-month US$ LIBOR. (6) The then-prevailing five-year U.S. Treasury Rate. (7) The then-prevailing five-year Government of Canada yield. (8) Interest on Limited Recourse Capital Notes is non-deferrable, however, non-payment of interest that is not cured within five business days (9) On June 15, 2021, the Bank issued $1,250 million 3.70% Fixed Rate Resetting Limited Recourse Capital Notes Series 1 (NVCC) (“LRCN Series 1”). In connection with the issuance of LRCN Series 1, the Bank issued $1,250 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 1 AT1 Notes”) at a price of $1,000 per Series 1 AT1 Note, to Scotiabank LRCN Trust to be held as trust assets in connection with the Limited Recourse Capital Notes (LRCN) structure. (10) On October 7, 2021, the Bank issued US$600 million 3.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 2 (NVCC) (“LRCN Series 2”). In connection with the issuance of LRCN Series 2, the Bank issued US$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) at a price of US per Series 2 AT1 Note, to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | The Bank’s regulatory capital ratios were as follows: As at October 31 ($ millions) 2021 2020 Capital (1) Common Equity Tier 1 capital $ 51,010 $ 49,165 Net Tier 1 capital 57,915 55,362 Total regulatory capital 66,101 64,512 Risk-weighted assets/exposures used in calculation of capital ratios Risk-weighted assets (1)(2) $ 416,105 $ 417,138 Leverage exposures (3) 1,201,766 1,170,290 Capital ratios (1) Common Equity Tier 1 capital ratio 12.3 % 11.8 % Tier 1 capital ratio 13.9 % 13.3 % Total capital ratio 15.9 % 15.5 % Leverage ratio (3) 4.8 % 4.7 % (1) This measure has been disclosed in this document in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2018). (2) OSFI has prescribed a minimum capital floor for institutions that use the advanced internal ratings-based approach for credit risk. The Basel II capital floor add-on add-on (3) This measure has been disclosed in this document in accordance with OSFI Guideline - Leverage Requirements (November 2018). |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Statement [Line Items] | |
Schedule of Bank's Employee Stock Option Plan | Details of the Bank’s Employee Stock Option Plan are as follows (1) 2021 2020 As at October 31 Number of stock Weighted average Number of stock Weighted average Outstanding at beginning of year 11,792 $ 66.44 11,509 $ 64.35 Granted 1,876 74.34 1,594 74.34 Exercised as options (3,016 ) 53.50 (942 ) 53.50 Exercised as SARs (59 ) 61.30 (37 ) 61.30 Forfeited (127 ) 70.23 (293 ) 70.23 Expired (8 ) 61.55 (39 ) 61.55 Outstanding at end of year (2) 10,458 $ 69.08 11,792 $ 66.44 Exercisable at end of year (2) 5,252 $ 65.85 7,337 $ 61.08 Available for grant 3,945 5,628 |
Summary of Bank's Employee Stock Option Plan Outstanding and Exercisable by Range of Exercise Price | Options Outstanding Options Exercisable As at October 31, 2021 Number of stock options (000’s) Weighted average remaining contractual life (years) Weighted average exercise price Number of stock options (000’s) Weighted average exercise price Range of exercise prices $49.93 to $55.21 267 0.10 $ 49.93 267 $ 49.93 $55.63 to $66.67 2,598 2.33 $ 60.60 2,598 $ 60.60 $63.98 to $81.81 7,593 6.73 $ 72.66 2,387 $ 73.35 10,458 5.47 $ 69.08 5,252 $ 65.85 (1) Excludes SARs. (2) Includes and nil options originally issued under HollisWealth plans (2020 – 10,000). |
Stock appreciation rights and tandem stock appreciation rights [member] | |
Statement [Line Items] | |
Schedule of Weighted-average Assumptions Used to Determine Fair Value of Options Granted | As at October 31 2021 2020 Assumptions Risk-free interest rate% 0.59% – 1.53% 0.25% – 0.45% Expected dividend yield 4.34% 6.30% Expected price volatility 15.12% – 23.51% 21.30% – 31.40% Expected life of option 0.00 – 6.12 years 0.00 – 6.10 years Fair value Weighted-average fair value $ 14.46 $ 2.78 |
Employee stock options [member] | |
Statement [Line Items] | |
Schedule of Weighted-average Assumptions Used to Determine Fair Value of Options Granted | 2021 Grant 2020 Grant Assumptions Risk-free interest rate % 0.58% 1.61% Expected dividend yield 5.10% 4.55% Expected price volatility 19.41% 13.37% Expected life of option 6.8 Years 6.7 years Fair value Weighted-average fair value $ 4.60 $ 3.81 |
Corporate Income Taxes (Tables)
Corporate Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Components of income tax provision | For the year ended October 31 ($ millions) 2021 2020 2019 Provision for income taxes in the Consolidated Statement of Income: Current income taxes: Domestic: Federal $ 1,105 $ 635 $ 525 Provincial 824 529 444 Adjustments related to prior periods (27 ) (29 ) 5 Foreign 726 1,053 1,215 Adjustments related to prior periods (24 ) 24 (48 ) 2,604 2,212 2,141 Deferred income taxes: Domestic: Federal 32 (159 ) 174 Provincial 8 (97 ) 103 Foreign 227 (413 ) 54 267 (669 ) 331 Total provision for income taxes in the Consolidated Statement of Income $ 2,871 $ 1,543 $ 2,472 Provision for income taxes in the Consolidated Statement of Changes in Equity: Current income taxes $ 435 $ 149 $ (108 ) Deferred income taxes (100 ) (212 ) 60 335 (63 ) (48 ) Reported in: Other Comprehensive Income 341 (63 ) (33 ) Retained earnings (6 ) – (18 ) Other reserves – – 3 Total provision for income taxes in the Consolidated Statement of Changes in Equity 335 (63 ) (48 ) Total provision for income taxes $ 3,206 $ 1,480 $ 2,424 Provision for income taxes in the Consolidated Statement of Income includes: Deferred tax expense (benefit) relating to origination/reversal of temporary differences $ 269 $ (672 ) $ 329 Deferred tax expense (benefit) of tax rate changes (2 ) 3 2 $ 267 $ (669 ) $ 331 |
Reconciliation to Statutory Tax Rate | Income taxes in the Consolidated Statement of Income vary from the amounts that would be computed by applying the composite federal and provincial statutory income tax rate for the following reasons: 2021 2020 2019 For the year ended October 31 ($ millions) Amount Percent of pre-tax Amount Percent of pre-tax Amount Percent of pre-tax income Income taxes at Canadian statutory rate $ 3,364 26.2 % $ 2,209 26.3 % $ 2,983 26.5 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries and foreign branches (245 ) (1.9 ) (489 ) (5.8 ) (300 ) (2.7 ) Tax-exempt income from securities (236 ) (1.8 ) (207 ) (2.4 ) (221 ) (2.0 ) Deferred income tax effect of substantively enacted tax rate changes (2 ) – 3 – 2 – Other, net (10 ) (0.1 ) 27 0.3 8 0.1 Total income taxes and effective tax rate $ 2,871 22.4 % $ 1,543 18.4 % $ 2,472 21.9 % |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Bank’s deferred tax assets and liabilities are as follows: Statement of Income Statement of Financial Position For the year ended As at October 31 ($ millions) 2021 2020 2021 2020 Deferred tax assets: Loss carryforwards $ 52 $ 60 $ 174 $ 226 Allowance for credit losses 405 (718 ) 922 1,380 Deferred compensation (77 ) 44 241 164 Deferred income 88 112 254 352 Property and equipment (106 ) (35 ) 364 368 Pension and other post-retirement benefits (28 ) (52 ) 522 980 Securities (21 ) (26 ) 323 187 Lease liabilities 59 49 875 827 Cash flow hedges – – 49 – Other (119 ) (78 ) 663 650 Total deferred tax assets $ 253 $ (644 ) $ 4,387 $ 5,134 Deferred tax liabilities: Cash flow hedges $ – $ – $ 34 $ 360 Deferred compensation (16 ) (25 ) 131 121 Deferred income (8 ) (15 ) 14 15 Property and equipment 94 158 808 849 Pension and other post-retirement benefits (9 ) (7 ) 97 90 Securities 14 (40 ) 179 201 Investment in subsidiaries and associates (40 ) 82 122 98 Intangible assets 53 (1 ) 1,774 1,837 Other (102 ) (127 ) 326 451 Total deferred tax liabilities $ (14 ) $ 25 $ 3,485 $ 4,022 Net deferred tax assets (liabilities) (1) $ 267 $ (669 ) $ 902 $ 1,112 (1) For Consolidated Statement of Financial Position presentation, deferred tax assets and liabilities are assessed by legal entity. As a result, the net deferred tax assets of $902 |
Changes to Net Deferred Taxes | The major changes to net deferred taxes were as follows: For the year ended October 31 ($ millions) 2021 2020 Balance at beginning of year $ 1,112 $ 263 Deferred tax benefit (expense) for the year recorded in income (267 ) 669 Deferred tax benefit (expense) for the year recorded in equity 100 212 Disposed in divestitures – 9 Other (43 ) (41 ) Balance at end of year $ 902 $ 1,112 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Schedule of Relative Size of Plan Obligation and Assets | a) Relative size of plan obligations and assets Pension plans Other benefit plans Canada For the year ended October 31, 2021 SPP Other International Canada International Percentage of total benefit obligations 72 % 15 % 13 % 56 % 44 % Percentage of total plan assets 75 % 10 % 15 % 0 % 100 % Percentage of total benefit expense (1) 78 % 21 % 1 % 31 % 69 % Pension plans Other benefit plans Canada For the year ended October 31, 2020 SPP Other International Canada International Percentage of total benefit obligations 72 % 15 % 13 % 56 % 44 % Percentage of total plan assets 72 % 10 % 18 % 0 % 100 % Percentage of total benefit expense (1) 78 % 20 % 2 % 36 % 64 % (1) Excludes non-routine benefit expense items such as past service costs, curtailment charges and settlement charges. |
Summary of Cash Contributions and Payments made by Bank to Principal Plans | The table below shows the cash contributions and payments made by the Bank to its principal plans in 2021, and the two prior years. Contributions to the principal plans for the year ended October 31 ($ millions) 2021 2020 2019 Defined benefit pension plans (cash contributions to fund the plans, including paying beneficiaries under the unfunded pension arrangements) SPP (excluding DC provision) $ 320 $ 218 $ 196 All other plans 85 158 53 Other benefit plans (cash contributions mainly in the form of benefit payments to beneficiaries) 73 53 78 Defined contribution pension and other benefit plans (cash contributions) 103 90 69 Total contributions (1) $ 581 $ 519 $ 396 (1) Based on preliminary estimates, the Bank expects to make contributions of $295 to the SPP (excluding the DC provision), $76 to all other defined benefit pension plans, $65 to other benefit plans and $114 to all defined contribution plans for the year ending October 31, 2022. |
Summary of Excess (deficit) of Fair Value of Assets Over Benefit Obligation for Wholly Unfunded Plans and Wholly or Partly Funded Plans | The excess (deficit) of the fair value of assets over the benefit obligation at the end of the year includes the following amounts for plans that are wholly unfunded and plans that are wholly or partly funded. Pension plans Other benefit plans As at October 31 ($ millions) 2021 2020 2019 2021 2020 2019 Benefit obligation Benefit obligation of plans that are wholly unfunded $ 438 $ 476 $ 459 $ 1,058 $ 1,139 $ 1,157 Benefit obligation of plans that are wholly or partly funded 9,146 9,873 9,248 244 281 300 Funded status Benefit obligation of plans that are wholly or partly funded $ 9,146 $ 9,873 $ 9,248 $ 244 $ 281 $ 300 Fair value of assets 9,464 8,541 8,439 143 158 193 Excess (deficit) of fair value of assets over benefit obligation of wholly or partly funded plans $ 318 $ (1,332 ) $ (809 ) $ (101 ) $ (123 ) $ (107 ) Benefit obligation of plans that are wholly unfunded 438 476 459 1,058 1,139 1,157 Excess (deficit) of fair value of assets over total benefit obligation $ (120 ) $ (1,808 ) $ (1,268 ) $ (1,159 ) $ (1,262 ) $ (1,264 ) Effect of asset limitation and minimum funding requirement (85 ) (134 ) (2 ) – – – Net asset (liability) at end of year $ (205 ) $ (1,942 ) $ (1,270 ) $ (1,159 ) $ (1,262 ) $ (1,264 ) |
Summary of Financial Information related to Principal Plans | The following tables present financial information related to the Bank’s principal plans. Pension plans Other benefit plans For the year ended October 31 ($ millions) 2021 2020 2019 2021 2020 2019 Change in benefit obligation Benefit obligation at beginning of year $ 10,349 $ 9,707 $ 8,268 $ 1,420 $ 1,457 $ 1,374 Current service cost 339 369 291 24 28 26 Interest cost on benefit obligation 269 290 331 56 62 72 Employee contributions 24 26 25 – – – Benefits paid (450 ) (467 ) (770 ) (81 ) (75 ) (96 ) Actuarial loss (gain) (857 ) 531 1,590 (63 ) (17 ) 120 Past service cost 37 – 7 (1 ) (7 ) (9 ) Business acquisition 2 – (4 ) (2 ) (6 ) 1 Settlements (34 ) (115 ) (2 ) (14 ) – (45 ) Foreign exchange (95 ) 8 (29 ) (37 ) (22 ) 14 Benefit obligation at end of year $ 9,584 $ 10,349 $ 9,707 $ 1,302 $ 1,420 $ 1,457 Change in fair value of assets Fair value of assets at beginning of year 8,541 8,439 8,037 158 193 240 Interest income on fair value of assets 257 268 331 13 15 23 Return on plan assets in excess of (less than) interest income on fair value of assets 854 46 634 – (13 ) (16 ) Employer contributions 405 376 249 73 53 78 Employee contributions 24 26 25 – – – Benefits paid (450 ) (467 ) (770 ) (81 ) (75 ) (96 ) Administrative expenses (16 ) (14 ) (17 ) – – – Business acquisition – – – – – – Settlements (34 ) (105 ) (2 ) (14 ) – (46 ) Foreign exchange (117 ) (28 ) (48 ) (6 ) (15 ) 10 Fair value of assets at end of year $ 9,464 $ 8,541 $ 8,439 $ 143 $ 158 $ 193 Funded status Excess (deficit) of fair value of assets over benefit obligation at end of year (120 ) (1,808 ) (1,268 ) (1,159 ) (1,262 ) (1,264 ) Effect of asset limitation and minimum funding requirement (1) (85 ) (134 ) (2 ) – – – Net asset (liability) at end of year $ (205 ) $ (1,942 ) $ (1,270 ) $ (1,159 ) $ (1,262 ) $ (1,264 ) Recorded in: Other assets in the Bank’s Consolidated Statement of Financial Position 456 260 422 – – – Other liabilities in the Bank’s Consolidated Statement of Financial Position (661 ) (2,202 ) (1,692 ) (1,159 ) (1,262 ) (1,264 ) Net asset (liability) at end of year $ (205 ) $ (1,942 ) $ (1,270 ) $ (1,159) $ (1,262 ) $ (1,264 ) Annual benefit expense Current service cost 339 369 291 24 28 26 Net interest expense (income) 23 22 – 43 47 49 Administrative expenses 14 17 14 – – – Past service costs 37 – 7 (1 ) (7 ) (9 ) Amount of settlement (gain) loss recognized – (10 ) – – – 1 Remeasurement of other long-term benefits – – – (6 ) – (5 ) Benefit expense (income) recorded in the Consolidated Statement of Income $ 413 $ 398 $ 312 $ 60 $ 68 $ 62 Defined contribution benefit expense $ 102 $ 89 $ 66 $ 1 $ 1 $ 3 Remeasurements (Return) on plan assets in excess of interest income on fair value of assets (854 ) (46 ) (634 ) – 13 17 Actuarial loss (gain) on benefit obligation (857 ) 531 1,590 (57 ) (17 ) 124 Change in the asset limitation (47 ) 139 – – – – Remeasurements recorded in OCI $ (1,758 ) $ 624 $ 956 $ (57 ) $ (4 ) $ 141 Total benefit cost $ (1,243 ) $ 1,111 $ 1,334 $ 4 $ 65 $ 206 Additional details on actual return on assets and actuarial (gains) and losses Actual return on assets (net of administrative expenses) $ 1,095 $ 300 $ 948 $ 13 $ 2 $ 7 Actuarial (gains) and losses from changes in demographic assumptions 8 (65 ) (5 ) 8 (53 ) (35 ) Actuarial (gains) and losses from changes in financial assumptions (973 ) 524 1,496 (63 ) 49 150 Actuarial (gains) and losses from changes in experience 108 72 99 (8 ) (13 ) 5 Additional details on fair value of pension plan assets invested In Scotiabank securities (stock, bonds) 60 293 392 – 21 – In property occupied by Scotiabank 4 4 4 – – – Change in asset ceiling/onerous liability Asset ceiling /onerous liability at end of prior year 134 2 2 – – – Interest expense 11 – – – – – Remeasurements (47 ) 139 – – – – Foreign exchange (13 ) (7 ) – – – – Asset ceiling /onerous liability at end of year $ 85 $ 134 $ 2 $ – $ – $ – (1) The recognized asset is limited by the present value of economic benefits available from a reduction in future contributions to a plan and from the ability to pay plan expenses from the fund. |
Summary of Disaggregation of Defined Benefit Obligation | The weighted average duration of the total benefit obligation at October 31, 2021 is 15.0 years (2020 – 15.9 years, 2019 – 15.7 years). Pension plans Other benefit plans For the year ended October 31 2021 2020 2019 2021 2020 2019 Disaggregation of the benefit obligation (%) Canada Active members 53 % 55 % 53 % 4 % 6 % 6 % Inactive and retired members 47 % 45 % 47 % 96 % 94 % 94 % Total 100 % 100 % 100 % 100 % 100 % 100 % Mexico Active members 21 % 25 % 25 % 43 % 49 % 49 % Inactive and retired members 79 % 75 % 75 % 57 % 51 % 51 % Total 100 % 100 % 100 % 100 % 100 % 100 % United States Active members 45 % 40 % 42 % 40 % 34 % 38 % Inactive and retired members 55 % 60 % 58 % 60 % 66 % 62 % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Summary of Key Weighted-Average Assumptions used by Bank for Measurement of Benefit Obligation and Benefit Expense for All of Bank's Principal Plans | The key weighted-average assumptions used by the Bank for the measurement of the benefit obligation and benefit expense for all of the Bank’s principal plans are summarized as follows: Pension plans Other benefit plans For the year ended October 31 2021 2020 2019 2021 2020 2019 Benefit obligation at end of year Discount rate – all plans 3.73 % 3.08 % 3.32 % 4.94 % 4.44 % 4.71 % Discount rate – Canadian plans only 3.50 % 2.80 % 3.10 % 3.28 % 2.57 % 2.98 % Rate of increase in future compensation (1) 2.97 % 2.74 % 2.70 % 4.30 % 4.31 % 3.86 % Benefit expense (income) for the year Discount rate – All plans Discount rate for defined benefit obligations 3.30 % 3.32 % 4.35 % 4.44 % 4.71 % 5.54 % Discount rate for net interest cost 2.78 % 3.06 % 4.09 % 4.13 % 4.54 % 5.37 % Discount rate for service cost 3.45 % 3.38 % 4.41 % 4.71 % 4.83 % 5.78 % Discount rate for interest on service cost 2.96 % 3.20 % 4.14 % 4.54 % 4.72 % 5.67 % Discount rate – Canadian plans only Discount rate for defined benefit obligations 3.05 % 3.10 % 4.10 % 2.57 % 2.98 % 3.96 % Discount rate for net interest cost 2.47 % 2.80 % 3.80 % 2.11 % 2.71 % 3.70 % Discount rate for service cost 3.16 % 3.10 % 4.10 % 2.94 % 3.08 % 4.07 % Discount rate for interest on service cost 2.65 % 2.90 % 3.80 % 2.66 % 2.89 % 3.88 % Rate of increase in future compensation (1) 2.74 % 2.70 % 2.80 % 4.31 % 3.86 % 3.83 % Health care cost trend rates at end of year Initial rate n/a n/a n/a 5.68 % 5.75 % 5.80 % Ultimate rate n/a n/a n/a 4.75 % 4.72 % 4.69 % Year ultimate rate reached n/a n/a n/a 2040 2040 2040 Assumed life expectancy in Canada (years) Life expectancy at 65 for current pensioners – male 23.5 23.4 23.4 23.5 23.4 23.4 Life expectancy at 65 for current pensioners – female 24.6 24.5 24.5 24.6 24.5 24.5 Life expectancy at 65, for future pensioners currently aged 45 – male 24.4 24.4 24.3 24.4 24.4 24.3 Life expectancy at 65, for future pensioners currently aged 45 – female 25.5 25.4 25.3 25.5 25.4 25.3 Assumed life expectancy in Mexico (years) Life expectancy at 65 for current pensioners – male 21.5 21.3 21.3 21.5 21.3 21.3 Life expectancy at 65 for current pensioners – female 23.9 23.8 23.8 23.9 23.8 23.8 Life expectancy at 65, for future pensioners currently aged 45 – male 21.6 21.7 21.7 21.6 21.7 21.7 Life expectancy at 65, for future pensioners currently aged 45 – female 24.0 24.0 24.0 24.0 24.0 24.0 Assumed life expectancy in United States (years) Life expectancy at 65 for current pensioners – male 21.8 21.7 21.9 21.8 21.7 21.9 Life expectancy at 65 for current pensioners – female 23.3 23.1 23.3 23.3 23.1 23.3 Life expectancy at 65, for future pensioners currently aged 45 – male 23.2 23.1 23.4 23.2 23.1 23.4 Life expectancy at 65, for future pensioners currently aged 45 – female 24.6 24.5 24.9 24.6 24.5 24.9 (1) The weighted-average rates of increase in future compensation shown for other benefit plans do not include Canadian flexible post-retirement benefits plans established in fiscal 2005, as they are not impacted by future compensation increases. |
Summary of Sensitivity Analysis of Key Assumptions Plans | Pension plans Other benefit plans For the year ended October 31, 2021 ($ millions) Benefit Benefit Benefit Benefit Impact of the following changes: 1% decrease in discount rate $ 1,626 $ 90 $ 177 $ 4 0.25% increase in rate of increase in future compensation 82 5 1 – 1% increase in health care cost trend rate n/a n/a 120 12 1% decrease in health care cost trend rate n/a n/a (98 ) (9 ) 1 year increase in Canadian life expectancy 182 10 22 1 1 year increase in Mexican life expectancy 3 – 4 – 1 year increase in the United States life expectancy 4 – 4 – |
Summary of weighted-average actual and target asset allocations | The tables below show the weighted-average actual and target asset allocations for the Bank’s principal plans at October 31, by asset category. Pension plans Other benefit plans Asset category % Actual Actual Actual Actual Actual Actual Cash and cash equivalents 4 % 2 % 3 % – % 1 % 1 % Equity investments Quoted in an active market 34 % 29 % 33 % 42 % 40 % 42 % Non quoted 11 % 10 % 10 % – % – % – % 45 % 39 % 43 % 42 % 40 % 42 % Fixed income investments Quoted in an active market 6 % 5 % 13 % 58 % 59 % 57 % Non quoted 35 % 41 % 30 % – % – % – % 41 % 46 % 43 % 58 % 59 % 57 % Property Quoted in an active market – % – % – % – % – % – % Non quoted 1 % 1 % 1 % – % – % – % 1 % 1 % 1 % – % – % – % Other Quoted in an active market – % 3 % – % – % – % – % Non quoted 9 % 9 % 10 % – % – % – % 9 % 12 % 10 % – % – % – % Total 100 % 100 % 100 % 100 % 100 % 100 % Target asset allocation at October 31, 2021 Asset category % Pension plans Other benefit plans Cash and cash equivalents – % – % Equity investments 42 % 44 % Fixed income investments 44 % 56 % Property 1 % – % Other 13 % – % Total 100 % 100 % |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Scotiabank’s results, and average assets and liabilities, allocated by these operating segments, are as follows: For the year ended October 31, 2021 Taxable equivalent basis ($ millions) Canadian International Global Wealth Global Banking Other (1)(2) Total Net interest income (3) $ 8,030 $ 6,625 $ 628 $ 1,436 $ 242 $ 16,961 Non-interest (4)(5) 2,868 2,993 4,752 3,587 91 14,291 Total revenues 10,898 9,618 5,380 5,023 333 31,252 Provision for credit losses 333 1,574 2 (100 ) (1 ) 1,808 Depreciation and amortization 618 517 178 156 42 1,511 Non-interest 4,333 4,737 3,077 2,302 658 15,107 Income tax expense 1,459 635 549 590 (362 ) 2,871 Net income $ 4,155 $ 2,155 $ 1,574 $ 2,075 $ (4 ) $ 9,955 Net income attributable to non-controlling – 332 9 – (10 ) 331 Net income attributable to equity holders of the Bank 4,155 1,823 1,565 2,075 6 9,624 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (6) – 7 – – – 7 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 4,155 1,816 1,565 2,075 6 9,617 Average assets ($ billions) 381 194 29 401 152 1,157 Average liabilities ($ billions) 313 149 45 385 193 1,085 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (2) Net income attributable to equity holders includes restructuring and other provisions (pre-tax (3) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (4) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (5) Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $87; International Banking – $206; Global Wealth Management – $17 (6) Refer to Note 37 for closed divestitures impacting the current year. For the year ended October 31, 2020 Taxable equivalent basis ($ millions) Canadian International Global Wealth Global Banking Other (1)(2) Total Net interest income (3) $ 7,838 $ 7,603 $ 575 $ 1,435 $ (131 ) $ 17,320 Non-interest (4)(5) 2,461 3,207 4,009 3,947 392 14,016 Total revenues 10,299 10,810 4,584 5,382 261 31,336 Provision for credit losses 2,073 3,613 7 390 1 6,084 Depreciation and amortization 633 525 170 156 62 1,546 Non-interest 4,178 5,418 2,708 2,317 689 15,310 Income tax expense 879 182 437 564 (519 ) 1,543 Net income $ 2,536 $ 1,072 $ 1,262 $ 1,955 $ 28 $ 6,853 Net income attributable to non-controlling – 92 10 – (27 ) 75 Net income attributable to equity holders of the Bank 2,536 980 1,252 1,955 55 6,778 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (6) – 70 – – – 70 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 2,536 910 1,252 1,955 55 6,708 Average assets ($ billions) 359 206 26 412 158 1,161 Average liabilities ($ billions) 277 155 39 379 240 1,090 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (2) Net income attributable to equity holders includes Net gain on divestitures of $354 (pre-tax (3) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (4) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (5) Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $56; International Banking – $243; Global Wealth Management – $13 and Other – $(70). (6) Refer to Note 37 for closed divestitures impacting the current year. For the year ended October 31, 2019 Taxable equivalent basis ($ millions) Canadian International Global Wealth Global Banking Other (1)(2) Total Net interest income (3) $ 7,848 $ 8,353 $ 564 $ 1,396 $ (984) $ 17,177 Non-interest (4)(5) 2,616 4,366 3,937 3,084 (146 ) 13,857 Total revenues 10,464 12,719 4,501 4,480 (1,130 ) 31,034 Provision for credit losses 972 2,076 – (22 ) 1 3,027 Depreciation and amortization 441 379 126 91 16 1,053 Non-interest 4,331 6,217 2,779 2,372 (15 ) 15,684 Income tax expense 1,232 909 412 505 (586 ) 2,472 Net income $ 3,488 $ 3,138 $ 1,184 $ 1,534 $ (546 ) $ 8,798 Net income attributable to non-controlling – 373 18 – 17 408 Net income attributable to equity holders of the Bank 3,488 2,765 1,166 1,534 (563 ) 8,390 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (6) – 655 17 – – 672 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 3,488 2,110 1,149 1,534 (563 ) 7,718 Average assets ($ billions) 340 201 25 372 118 1,056 Average liabilities ($ billions) 255 153 32 304 243 987 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (2) Net income attributable to equity holders includes Net loss on divestitures of $308 (pre-tax (3) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (4) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (5) Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $65; International Banking – $753; Global Wealth Management – $10 and Other – $(178). (6) Refer to Note 37 for closed divestitures impacting the current year. |
Summary of Bank's Financial Results by Geographic Region | The following table summarizes the Bank’s financial results by geographic region. Revenues and expenses which have not been allocated back to specific operating business lines are reflected in corporate adjustments. For the year ended October 31, 2021 ($ millions) (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 9,182 $ 742 $ 1,668 $ 1,186 $ 1,507 $ 692 $ 1,345 $ 639 $ 16,961 Non-interest (1) 9,190 953 714 531 666 383 664 1,190 14,291 Total revenues (2) 18,372 1,695 2,382 1,717 2,173 1,075 2,009 1,829 31,252 Provision for credit losses 255 (33 ) 334 586 205 195 221 45 1,808 Non-interest 9,627 915 1,202 662 943 682 1,343 1,244 16,618 Income tax expense 1,909 120 184 104 204 80 103 167 2,871 Subtotal 6,581 693 662 365 821 118 342 373 9,955 Net income attributable to non-controlling (10 ) – 14 2 200 48 77 – 331 Net income attributable to equity holders of the Bank $ 6,591 $ 693 $ 648 $ 363 $ 621 $ 70 $ 265 $ 373 $ 9,624 Total average assets ($ billions) $ 695 $ 167 $ 41 $ 27 $ 53 $ 13 $ 30 $ 131 $ 1,157 (1) Includes net income from investments in associated corporations for Canada – $117, Peru – $10, Chile – $( ), (2) Revenues are attributed to countries based on where services are performed or assets are recorded. For the year ended October 31, 2020 (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 8,515 $ 763 $ 1,661 $ 1,705 $ 1,415 $ 812 $ 1,734 $ 715 $ 17,320 Non-interest (1) 8,085 1,375 724 605 677 449 753 1,348 14,016 Total revenues (2) 16,600 2,138 2,385 2,310 2,092 1,261 2,487 2,063 31,336 Provision for credit losses 2,271 128 644 971 639 666 570 195 6,084 Non-interest 8,952 1,080 1,298 827 973 813 1,589 1,324 16,856 Income tax expense 967 192 98 116 78 (74 ) 45 121 1,543 Subtotal 4,410 738 345 396 402 (144 ) 283 423 6,853 Net income attributable to non-controlling (28 ) – 7 16 91 (87 ) 76 – 75 Net income attributable to equity holders of the Bank $ 4,438 $ 738 $ 338 $ 380 $ 311 $ (57 ) $ 207 $ 423 $ 6,778 Total average assets ($ billions) $ 689 $ 164 $ 41 $ 31 $ 52 $ 14 $ 35 $ 135 $ 1,161 (1) Includes net income from investments in associated corporations for Canada – $(15), Peru – $5, Chile – $3, Caribbean and Central America – $55, and Other International – $194. (2) Revenues are attributed to countries based on where services are performed or assets are recorded. For the year ended October 31, 2019 (1)(2) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 7,630 $ 720 $ 1,684 $ 1,576 $ 1,613 $ 1,017 $ 2,143 $ 794 $ 17,177 Non-interest (1) 7,304 1,189 671 790 806 567 1,048 1,482 13,857 Total revenues (3) 14,934 1,909 2,355 2,366 2,419 1,584 3,191 2,276 31,034 Provision for credit losses 981 (16 ) 335 523 436 362 352 54 3,027 Non-interest 8,275 870 1,306 846 1,166 920 1,933 1,421 16,737 Income tax expense 1,082 267 121 248 185 117 324 128 2,472 Subtotal 4,596 788 593 749 632 185 582 673 8,798 Net income attributable to non-controlling 1 – 14 (11 ) 179 124 101 – 408 Net income attributable to equity holders of the Bank $ 4,595 $ 788 $ 579 $ 760 $ 453 $ 61 $ 481 $ 673 $ 8,390 Total average assets ($ billions) $ 607 $ 149 $ 37 $ 28 $ 51 $ 13 $ 42 $ 129 $ 1,056 (1) Includes net income from investments in associated corporations for Canada – $(114), Peru – $7, Caribbean and Central America – $69, and Other International – $867. (2) Prior period amounts have been restated to conform with current period presentation. (3) Revenues are attributed to countries based on where services are performed or assets are recorded. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Compensation of Key Management Personnel of Bank | For the year ended October 31 ($ millions) 2021 2020 Salaries and cash incentives (1) $ 21 $ 19 Equity-based payment (2) 30 30 Pension and other benefits (1) 3 6 Total $ 54 $ 55 (1) Expensed during the year. (2) Awarded during the year. |
Summary of Loans and Deposits of Key Management Personnel | Loans and deposits of key management personnel As at October 31 ($ millions) 2021 2020 Loans $ 11 $ 15 Deposits $ 5 $ 11 |
Summary of Transaction With Joint Ventures and Associates | Transactions between the Bank and its associated companies and joint ventures also qualify as related party transactions and were recorded as follows: As at and for the year ended October 31 ($ millions) 2021 2020 Net income / (loss) $ (85 ) $ (75 ) Loans 191 203 Deposits (1) 229 234 Guarantees and commitments 154 23 (1) Prior period amount has been restated to conform with current period presentation. |
Principal Subsidiaries and No_2
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Subsidiaries | The following table presents certain operating subsidiaries the Bank owns, directly or indirectly. All of these subsidiaries are included in the Bank’s consolidated financial statements. Carrying value of shares As at October 31 ($ millions) Principal office 2021 2020 Canadian 1832 Asset Management L.P. Toronto, Ontario $ 2,680 $ 1,562 BNS Investments Inc. Toronto, Ontario 15,200 14,510 Montreal Trust Company of Canada Montreal, Quebec The Bank of Nova Scotia Trust Company Toronto, Ontario 185 155 National Trust Company Stratford, Ontario 366 359 Roynat Inc. Calgary, Alberta 518 409 Scotia Capital Inc. Toronto, Ontario 2,818 2,338 Scotia Dealer Advantage Inc. Burnaby, British Columbia 729 614 Scotia Mortgage Corporation Toronto, Ontario 750 760 Scotia Securities Inc. Toronto, Ontario 53 49 Tangerine Bank Toronto, Ontario 3,405 3,264 Jarislowsky, Fraser Limited Montreal, Quebec 1,027 957 MD Financial Management Inc. Ottawa, Ontario 2,761 2,645 International Scotiabank Colpatria S.A. (51%) Bogota, Colombia 995 1,004 BNS International (Bahamas) Limited Nassau, Bahamas 17,543 18,510 BNS Asia Limited Singapore The Bank of Nova Scotia Trust Company (Bahamas) Limited Nassau, Bahamas Grupo BNS de Costa Rica, S.A. San Jose, Costa Rica Scotiabank & Trust (Cayman) Ltd. Grand Cayman, Cayman Islands Scotiabank (Bahamas) Limited Nassau, Bahamas Scotiabank (Ireland) Designated Activity Company Dublin, Ireland Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.4%) Mexico City, Mexico 4,714 4,320 Nova Scotia Inversiones Limitada Santiago, Chile 5,173 5,255 Scotiabank Chile S.A. (83.03%) Santiago, Chile Scotia Holdings (US) Inc. (2) New York, New York Scotia Capital (USA) Inc. (2)(3) New York, New York Scotiabank Brasil S.A. Banco Multiplo Sao Paulo, Brazil 280 282 Scotiabank Caribbean Holdings Ltd. Bridgetown, Barbados 1,630 1,842 Scotia Group Jamaica Limited (71.8%) Kingston, Jamaica The Bank of Nova Scotia Jamaica Limited Kingston, Jamaica Scotiabank Trinidad and Tobago Limited (50.9%) Port of Spain, Trinidad and Tobago Scotiabank (Panama) S.A. Panama City, Panama Scotiabank Uruguay S.A. Montevideo, Uruguay 440 472 Scotiabank Europe plc London, United Kingdom 2,273 2,505 Scotia Peru Holdings S.A. Lima, Peru 4,277 5,677 Scotiabank Peru S.A.A. (98.05%) Lima, Peru Profuturo AFP S.A. Lima, Peru Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%) Santo Domingo, Dominican Republic 775 808 Scotiabank (Barbados) Limited Bridgetown, Barbados 235 219 (1) The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted. (2) The carrying value of this subsidiary is included with that of its parent, BNS Investments Inc. (3) The carrying value of this subsidiary is included with that of its parent, Scotia Holdings (US) Inc. |
Summary of Non-controlling Interests | The Bank’s significant non-controlling As at and for the year ended 2021 2020 Non-controlling Non-controlling Dividends non-controlling Non-controlling Dividends non-controlling Scotiabank Chile S.A. (1) 16.97 % (2) $ 790 $ 55 $ 1,050 $ 71 Scotiabank Colpatria S.A. (3) 49.0 % 405 – 387 13 Scotia Group Jamaica Limited 28.2 % 261 12 288 14 Scotiabank Trinidad and Tobago Limited 49.1 % 367 56 381 50 Other 0.1% 49.0% – (4) 267 – 270 – Total $ 2,090 $ 123 $ 2,376 $ 148 (1) Non-controlling (2) The Bank increased its ownership in Scotiabank Chile S.A. in 2021 by acquiring an additional 7% stake from the non-controlling shareholder. Refer to Note 37 for details. (3) Non-controlling pre-agreed (4) Range of non-controlling |
Summary of financial information of Bank's subsidiaries with significant non-controlling interests | Summarized financial information of the Bank’s subsidiaries with significant non-controlling As at and for the year ended October 31, 2021 As at and for the year ended October 31, 2020 ($ millions) Revenue Total Total assets Total liabilities Revenue Total Total assets Total Total $ 3,875 $ 6 $ 86,317 $ 78,973 $ 4,098 $ (136 ) $ 89,808 $ 82,107 |
Interest Income and Expense (Ta
Interest Income and Expense (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Details of Interest Income and Interest Expense from Financial Instruments | For the year ended October 31 ($ millions) 2021 2020 2019 Interest Interest Interest Interest Interest Interest Measured at amortized cost (1) $ 23,831 $ 7,844 $ 28,113 $ 12,211 $ 30,996 $ 15,575 Measured at FVOCI (1) 716 – 1,060 – 1,440 – 24,547 7,844 29,173 12,211 32,436 15,575 Other 439 (2) 181 (3) 539 (2) 181 (3) 348 (2) 32 Total $ 24,986 $ 8,025 $ 29,712 $ 12,392 $ 32,784 $ 15,607 (1) The interest income/expense on financial assets/liabilities are calculated using the effective interest method. (2) Includes dividend income on equity securities. (3) The interest on lease liabilities was $105 (2020 – $117 ). Amounts for the years ended 2021 and 2020 were prepared in accordance with IFRS 16, prior periods amounts have not been restated. |
Trading Revenues (Tables)
Trading Revenues (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Trading Revenue | The following table presents details of trading revenues. For the fiscal years ($ millions) 2021 2020 2019 Trading-related revenue (1) Net interest income $ 136 $ 112 $ 67 Non-interest Trading revenues 2,033 2,411 1,488 Other fees and commissions 185 205 379 Total trading-related revenue $ 2,354 $ 2,728 $ 1,934 (1) Trading-related revenue consists of net interest income and non-interest income. Included are unrealized gains and losses on security positions held, realized gains and losses from the purchase and sale of securities, fees and commissions from securities borrowing and lending activities, and gains and losses on trading derivatives. Underwriting and other advisory fees, which are shown separately in the Consolidated Statement of Income, are excluded |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Earnings Per Share | For the year ended October 31 ($ millions) 2021 2020 2019 Basic earnings per common share Net income attributable to common shareholders $ 9,391 $ 6,582 $ 8,208 Weighted average number of common shares outstanding (millions) 1,214 1,212 1,222 Basic earnings per common share (1) $ 7.74 $ 5.43 $ 6.72 Diluted earnings per common share Net income attributable to common shareholders $ 9,391 $ 6,582 $ 8,208 Dilutive impact of share-based payment options and others (2) 43 6 142 Net income attributable to common shareholders (diluted) $ 9,434 $ 6,588 $ 8,350 Weighted average number of common shares outstanding (millions) 1,214 1,212 1,222 Dilutive impact of share-based payment options and others (2) 11 31 29 Weighted average number of diluted common shares outstanding (millions) 1,225 1,243 1,251 Diluted earnings per common share (1) $ 7.70 $ 5.30 $ 6.68 (1) Earnings per share calculations are based on full dollar and share amounts. (2) Certain tandem stock appreciation rights or options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive. |
Guarantees, Commitments and P_2
Guarantees, Commitments and Pledged Assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Schedule of Various Guarantees and Indemnifications | The various guarantees and indemnifications that the Bank provides with respect to its customers and other third parties are presented below: 2021 2020 As at October 31 ($ millions) Maximum potential (1) Maximum potential (1) Standby letters of credit and letters of guarantee $ 37,277 $ 34,836 Liquidity facilities 4,942 4,248 Derivative instruments 4,203 4,866 Indemnifications 1,306 1,390 (1) The maximum potential amount of future payments represents those guarantees that can be quantified and excludes other guarantees that cannot be quantified. As many of these guarantees will not be drawn upon and the maximum potential amount of future payments listed above does not consider the possibility of recovery under recourse or collateral provisions, the above amounts are not indicative of future cash requirements, credit risk, or the Bank’s expected losses from these arrangements. |
Summary of Other Indirect Commitments | The table below provides a detailed breakdown of the Bank’s other indirect commitments expressed in terms of the contractual amounts of the related commitment or contract which are not reflected on the Consolidated Statement of Financial Position. As at October 31 ($ millions) 2021 2020 Commercial letters of credit $ 1,320 $ 682 Commitments to extend credit (1) Original term to maturity of one year or less 74,053 85,997 Original term to maturity of more than one year 165,726 149,377 Securities lending 59,506 53,082 Securities purchase and other commitments 1,040 1,095 Total $ 301,645 $ 290,233 (1) Includes liquidity facilities. |
Summary of Carrying Value Of Pledged Assets and Details of Related Activities | In the ordinary course of business, securities and other assets are pledged against liabilities. As well, securities are sold under repurchase agreements. The carrying value of pledged assets and details of related activities are shown below. As at October 31 ($ millions) 2021 2020 Assets pledged to: Bank of Canada (1) $ 184 $ 168 Foreign governments and central banks (1) 2,589 4,165 Clearing systems, payment systems and depositories (1) 1,345 1,353 Assets pledged in relation to exchange-traded derivative transactions 6,105 5,356 Assets pledged in relation to over-the-counter 16,018 16,997 Assets pledged as collateral related to securities borrowing and lending 160,794 136,193 Assets pledged in relation to covered bond program (Note 15) (2) 34,683 31,484 Assets pledged in relation to other securitization programs (Note 15) 2,680 4,600 Assets pledged under CMHC programs (Note 14) 26,932 30,134 Other 1,140 1,420 Total assets pledged $ 252,470 $ 231,870 Obligations related to securities sold under repurchase agreements (3) 100,083 121,918 Total (4) $ 352,553 $ 353,788 (1) Includes assets pledged in order to participate in clearing and payment systems and depositories, or pledged to have access to the facilities of central banks in foreign jurisdictions. (2) Excludes mortgages related to covered bonds held by the Bank or pledged to the Bank of Canada as part of its term repo program. (3) Includes the Bank of Canada term repo program. (4) Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions. |
Financial Instruments - Risk _2
Financial Instruments - Risk Management (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Statement [Line Items] | |
Summary of Credit Risk Exposures | As at October 31 ($ millions) 2021 2020 Exposure at default (1) Category Drawn (2) Undrawn Other (3) Total Total By counterparty type Non-retail AIRB portfolio Corporate $ 172,443 $ 108,300 $ 91,719 $ 372,462 $ 358,997 Bank 15,737 4,662 15,393 35,792 43,120 Sovereign 207,488 761 5,051 213,300 243,404 395,668 113,723 112,163 621,554 645,521 Standardized portfolio Corporate 52,545 3,475 7,627 63,647 66,500 Bank 3,048 15 1 3,064 2,638 Sovereign 8,641 – 132 8,773 8,322 64,234 3,490 7,760 75,484 77,460 Total non-retail $ 459,902 $ 117,213 $ 119,923 $ 697,038 $ 722,981 Retail AIRB portfolio Real estate secured 207,943 19,984 – 227,927 192,927 Qualifying revolving 14,415 27,356 – 41,771 45,862 Other retail 32,527 3,680 – 36,207 35,056 $ 254,885 $ 51,020 $ – $ 305,905 $ 273,845 Standardized portfolio Real estate secured 54,617 – – 54,617 47,715 Other retail 36,445 – – 36,445 39,683 91,062 – – 91,062 87,398 Total retail $ 345,947 $ 51,020 $ – $ 396,967 $ 361,243 Total $ 805,849 $ 168,233 $ 119,923 $ 1,094,005 $ 1,084,224 By geography (4) Canada $ 493,208 $ 108,440 $ 38,100 $ 639,748 $ 621,409 United States 109,493 40,452 44,479 194,424 188,210 Chile 49,258 1,449 4,070 54,777 56,738 Mexico 34,463 1,483 2,476 38,422 39,187 Peru 24,042 1,134 2,976 28,152 33,931 Colombia 12,839 534 1,073 14,446 13,123 Other International Europe 21,091 7,116 18,972 47,179 51,770 Caribbean 25,281 1,411 981 27,673 31,420 Latin America (other) 12,326 1,241 513 14,080 13,647 All other 23,848 4,973 6,283 35,104 34,789 Total $ 805,849 $ 168,233 $ 119,923 $ 1,094,005 $ 1,084,224 (1) Exposure at default is presented after credit risk mitigation. Exposures exclude equity securities and other assets. Portfolios under the Standardized Approach are reported net of specific allowances for credit losses, and effective 2021, net of collateral amounts treated under the Comprehensive Approach. (2) Non-retail (3) Non-retail off-balance (4) Geographic segmentation is based upon the location of the ultimate risk of the credit exposure. |
Summary of Subject to Market and Credit Risk With a Reconcilation | Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2021 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 83,176 $ – $ – $ – $ – $ – $ – $ – $ 3,147 $ 86,323 Precious metals – – – – – – – 755 – 755 Trading assets Securities 1 – – – – – – 137,147 – 137,148 Loans 470 – – – – – 397 7,643 – 8,113 Other – – – – – – – 1,051 – 1,051 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 127,739 – – – – – 127,739 Derivative financial instruments – – – – 42,302 – 35,379 – – 42,302 Investment securities 70,193 – – – – 4,373 – – 633 75,199 Loans: Residential mortgages (2) 77,773 241,833 – – – – – – 72 319,678 Personal loans – 89,518 2,015 – – – – – 7 91,540 Credit cards – 10,842 136 – – – – – 1,472 12,450 Business & government 208,967 4,025 5,861 – – – – – 91 218,944 Allowances for credit losses (3) (552 ) (759 ) – – – – – – (4,315 ) (5,626 ) Customers’ liability under acceptances 20,441 – – – – – – – (37 ) 20,404 Property and equipment – – – – – – – – 5,621 5,621 Investment in associates – – – – – 46 – – 2,558 2,604 Goodwill and other intangibles assets – – – – – – – – 16,604 16,604 Other (including Deferred tax assets) 1,772 659 – 2 – – – – 21,562 23,995 Total $ 462,241 $ 346,118 $ 8,012 $ 127,741 $ 42,302 $ 4,419 $ 35,776 $ 146,596 $ 47,415 $ 1,184,844 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $78.1 billion in mortgages guaranteed by Canada Mortgage Housing Corporation including 90% of privately insured mortgages. (3) Amounts for AIRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2020 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 73,406 $ – $ – $ – $ – $ – $ – $ – $ 3,054 $ 76,460 Precious metals – – – – – – – 1,181 – 1,181 Trading assets Securities – – – – – – – 108,331 – 108,331 Loans 1,640 – – 177 – – 1,470 6,535 – 8,352 Other – – – – – – – 1,156 – 1,156 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 119,747 – – – – – 119,747 Derivative financial instruments – – – – 45,065 – 39,294 – – 45,065 Investment securities 105,811 – – – – 3,056 – – 2,522 111,389 Loans: Residential mortgages (2) 83,606 200,985 – – – – – – 93 284,684 Personal loans – 91,435 2,314 – – – – – 9 93,758 Credit cards – 12,347 93 – – – – – 2,357 14,797 Business & government 206,607 3,649 6,974 – – – – – 433 217,663 Allowances for credit losses (3) (561 ) (944 ) – – – – – – (6,134 ) (7,639 ) Customers’ liability under acceptances 14,305 – – – – – – – (77 ) 14,228 Property and equipment – – – – – – – – 5,897 5,897 Investment in associates – – – – – – – – 2,475 2,475 Goodwill and other intangibles assets – – – – – – – – 17,015 17,015 Other (including Deferred tax assets) 1,844 936 – 10 – – – – 19,117 21,907 Total $ 486,658 $ 308,408 $ 9,381 $ 119,934 $ 45,065 $ 3,056 $ 40,764 $ 117,203 $ 46,761 $ 1,136,466 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $85.4 billion in mortgages guaranteed by Canada Mortgage Housing Corporation including 90% of privately insured mortgages. (3) Amounts for AIRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. |
Summary of Cross Referencing of Internal Ratings to External Ratings | The following table cross references the Bank’s internal borrower grades with equivalent ratings categories utilized by external rating agencies: Cross referencing of internal ratings to external ratings (1) Equivalent External Rating S&P Moody’s DBRS Internal Grade Internal Grade Code PD Range (2) AAA to AA+ Aaa to Aa1 AAA to AA (high) 99 – 98 0.0000% – 0.0428% AA to A+ Aa2 to A1 AA to A (high) 95 0.0428% – 0.1159% A to A- A2 to A3 A to A (low) Investment grade 90 0.0512% – 0.1271% BBB+ Baa1 BBB (high) 87 0.0800% – 0.2027% BBB Baa2 BBB 85 0.1143% – 0.2950% BBB- Baa3 BBB (low) 83 0.1632% – 0.4293% BB+ Ba1 BB (high) 80 0.2638% – 0.4731% BB Ba2 BB 77 0.4264% – 0.5215% BB- Ba3 BB (low) Non-Investment grade 75 0.5215% – 0.6892% B+ B1 B (high) 73 0.6892% – 1.3282% B to B- B2 to B3 B to B (low) 70 1.3282% – 2.5597% CCC+ Caa1 – 65 2.5597% – 9.3860% CCC Caa2 – Watch list 60 9.3860% – 17.8585% CCC- to CC Caa3 to Ca – 40 17.8585% –34.4434% – – – 30 34.4434% –58.6885% Default Default 21 100% (1) Applies to non-retail (2) PD ranges overlap across IG codes as the Bank utilizes two risk rating systems for its AIRB portfolios, and each risk rating system has its own separate IG to PD mapping. |
Summary of Interest Rate Sensitivity | Based on the Bank’s interest rate positions, the following table shows the pro-forma after-tax As at October 31 ($ millions) 2021 2020 Net interest income Economic value of equity Canadian Other Total Canadian Other Total Net interest Economic value 100 bp increase $ 123 $ 34 $ 157 $ (557 ) $ (309 ) $ (866 ) $ 134 $ (510) 25 bp decrease $ (38 ) $ (9 ) $ (47 ) $ 96 $ 58 $ 154 $ (38) $ 63 |
Summary of VaR by Risk Factor | For the year ended October 31, 2021 ($ millions) As at October 31, 2021 Average High Low As at October 31, 2020 Credit spread plus interest rate $ 10.3 $ 11.9 $ 23.2 $ 4.5 $ 11.5 Credit spread 2.0 5.4 12.7 0.5 11.1 Interest rate 11.5 12.2 22.0 4.6 11.4 Equities 6.7 5.9 20.8 2.2 3.1 Foreign exchange 2.0 2.7 5.7 1.4 4.6 Commodities 1.3 3.9 8.7 1.0 5.0 Debt specific 1.5 2.8 5.1 1.5 5.2 Diversification effect (8.6 ) (13.1 ) n/a n/a (14.8 ) All-Bank $ 13.2 $ 14.1 $ 32.8 $ 7.9 $ 14.6 All-Bank $ 36.1 $ 36.2 $ 50.5 $ 22.0 $ 37.0 |
Summary of Market Risk Capital Requirements | Below are the market risk capital requirements as at October 31, 2021. ($ millions) All-Bank $ 93 All-Bank (1) 353 Incremental risk charge 150 Standardized approach 53 Total market risk capital $ 649 ( 2 (1) A market risk capital add-on was applied in Q4 to reflect higher stressed VaR utilization from 2020 COVID-19 stress period. (2) Equates to $8,112 million of risk-weighted assets (October 31, 202 0 |
Non retail [member] | AIRB portfolio [member] | |
Statement [Line Items] | |
Summary of Credit Risk Exposures | Non-retail The credit quality of the non-retail 2021 2020 Exposure at Default (1) As at October 31 ($ millions) Category of internal grades IG Code Drawn Undrawn Other (2) Total Total Investment grade 99 – 98 $ 100,203 $ 1,785 $ 14,202 $ 116,190 $ 127,534 95 30,814 10,281 21,170 62,265 82,782 90 27,327 18,280 29,930 75,537 70,781 87 29,080 20,388 15,166 64,634 63,904 85 24,191 17,237 11,410 52,838 45,973 83 31,292 16,891 8,357 56,540 53,969 Non-Investment 80 29,127 13,884 4,689 47,700 42,509 77 23,022 8,004 2,748 33,774 33,708 75 15,610 4,333 2,879 22,822 25,527 73 6,581 1,268 600 8,449 10,326 70 1,961 620 233 2,814 4,555 Watch list 65 737 82 483 1,302 1,224 60 884 536 206 1,626 1,802 40 593 84 19 696 506 30 92 – – 92 109 Default 21 1,110 50 68 1,228 1,555 Total $ 322,624 $ 113,723 $ 112,160 $ 548,507 $ 566,764 Government guaranteed residential mortgages (3) 73,044 – – 73,044 78,754 Total $ 395,668 $ 113,723 $ 112,160 $ 621,551 $ 645,518 (1) After credit risk mitigation. (2) Includes off-balance (3) These exposures are classified as sovereign exposures and are included in the non-retail |
Retail [member] | AIRB portfolio [member] | |
Statement [Line Items] | |
Summary of Risk Categories of Borrower by Probability Of Default | The data in the table below provides a distribution of the retail AIRB exposure within each PD range by asset class: As at October 31 ($ millions) 2021 2020 Exposure at default (1) Real estate secured Category of (PD) grades PD range Mortgages HELOC Qualifying Other retail Total Total Exceptionally Low 0.0000% – 0.0499% $ 56,714 $ 22,387 $ 11,594 $ 731 $ 91,426 $ 14,985 Very Low 0.0500% – 0.1999% 78,041 13,257 9,809 5,887 106,994 99,114 Low 0.2000% – 0.9999% 42,438 4,057 11,063 19,657 77,215 129,345 Medium Low 1.0000% – 2.9999% 9,320 – 5,037 6,387 20,744 20,162 Medium 3.0000% – 9.9999% 528 411 3,619 2,758 7,316 7,698 High 10.0000% – 19.9999% 223 58 200 436 917 631 Extremely High 20.0000% – 99.9999% 240 34 367 222 863 1,388 Default 100% 161 58 82 129 430 522 Total $ 187,665 $ 40,262 $ 41,771 $ 36,207 $ 305,905 $ 273,845 (1) After credit risk mitigation. |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021CAD ($)Segments | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | |
Accounting Policies [Line Items] | |||
Description for entity ownership in consolidated entities whenless that half voting power | The Bank may consolidate an entity when it owns less than 50% of the voting rights when it has one or more other attributes of power | ||
Allowances for credit losses | $ 5,728 | $ 7,817 | $ 5,139 |
Number of operating segments | Segments | 4 | ||
Purchased loans [member] | |||
Accounting Policies [Line Items] | |||
Allowances for credit losses | $ 0 | ||
Top of range [member] | |||
Accounting Policies [Line Items] | |||
Cash and deposits with financial institutions maturity period | 3 months | ||
Hedge instrument average rate | 125.00% | ||
Top of range [member] | Computer software [member] | |||
Accounting Policies [Line Items] | |||
Useful lives of intangible assets other than goodwill | 10 years | ||
Top of range [member] | Other intangible assets [member] | |||
Accounting Policies [Line Items] | |||
Useful lives of intangible assets other than goodwill | 20 years | ||
Bottom of range [member] | |||
Accounting Policies [Line Items] | |||
Hedge instrument average rate | 80.00% | ||
Bottom of range [member] | Computer software [member] | |||
Accounting Policies [Line Items] | |||
Useful lives of intangible assets other than goodwill | 5 years | ||
Bottom of range [member] | Other intangible assets [member] | |||
Accounting Policies [Line Items] | |||
Useful lives of intangible assets other than goodwill | 5 years | ||
Buildings [member] | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 40 years | ||
Building fittings [member] | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 15 years | ||
Equipment [member] | Top of range [member] | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 10 years | ||
Equipment [member] | Bottom of range [member] | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Leasehold improvements [member] | |||
Accounting Policies [Line Items] | |||
Estimated useful lives of assets | lease term determined by the Bank |
Interest Rate Benchmark Refor_2
Interest Rate Benchmark Reform - Schedule of Non-derivative Financial Assets and Financial Liabilities (Detail) - Fair value hedges [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 | ||
Non derivative financial assets [Member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial assets | [1] | $ 40,819 | $ 29,663 | |
NonDerivative Financial Liabilities [Member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial liabilities | [2] | 2,056 | 2,928 | |
USD LIBOR [member] | Non derivative financial assets [Member] | Maturing after June 30, 2023 [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial assets | [1] | 38,517 | 27,500 | |
USD LIBOR [member] | NonDerivative Financial Liabilities [Member] | Maturing after June 30, 2023 [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial liabilities | [2] | 1,306 | 1,229 | |
GBP LIBOR [member] | Non derivative financial assets [Member] | Maturing after December 31, 2021 [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial assets | [1] | 1,013 | 1,468 | |
GBP LIBOR [member] | NonDerivative Financial Liabilities [Member] | Maturing after December 31, 2021 [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial liabilities | [2] | 949 | ||
Other Rates [Member] | Non derivative financial assets [Member] | Maturing after December 31, 2021 [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial assets | [1],[4] | 1,289 | [3] | 695 |
Other Rates [Member] | NonDerivative Financial Liabilities [Member] | Maturing after December 31, 2021 [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non-derivative financial liabilities | [2],[4],[5] | $ 750 | [3] | $ 750 |
[1] | Non derivative financial assets include carrying amounts of debt securities and loans (debt securities and loans measured at amortized cost are gross of allowance for credit losses). | |||
[2] | Non-derivative financial liabilities include carrying amounts of deposits, subordinated debentures and other liabilities. | |||
[3] | Includes exposures to SGD Swap Offer Rate (SOR) maturing after June 30, 2023. | |||
[4] | Other rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR, and six-month CDOR. | |||
[5] | The Series 2006-1 Bank Deposit Note of $750 million is currently at a fixed rate and will subsequently reset to a six-month CDOR based rate after December 31, 2036. |
Interest Rate Benchmark Refor_3
Interest Rate Benchmark Reform - Schedule of Non-derivative Financial Assets and Financial Liabilities (Parenthetical) (Detail) $ in Millions | Oct. 31, 2021CAD ($) |
Bank Deposit Note [Member] | Reset After December Thirty One Two Thousand And Thirty Six [Member] | |
Nonderivative Financial Assets And Financial Liabilities [Line Items] | |
Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently | $ 750 |
Interest Rate Benchmark Refor_4
Interest Rate Benchmark Reform - Schedule of Notional Balance of the Bank's Derivative Exposures and Undrawn Commitments to Significant IBORs (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 | ||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | $ 6,067,092 | $ 5,621,376 | |||
Single currency interest rate swaps | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | 1,328,834 | $ 1,126,626 | |||
Single currency interest rate swaps | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | 600,359 | 410,590 | |||
Single currency interest rate swaps | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | 711,297 | 699,339 | |||
Single currency interest rate swaps | Other Rates [Member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [2] | 17,178 | [1] | 16,697 | |
Cross currency interest rate swaps | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [3] | 354,459 | 281,675 | ||
Cross currency interest rate swaps | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [3] | 280,968 | 231,539 | ||
Cross currency interest rate swaps | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [3] | 44,300 | 31,052 | ||
Cross currency interest rate swaps | Other Rates [Member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [2],[3] | 29,191 | [1] | 19,084 | |
Other | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [4] | 73,616 | 50,371 | ||
Other | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [4] | 38,078 | 20,885 | ||
Other | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [4] | 35,538 | 29,486 | ||
Undrawn commitments | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | 33,668 | 21,912 | |||
Undrawn commitments | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | 32,454 | 20,354 | |||
Undrawn commitments | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | 760 | 1,094 | |||
Undrawn commitments | Other Rates [Member] | Maturing after December 31, 2021 [member] | |||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | |||||
Notional amount | [2] | $ 454 | [1] | $ 464 | |
[1] | Includes exposures to SGD SOR maturing after June 30, 2023. | ||||
[2] | Other rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month and twelve-month CDOR. These CDOR tenors ceased to publish after May 17, 2021. | ||||
[3] | For cross currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. | ||||
[4] | Other derivatives include futures, forward rate agreements and options. |
Interest Rate Benchmark Refor_5
Interest Rate Benchmark Reform - Disclosure of Bank's IBOR exposure to hedging derivatives (Detail) - Hedging derivative [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure Of Banks IBOR Exposure To Hedging Derivatives [Line Items] | |||
Hedging instruments notional amount | [1] | $ 67,661 | $ 110,100 |
USD LIBOR [member] | Maturing after June 30, 2023 [member] | |||
Disclosure Of Banks IBOR Exposure To Hedging Derivatives [Line Items] | |||
Hedging instruments notional amount | [1] | 61,936 | |
USD LIBOR [member] | Maturing after December 31, 2021 [member] | |||
Disclosure Of Banks IBOR Exposure To Hedging Derivatives [Line Items] | |||
Hedging instruments notional amount | [1],[2] | 105,200 | |
GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |||
Disclosure Of Banks IBOR Exposure To Hedging Derivatives [Line Items] | |||
Hedging instruments notional amount | [1] | $ 5,725 | $ 4,900 |
[1] | For cross currency swaps where both legs are referencing rates directly impacted by the Interest Rate Benchmark Reform, and a CAD leg is inserted to create two separate hedging relationships, the relevant notional amount for both legs are included in this table. | ||
[2] | Prior year USD LIBOR balance is not restated as the FCA announced in March 2021 for extending the cessation date for USD LIBOR from December 31, 2021, to June 30, 2023. |
Interest Rate Benchmark Refor_6
Interest Rate Benchmark Reform - Additional Information (Detail) $ in Millions, $ in Millions | Oct. 12, 2022CAD ($) | Oct. 12, 2022USD ($) | Oct. 31, 2021USD ($) |
Additional Tier1 capital instruments One [Member] | |||
Nonderivative Financial Assets And Financial Liabilities [Line Items] | |||
Other Equity Instruments Notional Amount | $ 1,560 | $ 1,250 | $ 1,250 |
Cash and Deposits with Financ_3
Cash and Deposits with Financial Institutions - Summary of Cash and Deposits with Financial Institutions (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | [2] | Oct. 31, 2018 | |||
Disclosure Of Cash And Cash Equivalents [abstract] | ||||||||
Cash and non-interest-bearing deposits with financial institutions | [1] | $ 9,693 | [2] | $ 11,123 | [2] | $ 10,904 | $ 8,997 | |
Interest-bearing deposits with financial institutions | 76,630 | 65,337 | ||||||
Total | [3] | $ 86,323 | $ 76,460 | |||||
[1] | Represents cash and non-interest bearing deposits with financial institutions (refer to Note 6). | |||||||
[2] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). | |||||||
[3] | Net of allowances of $1 (2020 – $1). |
Cash and Deposits with Financ_4
Cash and Deposits with Financial Institutions - Summary of Cash and Deposits with Financial Institutions (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Cash And Deposits With Financial Institutions [member] | ||
Cash And Cash Equivalents And Short-term Deposits [line items] | ||
Net of allowances | $ 1 | $ 1 |
Cash and Deposits with Financ_5
Cash and Deposits with Financial Institutions - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Mandatory Reserve Deposits At Central Banks [abstract] | ||
Cash balances required to maintain with central banks, other regulatory authorities and certain counterparties | $ 5,719 | $ 7,121 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Assets: | |||
Cash and deposits with financial institutions | [1] | $ 86,323 | $ 76,460 |
Trading assets | 146,312 | 117,839 | |
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Derivative financial instruments | 42,302 | 45,065 | |
Customers' liability under acceptances | 20,404 | 14,228 | |
Liabilities: | |||
Deposits | [2] | 797,259 | 750,838 |
Financial instruments designated at fair value through profit or loss | 22,493 | 18,899 | |
Acceptances | 20,441 | 14,305 | |
Obligations related to securities sold short | 40,954 | 31,902 | |
Derivative financial instruments | 42,203 | 42,247 | |
Obligations related to securities sold under repurchase agreements and securities lent | 123,469 | 137,763 | |
Subordinated debentures | 6,334 | 7,405 | |
Gross carrying amount [member] | |||
Assets: | |||
Cash and deposits with financial institutions | 86,323 | 76,460 | |
Trading assets | 146,312 | 117,839 | |
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Derivative financial instruments | 42,302 | 45,065 | |
Investment securities - FVOCI and FVTPL | 57,042 | 79,745 | |
Investment securities - amortized cost | 18,157 | 31,644 | |
Loans | 636,986 | 603,263 | |
Customers' liability under acceptances | 20,404 | 14,228 | |
Other financial assets | 14,256 | 12,700 | |
Liabilities: | |||
Deposits | 797,259 | 750,838 | |
Financial instruments designated at fair value through profit or loss | 22,493 | 18,899 | |
Acceptances | 20,441 | 14,305 | |
Obligations related to securities sold short | 40,954 | 31,902 | |
Derivative financial instruments | 42,203 | 42,247 | |
Obligations related to securities sold under repurchase agreements and securities lent | 123,469 | 137,763 | |
Subordinated debentures | 6,334 | 7,405 | |
Other financial liabilities | 40,254 | 42,660 | |
At fair value [member] | |||
Assets: | |||
Cash and deposits with financial institutions | 86,323 | 76,460 | |
Trading assets | 146,312 | 117,839 | |
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Derivative financial instruments | 42,302 | 45,065 | |
Investment securities - FVOCI and FVTPL | 57,042 | 79,745 | |
Investment securities - amortized cost | 18,133 | 32,129 | |
Loans | 641,964 | 612,368 | |
Customers' liability under acceptances | 20,404 | 14,228 | |
Other financial assets | 14,256 | 12,700 | |
Liabilities: | |||
Deposits | 798,335 | 755,395 | |
Financial instruments designated at fair value through profit or loss | 22,493 | 18,899 | |
Acceptances | 20,441 | 14,305 | |
Obligations related to securities sold short | 40,954 | 31,902 | |
Derivative financial instruments | 42,203 | 42,247 | |
Obligations related to securities sold under repurchase agreements and securities lent | 123,469 | 137,763 | |
Subordinated debentures | 6,733 | 7,827 | |
Other financial liabilities | $ 39,802 | $ 43,776 | |
[1] | Net of allowances of $1 (2020 – $1). | ||
[2] | Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Assets: | |||
Precious metals | $ 755 | $ 1,181 | |
Trading assets | |||
Loans | 8,113 | 8,352 | |
Securities | 137,148 | 108,331 | |
Other | 1,051 | 1,156 | |
Derivative financial instruments | |||
Derivative Financial Assets | 42,302 | 45,065 | |
Liabilities: | |||
Deposits | [1] | 797,259 | 750,838 |
Financial liabilities designated at fair value through profit or loss | 22,493 | 18,899 | |
Subordinated debentures | 6,334 | 7,405 | |
Obligations related to securities sold short | 40,954 | 31,902 | |
Other liabilities | 58,799 | 62,604 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 42,203 | 42,247 | |
Canadian provincial and municipal debt [member] | |||
Trading assets | |||
Securities | 9,854 | 9,320 | |
Recurring fair value measurement [member] | IFRS9 [member] | |||
Assets: | |||
Precious metals | [2] | 755 | 1,181 |
Trading assets | |||
Assets | 146,312 | 117,839 | |
Investment securities | |||
Investment securities | [3] | 57,042 | 79,745 |
Derivative financial instruments | |||
Derivative Financial Assets | 42,302 | 45,065 | |
Liabilities: | |||
Deposits | 175 | 73 | |
Financial liabilities designated at fair value through profit or loss | 22,493 | 18,899 | |
Obligations related to securities sold short | 40,954 | 31,902 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 42,203 | 42,247 | |
Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||
Trading assets | |||
Loans | 8,113 | 8,352 | |
Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 13,114 | 13,036 | |
Investment securities | |||
Investment securities | [3] | 5,804 | 16,828 |
Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 9,854 | 9,320 | |
Investment securities | |||
Investment securities | [3] | 5,155 | 17,547 |
Recurring fair value measurement [member] | U.S. treasury and other U.S. agency debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 6,823 | 5,182 | |
Investment securities | |||
Investment securities | [3] | 13,637 | 13,229 |
Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 9,688 | 12,645 | |
Investment securities | |||
Investment securities | [3] | 26,689 | 27,922 |
Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 11,820 | 10,588 | |
Investment securities | |||
Investment securities | [3] | 1,356 | 1,138 |
Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 85,849 | 57,560 | |
Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||
Trading assets | |||
Other | 1,051 | 1,156 | |
Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [3] | 4,401 | 3,081 |
Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 13,125 | 21,017 | |
Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 18,293 | 17,943 | |
Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 3,718 | 2,948 | |
Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 245 | 480 | |
Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 6,921 | 2,677 | |
Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 13,163 | 16,954 | |
Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 18,171 | 19,511 | |
Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 5,050 | 2,734 | |
Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 30 | 53 | |
Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 5,789 | 2,995 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Loans | [4],[5] | 400,565 | 374,767 |
Liabilities: | |||
Deposits | [4] | 290,341 | 307,457 |
Subordinated debentures | 6,733 | 7,827 | |
Other liabilities | 24,623 | 26,831 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Financial assets at amortised cost, category [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Investment securities - amortized cost | [5] | 18,133 | 32,129 |
Level 1 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||
Trading assets | |||
Assets | 110,000 | 81,921 | |
Investment securities | |||
Investment securities | [3] | 17,480 | 30,071 |
Derivative financial instruments | |||
Derivative Financial Assets | 184 | 290 | |
Liabilities: | |||
Obligations related to securities sold short | 35,487 | 25,584 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 307 | 599 | |
Level 1 [member] | Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 9,272 | 9,154 | |
Investment securities | |||
Investment securities | [3] | 1,125 | 1,728 |
Level 1 [member] | Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 5,556 | ||
Investment securities | |||
Investment securities | [3] | 1,937 | 93 |
Level 1 [member] | Recurring fair value measurement [member] | U.S. treasury and other U.S. agency debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 6,760 | 5,182 | |
Investment securities | |||
Investment securities | [3] | 11,462 | 11,930 |
Level 1 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 129 | 9,230 | |
Investment securities | |||
Investment securities | [3] | 67 | 14,101 |
Level 1 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 2,595 | ||
Investment securities | |||
Investment securities | [3] | 10 | 265 |
Level 1 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 85,688 | 57,199 | |
Level 1 [member] | Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||
Trading assets | |||
Other | 1,156 | ||
Level 1 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [3] | 2,879 | 1,954 |
Level 1 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 184 | 290 | |
Level 1 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 307 | 599 | |
Level 1 [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Financial assets at amortised cost, category [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Investment securities - amortized cost | [5] | 3,714 | 4,946 |
Level 2 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||
Assets: | |||
Precious metals | [2] | 755 | 1,181 |
Trading assets | |||
Assets | 36,271 | 35,900 | |
Investment securities | |||
Investment securities | [3] | 38,214 | 48,764 |
Derivative financial instruments | |||
Derivative Financial Assets | 42,096 | 44,768 | |
Liabilities: | |||
Deposits | 175 | 73 | |
Financial liabilities designated at fair value through profit or loss | 22,354 | 18,899 | |
Obligations related to securities sold short | 5,467 | 6,318 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 41,875 | 41,629 | |
Level 2 [member] | Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||
Trading assets | |||
Loans | 8,113 | 8,352 | |
Level 2 [member] | Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 3,842 | 3,882 | |
Investment securities | |||
Investment securities | [3] | 4,679 | 15,100 |
Level 2 [member] | Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 4,298 | 9,320 | |
Investment securities | |||
Investment securities | [3] | 3,218 | 17,454 |
Level 2 [member] | Recurring fair value measurement [member] | U.S. treasury and other U.S. agency debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 63 | ||
Investment securities | |||
Investment securities | [3] | 2,175 | 1,299 |
Level 2 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 9,559 | 3,415 | |
Investment securities | |||
Investment securities | [3] | 26,605 | 13,798 |
Level 2 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 9,185 | 10,570 | |
Investment securities | |||
Investment securities | [3] | 1,319 | 850 |
Level 2 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 160 | 361 | |
Level 2 [member] | Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||
Trading assets | |||
Other | 1,051 | ||
Level 2 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [3] | 218 | 263 |
Level 2 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 13,124 | 21,013 | |
Level 2 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 18,293 | 17,943 | |
Level 2 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 3,513 | 2,655 | |
Level 2 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 245 | 480 | |
Level 2 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 6,921 | 2,677 | |
Level 2 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 13,148 | 16,937 | |
Level 2 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 18,171 | 19,511 | |
Level 2 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 4,737 | 2,133 | |
Level 2 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 30 | 53 | |
Level 2 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 5,789 | 2,995 | |
Level 2 [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | IFRS9 [member] | |||
Liabilities: | |||
Deposits | [4] | 290,341 | 307,457 |
Subordinated debentures | 6,733 | 7,827 | |
Other liabilities | 24,414 | ||
Level 2 [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Financial assets at amortised cost, category [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Investment securities - amortized cost | [5] | 14,417 | 26,864 |
Level 3 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||
Trading assets | |||
Assets | 41 | 18 | |
Investment securities | |||
Investment securities | [3] | 1,348 | 910 |
Derivative financial instruments | |||
Derivative Financial Assets | 22 | 7 | |
Liabilities: | |||
Financial liabilities designated at fair value through profit or loss | 139 | ||
Derivative financial instruments | |||
Derivative Financial Liabilities | 21 | 19 | |
Level 3 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [3] | 17 | 23 |
Level 3 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 40 | 18 | |
Investment securities | |||
Investment securities | [3] | 27 | 23 |
Level 3 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 1 | ||
Level 3 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [3] | 1,304 | 864 |
Level 3 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 1 | 4 | |
Level 3 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 21 | 3 | |
Level 3 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 15 | 17 | |
Level 3 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 6 | 2 | |
Level 3 [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Loans | [4],[5] | 400,565 | 374,767 |
Liabilities: | |||
Other liabilities | 209 | ||
Level 3 [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Financial assets at amortised cost, category [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Investment securities - amortized cost | [5] | $ 2 | $ 319 |
[1] | Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). | ||
[2] | The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. | ||
[3] | Excludes debt investment securities measured at amortized cost of $18,157 (October 31, 2020 - $31,644). | ||
[4] | Represents fixed rate instruments. | ||
[5] | Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis (Parenthetical) (Detail) - Gross carrying amount [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of fair value measurement of assets [line items] | ||
Investment securities measured at amortized cost | $ 18,157 | $ 31,644 |
Financial assets available-for-sale [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Investment securities measured at amortized cost | $ 18,157 | $ 31,644 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Changes in Level 3 Instruments Carried at Fair Value (Detail) - Level 3 [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | $ 916 | |
Gains/(losses) recorded in income | 289 | |
Gains/(losses) recorded in OCI | 41 | |
Purchases/ Issuances | 125 | |
Sales/ Settlements | (223) | |
Transfers into/out of Level 3 | 103 | |
Fair value, ending balance | 1,251 | $ 916 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 283 | |
Derivative financial instruments [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | (12) | |
Gains/(losses) recorded in income | (4) | |
Purchases/ Issuances | (62) | |
Sales/ Settlements | 51 | |
Transfers into/out of Level 3 | 28 | |
Fair value, ending balance | 1 | (12) |
Change in unrealized gains/(losses)recorded in income for instruments still held | (4) | |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Gains/(losses) recorded in income | (2) | |
Purchases/ Issuances | (101) | |
Transfers into/out of Level 3 | (36) | |
Fair value, ending balance | (139) | |
Change in unrealized gains/(losses)recorded in income for instruments still held | (2) | |
Precious metals [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Gains/(losses) recorded in income | 1 | |
Purchases/ Issuances | 23 | |
Sales/ Settlements | (24) | |
Trading assets [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 18 | 18 |
Gains/(losses) recorded in income | 7 | 6 |
Purchases/ Issuances | 28 | 22 |
Sales/ Settlements | (94) | (28) |
Transfers into/out of Level 3 | 82 | |
Fair value, ending balance | 41 | 18 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 1 | |
Trading assets [member] | Corporate and other debt [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 18 | |
Gains/(losses) recorded in income | 7 | |
Purchases/ Issuances | 28 | |
Sales/ Settlements | (22) | |
Transfers into/out of Level 3 | 9 | |
Fair value, ending balance | 40 | 18 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 1 | |
Trading assets [member] | Equity securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Sales/ Settlements | (72) | |
Transfers into/out of Level 3 | 73 | |
Fair value, ending balance | 1 | |
Investment securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 910 | 920 |
Gains/(losses) recorded in income | 288 | 13 |
Gains/(losses) recorded in OCI | 41 | 7 |
Purchases/ Issuances | 260 | 257 |
Sales/ Settlements | (180) | (259) |
Transfers into/out of Level 3 | 29 | (28) |
Fair value, ending balance | 1,348 | 910 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 288 | |
Investment securities [member] | Other foreign governments debt [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 23 | |
Gains/(losses) recorded in OCI | (6) | |
Fair value, ending balance | 17 | 23 |
Investment securities [member] | Corporate and other debt [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 23 | |
Gains/(losses) recorded in income | 1 | |
Gains/(losses) recorded in OCI | (4) | |
Purchases/ Issuances | 7 | |
Fair value, ending balance | 27 | 23 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 1 | |
Investment securities [member] | Equity securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 864 | |
Gains/(losses) recorded in income | 287 | |
Gains/(losses) recorded in OCI | 51 | |
Purchases/ Issuances | 253 | |
Sales/ Settlements | (180) | |
Transfers into/out of Level 3 | 29 | |
Fair value, ending balance | 1,304 | 864 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 287 | |
Derivative financial assets [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | (12) | (60) |
Gains/(losses) recorded in income | 14 | |
Purchases/ Issuances | (21) | |
Sales/ Settlements | 32 | |
Transfers into/out of Level 3 | 23 | |
Fair value, ending balance | (12) | |
Derivative financial assets [member] | Interest rate contracts [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 4 | |
Gains/(losses) recorded in income | (1) | |
Purchases/ Issuances | 10 | |
Sales/ Settlements | (9) | |
Transfers into/out of Level 3 | (3) | |
Fair value, ending balance | 1 | 4 |
Change in unrealized gains/(losses)recorded in income for instruments still held | (1) | |
Derivative financial assets [member] | Equity contracts [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | 3 | |
Gains/(losses) recorded in income | 4 | |
Purchases/ Issuances | 12 | |
Transfers into/out of Level 3 | 2 | |
Fair value, ending balance | 21 | 3 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 4 | |
Interest rate contracts [member] | Derivative financial liabilities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | (17) | |
Gains/(losses) recorded in income | (11) | |
Purchases/ Issuances | (70) | |
Sales/ Settlements | 60 | |
Transfers into/out of Level 3 | 23 | |
Fair value, ending balance | (15) | (17) |
Change in unrealized gains/(losses)recorded in income for instruments still held | (11) | |
Equity contracts [member] | Derivative financial liabilities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||
Fair value, beginning balance | (2) | |
Gains/(losses) recorded in income | 4 | |
Purchases/ Issuances | (14) | |
Transfers into/out of Level 3 | 6 | |
Fair value, ending balance | (6) | $ (2) |
Change in unrealized gains/(losses)recorded in income for instruments still held | $ 4 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Summary of Significant Unobservable Inputs Used in Measuring Financial Instruments Categorized as Level 3 (Detail) - Level 3 [member] | 12 Months Ended |
Oct. 31, 2021 | |
Private equity securities [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Valuation technique | Market comparable |
Significant unobservable inputs | General Partner valuations per net asset value |
Range of estimates | 97% |
Private equity securities 1 [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Significant unobservable inputs | Capitalization rate |
Range of estimates | 3% |
Changes in fair value from reasonably possible alternatives | (51)/51 millions |
Option pricing model [member] | Interest rate contracts [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Valuation technique | Option pricing model |
Significant unobservable inputs | Interest rate volatility |
Range of estimates | 37% - 66% |
Changes in fair value from reasonably possible alternatives | (10)/10 million |
Option pricing model [member] | Interest rate contracts [member] | Financial liabilities at fair value through profit or loss, category [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Valuation technique | Option pricing model |
Significant unobservable inputs | Interest rate swaption volatility |
Range of estimates | 20% - 273% |
Changes in fair value from reasonably possible alternatives | (11)/11 millions |
Option pricing model [member] | Equity contracts [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Valuation technique | Option pricing model |
Significant unobservable inputs | Equity volatility |
Range of estimates | 2% - 112% |
Option pricing model [member] | Equity contracts 1 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Valuation technique | Option pricing model |
Significant unobservable inputs | Correlation |
Range of estimates | 0% - 97% |
Changes in fair value from reasonably possible alternatives | (3)/3 millions |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2021CAD ($) | |
Obligations relating to short selling of securities [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Liabilities transferredout of level two into level one | $ 2,550 |
Liabilities transferred out of level one into level two | 2,235 |
Trading assets [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Assets transferred out of level two into level one | 10,045 |
Assets transferred out of level one into level two | 9,972 |
Trading assets [member] | Trading equity securities [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Assets transferred out of level two into level three | 72 |
Investment securities [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Assets transferred out of level two into level one | 3,407 |
Assets transferred out of level one into level two | $ 13,522 |
Trading Assets - Summary of Ana
Trading Assets - Summary of Analysis of Carrying Value of Trading Securities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Total trading securities | $ 137,148 | $ 108,331 |
Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 13,114 | 13,036 |
Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 9,854 | 9,320 |
United states treasury and other united states agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 6,823 | 5,182 |
Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 9,688 | 12,645 |
Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 85,016 | 57,178 |
Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 12,653 | 10,970 |
Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 54,655 | 44,024 |
U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 56,125 | 40,258 |
Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,861 | 4,402 |
Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 21,507 | 19,647 |
Within 3 months [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 5,806 | 5,930 |
Within 3 months [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 868 | 938 |
Within 3 months [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 778 | 562 |
Within 3 months [member] | United states treasury and other united states agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 61 | 461 |
Within 3 months [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,226 | 3,708 |
Within 3 months [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 873 | 261 |
Within 3 months [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,151 | 1,640 |
Within 3 months [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 432 | 1,249 |
Within 3 months [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,038 | 1,188 |
Within 3 months [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,185 | 1,853 |
Three to 12 months [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 6,970 | 7,923 |
Three to 12 months [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 892 | 1,180 |
Three to 12 months [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,434 | 818 |
Three to 12 months [member] | United states treasury and other united states agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,097 | 93 |
Three to 12 months [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,000 | 3,864 |
Three to 12 months [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,547 | 1,968 |
Three to 12 months [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,663 | 2,362 |
Three to 12 months [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,848 | 1,340 |
Three to 12 months [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 820 | 1,074 |
Three to 12 months [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,639 | 3,147 |
One to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 21,320 | 21,308 |
One to 5 years [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 6,134 | 5,708 |
One to 5 years [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,829 | 2,026 |
One to 5 years [member] | United states treasury and other united states agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,366 | 3,846 |
One to 5 years [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,022 | 3,715 |
One to 5 years [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 5,969 | 6,013 |
One to 5 years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 9,034 | 7,402 |
One to 5 years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 7,618 | 10,150 |
One to 5 years [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,316 | 1,727 |
One to 5 years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,352 | 2,029 |
Five to ten years [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 8,210 | 6,163 |
Five to ten years [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,399 | 1,915 |
Five to ten years [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,215 | 1,107 |
Five to ten years [member] | United states treasury and other united states agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,123 | 644 |
Five to ten years [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 293 | 1,039 |
Five to ten years [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,180 | 1,458 |
Five to ten years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,663 | 3,577 |
Five to ten years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,124 | 1,212 |
Five to ten years [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 17 | 77 |
Five to ten years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 406 | 1,297 |
Over ten years [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 8,993 | 9,446 |
Over ten years [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,821 | 3,295 |
Over ten years [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,598 | 4,807 |
Over ten years [member] | United states treasury and other united states agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 176 | 138 |
Over ten years [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 147 | 319 |
Over ten years [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,251 | 887 |
Over ten years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 8,028 | 8,406 |
Over ten years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 717 | 707 |
Over ten years [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 40 | 54 |
Over ten years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 208 | 279 |
No specific maturity [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 85,849 | 57,561 |
No specific maturity [member] | Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 85,016 | 57,178 |
No specific maturity [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 833 | 383 |
No specific maturity [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 28,116 | 20,637 |
No specific maturity [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 42,386 | 25,600 |
No specific maturity [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 630 | 282 |
No specific maturity [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | $ 14,717 | $ 11,042 |
Trading Assets - Summary of Geo
Trading Assets - Summary of Geographic Breakdown Trading Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Trading loans | $ 8,113 | $ 8,352 |
United States [member] | ||
Disclosure of financial assets [line items] | ||
Trading loans | 5,308 | 6,227 |
Europe [member] | ||
Disclosure of financial assets [line items] | ||
Trading loans | 548 | 1,075 |
Asia Pacific [member] | ||
Disclosure of financial assets [line items] | ||
Trading loans | 15 | 141 |
Canada [member] | ||
Disclosure of financial assets [line items] | ||
Trading loans | 2,034 | 266 |
Other Countries [member] | ||
Disclosure of financial assets [line items] | ||
Trading loans | $ 208 | $ 643 |
Trading Assets - Summary of G_2
Trading Assets - Summary of Geographic Breakdown Trading Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Trading loans | $ 8,113 | $ 8,352 |
Hedge To Loan-based Credit Total Return Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Trading loans | $ 5,203 | $ 5,396 |
Financial Instruments Designa_3
Financial Instruments Designated at Fair Value Through Profit or Loss - Fair Value Of Financial Assets And Liabilities Designated At Fair Value Through Profit Or Loss And Their Changes In Fair Value (Detail) - Senior note liabilities [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Fair value | [1] | $ 22,493 | $ 18,899 |
Change in Fair value | [1] | (906) | 651 |
Cumulative change in FV | [1] | $ (707) | $ 199 |
[1] | Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest income – trading revenues. The offsetting fair value changes from associated derivatives is also recorded in non-interest income – trading revenues. |
Financial Instruments Designa_4
Financial Instruments Designated at Fair Value Through Profit or Loss - Changes In Fair Value Attributable To Changes In The Bank'S Own Credit Risk For Financial Liabilities Designated At Fair Value (Detail) - Senior note liabilities [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Contractual maturity amount | [1] | $ 21,786 | $ 19,098 |
Carrying value | [2] | 22,493 | 18,899 |
Difference between carrying value and contractual maturity amount | (707) | 199 | |
Changes in fair value for the period attributable to changes in own credit risk recorded in other comprehensive income | (270) | (404) | |
Cumulative changes in fair value attributable to changes in own credit risk | [1] | $ (729) | $ (459) |
[1] | The cumulative change in fair value is measured from the instruments’ date of initial recognition. | ||
[2] | Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest income – trading revenues. The offsetting fair value changes from associated derivatives is also recorded in non-interest income – trading revenues. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Derivative Financial Instruments at Notional Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | $ 6,067,092 | $ 5,621,376 |
Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 4,787,260 | 4,380,334 |
Interest rate contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 123,348 | 111,065 |
Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 40,860 | 28,214 |
Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 41,785 | 29,343 |
Interest rate contracts [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 219,841 | 606,226 |
Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 4,361,426 | 3,605,486 |
Interest rate contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 126,910 | 113,112 |
Interest rate contracts [member] | Exchange Traded 1 [Member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 123,348 | 111,065 |
Interest rate contracts [member] | Exchange Traded 1 [Member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 2,562 | 2,047 |
Interest rate contracts [member] | Exchange Traded 1 [Member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 1,000 | |
Interest rate contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 443,922 | 471,188 |
Interest rate contracts [member] | Over the Counter1 [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 38,298 | 26,167 |
Interest rate contracts [member] | Over the Counter1 [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 40,785 | 29,343 |
Interest rate contracts [member] | Over the Counter1 [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 820 | 7,573 |
Interest rate contracts [member] | Over the Counter1 [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 364,019 | 408,105 |
Interest rate contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 4,216,428 | 3,796,034 |
Interest rate contracts [member] | Settled through central counterparties [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 219,021 | 598,653 |
Interest rate contracts [member] | Settled through central counterparties [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 3,997,407 | 3,197,381 |
Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 1,045,730 | 1,013,663 |
Foreign exchange and gold contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 15,798 | 9,548 |
Foreign exchange and gold contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,256 | 34,012 |
Foreign exchange and gold contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,495 | 32,800 |
Foreign exchange and gold contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 570,175 | 536,375 |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 427,006 | 400,928 |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 15,798 | 9,993 |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 15,798 | 9,548 |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 258 | |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 187 | |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 1,013,305 | 976,091 |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,256 | 33,754 |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,495 | 32,613 |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 570,175 | 536,375 |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 410,379 | 373,349 |
Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,627 | 27,579 |
Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,627 | 27,579 |
Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 234,102 | 227,379 |
Other derivative contracts [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 145,352 | 128,024 |
Other derivative contracts [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 27,421 | 34,151 |
Other derivative contracts [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 61,329 | 65,204 |
Other derivative contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 83,987 | 72,182 |
Other derivative contracts [member] | Exchange Traded 1 [Member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 52,335 | 45,099 |
Other derivative contracts [member] | Exchange Traded 1 [Member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 31,652 | 27,083 |
Other derivative contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 143,293 | 144,478 |
Other derivative contracts [member] | Over the Counter1 [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 93,017 | 82,925 |
Other derivative contracts [member] | Over the Counter1 [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 20,800 | 23,666 |
Other derivative contracts [member] | Over the Counter1 [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 29,476 | 37,887 |
Other derivative contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 6,822 | 10,719 |
Other derivative contracts [member] | Settled through central counterparties [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 6,621 | 10,485 |
Other derivative contracts [member] | Settled through central counterparties [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 201 | 234 |
Trading derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 5,652,808 | 5,258,657 |
Trading derivatives [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 4,470,200 | 4,115,744 |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 126,910 | 113,112 |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 123,348 | 111,065 |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 2,562 | 2,047 |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 1,000 | |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 416,047 | 443,201 |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 38,298 | 26,167 |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 40,785 | 29,343 |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 820 | 7,573 |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 336,144 | 380,118 |
Trading derivatives [member] | Interest rate contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 3,927,243 | 3,559,431 |
Trading derivatives [member] | Interest rate contracts [member] | Settled through central counterparties [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 219,021 | 598,653 |
Trading derivatives [member] | Interest rate contracts [member] | Settled through central counterparties [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 3,708,222 | 2,960,778 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 949,471 | 916,116 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 15,798 | 9,993 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 15,798 | 9,548 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 258 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 187 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 917,046 | 878,544 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,256 | 33,754 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,495 | 32,613 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 502,558 | 457,942 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 381,737 | 354,235 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,627 | 27,579 |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 16,627 | 27,579 |
Trading derivatives [member] | Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 233,137 | 226,797 |
Trading derivatives [member] | Other derivative contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 83,987 | 72,182 |
Trading derivatives [member] | Other derivative contracts [member] | Exchange Traded 1 [Member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 52,335 | 45,099 |
Trading derivatives [member] | Other derivative contracts [member] | Exchange Traded 1 [Member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 31,652 | 27,083 |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 142,328 | 143,896 |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 92,052 | 82,343 |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 20,800 | 23,666 |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 29,476 | 37,887 |
Trading derivatives [member] | Other derivative contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 6,822 | 10,719 |
Trading derivatives [member] | Other derivative contracts [member] | Settled through central counterparties [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 6,621 | 10,485 |
Trading derivatives [member] | Other derivative contracts [member] | Settled through central counterparties [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 201 | 234 |
Hedging derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 414,284 | 362,719 |
Hedging derivative [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 317,060 | 264,590 |
Hedging derivative [member] | Interest rate contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 27,875 | 27,987 |
Hedging derivative [member] | Interest rate contracts [member] | Over the Counter1 [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 27,875 | 27,987 |
Hedging derivative [member] | Interest rate contracts [member] | Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 289,185 | 236,603 |
Hedging derivative [member] | Interest rate contracts [member] | Settled through central counterparties [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 289,185 | 236,603 |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 96,259 | 97,547 |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 96,259 | 97,547 |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 67,617 | 78,433 |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 28,642 | 19,114 |
Hedging derivative [member] | Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 965 | 582 |
Hedging derivative [member] | Other derivative contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | 965 | 582 |
Hedging derivative [member] | Other derivative contracts [member] | Over the Counter1 [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amounts outstanding | $ 965 | $ 582 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Remaining Term to Maturity of Notional Amounts of Bank's Derivative Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Notional amount | $ 6,067,092 | $ 5,621,376 |
Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,787,260 | 4,380,334 |
Interest rate contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 123,348 | 111,065 |
Interest rate contracts [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 219,841 | 606,226 |
Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,361,426 | 3,605,486 |
Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 40,860 | 28,214 |
Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 41,785 | 29,343 |
Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,045,730 | 1,013,663 |
Foreign exchange and gold contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15,798 | 9,548 |
Foreign exchange and gold contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 570,175 | 536,375 |
Foreign exchange and gold contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,256 | 34,012 |
Foreign exchange and gold contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,495 | 32,800 |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 427,006 | 400,928 |
Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 234,102 | 227,379 |
Other derivative contracts [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 145,352 | 128,024 |
Other derivative contracts [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,421 | 34,151 |
Other derivative contracts [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 61,329 | 65,204 |
Within one year [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,450,665 | 2,478,771 |
Within one year [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,741,909 | 1,777,411 |
Within one year [member] | Interest rate contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 68,444 | 63,381 |
Within one year [member] | Interest rate contracts [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 172,600 | 493,676 |
Within one year [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,461,005 | 1,204,974 |
Within one year [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 22,432 | 9,596 |
Within one year [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 17,428 | 5,784 |
Within one year [member] | Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 551,205 | 550,583 |
Within one year [member] | Foreign exchange and gold contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,032 | 7,144 |
Within one year [member] | Foreign exchange and gold contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 116,067 | 111,610 |
Within one year [member] | Foreign exchange and gold contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 12,215 | 28,329 |
Within one year [member] | Foreign exchange and gold contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 14,373 | 29,989 |
Within one year [member] | Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 399,518 | 373,511 |
Within one year [member] | Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 157,551 | 150,777 |
Within one year [member] | Other derivative contracts [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 102,031 | 81,897 |
Within one year [member] | Other derivative contracts [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15,554 | 19,910 |
Within one year [member] | Other derivative contracts [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 39,966 | 48,970 |
One to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,514,696 | 2,163,856 |
One to 5 years [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,120,854 | 1,803,940 |
One to 5 years [member] | Interest rate contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 54,787 | 47,648 |
One to 5 years [member] | Interest rate contracts [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 46,433 | 105,747 |
One to 5 years [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,989,045 | 1,617,615 |
One to 5 years [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15,694 | 17,011 |
One to 5 years [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 14,895 | 15,919 |
One to 5 years [member] | Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 321,704 | 289,972 |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 6,382 | 2,404 |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 287,705 | 256,789 |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 3,976 | 5,615 |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,115 | 2,811 |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 21,526 | 22,353 |
One to 5 years [member] | Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 72,138 | 69,944 |
One to 5 years [member] | Other derivative contracts [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 43,146 | 45,083 |
One to 5 years [member] | Other derivative contracts [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 7,810 | 8,965 |
One to 5 years [member] | Other derivative contracts [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 21,182 | 15,896 |
Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,101,731 | 978,749 |
Over 5 years [member] | Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 924,497 | 798,983 |
Over 5 years [member] | Interest rate contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 117 | 36 |
Over 5 years [member] | Interest rate contracts [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 808 | 6,803 |
Over 5 years [member] | Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 911,376 | 782,897 |
Over 5 years [member] | Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,734 | 1,607 |
Over 5 years [member] | Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 9,462 | 7,640 |
Over 5 years [member] | Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 172,821 | 173,108 |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 384 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 166,403 | 167,976 |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 65 | 68 |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 7 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 5,962 | 5,064 |
Over 5 years [member] | Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,413 | 6,658 |
Over 5 years [member] | Other derivative contracts [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 175 | 1,044 |
Over 5 years [member] | Other derivative contracts [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,057 | 5,276 |
Over 5 years [member] | Other derivative contracts [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | $ 181 | $ 338 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Credit Exposure of Derivative Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Notional amount | $ 6,067,092 | $ 5,621,376 |
Credit risk amount | 13,318 | 12,984 |
Credit equivalent amount | 33,730 | 30,424 |
Risk Weighted Assets | 10,927 | 12,810 |
Credit valuation adjustment [member] | ||
Disclosure of financial assets [line items] | ||
Risk Weighted Assets | 3,957 | 5,330 |
Interest rate contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,787,260 | 4,380,334 |
Credit risk amount | 4,053 | 7,548 |
Credit equivalent amount | 4,958 | 8,585 |
Risk Weighted Assets | 1,202 | 2,674 |
Interest rate contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 126,910 | 113,112 |
Interest rate contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 443,922 | 471,188 |
Interest rate contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 123,348 | 111,065 |
Credit equivalent amount | 18 | 46 |
Risk Weighted Assets | 1 | |
Interest rate contracts [member] | Futures [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 123,348 | 111,065 |
Interest rate contracts [member] | Forward contract [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 219,841 | 606,226 |
Credit risk amount | 32 | 52 |
Credit equivalent amount | 125 | 129 |
Risk Weighted Assets | 68 | 45 |
Interest rate contracts [member] | Forward contract [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 820 | 7,573 |
Interest rate contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,361,426 | 3,605,486 |
Credit risk amount | 3,951 | 7,418 |
Credit equivalent amount | 4,760 | 8,343 |
Risk Weighted Assets | 1,120 | 2,610 |
Interest rate contracts [member] | Swaps [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 364,019 | 408,105 |
Interest rate contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 40,860 | 28,214 |
Credit risk amount | 70 | 78 |
Credit equivalent amount | 44 | 46 |
Risk Weighted Assets | 10 | 13 |
Interest rate contracts [member] | Options purchased [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 2,562 | 2,047 |
Interest rate contracts [member] | Options purchased [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 38,298 | 26,167 |
Interest rate contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 41,785 | 29,343 |
Credit equivalent amount | 11 | 21 |
Risk Weighted Assets | 3 | 6 |
Interest rate contracts [member] | Options written [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,000 | |
Interest rate contracts [member] | Options written [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 40,785 | 29,343 |
Foreign exchange and gold contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,045,730 | 1,013,663 |
Credit risk amount | 3,083 | 3,200 |
Credit equivalent amount | 12,151 | 10,661 |
Risk Weighted Assets | 3,187 | 3,094 |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15,798 | 9,993 |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 1,013,305 | 976,091 |
Foreign exchange and gold contracts [member] | Futures [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15,798 | 9,548 |
Credit equivalent amount | 148 | 42 |
Risk Weighted Assets | 3 | |
Foreign exchange and gold contracts [member] | Futures [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 15,798 | 9,548 |
Foreign exchange and gold contracts [member] | Swaps [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 570,175 | 536,375 |
Credit risk amount | 1,128 | 775 |
Credit equivalent amount | 7,287 | 6,313 |
Risk Weighted Assets | 1,660 | 1,680 |
Foreign exchange and gold contracts [member] | Swaps [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 570,175 | 536,375 |
Foreign exchange and gold contracts [member] | Options purchased [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,256 | 34,012 |
Credit risk amount | 351 | 933 |
Credit equivalent amount | 247 | 467 |
Risk Weighted Assets | 118 | 242 |
Foreign exchange and gold contracts [member] | Options purchased [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 258 | |
Foreign exchange and gold contracts [member] | Options purchased [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,256 | 33,754 |
Foreign exchange and gold contracts [member] | Options written [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,495 | 32,800 |
Credit equivalent amount | 14 | 18 |
Risk Weighted Assets | 2 | 2 |
Foreign exchange and gold contracts [member] | Options written [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 187 | |
Foreign exchange and gold contracts [member] | Options written [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 16,495 | 32,613 |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 427,006 | 400,928 |
Credit risk amount | 1,604 | 1,492 |
Credit equivalent amount | 4,455 | 3,821 |
Risk Weighted Assets | 1,404 | 1,170 |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 410,379 | 373,349 |
Other derivative contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 234,102 | 227,379 |
Credit risk amount | 6,182 | 2,236 |
Credit equivalent amount | 16,621 | 11,178 |
Risk Weighted Assets | 2,581 | 1,712 |
Other derivative contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 83,987 | 72,182 |
Other derivative contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 143,293 | 144,478 |
Other derivative contracts [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 145,352 | 128,024 |
Credit risk amount | 1,423 | 1,098 |
Credit equivalent amount | 9,707 | 7,091 |
Risk Weighted Assets | 1,340 | 1,004 |
Other derivative contracts [member] | Equity derivatives [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 52,335 | 45,099 |
Other derivative contracts [member] | Equity derivatives [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 93,017 | 82,925 |
Other derivative contracts [member] | Credit Derivative [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 27,421 | 34,151 |
Credit risk amount | 197 | 270 |
Credit equivalent amount | 304 | 458 |
Risk Weighted Assets | 59 | 116 |
Other derivative contracts [member] | Credit Derivative [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 20,800 | 23,666 |
Other derivative contracts [member] | Commodity and other contracts [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 61,329 | 65,204 |
Credit risk amount | 4,562 | 868 |
Credit equivalent amount | 6,610 | 3,629 |
Risk Weighted Assets | 1,182 | 592 |
Other derivative contracts [member] | Commodity and other contracts [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 31,652 | 27,083 |
Other derivative contracts [member] | Commodity and other contracts [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 29,476 | 37,887 |
Settled through central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,466,572 | 4,029,619 |
Credit equivalent amount | 6,049 | 5,066 |
Risk Weighted Assets | 140 | 112 |
Settled through central counterparties [member] | Exchange Traded 1 [Member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 226,695 | 195,287 |
Credit equivalent amount | 5,200 | 4,194 |
Risk Weighted Assets | 123 | 95 |
Settled through central counterparties [member] | Over the Counter1 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount | 4,239,877 | 3,834,332 |
Credit equivalent amount | 849 | 872 |
Risk Weighted Assets | $ 17 | $ 17 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Credit Exposure of Derivative Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
CRA [member] | ||
Disclosure of financial assets [line items] | ||
Amounts relating to netting and collateral | $ 28,961 | $ 32,081 |
CEA [member] | ||
Disclosure of financial assets [line items] | ||
Amounts relating to netting and collateral | $ 67,487 | $ 66,686 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Financial Derivatives at Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | $ 44,942 | |
Average fair value of trading derivatives, Unfavourable | 44,332 | |
Year-end fair value, Favourable | $ 42,302 | 45,065 |
Year-end fair value, Unfavourable | 42,203 | 42,247 |
Net derivative financial instruments, Year-end fair value, Favourable | 16,336 | 15,550 |
Net derivative financial instruments, Year-end fair value, Unfavourable | 15,727 | 11,819 |
Derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 42,302 | 45,065 |
Year-end fair value, Unfavourable | 42,203 | 42,247 |
Less impact of master netting and collateral Year-end fair value, Favourable | 28,961 | 32,081 |
Less impact of master netting and collateral Year-end fair value, Unfavourable | 28,961 | 32,081 |
Net derivative financial instruments, Year-end fair value, Favourable | 13,341 | 12,984 |
Net derivative financial instruments, Year-end fair value, Unfavourable | 13,242 | 10,166 |
Derivatives [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 37,046 | |
Average fair value of trading derivatives, Unfavourable | 35,339 | |
Year-end fair value, Favourable | 35,379 | 39,294 |
Year-end fair value, Unfavourable | 35,702 | 36,038 |
Derivatives [member] | Hedging [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 6,923 | 5,771 |
Year-end fair value, Unfavourable | 6,501 | 6,209 |
Interest rate contracts [member] | Derivatives [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 14,031 | |
Average fair value of trading derivatives, Unfavourable | 11,888 | |
Year-end fair value, Favourable | 10,286 | 18,234 |
Year-end fair value, Unfavourable | 9,625 | 13,124 |
Interest rate contracts [member] | Derivatives [member] | Forward contract [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 58 | |
Average fair value of trading derivatives, Unfavourable | 3 | |
Year-end fair value, Favourable | 69 | 138 |
Year-end fair value, Unfavourable | 3 | |
Interest rate contracts [member] | Derivatives [member] | Swaps [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 13,702 | |
Average fair value of trading derivatives, Unfavourable | 11,652 | |
Year-end fair value, Favourable | 9,805 | 18,007 |
Year-end fair value, Unfavourable | 9,427 | 13,044 |
Interest rate contracts [member] | Derivatives [member] | Swaps [member] | Hedging [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 2,839 | 2,783 |
Year-end fair value, Unfavourable | 3,538 | 3,830 |
Interest rate contracts [member] | Derivatives [member] | Option contract [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 271 | |
Average fair value of trading derivatives, Unfavourable | 233 | |
Year-end fair value, Favourable | 412 | 89 |
Year-end fair value, Unfavourable | 195 | 80 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 14,419 | |
Average fair value of trading derivatives, Unfavourable | 15,285 | |
Year-end fair value, Favourable | 14,250 | 14,963 |
Year-end fair value, Unfavourable | 15,209 | 17,134 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Hedging [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 4,043 | 2,980 |
Year-end fair value, Unfavourable | 2,962 | 2,377 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Forward contract [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 4,430 | |
Average fair value of trading derivatives, Unfavourable | 3,931 | |
Year-end fair value, Favourable | 4,823 | 4,048 |
Year-end fair value, Unfavourable | 4,154 | 3,448 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Forward contract [member] | Hedging [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 461 | 198 |
Year-end fair value, Unfavourable | 236 | 220 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Swaps [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 9,374 | |
Average fair value of trading derivatives, Unfavourable | 10,851 | |
Year-end fair value, Favourable | 9,070 | 9,931 |
Year-end fair value, Unfavourable | 10,796 | 12,934 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Swaps [member] | Hedging [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 3,582 | 2,782 |
Year-end fair value, Unfavourable | 2,726 | 2,157 |
Foreign exchange and gold contracts [member] | Derivatives [member] | Option contract [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 615 | |
Average fair value of trading derivatives, Unfavourable | 503 | |
Year-end fair value, Favourable | 357 | 984 |
Year-end fair value, Unfavourable | 259 | 752 |
Other derivative contracts [member] | Derivatives [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 8,596 | |
Average fair value of trading derivatives, Unfavourable | 8,166 | |
Year-end fair value, Favourable | 10,843 | 6,097 |
Year-end fair value, Unfavourable | 10,868 | 5,780 |
Other derivative contracts [member] | Derivatives [member] | Equity derivatives [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 3,482 | |
Average fair value of trading derivatives, Unfavourable | 3,918 | |
Year-end fair value, Favourable | 3,677 | 2,940 |
Year-end fair value, Unfavourable | 5,049 | 2,732 |
Other derivative contracts [member] | Derivatives [member] | Equity derivatives [member] | Hedging [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Year-end fair value, Favourable | 41 | 8 |
Year-end fair value, Unfavourable | 1 | 2 |
Other derivative contracts [member] | Derivatives [member] | Credit Derivative [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 239 | |
Average fair value of trading derivatives, Unfavourable | 40 | |
Year-end fair value, Favourable | 245 | 480 |
Year-end fair value, Unfavourable | 30 | 53 |
Other derivative contracts [member] | Derivatives [member] | Commodity and other contracts [member] | Trading [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average fair value of trading derivatives, Favourable | 4,875 | |
Average fair value of trading derivatives, Unfavourable | 4,208 | |
Year-end fair value, Favourable | 6,921 | 2,677 |
Year-end fair value, Unfavourable | $ 5,789 | $ 2,995 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Financial Derivatives at Fair Value (Parenthetical) (Detail) $ in Millions | Oct. 31, 2020CAD ($) |
Disclosure of financial assets [abstract] | |
Average fair value of trading derivatives, Favourable | $ 44,942 |
Average fair value of trading derivatives, Unfavourable | $ 44,332 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Additional Information (Detail) - Equity risk [member] | 12 Months Ended |
Oct. 31, 2021 | |
Bottom of range [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Correlation between the variables in regression | 0.8 |
Slope of regression range | 0.8 |
Confidence level of the slope | 95.00% |
Top of range [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Slope of regression range | 1.25 |
Derivative Financial Instrum_10
Derivative Financial Instruments - Summary of Notional Amount of Derivatives and Carrying Amount of Cash and Deposit Liabilities Designated as Hedging Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | $ 6,067,092 | $ 5,621,376 |
Deposit liabilities - carrying amount [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 470,900 | 414,362 |
Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 163,689 | 172,324 |
Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Currency or interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 11 | 223 |
Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 126,177 | 57,490 |
Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency or interest rate risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 47,775 | 56,318 |
Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 97,861 | 102,090 |
Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Foreign currency forward contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 10,510 | 3,000 |
Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Cash [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 66 | 71 |
Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Equity price risk [member] | Total return swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 965 | 582 |
Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Equity price risk [member] | Foreign Currency Deposit Liabilities [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 5,714 | 6,150 |
Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Equity price risk [member] | Foreign currency forward contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 18,132 | 16,114 |
Within one year [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 2,450,665 | 2,478,771 |
Within one year [member] | Deposit liabilities - carrying amount [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 136,985 | 122,337 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 21,850 | 41,972 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 34,489 | 11,990 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency or interest rate risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 16,906 | 17,082 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 29,002 | 25,787 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Foreign currency forward contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 10,510 | 3,000 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Cash [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 66 | 71 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Equity price risk [member] | Total return swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 316 | 171 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Equity price risk [member] | Foreign Currency Deposit Liabilities [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 5,714 | 6,150 |
Within one year [member] | Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Equity price risk [member] | Foreign currency forward contracts [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 18,132 | 16,114 |
One to 5 years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 2,514,696 | 2,163,856 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 268,602 | 244,239 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 127,350 | 115,479 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Currency or interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 11 | 116 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 62,934 | 33,580 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency or interest rate risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 23,224 | 33,516 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 54,434 | 61,137 |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Equity price risk [member] | Total return swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 649 | 411 |
Over 5 years [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 1,101,731 | 978,749 |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 65,313 | 47,786 |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 14,489 | 14,873 |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | Fair value hedges [member] | Currency or interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 107 | |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 28,754 | 11,920 |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency or interest rate risk [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | 7,645 | 5,720 |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | Cash flow hedges [member] | Currency risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Derivative notional amount | $ 14,425 | $ 15,166 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Summary of Average Price or Rate of Hedging Instruments (Detail) | Oct. 31, 2021 | Oct. 31, 2020 |
Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed interest rate | 1.18% | 1.71% |
Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed interest rate | 1.22% | 2.10% |
Cash flow hedges [member] | Currency or interest rate risk [member] | Swaps [member] | CAD-USD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed interest rate | 1.33% | 1.30% |
FX rate | 1.31 | 1.32 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | CAD-USD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.27 | 1.31 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | CAD-EUR [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.50 | 1.49 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | CAD-GBP [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.72 | 1.72 |
Cash flow hedges [member] | Currency risk [member] | Foreign currency forward contracts [member] | CAD-USD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.26 | 1.33 |
Cash flow hedges [member] | Equity price risk [member] | Total return swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Price | 71.29 | 75.40 |
Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign currency forward contracts [member] | CAD-USD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.26 | 1.34 |
Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign currency forward contracts [member] | MXN-CAD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 16.77 | 16.60 |
Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign currency forward contracts [member] | PEN-CAD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 3.08 | 2.64 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Summary of Average Price or Rate of Hedging Instruments (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Top of range [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Remaining term of maturity for hedges | 5 years |
Derivative Financial Instrum_13
Derivative Financial Instruments - Summary of Items designated as Hedging Instruments, Hedged Items and Ineffectiveness for Fair Value Hedge (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | $ 5,121 | $ 4,078 |
Carrying amount of the hedging instruments, Liabilities | (11,247) | (9,902) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 61 | 2,390 |
Ineffectiveness recorded in non-interest income-other | 17 | 8 |
Fair value hedges [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 1,868 | 1,764 |
Carrying amount of the hedging instruments, Liabilities | (968) | (2,457) |
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | 1,711 | (393) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (1,738) | 377 |
Ineffectiveness recorded in non-interest income-other | (27) | (16) |
Carrying amount of the hedged item | 68,277 | 47,365 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges | (831) | 1,105 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges | (275) | (325) |
Fair value hedges [member] | Interest rate risk [member] | Deposit liabilities - carrying amount [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | (1,236) | 996 |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 1,224 | (985) |
Ineffectiveness recorded in non-interest income-other | (12) | 11 |
Carrying amount of the hedged item, Liabilities | (60,444) | (59,084) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | 417 | (846) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | (371) | (545) |
Fair value hedges [member] | Interest rate risk [member] | Subordinated debenture [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | (79) | 147 |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 79 | (146) |
Ineffectiveness recorded in non-interest income-other | 1 | |
Carrying amount of the hedged item, Liabilities | (4,692) | (5,638) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | (1) | (93) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Liabilities | (71) | (77) |
Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 1,868 | 1,742 |
Carrying amount of the hedging instruments, Liabilities | (967) | (2,456) |
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | 1,708 | (392) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (1,736) | 377 |
Ineffectiveness recorded in non-interest income-other | (28) | (15) |
Fair value hedges [member] | Interest rate risk [member] | Investment securities [Member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | 790 | (622) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (809) | 610 |
Ineffectiveness recorded in non-interest income-other | (19) | (12) |
Carrying amount of the hedged item, Assets | 16,315 | 40,785 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | 92 | 1,049 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | 163 | 249 |
Fair value hedges [member] | Interest rate risk [member] | Loan commitments [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | 2,233 | (913) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (2,230) | 898 |
Ineffectiveness recorded in non-interest income-other | 3 | (15) |
Carrying amount of the hedged item, Assets | 117,009 | 71,081 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | (1,339) | 994 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | 5 | 48 |
Fair value hedges [member] | Currency or interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 22 | |
Carrying amount of the hedging instruments, Liabilities | (1) | (1) |
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | 3 | (1) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (2) | |
Ineffectiveness recorded in non-interest income-other | 1 | (1) |
Fair value hedges [member] | Currency or interest rate risk [member] | Investment securities [Member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | 3 | (1) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (2) | |
Ineffectiveness recorded in non-interest income-other | 1 | (1) |
Carrying amount of the hedged item, Assets | 89 | 221 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | $ 1 | |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | $ (1) |
Derivative Financial Instrum_14
Derivative Financial Instruments - Summary of Items designated as Hedging Instruments, Hedged Items and Ineffectiveness for Fair Value Hedges for Cash Flow Hedges and Net Investment Hedges (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | $ 5,121 | $ 4,078 |
Carrying amount of the hedging instruments, Liabilities | (11,247) | (9,902) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 55 | 2,404 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 61 | 2,390 |
Ineffectiveness recorded in non-interest income-other | 17 | 8 |
Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 4,685 | 3,897 |
Carrying amount of the hedging instruments, Liabilities | (5,452) | (3,544) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (1,221) | 2,551 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (1,215) | 2,537 |
Ineffectiveness recorded in non-interest income-other | 17 | 8 |
Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 1,204 | 684 |
Carrying amount of the hedging instruments, Liabilities | (2,818) | (1,575) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (1,004) | 62 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (1,017) | 58 |
Ineffectiveness recorded in non-interest income-other | 16 | (2) |
Cash flow hedges [member] | Currency or interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 2,428 | 1,347 |
Carrying amount of the hedging instruments, Liabilities | (180) | (570) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 1,352 | 896 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 1,378 | 908 |
Ineffectiveness recorded in non-interest income-other | (5) | 13 |
Cash flow hedges [member] | Currency or interest rate risk [member] | Foreign currency forward contracts [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 25 | 17 |
Carrying amount of the hedging instruments, Liabilities | (155) | (12) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 72 | 464 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 69 | 464 |
Ineffectiveness recorded in non-interest income-other | 5 | (1) |
Cash flow hedges [member] | Currency or interest rate risk [member] | Cash [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 66 | 71 |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (2) | 4 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (2) | 4 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 921 | 1,770 |
Carrying amount of the hedging instruments, Liabilities | (2,298) | (1,385) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (1,969) | 1,298 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (1,973) | 1,276 |
Ineffectiveness recorded in non-interest income-other | 1 | (2) |
Cash flow hedges [member] | Equity price risk return swap [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 41 | 8 |
Carrying amount of the hedging instruments, Liabilities | (1) | (2) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 330 | (173) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 330 | (173) |
Net investment hedges [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 436 | 181 |
Carrying amount of the hedging instruments, Liabilities | (5,795) | (6,358) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 1,276 | (147) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 1,276 | (147) |
Net investment hedges [member] | Currency risk [member] | Deposit liabilities - carrying amount [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Liabilities | (5,714) | (6,150) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 435 | (70) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 435 | (70) |
Net investment hedges [member] | Currency risk [member] | Foreign currency forward contracts [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 436 | 181 |
Carrying amount of the hedging instruments, Liabilities | (81) | (208) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 841 | (77) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | $ 841 | $ (77) |
Derivative Financial Instrum_15
Derivative Financial Instruments - Summary of Effectiveness of Cash Flow and Net Investment Hedges on Consolidated Statement of Income and Consolidated Statement of Other Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | $ (2,406) | $ (2,692) |
Net gains (losses) recognized in OCI | 9 | 2,396 |
Amount reclassified to net income as the hedged item affects net income | 207 | (2,110) |
AOCI ending of year | (2,190) | (2,406) |
Active hedges | (2,817) | (3,387) |
Discountinued hedges | 627 | 981 |
Cash flow hedges [member] | ||
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | 730 | 791 |
Net gains (losses) recognized in OCI | (1,267) | 2,543 |
Amount reclassified to net income as the hedged item affects net income | 176 | (2,604) |
AOCI ending of year | (361) | 730 |
Active hedges | (1,091) | (320) |
Discountinued hedges | 730 | 1,050 |
Cash flow hedges [member] | Interest rate risk [member] | ||
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | 412 | 463 |
Net gains (losses) recognized in OCI | (1,033) | 64 |
Amount reclassified to net income as the hedged item affects net income | 165 | (115) |
AOCI ending of year | (456) | 412 |
Active hedges | (991) | (457) |
Discountinued hedges | 535 | 869 |
Cash flow hedges [member] | Currency or interest rate risk [member] | ||
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | 1,054 | 208 |
Net gains (losses) recognized in OCI | 1,434 | 883 |
Amount reclassified to net income as the hedged item affects net income | (2,497) | (37) |
AOCI ending of year | (9) | 1,054 |
Active hedges | (192) | 875 |
Discountinued hedges | 183 | 179 |
Cash flow hedges [member] | Currency risk [member] | ||
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | (706) | 99 |
Net gains (losses) recognized in OCI | (1,998) | 1,769 |
Amount reclassified to net income as the hedged item affects net income | 2,747 | (2,574) |
AOCI ending of year | 43 | (706) |
Active hedges | 31 | (708) |
Discountinued hedges | 12 | 2 |
Cash flow hedges [member] | Equity price risk [member] | ||
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | (30) | 21 |
Net gains (losses) recognized in OCI | 330 | (173) |
Amount reclassified to net income as the hedged item affects net income | (239) | 122 |
AOCI ending of year | 61 | (30) |
Active hedges | 61 | (30) |
Hedges of net investment in foreign operations [member] | Currency risk [member] | ||
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI beginning of year | (3,136) | (3,483) |
Net gains (losses) recognized in OCI | 1,276 | (147) |
Amount reclassified to net income as the hedged item affects net income | 31 | 494 |
AOCI ending of year | (1,829) | (3,136) |
Active hedges | (1,726) | (3,067) |
Discountinued hedges | $ (103) | $ (69) |
Offsetting Financial Assets a_3
Offsetting Financial Assets and Financial Liabilities - Summary of Financial Assets and Liabilities Offsetting, Enforceable Master Netting or Similar Arrangement (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | $ 203,110 | $ 187,194 |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (33,069) | (22,382) |
Net amounts of financial instruments presented in the consolidated statement of financial position | 170,041 | 164,812 |
Impact of master netting arrangements or similar agreements | (40,116) | (36,693) |
Collateral | (113,589) | (112,569) |
Net amount | 16,336 | 15,550 |
Gross amounts of recognized financial instruments | 198,741 | 202,392 |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (33,069) | (22,382) |
Net amounts of financial instruments presented in the consolidated statement of financial position | 165,672 | 180,010 |
Impact of master netting arrangements or similar agreements | (40,116) | (36,693) |
Collateral | (109,829) | (131,498) |
Net amount | 15,727 | 11,819 |
Derivative financial instruments [member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | 42,390 | 42,515 |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (187) | (268) |
Net amounts of financial instruments presented in the consolidated statement of financial position | 42,203 | 42,247 |
Impact of master netting arrangements or similar agreements | (25,293) | (27,003) |
Collateral | (6,489) | (9,058) |
Net amount | 10,421 | 6,186 |
Obligations related to securities sold under repurchase agreements and securities lent [member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | 159,877 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (22,114) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 137,763 | |
Impact of master netting arrangements or similar agreements | (9,690) | |
Collateral | (122,440) | |
Net amount | 5,633 | |
Obligations related to securities sold under repurchase agreements [Member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | 156,351 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (32,882) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 123,469 | |
Impact of master netting arrangements or similar agreements | (14,823) | |
Collateral | (103,340) | |
Net amount | 5,306 | |
Derivative financial instruments [member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | 42,489 | 45,333 |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (187) | (268) |
Net amounts of financial instruments presented in the consolidated statement of financial position | 42,302 | 45,065 |
Impact of master netting arrangements or similar agreements | (25,293) | (27,003) |
Collateral | (3,608) | (5,328) |
Net amount | 13,401 | 12,734 |
Securities purchased under resale agreements and securities borrowed [member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | 141,861 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (22,114) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 119,747 | |
Impact of master netting arrangements or similar agreements | (9,690) | |
Collateral | (107,241) | |
Net amount | $ 2,816 | |
Securities purchased under resale agreements [Member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
Gross amounts of recognized financial instruments | 160,621 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (32,882) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 127,739 | |
Impact of master netting arrangements or similar agreements | (14,823) | |
Collateral | (109,981) | |
Net amount | $ 2,935 |
Investment Securities - Disclos
Investment Securities - Disclosure of Carrying Value of Banks Investment Securities Per Measurement Category (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Investment securities | $ 75,199 | $ 111,389 |
Debt Investments [member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 52,611 | 76,638 |
Debt Investments [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 18,157 | 31,644 |
Debt Investments [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 30 | 26 |
Equity securities [member] | Investments in equity instruments designated at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 3,178 | 1,859 |
Equity securities [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | $ 1,223 | $ 1,222 |
Investment Securities - Discl_2
Investment Securities - Disclosure of Unrealized Gains and Losses on Fair Value Through Other Comprehensive Income Securities (Detail) - Financial assets measured at fair value through other comprehensive income, category [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Cost | $ 52,889 | $ 75,061 |
Gross unrealized gains | 404 | 1,595 |
Gross unrealized losses | 682 | 18 |
Fair value | 52,611 | 76,638 |
Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 5,694 | 16,374 |
Gross unrealized gains | 135 | 454 |
Gross unrealized losses | 25 | |
Fair value | 5,804 | 16,828 |
Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 5,202 | 17,295 |
Gross unrealized gains | 12 | 253 |
Gross unrealized losses | 59 | 1 |
Fair value | 5,155 | 17,547 |
U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 13,528 | 12,634 |
Gross unrealized gains | 188 | 595 |
Gross unrealized losses | 79 | |
Fair value | 13,637 | 13,229 |
Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 27,126 | 27,643 |
Gross unrealized gains | 60 | 274 |
Gross unrealized losses | 515 | 17 |
Fair value | 26,671 | 27,900 |
Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 1,339 | 1,115 |
Gross unrealized gains | 9 | 19 |
Gross unrealized losses | 4 | |
Fair value | $ 1,344 | $ 1,134 |
Investment Securities - Summary
Investment Securities - Summary of Analysis of Fair Value and Carrying Value of Investment Securities Measured at Amortized Cost (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Financial assets at fair value, investment securities [member] | |||
Disclosure of financial assets [line items] | |||
Cost | $ 18,133 | $ 32,129 | |
Financial assets at fair value, investment securities [member] | Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 12,310 | 17,955 | |
Financial assets at fair value, investment securities [member] | U.S. treasury and other U.S. agency debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 4,712 | 11,048 | |
Financial assets at fair value, investment securities [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 970 | 1,766 | |
Financial assets at fair value, investment securities [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 141 | 1,360 | |
Financial assets at carrying value, investment securities [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 18,157 | 31,644 |
Financial assets at carrying value, investment securities [member] | Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 12,372 | 17,819 |
Financial assets at carrying value, investment securities [member] | U.S. treasury and other U.S. agency debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 4,687 | 10,726 |
Financial assets at carrying value, investment securities [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 960 | 1,744 |
Financial assets at carrying value, investment securities [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | $ 138 | $ 1,355 |
[1] | Balances are net of allowances, which are not significant. |
Investment Securities - Summa_2
Investment Securities - Summary of Equity Investment Securities Designated as at Fair Value Through Other Comprehensive Income (Detail) - Investments in equity instruments designated at fair value through other comprehensive income [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Cost | $ 2,737 | $ 1,746 |
Gross unrealized gains | 532 | 228 |
Gross unrealized losses | 91 | 115 |
Fair value | 3,178 | 1,859 |
Preferred equity instruments [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 27 | 11 |
Gross unrealized gains | 4 | |
Gross unrealized losses | 3 | 3 |
Fair value | 28 | 8 |
Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 2,710 | 1,735 |
Gross unrealized gains | 528 | 228 |
Gross unrealized losses | 88 | 112 |
Fair value | $ 3,150 | $ 1,851 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value of disposed equity securities | $ 1,291 | $ 646 |
Cumulative after-tax gain/(loss) on equity securities designated at FVOCI | 204 | (101) |
Dividend income | $ 111 | $ 66 |
Investment Securities - Analysi
Investment Securities - Analysis of the Carrying Value of Investment Securities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 75,199 | $ 111,389 |
Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 52,611 | |
Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 23,636 | 47,252 |
U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 29,033 | 41,792 |
Mexican peso [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,239 | 2,791 |
Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 19,291 | 19,554 |
Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 55,789 | 78,497 |
Fair Value Through Other Comprehensive Income [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 76,638 | |
Fair Value Through Other Comprehensive Income [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 5,804 | $ 16,828 |
Yield % | 1.30% | 1.20% |
Fair Value Through Other Comprehensive Income [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 5,155 | $ 17,547 |
Yield % | 1.10% | 1.00% |
Fair Value Through Other Comprehensive Income [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 13,637 | $ 13,229 |
Yield % | 1.20% | 2.00% |
Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 26,671 | $ 27,900 |
Yield % | 1.70% | 1.30% |
Fair Value Through Other Comprehensive Income [member] | Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 1,344 | $ 1,134 |
Yield % | 1.60% | 0.80% |
Fair Value Through Other Comprehensive Income [member] | Preferred equity instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 28 | $ 8 |
Fair Value Through Other Comprehensive Income [member] | Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,150 | 1,851 |
Fair Value Through Other Comprehensive Income [member] | Equity instruments [Member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,178 | 1,859 |
Financial assets at amortised cost, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 18,157 | 31,644 |
Financial assets at amortised cost, class [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,687 | 10,726 |
Financial assets at amortised cost, class [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 960 | 1,744 |
Financial assets at amortised cost, class [member] | Canadian federal and provincial government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 12,372 | 17,819 |
Financial assets at amortised cost, class [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 138 | 1,355 |
Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 75,199 | 111,389 |
Fair value through profit and loss [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 30 | 26 |
Fair value through profit and loss [member] | Equity instruments [Member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 1,223 | 1,222 |
Within 3 months [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 8,504 | 10,695 |
Within 3 months [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 7,910 | |
Within 3 months [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 337 | 1,151 |
Within 3 months [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 705 | 4,088 |
Within 3 months [member] | Mexican peso [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 276 | 267 |
Within 3 months [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 7,186 | 5,189 |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 7,910 | 7,797 |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 7,797 | |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 70 | $ 113 |
Yield % | 0.10% | 1.00% |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 170 | $ 349 |
Yield % | 0.50% | 1.10% |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 147 | $ 1,878 |
Yield % | 0.10% | 1.70% |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 7,445 | $ 5,196 |
Yield % | 1.00% | 0.80% |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 78 | $ 261 |
Yield % | 0.60% | (0.70%) |
Within 3 months [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 594 | $ 2,898 |
Within 3 months [member] | Financial assets at amortised cost, class [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 12 | 1,199 |
Within 3 months [member] | Financial assets at amortised cost, class [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 74 | 164 |
Within 3 months [member] | Financial assets at amortised cost, class [member] | Canadian federal and provincial government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 499 | 1,048 |
Within 3 months [member] | Financial assets at amortised cost, class [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 9 | 487 |
Within 3 months [member] | Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 8,504 | 10,695 |
Three to 12 months [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 13,553 | 24,402 |
Three to 12 months [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 9,866 | |
Three to 12 months [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,102 | 8,466 |
Three to 12 months [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,070 | 7,157 |
Three to 12 months [member] | Mexican peso [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 919 | 850 |
Three to 12 months [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 5,462 | 7,929 |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 9,866 | 16,530 |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 16,530 | |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 474 | $ 2,363 |
Yield % | 0.80% | 1.30% |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 1,248 | $ 1,521 |
Yield % | 0.60% | 0.60% |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 449 | $ 3,469 |
Yield % | 0.10% | 2.40% |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 7,411 | $ 8,933 |
Yield % | 1.30% | 1.00% |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 284 | $ 244 |
Yield % | 1.90% | 1.40% |
Three to 12 months [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 3,687 | $ 7,872 |
Three to 12 months [member] | Financial assets at amortised cost, class [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 929 | |
Three to 12 months [member] | Financial assets at amortised cost, class [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 245 | 870 |
Three to 12 months [member] | Financial assets at amortised cost, class [member] | Canadian federal and provincial government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,405 | 5,452 |
Three to 12 months [member] | Financial assets at amortised cost, class [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 37 | 621 |
Three to 12 months [member] | Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 13,553 | 24,402 |
One to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 36,216 | 56,376 |
One to 5 years [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 26,998 | |
One to 5 years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 13,445 | 32,302 |
One to 5 years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 16,333 | 18,171 |
One to 5 years [member] | Mexican peso [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 1,858 | 1,459 |
One to 5 years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,580 | 4,444 |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 26,998 | 44,365 |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 44,365 | |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 3,717 | $ 12,158 |
Yield % | 0.90% | 1.00% |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 2,239 | $ 13,966 |
Yield % | 1.00% | 1.00% |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 10,786 | $ 6,144 |
Yield % | 1.20% | 2.20% |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 9,418 | $ 11,525 |
Yield % | 2.20% | 1.60% |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 838 | $ 572 |
Yield % | 1.80% | 1.30% |
One to 5 years [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 9,196 | $ 11,985 |
One to 5 years [member] | Financial assets at amortised cost, class [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 750 | 822 |
One to 5 years [member] | Financial assets at amortised cost, class [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 329 | 367 |
One to 5 years [member] | Financial assets at amortised cost, class [member] | Canadian federal and provincial government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 8,061 | 10,553 |
One to 5 years [member] | Financial assets at amortised cost, class [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 56 | 243 |
One to 5 years [member] | Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 36,216 | 56,376 |
One to 5 years [member] | Fair value through profit and loss [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 22 | 26 |
Five to ten years [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,827 | 6,630 |
Five to ten years [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,115 | |
Five to ten years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 2,296 | 2,955 |
Five to ten years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 924 | 2,258 |
Five to ten years [member] | Mexican peso [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 157 | 198 |
Five to ten years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 1,450 | 1,219 |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,115 | 5,587 |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 5,587 | |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 323 | $ 941 |
Yield % | 1.70% | 1.50% |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 1,498 | $ 1,711 |
Yield % | 1.80% | 1.50% |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 88 | $ 849 |
Yield % | 1.40% | 0.40% |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 2,077 | $ 2,048 |
Yield % | 2.80% | 1.90% |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 129 | $ 38 |
Yield % | 0.10% | (0.30%) |
Five to ten years [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 704 | $ 1,043 |
Five to ten years [member] | Financial assets at amortised cost, class [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 8 | 10 |
Five to ten years [member] | Financial assets at amortised cost, class [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 258 | 268 |
Five to ten years [member] | Financial assets at amortised cost, class [member] | Canadian federal and provincial government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 402 | 761 |
Five to ten years [member] | Financial assets at amortised cost, class [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 36 | 4 |
Five to ten years [member] | Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,827 | 6,630 |
Five to ten years [member] | Fair value through profit and loss [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 8 | |
Over ten years [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 7,698 | 10,205 |
Over ten years [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,722 | |
Over ten years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 1,240 | 1,277 |
Over ten years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 6,090 | 8,655 |
Over ten years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 368 | 273 |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,722 | 2,359 |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | Debt instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 2,359 | |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 1,220 | $ 1,253 |
Yield % | 2.90% | 3.50% |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 2,167 | $ 889 |
Yield % | 1.40% | 1.20% |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 320 | $ 198 |
Yield % | 2.80% | 2.50% |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 15 | $ 19 |
Yield % | 5.90% | 5.90% |
Over ten years [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 3,976 | $ 7,846 |
Over ten years [member] | Financial assets at amortised cost, class [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,917 | 7,766 |
Over ten years [member] | Financial assets at amortised cost, class [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 54 | 75 |
Over ten years [member] | Financial assets at amortised cost, class [member] | Canadian federal and provincial government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 5 | 5 |
Over ten years [member] | Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 7,698 | 10,205 |
No specific maturity [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,401 | 3,081 |
No specific maturity [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 2,216 | 1,101 |
No specific maturity [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 1,911 | 1,463 |
No specific maturity [member] | Mexican peso [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 29 | 17 |
No specific maturity [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 245 | 500 |
No specific maturity [member] | Fair Value Through Other Comprehensive Income [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,178 | 1,859 |
No specific maturity [member] | Fair Value Through Other Comprehensive Income [member] | Preferred equity instruments [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 28 | 8 |
No specific maturity [member] | Fair Value Through Other Comprehensive Income [member] | Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,150 | 1,851 |
No specific maturity [member] | Fair Value Through Other Comprehensive Income [member] | Equity instruments [Member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 3,178 | 1,859 |
No specific maturity [member] | Fair value through profit and loss [member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | 4,401 | 3,081 |
No specific maturity [member] | Fair value through profit and loss [member] | Equity instruments [Member] | ||
Disclosure of financial assets [line items] | ||
Financial instruments at carrying value | $ 1,223 | $ 1,222 |
Investment Securities - Schedul
Investment Securities - Schedule of Analysis of Net Gain on Sale of Investment Securities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [abstract] | |||
Debt investment securities measured at amortized cost | $ 53 | $ 13 | $ 34 |
Debt investment securities measured at fair value through other comprehensive income (FVOCI) | 366 | 594 | 317 |
Net gain on sale of investment securities | $ 419 | $ 607 | $ 351 |
Loans, Impaired Loans and All_3
Loans, Impaired Loans and Allowance for Credit Losses - Schedule of Loans at Amortized Cost (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Gross carrying amount [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | $ 642,612 | $ 610,902 |
Gross carrying amount [member] | Residential mortgages [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 319,678 | 284,684 |
Gross carrying amount [member] | Loans to consumers [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 91,540 | 93,758 |
Gross carrying amount [member] | Credit Card [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 12,450 | 14,797 |
Gross carrying amount [member] | Business and government [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 218,944 | 217,663 |
Net Carrying Amount [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 636,986 | 603,263 |
Net Carrying Amount [member] | Residential mortgages [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 318,876 | 283,800 |
Net Carrying Amount [member] | Loans to consumers [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 89,199 | 90,603 |
Net Carrying Amount [member] | Credit Card [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 11,239 | 12,911 |
Net Carrying Amount [member] | Business and government [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 217,672 | 215,949 |
Financial assets individually assessed for credit losses [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 5,626 | 7,639 |
Financial assets individually assessed for credit losses [member] | Residential mortgages [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 802 | 884 |
Financial assets individually assessed for credit losses [member] | Loans to consumers [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 2,341 | 3,155 |
Financial assets individually assessed for credit losses [member] | Credit Card [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 1,211 | 1,886 |
Financial assets individually assessed for credit losses [member] | Business and government [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | $ 1,272 | $ 1,714 |
Loans, Impaired Loans and All_4
Loans, Impaired Loans and Allowance for Credit Losses - Loans And Acceptances Outstanding By Geography (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | $ 642,612 | $ 610,902 |
Acceptances | 20,404 | 14,228 |
Total loans and acceptances | 663,016 | 625,130 |
Allowance for credit losses | (5,663) | (7,716) |
Total loans and acceptances net of allowance for credit losses | 657,353 | 617,414 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 319,678 | 284,684 |
Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 91,540 | 93,758 |
Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 12,450 | 14,797 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 218,944 | 217,663 |
Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 437,327 | 399,952 |
Canada [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 280,169 | 245,044 |
Canada [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 73,592 | 73,919 |
Canada [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 6,213 | 6,399 |
Canada [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 77,353 | 74,590 |
United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 43,432 | 43,949 |
United States [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 1,137 | 823 |
United States [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 42,295 | 43,126 |
Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 31,722 | 31,213 |
Mexico [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 9,826 | 9,160 |
Mexico [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 2,454 | 3,038 |
Mexico [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 540 | 659 |
Mexico [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 18,902 | 18,356 |
Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 44,961 | 46,860 |
Chile [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 17,176 | 17,231 |
Chile [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 4,680 | 5,187 |
Chile [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 2,299 | 2,307 |
Chile [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 20,806 | 22,135 |
Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 19,408 | 22,118 |
Peru [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 2,894 | 2,935 |
Peru [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 4,536 | 4,773 |
Peru [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 467 | 1,823 |
Peru [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 11,511 | 12,587 |
Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 12,002 | 10,892 |
Colombia [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 2,222 | 2,114 |
Colombia [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 1,967 | 2,201 |
Colombia [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 1,608 | 1,923 |
Colombia [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 6,205 | 4,654 |
Other International [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 53,760 | 55,918 |
Other International [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 7,391 | 8,200 |
Other International [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 3,174 | 3,817 |
Other International [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 1,323 | 1,686 |
Other International [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | $ 41,872 | $ 42,215 |
Loans, Impaired Loans and All_5
Loans, Impaired Loans and Allowance for Credit Losses - Loans And Acceptances Outstanding By Geography (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of foreign borrowers | 1.20% | |
Total loans and acceptances | $ 663,016 | $ 625,130 |
U.S. dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans and acceptances | 112,919 | 114,788 |
Chile, Pesos [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans and acceptances | 36,126 | 36,812 |
Mexico, Pesos [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans and acceptances | 23,363 | 23,654 |
Other Foreign Currencies [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans and acceptances | $ 46,403 | $ 49,652 |
Loans, Impaired Loans and All_6
Loans, Impaired Loans and Allowance for Credit Losses - Loans Maturities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 642,612 | $ 610,902 |
Allowance for credit losses | (5,626) | (7,639) |
Total loans net of allowance for credit losses | 636,986 | 603,263 |
Within one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 162,348 | 166,776 |
Total loans net of allowance for credit losses | 162,348 | 166,776 |
One to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 381,076 | 340,571 |
Total loans net of allowance for credit losses | 381,076 | 340,571 |
Five to ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 22,132 | 22,476 |
Total loans net of allowance for credit losses | 22,132 | 22,476 |
Over ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 20,827 | 19,638 |
Total loans net of allowance for credit losses | 20,827 | 19,638 |
No Stated Maturity [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 56,229 | 61,441 |
Allowance for credit losses | (5,626) | (7,639) |
Total loans net of allowance for credit losses | 50,603 | 53,802 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 319,678 | 284,684 |
Allowance for credit losses | (802) | (884) |
Total loans net of allowance for credit losses | 318,876 | 283,800 |
Residential mortgages [member] | Within one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 38,886 | 44,076 |
Residential mortgages [member] | One to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 247,343 | 207,998 |
Residential mortgages [member] | Five to ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 12,112 | 13,216 |
Residential mortgages [member] | Over ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 19,417 | 16,796 |
Residential mortgages [member] | No Stated Maturity [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,920 | 2,598 |
Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 91,540 | 93,758 |
Allowance for credit losses | (2,341) | (3,155) |
Total loans net of allowance for credit losses | 89,199 | 90,603 |
Loans to consumers [member] | Within one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 15,057 | 15,307 |
Loans to consumers [member] | One to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 33,414 | 34,190 |
Loans to consumers [member] | Five to ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,047 | 4,406 |
Loans to consumers [member] | Over ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,180 | 873 |
Loans to consumers [member] | No Stated Maturity [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 36,842 | 38,982 |
Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 12,450 | 14,797 |
Allowance for credit losses | (1,211) | (1,886) |
Total loans net of allowance for credit losses | 11,239 | 12,911 |
Credit Card [member] | No Stated Maturity [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 12,450 | 14,797 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 218,944 | 217,663 |
Allowance for credit losses | (1,272) | (1,714) |
Total loans net of allowance for credit losses | 217,672 | 215,949 |
Business and government [member] | Within one year [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 108,405 | 107,393 |
Business and government [member] | One to 5 years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 100,319 | 98,383 |
Business and government [member] | Five to ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,973 | 4,854 |
Business and government [member] | Over ten years [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 230 | 1,969 |
Business and government [member] | No Stated Maturity [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,017 | 5,064 |
Floating interest rate [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 241,145 | 237,641 |
Total loans net of allowance for credit losses | 241,145 | 237,641 |
Floating interest rate [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 83,578 | 51,462 |
Floating interest rate [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 37,254 | 42,284 |
Floating interest rate [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 120,313 | 143,895 |
Fixed interest rate [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 395,587 | 365,662 |
Total loans net of allowance for credit losses | 395,587 | 365,662 |
Fixed interest rate [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 233,217 | 230,590 |
Fixed interest rate [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 53,374 | 49,088 |
Fixed interest rate [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 12,450 | 14,797 |
Fixed interest rate [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 96,546 | 71,187 |
Non-rate sensitive [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,880 | 7,599 |
Allowance for credit losses | (5,626) | (7,639) |
Total loans net of allowance for credit losses | 254 | (40) |
Non-rate sensitive [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,883 | 2,632 |
Non-rate sensitive [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 912 | 2,386 |
Non-rate sensitive [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 2,085 | $ 2,581 |
Loans, Impaired Loans and All_7
Loans, Impaired Loans and Allowance for Credit Losses - Impaired Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | $ 642,612 | $ 610,902 |
Allowance for credit losses | 5,626 | 7,639 |
Net | 636,986 | 603,263 |
Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 437,327 | 399,952 |
United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 43,432 | 43,949 |
Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 31,722 | 31,213 |
Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 19,408 | 22,118 |
Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 44,961 | 46,860 |
Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 12,002 | 10,892 |
Other International [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 53,760 | 55,918 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 319,678 | 284,684 |
Allowance for credit losses | 802 | 884 |
Net | 318,876 | 283,800 |
Residential mortgages [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 280,169 | 245,044 |
Residential mortgages [member] | Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 9,826 | 9,160 |
Residential mortgages [member] | Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 2,894 | 2,935 |
Residential mortgages [member] | Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 17,176 | 17,231 |
Residential mortgages [member] | Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 2,222 | 2,114 |
Residential mortgages [member] | Other International [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 7,391 | 8,200 |
Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 91,540 | 93,758 |
Allowance for credit losses | 2,341 | 3,155 |
Net | 89,199 | 90,603 |
Loans to consumers [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 73,592 | 73,919 |
Loans to consumers [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 1,137 | 823 |
Loans to consumers [member] | Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 2,454 | 3,038 |
Loans to consumers [member] | Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 4,536 | 4,773 |
Loans to consumers [member] | Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 4,680 | 5,187 |
Loans to consumers [member] | Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 1,967 | 2,201 |
Loans to consumers [member] | Other International [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 3,174 | 3,817 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 218,944 | 217,663 |
Allowance for credit losses | 1,272 | 1,714 |
Net | 217,672 | 215,949 |
Business and government [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 77,353 | 74,590 |
Business and government [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 42,295 | 43,126 |
Business and government [member] | Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 18,902 | 18,356 |
Business and government [member] | Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 11,511 | 12,587 |
Business and government [member] | Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 20,806 | 22,135 |
Business and government [member] | Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 6,205 | 4,654 |
Business and government [member] | Other International [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 41,872 | 42,215 |
Financial instruments credit-impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 4,456 | 5,053 |
Allowance for credit losses | 1,655 | 1,957 |
Net | 2,801 | 3,096 |
Financial instruments credit-impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 1,090 | 1,127 |
Allowance for credit losses | 446 | 487 |
Net | 644 | 640 |
Financial instruments credit-impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 24 | 116 |
Allowance for credit losses | 4 | 4 |
Net | 20 | 112 |
Financial instruments credit-impaired [member] | Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 758 | 570 |
Allowance for credit losses | 269 | 222 |
Net | 489 | 348 |
Financial instruments credit-impaired [member] | Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 699 | 824 |
Allowance for credit losses | 350 | 498 |
Net | 349 | 326 |
Financial instruments credit-impaired [member] | Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 512 | 775 |
Allowance for credit losses | 180 | 233 |
Net | 332 | 542 |
Financial instruments credit-impaired [member] | Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 418 | 459 |
Allowance for credit losses | 88 | 102 |
Net | 330 | 357 |
Financial instruments credit-impaired [member] | Other International [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 955 | 1,182 |
Allowance for credit losses | 318 | 411 |
Net | 637 | 771 |
Financial instruments credit-impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 1,331 | 1,490 |
Allowance for credit losses | 374 | 392 |
Net | 957 | 1,098 |
Financial instruments credit-impaired [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 833 | 1,032 |
Allowance for credit losses | 626 | 820 |
Net | 207 | 212 |
Financial instruments credit-impaired [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross impaired loans | 2,292 | 2,531 |
Allowance for credit losses | 655 | 745 |
Net | $ 1,637 | $ 1,786 |
Loans, Impaired Loans and All_8
Loans, Impaired Loans and Allowance for Credit Losses - Impaired Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Impaired loans [abstract] | ||
Interest income recognized on impaired loans | $ 53 | $ 47 |
Interest income, not classified as impaired loans | $ 270 | $ 310 |
Loans, Impaired Loans and All_9
Loans, Impaired Loans and Allowance for Credit Losses - Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations (Detail) | 12 Months Ended | |
Oct. 31, 2021$ / bbl$ / lb | Oct. 31, 2020$ / lb$ / bbl | |
Base case scenario [member] | Canada [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.40% | 3.10% |
Unemployment rate, average % | 6.30% | 7.30% |
Bank of Canada overnight rate target, average % | 0.30% | 0.30% |
HPI - Housing Price Index, y/y % change | 11.10% | 0.40% |
USDCAD exchange rate, average | 1.24 | 1.30 |
Base case scenario [member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 1.90% | 2.20% |
Unemployment rate, average % | 5.70% | 5.50% |
Bank of Canada overnight rate target, average % | 2.00% | 0.80% |
HPI - Housing Price Index, y/y % change | 2.10% | 2.80% |
USDCAD exchange rate, average | 1.21 | 1.25 |
Base case scenario [member] | United States [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 5.70% | 2.50% |
Unemployment rate, average % | 3.80% | 6.30% |
Base case scenario [member] | United States [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 1.60% | 2.20% |
Unemployment rate, average % | 3.50% | 3.50% |
Base case scenario [member] | Mexico [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.80% | 1.00% |
Unemployment rate, average % | 4.00% | 7.30% |
Base case scenario [member] | Mexico [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 1.90% | 2.30% |
Unemployment rate, average % | 4.00% | 4.50% |
Base case scenario [member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 6.70% | 3.80% |
Unemployment rate, average % | 6.50% | 12.10% |
Base case scenario [member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.20% | 2.60% |
Unemployment rate, average % | 6.20% | 7.30% |
Base case scenario [member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 5.00% | 3.70% |
Unemployment rate, average % | 8.80% | 12.40% |
Base case scenario [member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.20% | 3.80% |
Unemployment rate, average % | 7.50% | 8.10% |
Base case scenario [member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 5.00% | 1.90% |
Unemployment rate, average % | 13.70% | 14.40% |
Base case scenario [member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.50% | 3.50% |
Unemployment rate, average % | 11.20% | 8.20% |
Base case scenario [member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.90% | 2.20% |
Base case scenario [member] | Caribbean [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.10% | 4.10% |
Base case scenario [member] | Global WTI oil price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 69 | 48 |
Base case scenario [member] | Global WTI oil price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 70 | 58 |
Base case scenario [member] | Global Copper price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 4.20 | 3 |
Base case scenario [member] | Global Copper price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 4.20 | 3.19 |
Base case scenario [member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 5.07% | 4.44% |
Base case scenario [member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 3.02% | 3.28% |
Optimistic scenario [member] | Canada [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 5.30% | 4.70% |
Unemployment rate, average % | 5.60% | 6.70% |
Bank of Canada overnight rate target, average % | 0.90% | 0.50% |
HPI - Housing Price Index, y/y % change | 13.20% | 1.90% |
USDCAD exchange rate, average | 1.23 | 1.30 |
Optimistic scenario [member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.80% | 2.70% |
Unemployment rate, average % | 4.10% | 4.70% |
Bank of Canada overnight rate target, average % | 3.60% | 1.20% |
HPI - Housing Price Index, y/y % change | 3.90% | 3.30% |
USDCAD exchange rate, average | 1.20 | 1.25 |
Optimistic scenario [member] | United States [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 7.30% | 3.60% |
Unemployment rate, average % | 3.40% | 6.10% |
Optimistic scenario [member] | United States [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.10% | 2.40% |
Unemployment rate, average % | 3.20% | 3.30% |
Optimistic scenario [member] | Mexico [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.30% | 2.50% |
Unemployment rate, average % | 3.60% | 6.80% |
Optimistic scenario [member] | Mexico [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.70% | 2.60% |
Unemployment rate, average % | 3.10% | 3.90% |
Optimistic scenario [member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 8.80% | 5.60% |
Unemployment rate, average % | 5.90% | 11.60% |
Optimistic scenario [member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.10% | 3.20% |
Unemployment rate, average % | 5.60% | 6.90% |
Optimistic scenario [member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 7.70% | 5.00% |
Unemployment rate, average % | 6.00% | 11.30% |
Optimistic scenario [member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.30% | 4.40% |
Unemployment rate, average % | 3.40% | 6.30% |
Optimistic scenario [member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 6.80% | 3.00% |
Unemployment rate, average % | 12.00% | 13.60% |
Optimistic scenario [member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.80% | 4.00% |
Unemployment rate, average % | 8.20% | 6.80% |
Optimistic scenario [member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 6.20% | 3.30% |
Optimistic scenario [member] | Caribbean [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.90% | 4.40% |
Optimistic scenario [member] | Global WTI oil price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 75 | 52 |
Optimistic scenario [member] | Global WTI oil price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 86 | 68 |
Optimistic scenario [member] | Global Copper price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 4.36 | 3.09 |
Optimistic scenario [member] | Global Copper price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 4.78 | 3.42 |
Optimistic scenario [member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 6.54% | 5.63% |
Optimistic scenario [member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 3.90% | 3.72% |
Pessimistic scenario [member] | Canada [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (1.30%) | (2.00%) |
Unemployment rate, average % | 8.80% | 9.90% |
Bank of Canada overnight rate target, average % | 0.30% | 0.30% |
HPI - Housing Price Index, y/y % change | 3.90% | (6.30%) |
USDCAD exchange rate, average | 1.28 | 1.37 |
Pessimistic scenario [member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.10% | 3.80% |
Unemployment rate, average % | 6.30% | 5.80% |
Bank of Canada overnight rate target, average % | 1.20% | 0.40% |
HPI - Housing Price Index, y/y % change | 3.30% | 4.60% |
USDCAD exchange rate, average | 1.21 | 1.27 |
Pessimistic scenario [member] | United States [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.40% | (0.50%) |
Unemployment rate, average % | 5.60% | 8.10% |
Pessimistic scenario [member] | United States [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.40% | 3.10% |
Unemployment rate, average % | 4.10% | 4.10% |
Pessimistic scenario [member] | Mexico [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (0.40%) | (1.80%) |
Unemployment rate, average % | 6.50% | 9.90% |
Pessimistic scenario [member] | Mexico [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.70% | 3.10% |
Unemployment rate, average % | 4.50% | 4.90% |
Pessimistic scenario [member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.40% | 0.80% |
Unemployment rate, average % | 9.00% | 14.70% |
Pessimistic scenario [member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.10% | 3.40% |
Unemployment rate, average % | 6.70% | 7.70% |
Pessimistic scenario [member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.60% | 2.90% |
Unemployment rate, average % | 10.80% | 14.20% |
Pessimistic scenario [member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.70% | 4.40% |
Unemployment rate, average % | 8.10% | 8.50% |
Pessimistic scenario [member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.60% | 1.10% |
Unemployment rate, average % | 15.60% | 16.20% |
Pessimistic scenario [member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.00% | 4.00% |
Unemployment rate, average % | 11.80% | 8.70% |
Pessimistic scenario [member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.90% | 1.00% |
Pessimistic scenario [member] | Caribbean [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.60% | 4.70% |
Pessimistic scenario [member] | Global WTI oil price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 61 | 42 |
Pessimistic scenario [member] | Global WTI oil price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 67 | 54 |
Pessimistic scenario [member] | Global Copper price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 3.93 | 2.79 |
Pessimistic scenario [member] | Global Copper price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 4.05 | 3.06 |
Pessimistic scenario [member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 2.44% | 2.36% |
Pessimistic scenario [member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 3.68% | 3.91% |
Severe Pessimistic [Member] | Canada [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (7.40%) | (10.80%) |
Unemployment rate, average % | 11.70% | 14.10% |
Bank of Canada overnight rate target, average % | 0.30% | 0.30% |
HPI - Housing Price Index, y/y % change | (2.70%) | (15.20%) |
USDCAD exchange rate, average | 1.30 | 1.40 |
Severe Pessimistic [Member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.30% | 6.40% |
Unemployment rate, average % | 8.20% | 7.10% |
Bank of Canada overnight rate target, average % | 0.50% | 0.30% |
HPI - Housing Price Index, y/y % change | 3.90% | 6.80% |
USDCAD exchange rate, average | 1.24 | 1.33 |
Severe Pessimistic [Member] | United States [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (1.40%) | (7.40%) |
Unemployment rate, average % | 6.80% | 10.50% |
Severe Pessimistic [Member] | United States [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.50% | 5.20% |
Unemployment rate, average % | 5.60% | 7.00% |
Severe Pessimistic [Member] | Mexico [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (4.20%) | (8.70%) |
Unemployment rate, average % | 9.40% | 14.10% |
Severe Pessimistic [Member] | Mexico [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.80% | 5.30% |
Unemployment rate, average % | 6.40% | 6.20% |
Severe Pessimistic [Member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (0.50%) | (6.20%) |
Unemployment rate, average % | 12.00% | 18.90% |
Severe Pessimistic [Member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.20% | 5.60% |
Unemployment rate, average % | 8.60% | 8.90% |
Severe Pessimistic [Member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 0.00% | (3.50%) |
Unemployment rate, average % | 13.80% | 18.50% |
Severe Pessimistic [Member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.70% | 6.30% |
Unemployment rate, average % | 10.00% | 9.70% |
Severe Pessimistic [Member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 0.00% | (5.20%) |
Unemployment rate, average % | 18.60% | 20.50% |
Severe Pessimistic [Member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 5.00% | 6.00% |
Unemployment rate, average % | 13.70% | 9.80% |
Severe Pessimistic [Member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 0.30% | (6.60%) |
Severe Pessimistic [Member] | Caribbean [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 5.60% | 5.90% |
Severe Pessimistic [Member] | Global WTI oil price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 57 | 37 |
Severe Pessimistic [Member] | Global WTI oil price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / bbl | 57 | 38 |
Severe Pessimistic [Member] | Global Copper price [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 3.81 | 2.66 |
Severe Pessimistic [Member] | Global Copper price [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Average price of hedging instrument | $ / lb | 3.62 | 2.64 |
Severe Pessimistic [Member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | (0.69%) | (2.67%) |
Severe Pessimistic [Member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, PPP-weighted, y/y % change | 4.48% | 5.34% |
Loans, Impaired Loans and Al_10
Loans, Impaired Loans and Allowance for Credit Losses - Allowance For Credit Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | $ 7,817 | $ 5,139 |
Provision for credit losses | 1,808 | 6,084 |
Net write-offs | (3,358) | (2,941) |
Other, including foreign currency adjustment | (539) | (465) |
Provision for credit losses | ||
Balance at end of year | 5,728 | 7,817 |
Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 7,639 | 5,077 |
Provision for credit losses | ||
Balance at end of year | 5,626 | 7,639 |
Allowance for credit losses on acceptances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 77 | 6 |
Provision for credit losses | ||
Balance at end of year | 37 | 77 |
Allowance for credit losses on off balance sheet exposures [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 101 | 56 |
Provision for credit losses | ||
Balance at end of year | 65 | 101 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 884 | 680 |
Provision for credit losses | 91 | 418 |
Net write-offs | (84) | (79) |
Other, including foreign currency adjustment | (89) | (135) |
Provision for credit losses | ||
Remeasurement | 76 | 367 |
Newly originated or purchased financial assets | 49 | 39 |
Derecognition of financial assets and maturities | (34) | (18) |
Changes in models and methodologies | 30 | |
Gross write-offs | (111) | (97) |
Recoveries | 27 | 18 |
Foreign exchange and other movements | (89) | (135) |
Balance at end of year | 802 | 884 |
Residential mortgages [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 884 | |
Provision for credit losses | ||
Balance at end of year | 802 | 884 |
Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 3,155 | 2,065 |
Provision for credit losses | 928 | 2,632 |
Net write-offs | (1,559) | (1,381) |
Other, including foreign currency adjustment | (183) | (161) |
Provision for credit losses | ||
Remeasurement | 888 | 2,396 |
Newly originated or purchased financial assets | 525 | 424 |
Derecognition of financial assets and maturities | (485) | (253) |
Changes in models and methodologies | 65 | |
Gross write-offs | (1,833) | (1,611) |
Recoveries | 274 | 230 |
Foreign exchange and other movements | (183) | (161) |
Balance at end of year | 2,341 | 3,155 |
Loans to consumers [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 3,155 | |
Provision for credit losses | ||
Balance at end of year | 2,341 | 3,155 |
Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,886 | 1,255 |
Provision for credit losses | 772 | 1,672 |
Net write-offs | (1,340) | (975) |
Other, including foreign currency adjustment | (107) | (66) |
Provision for credit losses | ||
Remeasurement | 819 | 1,622 |
Newly originated or purchased financial assets | 117 | 155 |
Derecognition of financial assets and maturities | (164) | (140) |
Changes in models and methodologies | 35 | |
Gross write-offs | (1,543) | (1,163) |
Recoveries | 203 | 188 |
Foreign exchange and other movements | (107) | (66) |
Balance at end of year | 1,211 | 1,886 |
Credit Card [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,886 | |
Provision for credit losses | ||
Balance at end of year | 1,211 | 1,886 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,892 | 1,139 |
Provision for credit losses | 17 | 1,362 |
Net write-offs | (375) | (506) |
Other, including foreign currency adjustment | (160) | (103) |
Provision for credit losses | ||
Remeasurement | 151 | 1,260 |
Newly originated or purchased financial assets | 325 | 315 |
Derecognition of financial assets and maturities | (403) | (288) |
Changes in models and methodologies | (15) | 13 |
Gross write-offs | (414) | (534) |
Recoveries | 39 | 28 |
Foreign exchange and other movements | (161) | (112) |
Balance at end of period including off-balance sheet exposures | 1,337 | 1,815 |
Less: Allowance for credits losses on off-balance sheet exposures | 65 | 101 |
Balance at end of year | 1,374 | 1,892 |
Business and government [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,815 | 1,133 |
Provision for credit losses | ||
Balance at end of year | 1,815 | |
Business and government [member] | Net Amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,714 | |
Provision for credit losses | ||
Balance at end of year | 1,272 | 1,714 |
Business and government [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,714 | |
Provision for credit losses | ||
Balance at end of year | 1,272 | 1,714 |
Stage 1 [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,964 | |
Provision for credit losses | ||
Balance at end of year | 1,334 | 1,964 |
Stage 1 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 190 | 126 |
Provision for credit losses | ||
Remeasurement | (143) | (20) |
Newly originated or purchased financial assets | 49 | 39 |
Derecognition of financial assets and maturities | (10) | (4) |
Changes in models and methodologies | 7 | |
Transfer to (from)stage 1 | 88 | 111 |
Transfer to (from)stage 2 | (12) | (18) |
Foreign exchange and other movements | (10) | (51) |
Balance at end of year | 152 | 190 |
Stage 1 [member] | Residential mortgages [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 190 | |
Provision for credit losses | ||
Balance at end of year | 152 | 190 |
Stage 1 [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 864 | 609 |
Provision for credit losses | ||
Remeasurement | (1,119) | (559) |
Newly originated or purchased financial assets | 525 | 424 |
Derecognition of financial assets and maturities | (171) | (92) |
Changes in models and methodologies | 16 | |
Transfer to (from)stage 1 | 882 | 832 |
Transfer to (from)stage 2 | (253) | (282) |
Transfer to (from)stage 3 | (43) | (6) |
Foreign exchange and other movements | (41) | (78) |
Balance at end of year | 644 | 864 |
Stage 1 [member] | Loans to consumers [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 864 | |
Provision for credit losses | ||
Balance at end of year | 644 | 864 |
Stage 1 [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 501 | 424 |
Provision for credit losses | ||
Remeasurement | (452) | (213) |
Newly originated or purchased financial assets | 117 | 155 |
Derecognition of financial assets and maturities | (70) | (72) |
Changes in models and methodologies | 6 | |
Transfer to (from)stage 1 | 382 | 365 |
Transfer to (from)stage 2 | (103) | (146) |
Foreign exchange and other movements | (23) | (18) |
Balance at end of year | 352 | 501 |
Stage 1 [member] | Credit Card [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 501 | |
Provision for credit losses | ||
Balance at end of year | 352 | 501 |
Stage 1 [member] | Business and government [member] | ||
Provision for credit losses | ||
Remeasurement | (262) | 146 |
Newly originated or purchased financial assets | 325 | 315 |
Derecognition of financial assets and maturities | (320) | (200) |
Changes in models and methodologies | (4) | 11 |
Transfer to (from)stage 1 | 66 | 48 |
Transfer to (from)stage 2 | (53) | (28) |
Transfer to (from)stage 3 | (2) | |
Foreign exchange and other movements | (18) | (3) |
Balance at end of period including off-balance sheet exposures | 212 | 478 |
Less: Allowance for credits losses on off-balance sheet exposures | 26 | 69 |
Stage 1 [member] | Business and government [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 478 | 191 |
Provision for credit losses | ||
Balance at end of year | 478 | |
Stage 1 [member] | Business and government [member] | Net Amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 409 | |
Provision for credit losses | ||
Balance at end of year | 186 | 409 |
Stage 1 [member] | Business and government [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 409 | |
Provision for credit losses | ||
Balance at end of year | 186 | 409 |
Stage 2 [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 3,718 | |
Provision for credit losses | ||
Balance at end of year | 2,637 | 3,718 |
Stage 2 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 302 | 229 |
Provision for credit losses | ||
Remeasurement | 70 | 150 |
Derecognition of financial assets and maturities | (24) | (14) |
Changes in models and methodologies | 6 | |
Transfer to (from)stage 1 | (74) | (90) |
Transfer to (from)stage 2 | 62 | 101 |
Transfer to (from)stage 3 | (32) | (42) |
Foreign exchange and other movements | (28) | (38) |
Balance at end of year | 276 | 302 |
Stage 2 [member] | Residential mortgages [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 302 | |
Provision for credit losses | ||
Balance at end of year | 276 | 302 |
Stage 2 [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,471 | 865 |
Provision for credit losses | ||
Remeasurement | 1,023 | 1,582 |
Derecognition of financial assets and maturities | (314) | (161) |
Changes in models and methodologies | 33 | |
Transfer to (from)stage 1 | (869) | (821) |
Transfer to (from)stage 2 | 325 | 358 |
Transfer to (from)stage 3 | (487) | (343) |
Foreign exchange and other movements | (78) | (42) |
Balance at end of year | 1,071 | 1,471 |
Stage 2 [member] | Loans to consumers [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,471 | |
Provision for credit losses | ||
Balance at end of year | 1,071 | 1,471 |
Stage 2 [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,385 | 831 |
Provision for credit losses | ||
Remeasurement | 299 | 1,174 |
Derecognition of financial assets and maturities | (94) | (68) |
Changes in models and methodologies | 29 | |
Transfer to (from)stage 1 | (382) | (365) |
Transfer to (from)stage 2 | 103 | 146 |
Transfer to (from)stage 3 | (389) | (307) |
Foreign exchange and other movements | (63) | (55) |
Balance at end of year | 859 | 1,385 |
Stage 2 [member] | Credit Card [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,385 | |
Provision for credit losses | ||
Balance at end of year | 859 | 1,385 |
Stage 2 [member] | Business and government [member] | ||
Provision for credit losses | ||
Remeasurement | 11 | 467 |
Derecognition of financial assets and maturities | (72) | (72) |
Changes in models and methodologies | (11) | 2 |
Transfer to (from)stage 1 | (66) | (48) |
Transfer to (from)stage 2 | 54 | 31 |
Transfer to (from)stage 3 | (9) | (27) |
Foreign exchange and other movements | (29) | (24) |
Balance at end of period including off-balance sheet exposures | 470 | 592 |
Less: Allowance for credits losses on off-balance sheet exposures | 39 | 32 |
Stage 2 [member] | Business and government [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 592 | 263 |
Provision for credit losses | ||
Balance at end of year | 592 | |
Stage 2 [member] | Business and government [member] | Net Amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 560 | |
Provision for credit losses | ||
Balance at end of year | 431 | 560 |
Stage 2 [member] | Business and government [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 560 | |
Provision for credit losses | ||
Balance at end of year | 431 | 560 |
Stage 3 [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 1,957 | |
Provision for credit losses | ||
Balance at end of year | 1,655 | 1,957 |
Stage 3 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 392 | 325 |
Provision for credit losses | ||
Remeasurement | 149 | 237 |
Changes in models and methodologies | 17 | |
Transfer to (from)stage 1 | (14) | (21) |
Transfer to (from)stage 2 | (50) | (83) |
Transfer to (from)stage 3 | 32 | 42 |
Gross write-offs | (111) | (97) |
Recoveries | 27 | 18 |
Foreign exchange and other movements | (51) | (46) |
Balance at end of year | 374 | 392 |
Stage 3 [member] | Residential mortgages [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 392 | |
Provision for credit losses | ||
Balance at end of year | 374 | 392 |
Stage 3 [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 820 | 591 |
Provision for credit losses | ||
Remeasurement | 984 | 1,373 |
Changes in models and methodologies | 16 | |
Transfer to (from)stage 1 | (13) | (11) |
Transfer to (from)stage 2 | (72) | (76) |
Transfer to (from)stage 3 | 530 | 349 |
Gross write-offs | (1,833) | (1,611) |
Recoveries | 274 | 230 |
Foreign exchange and other movements | (64) | (41) |
Balance at end of year | 626 | 820 |
Stage 3 [member] | Loans to consumers [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 820 | |
Provision for credit losses | ||
Balance at end of year | 626 | 820 |
Stage 3 [member] | Credit Card [member] | ||
Provision for credit losses | ||
Remeasurement | 972 | 661 |
Transfer to (from)stage 3 | 389 | 307 |
Gross write-offs | (1,543) | (1,163) |
Recoveries | 203 | 188 |
Foreign exchange and other movements | (21) | 7 |
Stage 3 [member] | Business and government [member] | ||
Provision for credit losses | ||
Remeasurement | 402 | 647 |
Derecognition of financial assets and maturities | (11) | (16) |
Transfer to (from)stage 2 | (1) | (3) |
Transfer to (from)stage 3 | 9 | 29 |
Gross write-offs | (414) | (534) |
Recoveries | 39 | 28 |
Foreign exchange and other movements | (114) | (85) |
Balance at end of period including off-balance sheet exposures | 655 | 745 |
Stage 3 [member] | Business and government [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 745 | 679 |
Provision for credit losses | ||
Balance at end of year | 745 | |
Stage 3 [member] | Business and government [member] | Net Amount [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 745 | |
Provision for credit losses | ||
Balance at end of year | 655 | 745 |
Stage 3 [member] | Business and government [member] | Allowance for credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Balance at beginning of the year | 745 | |
Provision for credit losses | ||
Balance at end of year | $ 655 | $ 745 |
Loans, Impaired Loans and Al_11
Loans, Impaired Loans and Allowance for Credit Losses -Summary of Carrying Value of Exposures by Risk Rating (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | $ 642,612 | $ 610,902 |
Allowance for credit losses | 5,626 | 7,639 |
Carrying value of loans net of ACL | 636,986 | 603,263 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 319,678 | 284,684 |
Allowance for credit losses | 802 | 884 |
Carrying value of loans net of ACL | 318,876 | 283,800 |
Residential mortgages [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 192,773 | 169,125 |
Residential mortgages [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 71,074 | 63,483 |
Residential mortgages [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 12,860 | 12,985 |
Residential mortgages [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 3,188 | 4,632 |
Residential mortgages [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 659 | 609 |
Residential mortgages [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 37,793 | 32,360 |
Residential mortgages [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,331 | 1,490 |
Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 91,540 | 93,758 |
Allowance for credit losses | 2,341 | 3,155 |
Carrying value of loans net of ACL | 89,199 | 90,603 |
Loans to consumers [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 30,253 | 30,056 |
Loans to consumers [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 26,293 | 27,301 |
Loans to consumers [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 9,417 | 9,398 |
Loans to consumers [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 7,993 | 8,773 |
Loans to consumers [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,239 | 1,685 |
Loans to consumers [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 15,512 | 15,513 |
Loans to consumers [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 833 | 1,032 |
Undrawn loan commitments retail [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments net of ACL | 128,522 | 126,581 |
Undrawn loan commitments retail [Member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 88,322 | 85,248 |
Undrawn loan commitments retail [Member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 17,892 | 16,814 |
Undrawn loan commitments retail [Member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 6,894 | 5,862 |
Undrawn loan commitments retail [Member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 3,848 | 2,906 |
Undrawn loan commitments retail [Member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 236 | 137 |
Undrawn loan commitments retail [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 11,330 | 15,614 |
Total Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 552,190 | 519,820 |
Allowance for credit losses | 4,354 | 5,925 |
Carrying value of loans net of ACL | 547,836 | 513,895 |
Total Retail Loans [Member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 312,941 | 285,767 |
Total Retail Loans [Member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 117,682 | 109,753 |
Total Retail Loans [Member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 32,003 | 31,054 |
Total Retail Loans [Member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 18,491 | 20,339 |
Total Retail Loans [Member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,664 | 3,315 |
Total Retail Loans [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 66,245 | 67,070 |
Total Retail Loans [Member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,164 | 2,522 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 218,944 | 217,663 |
Allowance for credit losses | 1,272 | 1,714 |
Carrying value of loans net of ACL | 217,672 | 215,949 |
Business and government [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,162 | 2,099 |
Business and government [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,292 | 2,531 |
Business and government [member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 111,678 | 107,047 |
Business and government [member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 99,515 | 102,838 |
Business and government [member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 3,297 | 3,148 |
Undrawn loan commitments business and government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 263,546 | 253,678 |
Allowance for credit losses | 65 | 101 |
Carrying value of undrawn loan commitments net of ACL | 263,481 | 253,577 |
Undrawn loan commitments business and government [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 4,155 | 4,011 |
Undrawn loan commitments business and government [Member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 102 | 161 |
Undrawn loan commitments business and government [Member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 187,322 | 183,860 |
Undrawn loan commitments business and government [Member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 69,795 | 63,936 |
Undrawn loan commitments business and government [Member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 2,172 | 1,710 |
Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 12,450 | 14,797 |
Allowance for credit losses | 1,211 | 1,886 |
Carrying value of loans net of ACL | 11,239 | 12,911 |
Credit Card [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,593 | 1,338 |
Credit Card [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,423 | 2,155 |
Credit Card [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,832 | 2,809 |
Credit Card [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 3,462 | 4,028 |
Credit Card [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 530 | 884 |
Credit Card [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,610 | 3,583 |
Total Non Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 482,490 | 471,341 |
Allowance for credit losses | 1,337 | 1,815 |
Carrying value of loans net of ACL | 481,153 | 469,526 |
Total Non Retail Loans [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 6,317 | 6,110 |
Total Non Retail Loans [Member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,394 | 2,692 |
Total Non Retail Loans [Member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 299,000 | 290,907 |
Total Non Retail Loans [Member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 169,310 | 166,774 |
Total Non Retail Loans [Member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 5,469 | 4,858 |
Stage one exposure [Member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 300,681 | 270,132 |
Allowance for credit losses | 152 | 190 |
Carrying value of loans net of ACL | 300,529 | 269,942 |
Stage one exposure [Member] | Residential mortgages [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 187,163 | 167,233 |
Stage one exposure [Member] | Residential mortgages [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 69,306 | 61,988 |
Stage one exposure [Member] | Residential mortgages [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 9,170 | 10,914 |
Stage one exposure [Member] | Residential mortgages [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 904 | 1,197 |
Stage one exposure [Member] | Residential mortgages [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 16 | 13 |
Stage one exposure [Member] | Residential mortgages [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 34,122 | 28,787 |
Stage one exposure [Member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 84,021 | 81,440 |
Allowance for credit losses | 644 | 864 |
Carrying value of loans net of ACL | 83,377 | 80,576 |
Stage one exposure [Member] | Loans to consumers [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 30,085 | 29,557 |
Stage one exposure [Member] | Loans to consumers [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 25,719 | 25,508 |
Stage one exposure [Member] | Loans to consumers [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 8,290 | 6,619 |
Stage one exposure [Member] | Loans to consumers [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 5,686 | 5,809 |
Stage one exposure [Member] | Loans to consumers [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 82 | 318 |
Stage one exposure [Member] | Loans to consumers [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 14,159 | 13,629 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments net of ACL | 125,299 | 121,073 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 88,308 | 85,242 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 17,880 | 16,775 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 6,858 | 5,739 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 3,103 | 2,201 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 24 | 3 |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 9,126 | 11,113 |
Stage one exposure [Member] | Total Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 519,888 | 483,034 |
Allowance for credit losses | 1,148 | 1,555 |
Carrying value of loans net of ACL | 518,740 | 481,479 |
Stage one exposure [Member] | Total Retail Loans [Member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 307,073 | 283,350 |
Stage one exposure [Member] | Total Retail Loans [Member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 115,193 | 106,242 |
Stage one exposure [Member] | Total Retail Loans [Member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 26,984 | 25,688 |
Stage one exposure [Member] | Total Retail Loans [Member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 11,930 | 11,436 |
Stage one exposure [Member] | Total Retail Loans [Member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 143 | 375 |
Stage one exposure [Member] | Total Retail Loans [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 58,565 | 55,943 |
Stage one exposure [Member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 204,913 | 201,865 |
Allowance for credit losses | 186 | 409 |
Carrying value of loans net of ACL | 204,727 | 201,456 |
Stage one exposure [Member] | Business and government [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,151 | 2,063 |
Stage one exposure [Member] | Business and government [member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 110,786 | 105,757 |
Stage one exposure [Member] | Business and government [member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 91,945 | 93,998 |
Stage one exposure [Member] | Business and government [member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 31 | 47 |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 256,232 | 245,888 |
Allowance for credit losses | 26 | 69 |
Carrying value of undrawn loan commitments net of ACL | 256,206 | 245,819 |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 4,155 | 3,702 |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 186,056 | 182,580 |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 66,009 | 59,600 |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 12 | 6 |
Stage one exposure [Member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 9,887 | 10,389 |
Allowance for credit losses | 352 | 501 |
Carrying value of loans net of ACL | 9,535 | 9,888 |
Stage one exposure [Member] | Credit Card [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,517 | 1,318 |
Stage one exposure [Member] | Credit Card [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,288 | 1,971 |
Stage one exposure [Member] | Credit Card [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,666 | 2,416 |
Stage one exposure [Member] | Credit Card [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,237 | 2,229 |
Stage one exposure [Member] | Credit Card [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 21 | 41 |
Stage one exposure [Member] | Credit Card [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,158 | 2,414 |
Stage one exposure [Member] | Total Non Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 461,145 | 447,753 |
Allowance for credit losses | 212 | 478 |
Carrying value of loans net of ACL | 460,933 | 447,275 |
Stage one exposure [Member] | Total Non Retail Loans [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 6,306 | 5,765 |
Stage one exposure [Member] | Total Non Retail Loans [Member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 296,842 | 288,337 |
Stage one exposure [Member] | Total Non Retail Loans [Member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 157,954 | 153,598 |
Stage one exposure [Member] | Total Non Retail Loans [Member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 43 | 53 |
Stage two exposure [Member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 17,666 | 13,062 |
Allowance for credit losses | 276 | 302 |
Carrying value of loans net of ACL | 17,390 | 12,760 |
Stage two exposure [Member] | Residential mortgages [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 5,610 | 1,892 |
Stage two exposure [Member] | Residential mortgages [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,768 | 1,495 |
Stage two exposure [Member] | Residential mortgages [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 3,690 | 2,071 |
Stage two exposure [Member] | Residential mortgages [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,284 | 3,435 |
Stage two exposure [Member] | Residential mortgages [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 643 | 596 |
Stage two exposure [Member] | Residential mortgages [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 3,671 | 3,573 |
Stage two exposure [Member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 6,686 | 11,286 |
Allowance for credit losses | 1,071 | 1,471 |
Carrying value of loans net of ACL | 5,615 | 9,815 |
Stage two exposure [Member] | Loans to consumers [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 168 | 499 |
Stage two exposure [Member] | Loans to consumers [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 574 | 1,793 |
Stage two exposure [Member] | Loans to consumers [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,127 | 2,779 |
Stage two exposure [Member] | Loans to consumers [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,307 | 2,964 |
Stage two exposure [Member] | Loans to consumers [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,157 | 1,367 |
Stage two exposure [Member] | Loans to consumers [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,353 | 1,884 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments net of ACL | 3,223 | 5,508 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 14 | 6 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 12 | 39 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 36 | 123 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 745 | 705 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 212 | 134 |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 2,204 | 4,501 |
Stage two exposure [Member] | Total Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 30,138 | 34,264 |
Allowance for credit losses | 2,206 | 3,158 |
Carrying value of loans net of ACL | 27,932 | 31,106 |
Stage two exposure [Member] | Total Retail Loans [Member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 5,868 | 2,417 |
Stage two exposure [Member] | Total Retail Loans [Member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,489 | 3,511 |
Stage two exposure [Member] | Total Retail Loans [Member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 5,019 | 5,366 |
Stage two exposure [Member] | Total Retail Loans [Member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 6,561 | 8,903 |
Stage two exposure [Member] | Total Retail Loans [Member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,521 | 2,940 |
Stage two exposure [Member] | Total Retail Loans [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 7,680 | 11,127 |
Stage two exposure [Member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 11,739 | 13,267 |
Allowance for credit losses | 431 | 560 |
Carrying value of loans net of ACL | 11,308 | 12,707 |
Stage two exposure [Member] | Business and government [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 11 | 36 |
Stage two exposure [Member] | Business and government [member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 892 | 1,290 |
Stage two exposure [Member] | Business and government [member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 7,570 | 8,840 |
Stage two exposure [Member] | Business and government [member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 3,266 | 3,101 |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 7,212 | 7,629 |
Allowance for credit losses | 39 | 32 |
Carrying value of undrawn loan commitments net of ACL | 7,173 | 7,597 |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 309 | |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 1,266 | 1,280 |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 3,786 | 4,336 |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 2,160 | 1,704 |
Stage two exposure [Member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,563 | 4,408 |
Allowance for credit losses | 859 | 1,385 |
Carrying value of loans net of ACL | 1,704 | 3,023 |
Stage two exposure [Member] | Credit Card [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 76 | 20 |
Stage two exposure [Member] | Credit Card [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 135 | 184 |
Stage two exposure [Member] | Credit Card [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 166 | 393 |
Stage two exposure [Member] | Credit Card [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,225 | 1,799 |
Stage two exposure [Member] | Credit Card [member] | Very High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 509 | 843 |
Stage two exposure [Member] | Credit Card [member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 452 | 1,169 |
Stage two exposure [Member] | Total Non Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 18,951 | 20,896 |
Allowance for credit losses | 470 | 592 |
Carrying value of loans net of ACL | 18,481 | 20,304 |
Stage two exposure [Member] | Total Non Retail Loans [Member] | Loans not graded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 11 | 345 |
Stage two exposure [Member] | Total Non Retail Loans [Member] | Investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,158 | 2,570 |
Stage two exposure [Member] | Total Non Retail Loans [Member] | Non investment grade [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 11,356 | 13,176 |
Stage two exposure [Member] | Total Non Retail Loans [Member] | Watch list [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 5,426 | 4,805 |
Stage three exposure [Member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,331 | 1,490 |
Allowance for credit losses | 374 | 392 |
Carrying value of loans net of ACL | 957 | 1,098 |
Stage three exposure [Member] | Residential mortgages [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 1,331 | 1,490 |
Stage three exposure [Member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 833 | 1,032 |
Allowance for credit losses | 626 | 820 |
Carrying value of loans net of ACL | 207 | 212 |
Stage three exposure [Member] | Loans to consumers [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 833 | 1,032 |
Stage three exposure [Member] | Total Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,164 | 2,522 |
Allowance for credit losses | 1,000 | 1,212 |
Carrying value of loans net of ACL | 1,164 | 1,310 |
Stage three exposure [Member] | Total Retail Loans [Member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,164 | 2,522 |
Stage three exposure [Member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,292 | 2,531 |
Allowance for credit losses | 655 | 745 |
Carrying value of loans net of ACL | 1,637 | 1,786 |
Stage three exposure [Member] | Business and government [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,292 | 2,531 |
Stage three exposure [Member] | Undrawn loan commitments business and government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 102 | 161 |
Carrying value of undrawn loan commitments net of ACL | 102 | 161 |
Stage three exposure [Member] | Undrawn loan commitments business and government [Member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of undrawn loan commitments before ACL | 102 | 161 |
Stage three exposure [Member] | Total Non Retail Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | 2,394 | 2,692 |
Allowance for credit losses | 655 | 745 |
Carrying value of loans net of ACL | 1,739 | 1,947 |
Stage three exposure [Member] | Total Non Retail Loans [Member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of loans before ACL | $ 2,394 | $ 2,692 |
Loans, Impaired Loans and Al_12
Loans, Impaired Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||
Allowance account for credit losses of financial assets | $ 5,728 | $ 7,817 | $ 5,139 |
Base case scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | 4,076 | 5,863 | |
Base case scenario [member] | Previously stated [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | 3,998 | 5,407 | |
Pessimistic scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance account for credit losses of financial assets | 866 | ||
ACL (Stage 1 and Stage 2) | 1,944 | ||
Probability Weighted Scenarios [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | $ 407 | $ 495 |
Loans, Impaired Loans and Al_13
Loans, Impaired Loans and Allowance for Credit Losses - Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | $ 642,612 | $ 610,902 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 319,678 | 284,684 |
Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 91,540 | 93,758 |
Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 12,450 | 14,797 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 218,944 | 217,663 |
Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 2,237 | 3,057 |
Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 1,059 | 945 |
Financial assets past due but not impaired [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 621 | 877 |
Financial assets past due but not impaired [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 409 | 844 |
Financial assets past due but not impaired [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 148 | 391 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 1,392 | 1,956 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 732 | 663 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 411 | 604 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 125 | 401 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 124 | 288 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 644 | 824 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 327 | 282 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Loans to consumers [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 210 | 273 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 83 | 166 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 24 | 103 |
91 days and greater [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | 201 | 277 |
91 days and greater [member] | Financial assets past due but not impaired [member] | Credit Card [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans and receivables gross | $ 201 | $ 277 |
Loans, Impaired Loans and Al_14
Loans, Impaired Loans and Allowance for Credit Losses - Summary of Purchased Credit Impaired Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Allowance | $ (5,728) | $ (7,817) | $ (5,139) |
Loans acquired in business combination [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Unpaid principal balance | 303 | 393 | |
Credit related fair value adjustments | (68) | (93) | |
Carrying value | 235 | 300 | |
Carrying value net of related allowance | 234 | 290 | |
Loans acquired in business combination [member] | Stage 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance | $ (1) | $ (10) |
Derecognition of Financial As_3
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Assets Do Not Qualify for Derecognition and Associated Liabilities (Detail) - Securitisations [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of associated liabilities | $ 25,833 | $ 27,819 |
Residential mortgage loans [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | 17,145 | 20,586 |
Other related assets [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 9,787 | $ 9,548 |
Derecognition of financial as_4
Derecognition of financial assets - Additional Information (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Canadian emergency business account loans [member] | ||
Disclosure of financial assets [line items] | ||
Derecognized CEBA Loans | $ 4.3 | $ 3 |
Derecognition of Financial As_5
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Other Financial Assets Do Not Qualify for Derecognition and Associated Liabilities (Detail) - Other Financial Assets [Member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 159,589 | $ 175,000 |
Carrying value of associated liabilities | 123,469 | 137,763 |
Repurchase agreement [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | 100,083 | 121,918 |
Securities lending [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 59,506 | $ 53,082 |
Derecognition of Financial As_6
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Other Financial Assets Do Not Qualify for Derecognition and Associated Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair value of transferred assets | $ 25,761 | $ 29,415 |
Fair value of the associated liabilities | 26,021 | 28,920 |
Net position | (260) | 495 |
Other Financial Assets [Member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair value of transferred assets | 159,589 | 175,000 |
Fair value of the associated liabilities | 123,469 | 137,763 |
Net position | $ 36,120 | $ 37,237 |
Structured Entities - Consolida
Structured Entities - Consolidated Structured Entities - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Oct. 31, 2021CAD ($) | Oct. 31, 2021USD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2020USD ($) | |
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | $ 252,470 | $ 231,870 | ||
Notional amount | 6,067,092 | 5,621,376 | ||
Limited Recourse Capital Notes One [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | $ 1,250 | |||
Other Equity Interest Per Annum | 3.70% | |||
Limited Recourse Capital Notes Two [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | $ 600 | |||
Other Equity Interest Per Annum | 3.625% | |||
Additional Tier1 capital instruments One [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Other Equity Interest Per Annum | 4.65% | |||
Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Subordinated notes outstanding | $ 300 | $ 200 | 900 | $ 700 |
Canadian auto loan receivables [member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 800 | 2,000 | ||
Scotiabank covered bond guarantor limited partnership [member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Covered bond outstanding | 31,300 | 30,500 | ||
Scotiabank covered bond guarantor limited partnership [member] | Uninsured residential mortgage backed securities [member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 34,700 | 31,500 | ||
Halifax receivables trust [member] | Unsecured personal line of credit receivables [member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 109 | 135 | ||
Subordinated notes outstanding | 1,500 | 2,300 | ||
Trillium credit card trust II [member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Subordinated notes outstanding | $ 1,300 | 1,700 | ||
Trillium credit card trust II [member] | Suboridinate B and C Subordinate [Member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Subordinated notes outstanding | 197 | $ 148 | ||
Trillium credit card trust II [member] | Credit card receivable [member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 1,800 | $ 2,600 | ||
Trsut Estabilished In Connection With The Issue of Recourse Capital Notes [Member] | Additional Tier1 capital instruments One [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | $ 1,250 | |||
Other Equity Interest Per Annum | 3.70% | |||
Trsut Estabilished In Connection With The Issue of Recourse Capital Notes [Member] | Limited Recourse Capital Notes Two [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Notional amount | $ 600 | |||
Other Equity Interest Per Annum | 3.625% |
Structured Entities - Unconsoli
Structured Entities - Unconsolidated Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Top of range [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Asset-backed commercial paper issued | $ 1,400 | $ 1,100 |
Unconsolidated structured entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Maximum exposure to loss | 10.00% | |
Bank's maximum exposure to loss | $ 5,360 | 5,181 |
Unconsolidated structured entities [member] | Bank Of Nova Scotia [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Bank's maximum exposure to loss | $ 1,800 | $ 2,100 |
Structured Entities - Summary o
Structured Entities - Summary of Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of unconsolidated structured entities [line items] | ||
Trading assets | $ 146,312 | $ 117,839 |
Investment securities | 75,199 | 111,389 |
Total assets | 1,184,844 | 1,136,466 |
Deposits – Business and government | 511,348 | 464,619 |
Total liabilities | 1,111,952 | 1,065,963 |
Canadian multi-seller Conduits that the bank administers [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 3,519 | 3,097 |
Trading assets | 7 | 1 |
Total assets | 7 | 1 |
Bank's maximum exposure to loss | 3,526 | 3,098 |
Structured finance entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 2,403 | 3,106 |
Trading assets | 2 | 2 |
Investment securities | 1,124 | 1,192 |
Loans | 639 | 820 |
Total assets | 1,765 | 2,014 |
Bank's maximum exposure to loss | 1,765 | 2,014 |
Capital funding vehicles [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 833 | 833 |
Investment securities | 10 | 10 |
Loans | 59 | 59 |
Total assets | 69 | 69 |
Deposits – Business and government | 833 | 833 |
Total liabilities | 833 | 833 |
Bank's maximum exposure to loss | 69 | 69 |
Unconsolidated structured entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 6,755 | 7,036 |
Trading assets | 9 | 3 |
Investment securities | 1,134 | 1,202 |
Loans | 698 | 879 |
Total assets | 1,841 | 2,084 |
Deposits – Business and government | 833 | 833 |
Total liabilities | 833 | 833 |
Bank's maximum exposure to loss | $ 5,360 | $ 5,181 |
Structured Entities - Summary_2
Structured Entities - Summary of Other Unconsolidated Bank-Sponsored Entities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of unconsolidated structured entities [line items] | |||
Revenue | $ 31,252 | $ 31,336 | $ 31,034 |
Unconsolidated bank sponsored entities [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Revenue | $ 2,604 | $ 2,165 |
Property and Equipment - Summar
Property and Equipment - Summary of Property Plant and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | $ 5,897 | |
Ending balance | [1] | 5,621 | $ 5,897 |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 11,387 | 7,884 | |
Acquisitions | 15 | ||
Impact of first application of IFRS 16 | 3,620 | ||
Additions | 859 | 898 | |
Disposals | (311) | (932) | |
Foreign currency adjustments and other | (398) | (98) | |
Ending balance | 11,537 | 11,387 | |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (5,490) | (5,215) | |
Depreciation | 769 | 797 | |
Disposals | 165 | 534 | |
Foreign currency adjustments and other | (178) | 12 | |
Ending balance | (5,916) | (5,490) | |
Land and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | 999 | |
Ending balance | [1] | 972 | 999 |
Land and buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,619 | 1,743 | |
Additions | 126 | 109 | |
Disposals | (49) | (205) | |
Foreign currency adjustments and other | (127) | (28) | |
Ending balance | 1,569 | 1,619 | |
Land and buildings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (620) | (672) | |
Depreciation | 42 | 42 | |
Disposals | 30 | 84 | |
Foreign currency adjustments and other | (35) | (10) | |
Ending balance | (597) | (620) | |
Equipment 1 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | 465 | |
Ending balance | [1] | 442 | 465 |
Equipment 1 [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,936 | 2,154 | |
Acquisitions | 4 | ||
Additions | 111 | 262 | |
Disposals | (47) | (407) | |
Foreign currency adjustments and other | (94) | (77) | |
Ending balance | 1,906 | 1,936 | |
Equipment 1 [Member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,471) | (1,631) | |
Depreciation | 98 | 111 | |
Disposals | 32 | 321 | |
Foreign currency adjustments and other | (73) | 50 | |
Ending balance | (1,464) | (1,471) | |
Technology assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | 416 | |
Ending balance | [1] | 350 | 416 |
Technology assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,386 | 2,372 | |
Acquisitions | 1 | ||
Additions | 92 | 117 | |
Disposals | (32) | (113) | |
Foreign currency adjustments and other | (36) | 9 | |
Ending balance | 2,410 | 2,386 | |
Technology assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,970) | (1,935) | |
Depreciation | 155 | 153 | |
Disposals | 31 | 71 | |
Foreign currency adjustments and other | (34) | (47) | |
Ending balance | (2,060) | (1,970) | |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | 636 | |
Ending balance | [1] | 590 | 636 |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,660 | 1,615 | |
Acquisitions | 10 | ||
Additions | 74 | 151 | |
Disposals | (51) | (114) | |
Foreign currency adjustments and other | (34) | (2) | |
Ending balance | 1,649 | 1,660 | |
Leasehold improvements [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,024) | (977) | |
Depreciation | 95 | 91 | |
Disposals | 37 | 49 | |
Foreign currency adjustments and other | (23) | 5 | |
Ending balance | (1,059) | (1,024) | |
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | 3,381 | |
Ending balance | [1] | 3,267 | 3,381 |
Right-of-use assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,786 | ||
Impact of first application of IFRS 16 | 3,620 | ||
Additions | 456 | 259 | |
Disposals | (132) | (93) | |
Foreign currency adjustments and other | (107) | ||
Ending balance | 4,003 | 3,786 | |
Right-of-use assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (405) | ||
Depreciation | 379 | 400 | |
Disposals | 35 | 9 | |
Foreign currency adjustments and other | (13) | 14 | |
Ending balance | $ (736) | $ (405) | |
[1] | Includes $40 (2020 – $43) of investment property. |
Property and Equipment - Summ_2
Property and Equipment - Summary of Property Plant and Equipment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Investment property | $ 40 | $ 43 |
Investments in Associates - Sum
Investments in Associates - Summary of Significant Investments in Associates (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Canadian tires financial services business [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | [1] | Canada | |
Nature of business | Financial Services | ||
Ownership percentage | [1] | 20.00% | |
Date of financial statements | Sep. 30, 2021 | ||
Carrying value | [1] | $ 549 | $ 534 |
Bank of Xian Co Ltd [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | [2] | China | |
Nature of business | Banking | ||
Ownership percentage | [2] | 17.99% | |
Date of financial statements | Sep. 30, 2021 | ||
Carrying value | [2] | $ 968 | 926 |
Maduro and curiels bank NV [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | [3] | Curacao | |
Nature of business | Banking | ||
Ownership percentage | [3] | 48.10% | |
Date of financial statements | Sep. 30, 2021 | ||
Carrying value | [3] | $ 366 | $ 355 |
[1] | Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value. | ||
[2] | Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $671 as at October 31, 2021 (October 31, 2020 – $818). | ||
[3] | The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of October 31, 2021 these reserves amounted to $60 (2020 – $64). |
Investments in Associates - S_2
Investments in Associates - Summary of Significant Investments in Associates (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of associates [line items] | |||
Undistributed retained earnings | $ 60 | $ 64 | $ 61 |
Canadian tires financial services business [member] | |||
Disclosure of associates [line items] | |||
Option to sell maximum additional equity interest until the end of 10th anniversary | 29.00% | ||
Period of option to sell back equity interest until the end of 10th anniversary | 10 years | ||
Bank of Xian Co Ltd [member] | |||
Disclosure of associates [line items] | |||
Investments in associates based on quoted Stock Exchange price on Shanghai | $ 671 | $ 818 |
Investments in Associates - S_3
Investments in Associates - Summarized Financial Information of Significant Associates (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |||
Disclosure of associates [line items] | |||||
Revenue | $ 31,252 | $ 31,336 | $ 31,034 | ||
Net income | 9,955 | [1] | 6,853 | [1] | $ 8,798 |
Total assets | 1,184,844 | 1,136,466 | |||
Total liabilities | 1,111,952 | 1,065,963 | |||
Canadian tires financial services business [member] | |||||
Disclosure of associates [line items] | |||||
Revenue | 1,098 | 1,183 | |||
Net income | 437 | 301 | |||
Total assets | 7,832 | 7,035 | |||
Total liabilities | 6,722 | 6,017 | |||
Bank of Xian Co Ltd [member] | |||||
Disclosure of associates [line items] | |||||
Revenue | 1,402 | 1,317 | |||
Net income | 541 | 511 | |||
Total assets | 65,006 | 60,392 | |||
Total liabilities | 59,828 | 55,459 | |||
Maduro and curiels bank NV [member] | |||||
Disclosure of associates [line items] | |||||
Revenue | 304 | 334 | |||
Net income | 67 | 80 | |||
Total assets | 6,183 | 6,117 | |||
Total liabilities | $ 5,438 | $ 5,396 | |||
[1] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | $ 9,279 | $ 9,631 |
Dispositions | (135) | |
Foreign currency adjustments and other | (431) | (217) |
Ending balance | 8,848 | 9,279 |
Canadian banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 1,690 | 5,093 |
Reclassification due to reorganization of operating segments | (3,403) | |
Ending balance | 1,690 | 1,690 |
Global wealth management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 3,614 | |
Reclassification due to reorganization of operating segments | 3,628 | |
Foreign currency adjustments and other | (34) | (14) |
Ending balance | 3,580 | 3,614 |
Global banking and markets [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 240 | 260 |
Dispositions | (21) | |
Foreign currency adjustments and other | (9) | 1 |
Ending balance | 231 | 240 |
Latin America [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 2,832 | 3,272 |
Reclassification due to reorganization of operating segments | (225) | |
Dispositions | (47) | |
Foreign currency adjustments and other | (315) | (168) |
Ending balance | 2,517 | 2,832 |
Caribbean and central america [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 903 | 1,006 |
Dispositions | (67) | |
Foreign currency adjustments and other | (73) | (36) |
Ending balance | $ 830 | $ 903 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Oct. 31, 2021 | Jul. 31, 2021CAD ($) | Oct. 31, 2020 | Jul. 31, 2020CAD ($) | |
Disclosure of intangible assets and goodwill [Line Items] | ||||
Annual impairment of goodwill | $ 0 | $ 0 | ||
Period of discounted cash flow method for calculating value in use | 5-year | |||
Annual impairment of Indefinite life intangible assets | $ 0 | $ 0 | ||
Bottom of range [member] | ||||
Disclosure of intangible assets and goodwill [Line Items] | ||||
Price earnings multiples used | 10 | 10 | ||
Terminal growth rate | 3.00% | 3.00% | ||
Cash flows discounted rate | 10.00% | 10.00% | ||
Top of range [member] | ||||
Disclosure of intangible assets and goodwill [Line Items] | ||||
Price earnings multiples used | 12.5 | 11.5 | ||
Terminal growth rate | 5.00% | 5.00% | ||
Cash flows discounted rate | 12.00% | 12.00% |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | |||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | $ 7,736 | |||
Foreign currency adjustments and other | (156) | |||
Ending balance | 7,756 | $ 7,736 | ||
Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 11,545 | 11,237 | ||
Acquisitions | 2 | |||
Additions | 861 | 725 | ||
Disposals | (7) | (257) | ||
Foreign currency adjustments and other | (255) | (160) | ||
Ending balance | 12,146 | 11,545 | ||
Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (3,809) | (3,403) | ||
Amortization | 742 | 749 | ||
Disposals | 5 | 246 | ||
Foreign currency adjustments and other | (97) | |||
Ending balance | (4,390) | (3,809) | ||
Fund management contracts [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 4,415 | |||
Ending balance | 4,415 | 4,415 | ||
Fund management contracts [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 4,415 | 4,415 | ||
Ending balance | 4,415 | 4,415 | ||
Indefinite life intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 166 | |||
Ending balance | 166 | 166 | ||
Indefinite life intangible assets [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 166 | 166 | ||
Ending balance | 166 | 166 | ||
Finite life intangible assets [member] | Indefinite life intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Ending balance | 594 | |||
Computer software [member] | Finite life intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | [1] | 2,410 | ||
Ending balance | 2,581 | 2,410 | [1] | |
Computer software [member] | Finite life intangible assets [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 4,991 | 4,525 | ||
Acquisitions | 2 | |||
Additions | 861 | 723 | ||
Disposals | (7) | (198) | ||
Foreign currency adjustments and other | (149) | (59) | ||
Ending balance | 5,698 | 4,991 | ||
Computer software [member] | Finite life intangible assets [member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (2,581) | (2,169) | ||
Amortization | 639 | 625 | ||
Disposals | 5 | 191 | ||
Foreign currency adjustments and other | (98) | (22) | ||
Ending balance | (3,117) | (2,581) | ||
Other intangible assets [member] | Finite life intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 745 | |||
Ending balance | 745 | |||
Other intangible assets [member] | Finite life intangible assets [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,973 | 2,131 | ||
Additions | 2 | |||
Disposals | (59) | |||
Foreign currency adjustments and other | (106) | (101) | ||
Ending balance | 1,867 | 1,973 | ||
Other intangible assets [member] | Finite life intangible assets [member] | Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (1,228) | (1,234) | ||
Amortization | 103 | 124 | ||
Disposals | 55 | |||
Foreign currency adjustments and other | (58) | (75) | ||
Ending balance | $ (1,273) | $ (1,228) | ||
[1] | Computer software comprises of purchased software of $380 (2020 – $507), internally generated software of $1,405 (2020 – $1,337), and in process software not subject to amortization of $797 (2020 – $566). |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Purchased software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Computer software | $ 380 | $ 507 |
Internally generated software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Computer software | 1,405 | 1,337 |
In process software not subject to amortization [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Computer software | $ 797 | $ 566 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of other assets [abstract] | ||
Accrued interest | $ 2,155 | $ 2,812 |
Accounts receivable and prepaids | 2,201 | 2,026 |
Current tax assets | 1,722 | 1,520 |
Margin deposit derivatives | 5,990 | 4,912 |
Segregated fund assets | 2,197 | 2,248 |
Pension assets (Note 28) | 456 | 260 |
Receivable from brokers, dealers and clients | 2,997 | 2,347 |
Other | 4,226 | 3,597 |
Total | $ 21,944 | $ 19,722 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure Of Deposits [line items] | |||
Payable after notice | [1],[2],[3],[4] | $ 207,110 | |
Payable on a fixed date | [1],[3],[5] | 348,490 | |
Total | [1] | 797,259 | $ 750,838 |
Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 172,859 | |
Payable on a fixed date | [3],[5] | 231,791 | |
Total | 571,254 | 541,589 | |
United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 4,431 | |
Payable on a fixed date | [3],[5] | 38,926 | |
Total | 87,626 | 60,747 | |
United Kingdom [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 353 | |
Payable on a fixed date | [3],[5] | 16,879 | |
Total | 17,232 | 14,977 | |
Mexico [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 6,718 | |
Payable on a fixed date | [3],[5] | 11,834 | |
Total | 24,259 | 25,294 | |
Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 5,552 | |
Payable on a fixed date | [3],[5] | 3,858 | |
Total | 14,520 | 17,694 | |
Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 154 | |
Payable on a fixed date | [3],[5] | 11,346 | |
Total | 20,631 | 23,592 | |
Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 5,227 | |
Payable on a fixed date | [3],[5] | 3,271 | |
Total | 9,184 | 9,308 | |
Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 11,816 | |
Payable on a fixed date | [3],[5] | 30,585 | |
Total | 52,553 | 57,637 | |
Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 159,191 | |
Payable on a fixed date | [3],[5] | 64,955 | |
Total | 243,551 | 246,135 | |
Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 46,150 | |
Payable on a fixed date | [3],[5] | 254,187 | |
Total | 511,348 | 464,619 | |
Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2],[3] | 1,769 | |
Payable on a fixed date | [3],[5] | 29,348 | |
Total | 42,360 | $ 40,084 | |
Interest bearing [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [1],[3] | 196,455 | |
Interest bearing [member] | Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 139,980 | |
Interest bearing [member] | United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 44,112 | |
Interest bearing [member] | Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 5,056 | |
Interest bearing [member] | Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 2,842 | |
Interest bearing [member] | Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 45 | |
Interest bearing [member] | Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 4,420 | |
Interest bearing [member] | Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 9,214 | |
Interest bearing [member] | Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 176,757 | |
Interest bearing [member] | Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 10,484 | |
Non- interest bearing [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [1],[3] | 45,204 | |
Non- interest bearing [member] | Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 26,624 | |
Non- interest bearing [member] | United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 157 | |
Non- interest bearing [member] | Mexico [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 5,707 | |
Non- interest bearing [member] | Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 54 | |
Non- interest bearing [member] | Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 6,289 | |
Non- interest bearing [member] | Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 641 | |
Non- interest bearing [member] | Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 5,732 | |
Non- interest bearing [member] | Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 10,191 | |
Non- interest bearing [member] | Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | 34,254 | |
Non- interest bearing [member] | Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [3] | $ 759 | |
[1] | Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). | ||
[2] | Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts. | ||
[3] | Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. | ||
[4] | Includes $193 (2020 – $158) of non-interest bearing deposits. | ||
[5] | All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments. |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure Of Deposits [line Items] | |||
Payable after notice | [1],[2],[3],[4] | $ 207,110 | |
Deposits | [1] | 797,259 | $ 750,838 |
U.S. dollar [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 259,027 | 215,836 | |
Chile, Pesos [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 17,841 | 21,099 | |
Mexico, Pesos [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 22,032 | 22,765 | |
Other Foreign Currencies [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 82,871 | 83,706 | |
Non interest bearing deposits [member] | |||
Disclosure Of Deposits [line Items] | |||
Payable after notice | $ 193 | $ 158 | |
[1] | Deposits denominated in U.S. dollars amount to $259,027 (2020 – $215,836), deposits denominated in Chilean pesos amount to $17,841 (2020 – $21,099), deposits denominated in Mexican pesos amount to $22,032 (2020 – $22,765) and deposits denominated in other foreign currencies amount to $82,871 (2020 – $83,706). | ||
[2] | Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts. | ||
[3] | Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. | ||
[4] | Includes $193 (2020 – $158) of non-interest bearing deposits. |
Deposits - Summary of Maturity
Deposits - Summary of Maturity Schedule for Term Deposits (Detail) - Canada [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [line items] | ||
Term deposit | $ 201,240 | $ 202,748 |
Within three months [member] | ||
Disclosure Of Deposits [line items] | ||
Term deposit | 34,829 | 38,739 |
Three to six months [member] | ||
Disclosure Of Deposits [line items] | ||
Term deposit | 24,372 | 22,498 |
Six to twelve months [member] | ||
Disclosure Of Deposits [line items] | ||
Term deposit | 30,918 | 30,850 |
One to 5 years [member] | ||
Disclosure Of Deposits [line items] | ||
Term deposit | 90,433 | 92,589 |
Over 5 years [member] | ||
Disclosure Of Deposits [line items] | ||
Term deposit | $ 20,688 | $ 18,072 |
Subordinated Debentures-Schedul
Subordinated Debentures-Schedule of Net of Holdings in Debentures (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | $ 6,334 | $ 7,405 | |
June 2025 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | June 2025 | ||
Interest rate | 8.90% | ||
Description of Term | Redeemable at any time. | ||
Carrying value | $ 255 | 251 | |
December 2025 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | December 2025 | ||
Interest rate | [1] | 3.367% | |
Description of Term | On December 8, 2020, the Bank redeemed these notes at 100% of their principal amount plus accrued interest to the redemption date. | ||
Carrying value | [1] | 732 | |
December 2025 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | December 2025 | ||
Interest rate | [1] | 4.50% | |
Description of Term | US$1,250 million. Interest will be payable semi-annually in arrears on June 16 and December 16 of each year, until maturity in December 2025. | ||
Carrying value | [1] | $ 1,547 | 1,665 |
March 2027 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | March 2027 | ||
Interest rate | [1] | 2.58% | |
Description of Term | Redeemable on or after March 30, 2022. After March 30, 2022, interest will be payable at an annual rate equal to the three-month bankers’ acceptance rate plus 1.19%. | ||
Carrying value | [1] | $ 1,156 | 1,267 |
January 2029 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | January 2029 | ||
Interest rate | [1] | 3.89% | |
Description of Term | Redeemable on or after January 18, 2024. After January 18, 2024, interest will be payable at an annual rate equal to the three-month bankers’ acceptance rate plus 1.58%. | ||
Carrying value | [1] | $ 1,771 | 1,844 |
July 2029 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | July 2029 | ||
Interest rate | [1] | 2.836% | |
Description of Term | Redeemable on or after July 3, 2024. After July 3, 2024, interest will be payable at an annual rate equal to the three-month bankers’ acceptance rate plus 1.18%. | ||
Carrying value | [1] | $ 1,510 | 1,544 |
August 2085 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | August 2085 | ||
Description of Term | US$76 million bearing interest at a floating rate of the offered rate for six-month US$ LIBOR plus 0.125%. Redeemable on any interest payment date. | ||
August 2085 [member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | $ 95 | $ 102 | |
[1] | These debentures contain non-viability contingent capital (NVCC) provisions. Under such NVCC provisions, outstanding debentures are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. If such a conversion were to occur, the debentures would be converted into common shares pursuant to an automatic conversion formula defined as 150% of the par value plus accrued and unpaid interest divided by the conversion price. The conversion price is based on the greater of: (i) a floor price of $5.00 or, where applicable, the US dollar equivalent of $5.00 (subject to, in each case, adjustments in certain events as set out in the respective prospectus supplements), and (ii) the current market price of the Bank’s common shares at the time of the trigger event (10-day weighted average), where applicable converted from CAD to USD. |
Subordinated Debentures-Sched_2
Subordinated Debentures-Schedule of Net of Holdings in Debentures (Parenthetical) (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2021$ / shares | |
Disclosure of detailed information about borrowings [line items] | |||
Conversion of rate outstanding NVCC | 125.00% | ||
Conversion foreign currency | $ / shares | $ 5 | ||
US dollar [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Conversion foreign currency | $ / shares | 5 | ||
Subordinated debentures non viability contingent capital [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Conversion of rate outstanding NVCC | 150.00% | ||
Conversion of floor price | $ / shares | $ 5 | ||
June 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | Redeemable at any time | ||
December 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | On December 8, 2020, the Bank redeemed these notes at 100% of their principal amount plus accrued interest to the redemption date. | ||
Percentage of the principal amount of subordinated debt redeemable | 100.00% | 100.00% | |
December 2025 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | US$1,250 million. Interest will be payable semi-annually in arrears on June 16 and December 16 of each year, until maturity in December 2025. | ||
Carrying value | $ | $ 1,250 | $ 1,250 | |
March 2027 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Redemption Date | Mar. 30, 2022 | Mar. 30, 2022 | |
Borrowings interest rate basis | Redeemable on or after March 30, 2022. After March 30, 2022, interest will be payable at an annual rate equal to the three-month bankers’ acceptance rate plus 1.19%. | ||
Borrowings, adjustment to interest rate basis | 1.19% | 1.19% | |
January 2029 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Redemption Date | Jan. 18, 2024 | Jan. 18, 2024 | |
Borrowings interest rate basis | Redeemable on or after January 18, 2024. After January 18, 2024, interest will be payable at an annual rate equal to the three-month bankers’ acceptance rate plus 1.58%. | ||
Borrowings, adjustment to interest rate basis | 1.58% | 1.58% | |
July 2029 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Redemption Date | Jul. 3, 2024 | Jul. 3, 2024 | |
Borrowings interest rate basis | Redeemable on or after July 3, 2024. After July 3, 2024, interest will be payable at an annual rate equal to the three-month bankers’ acceptance rate plus 1.18%. | ||
Borrowings, adjustment to interest rate basis | 1.18% | 1.18% | |
August 2085 [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings interest rate basis | US$76 million bearing interest at a floating rate of the offered rate for six-month US$ LIBOR plus 0.125%. Redeemable on any interest payment date. | ||
Borrowings, adjustment to interest rate basis | 0.125% | 0.125% | |
Carrying value | $ | $ 76 | $ 76 | |
Subordinated debentures repurchased value | $ | $ 7 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of financial liabilities [line items] | |||
Accrued interest | $ 1,454 | $ 2,244 | |
Lease liabilities | [1] | 3,413 | 3,475 |
Accounts payable and accrued expenses | 6,508 | 5,441 | |
Current tax liabilities | 1,344 | 743 | |
Deferred tax liabilities | 1,149 | 1,073 | |
Gold and silver certificates and bullion | 417 | 1,112 | |
Margin and collateral accounts | 7,313 | 8,622 | |
Segregated fund liabilities | 2,197 | 2,248 | |
Payables to brokers, dealers and clients | 958 | 624 | |
Provisions | 296 | 125 | |
Allowance for credit losses on off-balance sheet exposures | 65 | 101 | |
Pension liabilities | 661 | 2,202 | |
Other liabilities of subsidiaries and structured entities | 25,221 | 25,938 | |
Other | 7,803 | 8,656 | |
Total | $ 58,799 | $ 62,604 | |
[1] | Presents discounted value of lease liabilities. |
Other Liabilities - Summary o_2
Other Liabilities - Summary of lease payments to be made (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | $ 4,059 | $ 4,155 |
Within 1 year [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 420 | 451 |
1 to 2 years | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 404 | 434 |
2 to 3 years | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 391 | 420 |
3 to 4 years | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 380 | 403 |
4 to 5 years | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 359 | 367 |
Over 5 years [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | $ 2,105 | $ 2,080 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2021CAD ($) | Oct. 31, 2021USD ($) | Oct. 31, 2020CAD ($) | |
Disclosure of other provisions [line items] | |||
Ending balance | $ 127.5 | ||
Litigation and other [member] | |||
Disclosure of other provisions [line items] | |||
Beginning balance | $ 125 | $ 210 | |
Provisions made during the year | 306 | 244 | |
Provisions utilized / released during the year | (135) | (329) | |
Ending balance | $ 296 | $ 125 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 31, 2021USD ($) | Nov. 30, 2021CAD ($) | Oct. 31, 2021CAD ($) | Oct. 31, 2021USD ($) | Oct. 31, 2020CAD ($) | |
Disclosure Of Provisions [Abstract] | |||||
Restructuring provision | $ 62 | ||||
Other provisions | $ 127.5 | ||||
Expense of restructuring activities | $ 126 | ||||
Amount of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures for which deferred tax liabilities have not been recognized | $ 149 | $ 34,000 | $ 35,000 |
Common and Preferred Shares - S
Common and Preferred Shares - Schedule of Common Shares (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | ||||
Disclosure of classes of share capital [line items] | ||||||
Beginning Balance | $ 70,503 | $ 70,192 | ||||
Issued in relation to share-based payments, net | [1] | 7 | 5 | $ 7 | ||
Ending Balance | $ 72,892 | $ 70,503 | $ 70,192 | |||
Common shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Outstanding at beginning of year | 1,211,479,297 | [2] | 1,216,132,250 | |||
Issued in relation to share-based payments, net | 3,016,072 | 941,847 | ||||
Issued in relation to the acquisition of a subsidiary or associated corporation | 842,154 | |||||
Repurchased for cancellation under the Normal Course Issuer Bid | (5,594,800) | |||||
Outstanding at end of year | 1,215,337,523 | [2] | 1,211,479,297 | [2] | 1,216,132,250 | |
Beginning Balance | $ 18,239 | $ 18,264 | ||||
Issued in relation to share-based payments, net | 200 | 59 | ||||
Issued in relation to the acquisition of a subsidiary or associated corporation | 68 | |||||
Repurchased for cancellation under the Normal Course Issuer Bid | (84) | |||||
Ending Balance | $ 18,507 | $ 18,239 | $ 18,264 | |||
[1] | Represents amounts on account of share-based payments (refer to Note 26). | |||||
[2] | In the normal course of business, the Bank’s regulated Dealer subsidiary purchases and sells the Bank’s common shares to facilitate trading/institutional client activity. During fiscal 2021, the number of such shares bought and sold was 18,532,448 (2020 – 20,290,297). |
Common and Preferred Shares -_2
Common and Preferred Shares - Schedule of Common Shares (Parenthetical) (Detail) - shares | Oct. 31, 2021 | Oct. 31, 2020 |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares bought and sold to facilitate trading/institutional client activity | 18,532,448 | 20,290,297 |
Common and Preferred Shares - A
Common and Preferred Shares - Additional Information (Detail) $ / shares in Units, $ in Millions, $ in Millions | Nov. 30, 2021shares | Nov. 29, 2021$ / shares | Oct. 31, 2021CAD ($)$ / sharesshares | Oct. 31, 2021USD ($)shares | Oct. 31, 2020CAD ($)$ / sharesshares | Oct. 31, 2020USD ($)shares | Oct. 31, 2019$ / shares |
Disclosure of classes of share capital [line items] | |||||||
Dividend paid | $ | $ 4,371 | $ 4,363 | |||||
Dividend paid per share | $ 3.60 | $ 3.60 | $ 3.49 | ||||
Quarterly dividend payable declared | $ 1 | ||||||
Dividend recorded date | Jan. 4, 2022 | ||||||
Dividend payable date | Jan. 27, 2022 | ||||||
Stock issuable on conversion of instruments | shares | 3,246,000,000 | 3,246,000,000 | 3,237,000,000 | 3,237,000,000 | |||
Floor price of common shares | $ 5 | ||||||
Conversion rate for outstanding NVCC subordinated | 125.00% | 125.00% | |||||
Conversion price outstanding NVCC subordinated | $ 5 | ||||||
Interest paid | $ | $ 162 | $ 99 | |||||
Net income taxes | $ | $ 4 | ||||||
NCIB [member] | 2021 Normal Course Issuer Bid [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Maximum number of shares approved for repurchase | shares | 24,000,000 | ||||||
Common shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares repurchased and cancelled, shares | shares | 5,600,000 | 5,600,000 | |||||
Shares repurchased and cancelled, per share | $ 73.95 | ||||||
Shares repurchased and cancelled, value | $ | $ 414 |
Common and Preferred Shares -_3
Common and Preferred Shares - Schedule of Preferred Shares (Detail) - CAD ($) $ / shares in Units, $ in Millions | Nov. 29, 2021 | Jun. 01, 2021 | Feb. 23, 2021 | Jan. 26, 2021 | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of classes of share capital [line items] | ||||||
Initial dividend payment date | Jan. 27, 2022 | |||||
Series 30 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends declared per share | $ 0.227500 | |||||
Conversion feature | Series 31 | |||||
Series 31 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Dividends declared per share | $ 0.331828 | |||||
Conversion feature | Series 30 | |||||
Series 32 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 11,161,422 | |||||
Amount | $ 279 | |||||
Dividends declared per share | $ 0.138829 | $ 0.515752 | ||||
Conversion feature | Series 33 | Series 33 | ||||
Series 33 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 5,184,345 | |||||
Amount | $ 130 | |||||
Dividends declared per share | $ 0.100614 | $ 0.579323 | ||||
Conversion feature | Series 32 | Series 32 | ||||
Series 34 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 14,000,000 | |||||
Amount | $ 350 | |||||
Dividends declared per share | $ 0.687500 | $ 1.375000 | ||||
Conversion feature | Series 35 | Series 35 | ||||
Series 36 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 20,000,000 | |||||
Amount | $ 500 | |||||
Dividends declared per share | $ 1.031250 | $ 1.375000 | ||||
Conversion feature | Series 37 | Series 37 | ||||
Series 38 preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 20,000,000 | 20,000,000 | ||||
Amount | $ 500 | $ 500 | ||||
Dividends declared per share | $ 1.212500 | $ 1.212500 | ||||
Conversion feature | Series 39 | Series 39 | ||||
Series 40 preferred stock [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 12,000,000 | 12,000,000 | ||||
Amount | $ 300 | $ 300 | ||||
Dividends declared per share | $ 1.212500 | $ 1.212500 | ||||
Conversion feature | Series 41 | Series 41 | ||||
Preference shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares | 32,000,000 | 82,345,767 | ||||
Amount | $ 800 | $ 2,059 | ||||
Series 32 Non-cumulative preferred shares issued on February one two thousand eleven [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
First issue date | Feb. 28, 2011 | |||||
Issue price | $ 25 | |||||
Initial dividend | $ 0.009891 | $ 0.215410 | ||||
Initial dividend payment date | Apr. 27, 2011 | |||||
Rate reset spread | 1.34% | |||||
Redemption date | February 2, 2021 | |||||
Redemption price | $ 25 | |||||
Series 33 non-cumulative preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
First issue date | Feb. 2, 2016 | |||||
Issue price | $ 25 | |||||
Initial dividend | $ 0.006976 | $ 0.105690 | ||||
Initial dividend payment date | Apr. 27, 2016 | |||||
Rate reset spread | 1.34% | |||||
Redemption price | $ 25 | |||||
Series 33 non-cumulative preferred shares [member] | Bottom of range [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Redemption date | February 2, 2021 | |||||
Series 34 non-cumulative preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
First issue date | Dec. 17, 2015 | |||||
Issue price | $ 25 | |||||
Initial dividend | $ 0.343750 | $ 0.497300 | ||||
Initial dividend payment date | Apr. 27, 2016 | |||||
Rate reset spread | 4.51% | |||||
Redemption date | April 26, 2021 | |||||
Redemption price | $ 25 | |||||
Series 36 non-cumulative preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
First issue date | Mar. 14, 2016 | |||||
Issue price | $ 25 | |||||
Initial dividend | $ 0.343750 | $ 0.508600 | ||||
Initial dividend payment date | Jul. 27, 2016 | |||||
Rate reset spread | 4.72% | |||||
Redemption date | July 26, 2021 | |||||
Redemption price | $ 25 | |||||
Series 38 non-cumulative preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
First issue date | Sep. 16, 2016 | |||||
Issue price | $ 25 | |||||
Initial dividend | $ 0.441800 | |||||
Initial dividend payment date | Jan. 27, 2017 | |||||
Rate reset spread | 4.19% | |||||
Redemption date | January 27, 2022 | |||||
Redemption price | $ 25 | |||||
Series 40 non-cumulative preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
First issue date | Oct. 12, 2018 | |||||
Issue price | $ 25 | |||||
Initial dividend | $ 0.362100 | |||||
Initial dividend payment date | Jan. 29, 2019 | |||||
Rate reset spread | 2.43% | |||||
Redemption date | January 27, 2024 | |||||
Redemption price | $ 25 |
Common and Preferred Shares -_4
Common and Preferred Shares - Schedule of Preferred Shares (Detail) (Parenthetical) (Detail) - $ / shares | Jul. 26, 2021 | Jun. 01, 2021 | Feb. 23, 2021 | Feb. 02, 2021 | Jan. 26, 2021 | Apr. 26, 2020 | Oct. 31, 2021 |
Disclosure of classes of share capital [line items] | |||||||
Preferred shares issuable upon election notice received | 1,000,000 | ||||||
Noncumulative Preferred Stock [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Dividends payable nature | quarterly | ||||||
Dividends rate reset period | 5-Year | ||||||
Shares issued price per share | $ 25 | ||||||
Non viability contingent capital preferred stock [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Dividends rate reset period | 5-Year | ||||||
Outstanding noncumulative preferred stock [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Dividends payable nature | quarterly | ||||||
Dividends rate reset period | 5-Year | ||||||
Shares issued price per share | $ 25 | ||||||
Series 31 non-cumulative preferred shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Initial dividend | $ 0.331828 | ||||||
Series 30 non-cumulative preferred shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Initial dividend | 0.227500 | ||||||
Series 32 Non-cumulative preferred shares issued on February one two thousand eleven [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares issued price per share | $ 25 | ||||||
Initial dividend | $ 0.009891 | 0.215410 | |||||
Series 33 non-cumulative preferred shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares issued price per share | $ 25 | ||||||
Initial dividend | $ 0.006976 | 0.105690 | |||||
Series 34 non-cumulative preferred shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares issued price per share | $ 25 | ||||||
Initial dividend | $ 0.343750 | 0.497300 | |||||
Series 36 non-cumulative preferred shares [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares issued price per share | $ 25 | ||||||
Initial dividend | $ 0.343750 | $ 0.508600 |
Common and Preferred Shares - O
Common and Preferred Shares - Other equity instruments (Detail) $ / shares in Thousands, $ / shares in Thousands, $ in Millions, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2021CAD ($)$ / shares | Oct. 12, 2022CAD ($) | Oct. 12, 2022USD ($) | Oct. 31, 2021USD ($)$ / shares | Oct. 31, 2020CAD ($) | Oct. 31, 2020$ / shares | |
Disclosure of classes of share capital [line items] | ||||||
Total other equity instruments | $ 5,252 | $ 3,249 | ||||
Limited Recourse Capital Notes One [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Other equity instruments first issue date | Jun. 15, 2021 | |||||
Other equity instruments Notional Amount | $ 1,250 | |||||
Interest rate | 3.70% | |||||
Payment frequency | Quarterly | |||||
Other equity instruments interest per annum after reset date | GOC +2.761% | |||||
Interest rate after reset | 2.761% | |||||
Redemption frequency after reset | Every five years | |||||
Total other equity instruments | $ 1,250 | |||||
Distributions paid per note | $ / shares | $ 13,510 | |||||
Limited Recourse Capital Notes Two [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Other equity instruments first issue date | Oct. 7, 2021 | |||||
Other equity instruments Notional Amount | $ 600 | |||||
Interest rate | 3.625% | |||||
Payment frequency | Quarterly | |||||
Other equity instruments interest per annum after reset date | UST +2.613% | |||||
Interest rate after reset | 2.613% | |||||
Redemption frequency after reset | Quarterly | |||||
Total other equity instruments | $ 753 | |||||
Additional Tier1 capital instruments One [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Other equity instruments first issue date | Oct. 12, 2017 | |||||
Other equity instruments Notional Amount | $ 1,560 | $ 1,250 | $ 1,250 | |||
Interest rate | 4.65% | |||||
Payment frequency | Semi- annually | |||||
Other equity instruments interest per annum after reset date | LIBOR +2.648% | |||||
Interest rate after reset | 2.648% | |||||
Redemption frequency after reset | Quarterly | |||||
Total other equity instruments | $ 1,560 | 1,560 | ||||
Distributions paid per note | $ / shares | $ 46,500 | $ 46,500 | ||||
Additional Tier1 capital instruments Two [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Other equity instruments first issue date | Jun. 4, 2020 | |||||
Other equity instruments Notional Amount | $ 1,250 | |||||
Interest rate | 4.90% | |||||
Payment frequency | Quarterly | |||||
Other equity instruments interest per annum after reset date | UST +4.551% | |||||
Interest rate after reset | 4.551% | |||||
Redemption frequency after reset | Every five years | |||||
Total other equity instruments | $ 1,689 | $ 1,689 | ||||
Distributions paid per note | $ / shares | $ 49,000 | $ 12,250 |
Common and Preferred Shares -_5
Common and Preferred Shares - Other equity instruments (Parenthetical) (Detail) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions | Oct. 07, 2021Per_Series | Jun. 15, 2021Per_Series | Oct. 31, 2021CAD ($)$ / shares | Oct. 31, 2021USD ($)$ / shares |
Disclosure of classes of share capital [line items] | ||||
Per Share Amount Of Other Equity Instruments On The Basis Of Which Distribution Is Made | (per share) | $ 1,000 | $ 1,000 | ||
Series One Additional Tier One Capital Instruments [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Other Equity Instruments Notional Amount | $ 1,250 | |||
Price per note | Per_Series | 1,000 | |||
Series Two Additional Tier One Capital Instruments [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Other Equity Instruments Notional Amount | $ 600 | |||
Price per note | Per_Series | 1,000 | |||
Limited Recourse Capital Notes One [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Notes and debentures issued | $ 1,250 | |||
Borrowings, interest rate | 3.70% | 3.70% | ||
Other Equity Instruments Notional Amount | $ 1,250 | |||
Limited Recourse Capital Notes Two [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Notes and debentures issued | $ 600 | |||
Borrowings, interest rate | 3.625% | 3.625% | ||
Other Equity Instruments Notional Amount | $ 600 | |||
Limited Recourse Capital Notes [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of business days restricted on non payment of cash in interest | 5 days |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Disclosure of regulatory capital [Abstract] | |
Minimum capital adequate ratio for Common Equity Tier 1 Capital | 7.00% |
Minimum capital adequate ratio for Tier 1 Capital | 8.50% |
Minimum capital adequate ratio for regulatory capital | 10.50% |
Increase in minimum capital ratio requirements across all tiers of capital | 1.00% |
Domestic Stability Buffer | 2.50% |
Common Equity Tier 1 Capital percentage | 10.50% |
Tier 1 capital ratio | 12.00% |
Total capital ratio | 14.00% |
Minimum material operating buffer percentage | 3.00% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Capital | ||
Common Equity Tier 1 Capital | $ 51,010 | $ 49,165 |
Net Tier 1 Capital | 57,915 | 55,362 |
Total regulatory capital | 66,101 | 64,512 |
Risk-weighted assets/exposures used in calculation of capital ratios | ||
Risk-weighted assets | 416,105 | 417,138 |
Leverage exposures | $ 1,201,766 | $ 1,170,290 |
Capital ratios | ||
Common Equity Tier 1 Capital ratio | 12.30% | 11.80% |
Tier 1 capital ratio | 13.90% | 13.30% |
Total capital ratio | 15.90% | 15.50% |
Leverage ratio | 4.80% | 4.70% |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) shares in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2021CAD ($)dshares | Oct. 31, 2020CAD ($) | Oct. 31, 2019 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock options, exercisable period | 10 years | ||
Number of business days extended | d | 10 | ||
Common shares [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares held under employee ownership plan | 18,000,000 | 17,000,000 | |
Share based compensations award tranche one [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 50.00% | ||
Share based compensations award tranche two [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 50.00% | ||
Employee stock options [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares reserved for future issuance | shares | 129 | ||
Common shares issued as a result of the exercise of options | shares | 115 | ||
Outstanding options | 10,000,000 | ||
Available for issuance as options | shares | 4 | ||
Common shares held under employee ownership plan | 10,458,000 | 11,792,000 | 11,509,000 |
Other reserves for vested stock options recorded in equity | $ 111 | $ 130 | |
Weighted-average period recognition | 2 years 7 days | 2 years 3 days | |
SARs shares granted | 1,876,000 | 1,594,000 | |
Employee stock options [member] | Salaries and employee benefits [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense | $ 7 | $ 6 | |
Stock Appreciation Rights [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares held under employee ownership plan | 578,643 | 704,439 | |
Share-based payment liability recognized for vested awards | $ 7 | $ 2 | |
Intrinsic value of liability recognized for vested SARs | 7 | ||
Gain\benefit | 1 | 3 | |
Net gains (losses) arising from derivatives | 12 | 5 | |
Future unrecognized compensation cost for non-vested stock options | $ 6 | $ 4 | |
SARs shares granted | 90,392 | 83,050 | |
SARs shares vested | 571,575 | 698,533 | |
Other share-based payment plans [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payment liability recognized for vested awards | $ 887 | $ 534 | |
Compensation expense | 218 | 294 | |
Net gains (loss) arising from derivatives | $ 306 | $ (180) | |
Deferred stock unit plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 1,496,911 | 1,239,755 | |
Number of units vested | 1,095,062 | 762,568 | |
Directors' deferred stock unit plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 245,138 | 253,960 | |
Restricted share unit plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 4,342,698 | 3,641,678 | |
Number of units vested | 2,929,298 | 2,571,388 | |
Performance Share Unit Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share based units outstanding | 8,693,704 | 7,786,944 | |
Number of share based units vested | 6,467,053 | 5,982,171 | |
Deferred performance plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 0 | 168,580 | |
Employee Stock Ownership Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense | $ 74 | $ 71 | |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding options expiration date | Dec. 5, 2021 | ||
Bottom of range [member] | Employee Stock Ownership Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of employer matching contribution | 50.00% | ||
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding options expiration date | Dec. 10, 2030 | ||
Top of range [member] | Employee Stock Ownership Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Percentage of employer matching contribution | 60.00% |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Weighted-average Assumptions Used for Determination of Fair Values of Tandem SARs and SARs (Detail) - Stock appreciation rights and tandem stock appreciation rights [member] | 12 Months Ended | |
Oct. 31, 2021yr$ / shares | Oct. 31, 2020yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.34% | 6.30% |
Weighted-average fair value | $ / shares | $ 14.46 | $ 2.78 |
Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate% | 0.59% | 0.25% |
Expected price volatility | 15.12% | 21.30% |
Expected life of option | 0 | 0 |
Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate% | 1.53% | 0.45% |
Expected price volatility | 23.51% | 31.40% |
Expected life of option | 6.12 | 6.10 |
Share-Based Payments - Schedu_2
Share-Based Payments - Schedule of Weighted-average Assumptions Used for Determination of Fair Values of Stock Options (Detail) | 12 Months Ended | |
Oct. 31, 2021yr$ / shares | Oct. 31, 2020yr$ / shares | |
Two thousand and twenty one stock options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate % | 0.58% | |
Expected dividend yield | 5.10% | |
Expected price volatility | 19.41% | |
Expected life of option | yr | 6.8 | |
Weighted-average fair value | $ / shares | $ 4.60 | |
Two thousand and twenty stock options [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate % | 1.61% | |
Expected dividend yield | 4.55% | |
Expected price volatility | 13.37% | |
Expected life of option | yr | 6.7 | |
Weighted-average fair value | $ / shares | $ 3.81 |
Share-Based Payments - Schedu_3
Share-Based Payments - Schedule of Bank's Employee Stock Option Plan (Detail) - Employee stock options [member] shares in Thousands, Unit_pure in Thousands | 12 Months Ended | |
Oct. 31, 2021$ / sharesshares | Oct. 31, 2020$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options, outstanding at beginning of year | 11,792 | 11,509 |
Number of options, granted | 1,876 | 1,594 |
Number of options, exercised | (3,016) | (942) |
Number of options, exercised as Tandem SARs | (59) | (37) |
Forfeited | (127) | (293) |
Number of options, expired | (8) | (39) |
Number of options, outstanding at end of year | 10,458 | 11,792 |
Exercisable at end of year | 5,252 | 7,337 |
Number of options, available for grant | shares | 3,945 | 5,628 |
Weighted average exercise price, outstanding at beginning of year | $ 66.44 | $ 64.35 |
Weighted average exercise price, granted | 74.34 | 74.34 |
Weighted average exercise price, exercised as options | 53.50 | 53.50 |
Weighted average exercise price, exercised as Tandem SARs | 61.30 | 61.30 |
Weighted average exercise price, forfeited | 70.23 | 70.23 |
Weighted average exercise price, expired | 61.55 | 61.55 |
Weighted average exercise price, outstanding at end of year | 69.08 | 66.44 |
Weighted average exercise price, exercisable at end of year | $ 65.85 | $ 61.08 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Bank's Employee Stock Option Plan Outstanding and Exercisable by Range of Exercise Price (Detail) - Employee stock options [member] Unit_pure in Thousands | 12 Months Ended | ||
Oct. 31, 2021$ / shares | Oct. 31, 2020$ / shares | Oct. 31, 2019$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock, options outstanding | 10,458 | 11,792 | 11,509 |
Weighted average remaining contractual life, options outstanding | 5 years 5 months 19 days | ||
Weighted average exercise price, options outstanding | $ 69.08 | $ 66.44 | $ 64.35 |
Number of stock, option exercisable | 5,252 | 7,337 | |
Weighted average exercise price, option exercisable | $ 65.85 | $ 61.08 | |
Ranges of exercise prices for outstanding share options one [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock, options outstanding | 267 | ||
Weighted average remaining contractual life, options outstanding | 1 month 6 days | ||
Weighted average exercise price, options outstanding | $ 49.93 | ||
Number of stock, option exercisable | 267 | ||
Weighted average exercise price, option exercisable | $ 49.93 | ||
Ranges of exercise prices for outstanding share options Two [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock, options outstanding | 2,598 | ||
Weighted average remaining contractual life, options outstanding | 2 years 3 months 29 days | ||
Weighted average exercise price, options outstanding | $ 60.60 | ||
Number of stock, option exercisable | 2,598 | ||
Weighted average exercise price, option exercisable | $ 60.60 | ||
Ranges of exercise prices for outstanding share options three [member] | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock, options outstanding | 7,593 | ||
Weighted average remaining contractual life, options outstanding | 6 years 8 months 23 days | ||
Weighted average exercise price, options outstanding | $ 72.66 | ||
Number of stock, option exercisable | 2,387 | ||
Weighted average exercise price, option exercisable | $ 73.35 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Bank's Employee Stock Option Plan Outstanding and Exercisable by Range of Exercise Price (Parenthetical) (Detail) | Oct. 31, 2021$ / shares | Oct. 31, 2020 |
Options under hollis wealth plans [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Outstanding other equity instrument | 0 | 10,000 |
Ranges of exercise prices for outstanding share options one [member] | Bottom of range [member] | Employee stock options [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Options outstanding, exercise price | $ 49.93 | |
Ranges of exercise prices for outstanding share options one [member] | Top of range [member] | Employee stock options [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Options outstanding, exercise price | 55.21 | |
Ranges of exercise prices for outstanding share options Two [member] | Bottom of range [member] | Employee stock options [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Options outstanding, exercise price | 55.63 | |
Ranges of exercise prices for outstanding share options Two [member] | Top of range [member] | Employee stock options [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Options outstanding, exercise price | 66.67 | |
Ranges of exercise prices for outstanding share options three [member] | Bottom of range [member] | Employee stock options [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Options outstanding, exercise price | 63.98 | |
Ranges of exercise prices for outstanding share options three [member] | Top of range [member] | Employee stock options [member] | ||
Disclosure of range of exercise prices of outstanding share options [line items] | ||
Options outstanding, exercise price | $ 81.81 |
Corporate Income Taxes - Compon
Corporate Income Taxes - Components of Income Tax Provision (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Current income taxes: | |||
Current tax expense income and adjustments for current tax of prior periods | $ 2,604 | $ 2,212 | $ 2,141 |
Deferred income taxes: | |||
Deferred tax expense income | 267 | (669) | 331 |
Total income taxes and effective tax rate | 2,871 | 1,543 | 2,472 |
Provision for income taxes in the Consolidated Statement of Changes in Equity: | |||
Current income taxes | 435 | 149 | (108) |
Deferred income taxes | (100) | (212) | 60 |
Total provision for income taxes in the Consolidated Statement of Changes in Equity | 335 | (63) | (48) |
Total provision for income taxes | 3,206 | 1,480 | 2,424 |
Deferred tax expense (benefit) relating to origination/reversal of temporary differences | 269 | (672) | 329 |
Deferred tax expense (benefit) of tax rate changes | (2) | 3 | 2 |
Deferred tax expense income recognised in profit or loss | 267 | (669) | 331 |
Retained earnings [member] | |||
Provision for income taxes in the Consolidated Statement of Changes in Equity: | |||
Total provision for income taxes in the Consolidated Statement of Changes in Equity | (6) | (18) | |
Other reserves [member] | |||
Provision for income taxes in the Consolidated Statement of Changes in Equity: | |||
Total provision for income taxes in the Consolidated Statement of Changes in Equity | 3 | ||
Recognized in other comprehensive income [Member] | |||
Provision for income taxes in the Consolidated Statement of Changes in Equity: | |||
Total provision for income taxes in the Consolidated Statement of Changes in Equity | 341 | (63) | (33) |
Canada [member] | |||
Current income taxes: | |||
Federal | 1,105 | 635 | 525 |
Provincial | 824 | 529 | 444 |
Adjustments related to prior periods | (27) | (29) | 5 |
Deferred income taxes: | |||
Federal | 32 | (159) | 174 |
Provincial | 8 | (97) | 103 |
International [member] | |||
Current income taxes: | |||
Foreign | 726 | 1,053 | 1,215 |
Adjustments related to prior periods | (24) | 24 | (48) |
Deferred income taxes: | |||
Foreign | $ 227 | $ (413) | $ 54 |
Corporate Income Taxes- Reconci
Corporate Income Taxes- Reconciliation of Statutory Rate (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Income taxes at Canadian statutory rate | $ 3,364 | $ 2,209 | $ 2,983 |
Lower average tax rate applicable to subsidiaries and foreign branches | (245) | (489) | (300) |
Tax-exempt income from securities | (236) | (207) | (221) |
Deferred income tax effect of substantively enacted tax rate changes | (2) | 3 | 2 |
Other, net | (10) | 27 | 8 |
Total income taxes and effective tax rate | $ 2,871 | $ 1,543 | $ 2,472 |
Income taxes at Canadian statutory rate | 26.20% | 26.30% | 26.50% |
Lower average tax rate applicable to subsidiaries and foreign branches | (1.90%) | (5.80%) | (2.70%) |
Tax-exempt income from securities | (1.80%) | (2.40%) | (2.00%) |
Other, net | (0.10%) | 0.30% | 0.10% |
Total income taxes and effective tax rate | 22.40% | 18.40% | 21.90% |
Corporate Income Taxes- Signifi
Corporate Income Taxes- Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | $ 267 | $ (669) | $ 331 |
Deferred tax assets | 4,387 | 5,134 | |
Deferred tax liabilities | 3,485 | 4,022 | |
Net deferred tax assets (liabilities) | 902 | 1,112 | $ 263 |
Deferred tax assets tax loss carry forwards [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 52 | 60 | |
Deferred tax assets | 174 | 226 | |
Deferred tax assets allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 405 | (718) | |
Deferred tax assets | 922 | 1,380 | |
Deferred tax assets deferred compensation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (77) | 44 | |
Deferred tax assets | 241 | 164 | |
Deferred tax assets deferred income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 88 | 112 | |
Deferred tax assets | 254 | 352 | |
Deferred Tax Asset Property And Equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (106) | (35) | |
Deferred tax assets | 364 | 368 | |
Deferred tax assets pension and other postretirement benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (28) | (52) | |
Deferred tax assets | 522 | 980 | |
Deferred tax assets securities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (21) | (26) | |
Deferred tax assets | 323 | 187 | |
Deferred tax assets lease liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 59 | 49 | |
Deferred tax assets | 875 | 827 | |
Deferred tax assets other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (119) | (78) | |
Deferred tax assets | 663 | 650 | |
Deferred tax liabilities cash flow hedges [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | 49 | ||
Deferred tax liabilities | 34 | 360 | |
Deferred tax liabilities compensation [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (16) | (25) | |
Deferred tax liabilities | 131 | 121 | |
Deferred tax liabilities deferred income [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (8) | (15) | |
Deferred tax liabilities | 14 | 15 | |
Deferred tax liability property and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 94 | 158 | |
Deferred tax liabilities | 808 | 849 | |
Deferred tax liabilities pension and other post-retirement benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (9) | (7) | |
Deferred tax liabilities | 97 | 90 | |
Deferred tax liabilities securities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 14 | (40) | |
Deferred tax liabilities | 179 | 201 | |
Deferred tax liabilities invesment in subsidiaries [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (40) | 82 | |
Deferred tax liabilities | 122 | 98 | |
Deferred tax liabilities intangible assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 53 | (1) | |
Deferred tax liabilities | 1,774 | 1,837 | |
Deferred tax liabilities others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | (102) | (127) | |
Deferred tax liabilities | 326 | 451 | |
Deferred tax assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | 253 | (644) | |
Deferred tax liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) for the year recorded in income | $ (14) | $ 25 |
Corporate Income Taxes- Signi_2
Corporate Income Taxes- Significant Components of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Deferred tax assets and liabilities [abstract] | |||
Net deferred tax assets | $ 902 | $ 1,112 | $ 263 |
Deferred tax assets | 2,051 | 2,185 | |
Deferred tax liabilities | $ 1,149 | $ 1,073 |
Corporate Income Taxes-Changes
Corporate Income Taxes-Changes to Net Deferred Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Reconciliation of changes in deferred tax liability (asset) [abstract] | |||
Beginning balance | $ 1,112 | $ 263 | |
Deferred tax benefit (expense) for the year recorded in income | (267) | 669 | $ (331) |
Deferred tax benefit (expense) for the year recorded in equity | 100 | 212 | (60) |
Disposed in divestitures | 9 | ||
Other | (43) | (41) | |
Ending balance | $ 902 | $ 1,112 | $ 263 |
Corporate Income Taxes- Additio
Corporate Income Taxes- Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Nov. 30, 2021 | Jun. 30, 2020 | |
Disclosure Of Income Taxes [Line Items] | ||||
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | $ 24 | $ 15 | ||
Unrecognized losses | 24 | |||
Deferred tax asset tax benefit recognized in certain Canadian and foreign subsidiaries that have incurred loss | 164 | 177 | ||
Amount of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures for which deferred tax liabilities have not been recognized | 34,000 | $ 35,000 | $ 149 | |
2011 taxation year [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Reassessed tax by Canada Revenue Agency | 1,025 | |||
2014 taxation year [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Reassessed tax by Canada Revenue Agency | $ 176 | |||
Year Two Thousand Sixteen And Two Thousand And Seventeen [Member] | Relating To Securities Lending Transactions [Member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Contingent Liability Relating To Tax Withholding | 300 | |||
Year Two Thousand Fourteen And Two Thousand And Fifteen [Member] | Relating To Securities Lending Transactions [Member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Contingent Liability Relating To Tax Withholding | 173 | |||
2021 [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Unrecognized losses | 23 | |||
2023 [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Unrecognized losses | $ 1 |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Relative Size of Plan Obligation and Assets (Detail) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
SPP [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of total benefit obligations | 72.00% | 72.00% |
Percentage of total plan assets | 75.00% | 72.00% |
Percentage of total benefit expense | 78.00% | 78.00% |
Other Pension Plans [Member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of total benefit obligations | 15.00% | 15.00% |
Percentage of total plan assets | 10.00% | 10.00% |
Percentage of total benefit expense | 21.00% | 20.00% |
Pension plans [member] | International [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of total benefit obligations | 13.00% | 13.00% |
Percentage of total plan assets | 15.00% | 18.00% |
Percentage of total benefit expense | 1.00% | 2.00% |
Other benefit plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of total benefit obligations | 56.00% | 56.00% |
Percentage of total plan assets | 0.00% | 0.00% |
Percentage of total benefit expense | 31.00% | 36.00% |
Other benefit plans [member] | International [member] | ||
Disclosure of defined benefit plans [line items] | ||
Percentage of total benefit obligations | 44.00% | 44.00% |
Percentage of total plan assets | 100.00% | 100.00% |
Percentage of total benefit expense | 69.00% | 64.00% |
Employee Benefits - Summary of
Employee Benefits - Summary of Cash Contributions and Payments made by Bank to Principal Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | $ 581 | $ 519 | $ 396 |
SPP [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 320 | 218 | 196 |
All other plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 85 | 158 | 53 |
Other benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 73 | 53 | 78 |
Defined contribution pension and other benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | $ 103 | $ 90 | $ 69 |
Employee Benefits - Summary o_2
Employee Benefits - Summary of Cash Contributions and Payments made by Bank to Principal Plans (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2021CAD ($) | |
SPP [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | $ 295 |
All other plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | 76 |
Other benefit plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | 65 |
Defined contribution pension and other benefit plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | $ 114 |
Employee Benefits - Summary o_3
Employee Benefits - Summary of Excess (deficit) of Fair Value of Assets Over Benefit Obligation for wholly Unfunded Plans and Wholly or Partly Funded Plans (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Excess (deficit) of fair value of assets over total benefit obligation | $ (120) | $ (1,808) | $ (1,268) |
Effect of asset limitation and minimum funding requirement | (85) | (134) | (2) |
Net asset (liability) at end of year | (205) | (1,942) | (1,270) |
Pension plans [member] | Unfunded plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Benefit obligation | 438 | 476 | 459 |
Pension plans [member] | Wholly Funded and Partly Funded Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Benefit obligation | 9,146 | 9,873 | 9,248 |
Fair value of assets | 9,464 | 8,541 | 8,439 |
Excess (deficit) of fair value of assets over total benefit obligation | 318 | (1,332) | (809) |
Other benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Excess (deficit) of fair value of assets over total benefit obligation | (1,159) | (1,262) | (1,264) |
Net asset (liability) at end of year | (1,159) | (1,262) | (1,264) |
Other benefit plans [member] | Unfunded plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Benefit obligation | 1,058 | 1,139 | 1,157 |
Other benefit plans [member] | Wholly Funded and Partly Funded Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Benefit obligation | 244 | 281 | 300 |
Fair value of assets | 143 | 158 | 193 |
Excess (deficit) of fair value of assets over total benefit obligation | $ (101) | $ (123) | $ (107) |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Financial Information related to Principal Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Employer contributions | $ (581) | $ (519) | $ (396) |
Pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,942) | (1,270) | |
Excess (deficit) of fair value of assets over benefit obligation at end of year | 120 | 1,808 | 1,268 |
Effect of asset limitation and minimum funding requirement | (85) | (134) | (2) |
End of year | (205) | (1,942) | (1,270) |
Pension plans [member] | Change in Benefit Obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 10,349 | 9,707 | 8,268 |
Current service cost | 339 | 369 | 291 |
Net interest expense (income) | 269 | 290 | 331 |
Employee contributions | 24 | 26 | 25 |
Benefits paid | (450) | (467) | (770) |
Past service cost | 37 | 7 | |
Business acquisition | 2 | (4) | |
Settlements | (34) | (115) | (2) |
Foreign exchange | (95) | 8 | (29) |
Actuarial loss (gain) on benefit obligation | (857) | 531 | 1,590 |
End of year | 9,584 | 10,349 | 9,707 |
Pension plans [member] | Changes in Fair Value [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 8,541 | 8,439 | 8,037 |
Net interest expense (income) | 257 | 268 | 331 |
Actual return on assets (net of administrative expenses) | 854 | 46 | 634 |
Employer contributions | 405 | 376 | 249 |
Employee contributions | 24 | 26 | 25 |
Benefits paid | (450) | (467) | (770) |
Administrative expenses | (16) | (14) | (17) |
Settlements | (34) | (105) | (2) |
Foreign exchange | (117) | (28) | (48) |
End of year | 9,464 | 8,541 | 8,439 |
Pension plans [member] | Funded Status [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,942) | (1,270) | |
Excess (deficit) of fair value of assets over benefit obligation at end of year | (120) | (1,808) | (1,268) |
Effect of asset limitation and minimum funding requirement | (85) | (134) | (2) |
End of year | (205) | (1,942) | (1,270) |
Pension plans [member] | Funded Status [Member] | Other assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 260 | 422 | |
End of year | 456 | 260 | 422 |
Pension plans [member] | Funded Status [Member] | Other liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (2,202) | (1,692) | |
End of year | (661) | (2,202) | (1,692) |
Pension plans [member] | Annual Benefit Expense [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 339 | 369 | 291 |
Net interest expense (income) | 23 | 22 | |
Administrative expenses | 14 | 17 | 14 |
Past service cost | 37 | 7 | |
Amount of settlement (gain) loss recognized | (10) | ||
Benefit expense (income) recorded in the Consolidated Statement of Income | 413 | 398 | 312 |
Defined contribution benefit expense | 102 | 89 | 66 |
Pension plans [member] | Remeasurements [member] | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of other long-term benefits | (1,758) | 624 | 956 |
(Return) on plan assets in excess of interest income on fair value of assets | (854) | (46) | (634) |
Actuarial loss (gain) on benefit obligation | (857) | 531 | 1,590 |
Change in the asset limitation | (47) | 139 | |
Total benefit cost | (1,243) | 1,111 | 1,334 |
Pension plans [member] | Additional Details [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actual return on assets (net of administrative expenses) | 1,095 | 300 | 948 |
Actuarial (gains) and losses from changes in demographic assumptions | 8 | (65) | (5) |
Actuarial (gains) and losses from changes in financial assumptions | (973) | 524 | 1,496 |
Actuarial (gains) and losses from changes in experience | 108 | 72 | 99 |
In Scotiabank securities (stock, bonds) | 60 | 293 | 392 |
In property occupied by Scotiabank | 4 | 4 | 4 |
Pension plans [member] | Effect of asset ceiling [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 134 | 2 | 2 |
Net interest expense (income) | 11 | ||
Remeasurement of other long-term benefits | (47) | 139 | |
Foreign exchange | (13) | (7) | |
End of year | 85 | 134 | 2 |
Other benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,262) | (1,264) | |
Excess (deficit) of fair value of assets over benefit obligation at end of year | 1,159 | 1,262 | 1,264 |
Employer contributions | (73) | (53) | (78) |
End of year | (1,159) | (1,262) | (1,264) |
Other benefit plans [member] | Change in Benefit Obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 1,420 | 1,457 | 1,374 |
Current service cost | 24 | 28 | 26 |
Net interest expense (income) | 56 | 62 | 72 |
Benefits paid | (81) | (75) | (96) |
Past service cost | (1) | (7) | (9) |
Business acquisition | (2) | (6) | 1 |
Settlements | (14) | (45) | |
Foreign exchange | (37) | (22) | 14 |
Actuarial loss (gain) on benefit obligation | (63) | (17) | 120 |
End of year | 1,302 | 1,420 | 1,457 |
Other benefit plans [member] | Changes in Fair Value [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 158 | 193 | 240 |
Net interest expense (income) | 13 | 15 | 23 |
Actual return on assets (net of administrative expenses) | (13) | (16) | |
Employer contributions | 73 | 53 | 78 |
Benefits paid | (81) | (75) | (96) |
Settlements | (14) | (46) | |
Foreign exchange | (6) | (15) | 10 |
End of year | 143 | 158 | 193 |
Other benefit plans [member] | Funded Status [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,262) | (1,264) | |
Excess (deficit) of fair value of assets over benefit obligation at end of year | (1,159) | (1,262) | (1,264) |
End of year | (1,159) | (1,262) | (1,264) |
Other benefit plans [member] | Funded Status [Member] | Other liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,262) | (1,264) | |
End of year | (1,159) | (1,262) | (1,264) |
Other benefit plans [member] | Annual Benefit Expense [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 24 | 28 | 26 |
Net interest expense (income) | 43 | 47 | 49 |
Past service cost | (1) | (7) | (9) |
Amount of settlement (gain) loss recognized | 1 | ||
Remeasurement of other long-term benefits | (6) | (5) | |
Benefit expense (income) recorded in the Consolidated Statement of Income | 60 | 68 | 62 |
Defined contribution benefit expense | 1 | 1 | 3 |
Other benefit plans [member] | Remeasurements [member] | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of other long-term benefits | (57) | (4) | 141 |
(Return) on plan assets in excess of interest income on fair value of assets | 13 | 17 | |
Actuarial loss (gain) on benefit obligation | (57) | (17) | 124 |
Total benefit cost | 4 | 65 | 206 |
Other benefit plans [member] | Additional Details [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actual return on assets (net of administrative expenses) | 13 | 2 | 7 |
Actuarial (gains) and losses from changes in demographic assumptions | 8 | (53) | (35) |
Actuarial (gains) and losses from changes in financial assumptions | (63) | 49 | 150 |
Actuarial (gains) and losses from changes in experience | $ (8) | (13) | $ 5 |
In Scotiabank securities (stock, bonds) | $ 21 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of defined benefit plans [abstract] | |||
Weighted average duration of defined benefit obligation | 15 years | 15 years 10 months 24 days | 15 years 8 months 12 days |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Disaggregation of Defined Benefit Obligation (Detail) | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Pension plans [member] | Canada [member] | |||
Disclosure of defined benefit plans [line items] | |||
Active members | 53.00% | 55.00% | 53.00% |
Inactive and retired members | 47.00% | 45.00% | 47.00% |
Total | 100.00% | 100.00% | 100.00% |
Pension plans [member] | Mexico [member] | |||
Disclosure of defined benefit plans [line items] | |||
Active members | 21.00% | 25.00% | 25.00% |
Inactive and retired members | 79.00% | 75.00% | 75.00% |
Total | 100.00% | 100.00% | 100.00% |
Pension plans [member] | United States [member] | |||
Disclosure of defined benefit plans [line items] | |||
Active members | 45.00% | 40.00% | 42.00% |
Inactive and retired members | 55.00% | 60.00% | 58.00% |
Total | 100.00% | 100.00% | 100.00% |
Other benefit plans [member] | Canada [member] | |||
Disclosure of defined benefit plans [line items] | |||
Active members | 4.00% | 6.00% | 6.00% |
Inactive and retired members | 96.00% | 94.00% | 94.00% |
Total | 100.00% | 100.00% | 100.00% |
Other benefit plans [member] | Mexico [member] | |||
Disclosure of defined benefit plans [line items] | |||
Active members | 43.00% | 49.00% | 49.00% |
Inactive and retired members | 57.00% | 51.00% | 51.00% |
Total | 100.00% | 100.00% | 100.00% |
Other benefit plans [member] | United States [member] | |||
Disclosure of defined benefit plans [line items] | |||
Active members | 40.00% | 34.00% | 38.00% |
Inactive and retired members | 60.00% | 66.00% | 62.00% |
Total | 100.00% | 100.00% | 100.00% |
Employee Benefits -Summary of K
Employee Benefits -Summary of Key Weighted-Average Assumptions used by Bank for Measurement of Benefit Obligation and Benefit Expense for All of Bank's Principal Plans (Detail) | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Pension plans [member] | Canada [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.5 | 23.4 | 23.4 |
Pension plans [member] | Canada [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24.6 | 24.5 | 24.5 |
Pension plans [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24.4 | 24.4 | 24.3 |
Pension plans [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 25.5 | 25.4 | 25.3 |
Pension plans [member] | Mexico [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 21.5 | 21.3 | 21.3 |
Pension plans [member] | Mexico [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.9 | 23.8 | 23.8 |
Pension plans [member] | Mexico [member] | Currently aged 45 and retiring at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 21.6 | 21.7 | 21.7 |
Pension plans [member] | Mexico [member] | Currently aged 45 and retiring at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24 | 24 | 24 |
Pension plans [member] | United States [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 21.8 | 21.7 | 21.9 |
Pension plans [member] | United States [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.3 | 23.1 | 23.3 |
Pension plans [member] | United States [member] | Currently aged 45 and retiring at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.2 | 23.1 | 23.4 |
Pension plans [member] | United States [member] | Currently aged 45 and retiring at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24.6 | 24.5 | 24.9 |
Pension plans [member] | Actuarial assumption of discount rates for all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.73% | 3.08% | 3.32% |
Pension plans [member] | Actuarial assumption of discount rates for canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.50% | 2.80% | 3.10% |
Pension plans [member] | Actuarial assumption of discount rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.97% | 2.74% | 2.70% |
Rate of increase in future compensation | 2.74% | 2.70% | 2.80% |
Pension plans [member] | Actuarial assumption of discount rates for defined benefit obligations of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.30% | 3.32% | 4.35% |
Pension plans [member] | Actuarial assumption of discount rates for net interest cost of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.78% | 3.06% | 4.09% |
Pension plans [member] | Actuarial assumption of discount rates for service cost of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.45% | 3.38% | 4.41% |
Pension plans [member] | Actuarial assumption of discount rates for interest on service cost of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.96% | 3.20% | 4.14% |
Pension plans [member] | Actuarial assumption of discount rates for defined benefit obligations of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.05% | 3.10% | 4.10% |
Pension plans [member] | Actuarial assumption of discount rates for net interest cost of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.47% | 2.80% | 3.80% |
Pension plans [member] | Actuarial assumption of discount rates for service cost of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.16% | 3.10% | 4.10% |
Pension plans [member] | Actuarial assumption of discount rates for interest on service cost of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.65% | 2.90% | 3.80% |
Other benefit plans [member] | Canada [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.5 | 23.4 | 23.4 |
Other benefit plans [member] | Canada [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24.6 | 24.5 | 24.5 |
Other benefit plans [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24.4 | 24.4 | 24.3 |
Other benefit plans [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 25.5 | 25.4 | 25.3 |
Other benefit plans [member] | Mexico [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 21.5 | 21.3 | 21.3 |
Other benefit plans [member] | Mexico [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.9 | 23.8 | 23.8 |
Other benefit plans [member] | Mexico [member] | Currently aged 45 and retiring at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 21.6 | 21.7 | 21.7 |
Other benefit plans [member] | Mexico [member] | Currently aged 45 and retiring at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24 | 24 | 24 |
Other benefit plans [member] | United States [member] | Retiring currently at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 21.8 | 21.7 | 21.9 |
Other benefit plans [member] | United States [member] | Retiring currently at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.3 | 23.1 | 23.3 |
Other benefit plans [member] | United States [member] | Currently aged 45 and retiring at age 65 [member] | Male [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 23.2 | 23.1 | 23.4 |
Other benefit plans [member] | United States [member] | Currently aged 45 and retiring at age 65 [member] | Female [member] | |||
Disclosure of defined benefit plans [line items] | |||
Life expectancy for members | 24.6 | 24.5 | 24.9 |
Other benefit plans [member] | Actuarial assumption of discount rates for all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 4.94% | 4.44% | 4.71% |
Other benefit plans [member] | Actuarial assumption of discount rates for canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.28% | 2.57% | 2.98% |
Other benefit plans [member] | Actuarial assumption of discount rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 4.30% | 4.31% | 3.86% |
Rate of increase in future compensation | 4.31% | 3.86% | 3.83% |
Other benefit plans [member] | Actuarial assumption of discount rates for defined benefit obligations of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 4.44% | 4.71% | 5.54% |
Other benefit plans [member] | Actuarial assumption of discount rates for net interest cost of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 4.13% | 4.54% | 5.37% |
Other benefit plans [member] | Actuarial assumption of discount rates for service cost of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 4.71% | 4.83% | 5.78% |
Other benefit plans [member] | Actuarial assumption of discount rates for interest on service cost of all plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 4.54% | 4.72% | 5.67% |
Other benefit plans [member] | Actuarial assumption of discount rates for defined benefit obligations of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.57% | 2.98% | 3.96% |
Other benefit plans [member] | Actuarial assumption of discount rates for net interest cost of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.11% | 2.71% | 3.70% |
Other benefit plans [member] | Actuarial assumption of discount rates for service cost of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.94% | 3.08% | 4.07% |
Other benefit plans [member] | Actuarial assumption of discount rates for interest on service cost of canadian plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.66% | 2.89% | 3.88% |
Other benefit plans [member] | Actuarial assumption of medical cost trend initial rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Health care cost trend rates at end of year | 5.68% | 5.75% | 5.80% |
Other benefit plans [member] | Actuarial assumption of medical cost trend ultimate rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Health care cost trend rates at end of year | 4.75% | 4.72% | 4.69% |
Year ultimate rate reached | 2040 | 2040 | 2040 |
Employee Benifits - Summary of
Employee Benifits - Summary of Sensitivity Analysis of Key Assumptions (Detail) $ in Millions | Oct. 31, 2021CAD ($) |
Pension plans [member] | 1% Actuarial Assumption of Discount Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Decrease in assumption | $ 1,626 |
Decrease in assumption | 90 |
Pension plans [member] | 0.25% Actuarial Assumption of Expected Rates of Salary Increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 82 |
Increase in assumption | 5 |
Pension plans [member] | Canada [member] | 1 Year Actuarial Assumption of Life Expectancy Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 182 |
Increase in assumption | 10 |
Pension plans [member] | Mexico [member] | 1 Year Actuarial Assumption of Life Expectancy Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 3 |
Pension plans [member] | United States [member] | 1 Year Actuarial Assumption of Life Expectancy Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 4 |
Other benefit plans [member] | 1% Actuarial Assumption of Discount Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Decrease in assumption | 177 |
Decrease in assumption | 4 |
Other benefit plans [member] | 0.25% Actuarial Assumption of Expected Rates of Salary Increases [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 1 |
Other benefit plans [member] | 1% Actuarial Assumption of Medical Cost Trend Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 120 |
Decrease in assumption | (98) |
Increase in assumption | 12 |
Decrease in assumption | (9) |
Other benefit plans [member] | Canada [member] | 1 Year Actuarial Assumption of Life Expectancy Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 22 |
Increase in assumption | 1 |
Other benefit plans [member] | Mexico [member] | 1 Year Actuarial Assumption of Life Expectancy Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | 4 |
Other benefit plans [member] | United States [member] | 1 Year Actuarial Assumption of Life Expectancy Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Increase in assumption | $ 4 |
Employee Benifits - Summary o_2
Employee Benifits - Summary of weighted-average actual and target asset allocations (Detail) | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 100.00% | 100.00% | 100.00% |
Defined benefit plan target asset allocation | 100.00% | ||
Pension plans [member] | Cash and cash equivalents [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 4.00% | 2.00% | 3.00% |
Pension plans [member] | Equity securities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 45.00% | 39.00% | 43.00% |
Defined benefit plan target asset allocation | 42.00% | ||
Pension plans [member] | Equity securities [member] | Quote in an active market [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 34.00% | 29.00% | 33.00% |
Pension plans [member] | Equity securities [member] | Non quoted [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 11.00% | 10.00% | 10.00% |
Pension plans [member] | Fixed Income Investments 1 [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 41.00% | 46.00% | 43.00% |
Defined benefit plan target asset allocation | 44.00% | ||
Pension plans [member] | Fixed Income Investments 1 [Member] | Quote in an active market [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 6.00% | 5.00% | 13.00% |
Pension plans [member] | Fixed Income Investments 1 [Member] | Non quoted [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 35.00% | 41.00% | 30.00% |
Pension plans [member] | Investment property [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 1.00% | 1.00% | 1.00% |
Defined benefit plan target asset allocation | 1.00% | ||
Pension plans [member] | Investment property [member] | Non quoted [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 1.00% | 1.00% | 1.00% |
Pension plans [member] | Other securities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 9.00% | 12.00% | 10.00% |
Defined benefit plan target asset allocation | 13.00% | ||
Pension plans [member] | Other securities [member] | Quote in an active market [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 3.00% | ||
Pension plans [member] | Other securities [member] | Non quoted [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 9.00% | 9.00% | 10.00% |
Other benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 100.00% | 100.00% | 100.00% |
Defined benefit plan target asset allocation | 100.00% | ||
Other benefit plans [member] | Cash and cash equivalents [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 1.00% | 1.00% | |
Other benefit plans [member] | Equity securities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 42.00% | 40.00% | 42.00% |
Defined benefit plan target asset allocation | 44.00% | ||
Other benefit plans [member] | Equity securities [member] | Quote in an active market [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 42.00% | 40.00% | 42.00% |
Other benefit plans [member] | Fixed Income Investments 1 [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 58.00% | 59.00% | 57.00% |
Defined benefit plan target asset allocation | 56.00% | ||
Other benefit plans [member] | Fixed Income Investments 1 [Member] | Quote in an active market [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit plan weighted average asset allocation | 58.00% | 59.00% | 57.00% |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Oct. 31, 2021CAD ($) | Oct. 31, 2020CAD ($) | Nov. 01, 2019CAD ($)Cash_generating | Oct. 31, 2019CAD ($)Cash_generating | |
Disclosure of operating segments [line items] | ||||
Description of reportable segments | Scotiabank is a diversified financial services institution that provides a wide range of financial products and services to retail, commercial and corporate customers around the world. The Bank’s businesses are grouped into four business lines: Canadian Banking, International Banking, Global Banking and Markets and Global Wealth Management. Other smaller business segments are included in the Other segment. The results of these business segments are based upon the internal financial reporting systems of the Bank. | |||
Number of cash generating units | Cash_generating | 5 | 4 | ||
Goodwill allocation | $ 8,848 | $ 9,279 | $ 9,631 | |
Global Wealth Management [member] | ||||
Disclosure of operating segments [line items] | ||||
Goodwill allocation | $ 3,400 |
Operating Segments - Schedule o
Operating Segments - Schedule of Operating Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | ||||
Disclosure of operating segments [line items] | ||||||
Net interest income | $ 16,961 | [1] | $ 17,320 | [1] | $ 17,177 | |
Non-interest income | 14,291 | 14,016 | 13,857 | |||
Total revenue | 31,252 | 31,336 | 31,034 | |||
Provision for credit losses | 1,808 | 6,084 | 3,027 | |||
Depreciation and amortization | [2] | 1,511 | 1,546 | 1,053 | ||
Non-interest expenses | 15,107 | 15,310 | 15,684 | |||
Income tax expense | 2,871 | 1,543 | 2,472 | |||
Net income | 9,955 | [1] | 6,853 | [1] | 8,798 | |
Net income attributable to non-controlling interests in subsidiaries | 331 | 75 | 408 | |||
Net income attributable to equity holders of the Bank | 9,624 | 6,778 | 8,390 | |||
Net income attributable to equity holders of the Bank – relating to divested operations | 7 | 70 | 672 | |||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 9,617 | 6,708 | 7,718 | |||
Average assets | 1,157,000 | 1,161,000 | 1,056,000 | |||
Average liabilities | 1,085,000 | 1,090,000 | 987,000 | |||
Operating segments [member] | Canadian banking [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income | 8,030 | 7,838 | 7,848 | |||
Non-interest income | 2,868 | 2,461 | 2,616 | |||
Total revenue | 10,898 | 10,299 | 10,464 | |||
Provision for credit losses | 333 | 2,073 | 972 | |||
Depreciation and amortization | 618 | 633 | 441 | |||
Non-interest expenses | 4,333 | 4,178 | 4,331 | |||
Income tax expense | 1,459 | 879 | 1,232 | |||
Net income | 4,155 | 2,536 | 3,488 | |||
Net income attributable to equity holders of the Bank | 4,155 | 2,536 | 3,488 | |||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 4,155 | 2,536 | 3,488 | |||
Average assets | 381,000 | 359,000 | 340,000 | |||
Average liabilities | 313,000 | 277,000 | 255,000 | |||
Operating segments [member] | International banking [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income | 6,625 | 7,603 | 8,353 | |||
Non-interest income | 2,993 | 3,207 | 4,366 | |||
Total revenue | 9,618 | 10,810 | 12,719 | |||
Provision for credit losses | 1,574 | 3,613 | 2,076 | |||
Depreciation and amortization | 517 | 525 | 379 | |||
Non-interest expenses | 4,737 | 5,418 | 6,217 | |||
Income tax expense | 635 | 182 | 909 | |||
Net income | 2,155 | 1,072 | 3,138 | |||
Net income attributable to non-controlling interests in subsidiaries | 332 | 92 | 373 | |||
Net income attributable to equity holders of the Bank | 1,823 | 980 | 2,765 | |||
Net income attributable to equity holders of the Bank – relating to divested operations | 7 | 70 | 655 | |||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 1,816 | 910 | 2,110 | |||
Average assets | 194,000 | 206,000 | 201,000 | |||
Average liabilities | 149,000 | 155,000 | 153,000 | |||
Operating segments [member] | Global Wealth Management [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income | 628 | 575 | 564 | |||
Non-interest income | 4,752 | 4,009 | 3,937 | |||
Total revenue | 5,380 | 4,584 | 4,501 | |||
Provision for credit losses | 2 | 7 | ||||
Depreciation and amortization | 178 | 170 | 126 | |||
Non-interest expenses | 3,077 | 2,708 | 2,779 | |||
Income tax expense | 549 | 437 | 412 | |||
Net income | 1,574 | 1,262 | 1,184 | |||
Net income attributable to non-controlling interests in subsidiaries | 9 | 10 | 18 | |||
Net income attributable to equity holders of the Bank | 1,565 | 1,252 | 1,166 | |||
Net income attributable to equity holders of the Bank – relating to divested operations | 17 | |||||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 1,565 | 1,252 | 1,149 | |||
Average assets | 29,000 | 26,000 | 25,000 | |||
Average liabilities | 45,000 | 39,000 | 32,000 | |||
Operating segments [member] | Global banking and markets [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income | 1,436 | 1,435 | 1,396 | |||
Non-interest income | 3,587 | 3,947 | 3,084 | |||
Total revenue | 5,023 | 5,382 | 4,480 | |||
Provision for credit losses | (100) | 390 | (22) | |||
Depreciation and amortization | 156 | 156 | 91 | |||
Non-interest expenses | 2,302 | 2,317 | 2,372 | |||
Income tax expense | 590 | 564 | 505 | |||
Net income | 2,075 | 1,955 | 1,534 | |||
Net income attributable to equity holders of the Bank | 2,075 | 1,955 | 1,534 | |||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 2,075 | 1,955 | 1,534 | |||
Average assets | 401,000 | 412,000 | 372,000 | |||
Average liabilities | 385,000 | 379,000 | 304,000 | |||
Elimination of intersegment amounts [member] | Other smaller operating segments and corporate adjustments [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income | 242 | (131) | (984) | |||
Non-interest income | 91 | 392 | (146) | |||
Total revenue | 333 | 261 | (1,130) | |||
Provision for credit losses | (1) | 1 | 1 | |||
Depreciation and amortization | 42 | 62 | 16 | |||
Non-interest expenses | 658 | 689 | (15) | |||
Income tax expense | (362) | (519) | (586) | |||
Net income | (4) | 28 | (546) | |||
Net income attributable to non-controlling interests in subsidiaries | (10) | (27) | 17 | |||
Net income attributable to equity holders of the Bank | 6 | 55 | (563) | |||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 6 | 55 | (563) | |||
Average assets | 152,000 | 158,000 | 118,000 | |||
Average liabilities | $ 193,000 | $ 240,000 | $ 243,000 | |||
[1] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). | |||||
[2] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated. |
Operating Segments - Schedule_2
Operating Segments - Schedule of Operating Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Net gain (loss) on divestitures included net income attributable to equity holder | $ 129 | $ 354 | $ 308 |
Net gain (loss) on divestitures included net income attributable to equity holder before tax | 188 | 298 | 148 |
Other smaller operating segments and corporate adjustments [member] | |||
Disclosure of operating segments [line items] | |||
Tax-exempt income | 310 | 275 | 181 |
Net income from investments in associated corporations | 29 | (70) | (178) |
Canadian banking [member] | |||
Disclosure of operating segments [line items] | |||
Net income from investments in associated corporations | 87 | 56 | 65 |
International banking [member] | |||
Disclosure of operating segments [line items] | |||
Net income from investments in associated corporations | 206 | 243 | 753 |
Global Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net income from investments in associated corporations | $ 17 | $ 13 | $ 10 |
Operating Segments - Summary of
Operating Segments - Summary of Bank's Financial Results by Geographic Region (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |||
Disclosure of geographical areas [line items] | |||||
Net interest income | $ 16,961 | [1] | $ 17,320 | [1] | $ 17,177 |
Non-interest income | 14,291 | 14,016 | 13,857 | ||
Total revenues | 31,252 | 31,336 | 31,034 | ||
Provision for credit losses | 1,808 | 6,084 | 3,027 | ||
Non-interest expenses | 16,618 | 16,856 | 16,737 | ||
Income tax expense | 2,871 | 1,543 | 2,472 | ||
Net income | 9,955 | [1] | 6,853 | [1] | 8,798 |
Net income attributable to non-controlling interests in subsidiaries | 331 | 75 | 408 | ||
Net income attributable to equity holders of the Bank | 9,624 | 6,778 | 8,390 | ||
Total average assets | 1,157,000 | 1,161,000 | 1,056,000 | ||
Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 16,961 | 17,320 | 17,177 | ||
Non-interest income | 14,291 | 14,016 | 13,857 | ||
Total revenues | 31,252 | 31,336 | 31,034 | ||
Provision for credit losses | 1,808 | 6,084 | 3,027 | ||
Non-interest expenses | 16,618 | 16,856 | 16,737 | ||
Income tax expense | 2,871 | 1,543 | 2,472 | ||
Net income | 9,955 | 6,853 | 8,798 | ||
Net income attributable to non-controlling interests in subsidiaries | 331 | 75 | 408 | ||
Net income attributable to equity holders of the Bank | 9,624 | 6,778 | 8,390 | ||
Total average assets | 1,157,000 | 1,161,000 | 1,056,000 | ||
Canada [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 9,182 | 8,515 | 7,630 | ||
Non-interest income | 9,190 | 8,085 | 7,304 | ||
Total revenues | 18,372 | 16,600 | 14,934 | ||
Provision for credit losses | 255 | 2,271 | 981 | ||
Non-interest expenses | 9,627 | 8,952 | 8,275 | ||
Income tax expense | 1,909 | 967 | 1,082 | ||
Net income | 6,581 | 4,410 | 4,596 | ||
Net income attributable to non-controlling interests in subsidiaries | (10) | (28) | 1 | ||
Net income attributable to equity holders of the Bank | 6,591 | 4,438 | 4,595 | ||
Total average assets | 695,000 | 689,000 | 607,000 | ||
United States [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 742 | 763 | 720 | ||
Non-interest income | 953 | 1,375 | 1,189 | ||
Total revenues | 1,695 | 2,138 | 1,909 | ||
Provision for credit losses | (33) | 128 | (16) | ||
Non-interest expenses | 915 | 1,080 | 870 | ||
Income tax expense | 120 | 192 | 267 | ||
Net income | 693 | 738 | 788 | ||
Net income attributable to equity holders of the Bank | 693 | 738 | 788 | ||
Total average assets | 167,000 | 164,000 | 149,000 | ||
Mexico [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,668 | 1,661 | 1,684 | ||
Non-interest income | 714 | 724 | 671 | ||
Total revenues | 2,382 | 2,385 | 2,355 | ||
Provision for credit losses | 334 | 644 | 335 | ||
Non-interest expenses | 1,202 | 1,298 | 1,306 | ||
Income tax expense | 184 | 98 | 121 | ||
Net income | 662 | 345 | 593 | ||
Net income attributable to non-controlling interests in subsidiaries | 14 | 7 | 14 | ||
Net income attributable to equity holders of the Bank | 648 | 338 | 579 | ||
Total average assets | 41,000 | 41,000 | 37,000 | ||
Peru [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,186 | 1,705 | 1,576 | ||
Non-interest income | 531 | 605 | 790 | ||
Total revenues | 1,717 | 2,310 | 2,366 | ||
Provision for credit losses | 586 | 971 | 523 | ||
Non-interest expenses | 662 | 827 | 846 | ||
Income tax expense | 104 | 116 | 248 | ||
Net income | 365 | 396 | 749 | ||
Net income attributable to non-controlling interests in subsidiaries | 2 | 16 | (11) | ||
Net income attributable to equity holders of the Bank | 363 | 380 | 760 | ||
Total average assets | 27,000 | 31,000 | 28,000 | ||
Chile [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,507 | 1,415 | 1,613 | ||
Non-interest income | 666 | 677 | 806 | ||
Total revenues | 2,173 | 2,092 | 2,419 | ||
Provision for credit losses | 205 | 639 | 436 | ||
Non-interest expenses | 943 | 973 | 1,166 | ||
Income tax expense | 204 | 78 | 185 | ||
Net income | 821 | 402 | 632 | ||
Net income attributable to non-controlling interests in subsidiaries | 200 | 91 | 179 | ||
Net income attributable to equity holders of the Bank | 621 | 311 | 453 | ||
Total average assets | 53,000 | 52,000 | 51,000 | ||
Colombia [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 692 | 812 | 1,017 | ||
Non-interest income | 383 | 449 | 567 | ||
Total revenues | 1,075 | 1,261 | 1,584 | ||
Provision for credit losses | 195 | 666 | 362 | ||
Non-interest expenses | 682 | 813 | 920 | ||
Income tax expense | 80 | (74) | 117 | ||
Net income | 118 | (144) | 185 | ||
Net income attributable to non-controlling interests in subsidiaries | 48 | (87) | 124 | ||
Net income attributable to equity holders of the Bank | 70 | (57) | 61 | ||
Total average assets | 13,000 | 14,000 | 13,000 | ||
Caribbean And Central America [Member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,345 | 1,734 | 2,143 | ||
Non-interest income | 664 | 753 | 1,048 | ||
Total revenues | 2,009 | 2,487 | 3,191 | ||
Provision for credit losses | 221 | 570 | 352 | ||
Non-interest expenses | 1,343 | 1,589 | 1,933 | ||
Income tax expense | 103 | 45 | 324 | ||
Net income | 342 | 283 | 582 | ||
Net income attributable to non-controlling interests in subsidiaries | 77 | 76 | 101 | ||
Net income attributable to equity holders of the Bank | 265 | 207 | 481 | ||
Total average assets | 30,000 | 35,000 | 42,000 | ||
Other International [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 639 | 715 | 794 | ||
Non-interest income | 1,190 | 1,348 | 1,482 | ||
Total revenues | 1,829 | 2,063 | 2,276 | ||
Provision for credit losses | 45 | 195 | 54 | ||
Non-interest expenses | 1,244 | 1,324 | 1,421 | ||
Income tax expense | 167 | 121 | 128 | ||
Net income | 373 | 423 | 673 | ||
Net income attributable to equity holders of the Bank | 373 | 423 | 673 | ||
Total average assets | $ 131,000 | $ 135,000 | $ 129,000 | ||
[1] | The amounts for the years ended October 31, 2021 and October 31, 2020 have been prepared in accordance with IFRS 16; prior year amounts have not been restated (refer to Notes 3 and 4). |
Operating Segments - Summary _2
Operating Segments - Summary of Bank's Financial Results by Geographic Region (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Canada [member] | |||
Disclosure of geographical areas [line items] | |||
Net income from investments in associated corporations | $ 117 | $ (15) | $ (114) |
Peru [member] | |||
Disclosure of geographical areas [line items] | |||
Net income from investments in associated corporations | 10 | 5 | 7 |
Other International [member] | |||
Disclosure of geographical areas [line items] | |||
Net income from investments in associated corporations | 181 | 194 | 867 |
Caribbean And Central America [Member] | |||
Disclosure of geographical areas [line items] | |||
Net income from investments in associated corporations | 46 | 55 | $ 69 |
Chile [member] | |||
Disclosure of geographical areas [line items] | |||
Net income from investments in associated corporations | $ 15 | $ 3 |
Related Party Transactions -Sum
Related Party Transactions -Summary of Compensation of Key Management Personnel of Bank (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | ||
Salaries and cash incentives | $ 21 | $ 19 |
Equity-based payment | 30 | 30 |
Pension and other benefits | 3 | 6 |
Total | $ 54 | $ 55 |
Related Party Transactions - Su
Related Party Transactions - Summary of Loans and Deposits of Key Management Personnel (Detail) - Key management personnel directors and their close family members [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Loans | $ 11 | $ 15 |
Deposits | $ 5 | $ 11 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Wealth Management Assets | $ 4,700 | $ 4,100 |
Revenue From Rendering Of Services Related Party Transactions | 6.6 | 7.2 |
Directors [member] | ||
Disclosure of transactions between related parties [line items] | ||
Exposure to credit risk on loan commitments and financial guarantee contracts | 252.8 | 177.6 |
Utilized credit exposure | $ 189.6 | $ 115.9 |
Related Party Transactions - _2
Related Party Transactions - Summary of Transaction With Joint Ventures and Associates (Detail) - Associates and joint ventures [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Net income / (loss) | $ (85) | $ (75) |
Loans | 191 | 203 |
Deposits | 229 | 234 |
Guarantees and commitments | $ 154 | $ 23 |
Principal Subsidiaries and No_3
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries - Summary of Significant Investments In Subsidiaries (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
International [member] | Scotiabank Colpatria -S- -A- [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Colpatria S.A. (51%) | |
Principal office | Bogota, Colombia | |
Carrying value | $ 995 | $ 1,004 |
International [member] | The Bank of Nova Scotia International Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | BNS International (Bahamas) Limited | |
Principal office | Nassau, Bahamas | |
Carrying value | $ 17,543 | 18,510 |
International [member] | BNS asia limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | BNS Asia Limited | |
Principal office | Singapore | |
International [member] | The Bank of Nova Scotia Trust Company (Bahamas) Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | The Bank of Nova Scotia Trust Company (Bahamas) Limited | |
Principal office | Nassau, Bahamas | |
International [member] | Grupo BNS de Costa Rica S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Grupo BNS de Costa Rica, S.A. | |
Principal office | San Jose, Costa Rica | |
International [member] | Scotiabank & Trust (Cayman) Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank & Trust (Cayman) Ltd. | |
Principal office | Grand Cayman, Cayman Islands | |
International [member] | Scotiabank (Bahamas) Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank (Bahamas) Limited | |
Principal office | Nassau, Bahamas | |
International [member] | Scotiabank (Ireland) Designated Activity Company [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank (Ireland) Designated Activity Company | |
Principal office | Dublin, Ireland | |
International [member] | Grupo Financiero Scotiabank Inverlat, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.4%) | |
Principal office | Mexico City, Mexico | |
Carrying value | $ 4,714 | 4,320 |
International [member] | Nova Scotia Inversiones Limitada [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Nova Scotia Inversiones Limitada | |
Principal office | Santiago, Chile | |
Carrying value | $ 5,173 | 5,255 |
International [member] | Scotiabank Chile S A [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Chile S.A. (83.03%) | |
Principal office | Santiago, Chile | |
International [member] | Scotia Holdings (US) Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Holdings (US) Inc. | |
Principal office | New York, New York | |
International [member] | Scotia Capital (USA) Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Capital (USA) Inc. | |
Principal office | New York, New York | |
International [member] | Scotiabank Brasil S.A. Banco Multiplo [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Brasil S.A. Banco Multiplo | |
Principal office | Sao Paulo, Brazil | |
Carrying value | $ 280 | 282 |
International [member] | Scotiabank Caribbean Holdings Ltd [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Caribbean Holdings Ltd. | |
Principal office | Bridgetown, Barbados | |
Carrying value | $ 1,630 | 1,842 |
International [member] | Scotia Group Jamaica Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Group Jamaica Limited (71.8%) | |
Principal office | Kingston, Jamaica | |
International [member] | The Bank of Nova Scotia Jamaica Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | The Bank of Nova Scotia Jamaica Limited | |
Principal office | Kingston, Jamaica | |
International [member] | Scotiabank Trinidad and Tobago Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Trinidad and Tobago Limited (50.9%) | |
Principal office | Port of Spain, Trinidad and Tobago | |
International [member] | Scotiabank Panama SA. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank (Panama) S.A. | |
Principal office | Panama City, Panama | |
International [member] | Scotiabank Uruguay SA. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Uruguay S.A. | |
Principal office | Montevideo, Uruguay | |
Carrying value | $ 440 | 472 |
International [member] | Scotiabank Europe plc [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Europe plc | |
Principal office | London, United Kingdom | |
Carrying value | $ 2,273 | 2,505 |
International [member] | Scotia Peru Holdings S.A [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Peru Holdings S.A. | |
Principal office | Lima, Peru | |
Carrying value | $ 4,277 | 5,677 |
International [member] | Scotiabank Peru S.A.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Peru S.A.A. (98.05%) | |
Principal office | Lima, Peru | |
International [member] | Profuturo AFP S.A [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Profuturo AFP S.A. | |
Principal office | Lima, Peru | |
International [member] | Scotiabank Republica Dominicana S A Banco Multiple [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%) | |
Principal office | Santo Domingo, Dominican Republic | |
Carrying value | $ 775 | 808 |
International [member] | Scotiabank Barbados Limited [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotiabank (Barbados) Limited | |
Principal office | Bridgetown, Barbados | |
Carrying value | $ 235 | 219 |
Canada [member] | 1832 Asset Management L.P. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | 1832 Asset Management L.P. | |
Principal office | Toronto, Ontario | |
Carrying value | $ 2,680 | 1,562 |
Canada [member] | BNS Investments Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | BNS Investments Inc. | |
Principal office | Toronto, Ontario | |
Carrying value | $ 15,200 | 14,510 |
Canada [member] | Montreal Trust Company of Canada [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Montreal Trust Company of Canada | |
Principal office | Montreal, Quebec | |
Canada [member] | The Bank of Nova Scotia Trust Company [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | The Bank of Nova Scotia Trust Company | |
Principal office | Toronto, Ontario | |
Carrying value | $ 185 | 155 |
Canada [member] | National Trustco Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | National Trust Company | |
Principal office | Stratford, Ontario | |
Carrying value | $ 366 | 359 |
Canada [member] | Roynat Inc. [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Roynat Inc. | |
Principal office | Calgary, Alberta | |
Carrying value | $ 518 | 409 |
Canada [member] | Scotia Capital Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Capital Inc. | |
Principal office | Toronto, Ontario | |
Carrying value | $ 2,818 | 2,338 |
Canada [member] | Scotia Dealer Advantage Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Dealer Advantage Inc. | |
Principal office | Burnaby, British Columbia | |
Carrying value | $ 729 | 614 |
Canada [member] | Scotia Mortgage Corporation [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Mortgage Corporation | |
Principal office | Toronto, Ontario | |
Carrying value | $ 750 | 760 |
Canada [member] | Scotia Securities Inc. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Scotia Securities Inc. | |
Principal office | Toronto, Ontario | |
Carrying value | $ 53 | 49 |
Canada [member] | Tangerine Bank [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Tangerine Bank | |
Principal office | Toronto, Ontario | |
Carrying value | $ 3,405 | 3,264 |
Canada [member] | Jarislowsky, Fraser Limited [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | Jarislowsky, Fraser Limited | |
Principal office | Montreal, Quebec | |
Carrying value | $ 1,027 | 957 |
Canada [member] | MD Financial Management Inc [member] | ||
Disclosure of subsidiaries [line items] | ||
Significant subsidiaries | MD Financial Management Inc. | |
Principal office | Ottawa, Ontario | |
Carrying value | $ 2,761 | $ 2,645 |
Principal Subsidiaries and No_4
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries - Summary of Significant Investments In Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
International [member] | Banco Dominicano del Progreso SA Banco Multiple [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 99.80% |
Principal Subsidiaries and No_5
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries - Summary of Non-controlling Interests (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interests in subsidiaries | $ 2,090 | $ 2,376 |
Dividends paid to non-controlling interest | $ 123 | 148 |
Scotiabank Chile S A [Member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interest % | 16.97% | |
Non-controlling interests in subsidiaries | $ 790 | 1,050 |
Dividends paid to non-controlling interest | $ 55 | 71 |
Scotiabank Colpatria -S- -A- [Member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interest % | 49.00% | |
Non-controlling interests in subsidiaries | $ 405 | 387 |
Dividends paid to non-controlling interest | 13 | |
Scotia Group Jamaica Limited [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interest % | 28.20% | |
Non-controlling interests in subsidiaries | $ 261 | 288 |
Dividends paid to non-controlling interest | $ 12 | 14 |
Scotiabank Trinidad and Tobago Limited [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interest % | 49.10% | |
Non-controlling interests in subsidiaries | $ 367 | 381 |
Dividends paid to non-controlling interest | 56 | 50 |
Other non controlling interests [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interests in subsidiaries | $ 267 | $ 270 |
Other non controlling interests [member] | Bottom of range [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interest % | 0.10% | |
Other non controlling interests [member] | Top of range [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Non-controlling interest % | 49.00% |
Principal Subsidiaries and No_6
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries - Summary of Non-controlling Interests (Parenthetical) (Detail) | May 12, 2021 |
Bank Of Nova Scotia Chile SA [Member] | |
Disclosure of noncontrolling interests [Line Items] | |
Percentage increase in ownership interest in subsidiaries | 7.00% |
Principal Subsidiaries and No_7
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries - Summary Of Financial Information About The Amounts Attributable To Non Controlling Interests (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of noncontrolling interests [Line Items] | |||
Revenue | $ 31,252 | $ 31,336 | $ 31,034 |
Total comprehensive income (loss) | 6,615 | 4,017 | $ 8,173 |
Total assets | 1,184,844 | 1,136,466 | |
Total liabilities | 1,111,952 | 1,065,963 | |
Minority partner [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Revenue | 3,875 | 4,098 | |
Total comprehensive income (loss) | 6 | (136) | |
Total assets | 86,317 | 89,808 | |
Total liabilities | $ 78,973 | $ 82,107 |
Interest Income and Expense - D
Interest Income and Expense - Details of Interest Income from Financial Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | ||||
Disclosure of Interest Income Expense [line items] | ||||||
Measured at amortized cost | [1] | $ 23,831 | $ 28,113 | $ 30,996 | ||
Measured at FVOCI | [1] | 716 | 1,060 | 1,440 | ||
Interest income calculated using effective interest method | 24,547 | 29,173 | 32,436 | |||
Other | [2] | 439 | 539 | 348 | ||
Interest income | [3] | 24,986 | 29,712 | 32,784 | ||
Measured at amortized cost | [1] | 7,844 | 12,211 | 15,575 | ||
Interest expense calculated using effective interest method | 7,844 | 12,211 | 15,575 | |||
Other | 181 | [4] | 181 | [4] | 32 | |
Interest expenses | $ 8,025 | $ 12,392 | $ 15,607 | |||
[1] | The interest income/expense on financial assets/liabilities are calculated using the effective interest method. | |||||
[2] | Includes dividend income on equity securities. | |||||
[3] | Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $24,547 for the year ended October 31, 2021 (October 31, 2020 – $29,173; October 31, 2019 – $32,436). | |||||
[4] | The interest on lease liabilities was $105 (2020 – $117). Amounts for the years ended 2021 and 2020 were prepared in accordance with IFRS 16, prior periods amounts have not been restated. |
Interest Income and Expense -_2
Interest Income and Expense - Details of Interest Income from Financial Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Expenses by nature [abstract] | ||
Interest expense on lease liabilities | $ 105 | $ 117 |
Trading Revenues - Summary of T
Trading Revenues - Summary of Trading Revenues (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Trading income (expense) [abstract] | |||
Total | $ 2,033 | $ 2,411 | $ 1,488 |
Trading-related revenue (Non-TEB) [Member] | |||
Trading income (expense) [abstract] | |||
Non-interest income | 136 | 112 | 67 |
Trading revenues | 2,033 | 2,411 | 1,488 |
Other fees and commissions | 185 | 205 | 379 |
Total | $ 2,354 | $ 2,728 | $ 1,934 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | ||
Basic earnings per common share | ||||
Net income attributable to common shareholders | $ 9,391 | $ 6,582 | $ 8,208 | |
Weighted average number of common shares outstanding | 1,214 | 1,212 | 1,222 | |
Basic earnings per common share | [1] | $ 7.74 | $ 5.43 | $ 6.72 |
Diluted earnings per common share | ||||
Net income attributable to common shareholders | $ 9,391 | $ 6,582 | $ 8,208 | |
Dilutive impact of share-based payment options and others | [2] | 43 | 6 | 142 |
Net income attributable to common shareholders (diluted) | $ 9,434 | $ 6,588 | $ 8,350 | |
Weighted average number of common shares outstanding | 1,214 | 1,212 | 1,222 | |
Dilutive impact of share-based payment options and others | [2] | 11 | 31 | 29 |
Weighted average number of diluted common shares outstanding | 1,225 | 1,243 | 1,251 | |
Diluted earnings per common share | [1] | $ 7.70 | $ 5.30 | $ 6.68 |
[1] | Earnings per share calculations are based on full dollar and share amounts. | |||
[2] | Certain tandem stock appreciation rights or options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive. |
Guarantees, Commitments and P_3
Guarantees, Commitments and Pledged Assets - Schedule of Various Guarantees and Indemnifications (Detail) - CAD ($) | Oct. 31, 2021 | Oct. 31, 2020 |
Standby letters of credit and letters of guarantee [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum potential amount of future payments | $ 37,277,000,000 | $ 34,836,000,000 |
Liquidity facilities [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum potential amount of future payments | 4,942,000,000 | 4,248,000,000 |
Derivatives [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum potential amount of future payments | 4,203,000,000 | 4,866,000,000 |
Indemnifications [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum potential amount of future payments | $ 1,306,000,000 | $ 1,390,000,000 |
Guarantees, Commitments and P_4
Guarantees, Commitments and Pledged Assets - Additional information (Detail) - CAD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2018 | Oct. 31, 2021 | Oct. 31, 2020 | |
Guarantees commitments and pledged assets [Line Items] | |||
Other executory contracts | $ 800 | ||
Executory contract period | 20 years | ||
Derivatives [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Credit risk amount | $ 291 | $ 805 | |
Indemnifications [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Credit risk amount | $ 1 | 1 | |
Top of range [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Liquidity facilities expiration period | 3 years | ||
Standby letters of credit and letters of guarantee [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Credit risk amount | $ 4 |
Guarantees, Commitments and P_5
Guarantees, Commitments and Pledged Assets - Summary of Other Indirect Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Guarantees commitments and pledged assets [Line Items] | ||
Maximum exposure to credit risk | $ 301,645 | $ 290,233 |
Commercial letter of credit [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum exposure to credit risk | 1,320 | 682 |
Commitments to extend credit original term to maturity of one year or less [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum exposure to credit risk | 74,053 | 85,997 |
Commitments to extend credit original term to maturity of more than one year [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum exposure to credit risk | 165,726 | 149,377 |
Securities lending [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum exposure to credit risk | 59,506 | 53,082 |
Securities purchase and other commitment [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Maximum exposure to credit risk | $ 1,040 | $ 1,095 |
Guarantees, Commitments and P_6
Guarantees, Commitments and Pledged Assets - Summary of Carrying Value of Pledged Assets and Details of Related Activities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | $ 252,470 | $ 231,870 | |
Obligations related to securities sold under repurchase agreements | [1] | 100,083 | 121,918 |
Total | [2] | 352,553 | 353,788 |
Bank of Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [3] | 184 | 168 |
Foreign governments and central banks [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [3] | 2,589 | 4,165 |
Clearing system payment systems and depositories [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 1,345 | 1,353 | |
Exchange traded derivative transactions [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 6,105 | 5,356 | |
Over The Counter Derivatives [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 16,018 | 16,997 | |
Securities borrowing and lending [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 160,794 | 136,193 | |
Covered bonds [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [4] | 34,683 | 31,484 |
Securitization [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 2,680 | 4,600 | |
Canada mortgage housing corporation program [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 26,932 | 30,134 | |
Other assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | $ 1,140 | $ 1,420 | |
[1] | Includes the Bank of Canada term repo program. | ||
[2] | Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions. | ||
[3] | Includes assets pledged in order to participate in clearing and payment systems and depositories, or pledged to have access to the facilities of central banks in foreign jurisdictions. | ||
[4] | Excludes mortgages related to covered bonds held by the Bank or transferred to the Bank of Canada as part of its term repo program. |
Financial Instruments-Risk Mana
Financial Instruments-Risk Management - Summary of Credit Risk Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | $ 805,849 | |
Undrawn commitments | 168,233 | |
Other exposures | 119,923 | |
Total | 1,094,005 | $ 1,084,224 |
Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 493,208 | |
Undrawn commitments | 108,440 | |
Other exposures | 38,100 | |
Total | 639,748 | 621,409 |
United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 109,493 | |
Undrawn commitments | 40,452 | |
Other exposures | 44,479 | |
Total | 194,424 | 188,210 |
Chile [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 49,258 | |
Undrawn commitments | 1,449 | |
Other exposures | 4,070 | |
Total | 54,777 | 56,738 |
Mexico [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 34,463 | |
Undrawn commitments | 1,483 | |
Other exposures | 2,476 | |
Total | 38,422 | 39,187 |
Peru [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 24,042 | |
Undrawn commitments | 1,134 | |
Other exposures | 2,976 | |
Total | 28,152 | 33,931 |
Colombia [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 12,839 | |
Undrawn commitments | 534 | |
Other exposures | 1,073 | |
Total | 14,446 | 13,123 |
Europe [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 21,091 | |
Undrawn commitments | 7,116 | |
Other exposures | 18,972 | |
Total | 47,179 | 51,770 |
Caribbean [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 25,281 | |
Undrawn commitments | 1,411 | |
Other exposures | 981 | |
Total | 27,673 | 31,420 |
Latin America (other) [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 12,326 | |
Undrawn commitments | 1,241 | |
Other exposures | 513 | |
Total | 14,080 | 13,647 |
All other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 23,848 | |
Undrawn commitments | 4,973 | |
Other exposures | 6,283 | |
Total | 35,104 | 34,789 |
Non retail [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 459,902 | |
Undrawn commitments | 117,213 | |
Other exposures | 119,923 | |
Total | 697,038 | 722,981 |
Non retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 395,668 | |
Undrawn commitments | 113,723 | |
Other exposures | 112,163 | |
Total | 621,554 | 645,521 |
Non retail [member] | AIRB portfolio [member] | Corporate segment [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 172,443 | |
Undrawn commitments | 108,300 | |
Other exposures | 91,719 | |
Total | 372,462 | 358,997 |
Non retail [member] | AIRB portfolio [member] | Bank [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 15,737 | |
Undrawn commitments | 4,662 | |
Other exposures | 15,393 | |
Total | 35,792 | 43,120 |
Non retail [member] | AIRB portfolio [member] | Sovereign [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 207,488 | |
Undrawn commitments | 761 | |
Other exposures | 5,051 | |
Total | 213,300 | 243,404 |
Non retail [member] | Standardized portfolio [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 64,234 | |
Undrawn commitments | 3,490 | |
Other exposures | 7,760 | |
Total | 75,484 | 77,460 |
Non retail [member] | Standardized portfolio [Member] | Corporate segment [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 52,545 | |
Undrawn commitments | 3,475 | |
Other exposures | 7,627 | |
Total | 63,647 | 66,500 |
Non retail [member] | Standardized portfolio [Member] | Bank [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 3,048 | |
Undrawn commitments | 15 | |
Other exposures | 1 | |
Total | 3,064 | 2,638 |
Non retail [member] | Standardized portfolio [Member] | Sovereign [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 8,641 | |
Other exposures | 132 | |
Total | 8,773 | 8,322 |
Retail [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 345,947 | |
Undrawn commitments | 51,020 | |
Total | 396,967 | 361,243 |
Retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 254,885 | |
Undrawn commitments | 51,020 | |
Total | 305,905 | 273,845 |
Retail [member] | AIRB portfolio [member] | Real estate secured [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 207,943 | |
Undrawn commitments | 19,984 | |
Total | 227,927 | 192,927 |
Retail [member] | AIRB portfolio [member] | Qualifying revolving [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 14,415 | |
Undrawn commitments | 27,356 | |
Total | 41,771 | 45,862 |
Retail [member] | AIRB portfolio [member] | Other retail [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 32,527 | |
Undrawn commitments | 3,680 | |
Total | 36,207 | 35,056 |
Retail [member] | Standardized portfolio [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 91,062 | |
Total | 91,062 | 87,398 |
Retail [member] | Standardized portfolio [Member] | Real estate secured [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 54,617 | |
Total | 54,617 | 47,715 |
Retail [member] | Standardized portfolio [Member] | Other retail [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Drawn | 36,445 | |
Total | $ 36,445 | $ 39,683 |
Financial Instruments-Risk Ma_2
Financial Instruments-Risk Management - Summary of Credit Risk Exposures (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Loss balance sheet offsetting lending instruments | $ 22.3 | $ 27.6 |
Financial Instruments-Risk Ma_3
Financial Instruments-Risk Management - Summary of Subject to Market and Credit Risk With a Reconcilation (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Cash and deposits with financial institutions | [1] | $ 86,323 | $ 76,460 |
Precious metals | 755 | 1,181 | |
Trading assets | |||
Securities | 137,148 | 108,331 | |
Loans | 8,113 | 8,352 | |
Other | 1,051 | 1,156 | |
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Derivative financial instruments | 42,302 | 45,065 | |
Investment securities | 75,199 | 111,389 | |
Loans: | |||
Residential mortgages | 319,678 | 284,684 | |
Personal loans | 91,540 | 93,758 | |
Credit cards | 12,450 | 14,797 | |
Business & government | 218,944 | 217,663 | |
Property and equipment | [2] | 5,621 | 5,897 |
Investment in associates | 2,604 | 2,475 | |
Goodwill and other intangibles assets | 16,604 | 17,015 | |
Total | 1,184,844 | 1,136,466 | |
Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and deposits with financial institutions | 86,323 | 76,460 | |
Precious metals | 755 | 1,181 | |
Trading assets | |||
Securities | 137,148 | 108,331 | |
Loans | 8,113 | 8,352 | |
Other | 1,051 | 1,156 | |
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Derivative financial instruments | 42,302 | 45,065 | |
Investment securities | 75,199 | 111,389 | |
Loans: | |||
Residential mortgages | 319,678 | 284,684 | |
Personal loans | 91,540 | 93,758 | |
Credit cards | 12,450 | 14,797 | |
Business & government | 218,944 | 217,663 | |
Allowances for credit losses | (5,626) | (7,639) | |
Customers' liability under acceptances | 20,404 | 14,228 | |
Property and equipment | 5,621 | 5,897 | |
Investment in associates | 2,604 | 2,475 | |
Goodwill and other intangibles assets | 16,604 | 17,015 | |
Other (including Deferred tax assets) | 23,995 | 21,907 | |
Total | 1,184,844 | 1,136,466 | |
Credit risk [member] | Credit risk exposure drawn non retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and deposits with financial institutions | 83,176 | 73,406 | |
Trading assets | |||
Securities | 1 | ||
Loans | 470 | 1,640 | |
Investment securities | 70,193 | 105,811 | |
Loans: | |||
Residential mortgages | 77,773 | 83,606 | |
Business & government | 208,967 | 206,607 | |
Allowances for credit losses | (552) | (561) | |
Customers' liability under acceptances | 20,441 | 14,305 | |
Other (including Deferred tax assets) | 1,772 | 1,844 | |
Total | 462,241 | 486,658 | |
Credit risk [member] | Credit risk exposure drawn retail [member] | |||
Loans: | |||
Residential mortgages | 241,833 | 200,985 | |
Personal loans | 89,518 | 91,435 | |
Credit cards | 10,842 | 12,347 | |
Business & government | 4,025 | 3,649 | |
Allowances for credit losses | (759) | (944) | |
Other (including Deferred tax assets) | 659 | 936 | |
Total | 346,118 | 308,408 | |
Credit risk [member] | Other exposures securitization [member] | |||
Loans: | |||
Personal loans | 2,015 | 2,314 | |
Credit cards | 136 | 93 | |
Business & government | 5,861 | 6,974 | |
Total | 8,012 | 9,381 | |
Credit risk [member] | Other credit risk exposure repo-style transactions [member] | |||
Trading assets | |||
Loans | 177 | ||
Securities purchased under resale agreements and securities borrowed | 127,739 | 119,747 | |
Loans: | |||
Other (including Deferred tax assets) | 2 | 10 | |
Total | 127,741 | 119,934 | |
Credit risk [member] | Other credit risk exposure over-the-counter derivatives [member] | |||
Trading assets | |||
Derivative financial instruments | 42,302 | 45,065 | |
Loans: | |||
Total | 42,302 | 45,065 | |
Credit risk [member] | Other credit risk exposure equity [member] | |||
Trading assets | |||
Investment securities | 4,373 | 3,056 | |
Loans: | |||
Investment in associates | 46 | ||
Total | 4,419 | 3,056 | |
Credit risk [member] | Other market risk exposures also subject to credit risk [member] | |||
Trading assets | |||
Loans | 397 | 1,470 | |
Derivative financial instruments | 35,379 | 39,294 | |
Loans: | |||
Total | 35,776 | 40,764 | |
Credit risk [member] | Other exposures [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Precious metals | 755 | 1,181 | |
Trading assets | |||
Securities | 137,147 | 108,331 | |
Loans | 7,643 | 6,535 | |
Other | 1,051 | 1,156 | |
Loans: | |||
Total | 146,596 | 117,203 | |
Credit risk [member] | Other market risk exposures others [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cash and deposits with financial institutions | 3,147 | 3,054 | |
Trading assets | |||
Investment securities | 633 | 2,522 | |
Loans: | |||
Residential mortgages | 72 | 93 | |
Personal loans | 7 | 9 | |
Credit cards | 1,472 | 2,357 | |
Business & government | 91 | 433 | |
Allowances for credit losses | (4,315) | (6,134) | |
Customers' liability under acceptances | (37) | (77) | |
Property and equipment | 5,621 | 5,897 | |
Investment in associates | 2,558 | 2,475 | |
Goodwill and other intangibles assets | 16,604 | 17,015 | |
Other (including Deferred tax assets) | 21,562 | 19,117 | |
Total | $ 47,415 | $ 46,761 | |
[1] | Net of allowances of $1 (2020 – $1). | ||
[2] | Includes $40 (2020 – $43) of investment property. |
Financial Instruments-Risk Ma_4
Financial Instruments-Risk Management - Summary of Subject to Market and Credit Risk With a Reconcilation (Parenthetical) (Detail) - CAD ($) $ in Billions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | ||
Residential mortgage guaranteed loans | $ 78.1 | $ 85.4 |
Percentage of amount insured on mortgage | 90.00% | 90.00% |
Financial Instruments-Risk Ma_5
Financial Instruments-Risk Management - Summary of Cross Referencing of Internal Ratings to External Ratings (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 95 |
Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 90 |
Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 87 |
Investment grade [member] | Equivalent external rating standard and poors BBB [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 85 |
Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 83 |
Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 80 |
Non investment grade [member] | Equivalent external rating standard and poors BB [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 77 |
Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 75 |
Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 73 |
Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 70 |
Watch list [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 30 |
Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 65 |
Watch list [member] | Equivalent external rating standard and poors CCC [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 60 |
Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 40 |
Default [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 21 |
Probability of default range percentage | 100.00% |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 99 |
Probability of default range percentage | 0.00% |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.0428% |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.0512% |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.08% |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.1143% |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.1632% |
Top of range [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.2638% |
Top of range [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.4264% |
Top of range [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.5215% |
Top of range [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.6892% |
Top of range [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 1.3282% |
Top of range [member] | Watch list [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 34.4434% |
Top of range [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 2.5597% |
Top of range [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 9.386% |
Top of range [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 17.8585% |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | |
Disclosure of internal credit grades [line items] | |
Internal grade rating | 98 |
Probability of default range percentage | 0.0428% |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.1159% |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.1271% |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.2027% |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.295% |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.4293% |
Bottom of range [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.4731% |
Bottom of range [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.5215% |
Bottom of range [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 0.6892% |
Bottom of range [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 1.3282% |
Bottom of range [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 2.5597% |
Bottom of range [member] | Watch list [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 58.6885% |
Bottom of range [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 9.386% |
Bottom of range [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 17.8585% |
Bottom of range [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 34.4434% |
Equivalent external rating standard and poors default [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | AAA to AA+ |
Equivalent external rating standard and poors default [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | AA to A+ |
Equivalent external rating standard and poors default [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | A to A- |
Equivalent external rating standard and poors default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BBB+ |
Equivalent external rating standard and poors default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BBB |
Equivalent external rating standard and poors default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BBB- |
Equivalent external rating standard and poors default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BB+ |
Equivalent external rating standard and poors default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BB |
Equivalent external rating standard and poors default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BB- |
Equivalent external rating standard and poors default [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | B+ |
Equivalent external rating standard and poors default [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | B to B- |
Equivalent external rating standard and poors default [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | CCC+ |
Equivalent external rating standard and poors default [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | CCC |
Equivalent external rating standard and poors default [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | CCC- to CC |
Equivalent external rating standard and poors default [member] | Default [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Default |
Equivalent external rating Moody's default [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Aaa to Aa1 |
Equivalent external rating Moody's default [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Aa2 to A1 |
Equivalent external rating Moody's default [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | A2 to A3 |
Equivalent external rating Moody's default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Baa1 |
Equivalent external rating Moody's default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Baa2 |
Equivalent external rating Moody's default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Baa3 |
Equivalent external rating Moody's default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Ba1 |
Equivalent external rating Moody's default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Ba2 |
Equivalent external rating Moody's default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Ba3 |
Equivalent external rating Moody's default [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | B1 |
Equivalent external rating Moody's default [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | B2 to B3 |
Equivalent external rating Moody's default [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Caa1 |
Equivalent external rating Moody's default [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Caa2 |
Equivalent external rating Moody's default [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | Caa3 to Ca |
Equivalent external rating Dominion Bond Rating Service default [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | AAA to AA (high) |
Equivalent external rating Dominion Bond Rating Service default [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | AA to A (high) |
Equivalent external rating Dominion Bond Rating Service default [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | A to A (low) |
Equivalent external rating Dominion Bond Rating Service default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BBB (high) |
Equivalent external rating Dominion Bond Rating Service default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BBB |
Equivalent external rating Dominion Bond Rating Service default [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BBB (low) |
Equivalent external rating Dominion Bond Rating Service default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BB (high) |
Equivalent external rating Dominion Bond Rating Service default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BB |
Equivalent external rating Dominion Bond Rating Service default [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | BB (low) |
Equivalent external rating Dominion Bond Rating Service default [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | B (high) |
Equivalent external rating Dominion Bond Rating Service default [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | |
Disclosure of internal credit grades [line items] | |
Description of rating | B to B (low) |
Financial Instruments-Risk Ma_6
Financial Instruments-Risk Management - Summary of Risk Categories of Borrower Internal Grades (Detail) $ in Millions | Oct. 31, 2021CAD ($) | Oct. 31, 2020CAD ($) |
Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 95 | |
Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 90 | |
Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 87 | |
Investment grade [member] | Equivalent external rating standard and poors BBB [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 85 | |
Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 83 | |
Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 80 | |
Non investment grade [member] | Equivalent external rating standard and poors BB [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 77 | |
Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 75 | |
Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 73 | |
Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 70 | |
Watch list [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 30 | |
Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 65 | |
Watch list [member] | Equivalent external rating standard and poors CCC [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 60 | |
Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 40 | |
Default [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 21 | |
Non retail [member] | AIRB portfolio [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit risk exposure at default drawn | $ 395,668 | |
Credit risk exposure at default undrawn commitments | 113,723 | |
Credit risk exposure at default other exposure | 112,160 | |
Credit risk exposure default amount | 621,551 | $ 645,518 |
Non retail [member] | AIRB portfolio [member] | Excluding residential mortgages [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit risk exposure at default drawn | 322,624 | |
Credit risk exposure at default undrawn commitments | 113,723 | |
Credit risk exposure at default other exposure | 112,160 | |
Credit risk exposure default amount | 548,507 | 566,764 |
Non retail [member] | AIRB portfolio [member] | Government guaranteed residential mortgages [Member] | ||
Disclosure of internal credit grades [line items] | ||
Credit risk exposure at default drawn | 73,044 | |
Credit risk exposure default amount | 73,044 | 78,754 |
Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit risk exposure at default drawn | 100,203 | |
Credit risk exposure at default undrawn commitments | 1,785 | |
Credit risk exposure at default other exposure | 14,202 | |
Credit risk exposure default amount | $ 116,190 | 127,534 |
Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 95 | |
Credit risk exposure at default drawn | $ 30,814 | |
Credit risk exposure at default undrawn commitments | 10,281 | |
Credit risk exposure at default other exposure | 21,170 | |
Credit risk exposure default amount | $ 62,265 | 82,782 |
Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 90 | |
Credit risk exposure at default drawn | $ 27,327 | |
Credit risk exposure at default undrawn commitments | 18,280 | |
Credit risk exposure at default other exposure | 29,930 | |
Credit risk exposure default amount | $ 75,537 | 70,781 |
Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 87 | |
Credit risk exposure at default drawn | $ 29,080 | |
Credit risk exposure at default undrawn commitments | 20,388 | |
Credit risk exposure at default other exposure | 15,166 | |
Credit risk exposure default amount | $ 64,634 | 63,904 |
Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 85 | |
Credit risk exposure at default drawn | $ 24,191 | |
Credit risk exposure at default undrawn commitments | 17,237 | |
Credit risk exposure at default other exposure | 11,410 | |
Credit risk exposure default amount | $ 52,838 | 45,973 |
Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 83 | |
Credit risk exposure at default drawn | $ 31,292 | |
Credit risk exposure at default undrawn commitments | 16,891 | |
Credit risk exposure at default other exposure | 8,357 | |
Credit risk exposure default amount | $ 56,540 | 53,969 |
Non retail [member] | AIRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 80 | |
Credit risk exposure at default drawn | $ 29,127 | |
Credit risk exposure at default undrawn commitments | 13,884 | |
Credit risk exposure at default other exposure | 4,689 | |
Credit risk exposure default amount | $ 47,700 | 42,509 |
Non retail [member] | AIRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 77 | |
Credit risk exposure at default drawn | $ 23,022 | |
Credit risk exposure at default undrawn commitments | 8,004 | |
Credit risk exposure at default other exposure | 2,748 | |
Credit risk exposure default amount | $ 33,774 | 33,708 |
Non retail [member] | AIRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 75 | |
Credit risk exposure at default drawn | $ 15,610 | |
Credit risk exposure at default undrawn commitments | 4,333 | |
Credit risk exposure at default other exposure | 2,879 | |
Credit risk exposure default amount | $ 22,822 | 25,527 |
Non retail [member] | AIRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 73 | |
Credit risk exposure at default drawn | $ 6,581 | |
Credit risk exposure at default undrawn commitments | 1,268 | |
Credit risk exposure at default other exposure | 600 | |
Credit risk exposure default amount | $ 8,449 | 10,326 |
Non retail [member] | AIRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 70 | |
Credit risk exposure at default drawn | $ 1,961 | |
Credit risk exposure at default undrawn commitments | 620 | |
Credit risk exposure at default other exposure | 233 | |
Credit risk exposure default amount | $ 2,814 | 4,555 |
Non retail [member] | AIRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 65 | |
Credit risk exposure at default drawn | $ 737 | |
Credit risk exposure at default undrawn commitments | 82 | |
Credit risk exposure at default other exposure | 483 | |
Credit risk exposure default amount | $ 1,302 | 1,224 |
Non retail [member] | AIRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 60 | |
Credit risk exposure at default drawn | $ 884 | |
Credit risk exposure at default undrawn commitments | 536 | |
Credit risk exposure at default other exposure | 206 | |
Credit risk exposure default amount | $ 1,626 | 1,802 |
Non retail [member] | AIRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 40 | |
Credit risk exposure at default drawn | $ 593 | |
Credit risk exposure at default undrawn commitments | 84 | |
Credit risk exposure at default other exposure | 19 | |
Credit risk exposure default amount | $ 696 | 506 |
Non retail [member] | AIRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors default [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 30 | |
Credit risk exposure at default drawn | $ 92 | |
Credit risk exposure default amount | $ 92 | 109 |
Non retail [member] | AIRB portfolio [member] | Default [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 21 | |
Credit risk exposure at default drawn | $ 1,110 | |
Credit risk exposure at default undrawn commitments | 50 | |
Credit risk exposure at default other exposure | 68 | |
Credit risk exposure default amount | $ 1,228 | $ 1,555 |
Top of range [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 99 | |
Top of range [member] | Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 99 | |
Bottom of range [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 98 | |
Bottom of range [member] | Non retail [member] | AIRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | ||
Disclosure of internal credit grades [line items] | ||
Internal grade rating | 98 |
Financial Instruments-Risk Ma_7
Financial Instruments-Risk Management - Summary of Risk Categories of Borrower Internal Grades (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Loss protection related to derivatives transactions, net of related collateral excluded | $ 3.5 | $ 3.5 |
Financial Instruments-Risk Ma_8
Financial Instruments-Risk Management - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | $ 1,094,005 | $ 1,084,224 | |
Market value of collateral accepted | [1] | 352,553 | 353,788 |
Assets acquired in exchange of loans | 257 | 301 | |
Decreases (increases) in the Bank's before-tax annual earnings | 61 | 66 | |
The unrealized foreign currency translation losses | 321 | 354 | |
Increase Decrease In Credit Risk Exposure Due TO Implementation Of Comprehensive Approach to Collateral | 2,000 | ||
Reverse repurchase agreements [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market value of collateral accepted | 192,000 | 176,000 | |
Standard securities borrowing agreements [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market value of collateral accepted | 227,000 | 208,000 | |
Collateral not sold or re-pledged | 55,000 | 37,000 | |
Retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | 396,967 | 361,243 | |
Retail [member] | AIRB portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | $ 305,905 | 273,845 | |
Percentage of residential mortgage portfolio insured | 31.00% | ||
Percentage of residential mortgage portfolio uninsured to average loan value | 49.00% | ||
Retail [member] | AIRB portfolio [member] | Real estate secured [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | $ 227,927 | 192,927 | |
Retail [member] | Standardized portfolio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | 91,062 | 87,398 | |
Retail [member] | Standardized portfolio [Member] | Real estate secured [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | 54,617 | 47,715 | |
Non retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | 697,038 | 722,981 | |
Non retail [member] | AIRB portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | 621,554 | 645,521 | |
Non retail [member] | Standardized portfolio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | $ 75,484 | $ 77,460 | |
Top of range [member] | Retail [member] | Standardized portfolio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Secured mortgage loans to value ratio | 80.00% | ||
[1] | Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions. |
Financial Instruments-Risk Ma_9
Financial Instruments-Risk Management - Summary of Risk Categories of Borrower by Probability Of default (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Total | $ 1,094,005 | $ 1,084,224 |
Retail [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 396,967 | 361,243 |
Retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 305,905 | 273,845 |
Retail [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 91,426 | 14,985 |
Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 106,994 | 99,114 |
Retail [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 77,215 | 129,345 |
Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 20,744 | 20,162 |
Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 7,316 | 7,698 |
Retail [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 917 | 631 |
Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | $ 863 | 1,388 |
Retail [member] | AIRB portfolio [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 100.00% | |
Total | $ 430 | 522 |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 0.00% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 0.05% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 0.20% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Medium low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 1.00% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 3.00% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 10.00% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 20.00% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 0.0499% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 0.1999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 0.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Medium low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 2.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 9.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 19.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability of default range percentage | 99.9999% | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | $ 187,665 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 56,714 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 78,041 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 42,438 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 9,320 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 528 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 223 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 240 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 161 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 40,262 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 22,387 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 13,257 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 4,057 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 411 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 58 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 34 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 58 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 41,771 | 45,862 |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 11,594 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 9,809 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 11,063 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 5,037 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 3,619 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 200 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 367 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 82 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total | 36,207 | $ 35,056 |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 731 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 5,887 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 19,657 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 6,387 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 2,758 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 436 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | 222 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Exposure at default | $ 129 |
Financial Instruments-Risk M_10
Financial Instruments-Risk Management - Summary of Interest Rate Sensitivity (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Net interest income [member] | 100 bp increase [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | $ 157 | $ 134 |
Net interest income [member] | 100 bp increase [member] | Canadian dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | 123 | |
Net interest income [member] | 100 bp increase [member] | Other currencies [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | 34 | |
Net interest income [member] | 25 bp decrease [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | (47) | (38) |
Net interest income [member] | 25 bp decrease [member] | Canadian dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | (38) | |
Net interest income [member] | 25 bp decrease [member] | Other currencies [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | (9) | |
Economic value of equity [member] | 100 bp increase [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | (866) | (510) |
Economic value of equity [member] | 100 bp increase [member] | Canadian dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | (557) | |
Economic value of equity [member] | 100 bp increase [member] | Other currencies [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | (309) | |
Economic value of equity [member] | 25 bp decrease [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | 154 | $ 63 |
Economic value of equity [member] | 25 bp decrease [member] | Canadian dollar [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | 96 | |
Economic value of equity [member] | 25 bp decrease [member] | Other currencies [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | $ 58 |
Financial Instruments-Risk M_11
Financial Instruments-Risk Management - VaR by Risk Factor (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | $ 10.3 | $ 11.5 |
Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2 | 11.1 |
Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 11.5 | 11.4 |
Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 6.7 | 3.1 |
Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2 | 4.6 |
Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 1.3 | 5 |
Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 1.5 | 5.2 |
Risk diversification effect [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | (8.6) | (14.8) |
Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 13.2 | 14.6 |
Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 36.1 | $ 37 |
Weighted average [member] | Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 11.9 | |
Weighted average [member] | Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 5.4 | |
Weighted average [member] | Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 12.2 | |
Weighted average [member] | Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 5.9 | |
Weighted average [member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.7 | |
Weighted average [member] | Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 3.9 | |
Weighted average [member] | Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.8 | |
Weighted average [member] | Risk diversification effect [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | (13.1) | |
Weighted average [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 14.1 | |
Weighted average [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 36.2 | |
Top of range [member] | Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 23.2 | |
Top of range [member] | Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 12.7 | |
Top of range [member] | Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 22 | |
Top of range [member] | Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 20.8 | |
Top of range [member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 5.7 | |
Top of range [member] | Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 8.7 | |
Top of range [member] | Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 5.1 | |
Top of range [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 32.8 | |
Top of range [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 50.5 | |
Bottom of range [member] | Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 4.5 | |
Bottom of range [member] | Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 0.5 | |
Bottom of range [member] | Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 4.6 | |
Bottom of range [member] | Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.2 | |
Bottom of range [member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 1.4 | |
Bottom of range [member] | Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 1 | |
Bottom of range [member] | Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 1.5 | |
Bottom of range [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 7.9 | |
Bottom of range [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | $ 22 |
Financial Instruments-Risk M_12
Financial Instruments-Risk Management - Summary of Market Risk Capital Requirements (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | $ 13.2 | $ 14.6 |
Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | 36.1 | $ 37 |
Capital requirements [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | 649 | |
Capital requirements [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | 93 | |
Capital requirements [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | 353 | |
Capital requirements [member] | Incremental risk charge [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | 150 | |
Capital requirements [member] | Standardized approach risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Market risk capital | $ 53 |
Financial Instruments-Risk M_13
Financial Instruments-Risk Management - Summary of Market Risk Capital Requirements (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Risk-weighted assets | $ 8,112 | $ 7,327 |
Acquisition and Divestitures -
Acquisition and Divestitures - Additional Information (Detail) $ in Millions | May 12, 2021CAD ($) | May 31, 2020CAD ($) | Jan. 31, 2020CAD ($) | Dec. 31, 2019CAD ($) | Dec. 13, 2019CAD ($) | Dec. 03, 2019CAD ($)basis_points | Apr. 30, 2019CAD ($) | Mar. 01, 2019CAD ($) | Oct. 31, 2021CAD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Mar. 31, 2021 | Aug. 31, 2019 |
Disclosure of detailed information about business combination [line items] | |||||||||||||
Goodwill | $ 8,848 | $ 9,279 | $ 9,631 | ||||||||||
Proportion of ownership interests in subsidiaries | 100.00% | ||||||||||||
Total derecognized assets | $ 1,184,844 | 1,136,466 | |||||||||||
Total derecognized liabilities | 1,111,952 | 1,065,963 | |||||||||||
Insurance and Banking Operations [member] | EL SALVADOR | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Expected after tax gain (loss) on sale of operations | (28) | (136) | |||||||||||
Gain (loss) on sale of subsidiary after tax | $ (164) | ||||||||||||
Total derecognized assets | 2,796 | ||||||||||||
Total derecognized liabilities | $ 2,481 | ||||||||||||
Other smaller operating segments and corporate adjustments [member] | Puerto Rico and US Virgin Islands [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Expected after tax gain (loss) on sale of operations | (22) | (402) | |||||||||||
Gain (loss) on sale of subsidiary after tax | $ (424) | ||||||||||||
Total derecognized assets | 4,800 | ||||||||||||
Total derecognized liabilities | $ 4,166 | ||||||||||||
Banking operations in the Caribbean [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Expected after tax gain (loss) on sale of operations | $ 38 | ||||||||||||
Total derecognized assets | 2,086 | ||||||||||||
Total derecognized liabilities | $ 2,069 | ||||||||||||
Operations in British Virgin Islands [Member] | British Virgin Islands [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Gain (loss) on sale of subsidiary after tax | $ 48 | ||||||||||||
Total derecognized assets | 631 | ||||||||||||
Total derecognized liabilities | $ 537 | ||||||||||||
Thanachart bank public company limited [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Percentage of controlling interest | 49.00% | ||||||||||||
Thanachart bank public company limited [member] | Disposal of major subsidiary [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Expected after tax gain (loss) on sale of operations | $ 414 | ||||||||||||
Ownership interest, potential divestiture | 49.00% | ||||||||||||
Proportion of consideration received in cash | 49.00% | ||||||||||||
Derecognized interest percent | 49.00% | ||||||||||||
Derecognized carrying amount | $ 3,600 | ||||||||||||
Proportion of consideration received in shares | 6.00% | ||||||||||||
Expected before tax gain (loss) on sale of operations | $ 426 | ||||||||||||
Significant unobservable input, entity's own equity instruments | basis_points | 36 | ||||||||||||
Banco Dominicano del Progreso, Dominican Republic [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Business acquisition, purchase price | $ 440 | ||||||||||||
Goodwill | 271 | ||||||||||||
Banco Cencosud, Peru [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Business acquisition, purchase price | $ 133 | ||||||||||||
Duration of credit card operations and offer other products and services to customers | 15 years | ||||||||||||
Scotia Crecer AFP and Scotia Seguros [member] | Dominican Republic [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Gain (loss) on sale of subsidiary after tax | $ 273 | ||||||||||||
Scotia Crecer AFP and Scotia Seguros [member] | Banco Dominicano del Progreso, Dominican Republic [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Total derecognized assets | 111 | ||||||||||||
Total derecognized liabilities | $ 26 | ||||||||||||
AFP Colfondos [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Amount reclassified from AOCI to retained earnings | $ 27 | ||||||||||||
Gain (loss) after reclassification | (85) | ||||||||||||
AFP Colfondos [Member] | Disposal of major subsidiary [member] | Other smaller operating segments and corporate adjustments [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Expected after tax gain (loss) on sale of operations | $ (48) | $ (64) | |||||||||||
Gain (loss) on sale of subsidiary after tax | (112) | ||||||||||||
Total derecognized liabilities | 53 | ||||||||||||
AFP Colfondos [Member] | Disposal of major subsidiary [member] | country SV [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Total derecognized assets | $ 240 | ||||||||||||
Scotiabank (British Virgin Islands) Limited [member] | Disposal of major subsidiary [member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Ownership interest, potential divestiture | 51.00% | ||||||||||||
Operations in Belize [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Ownership interest, potential divestiture | 100.00% | ||||||||||||
Bank Of Nova Scotia Chile SA [Member] | |||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||
Proportion of ownership interests in subsidiaries | 83.00% | ||||||||||||
Percentage increase in ownership interest in subsidiaries | 7.00% | ||||||||||||
Payment to acquire non controlling interests in subsidiaries | $ 481 |