Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2023 |
Document Fiscal Year Focus | 2023 |
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 | 1,214,044,420 |
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 | 40 Temperance Street |
Entity Address, City or Town | Toronto |
Entity Address, Postal Zip Code | M5H 0B4 |
City Area Code | 416 |
Local Phone Number | 866-3672 |
Title of 12(b) Security | Common Shares |
Trading Symbol | BNS |
Security Exchange Name | NYSE |
Auditor Name | KPMG LLP |
Auditor Firm ID | 85 |
Auditor Location | Toronto, ON, Canada |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, State or Province | NY |
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, 2023 | Oct. 31, 2022 | |
Assets | |||
Cash and deposits with financial institutions | [1] | $ 90,312 | $ 65,895 |
Precious metals | 937 | 543 | |
Trading assets | |||
Securities | 107,612 | 103,547 | |
Loans | [2],[3] | 7,544 | 7,811 |
Other | 2,712 | 1,796 | |
Total trading assets | 117,868 | 113,154 | |
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |
Derivative financial instruments | 51,340 | 55,699 | |
Investment securities | 118,237 | 110,008 | |
Loans | |||
Residential mortgages | 344,182 | 349,279 | |
Personal loans | 104,170 | 99,431 | |
Credit cards | 17,109 | 14,518 | |
Business and government | 291,822 | 287,107 | |
Loans and receivables gross | [4] | 757,283 | 750,335 |
Allowance for credit losses | 6,372 | 5,348 | |
Loans and receivables | 750,911 | 744,987 | |
Other | |||
Customers' liability under acceptances, net of allowance | [4],[5] | 18,628 | 19,494 |
Property and equipment | [6] | 5,642 | 5,700 |
Investments in associates | 1,925 | 2,633 | |
Goodwill and other intangible assets | 17,193 | 16,833 | |
Deferred tax assets | 3,530 | 1,903 | |
Other assets | 34,941 | 37,256 | |
Other Assets | 81,859 | 83,819 | |
Total assets | 1,410,789 | 1,349,418 | |
Deposits | |||
Personal | 288,617 | 265,892 | |
Business and government | 612,267 | 597,617 | |
Financial institutions | 51,449 | 52,672 | |
Deposits | [7] | 952,333 | 916,181 |
Financial instruments designated at fair value through profit or loss | 26,779 | 22,421 | |
Other | |||
Acceptances | 18,718 | 19,525 | |
Obligations related to securities sold short | 36,403 | 40,449 | |
Derivative financial instruments | 58,660 | 65,900 | |
Obligations related to securities sold under repurchase agreements and securities lent | 160,007 | 139,025 | |
Subordinated debentures | 9,693 | 8,469 | |
Other liabilities | 69,529 | 62,699 | |
Other Liabilities | 353,010 | 336,067 | |
Total liabilities | 1,332,122 | 1,274,669 | |
Equity | |||
Retained earnings | 55,746 | 53,761 | |
Accumulated other comprehensive income (loss) | (6,918) | (7,166) | |
Other reserves | (84) | (152) | |
Total common equity | 68,853 | 65,150 | |
Total equity attributable to equity holders of the Bank | 76,928 | 73,225 | |
Non-controlling interests in subsidiaries | 1,739 | 1,524 | |
Total equity | 78,667 | 74,749 | |
Total liabilities and equity | 1,410,789 | 1,349,418 | |
Common shares [member] | |||
Equity | |||
Common shares | 20,109 | 18,707 | |
Total equity | 20,109 | 18,707 | |
Preference shares [member] | |||
Equity | |||
Preferred shares and other equity instruments | $ 8,075 | $ 8,075 | |
[1]Net of allowances of $7 (2022 – $4).[2]Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset.[3]Loans are primarily denominated in U.S. dollars.[4]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[5]0.6% of acceptances reside outside Canada (October 31, 2022 – 0.4%).[6]Includes $38 (2022 – $36) of investment property.[7]Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817). |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | ||||
Interest income | |||||
Loans | [1] | $ 45,043 | $ 29,390 | ||
Securities | [1] | 6,833 | 2,877 | ||
Securities purchased under resale agreements and securities borrowed | [1] | 1,478 | 459 | ||
Deposits with financial institutions | [1] | 3,470 | 832 | ||
Interest income | [1] | 56,824 | 33,558 | ||
Interest expense | |||||
Deposits | 35,650 | 12,794 | |||
Subordinated debentures | 471 | 270 | |||
Other | 2,416 | 2,379 | |||
Interest expenses | 38,537 | 15,443 | |||
Net interest income | 18,287 | 18,115 | |||
Non-interest income | |||||
Card revenues | 778 | 779 | |||
Banking services fees | 1,879 | 1,770 | |||
Credit fees | 1,861 | 1,647 | |||
Mutual funds | 2,127 | 2,269 | |||
Brokerage fees | 1,117 | 1,125 | |||
Investment management and trust | 1,029 | 999 | |||
Underwriting and advisory fees | 554 | 543 | |||
Non-trading foreign exchange | 911 | 878 | |||
Trading revenues | 1,580 | 1,791 | |||
Net gain on sale of investment securities | 129 | 74 | |||
Net income from investments in associated corporations | 153 | 268 | |||
Insurance underwriting income, net of claims | 482 | 433 | |||
Other fees and commissions | 1,072 | 650 | |||
Other | 348 | 75 | |||
Total non-interest income | 14,020 | 13,301 | |||
Total revenue | 32,307 | 31,416 | |||
Provision for credit losses | 3,422 | 1,382 | |||
Profit from operating activity | 28,885 | 30,034 | |||
Non-interest expenses | |||||
Salaries and employee benefits | 9,596 | 8,836 | |||
Premises and technology | 2,659 | 2,424 | |||
Depreciation and amortization | 1,820 | [2] | 1,531 | [3] | |
Communications | 395 | 361 | |||
Advertising and business development | 576 | 480 | |||
Professional | 780 | 826 | |||
Business and capital taxes | 634 | 541 | |||
Other | 2,671 | 2,103 | |||
Total non-interest expenses | 19,131 | 17,102 | |||
Income before taxes | 9,754 | 12,932 | |||
Income tax expense | [4] | 2,226 | 2,758 | ||
Net income | 7,528 | 10,174 | |||
Net income attributable to non-controlling interests in subsidiaries | 118 | 258 | |||
Net income attributable to equity holders of the Bank | 7,410 | 9,916 | |||
Preferred shareholders and other equity instrument holders | 419 | 260 | |||
Common shareholders | $ 6,991 | $ 9,656 | |||
Earnings per common share (in dollars) | |||||
Basic | [5] | $ 5.84 | $ 8.05 | ||
Diluted | [5] | 5.78 | 8.02 | ||
Dividends paid per common share (in dollars) | $ 4.18 | $ 4.06 | |||
[1]Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $54,824 for the year ended October 31, 2023 (October 31, 2022 – $32,573).[2]Includes impairment charge of software and other intangible assets in the Other segment.[3]Prior period amounts have been restated to conform with current period presentation.[4]The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022.[5]Earnings per share calculations are based on full dollar and share amounts. |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Profit or loss [abstract] | ||
Interest income calculated using effective interest method | $ 54,824 | $ 32,573 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 7,528 | $ 10,174 |
Net change in unrealized foreign currency translation gains (losses): | ||
Net unrealized foreign currency translation gains (losses) | 1,345 | 3,703 |
Net gains (losses) on hedges of net investments in foreign operations | (577) | (1,655) |
Income tax expense (benefit): | ||
Net unrealized foreign currency translation gains (losses) | 2 | 28 |
Net gains (losses) on hedges of net investments in foreign operations | (176) | (434) |
Other comprehensive income on foreign currency translation and hedges of net investments net of tax | 942 | 2,454 |
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 | 176 | (4,333) |
Reclassification of net (gains) losses to net income | 327 | 2,717 |
Income tax expense (benefit): | ||
Net gains (losses) in fair value | 19 | (1,108) |
Reclassification of net (gains) losses to net income | 106 | 704 |
Other comprehensive income net of tax available for sale financial assets net of tax | 378 | (1,212) |
Net change in gains (losses) on derivative instruments designated as cash flow hedges: | ||
Net gains (losses) on derivative instruments designated as cash flow hedges | 3,763 | (10,037) |
Reclassification of net (gains) losses to net income | (3,455) | 3,880 |
Income tax expense (benefit): | ||
Net gains (losses) on derivative instruments designated as cash flow hedges | 1,034 | (2,709) |
Reclassification of net (gains) losses to net income | (971) | 1,089 |
Other comprehensive income net of tax cash flow hedges | 245 | (4,537) |
Other comprehensive income (loss) from investments in associates | (16) | (344) |
Net change in remeasurement of employee benefit plan asset and liability: | ||
Actuarial gains (losses) on employee benefit plans | 108 | 955 |
Income tax expense (benefit) | (6) | 277 |
Other comprehensive income net of tax actuarial gains (losses) on employee benefit plans | 114 | 678 |
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 | (253) | (106) |
Income tax expense (benefit) | (73) | (32) |
Other comprehensive income net of tax for equity instruments designated at fair value through other comprehensive income | (180) | (74) |
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 | (1,338) | 1,958 |
Income tax expense (benefit) | (353) | 514 |
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 | (985) | 1,444 |
Other comprehensive income (loss) from investments in associates | 2 | 2 |
Other comprehensive income (loss) | 500 | (1,589) |
Comprehensive income | 8,028 | 8,585 |
Comprehensive income (loss) attributable to non-controlling interests | 327 | 233 |
Comprehensive income attributable to equity holders of the Bank | 7,701 | 8,352 |
Preferred shareholders and other equity instrument holders | 419 | 260 |
Common shareholders | $ 7,282 | $ 8,092 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Common shares [member] | Retained earnings [member] | [1] | Other reserves [member] | Total common equity [member] | Preferred shares and other equity instruments [member] | Total common and preferred equity [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 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) | |||||
Statement [Line Items] | ||||||||||||||||||
Net income | 10,174 | 9,656 | 9,656 | 260 | 9,916 | 258 | ||||||||||||
Other comprehensive income (loss) | (1,589) | (1,564) | (1,564) | (25) | 2,411 | (1,212) | (35) | (4,523) | 1,795 | |||||||||
Total comprehensive income | 8,585 | 9,656 | 8,092 | 260 | 8,352 | 233 | 2,411 | (1,212) | (35) | (4,523) | 1,795 | |||||||
Shares/instruments issued | 3,211 | 706 | (18) | 688 | 2,523 | 3,211 | ||||||||||||
Shares repurchased/redeemed | (3,373) | (506) | (2,367) | (2,873) | (500) | (3,373) | ||||||||||||
Dividends and distributions paid to equity holders | (5,233) | (4,858) | (4,858) | (260) | (5,118) | (115) | ||||||||||||
Share-based payments | [3] | 10 | 10 | 10 | 10 | |||||||||||||
Other | (1,343) | (24) | (366) | [4] | (659) | (659) | (684) | [4] | (180) | (40) | (49) | |||||||
Ending Balance at Oct. 31, 2022 | 74,749 | 18,707 | 53,761 | (152) | 65,150 | 8,075 | 73,225 | 1,524 | (2,478) | (1,482) | 216 | (4,786) | 1,364 | |||||
Statement [Line Items] | ||||||||||||||||||
Net income | 7,528 | 6,991 | 6,991 | 419 | 7,410 | 118 | ||||||||||||
Other comprehensive income (loss) | 500 | 291 | 291 | 209 | 766 | 378 | (201) | 240 | (892) | |||||||||
Total comprehensive income | 8,028 | 6,991 | 7,282 | 419 | 7,701 | 327 | 766 | 378 | (201) | 240 | (892) | |||||||
Shares/instruments issued | 1,399 | 1,402 | (3) | 1,399 | 1,399 | |||||||||||||
Dividends and distributions paid to equity holders | (5,523) | (5,003) | (5,003) | (419) | (5,422) | (101) | ||||||||||||
Share-based payments | [3] | 14 | 14 | 14 | 14 | |||||||||||||
Other | (3) | 57 | 11 | 11 | (11) | (43) | (1) | 1 | ||||||||||
Ending Balance at Oct. 31, 2023 | $ 78,667 | $ 20,109 | $ 55,746 | $ (84) | $ 68,853 | $ 8,075 | $ 76,928 | $ 1,739 | $ (1,755) | $ (1,104) | $ 14 | $ (4,545) | $ 472 | |||||
[1]Includes undistributed retained earnings of $71 (2022 – $67) related to a foreign associated corporation, which is subject to local regulatory restriction.[2]Includes Share from associates, Employee benefits and Own credit risk.[3]Represents amounts on account of share-based payments (refer to Note 26).[4]Includes changes to non-controlling interests arising from business combinations and related transactions (refer to Note 36). |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure Of Restatement [abstract] | ||
Undistributed retained earnings | $ 71 | $ 67 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Cash flows from operating activities | |||
Net income | $ 7,528 | $ 10,174 | |
Adjustment for: | |||
Net interest income | [1] | (18,287) | (18,115) |
Depreciation and amortization | 1,820 | 1,531 | |
Provision for credit losses | 3,422 | 1,382 | |
Impairment on investments in associates | 185 | ||
Equity-settled share-based payment expense | 14 | 10 | |
Net gain on sale of investment securities | (129) | (74) | |
Net (gain)/loss on divestitures | (367) | 233 | |
Net income from investments in associated corporations | (153) | (268) | |
Income tax expense | 2,226 | 2,758 | |
Changes in operating assets and liabilities: | |||
Trading assets | (2,689) | 37,501 | |
Securities purchased under resale agreements and securities borrowed | (18,966) | (41,438) | |
Loans | 4,414 | (97,161) | |
Deposits | 19,478 | 95,905 | |
Obligations related to securities sold short | (4,616) | (1,292) | |
Obligations related to securities sold under repurchase agreements and securities lent | 15,937 | 10,838 | |
Net derivative financial instruments | 2,080 | 115 | |
Other, net | (219) | (1,404) | |
Dividends received | 1,299 | 1,156 | |
Interest received | 55,617 | 31,931 | |
Interest paid | (34,731) | (13,336) | |
Income tax paid | (2,139) | (3,503) | |
Net cash from/(used in) operating activities | 31,724 | 16,943 | |
Cash flows from investing activities | |||
Interest-bearing deposits with financial institutions | (23,538) | 25,783 | |
Purchase of investment securities | (100,919) | (97,736) | |
Proceeds from sale and maturity of investment securities | 94,875 | 63,130 | |
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired | 895 | (549) | |
Property and equipment, net of disposals | (442) | (571) | |
Other, net | (911) | (1,350) | |
Net cash from/(used in) investing activities | (30,040) | (11,293) | |
Cash flows from financing activities | |||
Proceeds from issue of subordinated debentures | 1,447 | 3,356 | |
Redemption of subordinated debentures | (78) | (1,276) | |
Proceeds from preferred shares and other equity instruments issued | 2,523 | ||
Redemption of preferred shares | (500) | ||
Proceeds from common shares issued | 1,402 | 137 | |
Common shares purchased for cancellation | (2,873) | ||
Cash dividends and distributions paid | (5,422) | (5,118) | |
Distributions to non-controlling interests | (101) | (115) | |
Payment of lease liabilities | (325) | (322) | |
Other, net | 311 | (391) | |
Net cash from/(used in) financing activities | (2,766) | (4,579) | |
Effect of exchange rate changes on cash and cash equivalents | 190 | 301 | |
Net change in cash and cash equivalents | (892) | 1,372 | |
Cash and cash equivalents at beginning of year | [2] | 11,065 | 9,693 |
Cash and cash equivalents at end of year | [2] | $ 10,173 | $ 11,065 |
[1]Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.[2]Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 6). |
Reporting entity
Reporting entity | 12 Months Ended |
Oct. 31, 2023 | |
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 40 Temperance Street, Toronto, 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, 2023 | |
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, 2023 have been approved by the Board of Directors for issue on November 28, 2023. 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 factors and 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 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 the Bank’s 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(e) 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 36 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, 2023 | |
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. 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. 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. For the Bank to control an entity, all 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 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 controls an entity 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. 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 the consideration paid or received. 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, 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 A business model assessment involves determining how financial assets are managed to generate cash flows. The Bank’s business model assessment is based on the following categories: • Held to collect: The objective of this 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 the 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 the 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 amortized cost is recognized in OCI with a corresponding charge to provision for credit losses in the Consolidated Statement of Income. The accumulated allowance recognized 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 The Bank designates certain debt instruments at FVTPL upon initial recognition, and the designation is irrevocable. The FVTPL designation is available when a fair value is reliably estimated, and doing so eliminates or significantly reduces an accounting mismatch which would otherwise arise. Debt instruments 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 Equity instruments measured at FVOCI At initial recognition, the Bank has an option 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 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 The Bank designates certain financial liabilities at FVTPL upon initial recognition, and the designation is irrevocable. The FVTPL designation is available when a fair value is reliably estimated. Financial liabilities are designated at FVTPL when it meets one of the following criteria: • 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 line 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 The 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 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 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, considering 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 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, except for 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 |
Interest Rate Benchmark Reform
Interest Rate Benchmark Reform | 12 Months Ended |
Oct. 31, 2023 | |
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Interest Rate Benchmark Reform | 4 Interest Rate Benchmark Reform Overview The publication of the overnight and 12-month one-month, six-month non-representative non-representative As previously announced by Refinitiv Benchmark Services (UK) Limited, one-month, two-month, CanDeal Benchmark Solutions and TMX Datalinx have launched the one-month The move from CDOR to CORRA carries certain transition and market risks. These risks, such as increased volatility, lack of liquidity and slow adoption of industry recommended fallbacks, 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 alternative reference rates as noted above and conduct with clients and counterparties. The Bank’s Transition Plan aligns with the CDOR transition roadmap and milestones published by CARR. After June 30, 2023, all new derivatives and securities transactions of the Bank must reference CORRA benchmarks with permissible exceptions. With the cessation of CDOR, Bankers Acceptance (BA) based loan facilities will be transitioned to alternative rates such as CORRA or Prime. BA securities, which are produced as a result of BA-based The focus of the Transition Program is to address risks by identifying the exposures and contracts referencing CDOR, evaluating the existing contract language in the event CDOR ceases to be published or available, developing the capabilities to issue and trade products referencing CORRA and communicating with clients and counterparties regarding industry developments pertaining to CDOR cessation. 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 CDOR-linked products to CORRA and upgrading systems and processes. Additionally, the Bank provides regular updates on its CDOR transition to OSFI. Non-derivative The following table reflects the Bank’s CDOR (one-month, two-month non-derivative Carrying Amount ($ millions) As at October 31, 2023 As at October 31, 2022 CDOR Maturing after CDOR Maturing after Non-derivative (1) $ 45,512 $ 24,146 Non-derivative (2) 40,644 24,256 (1) Non derivative financial assets include carrying amounts of debt securities, loans and customer’s liability under acceptances (debt securities, loans and customer’s liability under acceptances measured at amortized cost are gross of allowance for credit losses). (2) Non-derivative Derivatives and undrawn commitments The following table reflects the Bank’s CDOR (one-month, two-month Notional Amount ($ millions) As at October 31, 2023 As at October 31, 2022 CDOR Maturing after CDOR Maturing after Derivatives Single currency interest rate swaps (1) $ 1,264,325 $ 1,025,373 Cross currency interest rate swaps (1) 122,729 122,718 Other (2) 23,811 3,574 Undrawn commitments 22,265 4,787 (1) For single currency and/or cross currency interest rate swaps, where both legs are referencing rates directly impacted by the interest rate benchmark reform, the relevant notional amount for both legs are included to reflect the risks relating to the reform for each rate. (2) Other derivatives include futures, total return swaps and options. Hedging derivatives The following table reflects the Bank’s CDOR (one-month, two-month ($ millions) As at October 31, 2023 As at October 31, 2022 CDOR Maturing after (1) CDOR Maturing after (1) Hedging derivatives (2) $ 114,113 $ 109,253 (1) For single currency interest rate swaps, where both legs are referencing rates directly impacted by the interest rate benchmark reform, the relevant notional amount for both legs are included to reflect the risks relating to the reform for each rate. (2) For cross currency swaps where a CAD float leg is inserted to create two separate hedging instruments, the relevant notional amount for both instruments are included in the table. |
Future accounting developments
Future accounting developments | 12 Months Ended |
Oct. 31, 2023 | |
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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 The International Accounting Standards Board issued IFRS 17 Insurance Contracts Insurance Contracts. The Bank assessed the data and assumptions required to apply IFRS 17 and determined that the full retrospective approach could be applied for its short duration contracts and the fair value approach was required for its longer duration contracts. Short duration contracts apply the premium allocation approach which requires that the e xpected premium is recognized into income over the coverage period and a liability is established to the extent that cash inflows are received earlier than the recognition of premiums into insurance revenue. For long duration contracts, the adoption of IFRS 17 will result in recognition of probability-weighted fulfilment cashflows and a risk adjustment for non-financial y. IFRS 17 is effective for the Bank on November 1, 2023, and the Bank plans to adopt the standard by restating the comparative year results from the transition date of November 1, 2022. The expected impact of applying IFRS 17 to opening retained earnings as of transition date is not expected to be material. |
Cash and deposits with financia
Cash and deposits with financial institutions | 12 Months Ended |
Oct. 31, 2023 | |
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Cash and deposits with financial institutions | 6 Cash and Deposits with Financial Institutions As at October 31 ($ millions) 2023 2022 Cash and non-interest-bearing $ 10,173 $ 11,065 Interest-bearing deposits with financial institutions 80,139 54,830 Total $ 90,312 (1) $ 65,895 (1) (1) Net of allowances of $7 (2022 – $4). The Bank is required to maintain balances with central banks, other regulatory authorities and certain counterparties and these amounted to $5,758 million (2022 – $5,958 million) and are included above. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Oct. 31, 2023 | |
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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 accuracy of prices and inputs used in the determination of fair value. The IPV process is performed by price verification groups that are independent of the business. The Bank maintains a list of approved pricing sources that are used in the IPV process. These sources include, but are not limited to, brokers, exchanges and pricing services. The valuation policies relating to the IPV process require that all pricing or rate sources used be external to the Bank. At least annually, an independent assessment of pricing or rate sources is performed to determine the market presence and reliability of market 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 174. 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. Trading loans Trading loans are comprised of loans for market making, loans that serve as hedges to total return swaps, and purchased mortgages pooled for securitization. Trading loans for market making or that serve as hedges to loan-based credit total return swaps are valued using consensus prices from Bank approved independent pricing services. Purchased mortgages that are held prior to securitization are valued using inputs observed from the MBS market. 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. 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. 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. 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. Where direct prices from active markets are not available, the valuation is performed with a yield-based valuation approach. In some instances, interpolated yields of similar bonds are used to price securities. The Bank uses pricing models with observable inputs from market sources such as credit spread, and interest rate curves. 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. Mortgage-backed securities The fair value of residential mortgage-backed securities is primarily determined using broker quotes and independent market data providers. In limited circumstances, an internal price-based model may be used with the unobservable inputs that are significant to the fair value. Equity securities The fair value of equity securities is based on unadjusted quoted prices in active markets, where available. Where equity securities are less frequently traded, the most recent exchange-quoted pricing is used to determine fair value. 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. Derivatives Fair values of exchange-traded derivatives are based on unadjusted quoted market prices from an active market. 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, forward rates and interest rate curves. Derivative products valued using a valuation technique with significant unobservable inputs, such as volatility, correlation, and forward curves, may include long dated contracts (interest rate swaps, currency swaps, option contracts, commodity contracts and certain credit default swaps) and other derivative products that reference a basket of assets. 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. • 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. • 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. • 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. Deposits under the Canada Mortgage Bond (CMB) program are fair valued by discounting expected future contractual cash flows using market observable inputs. 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. 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. 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. Some structured notes may have significant unobservable inputs to model valuation such as interest rate volatility and equity correlation. 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. 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. The fair values of other liabilities are determined by the discounted contractual cash flow method with appropriate currency swap curves for the remaining term or market prices for instruments with similar terms and risks. 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 2023 2022 As at October 31 ($ millions) Total fair value Total carrying value Total fair value Total carrying value Assets: Cash and deposits with financial institutions $ 90,312 $ 90,312 $ 65,895 $ 65,895 Trading assets 117,868 117,868 113,154 113,154 Securities purchased under resale agreements and securities borrowed 199,325 199,325 175,313 175,313 Derivative financial instruments 51,340 51,340 55,699 55,699 Investment securities – FVOCI and FVTPL 86,253 86,253 86,398 86,398 Investment securities – Amortized cost 29,816 31,984 22,443 23,610 Loans 736,366 750,911 729,149 744,987 Customers’ liability under acceptances 18,628 18,628 19,494 19,494 Other financial assets 26,677 26,677 27,394 27,394 Liabilities: Deposits 942,112 952,333 904,033 916,181 Financial instruments designated at fair value through profit or loss 26,779 26,779 22,421 22,421 Acceptances 18,718 18,718 19,525 19,525 Obligations related to securities sold short 36,403 36,403 40,449 40,449 Derivative financial instruments 58,660 58,660 65,900 65,900 Obligations related to securities sold under repurchase agreements and securities lent 160,007 160,007 139,025 139,025 Subordinated debentures 9,358 9,693 8,038 8,469 Other financial liabilities 49,276 51,215 45,723 46,682 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. 2023 2022 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) $ – $ 937 $ – $ 937 $ – $ 543 $ – $ 543 Trading assets Loans – 7,540 4 7,544 – 7,811 – 7,811 Canadian federal government and government guaranteed debt 13,766 3,603 – 17,369 10,139 4,595 – 14,734 Canadian provincial and municipal debt 5,299 4,154 – 9,453 4,299 5,978 – 10,277 U.S. treasury and other U.S. agencies’ debt 11,218 – – 11,218 11,957 – – 11,957 Other foreign governments’ debt 19 10,626 – 10,645 15 8,287 – 8,302 Corporate and other debt 3,431 7,748 – 11,179 2,367 8,976 1 11,344 Equity securities 47,665 67 16 47,748 46,698 224 11 46,933 Other – 2,712 – 2,712 – 1,796 – 1,796 $ 81,398 $ 36,450 $ 20 $ 117,868 $ 75,475 $ 37,667 $ 12 $ 113,154 Investment securities (2) Canadian federal government and government guaranteed debt $ 7,674 $ 4,713 $ – $ 12,387 $ 4,947 $ 6,055 $ – $ 11,002 Canadian provincial and municipal debt 3,695 3,451 – 7,146 2,029 3,400 – 5,429 U.S. treasury and other U.S. agencies’ debt 25,058 3,640 – 28,698 32,412 2,824 – 35,236 Other foreign governments’ debt 2,527 28,891 – 31,418 3,217 24,487 – 27,704 Corporate and other debt – 2,512 40 2,552 40 1,874 48 1,962 Equity securities 2,010 333 1,709 4,052 3,210 215 1,640 5,065 $ 40,964 $ 43,540 $ 1,749 $ 86,253 $ 45,855 $ 38,855 $ 1,688 $ 86,398 Derivative financial instruments Interest rate contracts $ – $ 15,942 $ – $ 15,942 $ – $ 15,193 $ 17 $ 15,210 Foreign exchange and gold contracts – 29,465 2 29,467 – 32,223 – 32,223 Equity contracts 54 3,066 27 3,147 332 2,209 20 2,561 Credit contracts – 342 2 344 – 780 – 780 Commodity contracts – 2,430 10 2,440 – 4,912 13 4,925 $ 54 $ 51,245 $ 41 $ 51,340 $ 332 $ 55,317 $ 50 $ 55,699 Liabilities: Deposits (3) $ – $ (95 ) $ – $ (95 ) $ – $ 15 $ – $ 15 Financial liabilities designated at fair value through profit or loss – 26,779 – 26,779 – 22,421 – 22,421 Obligations related to securities sold short 29,921 6,482 – 36,403 35,059 5,387 3 40,449 Derivative financial instruments Interest rate contracts – 25,079 2 25,081 – 22,842 12 22,854 Foreign exchange and gold contracts – 28,013 – 28,013 – 35,634 – 35,634 Equity contracts 135 3,106 17 3,258 636 3,063 21 3,720 Credit contracts – 27 1 28 – 25 – 25 Commodity contracts – 2,274 6 2,280 – 3,660 7 3,667 $ 135 $ 58,499 $ 26 $ 58,660 $ 636 $ 65,224 $ 40 $ 65,900 Instruments not carried at fair value (4) Assets: Investment securities – amortized cost $ 1,627 $ 28,189 $ – $ 29,816 $ 2,086 $ 20,357 $ – $ 22,443 Loans (5) – – 415,738 415,738 – – 407,267 407,267 Liabilities: Deposits (5) – 425,251 – 425,251 – 365,134 – 365,134 Subordinated debentures – 9,358 – 9,358 – 8,038 – 8,038 Other liabilities – 24,651 – 24,651 – 23,679 330 24,009 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell. (2) Excludes debt investment securities measured at amortized cost of $31,984 (October 31, 2022 – $23,610). (3) These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost. (4) Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. (5) Represents fixed rate instruments. Level 3 instrument fair value changes Financial instruments categorized as Level 3 as at October 31, 2023, in the fair value hierarchy comprised of loans, structured corporate bonds, equity securities and complex derivatives. The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2023. All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities. As at October 31, 2023 ($ millions) Fair value Gains/(losses) Gains/(losses) Purchases/ Sales/ Transfers Fair value Change in (1) Trading assets Loans $ – $ – $ – $ 5 $ – $ (1 ) $ 4 $ – Corporate and other debt 1 – – – – (1 ) – – Equity securities 11 – – 3 (33 ) 35 16 – 12 – – 8 (33 ) 33 20 – Investment securities Corporate and other debt 48 (3 ) 3 – (8 ) – 40 (3 ) Equity securities 1,640 59 13 233 (135 ) (101 ) 1,709 61 1,688 56 16 233 (143 ) (101 ) 1,749 58 Derivative financial instruments – assets Interest rate contracts 17 (2 ) – 3 (6 ) (12 ) – (2 ) Foreign exchange and gold contracts – – – 2 – – 2 – Equity contracts 20 (3 ) – 6 (1 ) 5 27 (2 ) (2) Credit contracts – (2 ) – 4 – – 2 (2 ) Commodity contracts 13 (3 ) – – – – 10 (3 ) Derivative financial instruments – liabilities Interest rate contracts (12 ) – – (2 ) 3 9 (2 ) – Equity contracts (21 ) (3 ) – (18 ) 3 22 (17 ) (3 ) (2) Credit contracts – 1 – (2 ) – – (1 ) 1 Commodity contracts (7 ) 1 – – – – (6 ) 1 10 (11 ) – (7 ) (1 ) 24 15 (10 ) Obligations related to securities sold short (3 ) – – – 3 – – – Total $ 1,707 $ 45 $ 16 $ 234 $ (174 ) $ (44 ) $ 1,784 $ 48 (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 The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2022. As at October 31, 2022 ($ millions) Fair value Gains/(losses) (1) Gains/(losses) Purchases/ Sales/ Transfers Fair value Trading assets $ 41 $ (2 ) $ – $ 3 $ (32 ) $ 2 $ 12 Investment securities 1,348 282 (1 ) 363 (231 ) (73 ) 1,688 Derivative financial instruments 1 (8 ) – 4 – 13 10 Financial liabilities designated at fair value through profit or loss (139 ) 23 – (22 ) 12 126 – Obligations related to securities sold short – – – (2 ) 3 (4 ) (3 ) (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 were based on whether the fair value was determined using quoted market prices from an active market. During the year-ended October 31, 2023: • Trading assets of $1,413 million, investment securities of $1,204 million and obligations related to securities sold short of $114 million were transferred out of Level 2 into Level 1. • Trading assets of $758 million, investment securities of $752 million and obligations related to securities sold short of $169 million were transferred out of Level 1 into Level 2. During the year-ended October 31, 2022: • Trading assets of $705 million, investment securities of $401 million and obligations related to securities sold short of $40 million were transferred out of Level 2 into Level 1. • Trading assets of $2,099 million, investment securities of $491 million and obligations related to securities sold short of $867 million were transferred out of Level 1 into Level 2. The following significant transfers made between Levels 2 and 3 were based on whether the fair value was determined using significant unobservable inputs. During the year-ended October 31, 2023: • Investment in equity securities of million were transferred out of Level 3 into Level 2. During the year-ended October 31, 2022: • Investments in other foreign governments’ debt of $77 million and financial liabilities designated at fair value through profit or loss of $126 million were transferred out of Level 3 into Level 2. 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 Private equity securities (2) Market comparable General Partner valuations per net asset value 95% - 97% Price earnings (P/E) 3 % - 5% (65)/ 65 Derivative financial instruments Interest rate contracts Option Interest rate – model volatility 42% - 263% Equity contracts Option Equity volatility 2% - 89% model Correlation (13%) - 96% (5)/5 Commodity contracts Discounted cash flow Forward curves 6% - 15% (5)/5 (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. P/E multiples P/E multiples are used to calculate private equity securities valuation, which is determined based on comparable companies. Higher multiples equate to higher fair values. Correlation 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 the underlying 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. Forward curves Monthly forward curves for commodity contracts are required inputs to valuation. A portion of the forward curves are unobservable. |
Trading Assets
Trading Assets | 12 Months Ended |
Oct. 31, 2023 | |
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, 2023 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying Trading securities: Canadian federal government issued or guaranteed debt $ 1,736 $ 3,236 $ 8,216 $ 2,308 $ 1,873 $ – $ 17,369 Canadian provincial and municipal debt 1,938 1,376 1,379 1,128 3,632 – 9,453 U.S. treasury and other U.S. agency debt 1,337 4,392 2,873 1,973 643 – 11,218 Other foreign government debt 3,437 3,908 2,593 549 158 – 10,645 Common shares – – – – – 47,625 47,625 Other 274 919 6,697 2,527 762 123 11,302 Total $ 8,722 $ 13,831 $ 21,758 $ 8,485 $ 7,068 $ 47,748 $ 107,612 Total by currency (in Canadian equivalent): Canadian dollar $ 3,784 $ 5,178 $ 11,924 $ 4,347 $ 6,021 $ 30,154 $ 61,408 U.S. dollar 1,709 4,568 6,766 3,404 890 12,001 29,338 Mexican peso 591 2,097 2,031 134 18 32 4,903 Other currencies 2,638 1,988 1,037 600 139 5,561 11,963 Total trading securities $ 8,722 $ 13,831 $ 21,758 $ 8,485 $ 7,068 $ 47,748 $ 107,612 As at October 31, 2022 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying Trading securities: Canadian federal government issued or guaranteed debt $ 1,072 $ 2,581 $ 7,089 $ 1,934 $ 2,057 $ 1 $ 14,734 Canadian provincial and municipal debt 1,906 1,839 948 1,256 4,328 – 10,277 U.S. treasury and other U.S. agency debt 1,216 5,224 3,277 2,000 240 – 11,957 Other foreign government debt 2,610 1,643 3,545 356 148 – 8,302 Common shares – – – – – 46,753 46,753 Other 540 1,620 5,415 2,706 1,064 179 11,524 Total $ 7,344 $ 12,907 $ 20,274 $ 8,252 $ 7,837 $ 46,933 $ 103,547 Total by currency (in Canadian equivalent): Canadian dollar $ 3,274 $ 5,206 $ 10,243 $ 4,336 $ 6,859 $ 27,961 $ 57,879 U.S. dollar 1,304 5,694 6,448 3,550 836 12,347 30,179 Mexican peso 411 1,094 2,891 77 64 120 4,657 Other currencies 2,355 913 692 289 78 6,505 10,832 Total trading securities $ 7,344 $ 12,907 $ 20,274 $ 8,252 $ 7,837 $ 46,933 $ 103,547 (b) Trading loans The following table provides the geographic breakdown of trading loans: As at October 31 ($ millions) 2023 2022 Trading loans (1)(2) U.S. (3) $ 5,844 $ 6,489 Europe (4) 601 708 Canada (4) 1,068 512 Other (4) 31 102 Total $ 7,544 $ 7,811 (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 $5,756 (2022 – $6,414), while the remaining relates to short-term precious metals trading and lending activities. (4) These loans are primarily related to short-term precious metals trading and lending activities. |
Financial Instruments Designate
Financial Instruments Designated at Fair Value Through Profit or Loss | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Financial Instruments Designated at Fair Value Through Profit or Loss | 9 Financial Instruments Designated at Fair Value Through Profit or Loss In accordance with its risk management strategy, the Bank has elected to designate certain senior note liabilities at fair value through profit or loss to reduce an accounting mismatch between fair value changes in these instruments and fair value changes in related derivatives, and where a hybrid financial liability contains one or more embedded derivatives that are not closely related to the host contract. Changes in fair value of financial liabilities arising from the Bank’s own credit risk are recognized in other comprehensive income, without subsequent reclassification to net income. The cumulative fair value adjustment due to own credit risk is determined at a point in time by comparing the present value of expected future cash flows over the term of these liabilities discounted at the Bank’s effective funding rate, and the present value of expected future cash flows discounted at a benchmark rate. The following table presents the fair value of financial liabilities designated at fair value through profit or loss and their changes in fair value. Fair value Change in fair value (1) Gains/(Losses) Cumulative change in FV (2) Gains/(Losses) As at For the year ended October 31 ($ millions) 2023 2022 2023 2022 2023 2022 Liabilities Senior note liabilities (3) $ 26,779 $ 22,421 $ 762 $ 8,600 $ 8,655 $ 7,893 (1) Change in the difference between the contractual maturity amount and the carrying value. (2) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (3) 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 table presents 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 maturity Carrying Difference Changes in fair value Gains/(Losses) Cumulative changes (1) Gains/(Losses) As at October 31, 2023 $ 35,434 $ 26,779 $ 8,655 $ (1,338 ) $ (109 ) As at October 31, 2022 $ 30,314 $ 22,421 $ 7,893 $ 1,958 $ 1,229 (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, 2023 | |
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. 2023 2022 As at October 31 ($ millions) Trading Hedging Total Trading Hedging Total Interest rate contracts Exchange-traded: Futures $ 445,831 $ – $ 445,831 $ 205,283 $ – $ 205,283 Options purchased 12,829 – 12,829 – – – Options written 11,787 – 11,787 – – – 470,447 – 470,447 205,283 – 205,283 Over-the-counter: Forward rate agreements – – – 305 – 305 Swaps 383,961 40,250 424,211 365,945 30,871 396,816 Options purchased 42,320 – 42,320 39,321 – 39,321 Options written 50,717 – 50,717 44,567 – 44,567 476,998 40,250 517,248 450,138 30,871 481,009 Over-the-counter Forward rate agreements 92,773 – 92,773 132,691 – 132,691 Swaps 5,057,948 219,390 5,277,338 5,061,950 255,932 5,317,882 Options purchased – – – – – – Options written – – – – – – 5,150,721 219,390 5,370,111 5,194,641 255,932 5,450,573 Total $ 6,098,166 $ 259,640 $ 6,357,806 $ 5,850,062 $ 286,803 $ 6,136,865 Foreign exchange and gold contracts Exchange-traded: Futures $ 21,336 $ – $ 21,336 $ 14,880 $ – $ 14,880 Options purchased – – – – – – Options written – – – – – – 21,336 – 21,336 14,880 – 14,880 Over-the-counter: Spot and forwards 448,449 23,364 471,813 433,314 38,737 472,051 Swaps 722,095 139,184 861,279 576,564 118,890 695,454 Options purchased 33,155 – 33,155 25,783 – 25,783 Options written 37,292 – 37,292 26,716 – 26,716 1,240,991 162,548 1,403,539 1,062,377 157,627 1,220,004 Over-the-counter Spot and forwards 16,011 – 16,011 15,662 – 15,662 Swaps – – – – – – Options purchased – – – – – – Options written – – – – – – 16,011 – 16,011 15,662 – 15,662 Total $ 1,278,338 $ 162,548 $ 1,440,886 $ 1,092,919 $ 157,627 $ 1,250,546 Other derivative contracts Exchange-traded: Equity $ 54,880 $ – $ 54,880 $ 56,472 $ – $ 56,472 Credit – – – – – – Commodity and other contracts 31,321 – 31,321 30,441 – 30,441 86,201 – 86,201 86,913 – 86,913 Over-the-counter: Equity 72,005 818 72,823 62,617 873 63,490 Credit 18,408 – 18,408 19,957 – 19,957 Commodity and other contracts 28,912 – 28,912 31,959 – 31,959 119,325 818 120,143 114,533 873 115,406 Over-the-counter Equity – – – – – – Credit 9,553 – 9,553 7,077 – 7,077 Commodity and other contracts 150 – 150 388 – 388 9,703 – 9,703 7,465 – 7,465 Total $ 215,229 $ 818 $ 216,047 $ 208,911 $ 873 $ 209,784 Total notional amounts outstanding $ 7,591,733 $ 423,006 $ 8,014,739 $ 7,151,892 $ 445,303 $ 7,597,195 (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, 2023 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 316,054 $ 129,359 $ 418 $ 445,831 Forward rate agreements 91,900 873 – 92,773 Swaps 1,887,305 2,452,721 1,361,523 5,701,549 Options purchased 32,854 19,765 2,530 55,149 Options written 30,878 19,808 11,818 62,504 2,358,991 2,622,526 1,376,289 6,357,806 Foreign exchange and gold contracts Futures 14,793 6,512 31 21,336 Spot and forwards 447,100 32,459 8,265 487,824 Swaps 204,224 439,600 217,455 861,279 Options purchased 23,978 8,480 697 33,155 Options written 28,148 8,392 752 37,292 718,243 495,443 227,200 1,440,886 Other derivative contracts Equity 94,113 33,062 528 127,703 Credit 13,824 7,485 6,652 27,961 Commodity and other contracts 39,421 20,372 590 60,383 147,358 60,919 7,770 216,047 Total $ 3,224,592 $ 3,178,888 $ 1,611,259 $ 8,014,739 As at October 31, 2022 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 144,488 $ 60,795 $ – $ 205,283 Forward rate agreements 109,569 23,122 305 132,996 Swaps 2,458,160 2,142,509 1,114,029 5,714,698 Options purchased 16,599 19,841 2,881 39,321 Options written 13,897 18,045 12,625 44,567 2,742,713 2,264,312 1,129,840 6,136,865 Foreign exchange and gold contracts Futures 7,334 7,342 204 14,880 Spot and forwards 452,733 27,323 7,657 487,713 Swaps 175,690 331,270 188,494 695,454 Options purchased 18,916 6,514 353 25,783 Options written 21,698 4,675 343 26,716 676,371 377,124 197,051 1,250,546 Other derivative contracts Equity 78,998 40,414 550 119,962 Credit 17,124 6,602 3,308 27,034 Commodity and other contracts 42,464 20,027 297 62,788 138,586 67,043 4,155 209,784 Total $ 3,557,670 $ 2,708,479 $ 1,331,046 $ 7,597,195 (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 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, 2023. 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 bi-lateral in-the-money). 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. 2023 2022 Revised Basel III (1) Basel III As at October 31 ($ millions) Notional amount Credit risk (2) Credit (2) Risk- Notional amount Credit risk (2) Credit (2) Risk- Interest rate contracts Futures $ 445,831 $ – $ 17 $ 1 $ 205,283 $ – $ 10 $ – Forward rate agreements 92,773 128 59 39 132,996 311 93 55 Swaps 5,701,549 4,678 8,322 611 5,714,698 4,331 7,655 589 Options purchased 55,149 41 164 49 39,321 183 179 50 Options written 62,504 – 16 4 44,567 – 7 1 6,357,806 4,847 8,578 704 6,136,865 4,825 7,944 695 Foreign exchange and gold contracts Futures 21,336 – 388 8 14,880 – 253 5 Spot and forwards 487,824 1,544 4,458 1,168 487,713 1,784 5,834 1,425 Swaps 861,279 1,289 10,665 1,993 695,454 2,147 10,330 2,273 Options purchased 33,155 410 693 218 25,783 472 638 172 Options written 37,292 – 26 7 26,716 – 16 3 1,440,886 3,243 16,230 3,394 1,250,546 4,403 17,071 3,878 Other derivative contracts Equity 127,703 1,102 7,747 1,325 119,962 636 6,534 968 Credit 27,961 130 60 14 27,034 271 415 136 Commodity and other contracts 60,383 1,502 3,402 348 62,788 2,636 9,057 649 216,047 2,734 11,209 1,687 209,784 3,543 16,006 1,753 Credit Valuation Adjustment – – – 4,703 – – – 6,422 Total derivatives $ 8,014,739 $ 10,824 $ 36,017 $ 10,488 $ 7,597,195 $ 12,771 $ 41,021 $ 12,748 Amount settled through central counterparties (3) Exchange-traded 577,984 – 4,078 93 307,076 – 8,110 175 Over-the-counter 5,395,825 – 4,256 85 5,473,700 – 4,175 83 $ 5,973,809 $ – $ 8,334 $ 178 $ 5,780,776 $ – $ 12,285 $ 258 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $40,516 (2022 – $42,929) for CRA, and $87,034 (2022 – $84,431) for CEA. (3) Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties. 1 Regulatory haircuts prescribed by the OSFI CAR Guidelines are applied to the collateral balances of the CRA measure. (d) Fair value The following table summarizes the fair value of derivatives segregated by type and segregated between trading and those derivatives designated in hedging relationships. As at October 31 ($ millions) 2023 2023 2022 Average fair value Year-end Year-end (1) Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Trading Interest rate contracts Forward rate agreements $ 199 $ 34 $ 128 $ – $ 311 $ 48 Swaps 9,090 9,575 8,844 11,112 8,385 8,300 Options 755 718 1,413 586 1,384 571 10,044 10,327 10,385 11,698 10,080 8,919 Foreign exchange and gold contracts Forwards 6,418 6,012 7,319 5,574 8,624 7,128 Swaps 12,129 10,888 12,251 12,663 15,672 16,722 Options 590 560 627 601 795 576 19,137 17,460 20,197 18,838 25,091 24,426 Other derivative contracts Equity 2,607 3,125 3,146 3,174 2,560 3,648 Credit 503 26 344 28 780 25 Commodity and other contracts 2,920 2,476 2,440 2,280 4,925 3,667 6,030 5,627 5,930 5,482 8,265 7,340 Trading derivatives’ market valuation $ 35,211 $ 33,414 $ 36,512 $ 36,018 $ 43,436 $ 40,685 Hedging Interest rate contracts Swaps $ 5,557 $ 13,383 $ 5,130 $ 13,935 Foreign exchange and gold contracts Forwards 224 667 956 1,078 Swaps 9,046 8,508 6,176 10,130 $ 9,270 $ 9,175 $ 7,132 $ 11,208 Other derivative contracts Equity $ 1 $ 84 $ 1 $ 72 Hedging derivatives’ market valuation $ 14,828 $ 22,642 $ 12,263 $ 25,215 Total derivative financial instruments as per Statement of Financial Position $ 51,340 $ 58,660 $ 55,699 $ 65,900 Less: impact of master netting and collateral (2) 40,516 40,516 42,929 42,929 Net derivative financial instruments (2) $ 10,824 $ 18,144 $ 12,770 $ 22,971 (1) The average fair value of trading derivatives’ market valuation for the year ended October 31, 2022 was: favourable $40,673 and unfavourable $39,481. Average fair value amounts are based on the latest 13 month-end (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. Foreign currency risk In fair value hedges, cross-currency 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 basis swaps 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 to another currency. Single-currency interest rate swaps may be used in conjunction with cross-currency 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 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 • 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 key terms such as 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. 2023 2022 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 $ 20,101 $ 85,858 $ 13,987 $ 119,946 $ 35,535 $ 89,709 $ 17,588 $ 142,832 Foreign currency/interest rate risk – swaps – – – – – – – – Cash flow hedges Interest rate risk – swaps 19,356 78,159 24,809 122,324 18,267 69,933 34,180 122,380 Foreign currency/interest rate risk – swaps 10,921 16,826 8,175 35,922 16,886 17,628 8,527 43,041 Foreign currency risk Swaps 68,514 102,582 26,521 197,617 47,525 89,863 28,745 166,133 Foreign currency forwards 214 – – 214 14,699 – – 14,699 Cash 84 – – 84 77 – – 77 Equity risk – total return swaps 307 511 – 818 270 603 – 873 Net investment hedges Foreign currency risk Foreign currency forwards 23,150 – – 23,150 24,038 – – 24,038 Deposit liabilities 6,402 – – 6,402 6,289 – – 6,289 Total $ 149,049 $ 283,936 $ 73,492 $ 506,477 $ 163,586 $ 267,736 $ 89,040 $ 520,362 (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. 2023 2022 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 2.51 % n/a n/a 1.83 % n/a n/a Cash flow hedges Interest rate risk – swaps 3.09 % n/a n/a 2.57 % n/a n/a Foreign currency/interest rate risk – swaps CAD-USD 2.15 % 1.31 n/a 1.70 % 1.30 n/a Foreign currency risk Swaps CAD-USD n/a 1.32 n/a n/a 1.27 n/a CAD-EUR n/a 1.45 n/a n/a 1.19 n/a CAD-GBP n/a 1.69 n/a n/a 1.56 n/a Foreign currency forwards CAD-USD n/a n/a n/a n/a 1.29 n/a Equity price risk – total return swaps n/a n/a $ 72.25 n/a n/a $ 75.35 Net investment hedges Foreign currency risk – foreign currency forwards CAD-USD n/a 1.34 n/a n/a 1.29 n/a MXN-CAD n/a 14.47 n/a n/a 16.91 n/a PEN-CAD n/a 2.84 n/a n/a 3.07 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 item (4) For the year ended October 31, 2023 ($ millions) Assets Liabilities Gains/(losses) on Gains/ Ineffectiveness non-interest Carrying amount (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 4,008 $ (4,009 ) $ (155 ) $ 140 $ (15 ) Investment securities 323 (343 ) (20 ) $ 36,367 $ (2,380 ) $ 55 Loans (556 ) 573 17 83,899 (818 ) (1,132 ) Deposit liabilities 113 (125 ) (12 ) (65,444 ) 3,062 770 Subordinated debentures (35 ) 35 – (6,185 ) 238 (12 ) Foreign currency/interest rate risk – swaps – – – – – Investment securities – – – – – – Total $ 4,008 $ (4,009 ) $ (155 ) $ 140 $ (15 ) $ 48,637 $ 102 $ (319 ) (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, 2023. (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 the (1) Hedge Ineffectiveness (2) Accumulated amount of fair item (4) For the year ended October 31, 2022 ($ millions) Assets Liabilities Gains/(losses) on Gains/ Ineffectiveness non-interest Carrying amount (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 4,238 $ (4,635 ) $ 1,188 $ (1,179 ) $ 9 Investment securities 2,837 (2,811 ) 26 $ 31,325 $ (2,500 ) $ 54 Loans 2,550 (2,579 ) (29 ) 111,469 (1,552 ) (1,926 ) Deposit liabilities (3,998 ) 4,010 12 (72,004 ) 3,997 312 Subordinated debentures (201 ) 201 – (5,354 ) 202 (44 ) Foreign currency/interest rate risk – swaps – – – – – Investment securities – – – 80 – (1 ) Total $ 4,238 $ (4,635 ) $ 1,188 $ (1,179 ) $ 9 $ 65,516 $ 147 $ (1,605 ) (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, 2022. (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 (1) Hedge Ineffectiveness (2) For the year ended October 31, 2023 ($ millions) Assets Liabilities Gains/(losses) on Gains/(losses) on (3) Ineffectiveness recorded in non-interest (4) Cash flow hedges Interest rate risk – swaps $ 2,690 $ (8,217 ) $ (413 ) $ (500 ) $ 91 Foreign currency/interest rate risk – swaps 319 (3,818 ) (670 ) (638 ) (15 ) Foreign currency risk Swaps 7,586 (5,847 ) 5,125 5,130 (1 ) Foreign currency forwards 16 (4 ) (141 ) (133 ) (11 ) Cash 84 – (7 ) (7 ) – Equity risk – total return swaps 1 (84 ) (67 ) (67 ) – 10,696 (17,970 ) 3,827 3,785 64 Net investment hedges Foreign currency risk Foreign currency forwards 208 (663 ) (1,188 ) (1,188 ) – Deposit liabilities n/a (6,402 ) (91 ) (91 ) – 208 (7,065 ) (1,279 ) (1,279 ) – Total $ 10,904 $ (25,035 ) $ 2,548 $ 2,506 $ 64 (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, 2023. (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 Carrying amount of the (1) Hedge Ineffectiveness (2) For the year ended October 31, 2022 ($ millions) Assets Liabilities Gains/(losses) on Gains/(losses) on (3) Ineffectiveness recorded in non-interest (4) Cash flow hedges Interest rate risk – swaps $ 1,977 $ (7,683 ) $ (4,193 ) $ (4,250 ) $ 11 Foreign currency/interest rate risk – swaps 314 (3,277 ) (4,318 ) (4,349 ) (24 ) Foreign currency risk Swaps 4,777 (8,470 ) (2,592 ) (2,589 ) (5 ) Foreign currency forwards 678 (61 ) 1,162 1,159 2 Cash 72 – 22 22 – Equity risk – total return swaps 1 (72 ) (134 ) (134 ) – 7,819 (19,563 ) (10,053 ) (10,141 ) (16 ) Net investment hedges Foreign currency risk Foreign currency forwards 278 (1,017 ) (1,343 ) (1,343 ) – Deposit liabilities n/a (6,289 ) (574 ) (574 ) – 278 (7,306 ) (1,917 ) (1,917 ) – Total $ 8,097 $ (26,869 ) $ (11,970 ) $ (12,058 ) $ (16 ) (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, 2022. (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 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 AOCI gains/ November 1, 2022 Net gains/ Amount (1) AOCI gains/ October 31, 2023 Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2023 For the year ended October 31, 2023 ($ millions) Active Discontinued Cash flow hedges Interest rate risk $ (3,458 ) $ (504 ) $ 482 $ (3,480 ) $ (3,227 ) $ (253 ) Foreign currency/interest rate risk (1,875 ) (655 ) 523 (2,007 ) (2,096 ) 89 Foreign currency risk (1,181 ) 4,989 (4,511 ) (703 ) (708 ) 5 Equity risk (4 ) (67 ) 51 (20 ) (29 ) 9 (6,518 ) 3,763 (3,455 ) (6,210 ) (6,060 ) (150 ) Net investment hedges Foreign currency risk (3,484 ) (1,279 ) 702 (4,061 ) (3,966 ) (95 ) Total $ (10,002 ) $ 2,484 $ (2,753 ) $ (10,271 ) $ (10,026 ) $ (245 ) (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest AOCI gains/ November 1, 2021 Net gains/ Amount (1) AOCI gains/ October 31, 2022 Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2022 For the year ended October 31, 2022 ($ millions) Active Discontinued Cash flow hedges Interest rate risk $ (456 ) $ (4,204 ) $ 1,202 $ (3,458 ) $ (3,526 ) $ 68 Foreign currency/interest rate risk (9 ) (4,294 ) 2,428 (1,875 ) (2,003 ) 128 Foreign currency risk 43 (1,405 ) 181 (1,181 ) (1,179 ) (2 ) Equity risk 61 (134 ) 69 (4 ) (4 ) – (361 ) (10,037 ) 3,880 (6,518 ) (6,712 ) 194 Net investment hedges Foreign currency risk (1,829 ) (1,917 ) 262 (3,484 ) (3,387 ) (97 ) Total $ (2,190 ) $ (11,954 ) $ 4,142 $ (10,002 ) $ (10,099 ) $ 97 (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest |
Offsetting Financial Assets and
Offsetting Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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, 2023 ($ millions) Types of financial assets Gross amounts Gross amounts of Net amounts of Related amounts not offset Impact of (1) Collateral (2)(4) Net amount (3) Derivative financial instruments $ 51,340 $ – $ 51,340 $ (33,899 ) $ (6,479 ) $ 10,962 Securities purchased under resale agreements and securities borrowed 272,667 (73,342 ) 199,325 (17,356 ) (179,466 ) 2,503 Total $ 324,007 $ (73,342 ) $ 250,665 $ (51,255 ) $ (185,945 ) $ 13,465 Types of financial liabilities Derivative financial instruments $ 58,660 $ – $ 58,660 $ (33,899 ) $ (14,515 ) $ 10,246 Obligations related to securities sold under repurchase agreements and securities lent 233,349 (73,342 ) 160,007 (17,356 ) (140,215 ) 2,436 Total $ 292,009 $ (73,342 ) $ 218,667 $ (51,255 ) $ (154,730 ) $ 12,682 As at October 31, 2022 ($ millions) Types of financial assets Gross amounts Gross amounts of Net amounts of financial instruments Related amounts not offset Net amount (3) Impact of (1) Collateral (2)(4) Derivative financial instruments $ 55,775 $ (76 ) $ 55,699 $ (36,519 ) $ (6,132 ) $ 13,048 Securities purchased under resale agreements and securities borrowed 230,893 (55,580 ) 175,313 (16,173 ) (151,417 ) 7,723 Total $ 286,668 $ (55,656 ) $ 231,012 $ (52,692 ) $ (157,549 ) $ 20,771 Types of financial liabilities Derivative financial instruments $ 65,976 $ (76 ) $ 65,900 $ (36,519 ) $ (17,484 ) $ 11,897 Obligations related to securities sold under repurchase agreements and securities lent 194,605 (55,580 ) 139,025 (16,173 ) (118,559 ) 4,293 Total $ 260,581 $ (55,656 ) $ 204,925 $ (52,692 ) $ (136,043 ) $ 16,190 (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. (4) Derivative financial instruments assets include cash collateral of $4,511 million (2022 - $ million) and non-cash collateral of $1,968 million (2022 - $ million). Derivative financial instruments liabilities include cash collateral of $13,889 million (2022 - $ million) and non-cash collateral of $626 million (2022 - $ million). |
Investment Securities
Investment Securities | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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) 2023 2022 Debt investment securities measured at FVOCI $ 82,150 $ 81,271 Debt investment securities measured at amortized cost 31,984 23,610 Equity investment securities designated at FVOCI 2,164 3,439 Equity investment securities measured at FVTPL 1,888 1,626 Debt investment securities measured at FVTPL 51 62 Total investment securities $ 118,237 $ 110,008 (a) Debt investment securities measured at fair value through other comprehensive income (FVOCI) 2023 2022 As at October 31 ($ millions) Cost Gross Gross Fair value Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 12,794 $ 6 $ 413 $ 12,387 $ 11,372 $ 4 $ 374 $ 11,002 Canadian provincial and municipal debt 7,680 2 536 7,146 5,860 1 432 5,429 U.S. treasury and other U.S. agency debt 30,741 32 2,075 28,698 37,690 80 2,534 35,236 Other foreign government debt 32,246 91 936 31,401 28,794 27 1,135 27,686 Other debt 2,597 2 81 2,518 1,989 1 72 1,918 Total $ 86,058 $ 133 $ 4,041 $ 82,150 $ 85,705 $ 113 $ 4,547 $ 81,271 (b) Debt investment securities measured at amortized cost 2023 2022 As at October 31 ($ millions) Fair Value Carrying (1) Fair Value Carrying (1) Canadian federal and provincial government issued or guaranteed debt $ 9,927 $ 10,211 $ 8,684 $ 9,024 U.S. treasury and other U.S. agency debt 17,912 19,788 12,212 13,042 Other foreign government debt 1,860 1,871 1,459 1,470 Corporate debt 117 114 88 74 Total $ 29,816 $ 31,984 $ 22,443 $ 23,610 (1) Balances are net of allowances of $1 (2022 – $1). (c) Equity investment securities designated at fair value through other comprehensive income (FVOCI) The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes. As at October 31, 2023 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ – $ – $ – $ – Common shares 1,947 390 173 2,164 Total $ 1,947 $ 390 $ 173 $ 2,164 As at October 31, 2022 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ – $ – $ – $ – Common shares 3,175 487 223 3,439 Total $ 3,175 $ 487 $ 223 $ 3,439 Dividend income on equity securities designated at FVOCI of $137 million for the year ended October 31, 2023 (2022 – $167 million) has been recognized in interest income. During the year ended October 31, 2023, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $1,738 million (2022 – $958 million). These dispositions have resulted in a cumulative loss (d) An analysis of the carrying value of investment securities is as follows: Remaining term to maturity As at October 31, 2023 ($ millions) Within Three to One to Five to Over ten No specific Carrying Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 914 $ 4,964 $ 4,441 $ 1,265 $ 804 $ – $ 12,388 Yield (1) 4.0 4.5 3.5 3.1 4.3 – 3.9 Canadian provincial and municipal debt 128 185 3,732 3,053 48 – 7,146 Yield (1) 3.3 1.6 2.8 3.3 4.6 – 3.0 U.S. treasury and other U.S. agency debt 714 2,848 18,782 2,723 3,631 – 28,698 Yield (1) 4.8 2.3 2.8 4.0 3.0 – 2.9 Other foreign government debt 7,126 8,629 11,241 4,073 331 – 31,400 Yield (1) 2.0 3.6 4.5 5.4 3.8 – 3.8 Other debt 96 193 2,160 63 6 – 2,518 Yield (1) 2.2 11.5 5.4 4.5 5.9 – 5.7 8,978 16,819 40,356 11,177 4,820 – 82,150 Equity instruments Preferred equity instruments – – – – – – – Common shares – – – – – 2,164 2,164 2,164 2,164 Total FVOCI 8,978 16,819 40,356 11,177 4,820 2,164 84,314 Amortized cost Canadian federal and provincial government issued or guaranteed debt 700 2,147 6,959 405 – – 10,211 Yield (1) 3.4 3.2 3.4 4.7 – – 3.4 U.S. treasury and other U.S. agency debt – 14 163 4 19,607 – 19,788 Yield (1) – 5.5 5.0 4.5 4.5 – 4.5 Other foreign government debt 151 481 1,030 185 24 – 1,871 Yield (1) 6.0 9.2 5.6 2.6 1.5 – 6.2 Corporate debt – 1 2 28 83 – 114 Yield (1) – 5.6 3.9 3.2 5.6 – 5.0 851 2,643 8,154 622 19,714 – 31,984 Fair value through profit or loss Equity instruments – – – – – 1,888 1,888 Debt instruments – – 51 – – – 51 Total investment securities $ 9,829 $ 19,462 $ 48,561 $ 11,799 $ 24,534 $ 4,052 $ 118,237 Total by currency (in Canadian equivalent): Canadian dollar $ 1,724 $ 7,154 $ 13,739 $ 3,744 $ 941 $ 1,648 $ 28,950 U.S. dollar 1,028 3,853 26,261 4,944 23,245 1,965 61,296 Mexican peso 737 1,447 2,468 540 – 149 5,341 Other currencies 6,340 7,008 6,093 2,571 348 290 22,650 Total investment securities $ 9,829 $ 19,462 $ 48,561 $ 11,799 $ 24,534 $ 4,052 $ 118,237 (1) Represents the weighted-average yield of fixed income securities. Remaining term to maturity As at October 31, 2022 ($ millions) Within Three to One to Five to Over ten No specific Carrying Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 2,617 $ 2,125 $ 4,700 $ 675 $ 885 $ – $ 11,002 Yield (1) 1.0 2.7 2.2 2.1 0.2 – 1.9 Canadian provincial and municipal debt 372 688 2,537 1,832 – – 5,429 Yield (1) 1.2 1.8 2.1 2.5 – – 2.1 U.S. treasury and other U.S. agency debt 762 8,665 19,695 3,295 2,819 – 35,236 Yield (1) 2.7 1.1 2.2 2.7 2.5 – 2.0 Other foreign government debt 6,994 7,325 9,281 3,817 269 – 27,686 Yield (1) 2.1 2.2 4.3 5.0 3.4 – 3.3 Other debt 70 101 1,527 214 3 3 1,918 Yield (1) 9.8 2.8 4.3 3.0 5.9 4.0 4.3 10,815 18,904 37,740 9,833 3,976 3 81,271 Equity instruments Preferred equity instruments – – – – – – – Common shares – – – – – 3,439 3,439 3,439 3,439 Total FVOCI 10,815 18,904 37,740 9,833 3,976 3,442 84,710 Amortized cost Canadian federal and provincial government issued or guaranteed debt 682 1,867 6,104 367 4 – 9,024 Yield (1) 1.0 3.1 2.9 7.2 0.0 – 3.1 U.S. treasury and other U.S. agency debt – 812 149 7 12,074 – 13,042 Yield (1) – 1.3 3.1 4.0 3.5 – 3.4 Other foreign government debt 81 382 827 138 43 – 1,471 Yield (1) 2.6 7.4 4.5 2.2 1.3 – 4.8 Corporate debt 2 52 (10 ) 29 – – 73 Yield (1) 2.7 3.0 3.9 2.6 – – 2.9 765 3,113 7,070 541 12,121 – 23,610 Fair value through profit or loss Equity instruments – – – – – 1,626 1,626 Debt instruments – – 54 8 – – 62 Total investment securities $ 11,580 $ 22,017 $ 44,864 $ 10,382 $ 16,097 $ 5,068 $ 110,008 Total by currency (in Canadian equivalent): Canadian dollar $ 3,546 $ 3,968 $ 12,560 $ 2,440 $ 900 $ 2,796 $ 26,210 U.S. dollar 1,031 11,856 24,810 4,921 14,866 1,998 59,482 Mexican peso 193 496 2,695 485 – 35 3,904 Other currencies 6,810 5,697 4,799 2,536 331 239 20,412 Total investment securities $ 11,580 $ 22,017 $ 44,864 $ 10,382 $ 16,097 $ 5,068 $ 110,008 (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) 2023 2022 Debt investment securities measured at amortized cost $ – $ – Debt investment securities measured at FVOCI 129 74 Net gain on sale of investment securities $ 129 $ 74 |
Loans, Impaired Loans and Allow
Loans, Impaired Loans and Allowance for Credit Losses | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Loans, Impaired Loans and Allowance for Credit Losses | 13 Loans, Impaired Loans and Allowance for Credit Losses (a) Loans at amortized cost 2023 2022 As at October 31 ($ millions) Gross loans Allowance Net Gross loans Allowance Net Residential mortgages $ 344,182 $ 1,084 $ 343,098 $ 349,279 $ 899 $ 348,380 Personal loans 104,170 2,414 101,756 99,431 2,137 97,294 Credit cards 17,109 1,237 15,872 14,518 1,083 13,435 Business and government 291,822 1,637 290,185 287,107 1,229 285,878 Total $ 757,283 $ 6,372 $ 750,911 $ 750,335 $ 5,348 $ 744,987 (b) Loans and acceptances outstanding by geography ( 1) As at October 31 ($ millions) 2023 2022 Canada: Residential mortgages $ 290,253 $ 302,486 Personal loans 80,732 78,427 Credit cards 8,216 6,970 Business and government 114,991 105,277 494,192 493,160 United States: Personal loans 4,408 2,830 Business and government 61,342 66,680 65,750 69,510 Mexico: Residential mortgages 16,556 13,080 Personal loans 2,200 2,556 Credit cards 808 675 Business and government 26,466 23,744 46,030 40,055 Chile: Residential mortgages 21,499 19,441 Personal loans 5,081 4,766 Credit cards 3,654 2,921 Business and government 22,383 24,197 52,617 51,325 Peru: Residential mortgages 4,102 3,719 Personal loans 5,424 5,025 Credit cards 1,049 942 Business and government 12,004 12,819 22,579 22,505 Colombia: Residential mortgages 2,390 1,910 Personal loans 2,349 2,115 Credit cards 1,684 1,443 Business and government 6,327 5,541 12,750 11,009 Other International: Residential mortgages 9,382 8,643 Personal loans 3,976 3,712 Credit cards 1,698 1,568 Business and government 48,309 48,848 63,365 62,771 Total loans 757,283 750,335 Acceptances (2) 18,628 19,494 Total loans and acceptances (3) 775,911 769,829 Allowance for credit losses (6,462 ) (5,379 ) Total loans and acceptances net of allowance for credit losses $ 769,449 $ 764,450 (1) Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower. (2) 0.6% of acceptances reside outside Canada (October 31, 2022 – 0.4%). (3) Loans and acceptances denominated in U . . (c) Loan maturities As at October 31, 2023 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 47,610 $ 254,546 $ 15,830 $ 23,946 $ 2,250 $ 344,182 $ 98,606 $ 242,589 $ 2,987 $ 344,182 Personal loans 18,279 37,875 5,593 1,189 41,234 104,170 44,913 58,002 1,255 104,170 Credit cards – – – – 17,109 17,109 – 17,109 – 17,109 Business and government 149,625 131,039 5,493 339 5,326 291,822 177,428 112,583 1,811 291,822 Total $ 215,514 $ 423,460 $ 26,916 $ 25,474 $ 65,919 $ 757,283 $ 320,947 $ 430,283 $ 6,053 $ 757,283 Allowance for credit losses – – – – (6,372 ) (6,372 ) – – (6,372 ) (6,372 ) Total loans net of allowance for credit losses $ 215,514 $ 423,460 $ 26,916 $ 25,474 $ 59,547 $ 750,911 $ 320,947 $ 430,283 $ (319 ) $ 750,911 As at October 31, 2022 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 41,557 $ 269,576 $ 13,011 $ 24,487 $ 648 $ 349,279 $ 114,060 $ 232,519 $ 2,700 $ 349,279 Personal loans 15,772 37,279 5,328 1,282 39,770 99,431 41,883 56,707 841 99,431 Credit cards – – – – 14,518 14,518 – 14,518 – 14,518 Business and government 148,094 128,114 5,334 386 5,179 287,107 166,236 119,361 1,510 287,107 Total $ 205,423 $ 434,969 $ 23,673 $ 26,155 $ 60,115 $ 750,335 $ 322,179 $ 423,105 $ 5,051 $ 750,335 Allowance for credit losses – – – – (5,348 ) (5,348 ) – – (5,348 ) (5,348 ) Total loans net of allowance for credit losses $ 205,423 $ 434,969 $ 23,673 $ 26,155 $ 54,767 $ 744,987 $ 322,179 $ 423,105 $ (297 ) $ 744,987 (d) Impaired loans (1) 2023 2022 As at October 31 ($ millions) Gross (1) Allowance Net Gross (1) Allowance Net Residential mortgages $ 1,864 $ 498 $ 1,366 $ 1,386 $ 406 $ 980 Personal loans 1,176 664 512 848 551 297 Credit cards – – – – – – Business and government 2,686 719 1,967 2,552 678 1,874 Total $ 5,726 $ 1,881 $ 3,845 $ 4,786 $ 1,635 $ 3,151 By geography: Canada $ 1,564 $ 514 $ 1,050 $ 1,054 $ 440 $ 614 United States – – – – – – Mexico 1,183 372 811 1,020 294 726 Peru 691 372 319 761 352 409 Chile 1,098 264 834 740 202 538 Colombia 356 97 259 301 67 234 Other International 834 262 572 910 280 630 Total $ 5,726 $ 1,881 $ 3,845 $ 4,786 $ 1,635 $ 3,151 (1) Interest income recognized on impaired loans during the year ended October 31, 2023 was $57 (2022 – $44). (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 a set 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, interest rates and house price indices, which are 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 very pessimistic). 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 base case and alternative scenarios is overseen by a governance committee that consists of internal stakeholders from across the Bank. The final base case 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 geopolitical events up to the date of financial statements. The Bank has applied expert credit judgement in the determination of the allowance for credit losses to capture, as described above, all relevant risk factors up to the end of the reporting period. 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 (one optimistic and two pessimistic) as key inputs into the expected credit loss provisioning models. Over the last year, both the Canadian and U.S. economies proved resilient in the face of monetary tightening, driven largely by resilient labour markets, strong consumption and pent-up The optimistic scenario features somewhat stronger economic activity relative to the base case. The pessimistic scenario is based on the recent banking sector turmoil in the U.S. and Europe, and features deteriorating private sector financial conditions and confidence. These are reducing economic activity and inflation worldwide from the base case scenario, requiring central banks to reduce their monetary policy rates to mitigate the decline in economic activity and prevent inflation from falling below targeted ranges. Lastly, the very pessimistic scenario features a strong stagflationary impulse that leads to a protracted period of financial market uncertainty. This results in higher inflation, requiring central banks to raise their policy rate to higher levels than in the base case in order to bring inflation under control, which is dampening economic activity. In light of mounting risks in the global economy, including heightened geopolitical tensions, sovereign yield volatility, and weather-related events, the Bank increased the weight of the pessimistic scenarios in calculating the allowance for credit losses on performing loans compared to the prior year, to capture the elevated downside risk to the outlook. The following tables show certain key macroeconomic variables used to calculate the modelled estimate for the allowance for credit losses. Further changes in these variables up to the date of the financial statements is incorporated through expert credit judgment. 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 – Very October 31, 2023 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 0.7 2.9 1.3 4.2 -2.2 3.5 -4.3 3.9 Consumer price index, y/y % 2.8 2.0 2.8 2.5 1.8 1.6 6.4 2.2 Unemployment rate, average % 6.0 5.7 5.7 4.2 7.6 6.3 9.7 6.6 Bank of Canada overnight rate target, average % 4.8 2.6 4.8 3.5 3.6 1.4 5.8 3.3 HPI – Housing Price Index, y/y % change -1.9 1.4 -1.4 2.9 -5.5 2.2 -6.8 1.5 USD/CAD exchange rate, average 1.27 1.24 1.27 1.22 1.41 1.26 1.47 1.28 U.S. Real GDP growth, y/y % change 1.0 1.9 1.5 2.7 -2.0 2.7 -3.8 3.0 Consumer price index, y/y % 3.2 2.2 3.5 2.6 1.9 1.8 7.0 2.5 Target federal funds rate, upper limit, average % 5.3 2.5 5.4 3.4 4.2 0.8 6.3 3.1 Unemployment rate, average % 4.1 4.5 3.9 4.1 5.6 5.0 7.2 5.2 Mexico Real GDP growth, y/y % change 1.7 2.2 2.6 3.3 -0.2 2.7 -2.8 3.2 Unemployment rate, average % 3.7 3.9 3.6 3.2 4.7 4.1 6.8 4.9 Chile Real GDP growth, y/y % change 1.3 2.9 2.8 4.6 -0.9 3.5 -3.1 4.1 Unemployment rate, average % 8.5 7.0 8.2 6.3 9.6 7.3 11.3 7.6 Peru Real GDP growth, y/y % change 1.9 2.7 2.7 3.9 0.8 3.1 -1.4 3.6 Unemployment rate, average % 6.9 7.0 6.2 5.1 8.3 7.3 11.6 8.8 Colombia Real GDP growth, y/y % change 2.4 3.0 3.7 4.3 1.4 3.4 -0.9 3.9 Unemployment rate, average % 9.2 9.9 8.6 7.9 11.1 10.3 15.6 12.3 Caribbean Real GDP growth, y/y % change 3.8 3.8 4.5 4.9 2.8 4.2 0.5 4.7 Global WTI oil price, average USD/bbl 78 66 84 82 68 63 62 61 Copper price, average USD/lb 3.97 5.01 4.11 5.65 3.70 4.89 3.56 4.83 Global GDP, y/y % change 2.75 2.45 3.62 3.48 0.10 3.10 -1.48 3.45 Base Case Scenario Alternative Scenario – Optimistic Alternative Scenario – Pessimistic Alternative Scenario – Very October 31, 2022 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 1.2 2.1 2.4 3.1 -4.8 3.7 -5.9 2.6 Consumer price index, y/y % 4.9 2.1 5.2 2.6 9.3 2.3 12.5 9.5 Unemployment rate, average % 5.7 6.0 5.1 4.7 9.7 6.9 10.2 8.6 Bank of Canada overnight rate target, average % 3.8 2.7 4.2 4.1 5.1 3.2 5.1 3.7 HPI – Housing Price Index, y/y % change -12.3 -0.3 -9.7 1.6 -17.6 -0.3 -20.0 -1.3 USD/CAD exchange rate, average 1.27 1.24 1.26 1.23 1.28 1.24 1.28 1.25 U.S. Real GDP growth, y/y % change 0.6 2.1 1.3 3.0 -5.1 3.7 -6.5 3.3 Consumer price index, y/y % 5.4 2.4 5.8 2.8 10.0 2.6 13.2 10.1 Target federal funds rate, upper limit, average % 3.5 2.7 4.7 4.5 4.8 3.3 4.8 3.7 Unemployment rate, average % 4.3 5.0 4.2 4.6 7.9 5.7 8.3 6.7 Mexico Real GDP growth, y/y % change 1.4 2.6 1.9 3.5 -4.0 4.0 -5.1 2.5 Unemployment rate, average % 3.8 3.9 3.7 3.2 7.2 4.8 7.6 6.4 Chile Real GDP growth, y/y % change -2.0 2.4 -0.8 3.6 -7.3 3.9 -8.4 2.9 Unemployment rate, average % 8.6 7.6 8.0 6.5 12.2 8.3 12.9 9.0 Peru Real GDP growth, y/y % change 2.5 2.7 3.7 3.8 -1.0 4.1 -3.3 3.5 Unemployment rate, average % 7.0 6.9 6.0 4.7 10.3 7.6 11.4 9.2 Colombia Real GDP growth, y/y % change 3.9 2.6 6.5 3.6 0.4 4.0 -2.0 3.4 Unemployment rate, average % 10.7 9.9 9.0 6.7 14.0 10.7 15.1 12.3 Caribbean Real GDP growth, y/y % change 4.4 4.0 5.0 4.9 0.5 5.2 -1.0 3.8 Global WTI oil price, average USD/bbl 89 79 95 96 116 83 125 116 Copper price, average USD/lb 3.25 3.49 3.39 3.95 3.66 3.54 3.78 3.78 Global GDP, y/y % change 2.02 2.83 2.96 3.83 -3.05 4.23 -4.14 3.79 (iii) Sensitivity Relative to the base case scenario, the weighting of these multiple scenarios increased the reported allowance for credit losses for financial assets in Stage 1 and Stage 2 to $4,719 million (2022 – $ million). If the Bank was to only use the very pessimistic scenario for the measurement of allowance for credit losses for such assets, the allowance for credit losses on performing financial instruments would be million (2022 – million) higher than the reported allowance for credit losses as at October 31, 2023, excluding the consideration of changes in qualitative overlays or expert credit judgement. 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 $553 million (2022 – $521 million) lower than the reported allowance for credit losses on performing financial assets. (iv) Allowance for credit losses ($ millions) Balance as at November 1, 2022 Provision for (1) Net write-offs Other, including Balance as at October 31, 2023 Residential mortgages $ 899 $ 212 $ (66 ) $ 39 $ 1,084 Personal loans 2,137 1,377 (1,180 ) 80 2,414 Credit cards 1,083 1,017 (916 ) 53 1,237 Business and government 1,368 825 (290 ) (27 ) 1,876 $ 5,487 $ 3,431 $ (2,452 ) $ 145 $ 6,611 Presented as: Allowance for credit losses on loans $ 5,348 $ 6,372 Allowance for credit losses on acceptances 31 90 Allowance for credit losses on off-balance 108 149 (1) Excludes amounts associated with other assets of $(9). The provision for credit losses, net of these amounts, is $3,422. ($ millions) Balance as at November 1, 2021 Provision for Net write-offs Other, including Balance as at October 31, 2022 Residential mortgages $ 802 $ 85 $ (45 ) $ 57 $ 899 Personal loans 2,341 615 (863 ) 44 2,137 Credit cards 1,211 469 (612 ) 15 1,083 Business and government 1,374 213 (206 ) (13 ) 1,368 $ 5,728 $ 1,382 $ (1,726 ) $ 103 $ 5,487 Presented as: Allowance for credit losses on loans $ 5,626 $ 5,348 Allowance for credit losses on acceptances 37 31 Allowance for credit losses on off-balance 65 108 Allowance for credit losses on loans As at October 31, 2023 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 265 $ 321 $ 498 $ 1,084 Personal loans 647 1,103 664 2,414 Credit cards 414 823 – 1,237 Business and government 535 383 719 1,637 Total (1) $ 1,861 $ 2,630 $ 1,881 $ 6,372 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance 257 As at October 31, 2022 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 197 $ 296 $ 406 $ 899 Personal loans 665 921 551 2,137 Credit cards 436 647 – 1,083 Business and government 255 296 678 1,229 Total (1) $ 1,553 $ 2,160 $ 1,635 $ 5,348 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance The following table presents the changes to the allowance for credit losses on loans. As at October 31, 2023 As at October 31, 2022 ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of the year $ 197 $ 296 $ 406 $ 899 $ 152 $ 276 $ 374 $ 802 Provision for credit losses Remeasurement (1) (125 ) 74 253 202 (54 ) 43 80 69 Newly originated or purchased financial assets 35 – – 35 34 – – 34 Derecognition of financial assets and maturities (9 ) (16 ) – (25 ) (5 ) (13 ) – (18 ) Changes in models and methodologies – – – – – – – – Transfer to (from): Stage 1 183 (138 ) (45 ) – 65 (52 ) (13 ) – Stage 2 (35 ) 149 (114 ) – (9 ) 46 (37 ) – Stage 3 – (62 ) 62 – – (19 ) 19 – Gross write-offs – – (97 ) (97 ) – – (73 ) (73 ) Recoveries – – 31 31 – – 28 28 Foreign exchange and other movements (6) 19 18 2 39 14 15 28 57 Balance at end of year (2) $ 265 $ 321 $ 498 $ 1,084 $ 197 $ 296 $ 406 $ 899 Personal loans Balance at beginning of the year $ 665 $ 921 $ 551 $ 2,137 $ 644 $ 1,071 $ 626 $ 2,341 Provision for credit losses Remeasurement (1) (727 ) 1,027 964 1,264 (579 ) 441 609 471 Newly originated or purchased financial assets 376 – – 376 338 – – 338 Derecognition of financial assets and maturities (91 ) (172 ) – (263 ) (76 ) (118 ) – (194 ) Changes in models and methodologies – – – – – – – – Transfer to (from): Stage 1 618 (603 ) (15 ) – 467 (457 ) (10 ) – Stage 2 (212 ) 297 (85 ) – (133 ) 192 (59 ) – Stage 3 (10 ) (392 ) 402 – (5 ) (221 ) 226 – Gross write-offs – – (1,417 ) (1,417 ) – – (1,116 ) (1,116 ) Recoveries – – 237 237 – – 253 253 Foreign exchange and other movements (6) 28 25 27 80 9 13 22 44 Balance at end of year (2) $ 647 $ 1,103 $ 664 $ 2,414 $ 665 $ 921 $ 551 $ 2,137 Credit cards Balance at beginning of the year $ 436 $ 647 $ – $ 1,083 $ 352 $ 859 $ – $ 1,211 Provision for credit losses Remeasurement (1) (300 ) 614 653 967 (176 ) 141 449 414 Newly originated or purchased financial assets 188 – – 188 146 – – 146 Derecognition of financial assets and maturities (65 ) (73 ) – (138 ) (51 ) (40 ) – (91 ) Changes in models and methodologies – – – – – – – – Transfer to (from): Stage 1 273 (273 ) – – 240 (240 ) – – Stage 2 (140 ) 140 – – (77 ) 77 – – Stage 3 – (255 ) 255 – – (152 ) 152 – Gross write-offs – – (1,113 ) (1,113 ) – – (791 ) (791 ) Recoveries – – 197 197 – – 179 179 Foreign exchange and other movements (6) 22 23 8 53 2 2 11 15 Balance at end of year (2) $ 414 $ 823 $ – $ 1,237 $ 436 $ 647 $ – $ 1,083 Total retail loans Balance at beginning of the year $ 1,298 $ 1,864 $ 957 $ 4,119 $ 1,148 $ 2,206 $ 1,000 $ 4,354 Provision for credit losses – – – – – – – – Remeasurement (1) (1,152 ) 1,715 1,870 2,433 (809 ) 625 1,138 954 Newly originated or purchased financial assets 599 – – 599 518 – – 518 Derecognition of financial assets and maturities (165 ) (261 ) – (426 ) (132 ) (171 ) – (303 ) Changes in models and methodologies – – – – – – – – Transfer to (from): – – – – – – – – Stage 1 1,074 (1,014 ) (60 ) – 772 (749 ) (23 ) – Stage 2 (387 ) 586 (199 ) – (219 ) 315 (96 ) – Stage 3 (10 ) (709 ) 719 – (5 ) (392 ) 397 – Gross write-offs – – (2,627 ) (2,627 ) – – (1,980 ) (1,980 ) Recoveries – – 465 465 – – 460 460 Foreign exchange and other movements (6) 69 66 37 172 25 30 61 116 Balance at end of year (2) $ 1,326 $ 2,247 $ 1,162 $ 4,735 $ 1,298 $ 1,864 $ 957 $ 4,119 Business and government Balance at beginning of the year $ 322 $ 320 $ 695 $ 1,337 $ 212 $ 470 $ 655 $ 1,337 Provision for credit losses Remeasurement (1) 168 172 427 767 (79 ) (36 ) 302 187 Newly originated or purchased financial assets 467 – – 467 310 – – 310 Derecognition of financial assets and maturities (391 ) (50 ) (31 ) (472 ) (255 ) (89 ) (30 ) (374 ) Changes in models and methodologies – – – – 30 57 – 87 Transfer to (from): Stage 1 108 (108 ) – – 118 (118 ) – – Stage 2 (52 ) 63 (11 ) – (27 ) 29 (2 ) – Stage 3 – (8 ) 8 – – (8 ) 8 – Gross write-offs – – (355 ) (355 ) – – (318 ) (318 ) Recoveries – – 65 65 – – 112 112 Foreign exchange and other movements 13 14 (50 ) (23 ) 13 15 (32 ) (4 ) Balance at end of period including off-balance (2) $ 635 $ 403 $ 748 $ 1,786 $ 322 $ 320 $ 695 $ 1,337 Less: Allowance for credits losses on off-balance (2)(3) 100 20 29 149 67 24 17 108 Balance at end of year (2) $ 535 $ 383 $ 719 $ 1,637 $ 255 $ 296 $ 678 $ 1,229 (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 $378 (2022 – $274). (3) Allowance for credit losses on off-balance (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, 2023, 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 $2,096 and $798 (6) Divestitures are included in the foreign exchange and other movements. (f) Carrying value of exposures by risk rating Residential mortgages As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 202,322 $ 957 $ – $ 203,279 $ 208,526 $ 635 $ – $ 209,161 Low 88,909 877 – 89,786 90,745 1,172 – 91,917 Medium 19,758 1,385 – 21,143 18,399 1,032 – 19,431 High 3,424 3,428 – 6,852 2,759 2,680 – 5,439 Very high 63 2,242 – 2,305 53 1,429 – 1,482 Loans not graded (2) 17,792 1,161 – 18,953 19,276 1,187 – 20,463 Default – – 1,864 1,864 – – 1,386 1,386 Total 332,268 10,050 1,864 344,182 339,758 8,135 1,386 349,279 Allowance for credit losses 265 321 498 1,084 197 296 406 899 Carrying value $ 332,003 $ 9,729 $ 1,366 $ 343,098 $ 339,561 $ 7,839 $ 980 $ 348,380 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 29,849 $ 211 $ – $ 30,060 $ 30,098 $ 285 $ – $ 30,383 Low 27,594 558 – 28,152 27,284 685 – 27,969 Medium 8,725 599 – 9,324 8,789 1,464 – 10,253 High 8,369 3,529 – 11,898 7,059 2,275 – 9,334 Very high 125 2,177 – 2,302 81 1,655 – 1,736 Loans not graded (2) 19,427 1,831 – 21,258 17,371 1,537 – 18,908 Default – – 1,176 1,176 – – 848 848 Total 94,089 8,905 1,176 104,170 90,682 7,901 848 99,431 Allowance for credit losses 647 1,103 664 2,414 665 921 551 2,137 Carrying value $ 93,442 $ 7,802 $ 512 $ 101,756 $ 90,017 $ 6,980 $ 297 $ 97,294 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 1,989 $ 42 $ – $ 2,031 $ 1,813 $ 47 $ – $ 1,860 Low 3,329 89 – 3,418 2,756 159 – 2,915 Medium 4,262 116 – 4,378 3,434 190 – 3,624 High 3,239 1,310 – 4,549 3,042 998 – 4,040 Very high 38 820 – 858 36 587 – 623 Loans not graded (1) 1,290 585 – 1,875 997 459 – 1,456 Default – – – – – – – – Total 14,147 2,962 – 17,109 12,078 2,440 – 14,518 Allowance for credit losses 414 823 – 1,237 436 647 – 1,083 Carrying value $ 13,733 $ 2,139 $ – $ 15,872 $ 11,642 $ 1,793 $ – $ 13,435 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 104,488 $ 3 $ – $ 104,491 $ 98,973 $ 6 $ – $ 98,979 Low 20,037 1 – 20,038 19,196 9 – 19,205 Medium 8,518 11 – 8,529 7,880 44 – 7,924 High 3,814 421 – 4,235 3,700 307 – 4,007 Very high 68 296 – 364 34 354 – 388 Loans not graded (1) 9,522 1,894 – 11,416 8,316 1,667 – 9,983 Default – – – – – – – – Carrying value $ 146,447 $ 2,626 $ – $ 149,073 $ 138,099 $ 2,387 $ – $ 140,486 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 338,648 $ 1,213 $ – $ 339,861 $ 339,410 $ 973 $ – $ 340,383 Low 139,869 1,525 – 141,394 139,981 2,025 – 142,006 Medium 41,263 2,111 – 43,374 38,502 2,730 – 41,232 High 18,846 8,688 – 27,534 16,560 6,260 – 22,820 Very high 294 5,535 – 5,829 204 4,025 – 4,229 Loans not graded (2) 48,031 5,471 – 53,502 45,960 4,850 – 50,810 Default – – 3,040 3,040 – – 2,234 2,234 Total 586,951 24,543 3,040 614,534 580,617 20,863 2,234 603,714 Allowance for credit losses 1,326 2,247 1,162 4,735 1,298 1,864 957 4,119 Carrying value $ 585,625 $ 22,296 $ 1,878 $ 609,799 $ 579,319 $ 18,999 $ 1,277 $ 599,595 (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 loans As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 160,148 $ 1,205 $ – $ 161,353 $ 162,696 $ 1,775 $ – $ 164,471 Non-Investment 114,192 7,705 – 121,897 105,251 9,563 – 114,814 Watch list 28 3,340 – 3,368 22 2,890 – 2,912 Loans not graded (2) 2,500 18 – 2,518 2,346 12 – 2,358 Default – – 2,686 2,686 – – 2,552 2,552 Total 276,868 12,268 2,686 291,822 270,315 14,240 2,552 287,107 Allowance for credit losses 535 383 719 1,637 255 296 678 1,229 Carrying value $ 276,333 $ 11,885 $ 1,967 $ 290,185 $ 270,060 $ 13,944 $ 1,874 $ 285,878 (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 commitments – As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 240,044 $ 1,673 $ – $ 241,717 $ 222,734 $ 1,502 $ – $ 224,236 Non-investment 62,634 5,288 – 67,922 62,827 4,534 – 67,361 Watch list 1 1,103 – 1,104 4 604 – 608 Loans not graded (2) 5,205 – – 5,205 4,573 – – 4,573 Default – – 109 109 – – 139 139 Total 307,884 8,064 109 316,057 290,138 6,640 139 296,917 Allowance for credit losses 100 20 29 149 67 24 17 108 Carrying value $ 307,784 $ 8,044 $ 80 $ 315,908 $ 290,071 $ 6,616 $ 122 $ 296,809 (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 As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 400,192 $ 2,878 $ – $ 403,070 $ 385,430 $ 3,277 $ – $ 388,707 Non-investment 176,826 12,993 – 189,819 168,078 14,097 – 182,175 Watch list 29 4,443 – 4,472 26 3,494 – 3,520 Loans not graded (2) 7,705 18 – 7,723 6,919 12 – 6,931 Default – – 2,795 2,795 – – 2,691 2,691 Total 584,752 20,332 2,795 607,879 560,453 20,880 2,691 584,024 Allowance for credit losses 635 403 748 1,786 322 320 695 1,337 Carrying value $ 584,117 $ 19,929 $ 2,047 $ 606,093 $ 560,131 $ 20,560 $ 1,996 $ 582,687 (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 2023 (2) 2022 (2) As at October 31 ($ millions) 31 – 60 61 – 90 91 days (3) Total 31 – 60 61 – 90 91 days (3) Total Residential mortgages $ 1,329 $ 617 $ – $ 1,946 $ 1,015 $ 482 $ – $ 1,497 Personal loans 648 360 – 1,008 505 254 – 759 Credit cards 238 157 345 740 173 113 249 535 Business and government 159 57 – 216 122 47 – 169 Total $ 2,374 $ 1,191 $ 345 $ 3,910 $ 1,815 $ 896 $ 249 $ 2,960 (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 aging 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) 2023 2022 Unpaid principal balance (1) $ 307 $ 309 Credit related fair value adjustments (87 ) (70 ) Carrying value 220 239 Stage 3 allowance (1 ) (2 ) Carrying value net of related allowance $ 219 $ 237 (1) Represents principal amount owed net of write-offs. |
Derecognition of Financial Asse
Derecognition of Financial Assets | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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 primarily 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 previously purchased insured mortgage pools from the Bank under the Insured Mortgage Purchase Program (IMPP). Sale of mortgages under the above programs does pre-payment 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) 2023 (1) 2022 (1) Assets Carrying value of residential mortgage loans $ 13,508 $ 15,032 Other related assets (2) 8,600 9,854 Liabilities Carrying value of associated liabilities 20,222 24,173 (1) The fair value of the transferred assets is $20,264 (2022 – $23,379) and the fair value of the associated liabilities is $19,265 (2022 – $23,254), for a net position of $999 (2022 – $125). (2) These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs. Securitization of personal lines of credit, credit cards and auto loans The Bank securitizes a portion of its credit card and auto loan receivables through consolidated structured entities. These receivables continue to be recognized on the Consolidated Statement of Financial Position as personal loans and credit card loans. For further details, refer to Note 15. Securities sold under repurchase agreements and securities lent The Bank enters into transactions, such as repurchase agreements and securities lending agreements, where the Bank transfers assets under agreements to repurchase them on a future date and retains all the substantial risks and rewards associated with the assets. The transferred assets remain on the Consolidated Statement of Financial Position. The following table provides the carrying amount of the transferred assets and the associated liabilities: As at October 31 ($ millions) 2023 (1) 2022 (1) Carrying value of assets associated with: Repurchase agreements (2) $ 140,296 $ 122,552 Securities lending agreements 56,174 52,178 Total 196,470 174,730 Carrying value of associated liabilities (3) $ 160,007 $ 139,025 (1) The fair value of transferred assets is $196,470 (2022 – $174,730) and the fair value of the associated liabilities is $160,007 (2022 – $139,025), for a net position of $36,463 (2022 – $35,705). (2) Does not include over-collateralization of assets pledged. (3) Liabilities for securities lending arrangements only include amounts related to cash collateral received. For securities received as collateral, refer to Note 35(a)(iv) – Financial Instruments – Risk Management. Continuing involvement in transferred financial assets The Bank issued loans under the Canada Emergency Business Account (CEBA) program. These loans are not recognized in the Consolidated Statement of Financial Position as the program meets the pass-through criteria of financial assets under IFRS 9. As at October 31, 2023, the Bank has issued $3.4 billion of CEBA loans (October 31, 2022 – $3.9 billion). The Bank retains a continuing involvement through its servicing of these loans on behalf of Export Development Canada. The appropriate level of administration fees for servicing the loans has been recognized. |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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 parties (the sellers) funded by the issuance of highly rated asset-backed commercial paper. The sellers continue to service the financial assets and provide credit enhancements through overcollateralization protection and cash reserves. 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 LAPA 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 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 of $13 billion (2022 – $10 billion) 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. The Bank has no rights to the assets owned by the conduit. In the normal course of business, the assets of the conduit can only be used to settle the obligations of the conduit. 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. Activities of 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 are consolidated due to the Bank’s decision-making power and ability to use that power to affect the returns. Covered bonds 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, 2023, $50.0 billion (2022 – $45.9 billion) covered bonds were outstanding and included in Deposits – Business and government on the Consolidated Statement of Financial Position. The Bank’s outstanding covered bonds are denominated in U.S. dollars, Australian dollars, British pounds, Swiss francs, Euros, Canadian Dollars, and Norwegian Kroner. As at October 31, 2023, assets pledged in relation to these covered bonds were uninsured residential mortgages denominated in Canadian dollars of $51.5 billion (2022 – $51.4 billion). These figures exclude activities in connection with covered bonds held by the Bank and that are eliminated upon consolidation. Credit card receivables securitization trust The Bank securitizes a portion of its Canadian credit card receivables through a Bank-sponsored structured entity. This entity issues senior and subordinated notes to third-party investors and the proceeds of such issuance are used to purchase co-ownership The Bank is responsible for servicing the transferred credit card receivables as well as performing administrative functions for this entity. As at October 31, 2023, U . . . . . . . . Position. As at October 31, 2023 assets pledged in relation to these notes were credit card receivables, denominated in Canadian dollars, of $ billion – $ billion). Auto loan receivables securitization trusts The Bank previously securitized a portion of its Canadian auto loan receivables through Bank-sponsored structured entities. The entities issued senior and subordinated notes to the Bank and/or third-party investors, and the proceeds of such issuances were used to purchase discrete pools of retail indirect auto loan receivables from the Bank. Recourse of the note holders was limited to the auto loan receivables. The Bank was responsible for servicing the transferred auto loan receivables as well as performing administrative functions for the entities. As at October 31, 2023, 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 nil (2022 – U . . million, $ million Canadian dollar equivalent), and assets pledged in relation to these notes were nil (2022 – $216.4 million). Scotiabank LRCN Trust The Bank sponsors the Scotiabank LRCN Trust established in connection with the issuance of limited recourse capital notes. As at October 31, 2023, $4.5 billion billion Other Assets of other consolidated structured entities are comprised of securities, deposits with banks and other assets to meet the Bank’s and customer needs. (b) Unconsolidated structured entities The following table provides information about other structured entities which the Bank does not control and therefore does not consolidate. As at October 31, 2023 ($ millions) Canadian multi-seller Structured Other Total Total assets on structured entity’s financial statements $ 5,291 $ 3,683 $ 1,872 $ 10,846 Assets recognized on the Bank’s financial statements Trading assets 8 18 – 26 Investment securities – 804 10 814 Loans (1) – 1,182 61 1,243 Other – 2 9 11 8 2,006 80 2,094 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 1,834 1,834 Other – – 38 38 – – 1,872 1,872 Bank’s maximum exposure to loss $ 5,299 $ 3,296 $ 71 $ 8,666 As at October 31, 2022 ($ millions) Canadian multi-seller Structured Other Total Total assets (on structured entity’s financial statements) $ 3,773 $ 2,304 $ 833 $ 6,910 Assets recognized on the Bank’s financial statements Trading assets 35 2 – 37 Investment securities – 885 10 895 Loans (1) – 704 59 763 35 1,591 69 1,695 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 833 833 – – 833 833 Bank’s maximum exposure to loss $ 3,808 $ 1,591 $ 69 $ 5,468 (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, 2023, the Bank has recorded $2.1 billion (2022 – $1.7 billion), primarily its interest in the structured entities, on the 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. The Bank provides senior credit facilities to unaffiliated structured entities that are established by third parties to acquire and/or originate loans for the purposes of issuing collateralized loan obligations (CLOs). These credit facilities benefit from subordinated capital provided by either the collateral manager or third-party investors via subordinated financing, capital injection or asset contribution. Subordinated capital represents the first loss tranche which absorbs losses prior to the Bank’s senior exposure. The Bank’s broker-dealer affiliate acts as the arranger and placement agent for the CLOs. Proceeds from the sale of the CLOs are used to repay the senior credit facilities. The Bank does not consolidate these entities as it does not have decision making power over their relevant activities, which include the acquisition and/or origination of loans and overall management of the underlying portfolio. As at October 31, 2023, the Bank has funded $ $ Other 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. The Bank uses a funding $ Although the Bank has power over the relevant activities of these vehicles, it has limited exposure to variability in returns, which results in the Bank not consolidating these vehicles. (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. As at October 31, 2023, the B |
Property and Equipment
Property and Equipment | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Property and Equipment | 16 Property and Equipment ($ millions) Land & Equipment Technology Leasehold Right-of-use Total Cost Balance as at October 31, 2021 $ 1,569 $ 1,906 $ 2,410 $ 1,649 $ 4,003 $ 11,537 Additions 102 110 169 160 215 756 Disposals/Retirements (56 ) (59 ) (20 ) (47 ) (98 ) (280 ) Foreign currency adjustments and other 62 405 (354 ) 33 77 223 Balance as at October 31, 2022 $ 1,677 $ 2,362 $ 2,205 $ 1,795 $ 4,197 $ 12,236 Additions 97 161 130 129 143 660 Disposals/Retirements (64 (781 (1,657 (118 (118 (2,738 Foreign currency adjustments and other 103 67 27 48 114 359 Balance as at October 31, 2023 $ 1,813 $ 1,809 $ 705 $ 1,854 $ 4,336 $ 10,517 Accumulated depreciation Balance as at October 31, 2021 $ 597 $ 1,464 $ 2,060 $ 1,059 $ 736 $ 5,916 Depreciation 37 83 153 98 378 749 Disposals/Retirements (24 ) (59 ) (16 ) (51 ) (59 ) (209 ) Foreign currency adjustments and other 27 289 (264 ) 11 17 80 Balance as at October 31, 2022 $ 637 $ 1,777 $ 1,933 $ 1,117 $ 1,072 $ 6,536 Depreciation 44 104 161 113 379 801 Disposals/Retirements (4 (748 (1,655 (92 (106 (2,605 Foreign currency adjustments and other 9 135 (58 14 43 143 Balance as at October 31, 2023 $ 686 $ 1,268 $ 381 $ 1,152 $ 1,388 $ 4,875 Net book value Balance as at October 31, 2022 $ 1,040 $ 585 $ 272 $ 678 $ 3,125 $ 5,700 (1) Balance as at October 31, 2023 $ 1,127 $ 541 $ 324 $ 702 $ 2,948 $ 5,642 (1) (1) Includes $38 (2022 – $36) of investment property. |
Investments in Associates
Investments in Associates | 12 Months Ended |
Oct. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Investments in Associates | 17 Investments in Associates The Bank had significant investments in the following associates: 2023 2022 As at October 31 ($ millions) Country of Nature of business Ownership Date of financial (1) Carrying Carrying Canadian Tire’s Financial Services business (CTFS) (2) Canada Financial Services – $ – $ 579 Bank of Xi’an Co. Ltd. (3) China Banking 18.11 % September 30, 2023 895 1,007 Maduro & Curiel’s Bank N.V. (4) Curacao Banking 48.10 % September 30, 2023 489 438 (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) On October 31, 2023, the Bank closed the sale of its 20% interest in CTFS to Canadian Tire Corporation. Refer to Note 36 – Acquisitions and Divestitures. (3) Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $529 as at October 31, 2023 (October 31, 2022 – $489). (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, 2023 these reserves amounted to $71 (2022 – $67). Impairment testing of Bank of Xi’an Co. Ltd. As at October 31, 2023, the market value of the Bank’s investment in Bank of Xi’an Co. Ltd. based on the quoted price on the Shanghai Stock Exchange continues to be below its carrying value. The Bank has been performing quarterly impairment testing on this investment due to the prolonged period in which its market value has remained below the carrying amount. The impairment test involves comparing the carrying value of the investment to its recoverable amount based on value in use (“VIU”). In estimating VIU, the Bank uses a discounted cash flows valuation model which incorporates key assumptions, including a 5-year after-tax years, and the applicable discount rate. As at October 31, 2023, the estimate of VIU was determined using a terminal growth rate of (2022 - % (2022 - The VIU methodology resulted in an impairment charge of $ million after-tax) Summarized financial information Summarized financial information of the Bank’s significant associates are as follows. For the twelve months ended (1) As at October 31, 2023 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,347 $ 368 $ n/a $ n/a Bank of Xi’an Co. Ltd. 1,277 487 80,803 75,027 Maduro & Curiel’s Bank N.V. 416 165 7,636 6,616 For the twelve months ended (1) As at October 31, 2022 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,260 $ 399 $ 6,870 $ 5,629 Bank of Xi’an Co. Ltd. 1,306 497 67,864 62,489 Maduro & Curiel’s Bank N.V. 324 99 7,181 6,288 (1) Based on the most recent available financial statements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Oct. 31, 2023 | |
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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 groups of cash-generating units (CGU) are as follows: ($ millions) Canadian Global Global Latin Caribbean Total Balance as at October 31, 2021 $ 1,690 $ 3,580 $ 231 $ 2,517 $ 830 $ 8,848 Acquisitions – – – – – – Dispositions – – – – – – Foreign currency adjustments and other – 19 12 (116 ) 111 26 Balance as at October 31, 2022 1,690 3,599 243 2,401 941 8,874 Acquisitions – – – – – – Dispositions – – – – – – Foreign currency adjustments and other – 11 3 229 64 307 Balance as at October 31, 2023 $ 1,690 $ 3,610 $ 246 $ 2,630 $ 1,005 $ 9,181 Consolidated Financial Statements Impairment testing of goodwill Goodwill acquired in business combinations is allocated to each of the Bank’s groups 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 indicate impairment. The Bank determines the carrying values of its CGUs using a regulatory capital approach based on credit, market, operational risks and leverage, consistent with the Bank’s capital attribution for business line performance measurement. Corporate capital that is not directly attributable is allocated to each CGU on a proportional basis. The resulting carrying amount determined for the CGU is then compared to its respective recoverable amount to identify any impairment. Annual impairment testing for goodwill was performed as at July 31, 2023 and 2022, and no impairment was determined to exist. As of October 31, 2023 and 2022, there were no significant changes to this assessment. Fair value less costs of disposal For all CGUs other than Latin America, the recoverable amount was determined using the fair value less costs of disposal (FVLCD) method. In arriving at FVLCD, the Bank estimates the fair value of the CGU using price earnings (P/E) multiples applied to normalized net income for the last four quarters as of the test date, applies a control premium based on a weighted average of acquisition premiums paid globally in the banking industry over the past five years for comparable companies, and deducts the estimated costs of disposal. The fair value measurement is categorized as Level 3 due to significant inputs being unobservable. For the 2023 annual impairment test, P/E multiples ranging from The Bank has performed sensitivity analysis on the key assumptions used in estimating FVLCD. The estimate of reasonably possible changes to the key assumptions are based on available evidence in respect of each input, such as risks associated with the normalized net income projections, and range of P/E multiples observed externally. Reasonable negative changes in the net income outlook (decrease of %) or P/E multiples (decrease of x), each in isolation, holding other factors constant, would not result in impairment for the Canadian Banking, Global Wealth Management and Caribbean and Central America CGUs. For the Global Banking and Markets CGU, a % decrease in its net income outlook, holding other factors constant, would not result in impairment. However, a x decrease in the P/E multiple, holding other factors constant, will result in FVLCD approximating carrying value. FVLCD was as at July 31, 2023. Value in use For the 2023 annual impairment test, the Latin America CGU’s FVLCD fell below its carrying amount. As such, further testing was required to measure its recoverable amount under the value in use (VIU) method (2022 – FVLCD method). In estimating VIU, the Bank uses a discounted cash flow valuation model based on a 5 -year after-tax 5-year % and a discount rate of % was used. The Bank has performed sensitivity analysis on the key assumptions used in estimating the Latin America CGU’s VIU. The estimate of reasonably possible changes to the key assumptions is based on available evidence in respect of each input such as historical performance against forecasts, risks associated with the underlying cash flow projections, and range of discount rates observed externally. Reasonable negative changes in any one key assumption, holding other factors constant, would not result in impairment for the Latin America CGU. Consolidated Financial Statements 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, 2021 $ 5,698 $ 1,867 $ 4,415 $ 166 $ 12,146 Acquisitions – – – – – Additions 987 – – – 987 Disposals/Retirements (2 ) – – – (2 ) Foreign currency adjustments and other 4 8 – – 12 Balance as at October 31, 2022 $ 6,687 $ 1,875 $ 4,415 $ 166 $ 13,143 Acquisitions – – – – – Additions 1,125 – – – 1,125 Impairment (3) (184 ) (110 ) – (3 ) (297 ) Disposals/Retirements (2,141 ) (2 ) – – (2,143 ) Foreign currency adjustments and other 152 52 – – 204 Balance as at October 31, 2023 $ 5,639 $ 1,815 $ 4,415 $ 163 $ 12,032 Accumulated amortization Balance as at October 31, 2021 $ 3,117 $ 1,273 $ – $ – $ 4,390 Amortization 685 97 – – 782 Disposals/Retirements (1 ) – – – (1 ) Foreign currency adjustments and other 8 5 – – 13 Balance as at October 31, 2022 $ 3,809 $ 1,375 $ – $ – $ 5,184 Amortization 862 157 – – 1,019 Impairment (3) (134 ) (34 ) – – (168 ) Disposals/Retirements (1,996 ) (2 ) – – (1,998 ) Foreign currency adjustments and other 25 (42 ) – – (17 ) Balance as at October 31, 2023 $ 2,566 $ 1,454 $ – $ – $ 4,020 Net book value As at October 31, 2022 $ 2,878 (2) $ 500 $ 4,415 $ 166 $ 7,959 As at October 31, 2023 $ 3,073 (2) $ 361 $ 4,415 $ 163 $ 8,012 (1) Fund management contracts are attributable to the previously acquired Dynamic Funds business (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited. (2) Computer software comprises of purchased software of $429 (2022 – $337), internally generated software of $1,711 (2022 – $1,555), and in process software not subject to amortization of $933 (2022 – $986). (3) Impairment charges taken against finite life intangible assets primarily relate to the full write-off of a contract-based intangible asset in Peru, and software assets which were decommissioned in Q4 2023. Impairment testing of intangible assets Indefinite life intangible assets are not amortized and are assessed for impairment annually or more frequently if events or changes in circumstances indicate that the asset may be impaired. Impairment is assessed by comparing the carrying value of the indefinite life intangible asset to its recoverable amount. The recoverable amount of the fund management contracts is based on a value in use approach using the multi-period excess earnings method. This approach uses cash flow projections from management-approved financial budgets which include key assumptions related to market appreciation, net sales of funds, and operating margins , 5-year Finite life intangible assets are only assessed for impairment if events or circumstances indicate that the asset may be impaired. When required, impairment is assessed by comparing the carrying value of the finite life intangible asset to its recoverable amount, which is generally determined using a value in use approach. |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2023 | |
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Other Assets | 19 ts As at October 31 ($ millions) 2023 2022 Accrued interest $ 4,907 $ 3,710 Accounts receivable and prepaids 2,218 1,715 Current tax assets 2,743 3,349 Margin deposits on derivatives 12,254 15,656 Segregated fund assets 1,463 1,795 Pension assets (Note 28) 936 1,052 Receivable from brokers, dealers and clients 4,142 4,608 Other 6,278 5,371 Total $ 34,941 $ 37,256 |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2023 | |
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Deposits | 20 Deposits 2023 2022 Payable on demand (1) As at October 31 ($ millions) Interest- Non-interest- Payable after (2) Payable on a (3) Total Personal $ 4,989 $ 10,289 $ 148,027 $ 125,312 $ 288,617 $ 265,892 Business and government 161,121 32,421 46,431 372,294 612,267 597,617 Financial institutions 12,871 851 1,876 35,851 51,449 52,672 Total $ 178,981 $ 43,561 $ 196,334 (4) $ 533,457 $ 952,333 $ 916,181 Recorded in: Canada $ 128,274 $ 23,256 $ 160,728 $ 366,938 $ 679,196 $ 642,977 United States 41,207 42 4 55,554 96,807 104,984 United Kingdom – – 422 21,140 21,562 24,243 Mexico – 7,321 13,252 20,851 41,424 31,841 Peru 4,586 456 4,782 6,036 15,860 16,439 Chile 1,389 4,783 156 17,396 23,724 22,105 Colombia 32 531 4,261 4,756 9,580 8,211 Other International 3,493 7,172 12,729 40,786 64,180 65,381 Total (5) $ 178,981 $ 43,561 $ 196,334 $ 533,457 $ 952,333 $ 916,181 (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 $123 (2022 – $156) of non-interest (5) Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817). 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, 2023 $ 66,726 $ 39,525 $ 62,675 $ 130,384 $ 19,021 $ 318,331 As at October 31, 2022 $ 53,656 $ 36,035 $ 62,891 $ 110,015 $ 21,440 $ 284,037 (1) The majority of foreign term deposits are in excess of $100,000. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Oct. 31, 2023 | |
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Subordinated Debentures | 21 Subordinated Debentures These debentures are direct, unsecured obligations of the Bank and are subordinate to the claims of the Bank’s depositors and other creditors. The Bank, where appropriate, enters into interest rate and cross-currency swaps to hedge the related risks. As at October 31 ($ millions) 2023 2022 Maturity date Interest Terms (1) Carrying (2) Carrying (2) June 2025 8.90 Redeemable at any time. $ 252 $ 253 December 2025 (3) 4.50 U.S.$1,250 million. 1,714 1,690 January 2029 (3) 3.89 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%. 1,752 1,770 July 2029 (3) 2.836 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 % or the applicable alternative rate, including adjustments, as specified in the terms of the instrument. 1,339 1,459 August 2085 Floating On August 31, 2023, the Bank redeemed these notes at 100% of their principal amount plus accrued interest to the redemption date. – 78 May 2037 (3) 4.588 U . . 1,676 1,644 May 2032 (3) 3.934 Redeemable on or after May 3, 2027. After May 3, 2027, interest will be payable quarterly at the then prevailing three-month bankers’ acceptance rate plus 1.52%. 1,587 1,575 December 2032 (3) 1.800 JPY 33,000 million. Redeemable on December 20, 2027. After December 20, 2027, interest will be payable semi-annually at the reference Japanese Government Bond rate plus 1.681% on the reset date. 301 – August 2033 (3) 5.679 Redeemable on or after August 2, 2028. After August 2, 2028, interest will be payable at an annual rate equal to Daily Compounded CORRA plus 2.100%. 962 – December 2033 (3) 1.830 JPY 12,000 million. Redeemable on December 1, 2028. After December 1, 2028, interest rate on the debentures will be reset to the prevailing yield of Japanese Government Bond rate plus 1.477% on the reset date. 110 – $ 9,693 $ 8,469 (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 the impact of fair value hedges used for managing interest rate risk and 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 as % of the par value plus accrued and unpaid interest divided by the conversion price and, where applicable, subject to translation at foreign exchange rates in effect at the time of conversion. The conversion price is based on the greater of: (i) a floor price of $ (subject to 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 we i |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Other Liabilities | 22 Other Liabilities As at October 31 ($ millions) 2023 2022 Accrued interest $ 7,594 $ 3,612 Lease liabilities (1) 3,202 3,323 Accounts payable and accrued expenses 7,819 6,995 Current tax liabilities 728 464 Deferred tax liabilities (Note 27) 1,446 1,100 Gold and silver certificates and bullion 439 372 Margin and collateral accounts 8,531 9,029 Segregated fund liabilities 1,463 1,795 Payables to brokers, dealers and clients 1,565 1,957 Provisions (Note 23) 573 287 Allowance for credit losses on off-balance 13 149 108 Pension liabilities (Note 28) 521 549 Other liabilities of subsidiaries and structured entities 26,836 25,010 Other 8,663 8,098 Total $ 69,529 $ 62,699 (1) Represents 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) 2023 2022 Within 1 year $ 428 $ 425 1 to 2 years 410 414 2 to 3 years 405 404 3 to 4 years 398 387 4 to 5 years 371 373 After 5 years 1,852 1,962 Total $ 3,864 $ 3,965 |
Provisions
Provisions | 12 Months Ended |
Oct. 31, 2023 | |
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Provisions | 23 Provisions ($ millions) As at November 1, 2021 $ 296 Provisions made during the year 149 Provisions utilized / released during the year (158 ) Balance as at October 31, 2022 $ 287 Provisions made during the year 470 Provisions utilized / released during the year (184 ) Balance as at October 31, 2023 $ 573 Restructuring Charge In Q4 2023, the Bank recorded a restructuring charge and severance provisions of million related to workforce reductions as a result of the Bank’s end-to-end digitization, automation, changes in customers’ day-to-day banking preferences, as well as the ongoing efforts to streamline operational processes and optimize distribution channels. Of these amounts, which were all recorded in the Other operating segment, $316 million was the restructuring charge included in other liabilities - provisions. Prior Year In the prior year, the Bank recorded a restructuring charge of $85 million, primarily related to the strategic decision to realign the Bank’s Global Banking and Markets businesses in Asia Pacific to focus on select banking and capital markets activities in the region. The charge also included the cost of reducing Canadian and international full-time technology employees, driven by our ongoing technology modernization and digital transformation. These changes 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 and our evolving geographical focus. This charge was recorded in the Other operating segment. Legal In the ordinary course of business, the Bank and its subsidiaries are and have been subject to a variety of pending and threatened legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits, and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulatory enforcement or criminal penalties. The Bank reviews the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as the Bank believes to be in its best interest. 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 or regulatory proceeding 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. Prior Years In 2021, 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 related to certain value-added tax assessed amounts and associated interest totaling $ million, which arose from certain client transactions which occurred prior to the Bank’s acquisition of the subsidiary. The legal action in Peru relating to the original assessed amount was heard by the Peruvian Constitutional Court in June 2023 and a decision is pending. In November 2021, the Peruvian Constitutional Court dismissed the matter relating to the accrued interest for procedural reasons. With respect to this interest component, in October 2022, the Bank filed a request for arbitration against the Republic of Peru before the International Centre for the Settlement of Investment Disputes, pursuant to the provisions of the Canada-Peru Free Trade Agreement and the matter is proceeding through the arbitration process. The claim arises out of the Constitutional Court of Peru’s inequitable treatment of Scotiabank Peru’s rights in breach of the Canada-Peru Free Trade Agreement. 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. |
Common shares, preferred shares
Common shares, preferred shares and other equity instruments | 12 Months Ended |
Oct. 31, 2023 | |
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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: 2023 2022 As at October 31 ($ millions) Number of shares Amount Number of shares Amount Outstanding at beginning of year 1,191,375,095 $ 18,707 1,215,337,523 $ 18,507 Issued in relation to share-based payments, net (Note 26) 415,247 28 1,951,372 136 Issued in relation to the acquisition of a subsidiary or associated corporation – – 7,000,000 570 Issued in relation to the Shareholder Dividend and Share Purchase Plan (1) 22,254,078 1,374 – – Repurchased for cancellation under the Normal Course Issuer Bid – – (32,913,800 ) (506 ) Outstanding at end of year 1,214,044,420 ( 2) $ 20,109 1,191,375,095 (2) $ 18,707 (1) Commencing with the dividend declared on February 28, 2023 and paid on April 26, 2023, the Bank issued to participants of the Shareholder Dividend and Share Purchase Plan (the “Plan”), common shares from treasury with a discount of 2% to the average market price (as defined in the Plan). Prior to the dividend paid on April 26, 2023, common shares received by participants under the Plan were shares purchased from the open market at prevailing market prices. (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 2023, the number of such shares bought was 19,133,834 and sold was 19,132,702 (2022 – 17,757,599 bought and 17,757,599 sold). Dividend The dividends paid on common shares in fiscal 2023 and 2022 were $5,003 million ($4.18 per share) and $4,858 million ($4.06 per share), respectively. The Board of Directors approved a quarterly dividend of $1.06 per common share at its meeting on November 27, 2023. This quarterly dividend applies to shareholders of record at the close of business on January 3, 2024 January 29, 2024 Refer to Note 2 4 Normal Course Issuer Bid The Bank currently does not have an active normal course issuer bid and did not repurchase any common shares during the year ended October 31, 2023. The Bank’s previous normal course issuer bid terminated on December 1, 2022. Under this program, the Bank repurchased and cancelled approximately 32.9 million common shares at a volume weighted average price of $87.28 per share for a total amount of $2,873 million. These repurchases were carried out prior to October 31, 2022. Non-viability The maximum number of common shares issuable on conversion of NVCC subordinated debentures, NVCC subordinated additional tier 1 capital notes, including those issued to Scotiabank LRCN Trust as recourse assets in respect of NVCC limited recourse capital notes, and NVCC preferred shares as at October 31, 2023 would be 5,046 million common shares (2022 – 4,580 million common shares) based on the floor price and excluding the impact of any accrued and unpaid interest and any declared but unpaid dividends (refer to Note 21 – Subordinated debentures and Note 24(b) – Preferred shares and other equity instruments for further details). (b) Preferred shares and other equity instruments Preferred shares Authorized: An unlimited number of preferred shares without nominal or par value. Issued and fully paid: 2023 2022 As at October 31 ($ millions) Number of shares Amount Dividends declared per share (1) Conversion feature Number of shares Amount Dividends declared per share Conversion feature NVCC Preferred shares: (a) Series 38 (b) – – – – – – 0.303125 Series 39 Series 40 (c) 12,000,000 300 1.212500 Series 41 12,000,000 300 1.212500 Series 41 Total preferred shares 12,000,000 $ 300 12,000,000 $ 300 (1) Dividends declared from November 1, 2022 to October 31, 2023. Terms of NVCC preferred shares First issue date Issue Initial Initial dividend Rate Redemption date Redemption NVCC Preferred shares (a) Series 40 (c) October 12, 2018 25.00 0.362100 January 29, 2019 2.43 % January 27, 2024 25.00 (a) Non-cumulative Non-cumulative 5-Year 5-year non-cumulative Non-cumulative 5-Year non-cumulative (b) On January 27, 2022 the Bank redeemed all outstanding Non-cumulative Preferred Shares Series 38 at a price equal to $25.00 per share plus dividends declared on November 30, 2021 of $0.3031250 per Series 38 share. (c) Holders of Non-cumulative 5-Year Non-cumulative 5-Year Under NVCC provisions, NVCC preferred shares Series 40 and 41, if outstanding, are convertible into a variable number of common shares if OSFI announces that the Bank has ceased, or is about to cease, to be viable, or if a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection, or equivalent support, from the federal government or any provincial government or political subdivision or agent thereof without which the Bank would have been determined by OSFI to be non-viable. (10-day Other equity instruments Other equity instruments are comprised of NVCC additional Tier 1 qualifying regulatory capital notes: 2023 2022 First issue date/ Series number Notional Next reset date Interest rate Interest rate Next Redemption (1) Amount Distributions (2) Amount Distributions (2) Subordinated Additional Tier 1 Capital Notes (3)(4) October 12, 2017 (5) U.S.$ 1,250 January 12, 2024 8.33538 % SOFR +2.90961 (5) % January 12, 2024 Quarterly $ 1,560 U.S.$ 76.23 $ 1,560 U.S.$ 46.50 June 4, 2020 U.S.$ 1,250 June 4, 2025 4.900 % UST +4.551 (6) % June 4, 2025 Every five years $ 1,689 U.S.$ 49.00 $ 1,689 U.S.$ 49.00 Limited Recourse Capital (3)(7) Series 1 (8) $ 1,250 July 27, 2026 3.700 % GOC +2.761 (9) % June 27, 2026 Every five years $ 1,250 $ 37.00 $ 1,250 $ 37.00 Series 2 (10) U.S.$ 600 October 27, 2026 3.625 % UST +2.613 (6) % October 27, 2026 Quarterly $ 753 U.S.$ 36.25 $ 753 U.S.$ 38 Series 3 (11) $ 1,500 July 27, 2027 7.023 % GOC +3.95 (9) % June 27, 2027 Every five years $ 1,500 $ 70.23 $ 1,500 $ 25 Series 4 (12) U.S.$ 750 October 27, 2027 8.625 % UST +4.389 (6) % October 27, 2027 Quarterly $ 1,023 U.S.$ 86.73 $ 1,023 U.S.$ – Total other equity instruments $ 7,775 $ 7,775 (1) Each security is redeemable at the sole discretion of the Bank on the first reset date and every quarter or five years, as applicable, thereafter. Limited Recourse Capital Notes (LRCN) Series 1 and Series 3 are also redeemable in the one month period preceding each reset date. 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 U . . (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) CME 3-month Term SOFR. In respect of these securities, on June 28, 2023, the Bank announced the interest rate transition from three-month USD LIBOR to three-month Term SOFR, plus a spread adjustment of 26.161 bps, for interest periods commencing on or after July 12, 2023. (6) The then-prevailing five-year U.S. Treasury Rate. (7) Interest on LRCN is non-deferrable, however, non-payment of interest that is not cured within five business days (8) 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”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. (9) The then-prevailing five-year Government of Canada yield. (10) On October 7, 2021, the Bank issued U . . . . (11) On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. (12) On October 25, 2022, the Bank issued U . . . . Contractual NVCC provisions contained in the Bank’s Subordinated Additional Tier 1 Capital Notes, including those issued to Scotiabank LRCN Trust as recourse assets in respect of the LRCNs, trigger conversion of these securities 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, outstanding Subordinated Additional Tier 1 Capital Notes (NVCC), would be converted into common shares pursuant to an automatic conversion formula defined as 125% of the par value plus accrued and unpaid interest divided by the conversion price. The conversion price is based on the greater of: (i) $5.00 (subject to adjustments in certain events and converted to U.S. dollar-equivalent, where applicable, each as set out in their respective prospectus supplements), and (ii) the current market price of the Bank’s common shares at the time of the trigger event (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 During the year ended October 31, 2023, the Bank paid aggregate distributions on these notes of $405 million (2022 – $239 million), net of income taxes of $75 million (2022 – $30 million), based on exchange rates in effect on the payment dates, where applicable. (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 of such distributions. Similarly, should the Bank fail to declare regular dividends on any of its directly issued and outstanding preferred or common shares, cash distributions will also not be made on any of the Scotiabank Trust Securities. 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. 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, 2023 | |
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 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), increasing its minimum capital ratio requirements by 1% across all tiers of capital effective January 1, 2016, in line with the requirements for global systemically important banks. In addition, OSFI expects D-SIBs to hold a Domestic Stability Buffer. In December 2022 OSFI announced that the DSB will increase to 3.0% of total risk-weighted assets (RWA), effective February 1, 2023, and has increased the DSB’s range from 0% to 4.0%. OSFI’s minimum regulatory capital ratio requirements, including the D-SIB 1.0% surcharge and its DSB are: 11.0%, 12.5% and 14.5% for CET1, Tier 1 and Total capital ratios, respectively. In addition, in June 2023 OSFI announced an additional 0.5% increase to its DSB, resulting in a DSB of 3.5% of total RWA, effective November 1, 2023. In addition to risk-based capital requirements, the Basel III reforms introduced a simpler, non risk-based Leverage ratio requirement to act as a supplementary measure to its risk-based capital requirements. Institutions are expected to maintain an operating buffer above the 3.5% minimum, including the D-SIB surcharge of 0.5%, effective Q2 2023. The Bank’s regulatory capital ratios were as follows: As at October 31 ($ millions) 2023 2022 Revised Basel III Basel III Capital (1)(2) Common Equity Tier 1 capital $ 57,041 $ 53,081 Net Tier 1 capital 65,223 61,262 Total regulatory capital 75,651 70,710 Total loss absorbing capacity (TLAC) (3) 134,504 126,565 Risk-weighted assets/exposures used in calculation of capital ratios Risk-weighted assets (1)(2) $ 440,017 $ 462,448 Leverage exposures (4) 1,562,963 1,445,619 Regulatory ratios (1)(2) Common Equity Tier 1 capital ratio 13.0 % 11.5 % Tier 1 capital ratio 14.8 % 13.2 % Total capital ratio 17.2 % 15.3 % Total loss absorbing capacity ratio (3) 30.6 % 27.4 % Leverage ratio (4) 4.2 % 4.2 % Total loss absorbing capacity leverage ratio (3) 8.6 % 8.8 % (1) Regulatory ratios and amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to ratios and amounts reported in 2022. (2) 2023 regulatory capital ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (February 2023). Prior year regulatory capital ratios were prepared in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018). (3) This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018). (4) 2023 leverage ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023). Prior year leverage ratios were prepared in accordance with OSFI Guideline – Leverage Requirements (November 2018). The Bank exceeded the OSFI regulatory minimum capital ratios as at October 31, 2023. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Oct. 31, 2023 | |
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 % at the end of the third year and % 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 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 business days after the end of the blackout period. There is a total of million common shares which have been reserved for issuance under the Bank’s employee Stock Option Plan of which million common shares have been issued as a result of the exercise of options and million common shares are committed under outstanding options, leaving million common shares available for issuance as options. Outstanding options expire on dates ranging from to . 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 Employee stock options granted are equity-classified stock options which call for settlement in shares. The amount recorded in equity – other reserves for vested stock options as at October 31, 2023 was $115 million (2022 – $104 million). In 2023, an expense of $14 million (2022 – $10 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income. As at October 31, 2023, future unrecognized compensation cost for non-vested stock options was $9 million (2022 – $7 million) which is to be recognized over a weighted-average period of 2.06 years (2022 – 2.07 years). • Stock appreciation rights Stand-alone SARs are granted instead of stock options to select employees in countries where local laws may restrict the Bank from issuing shares. When a SAR is exercised, the Bank pays the appreciation amount in cash equal to the rise in the market price of the Bank’s common shares since the grant date. During fiscal 2023, 111,692 SARs were granted (2022 – 85,136) and as at October 31, 2023, 609,406 SARs were outstanding (2022 – 558,053), of which 604,748 SARs were vested (2022 – 552,272). The impact to the Bank’s financial statements of vested and outstanding SARs was not material. Determination of fair values The share-based payment expense for stock options was quantified using the Black-Scholes option pricing model on the date of grant. The fiscal 2023 and 2022 stock option grants were fair valued using the following weighted-average assumptions and resulting fair value per award: 2023 Grant 2022 Grant Assumptions Risk-free interest rate % 3.33% 1.42% Expected dividend yield 5.79% 4.11% Expected price volatility 20.58% 17.67% Expected life of option 6.93 Years 6.7 Years Fair value Weighted-average fair value $ 6.81 $ 7.54 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) 2023 2022 As at October 31 Number of stock Weighted average Number of stock Weighted average Outstanding at beginning of year 9,907 $ 73.24 10,458 $ 69.08 Granted 2,478 68.58 1,716 85.46 Exercised as options (415 ) 59.07 (1,951 ) 62.04 Exercised as SARs (7 ) 55.63 (133 ) 67.37 Forfeited (272 ) 74.07 (183 ) 74.30 Expired (133 ) 72.92 – – Outstanding at end of year 11,558 $ 72.74 9,907 $ 73.24 Exercisable at end of year 5,088 $ 71.90 4,304 $ 70.24 Available for grant 12,480 14,546 Options Outstanding Options Exercisable As at October 31, 2023 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 $55.63 to $68.32 1,586 1.02 $ 64.35 1,580 $ 64.35 $68.33 to $74.34 7,542 6.66 $ 70.80 2,707 $ 73.37 $74.35 to $85.46 2,430 6.61 $ 84.26 801 $ 81.81 11,558 5.88 $ 72.74 5,088 $ 71.90 (1) Excludes SARs. (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, 2023, an aggregate of 20 million common shares were held under the employee share ownership plans (2022 – 19 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 2023, an aggregate expense of $320 million (2022 – $328 million) was recorded in salaries and employee benefits in the Consolidated Statement of Income for these plans. This expense includes losses from derivatives used to manage the volatility of share-based payments of $131 million (2022 – $120 million losses). As at October 31, 2023, the share-based payment liability recognized for vested awards under these plans was $741 million (2022 – $763 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, 2023, there were 2,243,413 units (2022 – 1,890,117) awarded and outstanding of which 1,579,420 units were vested (2022 – 1,388,033). 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 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. As at October 31, 2023, there were 6,717,498 units (2022 – 5,200,515) awarded and outstanding of which 4,804,239 were vested (2022 – 3,390,197). 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, 2023, there were 7,382,945 units (2022 – 7,525,441) outstanding subject to performance criteria, of which 6,059,966 units were vested (2022 – 5,944,343). |
Corporate Income Taxes
Corporate Income Taxes | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Corporate Income Taxes | 27 Corporate Income Taxes Corporate income taxes recorded in the Bank’s consolidated financial statements for the years ended October 31 are as follows: (a) Components of income tax provision For the year ended October 31 ($ millions) 2023 2022 Provision for income taxes in the Consolidated Statement of Income: Current income taxes: Domestic: Federal $ 736 $ 1,779 Provincial 626 1,190 Adjustments related to prior periods 715 (251 ) Foreign 1,053 897 Adjustments related to prior periods (6 ) (86 ) 3,124 3,529 Deferred income taxes: Domestic: Federal (604 ) (543 ) Provincial (274 ) (341 ) Foreign (20 ) 113 (898 ) (771 ) Total provision for income taxes in the Consolidated Statement of Income $ 2,226 $ 2,758 Provision for income taxes in the Consolidated Statement of Changes in Equity: Current income taxes $ (168 ) $ (2,651 ) Deferred income taxes (325 ) 945 (493 ) (1,706 ) Reported in: Other Comprehensive Income (418 ) (1,671 ) Retained earnings (75 ) (35 ) Other reserves – – Total provision for income taxes in the Consolidated Statement of Changes in Equity (493 ) (1,706 ) Total provision for income taxes $ 1,733 $ 1,052 Provision for income taxes in the Consolidated Statement of Income includes: Deferred tax expense (benefit) relating to origination/reversal of temporary differences $ (828 ) $ (771 ) Deferred tax expense (benefit) of tax rate changes (70 ) – $ (898 ) $ (771 ) (b) Reconciliation to statutory rate Income taxes in the Consolidated Statement of Income vary from the amounts that would be computed by applying th mp 2023 2022 For the year ended October 31 ($ millions) Amount Percent of pre-tax Amount Percent of pre-tax Income taxes at Canadian statutory rate $ 2,705 27.7 % $ 3,394 26.2 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries and foreign branches (710 ) (7.3 ) (375 ) (2.9 ) Tax-exempt (341 ) (3.5 ) (284 ) (2.2 ) Other, net (1) 572 5.9 23 0.2 Total income taxes and effective tax rate (2) $ 2,226 22.8 % $ 2,758 21.3 % (1) Includes $579 tax expense for the CRD and $48 tax benefit from the non-taxable gain related to the divestiture of the equity interest in CTFS. (2) The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022. (c) Deferred taxes Significant components of the Bank’s deferred tax assets and liabilities are as follows: Statement of Income Statement of Financial Position For the year ended As at October 31 ($ millions) 2023 2022 2023 2022 Deferred tax assets: Loss carryforwards $ (201 ) $ (904 ) $ 1,281 $ 1,079 Allowance for credit losses (172 ) (17 ) 1,155 969 Deferred compensation (77 ) 42 274 199 Deferred income (95 ) 192 127 54 Property and equipment (19 ) (60 ) 339 359 Pension and other post-retirement benefits (48 ) 10 321 234 Securities (15 ) (65 ) 386 433 Lease liabilities (1 ) (31 ) 936 946 Cash flow hedges – – – – Other (177 ) (81 ) 573 380 Total deferred tax assets $ (805 ) $ (914 ) $ 5,392 $ 4,653 Deferred tax liabilities: Cash flow hedges $ – $ – $ 127 $ 159 Deferred compensation (19 ) (7 ) 180 148 Deferred income (23 ) (7 ) 36 40 Property and equipment 174 135 569 810 Pension and other post-retirement benefits 1 (12 ) 120 106 Securities (152 ) (54 ) 385 236 Investment in subsidiaries and associates 43 (14 ) 67 126 Intangible assets 160 37 1,454 1,613 Other (91 ) (221 ) 370 612 Total deferred tax liabilities $ 93 $ (143 ) $ 3,308 $ 3,850 Net deferred tax assets (liabilities) (1) $ (898 ) $ (771 ) $ 2,084 $ 803 (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 $2,084 (2022 – $803) are represented by deferred tax assets of $3,530 (2022 – $1,903), and deferred tax liabilities of $1,446 (2022 – $1,100) on the Consolidated Statement of Financial Position. The major changes to net deferred taxes w For the year ended October 31 ($ millions) 2023 2022 Balance at beginning of year $ 803 $ 902 Deferred tax benefit (expense) for the year recorded in income 898 771 Deferred tax benefit (expense) for the year recorded in equity 325 (945 ) Disposed in divestitures – – Other 58 75 Balance at end of year $ 2,084 $ 803 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 $10 million (October 31, 2022 – $30 million). The amount related to unrecognized losses is $10 million, which will expire as follows: $4 million between 2023 and 203 3 Included in the net deferred tax asset are tax benefits of $2,563 million . 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, 2023 is approximately $50 billion (2022 – $41 billion). Tax Assessments The Bank received reassessments totaling $1,555 million of tax and interest as a result of the Canada Revenue Agency (CRA) denying the tax deductibility of certain Canadian dividends received during the 2011–2018 taxation years. The circumstances of the dividends subject to these reassessments are similar to those prospectively addressed by tax rules introduced in 2015 and 2018. The Bank has filed a Notice of Appeal with the Tax Court of Canada against the federal reassessment in respect of its 2011 taxation year. In addition, a subsidiary of the Bank received reassessments on the same matter in respect of its 2018 taxation year totaling $2 million of tax and interest. A subsidiary of the Bank received withholding tax assessments from the CRA in respect of certain of its securities lending transactions for its 2014 – 2018 taxation years totaling $551 million of tax, penalties, and interest. The subsidiary has filed a Notice of Appeal with the Tax Court of Canada against the federal assessment in respect of its 2014-2018 taxation years. 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. Canadian Federal Tax Measures On December 15, 2022, certain Canadian federal tax measures impacting the Bank were enacted into law including the Canada Recovery Dividend (CRD), a one-time The impact of these enacted tax measures was recognized in the Bank’s financial results for the year ended October 31, 2023. The Bank recognized income tax expense of $579 million in the Consolidated Statement of Income for the present value of the total CRD payable of approximately $640 million. The difference will accrete as interest expense over the remaining four-year period. The increase in the Canadian statutory tax rate resulted in a benefit of $39 million related to the 2022 taxation year, recorded in Q1 2023. This included the revaluation of the Bank’s deferred tax assets and liabilities. Of this amount, $13 million was recognized in the Consolidated Statement of Income and the remainder in Other Comprehensive Income. Global Minimum Tax The OECD published Pillar Two model rules in December 2021 as part of its efforts toward international tax reform. The rules aim to have large multinational enterprises pay a minimum effective tax rate of 15% in each jurisdiction they operate. OECD member countries are in the process of developing domestic tax legislation to implement the rules. On May 23, 2023, the IASB issued amendments to IAS 12 Income Taxes |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Employee Benefits | 28 Employee Benefits The Bank sponsors a number of employee benefit plans, including pensions (defined benefit and defined contribution) and other benefit plans (post-retirement benefits and other long-term employee benefits) for most of its employees globally. The information presented below relates to the Bank’s principal plans; other plans operated by certain subsidiaries of the Bank are not considered material and are not included in these disclosures. Global pension plans The principal pension plans include plans in Canada, U.S., Mexico, 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. 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. • 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, 2022. 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, U.S., Mexico, Uruguay, 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 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 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, 2023 SPP Other International Canada International Percentage of total benefit obligations 71 % 15 % 14 % 48 % 52 % Percentage of total plan assets 73 % 11 % 16 % 0 % 100 % Percentage of total benefit expense (1) 71 % 26 % 3 % 42 % 58 % Pension plans Other benefit plans Canada For the year ended October 31, 2022 SPP Other International Canada International Percentage of total benefit obligations 72 % 15 % 13 % 52 % 48 % Percentage of total plan assets 74 % 11 % 15 % 0 % 100 % Percentage of total benefit expense (1) 74 % 25 % 1 % 31 % 69 % (1) Excludes non-routine b) Cash contributions and payments The table below shows the cash contributions and payments made by the Bank to its principal plans in 2023, and the p ri Contributions to the principal plans for the year ended October 31 ($ millions) 2023 2022 Defined benefit pension plans (cash contributions to fund the plans, including paying beneficiaries under the unfunded pension arrangements) SPP (excluding DC provision) $ 15 $ 184 All other plans 103 80 Other benefit plans (cash contributions mainly in the form of benefit payments to beneficiaries) 64 59 Defined contribution pension and other benefit plans (cash contributions) 159 126 DC pension contributions funded from pension plan surplus (59 ) – Total contributions (1) $ 282 $ 449 (1) Based on preliminary estimates, the Bank expects to make contributions of $78 to the SPP (excluding the DC provision), $63 to all other defined benefit pension plans, $66 to other benefit plans and $185 to all defined contribution plans (less $63 which is expected to be funded from pension plan surplus) for the year ending October 31, 2024. c) Funded and unfunded plans The excess (deficit) of the fair value of assets over the benefit obligation at the end of the year includes the following amounts for plans that are wholly unfunded and plans that are wholly or partly funded. Pension plans Other benefit plans As at October 31 ($ millions) 2023 2022 2023 2022 Benefit obligation Benefit obligation of plans that are wholly unfunded $ 339 $ 353 $ 873 $ 902 Benefit obligation of plans that are wholly or partly funded 7,330 7,277 241 221 Funded status Benefit obligation of plans that are wholly or partly funded $ 7,330 $ 7,277 $ 241 $ 221 Fair value of assets 8,139 8,309 113 116 Excess (deficit) of fair value of assets over benefit obligation of wholly or partly funded plans $ 809 $ 1,032 $ (128 ) $ (105 ) Benefit obligation of plans that are wholly unfunded 339 353 873 902 Excess (deficit) of fair value of assets over total benefit obligation $ 470 $ 679 $ (1,001 ) $ (1,007 ) Effect of asset limitation and minimum funding requirement (55 ) (176 ) – – Net asset (liability) at end of year $ 415 $ 503 $ (1,001 ) $ (1,007 ) 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) 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 7,630 $ 9,584 $ 1,123 $ 1,302 Current service cost 218 281 20 22 Interest cost on benefit obligation 428 335 77 61 Employee contributions 26 25 – – Benefits paid (406 ) (457 ) (94 ) (89 ) Actuarial loss (gain) (278 ) (2,234 ) (42 ) (226 ) Past service cost (1 ) 34 (2 ) (1 ) Business acquisition – – (1 ) – Settlements – – – (2 ) Foreign exchange 52 62 33 56 Benefit obligation at end of year $ 7,669 $ 7,630 $ 1,114 $ 1,123 Change in fair value of assets Fair value of assets at beginning of year 8,309 9,464 116 143 Interest income on fair value of assets 480 363 12 13 Return on plan assets in excess of (less than) interest income on fair value of assets (351 ) (1,402 ) 2 (24 ) Employer contributions 59 264 64 59 Employee contributions 26 25 – – Benefits paid (406 ) (457 ) (94 ) (89 ) Administrative expenses (12 ) (12 ) – – Business acquisition – – – – Settlements – – – (2 ) Foreign exchange 34 64 13 16 Fair value of assets at end of year $ 8,139 $ 8,309 $ 113 $ 116 Funded status Excess (deficit) of fair value of assets over benefit obligation at end of year 470 679 (1,001 ) (1,007 ) Effect of asset limitation and minimum funding requirement (1) (55 ) (176 ) – – Net asset (liability) at end of year $ 415 $ 503 $ (1,001 ) $ (1,007 ) Recorded in: Other assets in the Bank’s Consolidated Statement of Financial Position 936 1,052 2 1 Other liabilities in the Bank’s Consolidated Statement of Financial Position (521 ) (549 ) (1,003 ) (1,008 ) Net asset (liability) at end of year $ 415 $ 503 $ (1,001 ) $ (1,007 ) Annual benefit expense Current service cost 218 281 20 22 Net interest expense (income) (33 ) (20 ) 65 48 Administrative expenses 13 15 – – Past service costs (1 ) 34 (2 ) (1 ) Amount of settlement (gain) loss recognized – – – – Remeasurement of other long-term benefits – – (2 ) (9 ) Benefit expense (income) recorded in the Consolidated Statement of Income $ 197 $ 310 $ 81 $ 60 Defined contribution benefit expense $ 158 $ 125 $ 1 $ 1 Remeasurements (Return) on plan assets in excess of interest income on fair value of assets 351 1,402 (2 ) 24 Actuarial loss (gain) on benefit obligation (278 ) (2,234 ) (40 ) (217 ) Change in the asset limitation (139 ) 70 – – Remeasurements recorded in OCI $ (66 ) $ (762 ) $ (42 ) $ (193 ) Total benefit cost $ 289 $ (327 ) $ 40 $ (132 ) Additional details on actual return on assets and actuarial (gains) and losses Actual return on assets (net of administrative expenses) $ 117 $ (1,051 ) $ 14 $ (11 ) Actuarial (gains) and losses from changes in demographic assumptions 40 – (7 ) 3 Actuarial (gains) and losses from changes in financial assumptions (406 ) (2,256 ) (28 ) (219 ) Actuarial (gains) and losses from changes in experience 88 22 (7 ) (10 ) Additional details on fair value of pension plan assets invested In Scotiabank securities (stock, bonds) 57 58 – – In property occupied by Scotiabank 4 4 – – Change in asset ceiling/onerous liability Asset ceiling /onerous liability at end of prior year 176 85 – – Interest expense 19 8 – – Remeasurements (139 ) 70 – – Foreign exchange (1 ) 13 – – Asset ceiling /onerous liability at end of year $ 55 $ 176 $ – $ – (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, 2023 is 12.9 years (2022 – 12.9 years). Pension plans Other benefit plans For the year ended October 31 2023 2022 2023 2022 Disaggregation of the benefit obligation (%) Canada Active members 48 % 49 % 3 % 3 % Inactive and retired members 52 % 51 % 97 % 97 % Total 100 % 100 % 100 % 100 % Mexico Active members 27 % 26 % 35 % 40 % Inactive and retired members 73 % 74 % 65 % 60 % Total 100 % 100 % 100 % 100 % United States Active members 39 % 42 % 41 % 36 % Inactive and retired members 61 % 58 % 59 % 64 % Total 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 Ba n Pension plans Other benefit plans For the year ended October 31 2023 2022 2023 2022 Benefit obligation at end of year Discount rate – all plans 6.13 % 5.77 % 7.36 % 7.01 % Discount rate – Canadian plans only 5.70 % 5.41 % 5.80 % 5.40 % Rate of increase in future compensation (1)(2) 3.96 % 3.90 % 4.61 % 4.67 % Benefit expense (income) for the year Discount rate – All plans Discount rate for defined benefit obligations 5.77 % 4.24 % 7.01 % 4.94 % Discount rate for net interest cost 5.76 % 3.81 % 6.96 % 4.65 % Discount rate for service cost 5.80 % 4.43 % 7.09 % 5.17 % Discount rate for interest on service cost 5.71 % 3.98 % 7.09 % 5.07 % Discount rate – Canadian plans only Discount rate for defined benefit obligations 5.41 % 4.08 % 5.40 % 3.28 % Discount rate for net interest cost 5.40 % 3.59 % 5.31 % 2.82 % Discount rate for service cost 5.41 % 4.18 % 5.49 % 3.64 % Discount rate for interest on service cost 5.30 % 3.70 % 5.49 % 3.46 % Rate of increase in future compensation (1)(2) 3.90 % 2.79 % 4.67 % 4.30 % Health care cost trend rates at end of year Initial rate n/a n/a 5.68 % 5.67 % Ultimate rate n/a n/a 4.93 % 4.86 % Year ultimate rate reached n/a n/a 2040 2040 Assumed life expectancy in Canada (years) Life expectancy at 65 for current pensioners – male 23.6 23.5 23.6 23.5 Life expectancy at 65 for current pensioners – female 24.7 24.6 24.7 24.6 Life expectancy at 65, for future pensioners currently aged 45 – male 24.5 24.5 24.5 24.5 Life expectancy at 65, for future pensioners currently aged 45 – female 25.6 25.5 25.6 25.5 Assumed life expectancy in Mexico (years) Life expectancy at 65 for current pensioners – male 21.6 21.6 21.6 21.6 Life expectancy at 65 for current pensioners – female 23.9 23.9 23.9 23.9 Life expectancy at 65, for future pensioners currently aged 45 – male 21.6 21.6 21.6 21.6 Life expectancy at 65, for future pensioners currently aged 45 – female 24.0 24.0 24.0 24.0 Assumed life expectancy in United States (years) Life expectancy at 65 for current pensioners – male 22.0 21.9 22.0 21.9 Life expectancy at 65 for current pensioners – female 23.4 23.3 23.4 23.3 Life expectancy at 65, for future pensioners currently aged 45 – male 23.3 23.3 23.3 23.3 Life expectancy at 65, for future pensioners currently aged 45 – female 24.8 24.7 24.8 24.7 (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. (2) The weighted average rates of increase in future compensation shown only consider long-term rates. In some regions, higher rates of increase are assumed in the short term but are not included in the weighted average rates disclosed. g) Sensitivity analysis The sensitivity analysis 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, 2023 ($ millions) Benefit Benefit Benefit Benefit Impact of the following changes: 1% decrease in discount rate $ 1,111 $ 83 $ 130 $ 5 0.25% increase in rate of increase in future compensation 60 3 – – 1% increase in health care cost trend rate n/a n/a 97 12 1% decrease in health care cost trend rate n/a n/a (79 ) (10 ) 1 year increase in Canadian life expectancy 123 9 12 1 1 year increase in Mexican life expectancy 2 – 3 – 1 year increase in the United States life expectancy 2 – 2 – 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 constitute a relatively small component of the investment strategy and cannot be used without specific authorization; currently, the main uses of derivatives are for duration management and 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 a sse Pension plans Other benefit plans Asset category % Actual Actual Actual Actual Cash and cash equivalents 3 % 4 % 1 % – % Equity investments Quoted in an active market 39 % 38 % 34 % 37 % Non quoted 5 % 5 % – % – % 44 % 43 % 34 % 37 % Fixed income investments Quoted in an active market 5 % 4 % 61 % 58 % Non quoted 35 % 36 % – % – % 40 % 40 % 61 % 58 % Property Quoted in an active market – % – % 4 % 5 % Non quoted 1 % 1 % – % – % 1 % 1 % 4 % 5 % Other Quoted in an active market – % – % – % – % Non quoted 12 % 12 % – % – % 12 % 12 % – % – % Total 100 % 100 % 100 % 100 % Target asset allocation at October 31, 2023 Asset category % Pension plans Other benefit plans Cash and cash equivalents – % – % Equity investments 42 % 38 % Fixed income investments 44 % 57 % Property 1 % 5 % Other 13 % – % Total 100 % 100 % |
Operating segments
Operating segments | 12 Months Ended |
Oct. 31, 2023 | |
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 • the grossing up of tax-exempt non-interest before-tax These differences in measurement enable comparison of net interest income and non-interest tax-exempt Scotiabank’s results, and average assets and liabilities, allocated by these operating segments, are as follows: For the year ended October 31, 2023 Taxable equivalent basis ($ millions) Canadian (1) International (1) Global Wealth (1) Global Banking (1) Other (1)(2) Total Net interest income (3) $ 9,756 $ 8,161 $ 842 $ 1,572 $ (2,044 ) $ 18,287 Non-interest (4)(5) 3,087 2,937 4,449 3,980 (433 ) 14,020 Total revenues 12,843 11,098 5,291 5,552 (2,477 ) 32,307 Provision for credit losses 1,443 1,868 10 101 – 3,422 Depreciation and amortization (6) 583 563 179 221 274 1,820 Other non-interest 5,284 5,365 3,171 2,841 650 17,311 Income tax expense 1,514 704 491 621 (1,104 ) 2,226 Net income $ 4,019 $ 2,598 $ 1,440 $ 1,768 $ (2,297 ) $ 7,528 Net income attributable to non-controlling – 112 9 – (3 ) 118 Net income attributable to equity holders of the Bank $ 4,019 $ 2,486 $ 1,431 $ 1,768 $ (2,294 ) $ 7,410 Average assets ($ billions) 450 237 34 490 185 1,396 Average liabilities ($ billions) 372 179 40 455 273 1,319 (1) Business line revenues and provision for income taxes are reported on a tax equivalent basis. (2) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (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 – $71; International Banking – $251; Global Wealth Management – $18 ; Global Banking and Markets - $1; and Other – (6) Includes impairment charge of software and other intangible assets in the Other segment. For the year ended October 31, 2022 Taxable equivalent basis ($ millions) Canadian (1) International (1) Global Wealth (1) Global Banking (1) Other (1)(2) Total Net interest income (3) $ 9,001 $ 6,900 $ 764 $ 1,630 $ (180 ) $ 18,115 Non-interest (4)(5) 3,029 2,827 4,617 3,542 (714 ) 13,301 Total revenues 12,030 9,727 5,381 5,172 (894 ) 31,416 Provision for credit losses 209 1,230 6 (66 ) 3 1,382 Depreciation and amortization (6) 601 499 171 162 98 1,531 Other non-interest (6) 4,787 4,713 3,088 2,512 471 15,571 Income tax expense 1,670 618 551 653 (734 ) 2,758 Net income $ 4,763 $ 2,667 $ 1,565 $ 1,911 $ (732 ) $ 10,174 Net income attributable to non-controlling – 249 9 – – 258 Net income attributable to equity holders of the Bank $ 4,763 $ 2,418 $ 1,556 $ 1,911 $ (732 ) $ 9,916 Average assets ($ billions) 430 207 33 445 167 1,282 Average liabilities ($ billions) 332 152 47 414 263 1,208 (1) Business line revenues and provision for income taxes are reported on a tax equivalent basis. (2) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (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 – $64; International Banking – $250; Global Wealth Management – $14 and Other – $(60). (6) Prior period amounts have been restated to conform with current period presentation. Geographical segmentation The following table summarizes the Bank’s financial results by geographic region. Revenue s and For the year ended October 31, 2023 ($ millions) (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 8,533 $ 1,019 $ 2,168 $ 1,320 $ 1,830 $ 564 $ 1,761 $ 1,092 $ 18,287 Non-interest (1) 8,598 1,351 873 454 593 418 798 935 14,020 Total revenues (2) 17,131 2,370 3,041 1,774 2,423 982 2,559 2,027 32,307 Provision for credit losses 1,492 59 270 404 604 392 123 78 3,422 Non-interest 10,982 1,246 1,488 727 1,014 661 1,437 1,576 19,131 Income tax expense 1,041 276 312 162 135 (21 ) 197 124 2,226 Subtotal 3,616 789 971 481 670 (50 ) 802 249 7,528 Net income attributable to non-controlling interests (3 ) – 22 1 18 (34 ) 114 – 118 Net income attributable to equity holders of the Bank $ 3,619 $ 789 $ 949 $ 480 $ 652 $ (16 ) $ 688 $ 249 $ 7,410 Total average assets ($ billions) $ 844 $ 215 $ 58 $ 28 $ 61 $ 14 $ 34 $ 142 $ 1,396 (1) Includes net income from investments in associated corporations for Canada – $(115), Peru – $3, Chile – $ 10, Colombia - $(2), (2) Revenues are attributed to countries based on where services are performed or assets are recorded. For the year ended October 31, 2022 ($ millions) (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 9,827 $ 945 $ 1,736 $ 1,171 $ 1,604 $ 631 $ 1,436 $ 765 $ 18,115 Non-interest (1) 8,149 1,103 748 422 538 388 719 1,234 13,301 Total revenues (2) 17,976 2,048 2,484 1,593 2,142 1,019 2,155 1,999 31,416 Provision for credit losses 180 (13 ) 232 342 221 216 175 29 1,382 Non-interest 9,928 1,040 1,223 628 870 682 1,335 1,396 17,102 Income tax expense 1,697 260 196 173 95 39 150 148 2,758 Subtotal 6,171 761 833 450 956 82 495 426 10,174 Net income attributable to non-controlling 1 – 19 6 104 35 93 – 258 Net income attributable to equity holders of the Bank $ 6,170 $ 761 $ 814 $ 444 $ 852 $ 47 $ 402 $ 426 $ 9,916 Total average assets ($ billions) $ 765 $ 207 $ 46 $ 27 $ 53 $ 14 $ 32 $ 138 $ 1,282 (1) Includes net income from investments in associated corporations for Canada – $4, Peru – $7, Chile – $9, Caribbean and Central America – $90, and Other International – $158. (2) Revenues are attributed to countries based on where services are performed or assets are recorded. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Related Party Transactions | 30 Related Party Transactions Compensation of key management personnel of the Bank Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly or indirectly, and comprise the directors of the Bank, the President and Chief Executive Officer, certain direct reports of the President and Chief Executive Officer and Group Heads. For the year ended October 31 ($ millions) 2023 2022 Salaries and cash incentives (1) $ 23 $ 24 Equity-based payment (2) 32 36 Pension and other benefits (1) 2 4 Total $ 57 $ 64 (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 of for . Loans and deposits of key management personnel As at October 31 ($ millions) 2023 2022 Loans $ 13 $ 11 Deposits $ 6 $ 5 The 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) 2023 2022 Net income / (loss) $ (22 ) $ (29 ) Loans 209 205 Deposits 277 286 Guarantees and commitments 55 96 Scotiabank principal pension plan The Bank manages assets of $5.2 billion (October 31, 2022 – $4.9 billion) which is a portion of the Scotiabank principal pension plan assets and earned $6.9 million (October 31, 2022 – $6.4 million) in fees. |
Principal Subsidiaries and Non-
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries | 31 Principal Subsidiaries and Non-Controlling (a) Principal subsidiaries (1) The following table presents certain operating subsidiaries the Bank owns, directly or indirectly. All of these subsidiaries are included in the Bank’s consolidated financial statements. Carrying value of shares As at October 31 ($ millions) Principal office 2023 2022 Canadian Scotia Capital Inc. Toronto, Ontario $ 3,723 $ 3,215 BNS Investments Inc. Toronto, Ontario 22,925 15,750 1832 Asset Management L.P. Toronto, Ontario Montreal Trust Company of Canada Montreal, Quebec MD Financial Management Inc. Ottawa, Ontario 2,711 2,781 Jarislowsky, Fraser Limited Montreal, Quebec 997 988 Scotia Securities Inc. Toronto, Ontario 63 63 Tangerine Bank Toronto, Ontario 4,529 3,827 The Bank of Nova Scotia Trust Company (2) Toronto, Ontario 610 214 Scotia Mortgage Corporation Toronto, Ontario 780 810 National Trust Company Stratford, Ontario 388 374 Roynat Inc. Calgary, Alberta 674 594 Scotia Dealer Advantage Inc. Hamilton, Ontario 912 867 International Scotia Holdings (USA) LLC (3) New York, New York 7,218 3,166 (4) Scotia Capital (USA) Inc. New York, New York Scotia Financing (USA) LLC New York, New York Nova Scotia Inversiones Limitada Santiago, Chile 7,423 6,114 Scotiabank Chile S.A. (99.79%) Santiago, Chile Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.39%) Mexico City, Mexico 6,812 5,960 Scotiabank Inverlat, S.A. Mexico City, Mexico Scotia Peru Holdings S.A. Lima, Peru 5,700 4,961 Scotiabank Peru S.A.A. (99.31%) Lima, Peru Multiacciones S.A.S Bogota, Colombia 1,100 842 Scotiabank Colpatria, S.A. (55.98%) ( 5 Bogota, Colombia Scotiabank Brasil S.A. Banco Multiplo Sao Paulo, Brazil 914 788 Scotia Uruguay Holdings S.A. Montevideo, Uruguay 585 478 Scotiabank Uruguay S.A. Montevideo, Uruguay Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%) Santo Domingo, Dominican Republic 934 906 Scotiabank Caribbean Holdings Ltd. Bridgetown, Barbados 1,552 1,550 Scotia Group Jamaica Limited (71.78%) Kingston, Jamaica Scotiabank Trinidad and Tobago Limited (50.90%) Port of Spain, Trinidad and Tobago Scotiabank (Barbados) Limited Bridgetown, Barbados 307 273 BNS International (Bahamas) Limited Nassau, Bahamas 13,903 17,180 Scotiabank (Bahamas) Limited Nassau, Bahamas Scotiabank & Trust (Cayman) Ltd. Grand Cayman, Cayman Islands Grupo BNS de Costa Rica, S.A. San Jose, Costa Rica Scotiabank (Ireland) Designated Activity Company Dublin, Ireland (1) The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted. (2) The Bank of Nova Scotia Trust Company & ADS Canadian Bank amalgamated effective November 1, 2022 and continue as The Bank of Nova Scotia Trust Company. (3) Effective July 1, 2023, Scotia Holdings (U.S.) Inc. converted to a Limited Liability Company and changed its name to Scotia Holdings (USA) LLC. (4) The 2022 Scotia Capital (USA) Inc. carrying value was part of BNS Investments Inc. (5) The Bank made a capital contribution to Scotiabank Colpatria S.A. in July 2023 which increased its ownership interest to 55.98% following the subsequent issuance of additional shares. 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 the Bank’s 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 2023 2022 Non-controlling Non-controlling Dividends non-controlling Non-controlling Dividends paid to non-controlling Scotiabank Chile S.A. 0.21 % (1) $ 248 $ 17 $ 227 $ 27 Scotiabank Colpatria S.A. (2)(3) 44.02 % 482 – 332 12 Scotia Group Jamaica Limited 28.22 % 336 11 279 10 Scotiabank Trinidad and Tobago Limited 49.10 % 450 53 413 52 Other 0.01% 49.35% – ( 4) 223 20 273 14 Total $ 1,739 $ 101 $ 1,524 $ 115 (1) The Bank increased its ownership in Scotiabank Chile S.A. in 2022 by acquiring an additional 16.8 % stake from the primary non-controlling shareholders. Refer to Note 36 for details. The remaining non-controlling interest related primarily to non-controlling interests in Scotiabank Chile S.A. subsidiaries. (2) Non-controlling pre-agreed (3) The Bank made a capital contribution to Scotiabank Colpatria S.A. in July 2023 which increased its ownership interest to 55.98% following the subsequent issuance of additional shares. (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, 2023 As at and for the year ended October 31, 2022 ($ millions) Revenue Total Total assets Total Revenue Total Total assets Total Total $ 4,206 $ 1,929 $ 102,628 $ 91,869 $ 3,849 $ 880 $ 93,880 $ 85,754 |
Interest Income and Expense
Interest Income and Expense | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Interest Income and Expense | 32 Interest Income and Expense For the year ended October 31 ($ millions) 2023 2022 Interest Interest Interest Interest Measured at amortized cost (1) $ 51,013 $ 38,348 $ 31,036 $ 15,273 Measured at FVOCI (1) 3,811 – 1,537 – 54,824 38,348 32,573 15,273 Other 2,000 (2) 189 (3) 985 (2) 170 (3) Total $ 56,824 $ 38,537 $ 33,558 $ 15,443 (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 $114 (2022 – $107). |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Earnings Per Share | 33 Earnings Per Share For the year ended October 31 ($ millions) 2023 2022 Basic earnings per common share Net income attributable to common shareholders $ 6,991 $ 9,656 Weighted average number of common shares outstanding (millions) 1,197 1,199 Basic earnings per common share (1) $ 5.84 $ 8.05 Diluted earnings per common share Net income attributable to common shareholders $ 6,991 $ 9,656 Dilutive impact of share-based payment options and others (2) (36 ) 36 Net income attributable to common shareholders (diluted) $ 6,955 $ 9,692 Weighted average number of common shares outstanding (millions) 1,197 1,199 Dilutive impact of share-based payment options and others (2) 7 9 Weighted average number of diluted common shares outstanding (millions) 1,204 1,208 Diluted earnings per common share (1) $ 5.78 $ 8.02 (1) Earnings per share calculations are based on full dollar and share amounts. (2) Certain 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, 2023 | |
Text Block [Abstract] | |
Guarantees, Commitments and Pledged Assets | 34 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: 2023 2022 As at October 31 ($ millions) Maximum potential (1) Maximum potential (1) Standby letters of credit and letters of guarantee $ 48,417 $ 41,977 Liquidity facilities 7,060 6,361 Indemnifications 940 926 (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. (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) 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. (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 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) 2023 2022 Commercial letters of credit $ 695 $ 1,219 Commitments to extend credit (1) Original term to maturity of one year or less 61,338 81,641 Original term to maturity of more than one year 222,705 186,067 Securities lending 56,174 52,178 Securities purchase and other commitments 736 1,105 Total $ 341,648 $ 322,210 (1) Includes liquidity facilities, and excludes commitments which are unconditionally cancellable at the Bank’s discretion at any time. (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) 2023 2022 Assets pledged to: Bank of Canada (1) $ 133 $ 168 Foreign governments and central banks (1) 763 2,015 Clearing systems, payment systems and depositories (1) 1,810 1,628 Assets pledged in relation to exchange-traded derivative transactions 8,403 8,972 Assets pledged in relation to over-the-counter 26,871 29,658 Assets pledged as collateral related to securities borrowing and lending 150,698 133,363 Assets pledged in relation to covered bond program (Note 15) (2) 51,538 51,446 Assets pledged in relation to other securitization programs (Note 15) 3,169 1,397 Assets pledged under CMHC programs (Note 14) 22,108 24,886 Other 521 969 Total assets pledged $ 266,014 $ 254,502 Obligations related to securities sold under repurchase agreements 140,296 122,552 Total (3) $ 406,310 $ 377,054 (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 used for securities lending transactions. (3) 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, 2023 | |
Text Block [Abstract] | |
Financial Instruments - Risk Management | 35 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, 2023: • 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 (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 Internal Ratings Based approach (IRB) for all material Canadian, U.S., European portfolios, and for a significant portion of all international corporate and commercial portfolios. Under the Advanced Internal Ratings Based (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 revised Basel III rules, there are new IRB requirements for internally developed model parameters under AIRB, including scope restrictions which limit certain asset classes to only the Foundation Internal Ratings Based (FIRB) approach. For those asset classes (e.g., Large Corporates, Banks, etc.) the FIRB approach utilizes the Bank’s internally modeled PD parameters combined with internationally prescribed LGD and EAD parameters. The remaining portfolios, including other individual portfolios, are treated under the standardized approach. 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) 2023 2022 Revised Basel III (1) Basel III Exposure at default (2) Category Drawn (3) Undrawn Other exposures (4) Total Total By counterparty type Non-retail IRB portfolio Corporate $ 227,187 $ 80,691 $ 83,697 $ 391,575 $ 453,426 Bank 17,928 12,865 24,303 55,096 37,425 Sovereign 239,626 2,886 10,781 253,293 234,156 484,741 96,442 118,781 699,964 725,007 Standardized portfolio Corporate 45,471 7,082 5,706 58,259 59,866 Bank 2,096 23 776 2,895 3,788 Sovereign 25,244 174 104 25,522 8,983 72,811 7,279 6,586 86,676 72,637 Total non-retail $ 557,552 $ 103,721 $ 125,367 $ 786,640 $ 797,644 Retail IRB portfolio Real estate secured $ 236,785 $ 51,874 $ – $ 288,659 $ 254,568 Qualifying revolving 16,187 42,492 – 58,679 46,435 Other retail 34,449 4,824 – 39,273 37,910 287,421 99,190 – 386,611 338,913 Standardized portfolio Real estate secured 64,888 108 – 64,996 63,054 Other retail 51,326 9,056 58 60,440 48,089 116,214 9,164 58 125,436 111,143 Total retail $ 403,635 $ 108,354 $ 58 $ 512,047 $ 450,056 Total $ 961,187 $ 212,075 $ 125,425 $ 1,298,687 $ 1,247,700 By geography (5) Canada $ 575,320 $ 152,872 $ 37,813 $ 766,005 $ 710,049 United States 137,284 35,009 51,281 223,574 247,672 Chile 58,905 3,491 4,337 66,733 60,528 Mexico 56,227 3,007 3,062 62,296 50,793 Peru 26,642 2,358 3,467 32,467 32,176 Colombia 14,212 1,505 1,116 16,833 13,291 Other International Europe 19,474 6,347 17,460 43,281 46,156 Caribbean 30,498 2,237 1,239 33,974 32,057 Latin America (other) 18,084 1,518 2,070 21,672 20,890 All other 24,541 3,731 3,580 31,852 34,088 Total $ 961,187 $ 212,075 $ 125,425 $ 1,298,687 $ 1,247,700 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) 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 net of collateral amounts treated under the Comprehensive Approach. (3) Non-retail drawn includes loans, acceptances, deposits with financial institutions and FVOCI debt securities. Retail drawn includes residential mortgages, credit cards, lines of credit, and other personal loans. (4) Other exposures include off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations (2023 excluding first loss of $4 million (5) Geographic segmentation is based upon the location of the ultimate risk of the credit exposure. Consolidated Statement of Financial Position asset categories cross-referenced to credit risk exposures The table below provides mapping of on-balance are in Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2023 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 86,883 $ – $ – $ – $ – $ – $ – $ – $ 3,429 $ 90,312 Precious metals – – – – – – – 937 – 937 Trading assets Securities – – – – – – – 107,614 (2 ) 107,612 Loans 584 – – – – – 433 6,960 – 7,544 Other – – – – – – – 2,712 – 2,712 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 199,325 – – – – – 199,325 Derivative financial instruments – – – – 51,340 – 36,512 – – 51,340 Investment securities 117,172 – – – – 4,022 – – (2,957 ) 118,237 Loans: Residential mortgages (2) 65,381 278,688 – – – – – – 113 344,182 Personal loans 800 99,214 4,156 – – – – – – 104,170 Credit cards – 14,100 251 – – – – – 2,758 17,109 Business & government 264,824 11,690 15,479 – – – – – (171 ) 291,822 Allowances for credit losses (3) (474 ) (975 ) – – – – – – (4,923 ) (6,372 ) Customers’ liability under acceptances 18,718 – – – – – – – (90 ) 18,628 Property and equipment – – – – – – – – 5,642 5,642 Investment in associates – – – – – 59 – – 1,866 1,925 Goodwill and other intangibles assets – – – – – – – – 17,193 17,193 Other (including Deferred tax assets) 7,129 1,170 – 237 – – – – 29,935 38,471 Total $ 561,017 $ 403,887 $ 19,886 $ 199,562 $ 51,340 $ 4,081 $ 36,945 $ 118,223 $ 52,793 $ 1,410,789 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $60.2 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages. (3) Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2022 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 62,551 $ – $ – $ – $ – $ – $ – $ – $ 3,344 $ 65,895 Precious metals – – – – – – – 543 – 543 Trading assets Securities (4 ) – – – – – – 103,551 – 103,547 Loans 408 – – – – – 367 7,403 – 7,811 Other – – – – – – – 1,796 – 1,796 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 175,313 – – – – – 175,313 Derivative financial instruments – – – – 55,699 – 43,436 – – 55,699 Investment securities 108,516 – – – – 5,081 – – (3,589 ) 110,008 Loans: Residential mortgages (2) 76,607 272,588 – – – – – – 84 349,279 Personal loans – 96,074 3,350 – – – – – 7 99,431 Credit cards – 13,126 372 – – – – – 1,020 14,518 Business & government 267,921 10,395 9,675 – – – – – (884 ) 287,107 Allowances for credit losses (3) (514 ) (817 ) – – – – – – (4,017 ) (5,348 ) Customers’ liability under acceptances 19,525 – – – – – – – (31 ) 19,494 Property and equipment – – – – – – – – 5,700 5,700 Investment in associates – – – – – 56 – – 2,577 2,633 Goodwill and other intangibles assets – – – – – – – – 16,833 16,833 Other (including Deferred tax assets) 2,401 991 – 106 – – – – 35,661 39,159 Total $ 537,411 $ 392,357 $ 13,397 $ 175,419 $ 55,699 $ 5,137 $ 43,803 $ 113,293 $ 56,705 $ 1,349,418 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $75.8 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed 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% – 0.0551% AA to A+ Aa2 to A1 AA to A (high) 95 0.0551% – 0.0651% A to A- A2 to A3 A to A (low) Investment grade 90 0.0651% – 0.0748% BBB+ Baa1 BBB (high) 87 0.0748% – 0.1028% BBB Baa2 BBB 85 0.1028% – 0.1552% BBB- Baa3 BBB (low) 83 0.1552% – 0.2151% BB+ Ba1 BB (high) 80 0.2151% – 0.2983% BB Ba2 BB 77 0.2983% – 0.5617% BB- Ba3 BB (low) Non-Investment grade 75 0.5617% – 1.1570% B+ B1 B (high) 73 1.1570% – 1.9519% B to B- B2 to B3 B to B (low) 70 1.9519% – 4.7225% CCC+ Caa1 – 65 4.7225% – 12.1859% CCC Caa2 – Watch list 60 12.1859% – 23.8197% CCC- to CC Caa3 to Ca – 40 23.8197% – 42.1638% – – – 30 42.1638% – 100.0000% Default Default 21 100% (1) Applies to non-retail (2) PD Ranges as at October 31, 2023. The Range does not include the upper boundary for the row. Non-retail The credit quality of the non-retail 2023 2022 Revised Basel III (1) Basel III Exposure at Default (2) As at October 31 ($ millions) Category of internal grades IG Code Drawn Undrawn Other exposures (3) Total Total Investment grade 99 $ 143,049 $ 1,285 $ 27,321 $ 171,655 $ 138,564 95 35,677 10,716 21,186 67,579 70,575 90 24,561 13,302 25,381 63,244 78,215 87 36,090 16,675 16,517 69,282 85,188 85 34,443 14,386 9,876 58,705 73,091 83 54,334 16,342 6,967 77,643 78,869 Non-Investment 80 40,535 10,389 4,044 54,968 52,857 77 27,155 6,336 3,673 37,164 36,288 75 18,824 4,769 2,698 26,291 25,712 73 8,022 1,542 451 10,015 7,848 70 2,481 452 293 3,226 2,592 Watch list 65 775 126 307 1,208 395 60 1,137 79 9 1,225 788 40 165 17 21 203 881 30 100 5 1 106 54 Default 21 952 21 36 1,009 1,220 Total $ 428,300 $ 96,442 $ 118,781 $ 643,523 $ 653,137 Government guaranteed residential mortgages (4) 56,441 – – 56,441 71,867 Total $ 484,741 $ 96,442 $ 118,781 $ 699,964 $ 725,004 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) After credit risk mitigation. ( 3 Includes off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations (excluding first loss protection ) , derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements and securities lending and borrowing), net of related collateral. ( 4 These exposures are classified as sovereign exposures and are included in the non-retail category. Non-retail The non-retail Non-retail to billion). The year over year increase was primarily due to implementation of Basel III Revisions. Within this portfolio, the majority of Corporate/Commercial exposures are to unrated counterparties, mainly in Canada and the Pacific Alliance countries. (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, 2023, 26% 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 exposures within each PD range by asset class: As at October 31 ($ millions) 2023 2022 Revised Basel III (1) Basel III Exposure at default (2) Real estate secured Category of (PD) grades PD range Mortgages HELOC Qualifying Other retail Total Total Exceptionally Low (3) 0.0000% – 0.0499% $ – $ – $ – $ – $ – $ 102,039 Very Low 0.0500% – 0.1999% 159,633 68,050 35,140 6,586 269,409 118,374 Low 0.2000% – 0.9999% 43,171 5,154 11,724 20,421 80,470 84,843 Medium Low 1.0000% – 2.9999% 9,284 – 7,963 6,983 24,230 22,248 Medium 3.0000% – 9.9999% 1,073 535 2,106 3,792 7,506 8,654 High 10.0000% – 19.9999% 479 112 1,204 87 1,882 1,123 Extremely High 20.0000% – 99.9999% 663 101 451 1,148 2,363 1,163 Default 100% 316 88 91 256 751 469 Total $ 214,619 $ 74,040 $ 58,679 $ 39,273 $ 386,611 $ 338,913 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) After credit risk mitigation. (3) OSFI has revised the Retail Probablility of Default floor from 0.03% to 0.05% in 2023, under the Revised Basel III framework. Retail standardized portfolio The retail standardized portfolio of $125 billion as at October 31, 2023 (2022 – $111 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, $65 billion (2022 – $63 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, 2023, the approximate market value of cash and securities collateral accepted that may be sold or repledged by the Bank was $315 billion (2022 – $259 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 34(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 Assets acquired in exchange for loans The carrying value of assets acquired in exchange for loans as at October 31, 2023 was $334 million (2022 – $274 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 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 Interest rate sensitivity Based on the Bank’s interest rate positions, the following table shows the pro-forma pre-tax As at October 31 ($ millions) 2023 2022 Net interest income Economic value of equity Canadian Other Total Canadian Other Total Net interest Economic value 100 bp increase $ (206 ) $ 107 $ (99 ) $ (532 ) $ (724 ) $ (1,256 ) $ (340 ) $ (2,021 ) 100 bp decrease $ 196 $ (128 ) $ 68 $ 307 $ 517 $ 824 $ 326 $ 1,659 (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, 2023, 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, 2023 ($ millions) As at October 31, 2023 Average High Low As at October 31, 2022 Credit spread plus interest rate $ 12.9 $ 14.4 $ 24.1 $ 9.0 $ 9.3 Credit spread 8.1 7.9 16.3 3.8 7.7 Interest rate 11.5 12.1 21.9 7.5 8.4 Equities 4.9 4.1 7.8 2.5 3.4 Foreign exchange 3.0 3.3 8.8 0.9 1.5 Commodities 2.9 4.7 8.1 2.3 5.2 Debt specific 3.7 3.6 4.8 2.4 4.6 Diversification effect (13.5 ) (14.4 ) n/a n/a (10.6 ) All-Bank $ 13.9 $ 15.7 $ 25.2 $ 11.0 $ 13.4 All-Bank $ 44.8 $ 39.4 $ 87.3 $ 13.4 $ 27.4 Below are the market risk capital requirements as at October 31, 2023. ($ millions) 2023 2022 All-Bank $ 141 $ 131 All-Bank 390 324 Incremental risk charge 315 Standardized approach 117 Total market risk capital $ 963 $ (1) (1) Equates to $12,040 million of risk-weighted assets (October 31, 2022 – $10,820 million). (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 n |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Oct. 31, 2023 | |
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Acquisitions and Divestitures | 36 Acquisitions and Divestitures Acquisitions Completed acquisition impacting the prior fiscal year Scotiabank Chile The non-controlling As at the date of acquisition, the transaction negatively impacted the Bank’s CET1 ratio by 11 basis points. Scotiabank Chile forms part of the International Banking business segment. Divestitures Closed divestitures impacting the current fiscal year Canadian Tire’s Financial Services business (“CTFS”) On October 31, 2023, the Bank signed and closed the sale of its 20% equity The investment held by the Bank in CTFS was classified as an associate - non other 16 Closed divestitures impacting the prior fiscal year Banco del Caribe, C.A (“BDC”) and Inversiones Americana del Caribe (IAC), B.V. (“IAC”), Venezuela On October 26, 2022, the Bank completed the sale of its 26.8% interest in BDC and its 23.4% interest in IAC. The investments held by the Bank in BDC and IAC, were classified as investments in associates. The carrying value of the Bank’s interest in these investments of $73 million was derecognized on the date of close and a net loss of approximately $227 million after-tax non-interest Thanachart Insurance Public Company Limited (“TNI”) and Thanachart Securities Public Company Limited (“TNS”), Thailand On October 27, 2022, the Bank completed the sale of its interest in TNI and TNS. The investments held by the Bank in TNI and TNS were classified as investments in associates. The carrying value of the Bank’s interest in these investments of $134 million was derecognized on the date of close. The financial and capital impacts of this transaction were not significant. Wind down of operations in India and Malaysia The Bank has made the decision to wind down its operations in India and Malaysia as part of the realignment of Global Banking and Markets business in the Asia Pacific region. The Bank has recorded a total loss of $102 million after tax in non-interest |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2023 | |
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. 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. For the Bank to control an entity, all 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 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 controls an entity 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. 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 the consideration paid or received. 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, 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 A business model assessment involves determining how financial assets are managed to generate cash flows. The Bank’s business model assessment is based on the following categories: • Held to collect: The objective of this 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 the 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 the 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 amortized cost is recognized in OCI with a corresponding charge to provision for credit losses in the Consolidated Statement of Income. The accumulated allowance recognized 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 The Bank designates certain debt instruments at FVTPL upon initial recognition, and the designation is irrevocable. The FVTPL designation is available when a fair value is reliably estimated, and doing so eliminates or significantly reduces an accounting mismatch which would otherwise arise. Debt instruments 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 Equity instruments measured at FVOCI At initial recognition, the Bank has an option 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 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 The Bank designates certain financial liabilities at FVTPL upon initial recognition, and the designation is irrevocable. The FVTPL designation is available when a fair value is reliably estimated. Financial liabilities are designated at FVTPL when it meets one of the following criteria: • 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 line 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 The 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 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 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, considering 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 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, except for 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 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 comprise cash, cash equivalents, demand deposits with banks and other financial institutions, and highly liquid investments that are readily convertible to cash, subject to an 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 more than, 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 a repurchase agreement or securities purchased under a 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 the Consolidated Statement of Financial Position on a combined basis with the host contracts. Changes in fair value of embedded derivatives that are separated from the host contract 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 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 derivatives that do not qualify for hedge accounting are recorded in the Consolidated Statement of Income in 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 an 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 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 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 carried at cost. Buildings (including building fittings), equipment, and leasehold improvements are carried at cost less accumulated depreciation and accumulated impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. Depreciation is calculated using the straight-line method over the estimated useful life of the related asset less any residual value as follows: buildings – up to 40 years, building fittings – up to 15 years, equipment 3 to 10 years, and leasehold improvements – lease term determined by the Bank. Depreciation expense is included in the Consolidated Statement of Income under 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 a business. 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 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. The Bank determines the carrying value of the CGU using a regulatory capital approach based on credit, market, operational risks and leverage, consistent with the Bank’s capital attribution for business line performance measurement. Corporate capital that is not directly attributable is allocated to each CGU on a proportional basis. The recoverable amount is the greater of fair value less costs of disposal and value in use (“VIU”). If either fair value less costs of disposal or VIU exceeds the carrying amount, there is no need to determine the other. VIU is the present value of the future cash flows expected to be derived from a CGU. The determination of VIU involves judgment in estimating cash flow projections, discount rate and terminal growth rate. The future cash flows are based on management approved budgets and plans which factor in market trends, macro-economic conditions, forecasted earnings and business strategy for the CGU. The discount rate is based on the cost of capital while the terminal growth rate is based on the long-term growth expectations in the relevant countries. The fair value less cost of disposal is the price that would be received from the sale of a CGU in an orderly transaction between market participants, less cost of disposal, at the measurement date. 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 and 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, initial measurement 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 non-financial non-financial |
Impairment of non-financial assets | Impairment of non-financial The carrying amount of the Bank’s non-financial impairment testing, 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 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, 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. |
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 derivative are accounted for in accordance with the policy for derivative instruments. For guarantees that do not qualify as a derivative, a liability is recorded for the fair value of the obligation assumed at inception. The fair value of the obligation at inception is generally based on the discounted cash flow of the premium to be received for the guarantee, resulting in a corresponding asset. Subsequent to initial recognition, such guarantees are measured at the higher of the initial amount, less amortization to recognize any fee income earned over the period, and the best estimate of the amount required to settle any financial obligation arising as a result of the guarantee. Any increase in the liability is reported in the Consolidated Statement of Income. |
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 contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly attributable to the instrument and are an integral part of the effective interest rate, but not future credit losses. 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 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. 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. 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. Stock appreciation rights and other awards that must be settled for cash are classified as liabilities. Liability-classified awards are re-measured to fair value at each reporting date while they remain outstanding, with any changes in fair value recognized in compensation expense in the period. The liability is expensed over the vesting period which incorporates the re-measurement of the fair value and a revised forfeiture rate that anticipates units expected to vest. For plain vanilla options and stock appreciation rights, 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, 2023 | |
Text Block [Abstract] | |
Schedule of Non-derivative Financial Assets and Financial Liabilities | The following table reflects the Bank’s CDOR (one-month, two-month non-derivative Carrying Amount ($ millions) As at October 31, 2023 As at October 31, 2022 CDOR Maturing after CDOR Maturing after Non-derivative (1) $ 45,512 $ 24,146 Non-derivative (2) 40,644 24,256 (1) Non derivative financial assets include carrying amounts of debt securities, loans and customer’s liability under acceptances (debt securities, loans and customer’s liability under acceptances measured at amortized cost are gross of allowance for credit losses). (2) Non-derivative |
Schedule of Notional Balance of the Bank's Derivative Exposures and Undrawn Commitments to Significant IBORs | The following table reflects the Bank’s CDOR (one-month, two-month Notional Amount ($ millions) As at October 31, 2023 As at October 31, 2022 CDOR Maturing after CDOR Maturing after Derivatives Single currency interest rate swaps (1) $ 1,264,325 $ 1,025,373 Cross currency interest rate swaps (1) 122,729 122,718 Other (2) 23,811 3,574 Undrawn commitments 22,265 4,787 (1) For single currency and/or cross currency interest rate swaps, where both legs are referencing rates directly impacted by the interest rate benchmark reform, the relevant notional amount for both legs are included to reflect the risks relating to the reform for each rate. (2) Other derivatives include futures, total return swaps and options. |
Disclosure of Bank's IBOR exposure to hedging derivatives | The following table reflects the Bank’s CDOR (one-month, two-month ($ millions) As at October 31, 2023 As at October 31, 2022 CDOR Maturing after (1) CDOR Maturing after (1) Hedging derivatives (2) $ 114,113 $ 109,253 (1) For single currency interest rate swaps, where both legs are referencing rates directly impacted by the interest rate benchmark reform, the relevant notional amount for both legs are included to reflect the risks relating to the reform for each rate. (2) For cross currency swaps where a CAD float leg is inserted to create two separate hedging instruments, the relevant notional amount for both instruments are included in the table. |
Cash and deposits with financ_2
Cash and deposits with financial institutions (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Cash and Deposits with Financial Institutions | As at October 31 ($ millions) 2023 2022 Cash and non-interest-bearing $ 10,173 $ 11,065 Interest-bearing deposits with financial institutions 80,139 54,830 Total $ 90,312 (1) $ 65,895 (1) (1) Net of allowances of $7 (2022 – $4). |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption | The following table sets out the fair values of financial instruments of the Bank using the valuation methods and assumptions described above. The fair values disclosed do not include non-financial 2023 2022 As at October 31 ($ millions) Total fair value Total carrying value Total fair value Total carrying value Assets: Cash and deposits with financial institutions $ 90,312 $ 90,312 $ 65,895 $ 65,895 Trading assets 117,868 117,868 113,154 113,154 Securities purchased under resale agreements and securities borrowed 199,325 199,325 175,313 175,313 Derivative financial instruments 51,340 51,340 55,699 55,699 Investment securities – FVOCI and FVTPL 86,253 86,253 86,398 86,398 Investment securities – Amortized cost 29,816 31,984 22,443 23,610 Loans 736,366 750,911 729,149 744,987 Customers’ liability under acceptances 18,628 18,628 19,494 19,494 Other financial assets 26,677 26,677 27,394 27,394 Liabilities: Deposits 942,112 952,333 904,033 916,181 Financial instruments designated at fair value through profit or loss 26,779 26,779 22,421 22,421 Acceptances 18,718 18,718 19,525 19,525 Obligations related to securities sold short 36,403 36,403 40,449 40,449 Derivative financial instruments 58,660 58,660 65,900 65,900 Obligations related to securities sold under repurchase agreements and securities lent 160,007 160,007 139,025 139,025 Subordinated debentures 9,358 9,693 8,038 8,469 Other financial liabilities 49,276 51,215 45,723 46,682 |
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. 2023 2022 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) $ – $ 937 $ – $ 937 $ – $ 543 $ – $ 543 Trading assets Loans – 7,540 4 7,544 – 7,811 – 7,811 Canadian federal government and government guaranteed debt 13,766 3,603 – 17,369 10,139 4,595 – 14,734 Canadian provincial and municipal debt 5,299 4,154 – 9,453 4,299 5,978 – 10,277 U.S. treasury and other U.S. agencies’ debt 11,218 – – 11,218 11,957 – – 11,957 Other foreign governments’ debt 19 10,626 – 10,645 15 8,287 – 8,302 Corporate and other debt 3,431 7,748 – 11,179 2,367 8,976 1 11,344 Equity securities 47,665 67 16 47,748 46,698 224 11 46,933 Other – 2,712 – 2,712 – 1,796 – 1,796 $ 81,398 $ 36,450 $ 20 $ 117,868 $ 75,475 $ 37,667 $ 12 $ 113,154 Investment securities (2) Canadian federal government and government guaranteed debt $ 7,674 $ 4,713 $ – $ 12,387 $ 4,947 $ 6,055 $ – $ 11,002 Canadian provincial and municipal debt 3,695 3,451 – 7,146 2,029 3,400 – 5,429 U.S. treasury and other U.S. agencies’ debt 25,058 3,640 – 28,698 32,412 2,824 – 35,236 Other foreign governments’ debt 2,527 28,891 – 31,418 3,217 24,487 – 27,704 Corporate and other debt – 2,512 40 2,552 40 1,874 48 1,962 Equity securities 2,010 333 1,709 4,052 3,210 215 1,640 5,065 $ 40,964 $ 43,540 $ 1,749 $ 86,253 $ 45,855 $ 38,855 $ 1,688 $ 86,398 Derivative financial instruments Interest rate contracts $ – $ 15,942 $ – $ 15,942 $ – $ 15,193 $ 17 $ 15,210 Foreign exchange and gold contracts – 29,465 2 29,467 – 32,223 – 32,223 Equity contracts 54 3,066 27 3,147 332 2,209 20 2,561 Credit contracts – 342 2 344 – 780 – 780 Commodity contracts – 2,430 10 2,440 – 4,912 13 4,925 $ 54 $ 51,245 $ 41 $ 51,340 $ 332 $ 55,317 $ 50 $ 55,699 Liabilities: Deposits (3) $ – $ (95 ) $ – $ (95 ) $ – $ 15 $ – $ 15 Financial liabilities designated at fair value through profit or loss – 26,779 – 26,779 – 22,421 – 22,421 Obligations related to securities sold short 29,921 6,482 – 36,403 35,059 5,387 3 40,449 Derivative financial instruments Interest rate contracts – 25,079 2 25,081 – 22,842 12 22,854 Foreign exchange and gold contracts – 28,013 – 28,013 – 35,634 – 35,634 Equity contracts 135 3,106 17 3,258 636 3,063 21 3,720 Credit contracts – 27 1 28 – 25 – 25 Commodity contracts – 2,274 6 2,280 – 3,660 7 3,667 $ 135 $ 58,499 $ 26 $ 58,660 $ 636 $ 65,224 $ 40 $ 65,900 Instruments not carried at fair value (4) Assets: Investment securities – amortized cost $ 1,627 $ 28,189 $ – $ 29,816 $ 2,086 $ 20,357 $ – $ 22,443 Loans (5) – – 415,738 415,738 – – 407,267 407,267 Liabilities: Deposits (5) – 425,251 – 425,251 – 365,134 – 365,134 Subordinated debentures – 9,358 – 9,358 – 8,038 – 8,038 Other liabilities – 24,651 – 24,651 – 23,679 330 24,009 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell. (2) Excludes debt investment securities measured at amortized cost of $31,984 (October 31, 2022 – $23,610). (3) These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost. (4) Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. (5) Represents fixed rate instruments. |
Summary of Changes in Level 3 Instruments Carried at Fair Value | The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2023. All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities. As at October 31, 2023 ($ millions) Fair value Gains/(losses) Gains/(losses) Purchases/ Sales/ Transfers Fair value Change in (1) Trading assets Loans $ – $ – $ – $ 5 $ – $ (1 ) $ 4 $ – Corporate and other debt 1 – – – – (1 ) – – Equity securities 11 – – 3 (33 ) 35 16 – 12 – – 8 (33 ) 33 20 – Investment securities Corporate and other debt 48 (3 ) 3 – (8 ) – 40 (3 ) Equity securities 1,640 59 13 233 (135 ) (101 ) 1,709 61 1,688 56 16 233 (143 ) (101 ) 1,749 58 Derivative financial instruments – assets Interest rate contracts 17 (2 ) – 3 (6 ) (12 ) – (2 ) Foreign exchange and gold contracts – – – 2 – – 2 – Equity contracts 20 (3 ) – 6 (1 ) 5 27 (2 ) (2) Credit contracts – (2 ) – 4 – – 2 (2 ) Commodity contracts 13 (3 ) – – – – 10 (3 ) Derivative financial instruments – liabilities Interest rate contracts (12 ) – – (2 ) 3 9 (2 ) – Equity contracts (21 ) (3 ) – (18 ) 3 22 (17 ) (3 ) (2) Credit contracts – 1 – (2 ) – – (1 ) 1 Commodity contracts (7 ) 1 – – – – (6 ) 1 10 (11 ) – (7 ) (1 ) 24 15 (10 ) Obligations related to securities sold short (3 ) – – – 3 – – – Total $ 1,707 $ 45 $ 16 $ 234 $ (174 ) $ (44 ) $ 1,784 $ 48 (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 The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2022. As at October 31, 2022 ($ millions) Fair value Gains/(losses) (1) Gains/(losses) Purchases/ Sales/ Transfers Fair value Trading assets $ 41 $ (2 ) $ – $ 3 $ (32 ) $ 2 $ 12 Investment securities 1,348 282 (1 ) 363 (231 ) (73 ) 1,688 Derivative financial instruments 1 (8 ) – 4 – 13 10 Financial liabilities designated at fair value through profit or loss (139 ) 23 – (22 ) 12 126 – Obligations related to securities sold short – – – (2 ) 3 (4 ) (3 ) (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 Private equity securities (2) Market comparable General Partner valuations per net asset value 95% - 97% Price earnings (P/E) 3 % - 5% (65)/ 65 Derivative financial instruments Interest rate contracts Option Interest rate – model volatility 42% - 263% Equity contracts Option Equity volatility 2% - 89% model Correlation (13%) - 96% (5)/5 Commodity contracts Discounted cash flow Forward curves 6% - 15% (5)/5 (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, 2023 | |
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, 2023 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying Trading securities: Canadian federal government issued or guaranteed debt $ 1,736 $ 3,236 $ 8,216 $ 2,308 $ 1,873 $ – $ 17,369 Canadian provincial and municipal debt 1,938 1,376 1,379 1,128 3,632 – 9,453 U.S. treasury and other U.S. agency debt 1,337 4,392 2,873 1,973 643 – 11,218 Other foreign government debt 3,437 3,908 2,593 549 158 – 10,645 Common shares – – – – – 47,625 47,625 Other 274 919 6,697 2,527 762 123 11,302 Total $ 8,722 $ 13,831 $ 21,758 $ 8,485 $ 7,068 $ 47,748 $ 107,612 Total by currency (in Canadian equivalent): Canadian dollar $ 3,784 $ 5,178 $ 11,924 $ 4,347 $ 6,021 $ 30,154 $ 61,408 U.S. dollar 1,709 4,568 6,766 3,404 890 12,001 29,338 Mexican peso 591 2,097 2,031 134 18 32 4,903 Other currencies 2,638 1,988 1,037 600 139 5,561 11,963 Total trading securities $ 8,722 $ 13,831 $ 21,758 $ 8,485 $ 7,068 $ 47,748 $ 107,612 As at October 31, 2022 ($ millions) Remaining term to maturity Within three Three to One to Five to ten Over ten No specific Carrying Trading securities: Canadian federal government issued or guaranteed debt $ 1,072 $ 2,581 $ 7,089 $ 1,934 $ 2,057 $ 1 $ 14,734 Canadian provincial and municipal debt 1,906 1,839 948 1,256 4,328 – 10,277 U.S. treasury and other U.S. agency debt 1,216 5,224 3,277 2,000 240 – 11,957 Other foreign government debt 2,610 1,643 3,545 356 148 – 8,302 Common shares – – – – – 46,753 46,753 Other 540 1,620 5,415 2,706 1,064 179 11,524 Total $ 7,344 $ 12,907 $ 20,274 $ 8,252 $ 7,837 $ 46,933 $ 103,547 Total by currency (in Canadian equivalent): Canadian dollar $ 3,274 $ 5,206 $ 10,243 $ 4,336 $ 6,859 $ 27,961 $ 57,879 U.S. dollar 1,304 5,694 6,448 3,550 836 12,347 30,179 Mexican peso 411 1,094 2,891 77 64 120 4,657 Other currencies 2,355 913 692 289 78 6,505 10,832 Total trading securities $ 7,344 $ 12,907 $ 20,274 $ 8,252 $ 7,837 $ 46,933 $ 103,547 |
Summary of Geographic Breakdown Trading Loans | (b) Trading loans The following table provides the geographic breakdown of trading loans: As at October 31 ($ millions) 2023 2022 Trading loans (1)(2) U.S. (3) $ 5,844 $ 6,489 Europe (4) 601 708 Canada (4) 1,068 512 Other (4) 31 102 Total $ 7,544 $ 7,811 (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 $5,756 (2022 – $6,414), while the remaining relates to short-term precious metals trading and lending activities. (4) These loans are primarily related to short-term precious metals trading and lending activities. |
Financial Instruments Designa_2
Financial Instruments Designated at Fair Value Through Profit or Loss (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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Fair Value of Financial Assets and Liabilities Designated at Fair Value Through Profit or Loss and Changes in Fair Value | The following table presents the fair value of financial liabilities designated at fair value through profit or loss and their changes in fair value. Fair value Change in fair value (1) Gains/(Losses) Cumulative change in FV (2) Gains/(Losses) As at For the year ended October 31 ($ millions) 2023 2022 2023 2022 2023 2022 Liabilities Senior note liabilities (3) $ 26,779 $ 22,421 $ 762 $ 8,600 $ 8,655 $ 7,893 (1) Change in the difference between the contractual maturity amount and the carrying value. (2) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (3) 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 table presents 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 maturity Carrying Difference Changes in fair value Gains/(Losses) Cumulative changes (1) Gains/(Losses) As at October 31, 2023 $ 35,434 $ 26,779 $ 8,655 $ (1,338 ) $ (109 ) As at October 31, 2022 $ 30,314 $ 22,421 $ 7,893 $ 1,958 $ 1,229 (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, 2023 | |
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Summary of Derivative Financial Instruments at Notional Value | 2023 2022 As at October 31 ($ millions) Trading Hedging Total Trading Hedging Total Interest rate contracts Exchange-traded: Futures $ 445,831 $ – $ 445,831 $ 205,283 $ – $ 205,283 Options purchased 12,829 – 12,829 – – – Options written 11,787 – 11,787 – – – 470,447 – 470,447 205,283 – 205,283 Over-the-counter: Forward rate agreements – – – 305 – 305 Swaps 383,961 40,250 424,211 365,945 30,871 396,816 Options purchased 42,320 – 42,320 39,321 – 39,321 Options written 50,717 – 50,717 44,567 – 44,567 476,998 40,250 517,248 450,138 30,871 481,009 Over-the-counter Forward rate agreements 92,773 – 92,773 132,691 – 132,691 Swaps 5,057,948 219,390 5,277,338 5,061,950 255,932 5,317,882 Options purchased – – – – – – Options written – – – – – – 5,150,721 219,390 5,370,111 5,194,641 255,932 5,450,573 Total $ 6,098,166 $ 259,640 $ 6,357,806 $ 5,850,062 $ 286,803 $ 6,136,865 Foreign exchange and gold contracts Exchange-traded: Futures $ 21,336 $ – $ 21,336 $ 14,880 $ – $ 14,880 Options purchased – – – – – – Options written – – – – – – 21,336 – 21,336 14,880 – 14,880 Over-the-counter: Spot and forwards 448,449 23,364 471,813 433,314 38,737 472,051 Swaps 722,095 139,184 861,279 576,564 118,890 695,454 Options purchased 33,155 – 33,155 25,783 – 25,783 Options written 37,292 – 37,292 26,716 – 26,716 1,240,991 162,548 1,403,539 1,062,377 157,627 1,220,004 Over-the-counter Spot and forwards 16,011 – 16,011 15,662 – 15,662 Swaps – – – – – – Options purchased – – – – – – Options written – – – – – – 16,011 – 16,011 15,662 – 15,662 Total $ 1,278,338 $ 162,548 $ 1,440,886 $ 1,092,919 $ 157,627 $ 1,250,546 Other derivative contracts Exchange-traded: Equity $ 54,880 $ – $ 54,880 $ 56,472 $ – $ 56,472 Credit – – – – – – Commodity and other contracts 31,321 – 31,321 30,441 – 30,441 86,201 – 86,201 86,913 – 86,913 Over-the-counter: Equity 72,005 818 72,823 62,617 873 63,490 Credit 18,408 – 18,408 19,957 – 19,957 Commodity and other contracts 28,912 – 28,912 31,959 – 31,959 119,325 818 120,143 114,533 873 115,406 Over-the-counter Equity – – – – – – Credit 9,553 – 9,553 7,077 – 7,077 Commodity and other contracts 150 – 150 388 – 388 9,703 – 9,703 7,465 – 7,465 Total $ 215,229 $ 818 $ 216,047 $ 208,911 $ 873 $ 209,784 Total notional amounts outstanding $ 7,591,733 $ 423,006 $ 8,014,739 $ 7,151,892 $ 445,303 $ 7,597,195 (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, 2023 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 316,054 $ 129,359 $ 418 $ 445,831 Forward rate agreements 91,900 873 – 92,773 Swaps 1,887,305 2,452,721 1,361,523 5,701,549 Options purchased 32,854 19,765 2,530 55,149 Options written 30,878 19,808 11,818 62,504 2,358,991 2,622,526 1,376,289 6,357,806 Foreign exchange and gold contracts Futures 14,793 6,512 31 21,336 Spot and forwards 447,100 32,459 8,265 487,824 Swaps 204,224 439,600 217,455 861,279 Options purchased 23,978 8,480 697 33,155 Options written 28,148 8,392 752 37,292 718,243 495,443 227,200 1,440,886 Other derivative contracts Equity 94,113 33,062 528 127,703 Credit 13,824 7,485 6,652 27,961 Commodity and other contracts 39,421 20,372 590 60,383 147,358 60,919 7,770 216,047 Total $ 3,224,592 $ 3,178,888 $ 1,611,259 $ 8,014,739 As at October 31, 2022 ($ millions) Within one year One to five years Over five years Total Interest rate contracts Futures $ 144,488 $ 60,795 $ – $ 205,283 Forward rate agreements 109,569 23,122 305 132,996 Swaps 2,458,160 2,142,509 1,114,029 5,714,698 Options purchased 16,599 19,841 2,881 39,321 Options written 13,897 18,045 12,625 44,567 2,742,713 2,264,312 1,129,840 6,136,865 Foreign exchange and gold contracts Futures 7,334 7,342 204 14,880 Spot and forwards 452,733 27,323 7,657 487,713 Swaps 175,690 331,270 188,494 695,454 Options purchased 18,916 6,514 353 25,783 Options written 21,698 4,675 343 26,716 676,371 377,124 197,051 1,250,546 Other derivative contracts Equity 78,998 40,414 550 119,962 Credit 17,124 6,602 3,308 27,034 Commodity and other contracts 42,464 20,027 297 62,788 138,586 67,043 4,155 209,784 Total $ 3,557,670 $ 2,708,479 $ 1,331,046 $ 7,597,195 |
Summary of Credit Exposure of Derivative Financial Instruments | 2023 2022 Revised Basel III (1) Basel III As at October 31 ($ millions) Notional amount Credit risk (2) Credit (2) Risk- Notional amount Credit risk (2) Credit (2) Risk- Interest rate contracts Futures $ 445,831 $ – $ 17 $ 1 $ 205,283 $ – $ 10 $ – Forward rate agreements 92,773 128 59 39 132,996 311 93 55 Swaps 5,701,549 4,678 8,322 611 5,714,698 4,331 7,655 589 Options purchased 55,149 41 164 49 39,321 183 179 50 Options written 62,504 – 16 4 44,567 – 7 1 6,357,806 4,847 8,578 704 6,136,865 4,825 7,944 695 Foreign exchange and gold contracts Futures 21,336 – 388 8 14,880 – 253 5 Spot and forwards 487,824 1,544 4,458 1,168 487,713 1,784 5,834 1,425 Swaps 861,279 1,289 10,665 1,993 695,454 2,147 10,330 2,273 Options purchased 33,155 410 693 218 25,783 472 638 172 Options written 37,292 – 26 7 26,716 – 16 3 1,440,886 3,243 16,230 3,394 1,250,546 4,403 17,071 3,878 Other derivative contracts Equity 127,703 1,102 7,747 1,325 119,962 636 6,534 968 Credit 27,961 130 60 14 27,034 271 415 136 Commodity and other contracts 60,383 1,502 3,402 348 62,788 2,636 9,057 649 216,047 2,734 11,209 1,687 209,784 3,543 16,006 1,753 Credit Valuation Adjustment – – – 4,703 – – – 6,422 Total derivatives $ 8,014,739 $ 10,824 $ 36,017 $ 10,488 $ 7,597,195 $ 12,771 $ 41,021 $ 12,748 Amount settled through central counterparties (3) Exchange-traded 577,984 – 4,078 93 307,076 – 8,110 175 Over-the-counter 5,395,825 – 4,256 85 5,473,700 – 4,175 83 $ 5,973,809 $ – $ 8,334 $ 178 $ 5,780,776 $ – $ 12,285 $ 258 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $40,516 (2022 – $42,929) for CRA, and $87,034 (2022 – $84,431) for CEA. (3) Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties. 1 Regulatory haircuts prescribed by the OSFI CAR Guidelines are applied to the collateral balances of the CRA measure. |
Summary of Financial Derivatives at Fair Value | The following table summarizes the fair value of derivatives segregated by type and segregated between trading and those derivatives designated in hedging relationships. As at October 31 ($ millions) 2023 2023 2022 Average fair value Year-end Year-end (1) Favourable Unfavourable Favourable Unfavourable Favourable Unfavourable Trading Interest rate contracts Forward rate agreements $ 199 $ 34 $ 128 $ – $ 311 $ 48 Swaps 9,090 9,575 8,844 11,112 8,385 8,300 Options 755 718 1,413 586 1,384 571 10,044 10,327 10,385 11,698 10,080 8,919 Foreign exchange and gold contracts Forwards 6,418 6,012 7,319 5,574 8,624 7,128 Swaps 12,129 10,888 12,251 12,663 15,672 16,722 Options 590 560 627 601 795 576 19,137 17,460 20,197 18,838 25,091 24,426 Other derivative contracts Equity 2,607 3,125 3,146 3,174 2,560 3,648 Credit 503 26 344 28 780 25 Commodity and other contracts 2,920 2,476 2,440 2,280 4,925 3,667 6,030 5,627 5,930 5,482 8,265 7,340 Trading derivatives’ market valuation $ 35,211 $ 33,414 $ 36,512 $ 36,018 $ 43,436 $ 40,685 Hedging Interest rate contracts Swaps $ 5,557 $ 13,383 $ 5,130 $ 13,935 Foreign exchange and gold contracts Forwards 224 667 956 1,078 Swaps 9,046 8,508 6,176 10,130 $ 9,270 $ 9,175 $ 7,132 $ 11,208 Other derivative contracts Equity $ 1 $ 84 $ 1 $ 72 Hedging derivatives’ market valuation $ 14,828 $ 22,642 $ 12,263 $ 25,215 Total derivative financial instruments as per Statement of Financial Position $ 51,340 $ 58,660 $ 55,699 $ 65,900 Less: impact of master netting and collateral (2) 40,516 40,516 42,929 42,929 Net derivative financial instruments (2) $ 10,824 $ 18,144 $ 12,770 $ 22,971 (1) The average fair value of trading derivatives’ market valuation for the year ended October 31, 2022 was: favourable $40,673 and unfavourable $39,481. Average fair value amounts are based on the latest 13 month-end (2) Master netting agreement amounts are based on the capital adequacy criteria of the Basel Committee on Banking Supervision (BCBS) and OSFI. These criteria allow netting where there are legally enforceable contracts which enable net settlement in the event of a default, bankruptcy, liquidation or similar circumstances. |
Summary of Notional Amount of Derivatives and Carrying Amount of Deposit Liabilities | The following table summarizes the notional amounts of derivatives and carrying amounts of cash and deposit liabilities designated as hedging instruments. 2023 2022 Notional amounts (1) Notional amounts (1) Remaining term to maturity Remaining term to maturity As at October 31 ($ 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 $ 20,101 $ 85,858 $ 13,987 $ 119,946 $ 35,535 $ 89,709 $ 17,588 $ 142,832 Foreign currency/interest rate risk – swaps – – – – – – – – Cash flow hedges Interest rate risk – swaps 19,356 78,159 24,809 122,324 18,267 69,933 34,180 122,380 Foreign currency/interest rate risk – swaps 10,921 16,826 8,175 35,922 16,886 17,628 8,527 43,041 Foreign currency risk Swaps 68,514 102,582 26,521 197,617 47,525 89,863 28,745 166,133 Foreign currency forwards 214 – – 214 14,699 – – 14,699 Cash 84 – – 84 77 – – 77 Equity risk – total return swaps 307 511 – 818 270 603 – 873 Net investment hedges Foreign currency risk Foreign currency forwards 23,150 – – 23,150 24,038 – – 24,038 Deposit liabilities 6,402 – – 6,402 6,289 – – 6,289 Total $ 149,049 $ 283,936 $ 73,492 $ 506,477 $ 163,586 $ 267,736 $ 89,040 $ 520,362 (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. 2023 2022 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 2.51 % n/a n/a 1.83 % n/a n/a Cash flow hedges Interest rate risk – swaps 3.09 % n/a n/a 2.57 % n/a n/a Foreign currency/interest rate risk – swaps CAD-USD 2.15 % 1.31 n/a 1.70 % 1.30 n/a Foreign currency risk Swaps CAD-USD n/a 1.32 n/a n/a 1.27 n/a CAD-EUR n/a 1.45 n/a n/a 1.19 n/a CAD-GBP n/a 1.69 n/a n/a 1.56 n/a Foreign currency forwards CAD-USD n/a n/a n/a n/a 1.29 n/a Equity price risk – total return swaps n/a n/a $ 72.25 n/a n/a $ 75.35 Net investment hedges Foreign currency risk – foreign currency forwards CAD-USD n/a 1.34 n/a n/a 1.29 n/a MXN-CAD n/a 14.47 n/a n/a 16.91 n/a PEN-CAD n/a 2.84 n/a n/a 3.07 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 item (4) For the year ended October 31, 2023 ($ millions) Assets Liabilities Gains/(losses) on Gains/ Ineffectiveness non-interest Carrying amount (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 4,008 $ (4,009 ) $ (155 ) $ 140 $ (15 ) Investment securities 323 (343 ) (20 ) $ 36,367 $ (2,380 ) $ 55 Loans (556 ) 573 17 83,899 (818 ) (1,132 ) Deposit liabilities 113 (125 ) (12 ) (65,444 ) 3,062 770 Subordinated debentures (35 ) 35 – (6,185 ) 238 (12 ) Foreign currency/interest rate risk – swaps – – – – – Investment securities – – – – – – Total $ 4,008 $ (4,009 ) $ (155 ) $ 140 $ (15 ) $ 48,637 $ 102 $ (319 ) (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, 2023. (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 the (1) Hedge Ineffectiveness (2) Accumulated amount of fair item (4) For the year ended October 31, 2022 ($ millions) Assets Liabilities Gains/(losses) on Gains/ Ineffectiveness non-interest Carrying amount (3) Active Discontinued Fair value hedges Interest rate risk – swaps $ 4,238 $ (4,635 ) $ 1,188 $ (1,179 ) $ 9 Investment securities 2,837 (2,811 ) 26 $ 31,325 $ (2,500 ) $ 54 Loans 2,550 (2,579 ) (29 ) 111,469 (1,552 ) (1,926 ) Deposit liabilities (3,998 ) 4,010 12 (72,004 ) 3,997 312 Subordinated debentures (201 ) 201 – (5,354 ) 202 (44 ) Foreign currency/interest rate risk – swaps – – – – – Investment securities – – – 80 – (1 ) Total $ 4,238 $ (4,635 ) $ 1,188 $ (1,179 ) $ 9 $ 65,516 $ 147 $ (1,605 ) (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, 2022. (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 (1) Hedge Ineffectiveness (2) For the year ended October 31, 2023 ($ millions) Assets Liabilities Gains/(losses) on Gains/(losses) on (3) Ineffectiveness recorded in non-interest (4) Cash flow hedges Interest rate risk – swaps $ 2,690 $ (8,217 ) $ (413 ) $ (500 ) $ 91 Foreign currency/interest rate risk – swaps 319 (3,818 ) (670 ) (638 ) (15 ) Foreign currency risk Swaps 7,586 (5,847 ) 5,125 5,130 (1 ) Foreign currency forwards 16 (4 ) (141 ) (133 ) (11 ) Cash 84 – (7 ) (7 ) – Equity risk – total return swaps 1 (84 ) (67 ) (67 ) – 10,696 (17,970 ) 3,827 3,785 64 Net investment hedges Foreign currency risk Foreign currency forwards 208 (663 ) (1,188 ) (1,188 ) – Deposit liabilities n/a (6,402 ) (91 ) (91 ) – 208 (7,065 ) (1,279 ) (1,279 ) – Total $ 10,904 $ (25,035 ) $ 2,548 $ 2,506 $ 64 (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, 2023. (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 Carrying amount of the (1) Hedge Ineffectiveness (2) For the year ended October 31, 2022 ($ millions) Assets Liabilities Gains/(losses) on Gains/(losses) on (3) Ineffectiveness recorded in non-interest (4) Cash flow hedges Interest rate risk – swaps $ 1,977 $ (7,683 ) $ (4,193 ) $ (4,250 ) $ 11 Foreign currency/interest rate risk – swaps 314 (3,277 ) (4,318 ) (4,349 ) (24 ) Foreign currency risk Swaps 4,777 (8,470 ) (2,592 ) (2,589 ) (5 ) Foreign currency forwards 678 (61 ) 1,162 1,159 2 Cash 72 – 22 22 – Equity risk – total return swaps 1 (72 ) (134 ) (134 ) – 7,819 (19,563 ) (10,053 ) (10,141 ) (16 ) Net investment hedges Foreign currency risk Foreign currency forwards 278 (1,017 ) (1,343 ) (1,343 ) – Deposit liabilities n/a (6,289 ) (574 ) (574 ) – 278 (7,306 ) (1,917 ) (1,917 ) – Total $ 8,097 $ (26,869 ) $ (11,970 ) $ (12,058 ) $ (16 ) (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, 2022. (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 |
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 AOCI gains/ November 1, 2022 Net gains/ Amount (1) AOCI gains/ October 31, 2023 Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2023 For the year ended October 31, 2023 ($ millions) Active Discontinued Cash flow hedges Interest rate risk $ (3,458 ) $ (504 ) $ 482 $ (3,480 ) $ (3,227 ) $ (253 ) Foreign currency/interest rate risk (1,875 ) (655 ) 523 (2,007 ) (2,096 ) 89 Foreign currency risk (1,181 ) 4,989 (4,511 ) (703 ) (708 ) 5 Equity risk (4 ) (67 ) 51 (20 ) (29 ) 9 (6,518 ) 3,763 (3,455 ) (6,210 ) (6,060 ) (150 ) Net investment hedges Foreign currency risk (3,484 ) (1,279 ) 702 (4,061 ) (3,966 ) (95 ) Total $ (10,002 ) $ 2,484 $ (2,753 ) $ (10,271 ) $ (10,026 ) $ (245 ) (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest AOCI gains/ November 1, 2021 Net gains/ Amount (1) AOCI gains/ October 31, 2022 Balance in cash flow hedge reserve/unrealized foreign currency translation account as at October 31, 2022 For the year ended October 31, 2022 ($ millions) Active Discontinued Cash flow hedges Interest rate risk $ (456 ) $ (4,204 ) $ 1,202 $ (3,458 ) $ (3,526 ) $ 68 Foreign currency/interest rate risk (9 ) (4,294 ) 2,428 (1,875 ) (2,003 ) 128 Foreign currency risk 43 (1,405 ) 181 (1,181 ) (1,179 ) (2 ) Equity risk 61 (134 ) 69 (4 ) (4 ) – (361 ) (10,037 ) 3,880 (6,518 ) (6,712 ) 194 Net investment hedges Foreign currency risk (1,829 ) (1,917 ) 262 (3,484 ) (3,387 ) (97 ) Total $ (2,190 ) $ (11,954 ) $ 4,142 $ (10,002 ) $ (10,099 ) $ 97 (1) Amounts reclassified from the cash flow hedge and net investment hedge reserves to net income are recorded in non-interest |
Offsetting Financial Assets a_2
Offsetting Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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, 2023 ($ millions) Types of financial assets Gross amounts Gross amounts of Net amounts of Related amounts not offset Impact of (1) Collateral (2)(4) Net amount (3) Derivative financial instruments $ 51,340 $ – $ 51,340 $ (33,899 ) $ (6,479 ) $ 10,962 Securities purchased under resale agreements and securities borrowed 272,667 (73,342 ) 199,325 (17,356 ) (179,466 ) 2,503 Total $ 324,007 $ (73,342 ) $ 250,665 $ (51,255 ) $ (185,945 ) $ 13,465 Types of financial liabilities Derivative financial instruments $ 58,660 $ – $ 58,660 $ (33,899 ) $ (14,515 ) $ 10,246 Obligations related to securities sold under repurchase agreements and securities lent 233,349 (73,342 ) 160,007 (17,356 ) (140,215 ) 2,436 Total $ 292,009 $ (73,342 ) $ 218,667 $ (51,255 ) $ (154,730 ) $ 12,682 As at October 31, 2022 ($ millions) Types of financial assets Gross amounts Gross amounts of Net amounts of financial instruments Related amounts not offset Net amount (3) Impact of (1) Collateral (2)(4) Derivative financial instruments $ 55,775 $ (76 ) $ 55,699 $ (36,519 ) $ (6,132 ) $ 13,048 Securities purchased under resale agreements and securities borrowed 230,893 (55,580 ) 175,313 (16,173 ) (151,417 ) 7,723 Total $ 286,668 $ (55,656 ) $ 231,012 $ (52,692 ) $ (157,549 ) $ 20,771 Types of financial liabilities Derivative financial instruments $ 65,976 $ (76 ) $ 65,900 $ (36,519 ) $ (17,484 ) $ 11,897 Obligations related to securities sold under repurchase agreements and securities lent 194,605 (55,580 ) 139,025 (16,173 ) (118,559 ) 4,293 Total $ 260,581 $ (55,656 ) $ 204,925 $ (52,692 ) $ (136,043 ) $ 16,190 (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. (4) Derivative financial instruments assets include cash collateral of $4,511 million (2022 - $ million) and non-cash collateral of $1,968 million (2022 - $ million). Derivative financial instruments liabilities include cash collateral of $13,889 million (2022 - $ million) and non-cash collateral of $626 million (2022 - $ million). |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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) 2023 2022 Debt investment securities measured at FVOCI $ 82,150 $ 81,271 Debt investment securities measured at amortized cost 31,984 23,610 Equity investment securities designated at FVOCI 2,164 3,439 Equity investment securities measured at FVTPL 1,888 1,626 Debt investment securities measured at FVTPL 51 62 Total investment securities $ 118,237 $ 110,008 |
Disclosure of Unrealized Gains and Losses on Fair Value through Other Comprehensive Income Securities | (a) Debt investment securities measured at fair value through other comprehensive income (FVOCI) 2023 2022 As at October 31 ($ millions) Cost Gross Gross Fair value Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 12,794 $ 6 $ 413 $ 12,387 $ 11,372 $ 4 $ 374 $ 11,002 Canadian provincial and municipal debt 7,680 2 536 7,146 5,860 1 432 5,429 U.S. treasury and other U.S. agency debt 30,741 32 2,075 28,698 37,690 80 2,534 35,236 Other foreign government debt 32,246 91 936 31,401 28,794 27 1,135 27,686 Other debt 2,597 2 81 2,518 1,989 1 72 1,918 Total $ 86,058 $ 133 $ 4,041 $ 82,150 $ 85,705 $ 113 $ 4,547 $ 81,271 |
Summary of Analysis of Fair Value and Carrying Value of Investment Securities Measured at Amortized Cost | (b) Debt investment securities measured at amortized cost 2023 2022 As at October 31 ($ millions) Fair Value Carrying (1) Fair Value Carrying (1) Canadian federal and provincial government issued or guaranteed debt $ 9,927 $ 10,211 $ 8,684 $ 9,024 U.S. treasury and other U.S. agency debt 17,912 19,788 12,212 13,042 Other foreign government debt 1,860 1,871 1,459 1,470 Corporate debt 117 114 88 74 Total $ 29,816 $ 31,984 $ 22,443 $ 23,610 (1) Balances are net of allowances of $1 (2022 – $1). |
Summary of Equity Investment Securities Designated as at Fair Value Through Other Comprehensive Income | (c) Equity investment securities designated at fair value through other comprehensive income (FVOCI) The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes. As at October 31, 2023 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ – $ – $ – $ – Common shares 1,947 390 173 2,164 Total $ 1,947 $ 390 $ 173 $ 2,164 As at October 31, 2022 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ – $ – $ – $ – Common shares 3,175 487 223 3,439 Total $ 3,175 $ 487 $ 223 $ 3,439 |
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, 2023 ($ millions) Within Three to One to Five to Over ten No specific Carrying Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 914 $ 4,964 $ 4,441 $ 1,265 $ 804 $ – $ 12,388 Yield (1) 4.0 4.5 3.5 3.1 4.3 – 3.9 Canadian provincial and municipal debt 128 185 3,732 3,053 48 – 7,146 Yield (1) 3.3 1.6 2.8 3.3 4.6 – 3.0 U.S. treasury and other U.S. agency debt 714 2,848 18,782 2,723 3,631 – 28,698 Yield (1) 4.8 2.3 2.8 4.0 3.0 – 2.9 Other foreign government debt 7,126 8,629 11,241 4,073 331 – 31,400 Yield (1) 2.0 3.6 4.5 5.4 3.8 – 3.8 Other debt 96 193 2,160 63 6 – 2,518 Yield (1) 2.2 11.5 5.4 4.5 5.9 – 5.7 8,978 16,819 40,356 11,177 4,820 – 82,150 Equity instruments Preferred equity instruments – – – – – – – Common shares – – – – – 2,164 2,164 2,164 2,164 Total FVOCI 8,978 16,819 40,356 11,177 4,820 2,164 84,314 Amortized cost Canadian federal and provincial government issued or guaranteed debt 700 2,147 6,959 405 – – 10,211 Yield (1) 3.4 3.2 3.4 4.7 – – 3.4 U.S. treasury and other U.S. agency debt – 14 163 4 19,607 – 19,788 Yield (1) – 5.5 5.0 4.5 4.5 – 4.5 Other foreign government debt 151 481 1,030 185 24 – 1,871 Yield (1) 6.0 9.2 5.6 2.6 1.5 – 6.2 Corporate debt – 1 2 28 83 – 114 Yield (1) – 5.6 3.9 3.2 5.6 – 5.0 851 2,643 8,154 622 19,714 – 31,984 Fair value through profit or loss Equity instruments – – – – – 1,888 1,888 Debt instruments – – 51 – – – 51 Total investment securities $ 9,829 $ 19,462 $ 48,561 $ 11,799 $ 24,534 $ 4,052 $ 118,237 Total by currency (in Canadian equivalent): Canadian dollar $ 1,724 $ 7,154 $ 13,739 $ 3,744 $ 941 $ 1,648 $ 28,950 U.S. dollar 1,028 3,853 26,261 4,944 23,245 1,965 61,296 Mexican peso 737 1,447 2,468 540 – 149 5,341 Other currencies 6,340 7,008 6,093 2,571 348 290 22,650 Total investment securities $ 9,829 $ 19,462 $ 48,561 $ 11,799 $ 24,534 $ 4,052 $ 118,237 (1) Represents the weighted-average yield of fixed income securities. Remaining term to maturity As at October 31, 2022 ($ millions) Within Three to One to Five to Over ten No specific Carrying Fair value through other comprehensive income Debt instruments Canadian federal government issued or guaranteed debt $ 2,617 $ 2,125 $ 4,700 $ 675 $ 885 $ – $ 11,002 Yield (1) 1.0 2.7 2.2 2.1 0.2 – 1.9 Canadian provincial and municipal debt 372 688 2,537 1,832 – – 5,429 Yield (1) 1.2 1.8 2.1 2.5 – – 2.1 U.S. treasury and other U.S. agency debt 762 8,665 19,695 3,295 2,819 – 35,236 Yield (1) 2.7 1.1 2.2 2.7 2.5 – 2.0 Other foreign government debt 6,994 7,325 9,281 3,817 269 – 27,686 Yield (1) 2.1 2.2 4.3 5.0 3.4 – 3.3 Other debt 70 101 1,527 214 3 3 1,918 Yield (1) 9.8 2.8 4.3 3.0 5.9 4.0 4.3 10,815 18,904 37,740 9,833 3,976 3 81,271 Equity instruments Preferred equity instruments – – – – – – – Common shares – – – – – 3,439 3,439 3,439 3,439 Total FVOCI 10,815 18,904 37,740 9,833 3,976 3,442 84,710 Amortized cost Canadian federal and provincial government issued or guaranteed debt 682 1,867 6,104 367 4 – 9,024 Yield (1) 1.0 3.1 2.9 7.2 0.0 – 3.1 U.S. treasury and other U.S. agency debt – 812 149 7 12,074 – 13,042 Yield (1) – 1.3 3.1 4.0 3.5 – 3.4 Other foreign government debt 81 382 827 138 43 – 1,471 Yield (1) 2.6 7.4 4.5 2.2 1.3 – 4.8 Corporate debt 2 52 (10 ) 29 – – 73 Yield (1) 2.7 3.0 3.9 2.6 – – 2.9 765 3,113 7,070 541 12,121 – 23,610 Fair value through profit or loss Equity instruments – – – – – 1,626 1,626 Debt instruments – – 54 8 – – 62 Total investment securities $ 11,580 $ 22,017 $ 44,864 $ 10,382 $ 16,097 $ 5,068 $ 110,008 Total by currency (in Canadian equivalent): Canadian dollar $ 3,546 $ 3,968 $ 12,560 $ 2,440 $ 900 $ 2,796 $ 26,210 U.S. dollar 1,031 11,856 24,810 4,921 14,866 1,998 59,482 Mexican peso 193 496 2,695 485 – 35 3,904 Other currencies 6,810 5,697 4,799 2,536 331 239 20,412 Total investment securities $ 11,580 $ 22,017 $ 44,864 $ 10,382 $ 16,097 $ 5,068 $ 110,008 (1) Represents the weighted-average yield of fixed income securities. |
Schdule of Analysis of Net Gain on Sale of Investment 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) 2023 2022 Debt investment securities measured at amortized cost $ – $ – Debt investment securities measured at FVOCI 129 74 Net gain on sale of investment securities $ 129 $ 74 |
Loans, Impaired Loans and All_2
Loans, Impaired Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Disclosure of loans at amortized cost | (a) Loans at amortized cost 2023 2022 As at October 31 ($ millions) Gross loans Allowance Net Gross loans Allowance Net Residential mortgages $ 344,182 $ 1,084 $ 343,098 $ 349,279 $ 899 $ 348,380 Personal loans 104,170 2,414 101,756 99,431 2,137 97,294 Credit cards 17,109 1,237 15,872 14,518 1,083 13,435 Business and government 291,822 1,637 290,185 287,107 1,229 285,878 Total $ 757,283 $ 6,372 $ 750,911 $ 750,335 $ 5,348 $ 744,987 |
Schedule of Loans and Acceptances Outstanding by Geography | (b) Loans and acceptances outstanding by geography ( 1) As at October 31 ($ millions) 2023 2022 Canada: Residential mortgages $ 290,253 $ 302,486 Personal loans 80,732 78,427 Credit cards 8,216 6,970 Business and government 114,991 105,277 494,192 493,160 United States: Personal loans 4,408 2,830 Business and government 61,342 66,680 65,750 69,510 Mexico: Residential mortgages 16,556 13,080 Personal loans 2,200 2,556 Credit cards 808 675 Business and government 26,466 23,744 46,030 40,055 Chile: Residential mortgages 21,499 19,441 Personal loans 5,081 4,766 Credit cards 3,654 2,921 Business and government 22,383 24,197 52,617 51,325 Peru: Residential mortgages 4,102 3,719 Personal loans 5,424 5,025 Credit cards 1,049 942 Business and government 12,004 12,819 22,579 22,505 Colombia: Residential mortgages 2,390 1,910 Personal loans 2,349 2,115 Credit cards 1,684 1,443 Business and government 6,327 5,541 12,750 11,009 Other International: Residential mortgages 9,382 8,643 Personal loans 3,976 3,712 Credit cards 1,698 1,568 Business and government 48,309 48,848 63,365 62,771 Total loans 757,283 750,335 Acceptances (2) 18,628 19,494 Total loans and acceptances (3) 775,911 769,829 Allowance for credit losses (6,462 ) (5,379 ) Total loans and acceptances net of allowance for credit losses $ 769,449 $ 764,450 (1) Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower. (2) 0.6% of acceptances reside outside Canada (October 31, 2022 – 0.4%). (3) Loans and acceptances denominated in U . . |
Schedule of Loans Maturities | (c) Loan maturities As at October 31, 2023 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 47,610 $ 254,546 $ 15,830 $ 23,946 $ 2,250 $ 344,182 $ 98,606 $ 242,589 $ 2,987 $ 344,182 Personal loans 18,279 37,875 5,593 1,189 41,234 104,170 44,913 58,002 1,255 104,170 Credit cards – – – – 17,109 17,109 – 17,109 – 17,109 Business and government 149,625 131,039 5,493 339 5,326 291,822 177,428 112,583 1,811 291,822 Total $ 215,514 $ 423,460 $ 26,916 $ 25,474 $ 65,919 $ 757,283 $ 320,947 $ 430,283 $ 6,053 $ 757,283 Allowance for credit losses – – – – (6,372 ) (6,372 ) – – (6,372 ) (6,372 ) Total loans net of allowance for credit losses $ 215,514 $ 423,460 $ 26,916 $ 25,474 $ 59,547 $ 750,911 $ 320,947 $ 430,283 $ (319 ) $ 750,911 As at October 31, 2022 Remaining term to maturity Rate sensitivity ($ millions) Within One to Five to Over No specific Total Floating Fixed rate Non-rate Total Residential mortgages $ 41,557 $ 269,576 $ 13,011 $ 24,487 $ 648 $ 349,279 $ 114,060 $ 232,519 $ 2,700 $ 349,279 Personal loans 15,772 37,279 5,328 1,282 39,770 99,431 41,883 56,707 841 99,431 Credit cards – – – – 14,518 14,518 – 14,518 – 14,518 Business and government 148,094 128,114 5,334 386 5,179 287,107 166,236 119,361 1,510 287,107 Total $ 205,423 $ 434,969 $ 23,673 $ 26,155 $ 60,115 $ 750,335 $ 322,179 $ 423,105 $ 5,051 $ 750,335 Allowance for credit losses – – – – (5,348 ) (5,348 ) – – (5,348 ) (5,348 ) Total loans net of allowance for credit losses $ 205,423 $ 434,969 $ 23,673 $ 26,155 $ 54,767 $ 744,987 $ 322,179 $ 423,105 $ (297 ) $ 744,987 |
Schedule of Impaired Loans | (d) Impaired loans (1) 2023 2022 As at October 31 ($ millions) Gross (1) Allowance Net Gross (1) Allowance Net Residential mortgages $ 1,864 $ 498 $ 1,366 $ 1,386 $ 406 $ 980 Personal loans 1,176 664 512 848 551 297 Credit cards – – – – – – Business and government 2,686 719 1,967 2,552 678 1,874 Total $ 5,726 $ 1,881 $ 3,845 $ 4,786 $ 1,635 $ 3,151 By geography: Canada $ 1,564 $ 514 $ 1,050 $ 1,054 $ 440 $ 614 United States – – – – – – Mexico 1,183 372 811 1,020 294 726 Peru 691 372 319 761 352 409 Chile 1,098 264 834 740 202 538 Colombia 356 97 259 301 67 234 Other International 834 262 572 910 280 630 Total $ 5,726 $ 1,881 $ 3,845 $ 4,786 $ 1,635 $ 3,151 (1) Interest income recognized on impaired loans during the year ended October 31, 2023 was $57 (2022 – $44). |
Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations | The following tables show certain key macroeconomic variables used to calculate the modelled estimate for the allowance for credit losses. Further changes in these variables up to the date of the financial statements is incorporated through expert credit judgment. 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 – Very October 31, 2023 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 0.7 2.9 1.3 4.2 -2.2 3.5 -4.3 3.9 Consumer price index, y/y % 2.8 2.0 2.8 2.5 1.8 1.6 6.4 2.2 Unemployment rate, average % 6.0 5.7 5.7 4.2 7.6 6.3 9.7 6.6 Bank of Canada overnight rate target, average % 4.8 2.6 4.8 3.5 3.6 1.4 5.8 3.3 HPI – Housing Price Index, y/y % change -1.9 1.4 -1.4 2.9 -5.5 2.2 -6.8 1.5 USD/CAD exchange rate, average 1.27 1.24 1.27 1.22 1.41 1.26 1.47 1.28 U.S. Real GDP growth, y/y % change 1.0 1.9 1.5 2.7 -2.0 2.7 -3.8 3.0 Consumer price index, y/y % 3.2 2.2 3.5 2.6 1.9 1.8 7.0 2.5 Target federal funds rate, upper limit, average % 5.3 2.5 5.4 3.4 4.2 0.8 6.3 3.1 Unemployment rate, average % 4.1 4.5 3.9 4.1 5.6 5.0 7.2 5.2 Mexico Real GDP growth, y/y % change 1.7 2.2 2.6 3.3 -0.2 2.7 -2.8 3.2 Unemployment rate, average % 3.7 3.9 3.6 3.2 4.7 4.1 6.8 4.9 Chile Real GDP growth, y/y % change 1.3 2.9 2.8 4.6 -0.9 3.5 -3.1 4.1 Unemployment rate, average % 8.5 7.0 8.2 6.3 9.6 7.3 11.3 7.6 Peru Real GDP growth, y/y % change 1.9 2.7 2.7 3.9 0.8 3.1 -1.4 3.6 Unemployment rate, average % 6.9 7.0 6.2 5.1 8.3 7.3 11.6 8.8 Colombia Real GDP growth, y/y % change 2.4 3.0 3.7 4.3 1.4 3.4 -0.9 3.9 Unemployment rate, average % 9.2 9.9 8.6 7.9 11.1 10.3 15.6 12.3 Caribbean Real GDP growth, y/y % change 3.8 3.8 4.5 4.9 2.8 4.2 0.5 4.7 Global WTI oil price, average USD/bbl 78 66 84 82 68 63 62 61 Copper price, average USD/lb 3.97 5.01 4.11 5.65 3.70 4.89 3.56 4.83 Global GDP, y/y % change 2.75 2.45 3.62 3.48 0.10 3.10 -1.48 3.45 Base Case Scenario Alternative Scenario – Optimistic Alternative Scenario – Pessimistic Alternative Scenario – Very October 31, 2022 Next Remaining Next Remaining Next Remaining Next Remaining Canada Real GDP growth, y/y % change 1.2 2.1 2.4 3.1 -4.8 3.7 -5.9 2.6 Consumer price index, y/y % 4.9 2.1 5.2 2.6 9.3 2.3 12.5 9.5 Unemployment rate, average % 5.7 6.0 5.1 4.7 9.7 6.9 10.2 8.6 Bank of Canada overnight rate target, average % 3.8 2.7 4.2 4.1 5.1 3.2 5.1 3.7 HPI – Housing Price Index, y/y % change -12.3 -0.3 -9.7 1.6 -17.6 -0.3 -20.0 -1.3 USD/CAD exchange rate, average 1.27 1.24 1.26 1.23 1.28 1.24 1.28 1.25 U.S. Real GDP growth, y/y % change 0.6 2.1 1.3 3.0 -5.1 3.7 -6.5 3.3 Consumer price index, y/y % 5.4 2.4 5.8 2.8 10.0 2.6 13.2 10.1 Target federal funds rate, upper limit, average % 3.5 2.7 4.7 4.5 4.8 3.3 4.8 3.7 Unemployment rate, average % 4.3 5.0 4.2 4.6 7.9 5.7 8.3 6.7 Mexico Real GDP growth, y/y % change 1.4 2.6 1.9 3.5 -4.0 4.0 -5.1 2.5 Unemployment rate, average % 3.8 3.9 3.7 3.2 7.2 4.8 7.6 6.4 Chile Real GDP growth, y/y % change -2.0 2.4 -0.8 3.6 -7.3 3.9 -8.4 2.9 Unemployment rate, average % 8.6 7.6 8.0 6.5 12.2 8.3 12.9 9.0 Peru Real GDP growth, y/y % change 2.5 2.7 3.7 3.8 -1.0 4.1 -3.3 3.5 Unemployment rate, average % 7.0 6.9 6.0 4.7 10.3 7.6 11.4 9.2 Colombia Real GDP growth, y/y % change 3.9 2.6 6.5 3.6 0.4 4.0 -2.0 3.4 Unemployment rate, average % 10.7 9.9 9.0 6.7 14.0 10.7 15.1 12.3 Caribbean Real GDP growth, y/y % change 4.4 4.0 5.0 4.9 0.5 5.2 -1.0 3.8 Global WTI oil price, average USD/bbl 89 79 95 96 116 83 125 116 Copper price, average USD/lb 3.25 3.49 3.39 3.95 3.66 3.54 3.78 3.78 Global GDP, y/y % change 2.02 2.83 2.96 3.83 -3.05 4.23 -4.14 3.79 |
Schedule of Allowance for Credit Losses | (iv) Allowance for credit losses ($ millions) Balance as at November 1, 2022 Provision for (1) Net write-offs Other, including Balance as at October 31, 2023 Residential mortgages $ 899 $ 212 $ (66 ) $ 39 $ 1,084 Personal loans 2,137 1,377 (1,180 ) 80 2,414 Credit cards 1,083 1,017 (916 ) 53 1,237 Business and government 1,368 825 (290 ) (27 ) 1,876 $ 5,487 $ 3,431 $ (2,452 ) $ 145 $ 6,611 Presented as: Allowance for credit losses on loans $ 5,348 $ 6,372 Allowance for credit losses on acceptances 31 90 Allowance for credit losses on off-balance 108 149 (1) Excludes amounts associated with other assets of $(9). The provision for credit losses, net of these amounts, is $3,422. ($ millions) Balance as at November 1, 2021 Provision for Net write-offs Other, including Balance as at October 31, 2022 Residential mortgages $ 802 $ 85 $ (45 ) $ 57 $ 899 Personal loans 2,341 615 (863 ) 44 2,137 Credit cards 1,211 469 (612 ) 15 1,083 Business and government 1,374 213 (206 ) (13 ) 1,368 $ 5,728 $ 1,382 $ (1,726 ) $ 103 $ 5,487 Presented as: Allowance for credit losses on loans $ 5,626 $ 5,348 Allowance for credit losses on acceptances 37 31 Allowance for credit losses on off-balance 65 108 Allowance for credit losses on loans As at October 31, 2023 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 265 $ 321 $ 498 $ 1,084 Personal loans 647 1,103 664 2,414 Credit cards 414 823 – 1,237 Business and government 535 383 719 1,637 Total (1) $ 1,861 $ 2,630 $ 1,881 $ 6,372 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance 257 As at October 31, 2022 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 197 $ 296 $ 406 $ 899 Personal loans 665 921 551 2,137 Credit cards 436 647 – 1,083 Business and government 255 296 678 1,229 Total (1) $ 1,553 $ 2,160 $ 1,635 $ 5,348 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance The following table presents the changes to the allowance for credit losses on loans. As at October 31, 2023 As at October 31, 2022 ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of the year $ 197 $ 296 $ 406 $ 899 $ 152 $ 276 $ 374 $ 802 Provision for credit losses Remeasurement (1) (125 ) 74 253 202 (54 ) 43 80 69 Newly originated or purchased financial assets 35 – – 35 34 – – 34 Derecognition of financial assets and maturities (9 ) (16 ) – (25 ) (5 ) (13 ) – (18 ) Changes in models and methodologies – – – – – – – – Transfer to (from): Stage 1 183 (138 ) (45 ) – 65 (52 ) (13 ) – Stage 2 (35 ) 149 (114 ) – (9 ) 46 (37 ) – Stage 3 – (62 ) 62 – – (19 ) 19 – Gross write-offs – – (97 ) (97 ) – – (73 ) (73 ) Recoveries – – 31 31 – – 28 28 Foreign exchange and other movements (6) 19 18 2 39 14 15 28 57 Balance at end of year (2) $ 265 $ 321 $ 498 $ 1,084 $ 197 $ 296 $ 406 $ 899 Personal loans Balance at beginning of the year $ 665 $ 921 $ 551 $ 2,137 $ 644 $ 1,071 $ 626 $ 2,341 Provision for credit losses Remeasurement (1) (727 ) 1,027 964 1,264 (579 ) 441 609 471 Newly originated or purchased financial assets 376 – – 376 338 – – 338 Derecognition of financial assets and maturities (91 ) (172 ) – (263 ) (76 ) (118 ) – (194 ) Changes in models and methodologies – – – – – – – – Transfer to (from): Stage 1 618 (603 ) (15 ) – 467 (457 ) (10 ) – Stage 2 (212 ) 297 (85 ) – (133 ) 192 (59 ) – Stage 3 (10 ) (392 ) 402 – (5 ) (221 ) 226 – Gross write-offs – – (1,417 ) (1,417 ) – – (1,116 ) (1,116 ) Recoveries – – 237 237 – – 253 253 Foreign exchange and other movements (6) 28 25 27 80 9 13 22 44 Balance at end of year (2) $ 647 $ 1,103 $ 664 $ 2,414 $ 665 $ 921 $ 551 $ 2,137 Credit cards Balance at beginning of the year $ 436 $ 647 $ – $ 1,083 $ 352 $ 859 $ – $ 1,211 Provision for credit losses Remeasurement (1) (300 ) 614 653 967 (176 ) 141 449 414 Newly originated or purchased financial assets 188 – – 188 146 – – 146 Derecognition of financial assets and maturities (65 ) (73 ) – (138 ) (51 ) (40 ) – (91 ) Changes in models and methodologies – – – – – – – – Transfer to (from): Stage 1 273 (273 ) – – 240 (240 ) – – Stage 2 (140 ) 140 – – (77 ) 77 – – Stage 3 – (255 ) 255 – – (152 ) 152 – Gross write-offs – – (1,113 ) (1,113 ) – – (791 ) (791 ) Recoveries – – 197 197 – – 179 179 Foreign exchange and other movements (6) 22 23 8 53 2 2 11 15 Balance at end of year (2) $ 414 $ 823 $ – $ 1,237 $ 436 $ 647 $ – $ 1,083 Total retail loans Balance at beginning of the year $ 1,298 $ 1,864 $ 957 $ 4,119 $ 1,148 $ 2,206 $ 1,000 $ 4,354 Provision for credit losses – – – – – – – – Remeasurement (1) (1,152 ) 1,715 1,870 2,433 (809 ) 625 1,138 954 Newly originated or purchased financial assets 599 – – 599 518 – – 518 Derecognition of financial assets and maturities (165 ) (261 ) – (426 ) (132 ) (171 ) – (303 ) Changes in models and methodologies – – – – – – – – Transfer to (from): – – – – – – – – Stage 1 1,074 (1,014 ) (60 ) – 772 (749 ) (23 ) – Stage 2 (387 ) 586 (199 ) – (219 ) 315 (96 ) – Stage 3 (10 ) (709 ) 719 – (5 ) (392 ) 397 – Gross write-offs – – (2,627 ) (2,627 ) – – (1,980 ) (1,980 ) Recoveries – – 465 465 – – 460 460 Foreign exchange and other movements (6) 69 66 37 172 25 30 61 116 Balance at end of year (2) $ 1,326 $ 2,247 $ 1,162 $ 4,735 $ 1,298 $ 1,864 $ 957 $ 4,119 Business and government Balance at beginning of the year $ 322 $ 320 $ 695 $ 1,337 $ 212 $ 470 $ 655 $ 1,337 Provision for credit losses Remeasurement (1) 168 172 427 767 (79 ) (36 ) 302 187 Newly originated or purchased financial assets 467 – – 467 310 – – 310 Derecognition of financial assets and maturities (391 ) (50 ) (31 ) (472 ) (255 ) (89 ) (30 ) (374 ) Changes in models and methodologies – – – – 30 57 – 87 Transfer to (from): Stage 1 108 (108 ) – – 118 (118 ) – – Stage 2 (52 ) 63 (11 ) – (27 ) 29 (2 ) – Stage 3 – (8 ) 8 – – (8 ) 8 – Gross write-offs – – (355 ) (355 ) – – (318 ) (318 ) Recoveries – – 65 65 – – 112 112 Foreign exchange and other movements 13 14 (50 ) (23 ) 13 15 (32 ) (4 ) Balance at end of period including off-balance (2) $ 635 $ 403 $ 748 $ 1,786 $ 322 $ 320 $ 695 $ 1,337 Less: Allowance for credits losses on off-balance (2)(3) 100 20 29 149 67 24 17 108 Balance at end of year (2) $ 535 $ 383 $ 719 $ 1,637 $ 255 $ 296 $ 678 $ 1,229 (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 $378 (2022 – $274). (3) Allowance for credit losses on off-balance (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, 2023, 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 $2,096 and $798 (6) Divestitures are included in the foreign exchange and other movements. |
Summary of Carrying Value of Exposures by Risk Rating | (f) Carrying value of exposures by risk rating Residential mortgages As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 202,322 $ 957 $ – $ 203,279 $ 208,526 $ 635 $ – $ 209,161 Low 88,909 877 – 89,786 90,745 1,172 – 91,917 Medium 19,758 1,385 – 21,143 18,399 1,032 – 19,431 High 3,424 3,428 – 6,852 2,759 2,680 – 5,439 Very high 63 2,242 – 2,305 53 1,429 – 1,482 Loans not graded (2) 17,792 1,161 – 18,953 19,276 1,187 – 20,463 Default – – 1,864 1,864 – – 1,386 1,386 Total 332,268 10,050 1,864 344,182 339,758 8,135 1,386 349,279 Allowance for credit losses 265 321 498 1,084 197 296 406 899 Carrying value $ 332,003 $ 9,729 $ 1,366 $ 343,098 $ 339,561 $ 7,839 $ 980 $ 348,380 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 29,849 $ 211 $ – $ 30,060 $ 30,098 $ 285 $ – $ 30,383 Low 27,594 558 – 28,152 27,284 685 – 27,969 Medium 8,725 599 – 9,324 8,789 1,464 – 10,253 High 8,369 3,529 – 11,898 7,059 2,275 – 9,334 Very high 125 2,177 – 2,302 81 1,655 – 1,736 Loans not graded (2) 19,427 1,831 – 21,258 17,371 1,537 – 18,908 Default – – 1,176 1,176 – – 848 848 Total 94,089 8,905 1,176 104,170 90,682 7,901 848 99,431 Allowance for credit losses 647 1,103 664 2,414 665 921 551 2,137 Carrying value $ 93,442 $ 7,802 $ 512 $ 101,756 $ 90,017 $ 6,980 $ 297 $ 97,294 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 1,989 $ 42 $ – $ 2,031 $ 1,813 $ 47 $ – $ 1,860 Low 3,329 89 – 3,418 2,756 159 – 2,915 Medium 4,262 116 – 4,378 3,434 190 – 3,624 High 3,239 1,310 – 4,549 3,042 998 – 4,040 Very high 38 820 – 858 36 587 – 623 Loans not graded (1) 1,290 585 – 1,875 997 459 – 1,456 Default – – – – – – – – Total 14,147 2,962 – 17,109 12,078 2,440 – 14,518 Allowance for credit losses 414 823 – 1,237 436 647 – 1,083 Carrying value $ 13,733 $ 2,139 $ – $ 15,872 $ 11,642 $ 1,793 $ – $ 13,435 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 104,488 $ 3 $ – $ 104,491 $ 98,973 $ 6 $ – $ 98,979 Low 20,037 1 – 20,038 19,196 9 – 19,205 Medium 8,518 11 – 8,529 7,880 44 – 7,924 High 3,814 421 – 4,235 3,700 307 – 4,007 Very high 68 296 – 364 34 354 – 388 Loans not graded (1) 9,522 1,894 – 11,416 8,316 1,667 – 9,983 Default – – – – – – – – Carrying value $ 146,447 $ 2,626 $ – $ 149,073 $ 138,099 $ 2,387 $ – $ 140,486 (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, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 338,648 $ 1,213 $ – $ 339,861 $ 339,410 $ 973 $ – $ 340,383 Low 139,869 1,525 – 141,394 139,981 2,025 – 142,006 Medium 41,263 2,111 – 43,374 38,502 2,730 – 41,232 High 18,846 8,688 – 27,534 16,560 6,260 – 22,820 Very high 294 5,535 – 5,829 204 4,025 – 4,229 Loans not graded (2) 48,031 5,471 – 53,502 45,960 4,850 – 50,810 Default – – 3,040 3,040 – – 2,234 2,234 Total 586,951 24,543 3,040 614,534 580,617 20,863 2,234 603,714 Allowance for credit losses 1,326 2,247 1,162 4,735 1,298 1,864 957 4,119 Carrying value $ 585,625 $ 22,296 $ 1,878 $ 609,799 $ 579,319 $ 18,999 $ 1,277 $ 599,595 (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 loans As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 160,148 $ 1,205 $ – $ 161,353 $ 162,696 $ 1,775 $ – $ 164,471 Non-Investment 114,192 7,705 – 121,897 105,251 9,563 – 114,814 Watch list 28 3,340 – 3,368 22 2,890 – 2,912 Loans not graded (2) 2,500 18 – 2,518 2,346 12 – 2,358 Default – – 2,686 2,686 – – 2,552 2,552 Total 276,868 12,268 2,686 291,822 270,315 14,240 2,552 287,107 Allowance for credit losses 535 383 719 1,637 255 296 678 1,229 Carrying value $ 276,333 $ 11,885 $ 1,967 $ 290,185 $ 270,060 $ 13,944 $ 1,874 $ 285,878 (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 commitments – As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 240,044 $ 1,673 $ – $ 241,717 $ 222,734 $ 1,502 $ – $ 224,236 Non-investment 62,634 5,288 – 67,922 62,827 4,534 – 67,361 Watch list 1 1,103 – 1,104 4 604 – 608 Loans not graded (2) 5,205 – – 5,205 4,573 – – 4,573 Default – – 109 109 – – 139 139 Total 307,884 8,064 109 316,057 290,138 6,640 139 296,917 Allowance for credit losses 100 20 29 149 67 24 17 108 Carrying value $ 307,784 $ 8,044 $ 80 $ 315,908 $ 290,071 $ 6,616 $ 122 $ 296,809 (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 As at October 31, 2023 As at October 31, 2022 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 400,192 $ 2,878 $ – $ 403,070 $ 385,430 $ 3,277 $ – $ 388,707 Non-investment 176,826 12,993 – 189,819 168,078 14,097 – 182,175 Watch list 29 4,443 – 4,472 26 3,494 – 3,520 Loans not graded (2) 7,705 18 – 7,723 6,919 12 – 6,931 Default – – 2,795 2,795 – – 2,691 2,691 Total 584,752 20,332 2,795 607,879 560,453 20,880 2,691 584,024 Allowance for credit losses 635 403 748 1,786 322 320 695 1,337 Carrying value $ 584,117 $ 19,929 $ 2,047 $ 606,093 $ 560,131 $ 20,560 $ 1,996 $ 582,687 (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 | (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 2023 (2) 2022 (2) As at October 31 ($ millions) 31 – 60 61 – 90 91 days (3) Total 31 – 60 61 – 90 91 days (3) Total Residential mortgages $ 1,329 $ 617 $ – $ 1,946 $ 1,015 $ 482 $ – $ 1,497 Personal loans 648 360 – 1,008 505 254 – 759 Credit cards 238 157 345 740 173 113 249 535 Business and government 159 57 – 216 122 47 – 169 Total $ 2,374 $ 1,191 $ 345 $ 3,910 $ 1,815 $ 896 $ 249 $ 2,960 (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 aging 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 | (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) 2023 2022 Unpaid principal balance (1) $ 307 $ 309 Credit related fair value adjustments (87 ) (70 ) Carrying value 220 239 Stage 3 allowance (1 ) (2 ) Carrying value net of related allowance $ 219 $ 237 (1) Represents principal amount owed net of write-offs. |
Derecognition of Financial As_2
Derecognition of Financial Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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) 2023 (1) 2022 (1) Assets Carrying value of residential mortgage loans $ 13,508 $ 15,032 Other related assets (2) 8,600 9,854 Liabilities Carrying value of associated liabilities 20,222 24,173 (1) The fair value of the transferred assets is $20,264 (2022 – $23,379) and the fair value of the associated liabilities is $19,265 (2022 – $23,254), for a net position of $999 (2022 – $125). (2) These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs. The following table provides the carrying amount of the transferred assets and the associated liabilities: As at October 31 ($ millions) 2023 (1) 2022 (1) Carrying value of assets associated with: Repurchase agreements (2) $ 140,296 $ 122,552 Securities lending agreements 56,174 52,178 Total 196,470 174,730 Carrying value of associated liabilities (3) $ 160,007 $ 139,025 (1) The fair value of transferred assets is $196,470 (2022 – $174,730) and the fair value of the associated liabilities is $160,007 (2022 – $139,025), for a net position of $36,463 (2022 – $35,705). (2) Does not include over-collateralization of assets pledged. (3) Liabilities for securities lending arrangements only include amounts related to cash collateral received. For securities received as collateral, refer to Note 35(a)(iv) – Financial Instruments – Risk Management. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Unconsolidated Structured Entities | The following table provides information about other structured entities which the Bank does not control and therefore does not consolidate. As at October 31, 2023 ($ millions) Canadian multi-seller Structured Other Total Total assets on structured entity’s financial statements $ 5,291 $ 3,683 $ 1,872 $ 10,846 Assets recognized on the Bank’s financial statements Trading assets 8 18 – 26 Investment securities – 804 10 814 Loans (1) – 1,182 61 1,243 Other – 2 9 11 8 2,006 80 2,094 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 1,834 1,834 Other – – 38 38 – – 1,872 1,872 Bank’s maximum exposure to loss $ 5,299 $ 3,296 $ 71 $ 8,666 As at October 31, 2022 ($ millions) Canadian multi-seller Structured Other Total Total assets (on structured entity’s financial statements) $ 3,773 $ 2,304 $ 833 $ 6,910 Assets recognized on the Bank’s financial statements Trading assets 35 2 – 37 Investment securities – 885 10 895 Loans (1) – 704 59 763 35 1,591 69 1,695 Liabilities recognized on the Bank’s financial statements Deposits – Business and government – – 833 833 – – 833 833 Bank’s maximum exposure to loss $ 3,808 $ 1,591 $ 69 $ 5,468 (1) Loan balances are presented net of allowance for credit losses. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Property, Plant And Equipment | ($ millions) Land & Equipment Technology Leasehold Right-of-use Total Cost Balance as at October 31, 2021 $ 1,569 $ 1,906 $ 2,410 $ 1,649 $ 4,003 $ 11,537 Additions 102 110 169 160 215 756 Disposals/Retirements (56 ) (59 ) (20 ) (47 ) (98 ) (280 ) Foreign currency adjustments and other 62 405 (354 ) 33 77 223 Balance as at October 31, 2022 $ 1,677 $ 2,362 $ 2,205 $ 1,795 $ 4,197 $ 12,236 Additions 97 161 130 129 143 660 Disposals/Retirements (64 (781 (1,657 (118 (118 (2,738 Foreign currency adjustments and other 103 67 27 48 114 359 Balance as at October 31, 2023 $ 1,813 $ 1,809 $ 705 $ 1,854 $ 4,336 $ 10,517 Accumulated depreciation Balance as at October 31, 2021 $ 597 $ 1,464 $ 2,060 $ 1,059 $ 736 $ 5,916 Depreciation 37 83 153 98 378 749 Disposals/Retirements (24 ) (59 ) (16 ) (51 ) (59 ) (209 ) Foreign currency adjustments and other 27 289 (264 ) 11 17 80 Balance as at October 31, 2022 $ 637 $ 1,777 $ 1,933 $ 1,117 $ 1,072 $ 6,536 Depreciation 44 104 161 113 379 801 Disposals/Retirements (4 (748 (1,655 (92 (106 (2,605 Foreign currency adjustments and other 9 135 (58 14 43 143 Balance as at October 31, 2023 $ 686 $ 1,268 $ 381 $ 1,152 $ 1,388 $ 4,875 Net book value Balance as at October 31, 2022 $ 1,040 $ 585 $ 272 $ 678 $ 3,125 $ 5,700 (1) Balance as at October 31, 2023 $ 1,127 $ 541 $ 324 $ 702 $ 2,948 $ 5,642 (1) (1) Includes $38 (2022 – $36) of investment property. |
Investments in Associates (Tabl
Investments in Associates (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Investments accounted for using equity method [abstract] | |
Significant Investments in Associates | The Bank had significant investments in the following associates: 2023 2022 As at October 31 ($ millions) Country of Nature of business Ownership Date of financial (1) Carrying Carrying Canadian Tire’s Financial Services business (CTFS) (2) Canada Financial Services – $ – $ 579 Bank of Xi’an Co. Ltd. (3) China Banking 18.11 % September 30, 2023 895 1,007 Maduro & Curiel’s Bank N.V. (4) Curacao Banking 48.10 % September 30, 2023 489 438 (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) On October 31, 2023, the Bank closed the sale of its 20% interest in CTFS to Canadian Tire Corporation. Refer to Note 36 – Acquisitions and Divestitures. (3) Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $529 as at October 31, 2023 (October 31, 2022 – $489). (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, 2023 these reserves amounted to $71 (2022 – $67). |
Summarized Financial Information of Significant Associates | Summarized financial information of the Bank’s significant associates are as follows. For the twelve months ended (1) As at October 31, 2023 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,347 $ 368 $ n/a $ n/a Bank of Xi’an Co. Ltd. 1,277 487 80,803 75,027 Maduro & Curiel’s Bank N.V. 416 165 7,636 6,616 For the twelve months ended (1) As at October 31, 2022 ($ millions) Revenue Net Total assets Total liabilities Canadian Tire’s Financial Services business (CTFS) $ 1,260 $ 399 $ 6,870 $ 5,629 Bank of Xi’an Co. Ltd. 1,306 497 67,864 62,489 Maduro & Curiel’s Bank N.V. 324 99 7,181 6,288 (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, 2023 | |
Text Block [Abstract] | |
Summary of Changes In The Carrying Amounts of Goodwill By Groups of Cash Generating Units | The changes in the carrying amounts of goodwill by groups of cash-generating units (CGU) are as follows: ($ millions) Canadian Global Global Latin Caribbean Total Balance as at October 31, 2021 $ 1,690 $ 3,580 $ 231 $ 2,517 $ 830 $ 8,848 Acquisitions – – – – – – Dispositions – – – – – – Foreign currency adjustments and other – 19 12 (116 ) 111 26 Balance as at October 31, 2022 1,690 3,599 243 2,401 941 8,874 Acquisitions – – – – – – Dispositions – – – – – – Foreign currency adjustments and other – 11 3 229 64 307 Balance as at October 31, 2023 $ 1,690 $ 3,610 $ 246 $ 2,630 $ 1,005 $ 9,181 |
Summary of Intangible Assets | Finite life Indefinite life ($ millions) Computer Other Fund management (1) Other Total Cost Balance as at October 31, 2021 $ 5,698 $ 1,867 $ 4,415 $ 166 $ 12,146 Acquisitions – – – – – Additions 987 – – – 987 Disposals/Retirements (2 ) – – – (2 ) Foreign currency adjustments and other 4 8 – – 12 Balance as at October 31, 2022 $ 6,687 $ 1,875 $ 4,415 $ 166 $ 13,143 Acquisitions – – – – – Additions 1,125 – – – 1,125 Impairment (3) (184 ) (110 ) – (3 ) (297 ) Disposals/Retirements (2,141 ) (2 ) – – (2,143 ) Foreign currency adjustments and other 152 52 – – 204 Balance as at October 31, 2023 $ 5,639 $ 1,815 $ 4,415 $ 163 $ 12,032 Accumulated amortization Balance as at October 31, 2021 $ 3,117 $ 1,273 $ – $ – $ 4,390 Amortization 685 97 – – 782 Disposals/Retirements (1 ) – – – (1 ) Foreign currency adjustments and other 8 5 – – 13 Balance as at October 31, 2022 $ 3,809 $ 1,375 $ – $ – $ 5,184 Amortization 862 157 – – 1,019 Impairment (3) (134 ) (34 ) – – (168 ) Disposals/Retirements (1,996 ) (2 ) – – (1,998 ) Foreign currency adjustments and other 25 (42 ) – – (17 ) Balance as at October 31, 2023 $ 2,566 $ 1,454 $ – $ – $ 4,020 Net book value As at October 31, 2022 $ 2,878 (2) $ 500 $ 4,415 $ 166 $ 7,959 As at October 31, 2023 $ 3,073 (2) $ 361 $ 4,415 $ 163 $ 8,012 (1) Fund management contracts are attributable to the previously acquired Dynamic Funds business (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited. (2) Computer software comprises of purchased software of $429 (2022 – $337), internally generated software of $1,711 (2022 – $1,555), and in process software not subject to amortization of $933 (2022 – $986). (3) Impairment charges taken against finite life intangible assets primarily relate to the full write-off of a contract-based intangible asset in Peru, and software assets which were decommissioned in Q4 2023. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Other Assets | As at October 31 ($ millions) 2023 2022 Accrued interest $ 4,907 $ 3,710 Accounts receivable and prepaids 2,218 1,715 Current tax assets 2,743 3,349 Margin deposits on derivatives 12,254 15,656 Segregated fund assets 1,463 1,795 Pension assets (Note 28) 936 1,052 Receivable from brokers, dealers and clients 4,142 4,608 Other 6,278 5,371 Total $ 34,941 $ 37,256 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Deposits | 2023 2022 Payable on demand (1) As at October 31 ($ millions) Interest- Non-interest- Payable after (2) Payable on a (3) Total Personal $ 4,989 $ 10,289 $ 148,027 $ 125,312 $ 288,617 $ 265,892 Business and government 161,121 32,421 46,431 372,294 612,267 597,617 Financial institutions 12,871 851 1,876 35,851 51,449 52,672 Total $ 178,981 $ 43,561 $ 196,334 (4) $ 533,457 $ 952,333 $ 916,181 Recorded in: Canada $ 128,274 $ 23,256 $ 160,728 $ 366,938 $ 679,196 $ 642,977 United States 41,207 42 4 55,554 96,807 104,984 United Kingdom – – 422 21,140 21,562 24,243 Mexico – 7,321 13,252 20,851 41,424 31,841 Peru 4,586 456 4,782 6,036 15,860 16,439 Chile 1,389 4,783 156 17,396 23,724 22,105 Colombia 32 531 4,261 4,756 9,580 8,211 Other International 3,493 7,172 12,729 40,786 64,180 65,381 Total (5) $ 178,981 $ 43,561 $ 196,334 $ 533,457 $ 952,333 $ 916,181 (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 $123 (2022 – $156) of non-interest (5) Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817). |
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, 2023 $ 66,726 $ 39,525 $ 62,675 $ 130,384 $ 19,021 $ 318,331 As at October 31, 2022 $ 53,656 $ 36,035 $ 62,891 $ 110,015 $ 21,440 $ 284,037 (1) The majority of foreign term deposits are in excess of $100,000. |
Subordinated Debentures (Tables
Subordinated Debentures (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Net of Holdings in Debentures | These debentures are direct, unsecured obligations of the Bank and are subordinate to the claims of the Bank’s depositors and other creditors. The Bank, where appropriate, enters into interest rate and cross-currency swaps to hedge the related risks. As at October 31 ($ millions) 2023 2022 Maturity date Interest Terms (1) Carrying (2) Carrying (2) June 2025 8.90 Redeemable at any time. $ 252 $ 253 December 2025 (3) 4.50 U.S.$1,250 million. 1,714 1,690 January 2029 (3) 3.89 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%. 1,752 1,770 July 2029 (3) 2.836 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 % or the applicable alternative rate, including adjustments, as specified in the terms of the instrument. 1,339 1,459 August 2085 Floating On August 31, 2023, the Bank redeemed these notes at 100% of their principal amount plus accrued interest to the redemption date. – 78 May 2037 (3) 4.588 U . . 1,676 1,644 May 2032 (3) 3.934 Redeemable on or after May 3, 2027. After May 3, 2027, interest will be payable quarterly at the then prevailing three-month bankers’ acceptance rate plus 1.52%. 1,587 1,575 December 2032 (3) 1.800 JPY 33,000 million. Redeemable on December 20, 2027. After December 20, 2027, interest will be payable semi-annually at the reference Japanese Government Bond rate plus 1.681% on the reset date. 301 – August 2033 (3) 5.679 Redeemable on or after August 2, 2028. After August 2, 2028, interest will be payable at an annual rate equal to Daily Compounded CORRA plus 2.100%. 962 – December 2033 (3) 1.830 JPY 12,000 million. Redeemable on December 1, 2028. After December 1, 2028, interest rate on the debentures will be reset to the prevailing yield of Japanese Government Bond rate plus 1.477% on the reset date. 110 – $ 9,693 $ 8,469 (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 the impact of fair value hedges used for managing interest rate risk and 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 as % of the par value plus accrued and unpaid interest divided by the conversion price and, where applicable, subject to translation at foreign exchange rates in effect at the time of conversion. The conversion price is based on the greater of: (i) a floor price of $ (subject to 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 we i |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Other Liabilities | As at October 31 ($ millions) 2023 2022 Accrued interest $ 7,594 $ 3,612 Lease liabilities (1) 3,202 3,323 Accounts payable and accrued expenses 7,819 6,995 Current tax liabilities 728 464 Deferred tax liabilities (Note 27) 1,446 1,100 Gold and silver certificates and bullion 439 372 Margin and collateral accounts 8,531 9,029 Segregated fund liabilities 1,463 1,795 Payables to brokers, dealers and clients 1,565 1,957 Provisions (Note 23) 573 287 Allowance for credit losses on off-balance 13 149 108 Pension liabilities (Note 28) 521 549 Other liabilities of subsidiaries and structured entities 26,836 25,010 Other 8,663 8,098 Total $ 69,529 $ 62,699 (1) Represents 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) 2023 2022 Within 1 year $ 428 $ 425 1 to 2 years 410 414 2 to 3 years 405 404 3 to 4 years 398 387 4 to 5 years 371 373 After 5 years 1,852 1,962 Total $ 3,864 $ 3,965 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Provisions | ($ millions) As at November 1, 2021 $ 296 Provisions made during the year 149 Provisions utilized / released during the year (158 ) Balance as at October 31, 2022 $ 287 Provisions made during the year 470 Provisions utilized / released during the year (184 ) Balance as at October 31, 2023 $ 573 |
Common shares, preferred shar_2
Common shares, preferred shares and other equity instruments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Common Shares | An unlimited number of common shares without nominal or par value. Issued and fully paid: 2023 2022 As at October 31 ($ millions) Number of shares Amount Number of shares Amount Outstanding at beginning of year 1,191,375,095 $ 18,707 1,215,337,523 $ 18,507 Issued in relation to share-based payments, net (Note 26) 415,247 28 1,951,372 136 Issued in relation to the acquisition of a subsidiary or associated corporation – – 7,000,000 570 Issued in relation to the Shareholder Dividend and Share Purchase Plan (1) 22,254,078 1,374 – – Repurchased for cancellation under the Normal Course Issuer Bid – – (32,913,800 ) (506 ) Outstanding at end of year 1,214,044,420 ( 2) $ 20,109 1,191,375,095 (2) $ 18,707 (1) Commencing with the dividend declared on February 28, 2023 and paid on April 26, 2023, the Bank issued to participants of the Shareholder Dividend and Share Purchase Plan (the “Plan”), common shares from treasury with a discount of 2% to the average market price (as defined in the Plan). Prior to the dividend paid on April 26, 2023, common shares received by participants under the Plan were shares purchased from the open market at prevailing market prices. (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 2023, the number of such shares bought was 19,133,834 and sold was 19,132,702 (2022 – 17,757,599 bought and 17,757,599 sold). |
Schedule of Preferred Shares | An unlimited number of preferred shares without nominal or par value. Issued and fully paid: 2023 2022 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 NVCC Preferred shares: (a) Series 38 (b) – – – – – – 0.303125 Series 39 Series 40 (c) 12,000,000 300 1.212500 Series 41 12,000,000 300 1.212500 Series 41 Total preferred shares 12,000,000 $ 300 12,000,000 $ 300 (1) Dividends declared from November 1, 2022 to October 31, 2023. Terms of NVCC preferred shares First issue date Issue Initial Initial dividend Rate Redemption date Redemption NVCC Preferred shares (a) Series 40 (c) October 12, 2018 25.00 0.362100 January 29, 2019 2.43 % January 27, 2024 25.00 (a) Non-cumulative Non-cumulative 5-Year 5-year non-cumulative Non-cumulative 5-Year non-cumulative (b) On January 27, 2022 the Bank redeemed all outstanding Non-cumulative Preferred Shares Series 38 at a price equal to $25.00 per share plus dividends declared on November 30, 2021 of $0.3031250 per Series 38 share. (c) Holders of Non-cumulative 5-Year Non-cumulative 5-Year |
Schedule of Other equity instruments | Other equity instruments are comprised of NVCC additional Tier 1 qualifying regulatory capital notes: 2023 2022 First issue date/ Series number Notional Next reset date Interest rate Interest rate Next Redemption (1) Amount Distributions (2) Amount Distributions (2) Subordinated Additional Tier 1 Capital Notes (3)(4) October 12, 2017 (5) U.S.$ 1,250 January 12, 2024 8.33538 % SOFR +2.90961 (5) % January 12, 2024 Quarterly $ 1,560 U.S.$ 76.23 $ 1,560 U.S.$ 46.50 June 4, 2020 U.S.$ 1,250 June 4, 2025 4.900 % UST +4.551 (6) % June 4, 2025 Every five years $ 1,689 U.S.$ 49.00 $ 1,689 U.S.$ 49.00 Limited Recourse Capital (3)(7) Series 1 (8) $ 1,250 July 27, 2026 3.700 % GOC +2.761 (9) % June 27, 2026 Every five years $ 1,250 $ 37.00 $ 1,250 $ 37.00 Series 2 (10) U.S.$ 600 October 27, 2026 3.625 % UST +2.613 (6) % October 27, 2026 Quarterly $ 753 U.S.$ 36.25 $ 753 U.S.$ 38 Series 3 (11) $ 1,500 July 27, 2027 7.023 % GOC +3.95 (9) % June 27, 2027 Every five years $ 1,500 $ 70.23 $ 1,500 $ 25 Series 4 (12) U.S.$ 750 October 27, 2027 8.625 % UST +4.389 (6) % October 27, 2027 Quarterly $ 1,023 U.S.$ 86.73 $ 1,023 U.S.$ – Total other equity instruments $ 7,775 $ 7,775 (1) Each security is redeemable at the sole discretion of the Bank on the first reset date and every quarter or five years, as applicable, thereafter. Limited Recourse Capital Notes (LRCN) Series 1 and Series 3 are also redeemable in the one month period preceding each reset date. 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 U . . (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) CME 3-month Term SOFR. In respect of these securities, on June 28, 2023, the Bank announced the interest rate transition from three-month USD LIBOR to three-month Term SOFR, plus a spread adjustment of 26.161 bps, for interest periods commencing on or after July 12, 2023. (6) The then-prevailing five-year U.S. Treasury Rate. (7) Interest on LRCN is non-deferrable, however, non-payment of interest that is not cured within five business days (8) 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”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. (9) The then-prevailing five-year Government of Canada yield. (10) On October 7, 2021, the Bank issued U . . . . (11) On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. (12) On October 25, 2022, the Bank issued U . . . . |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | The Bank’s regulatory capital ratios were as follows: As at October 31 ($ millions) 2023 2022 Revised Basel III Basel III Capital (1)(2) Common Equity Tier 1 capital $ 57,041 $ 53,081 Net Tier 1 capital 65,223 61,262 Total regulatory capital 75,651 70,710 Total loss absorbing capacity (TLAC) (3) 134,504 126,565 Risk-weighted assets/exposures used in calculation of capital ratios Risk-weighted assets (1)(2) $ 440,017 $ 462,448 Leverage exposures (4) 1,562,963 1,445,619 Regulatory ratios (1)(2) Common Equity Tier 1 capital ratio 13.0 % 11.5 % Tier 1 capital ratio 14.8 % 13.2 % Total capital ratio 17.2 % 15.3 % Total loss absorbing capacity ratio (3) 30.6 % 27.4 % Leverage ratio (4) 4.2 % 4.2 % Total loss absorbing capacity leverage ratio (3) 8.6 % 8.8 % (1) Regulatory ratios and amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to ratios and amounts reported in 2022. (2) 2023 regulatory capital ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (February 2023). Prior year regulatory capital ratios were prepared in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018). (3) This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018). (4) 2023 leverage ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023). Prior year leverage ratios were prepared in accordance with OSFI Guideline – Leverage Requirements (November 2018). |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Statement [Line Items] | |
Schedule of Bank's Employee Stock Option Plan | Details of the Bank’s Employee Stock Option Plan are as follows (1) 2023 2022 As at October 31 Number of stock Weighted average Number of stock Weighted average Outstanding at beginning of year 9,907 $ 73.24 10,458 $ 69.08 Granted 2,478 68.58 1,716 85.46 Exercised as options (415 ) 59.07 (1,951 ) 62.04 Exercised as SARs (7 ) 55.63 (133 ) 67.37 Forfeited (272 ) 74.07 (183 ) 74.30 Expired (133 ) 72.92 – – Outstanding at end of year 11,558 $ 72.74 9,907 $ 73.24 Exercisable at end of year 5,088 $ 71.90 4,304 $ 70.24 Available for grant 12,480 14,546 |
Summary of Bank's Employee Stock Option Plan Outstanding and Exercisable by Range of Exercise Price | Options Outstanding Options Exercisable As at October 31, 2023 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 $55.63 to $68.32 1,586 1.02 $ 64.35 1,580 $ 64.35 $68.33 to $74.34 7,542 6.66 $ 70.80 2,707 $ 73.37 $74.35 to $85.46 2,430 6.61 $ 84.26 801 $ 81.81 11,558 5.88 $ 72.74 5,088 $ 71.90 (1) Excludes SARs. |
Employee stock options [member] | |
Statement [Line Items] | |
Schedule of Weighted-average Assumptions Used to Determine Fair Value of Options Granted | 2023 Grant 2022 Grant Assumptions Risk-free interest rate % 3.33% 1.42% Expected dividend yield 5.79% 4.11% Expected price volatility 20.58% 17.67% Expected life of option 6.93 Years 6.7 Years Fair value Weighted-average fair value $ 6.81 $ 7.54 |
Corporate Income Taxes (Tables)
Corporate Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Components of income tax provision | (a) Components of income tax provision For the year ended October 31 ($ millions) 2023 2022 Provision for income taxes in the Consolidated Statement of Income: Current income taxes: Domestic: Federal $ 736 $ 1,779 Provincial 626 1,190 Adjustments related to prior periods 715 (251 ) Foreign 1,053 897 Adjustments related to prior periods (6 ) (86 ) 3,124 3,529 Deferred income taxes: Domestic: Federal (604 ) (543 ) Provincial (274 ) (341 ) Foreign (20 ) 113 (898 ) (771 ) Total provision for income taxes in the Consolidated Statement of Income $ 2,226 $ 2,758 Provision for income taxes in the Consolidated Statement of Changes in Equity: Current income taxes $ (168 ) $ (2,651 ) Deferred income taxes (325 ) 945 (493 ) (1,706 ) Reported in: Other Comprehensive Income (418 ) (1,671 ) Retained earnings (75 ) (35 ) Other reserves – – Total provision for income taxes in the Consolidated Statement of Changes in Equity (493 ) (1,706 ) Total provision for income taxes $ 1,733 $ 1,052 Provision for income taxes in the Consolidated Statement of Income includes: Deferred tax expense (benefit) relating to origination/reversal of temporary differences $ (828 ) $ (771 ) Deferred tax expense (benefit) of tax rate changes (70 ) – $ (898 ) $ (771 ) |
Reconciliation to Statutory Tax Rate | (b) Reconciliation to statutory rate Income taxes in the Consolidated Statement of Income vary from the amounts that would be computed by applying th mp 2023 2022 For the year ended October 31 ($ millions) Amount Percent of pre-tax Amount Percent of pre-tax Income taxes at Canadian statutory rate $ 2,705 27.7 % $ 3,394 26.2 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries and foreign branches (710 ) (7.3 ) (375 ) (2.9 ) Tax-exempt (341 ) (3.5 ) (284 ) (2.2 ) Other, net (1) 572 5.9 23 0.2 Total income taxes and effective tax rate (2) $ 2,226 22.8 % $ 2,758 21.3 % (1) Includes $579 tax expense for the CRD and $48 tax benefit from the non-taxable gain related to the divestiture of the equity interest in CTFS. (2) The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022. |
Significant Components of Deferred Tax Assets and Liabilities | (c) Deferred taxes Significant components of the Bank’s deferred tax assets and liabilities are as follows: Statement of Income Statement of Financial Position For the year ended As at October 31 ($ millions) 2023 2022 2023 2022 Deferred tax assets: Loss carryforwards $ (201 ) $ (904 ) $ 1,281 $ 1,079 Allowance for credit losses (172 ) (17 ) 1,155 969 Deferred compensation (77 ) 42 274 199 Deferred income (95 ) 192 127 54 Property and equipment (19 ) (60 ) 339 359 Pension and other post-retirement benefits (48 ) 10 321 234 Securities (15 ) (65 ) 386 433 Lease liabilities (1 ) (31 ) 936 946 Cash flow hedges – – – – Other (177 ) (81 ) 573 380 Total deferred tax assets $ (805 ) $ (914 ) $ 5,392 $ 4,653 Deferred tax liabilities: Cash flow hedges $ – $ – $ 127 $ 159 Deferred compensation (19 ) (7 ) 180 148 Deferred income (23 ) (7 ) 36 40 Property and equipment 174 135 569 810 Pension and other post-retirement benefits 1 (12 ) 120 106 Securities (152 ) (54 ) 385 236 Investment in subsidiaries and associates 43 (14 ) 67 126 Intangible assets 160 37 1,454 1,613 Other (91 ) (221 ) 370 612 Total deferred tax liabilities $ 93 $ (143 ) $ 3,308 $ 3,850 Net deferred tax assets (liabilities) (1) $ (898 ) $ (771 ) $ 2,084 $ 803 (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 $2,084 (2022 – $803) are represented by deferred tax assets of $3,530 (2022 – $1,903), and deferred tax liabilities of $1,446 (2022 – $1,100) on the Consolidated Statement of Financial Position. |
Changes to Net Deferred Taxes | The major changes to net deferred taxes w For the year ended October 31 ($ millions) 2023 2022 Balance at beginning of year $ 803 $ 902 Deferred tax benefit (expense) for the year recorded in income 898 771 Deferred tax benefit (expense) for the year recorded in equity 325 (945 ) Disposed in divestitures – – Other 58 75 Balance at end of year $ 2,084 $ 803 |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Relative Size of Plan Obligation and Assets | Pension plans Other benefit plans Canada For the year ended October 31, 2023 SPP Other International Canada International Percentage of total benefit obligations 71 % 15 % 14 % 48 % 52 % Percentage of total plan assets 73 % 11 % 16 % 0 % 100 % Percentage of total benefit expense (1) 71 % 26 % 3 % 42 % 58 % Pension plans Other benefit plans Canada For the year ended October 31, 2022 SPP Other International Canada International Percentage of total benefit obligations 72 % 15 % 13 % 52 % 48 % Percentage of total plan assets 74 % 11 % 15 % 0 % 100 % Percentage of total benefit expense (1) 74 % 25 % 1 % 31 % 69 % (1) Excludes non-routine |
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 2023, and the p ri Contributions to the principal plans for the year ended October 31 ($ millions) 2023 2022 Defined benefit pension plans (cash contributions to fund the plans, including paying beneficiaries under the unfunded pension arrangements) SPP (excluding DC provision) $ 15 $ 184 All other plans 103 80 Other benefit plans (cash contributions mainly in the form of benefit payments to beneficiaries) 64 59 Defined contribution pension and other benefit plans (cash contributions) 159 126 DC pension contributions funded from pension plan surplus (59 ) – Total contributions (1) $ 282 $ 449 (1) Based on preliminary estimates, the Bank expects to make contributions of $78 to the SPP (excluding the DC provision), $63 to all other defined benefit pension plans, $66 to other benefit plans and $185 to all defined contribution plans (less $63 which is expected to be funded from pension plan surplus) for the year ending October 31, 2024. |
Summary of Excess (deficit) of Fair Value of Assets Over Benefit Obligation for Wholly Unfunded Plans and Wholly or Partly Funded Plans | The excess (deficit) of the fair value of assets over the benefit obligation at the end of the year includes the following amounts for plans that are wholly unfunded and plans that are wholly or partly funded. Pension plans Other benefit plans As at October 31 ($ millions) 2023 2022 2023 2022 Benefit obligation Benefit obligation of plans that are wholly unfunded $ 339 $ 353 $ 873 $ 902 Benefit obligation of plans that are wholly or partly funded 7,330 7,277 241 221 Funded status Benefit obligation of plans that are wholly or partly funded $ 7,330 $ 7,277 $ 241 $ 221 Fair value of assets 8,139 8,309 113 116 Excess (deficit) of fair value of assets over benefit obligation of wholly or partly funded plans $ 809 $ 1,032 $ (128 ) $ (105 ) Benefit obligation of plans that are wholly unfunded 339 353 873 902 Excess (deficit) of fair value of assets over total benefit obligation $ 470 $ 679 $ (1,001 ) $ (1,007 ) Effect of asset limitation and minimum funding requirement (55 ) (176 ) – – Net asset (liability) at end of year $ 415 $ 503 $ (1,001 ) $ (1,007 ) |
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) 2023 2022 2023 2022 Change in benefit obligation Benefit obligation at beginning of year $ 7,630 $ 9,584 $ 1,123 $ 1,302 Current service cost 218 281 20 22 Interest cost on benefit obligation 428 335 77 61 Employee contributions 26 25 – – Benefits paid (406 ) (457 ) (94 ) (89 ) Actuarial loss (gain) (278 ) (2,234 ) (42 ) (226 ) Past service cost (1 ) 34 (2 ) (1 ) Business acquisition – – (1 ) – Settlements – – – (2 ) Foreign exchange 52 62 33 56 Benefit obligation at end of year $ 7,669 $ 7,630 $ 1,114 $ 1,123 Change in fair value of assets Fair value of assets at beginning of year 8,309 9,464 116 143 Interest income on fair value of assets 480 363 12 13 Return on plan assets in excess of (less than) interest income on fair value of assets (351 ) (1,402 ) 2 (24 ) Employer contributions 59 264 64 59 Employee contributions 26 25 – – Benefits paid (406 ) (457 ) (94 ) (89 ) Administrative expenses (12 ) (12 ) – – Business acquisition – – – – Settlements – – – (2 ) Foreign exchange 34 64 13 16 Fair value of assets at end of year $ 8,139 $ 8,309 $ 113 $ 116 Funded status Excess (deficit) of fair value of assets over benefit obligation at end of year 470 679 (1,001 ) (1,007 ) Effect of asset limitation and minimum funding requirement (1) (55 ) (176 ) – – Net asset (liability) at end of year $ 415 $ 503 $ (1,001 ) $ (1,007 ) Recorded in: Other assets in the Bank’s Consolidated Statement of Financial Position 936 1,052 2 1 Other liabilities in the Bank’s Consolidated Statement of Financial Position (521 ) (549 ) (1,003 ) (1,008 ) Net asset (liability) at end of year $ 415 $ 503 $ (1,001 ) $ (1,007 ) Annual benefit expense Current service cost 218 281 20 22 Net interest expense (income) (33 ) (20 ) 65 48 Administrative expenses 13 15 – – Past service costs (1 ) 34 (2 ) (1 ) Amount of settlement (gain) loss recognized – – – – Remeasurement of other long-term benefits – – (2 ) (9 ) Benefit expense (income) recorded in the Consolidated Statement of Income $ 197 $ 310 $ 81 $ 60 Defined contribution benefit expense $ 158 $ 125 $ 1 $ 1 Remeasurements (Return) on plan assets in excess of interest income on fair value of assets 351 1,402 (2 ) 24 Actuarial loss (gain) on benefit obligation (278 ) (2,234 ) (40 ) (217 ) Change in the asset limitation (139 ) 70 – – Remeasurements recorded in OCI $ (66 ) $ (762 ) $ (42 ) $ (193 ) Total benefit cost $ 289 $ (327 ) $ 40 $ (132 ) Additional details on actual return on assets and actuarial (gains) and losses Actual return on assets (net of administrative expenses) $ 117 $ (1,051 ) $ 14 $ (11 ) Actuarial (gains) and losses from changes in demographic assumptions 40 – (7 ) 3 Actuarial (gains) and losses from changes in financial assumptions (406 ) (2,256 ) (28 ) (219 ) Actuarial (gains) and losses from changes in experience 88 22 (7 ) (10 ) Additional details on fair value of pension plan assets invested In Scotiabank securities (stock, bonds) 57 58 – – In property occupied by Scotiabank 4 4 – – Change in asset ceiling/onerous liability Asset ceiling /onerous liability at end of prior year 176 85 – – Interest expense 19 8 – – Remeasurements (139 ) 70 – – Foreign exchange (1 ) 13 – – Asset ceiling /onerous liability at end of year $ 55 $ 176 $ – $ – (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, 2023 is 12.9 years (2022 – 12.9 years). Pension plans Other benefit plans For the year ended October 31 2023 2022 2023 2022 Disaggregation of the benefit obligation (%) Canada Active members 48 % 49 % 3 % 3 % Inactive and retired members 52 % 51 % 97 % 97 % Total 100 % 100 % 100 % 100 % Mexico Active members 27 % 26 % 35 % 40 % Inactive and retired members 73 % 74 % 65 % 60 % Total 100 % 100 % 100 % 100 % United States Active members 39 % 42 % 41 % 36 % Inactive and retired members 61 % 58 % 59 % 64 % Total 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 Ba n Pension plans Other benefit plans For the year ended October 31 2023 2022 2023 2022 Benefit obligation at end of year Discount rate – all plans 6.13 % 5.77 % 7.36 % 7.01 % Discount rate – Canadian plans only 5.70 % 5.41 % 5.80 % 5.40 % Rate of increase in future compensation (1)(2) 3.96 % 3.90 % 4.61 % 4.67 % Benefit expense (income) for the year Discount rate – All plans Discount rate for defined benefit obligations 5.77 % 4.24 % 7.01 % 4.94 % Discount rate for net interest cost 5.76 % 3.81 % 6.96 % 4.65 % Discount rate for service cost 5.80 % 4.43 % 7.09 % 5.17 % Discount rate for interest on service cost 5.71 % 3.98 % 7.09 % 5.07 % Discount rate – Canadian plans only Discount rate for defined benefit obligations 5.41 % 4.08 % 5.40 % 3.28 % Discount rate for net interest cost 5.40 % 3.59 % 5.31 % 2.82 % Discount rate for service cost 5.41 % 4.18 % 5.49 % 3.64 % Discount rate for interest on service cost 5.30 % 3.70 % 5.49 % 3.46 % Rate of increase in future compensation (1)(2) 3.90 % 2.79 % 4.67 % 4.30 % Health care cost trend rates at end of year Initial rate n/a n/a 5.68 % 5.67 % Ultimate rate n/a n/a 4.93 % 4.86 % Year ultimate rate reached n/a n/a 2040 2040 Assumed life expectancy in Canada (years) Life expectancy at 65 for current pensioners – male 23.6 23.5 23.6 23.5 Life expectancy at 65 for current pensioners – female 24.7 24.6 24.7 24.6 Life expectancy at 65, for future pensioners currently aged 45 – male 24.5 24.5 24.5 24.5 Life expectancy at 65, for future pensioners currently aged 45 – female 25.6 25.5 25.6 25.5 Assumed life expectancy in Mexico (years) Life expectancy at 65 for current pensioners – male 21.6 21.6 21.6 21.6 Life expectancy at 65 for current pensioners – female 23.9 23.9 23.9 23.9 Life expectancy at 65, for future pensioners currently aged 45 – male 21.6 21.6 21.6 21.6 Life expectancy at 65, for future pensioners currently aged 45 – female 24.0 24.0 24.0 24.0 Assumed life expectancy in United States (years) Life expectancy at 65 for current pensioners – male 22.0 21.9 22.0 21.9 Life expectancy at 65 for current pensioners – female 23.4 23.3 23.4 23.3 Life expectancy at 65, for future pensioners currently aged 45 – male 23.3 23.3 23.3 23.3 Life expectancy at 65, for future pensioners currently aged 45 – female 24.8 24.7 24.8 24.7 (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. (2) The weighted average rates of increase in future compensation shown only consider long-term rates. In some regions, higher rates of increase are assumed in the short term but are not included in the weighted average rates disclosed. |
Summary of Sensitivity Analysis of Key Assumptions Plans | Pension plans Other benefit plans For the year ended October 31, 2023 ($ millions) Benefit Benefit Benefit Benefit Impact of the following changes: 1% decrease in discount rate $ 1,111 $ 83 $ 130 $ 5 0.25% increase in rate of increase in future compensation 60 3 – – 1% increase in health care cost trend rate n/a n/a 97 12 1% decrease in health care cost trend rate n/a n/a (79 ) (10 ) 1 year increase in Canadian life expectancy 123 9 12 1 1 year increase in Mexican life expectancy 2 – 3 – 1 year increase in the United States life expectancy 2 – 2 – |
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 a sse Pension plans Other benefit plans Asset category % Actual Actual Actual Actual Cash and cash equivalents 3 % 4 % 1 % – % Equity investments Quoted in an active market 39 % 38 % 34 % 37 % Non quoted 5 % 5 % – % – % 44 % 43 % 34 % 37 % Fixed income investments Quoted in an active market 5 % 4 % 61 % 58 % Non quoted 35 % 36 % – % – % 40 % 40 % 61 % 58 % Property Quoted in an active market – % – % 4 % 5 % Non quoted 1 % 1 % – % – % 1 % 1 % 4 % 5 % Other Quoted in an active market – % – % – % – % Non quoted 12 % 12 % – % – % 12 % 12 % – % – % Total 100 % 100 % 100 % 100 % Target asset allocation at October 31, 2023 Asset category % Pension plans Other benefit plans Cash and cash equivalents – % – % Equity investments 42 % 38 % Fixed income investments 44 % 57 % Property 1 % 5 % Other 13 % – % Total 100 % 100 % |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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, 2023 Taxable equivalent basis ($ millions) Canadian (1) International (1) Global Wealth (1) Global Banking (1) Other (1)(2) Total Net interest income (3) $ 9,756 $ 8,161 $ 842 $ 1,572 $ (2,044 ) $ 18,287 Non-interest (4)(5) 3,087 2,937 4,449 3,980 (433 ) 14,020 Total revenues 12,843 11,098 5,291 5,552 (2,477 ) 32,307 Provision for credit losses 1,443 1,868 10 101 – 3,422 Depreciation and amortization (6) 583 563 179 221 274 1,820 Other non-interest 5,284 5,365 3,171 2,841 650 17,311 Income tax expense 1,514 704 491 621 (1,104 ) 2,226 Net income $ 4,019 $ 2,598 $ 1,440 $ 1,768 $ (2,297 ) $ 7,528 Net income attributable to non-controlling – 112 9 – (3 ) 118 Net income attributable to equity holders of the Bank $ 4,019 $ 2,486 $ 1,431 $ 1,768 $ (2,294 ) $ 7,410 Average assets ($ billions) 450 237 34 490 185 1,396 Average liabilities ($ billions) 372 179 40 455 273 1,319 (1) Business line revenues and provision for income taxes are reported on a tax equivalent basis. (2) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (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 – $71; International Banking – $251; Global Wealth Management – $18 ; Global Banking and Markets - $1; and Other – (6) Includes impairment charge of software and other intangible assets in the Other segment. For the year ended October 31, 2022 Taxable equivalent basis ($ millions) Canadian (1) International (1) Global Wealth (1) Global Banking (1) Other (1)(2) Total Net interest income (3) $ 9,001 $ 6,900 $ 764 $ 1,630 $ (180 ) $ 18,115 Non-interest (4)(5) 3,029 2,827 4,617 3,542 (714 ) 13,301 Total revenues 12,030 9,727 5,381 5,172 (894 ) 31,416 Provision for credit losses 209 1,230 6 (66 ) 3 1,382 Depreciation and amortization (6) 601 499 171 162 98 1,531 Other non-interest (6) 4,787 4,713 3,088 2,512 471 15,571 Income tax expense 1,670 618 551 653 (734 ) 2,758 Net income $ 4,763 $ 2,667 $ 1,565 $ 1,911 $ (732 ) $ 10,174 Net income attributable to non-controlling – 249 9 – – 258 Net income attributable to equity holders of the Bank $ 4,763 $ 2,418 $ 1,556 $ 1,911 $ (732 ) $ 9,916 Average assets ($ billions) 430 207 33 445 167 1,282 Average liabilities ($ billions) 332 152 47 414 263 1,208 (1) Business line revenues and provision for income taxes are reported on a tax equivalent basis. (2) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt gross-up non-interest (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 – $64; International Banking – $250; Global Wealth Management – $14 and Other – $(60). (6) Prior period amounts have been restated to conform with current period presentation. |
Summary of Bank's Financial Results by Geographic Region | The following table summarizes the Bank’s financial results by geographic region. Revenue s and For the year ended October 31, 2023 ($ millions) (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 8,533 $ 1,019 $ 2,168 $ 1,320 $ 1,830 $ 564 $ 1,761 $ 1,092 $ 18,287 Non-interest (1) 8,598 1,351 873 454 593 418 798 935 14,020 Total revenues (2) 17,131 2,370 3,041 1,774 2,423 982 2,559 2,027 32,307 Provision for credit losses 1,492 59 270 404 604 392 123 78 3,422 Non-interest 10,982 1,246 1,488 727 1,014 661 1,437 1,576 19,131 Income tax expense 1,041 276 312 162 135 (21 ) 197 124 2,226 Subtotal 3,616 789 971 481 670 (50 ) 802 249 7,528 Net income attributable to non-controlling interests (3 ) – 22 1 18 (34 ) 114 – 118 Net income attributable to equity holders of the Bank $ 3,619 $ 789 $ 949 $ 480 $ 652 $ (16 ) $ 688 $ 249 $ 7,410 Total average assets ($ billions) $ 844 $ 215 $ 58 $ 28 $ 61 $ 14 $ 34 $ 142 $ 1,396 (1) Includes net income from investments in associated corporations for Canada – $(115), Peru – $3, Chile – $ 10, Colombia - $(2), (2) Revenues are attributed to countries based on where services are performed or assets are recorded. For the year ended October 31, 2022 ($ millions) (1) Canada United Mexico Peru Chile Colombia Caribbean and Other Total Net interest income $ 9,827 $ 945 $ 1,736 $ 1,171 $ 1,604 $ 631 $ 1,436 $ 765 $ 18,115 Non-interest (1) 8,149 1,103 748 422 538 388 719 1,234 13,301 Total revenues (2) 17,976 2,048 2,484 1,593 2,142 1,019 2,155 1,999 31,416 Provision for credit losses 180 (13 ) 232 342 221 216 175 29 1,382 Non-interest 9,928 1,040 1,223 628 870 682 1,335 1,396 17,102 Income tax expense 1,697 260 196 173 95 39 150 148 2,758 Subtotal 6,171 761 833 450 956 82 495 426 10,174 Net income attributable to non-controlling 1 – 19 6 104 35 93 – 258 Net income attributable to equity holders of the Bank $ 6,170 $ 761 $ 814 $ 444 $ 852 $ 47 $ 402 $ 426 $ 9,916 Total average assets ($ billions) $ 765 $ 207 $ 46 $ 27 $ 53 $ 14 $ 32 $ 138 $ 1,282 (1) Includes net income from investments in associated corporations for Canada – $4, Peru – $7, Chile – $9, Caribbean and Central America – $90, and Other International – $158. (2) Revenues are attributed to countries based on where services are performed or assets are recorded. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel of Bank | For the year ended October 31 ($ millions) 2023 2022 Salaries and cash incentives (1) $ 23 $ 24 Equity-based payment (2) 32 36 Pension and other benefits (1) 2 4 Total $ 57 $ 64 (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) 2023 2022 Loans $ 13 $ 11 Deposits $ 6 $ 5 |
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) 2023 2022 Net income / (loss) $ (22 ) $ (29 ) Loans 209 205 Deposits 277 286 Guarantees and commitments 55 96 |
Principal Subsidiaries and No_2
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
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 2023 2022 Canadian Scotia Capital Inc. Toronto, Ontario $ 3,723 $ 3,215 BNS Investments Inc. Toronto, Ontario 22,925 15,750 1832 Asset Management L.P. Toronto, Ontario Montreal Trust Company of Canada Montreal, Quebec MD Financial Management Inc. Ottawa, Ontario 2,711 2,781 Jarislowsky, Fraser Limited Montreal, Quebec 997 988 Scotia Securities Inc. Toronto, Ontario 63 63 Tangerine Bank Toronto, Ontario 4,529 3,827 The Bank of Nova Scotia Trust Company (2) Toronto, Ontario 610 214 Scotia Mortgage Corporation Toronto, Ontario 780 810 National Trust Company Stratford, Ontario 388 374 Roynat Inc. Calgary, Alberta 674 594 Scotia Dealer Advantage Inc. Hamilton, Ontario 912 867 International Scotia Holdings (USA) LLC (3) New York, New York 7,218 3,166 (4) Scotia Capital (USA) Inc. New York, New York Scotia Financing (USA) LLC New York, New York Nova Scotia Inversiones Limitada Santiago, Chile 7,423 6,114 Scotiabank Chile S.A. (99.79%) Santiago, Chile Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.39%) Mexico City, Mexico 6,812 5,960 Scotiabank Inverlat, S.A. Mexico City, Mexico Scotia Peru Holdings S.A. Lima, Peru 5,700 4,961 Scotiabank Peru S.A.A. (99.31%) Lima, Peru Multiacciones S.A.S Bogota, Colombia 1,100 842 Scotiabank Colpatria, S.A. (55.98%) ( 5 Bogota, Colombia Scotiabank Brasil S.A. Banco Multiplo Sao Paulo, Brazil 914 788 Scotia Uruguay Holdings S.A. Montevideo, Uruguay 585 478 Scotiabank Uruguay S.A. Montevideo, Uruguay Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%) Santo Domingo, Dominican Republic 934 906 Scotiabank Caribbean Holdings Ltd. Bridgetown, Barbados 1,552 1,550 Scotia Group Jamaica Limited (71.78%) Kingston, Jamaica Scotiabank Trinidad and Tobago Limited (50.90%) Port of Spain, Trinidad and Tobago Scotiabank (Barbados) Limited Bridgetown, Barbados 307 273 BNS International (Bahamas) Limited Nassau, Bahamas 13,903 17,180 Scotiabank (Bahamas) Limited Nassau, Bahamas Scotiabank & Trust (Cayman) Ltd. Grand Cayman, Cayman Islands Grupo BNS de Costa Rica, S.A. San Jose, Costa Rica Scotiabank (Ireland) Designated Activity Company Dublin, Ireland (1) The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted. (2) The Bank of Nova Scotia Trust Company & ADS Canadian Bank amalgamated effective November 1, 2022 and continue as The Bank of Nova Scotia Trust Company. (3) Effective July 1, 2023, Scotia Holdings (U.S.) Inc. converted to a Limited Liability Company and changed its name to Scotia Holdings (USA) LLC. (4) The 2022 Scotia Capital (USA) Inc. carrying value was part of BNS Investments Inc. (5) The Bank made a capital contribution to Scotiabank Colpatria S.A. in July 2023 which increased its ownership interest to 55.98% following the subsequent issuance of additional shares. |
Summary of Non-controlling Interests | The Bank’s significant non-controlling As at and for the year ended 2023 2022 Non-controlling Non-controlling Dividends non-controlling Non-controlling Dividends paid to non-controlling Scotiabank Chile S.A. 0.21 % (1) $ 248 $ 17 $ 227 $ 27 Scotiabank Colpatria S.A. (2)(3) 44.02 % 482 – 332 12 Scotia Group Jamaica Limited 28.22 % 336 11 279 10 Scotiabank Trinidad and Tobago Limited 49.10 % 450 53 413 52 Other 0.01% 49.35% – ( 4) 223 20 273 14 Total $ 1,739 $ 101 $ 1,524 $ 115 (1) The Bank increased its ownership in Scotiabank Chile S.A. in 2022 by acquiring an additional 16.8 % stake from the primary non-controlling shareholders. Refer to Note 36 for details. The remaining non-controlling interest related primarily to non-controlling interests in Scotiabank Chile S.A. subsidiaries. (2) Non-controlling pre-agreed (3) The Bank made a capital contribution to Scotiabank Colpatria S.A. in July 2023 which increased its ownership interest to 55.98% following the subsequent issuance of additional shares. (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, 2023 As at and for the year ended October 31, 2022 ($ millions) Revenue Total Total assets Total Revenue Total Total assets Total Total $ 4,206 $ 1,929 $ 102,628 $ 91,869 $ 3,849 $ 880 $ 93,880 $ 85,754 |
Interest Income and Expense (Ta
Interest Income and Expense (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Details of Interest Income and Interest Expense from Financial Instruments | For the year ended October 31 ($ millions) 2023 2022 Interest Interest Interest Interest Measured at amortized cost (1) $ 51,013 $ 38,348 $ 31,036 $ 15,273 Measured at FVOCI (1) 3,811 – 1,537 – 54,824 38,348 32,573 15,273 Other 2,000 (2) 189 (3) 985 (2) 170 (3) Total $ 56,824 $ 38,537 $ 33,558 $ 15,443 (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 $114 (2022 – $107). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Earnings Per Share | For the year ended October 31 ($ millions) 2023 2022 Basic earnings per common share Net income attributable to common shareholders $ 6,991 $ 9,656 Weighted average number of common shares outstanding (millions) 1,197 1,199 Basic earnings per common share (1) $ 5.84 $ 8.05 Diluted earnings per common share Net income attributable to common shareholders $ 6,991 $ 9,656 Dilutive impact of share-based payment options and others (2) (36 ) 36 Net income attributable to common shareholders (diluted) $ 6,955 $ 9,692 Weighted average number of common shares outstanding (millions) 1,197 1,199 Dilutive impact of share-based payment options and others (2) 7 9 Weighted average number of diluted common shares outstanding (millions) 1,204 1,208 Diluted earnings per common share (1) $ 5.78 $ 8.02 (1) Earnings per share calculations are based on full dollar and share amounts. (2) Certain 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, 2023 | |
Text Block [Abstract] | |
Schedule of Various Guarantees and Indemnifications | (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: 2023 2022 As at October 31 ($ millions) Maximum potential (1) Maximum potential (1) Standby letters of credit and letters of guarantee $ 48,417 $ 41,977 Liquidity facilities 7,060 6,361 Indemnifications 940 926 (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) 2023 2022 Commercial letters of credit $ 695 $ 1,219 Commitments to extend credit (1) Original term to maturity of one year or less 61,338 81,641 Original term to maturity of more than one year 222,705 186,067 Securities lending 56,174 52,178 Securities purchase and other commitments 736 1,105 Total $ 341,648 $ 322,210 (1) Includes liquidity facilities, and excludes commitments which are unconditionally cancellable at the Bank’s discretion at any time. |
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) 2023 2022 Assets pledged to: Bank of Canada (1) $ 133 $ 168 Foreign governments and central banks (1) 763 2,015 Clearing systems, payment systems and depositories (1) 1,810 1,628 Assets pledged in relation to exchange-traded derivative transactions 8,403 8,972 Assets pledged in relation to over-the-counter 26,871 29,658 Assets pledged as collateral related to securities borrowing and lending 150,698 133,363 Assets pledged in relation to covered bond program (Note 15) (2) 51,538 51,446 Assets pledged in relation to other securitization programs (Note 15) 3,169 1,397 Assets pledged under CMHC programs (Note 14) 22,108 24,886 Other 521 969 Total assets pledged $ 266,014 $ 254,502 Obligations related to securities sold under repurchase agreements 140,296 122,552 Total (3) $ 406,310 $ 377,054 (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 used for securities lending transactions. (3) 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, 2023 | |
Statement [Line Items] | |
Summary of Credit Risk Exposures | As at October 31 ($ millions) 2023 2022 Revised Basel III (1) Basel III Exposure at default (2) Category Drawn (3) Undrawn Other exposures (4) Total Total By counterparty type Non-retail IRB portfolio Corporate $ 227,187 $ 80,691 $ 83,697 $ 391,575 $ 453,426 Bank 17,928 12,865 24,303 55,096 37,425 Sovereign 239,626 2,886 10,781 253,293 234,156 484,741 96,442 118,781 699,964 725,007 Standardized portfolio Corporate 45,471 7,082 5,706 58,259 59,866 Bank 2,096 23 776 2,895 3,788 Sovereign 25,244 174 104 25,522 8,983 72,811 7,279 6,586 86,676 72,637 Total non-retail $ 557,552 $ 103,721 $ 125,367 $ 786,640 $ 797,644 Retail IRB portfolio Real estate secured $ 236,785 $ 51,874 $ – $ 288,659 $ 254,568 Qualifying revolving 16,187 42,492 – 58,679 46,435 Other retail 34,449 4,824 – 39,273 37,910 287,421 99,190 – 386,611 338,913 Standardized portfolio Real estate secured 64,888 108 – 64,996 63,054 Other retail 51,326 9,056 58 60,440 48,089 116,214 9,164 58 125,436 111,143 Total retail $ 403,635 $ 108,354 $ 58 $ 512,047 $ 450,056 Total $ 961,187 $ 212,075 $ 125,425 $ 1,298,687 $ 1,247,700 By geography (5) Canada $ 575,320 $ 152,872 $ 37,813 $ 766,005 $ 710,049 United States 137,284 35,009 51,281 223,574 247,672 Chile 58,905 3,491 4,337 66,733 60,528 Mexico 56,227 3,007 3,062 62,296 50,793 Peru 26,642 2,358 3,467 32,467 32,176 Colombia 14,212 1,505 1,116 16,833 13,291 Other International Europe 19,474 6,347 17,460 43,281 46,156 Caribbean 30,498 2,237 1,239 33,974 32,057 Latin America (other) 18,084 1,518 2,070 21,672 20,890 All other 24,541 3,731 3,580 31,852 34,088 Total $ 961,187 $ 212,075 $ 125,425 $ 1,298,687 $ 1,247,700 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) 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 net of collateral amounts treated under the Comprehensive Approach. (3) Non-retail drawn includes loans, acceptances, deposits with financial institutions and FVOCI debt securities. Retail drawn includes residential mortgages, credit cards, lines of credit, and other personal loans. (4) Other exposures include off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations (2023 excluding first loss of $4 million (5) Geographic segmentation is based upon the location of the ultimate risk of the credit exposure. |
Summary of Subject to Market and Credit Risk With a Reconcilation | Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2023 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 86,883 $ – $ – $ – $ – $ – $ – $ – $ 3,429 $ 90,312 Precious metals – – – – – – – 937 – 937 Trading assets Securities – – – – – – – 107,614 (2 ) 107,612 Loans 584 – – – – – 433 6,960 – 7,544 Other – – – – – – – 2,712 – 2,712 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 199,325 – – – – – 199,325 Derivative financial instruments – – – – 51,340 – 36,512 – – 51,340 Investment securities 117,172 – – – – 4,022 – – (2,957 ) 118,237 Loans: Residential mortgages (2) 65,381 278,688 – – – – – – 113 344,182 Personal loans 800 99,214 4,156 – – – – – – 104,170 Credit cards – 14,100 251 – – – – – 2,758 17,109 Business & government 264,824 11,690 15,479 – – – – – (171 ) 291,822 Allowances for credit losses (3) (474 ) (975 ) – – – – – – (4,923 ) (6,372 ) Customers’ liability under acceptances 18,718 – – – – – – – (90 ) 18,628 Property and equipment – – – – – – – – 5,642 5,642 Investment in associates – – – – – 59 – – 1,866 1,925 Goodwill and other intangibles assets – – – – – – – – 17,193 17,193 Other (including Deferred tax assets) 7,129 1,170 – 237 – – – – 29,935 38,471 Total $ 561,017 $ 403,887 $ 19,886 $ 199,562 $ 51,340 $ 4,081 $ 36,945 $ 118,223 $ 52,793 $ 1,410,789 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $60.2 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages. (3) Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. Credit Risk Exposures Other Exposures Drawn Other Exposures Market Risk Exposures As at October 31, 2022 ($ millions) Non-retail Retail Securitization Repo-style OTC Equity Also All Other (1) Total Cash and deposits with financial institutions $ 62,551 $ – $ – $ – $ – $ – $ – $ – $ 3,344 $ 65,895 Precious metals – – – – – – – 543 – 543 Trading assets Securities (4 ) – – – – – – 103,551 – 103,547 Loans 408 – – – – – 367 7,403 – 7,811 Other – – – – – – – 1,796 – 1,796 Financial assets designated at fair value through profit or loss – – – – – – – – – – Securities purchased under resale agreements and securities borrowed – – – 175,313 – – – – – 175,313 Derivative financial instruments – – – – 55,699 – 43,436 – – 55,699 Investment securities 108,516 – – – – 5,081 – – (3,589 ) 110,008 Loans: Residential mortgages (2) 76,607 272,588 – – – – – – 84 349,279 Personal loans – 96,074 3,350 – – – – – 7 99,431 Credit cards – 13,126 372 – – – – – 1,020 14,518 Business & government 267,921 10,395 9,675 – – – – – (884 ) 287,107 Allowances for credit losses (3) (514 ) (817 ) – – – – – – (4,017 ) (5,348 ) Customers’ liability under acceptances 19,525 – – – – – – – (31 ) 19,494 Property and equipment – – – – – – – – 5,700 5,700 Investment in associates – – – – – 56 – – 2,577 2,633 Goodwill and other intangibles assets – – – – – – – – 16,833 16,833 Other (including Deferred tax assets) 2,401 991 – 106 – – – – 35,661 39,159 Total $ 537,411 $ 392,357 $ 13,397 $ 175,419 $ 55,699 $ 5,137 $ 43,803 $ 113,293 $ 56,705 $ 1,349,418 (1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks. (2) Includes $75.8 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages. (3) Amounts for AIRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. |
Summary of Cross Referencing of Internal Ratings to External Ratings | The following table cross references the Bank’s internal borrower grades with equivalent ratings categories utilized by external rating agencies: Cross referencing of internal ratings to external ratings (1) Equivalent External Rating S&P Moody’s DBRS Internal Grade Internal Grade Code PD Range (2) AAA to AA+ Aaa to Aa1 AAA to AA (high) 99 – 98 0.0000% – 0.0551% AA to A+ Aa2 to A1 AA to A (high) 95 0.0551% – 0.0651% A to A- A2 to A3 A to A (low) Investment grade 90 0.0651% – 0.0748% BBB+ Baa1 BBB (high) 87 0.0748% – 0.1028% BBB Baa2 BBB 85 0.1028% – 0.1552% BBB- Baa3 BBB (low) 83 0.1552% – 0.2151% BB+ Ba1 BB (high) 80 0.2151% – 0.2983% BB Ba2 BB 77 0.2983% – 0.5617% BB- Ba3 BB (low) Non-Investment grade 75 0.5617% – 1.1570% B+ B1 B (high) 73 1.1570% – 1.9519% B to B- B2 to B3 B to B (low) 70 1.9519% – 4.7225% CCC+ Caa1 – 65 4.7225% – 12.1859% CCC Caa2 – Watch list 60 12.1859% – 23.8197% CCC- to CC Caa3 to Ca – 40 23.8197% – 42.1638% – – – 30 42.1638% – 100.0000% Default Default 21 100% (1) Applies to non-retail (2) PD Ranges as at October 31, 2023. The Range does not include the upper boundary for the row. |
Summary of Interest Rate Sensitivity | Based on the Bank’s interest rate positions, the following table shows the pro-forma pre-tax As at October 31 ($ millions) 2023 2022 Net interest income Economic value of equity Canadian Other Total Canadian Other Total Net interest Economic value 100 bp increase $ (206 ) $ 107 $ (99 ) $ (532 ) $ (724 ) $ (1,256 ) $ (340 ) $ (2,021 ) 100 bp decrease $ 196 $ (128 ) $ 68 $ 307 $ 517 $ 824 $ 326 $ 1,659 |
Summary of VaR by Risk Factor | For the year ended October 31, 2023 ($ millions) As at October 31, 2023 Average High Low As at October 31, 2022 Credit spread plus interest rate $ 12.9 $ 14.4 $ 24.1 $ 9.0 $ 9.3 Credit spread 8.1 7.9 16.3 3.8 7.7 Interest rate 11.5 12.1 21.9 7.5 8.4 Equities 4.9 4.1 7.8 2.5 3.4 Foreign exchange 3.0 3.3 8.8 0.9 1.5 Commodities 2.9 4.7 8.1 2.3 5.2 Debt specific 3.7 3.6 4.8 2.4 4.6 Diversification effect (13.5 ) (14.4 ) n/a n/a (10.6 ) All-Bank $ 13.9 $ 15.7 $ 25.2 $ 11.0 $ 13.4 All-Bank $ 44.8 $ 39.4 $ 87.3 $ 13.4 $ 27.4 |
Summary of Market Risk Capital Requirements | Below are the market risk capital requirements as at October 31, 2023. ($ millions) 2023 2022 All-Bank $ 141 $ 131 All-Bank 390 324 Incremental risk charge 315 Standardized approach 117 Total market risk capital $ 963 $ (1) (1) Equates to $12,040 million of risk-weighted assets (October 31, 2022 – $10,820 million). |
AIRB portfolio [member] | |
Statement [Line Items] | |
Summary of Credit Risk Exposures | The credit quality of the non-retail 2023 2022 Revised Basel III (1) Basel III Exposure at Default (2) As at October 31 ($ millions) Category of internal grades IG Code Drawn Undrawn Other exposures (3) Total Total Investment grade 99 $ 143,049 $ 1,285 $ 27,321 $ 171,655 $ 138,564 95 35,677 10,716 21,186 67,579 70,575 90 24,561 13,302 25,381 63,244 78,215 87 36,090 16,675 16,517 69,282 85,188 85 34,443 14,386 9,876 58,705 73,091 83 54,334 16,342 6,967 77,643 78,869 Non-Investment 80 40,535 10,389 4,044 54,968 52,857 77 27,155 6,336 3,673 37,164 36,288 75 18,824 4,769 2,698 26,291 25,712 73 8,022 1,542 451 10,015 7,848 70 2,481 452 293 3,226 2,592 Watch list 65 775 126 307 1,208 395 60 1,137 79 9 1,225 788 40 165 17 21 203 881 30 100 5 1 106 54 Default 21 952 21 36 1,009 1,220 Total $ 428,300 $ 96,442 $ 118,781 $ 643,523 $ 653,137 Government guaranteed residential mortgages (4) 56,441 – – 56,441 71,867 Total $ 484,741 $ 96,442 $ 118,781 $ 699,964 $ 725,004 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) After credit risk mitigation. ( 3 Includes off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations (excluding first loss protection ) , derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements and securities lending and borrowing), net of related collateral. ( 4 These exposures are classified as sovereign exposures and are included in the non-retail category. |
Summary of Risk Categories of Borrower by Probability Of Default | The data in the table below provides a distribution of the retail AIRB exposures within each PD range by asset class: As at October 31 ($ millions) 2023 2022 Revised Basel III (1) Basel III Exposure at default (2) Real estate secured Category of (PD) grades PD range Mortgages HELOC Qualifying Other retail Total Total Exceptionally Low (3) 0.0000% – 0.0499% $ – $ – $ – $ – $ – $ 102,039 Very Low 0.0500% – 0.1999% 159,633 68,050 35,140 6,586 269,409 118,374 Low 0.2000% – 0.9999% 43,171 5,154 11,724 20,421 80,470 84,843 Medium Low 1.0000% – 2.9999% 9,284 – 7,963 6,983 24,230 22,248 Medium 3.0000% – 9.9999% 1,073 535 2,106 3,792 7,506 8,654 High 10.0000% – 19.9999% 479 112 1,204 87 1,882 1,123 Extremely High 20.0000% – 99.9999% 663 101 451 1,148 2,363 1,163 Default 100% 316 88 91 256 751 469 Total $ 214,619 $ 74,040 $ 58,679 $ 39,273 $ 386,611 $ 338,913 (1) Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. (2) After credit risk mitigation. (3) OSFI has revised the Retail Probablility of Default floor from 0.03% to 0.05% in 2023, under the Revised Basel III framework. |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) Segments | Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | |
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 | $ 6,611 | $ 5,487 | $ 5,728 |
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% | ||
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% | ||
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) - CDOR [Member] - Fair value hedges [member] - Maturity after June 28, 2024 [Member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Non derivative financial assets [Member] | |||
Nonderivative financial assets and financial liabilities [Line Items] | |||
Non-derivative financial assets | [1] | $ 45,512 | $ 24,146 |
Non derivative financial liabilities [Member] | |||
Nonderivative financial assets and financial liabilities [Line Items] | |||
Non-derivative financial liabilities | [2] | $ 40,644 | $ 24,256 |
[1]Non derivative financial assets include carrying amounts of debt securities, loans and customer’s liability under acceptances (debt securities, loans and customer’s liability under acceptances measured at amortized cost are gross of allowance for credit losses).[2]Non-derivative financial liabilities include carrying amounts of deposits, acceptances, obligations related to securities sold short, subordinated debentures and other liabilities. |
Interest Rate Benchmark Refor_3
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, 2023 | Oct. 31, 2022 | ||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | ||||
Notional amount | $ 8,014,739 | [1] | $ 7,597,195 | |
Single currency interest rate swaps [member] | CDOR [Member] | Maturity after June 28, 2024 [Member] | ||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | ||||
Notional amount | [2] | 1,264,325 | 1,025,373 | |
Cross currency interest rate swaps [member] | CDOR [Member] | Maturity after June 28, 2024 [Member] | ||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | ||||
Notional amount | [2] | 122,729 | 122,718 | |
Other [member] | CDOR [Member] | Maturity after June 28, 2024 [Member] | ||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | ||||
Notional amount | [3] | 23,811 | 3,574 | |
Undrawn commitments [member] | CDOR [Member] | Maturity after June 28, 2024 [Member] | ||||
Details Of Notional Balance Of The Banks Derivative Exposures And Undrawn Commitments To Significant Ibors [Line Items] | ||||
Notional amount | $ 22,265 | $ 4,787 | ||
[1]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022.[2]For single currency and/or cross currency interest rate swaps, where both legs are referencing rates directly impacted by the interest rate benchmark reform, the relevant notional amount for both legs are included to reflect the risks relating to the reform for each rate.[3]Other derivatives include futures, total return swaps and options. |
Interest Rate Benchmark Refor_4
Interest Rate Benchmark Reform - Disclosure of Bank's IBOR exposure to hedging derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Hedging derivative [member] | CDOR [Member] | Maturity after June 28, 2024 [Member] | |||
Disclosure Of Banks IBOR Exposure To Hedging Derivatives [Line Items] | |||
Hedging instruments notional amount | [1],[2] | $ 114,113 | $ 109,253 |
[1]For cross currency swaps where a CAD float leg is inserted to create two separate hedging instruments, the relevant notional amount for both instruments are included in the table.[2]For single currency interest rate swaps, where both legs are referencing rates directly impacted by the interest rate benchmark reform, the relevant notional amount for both legs are included to reflect the risks relating to the reform for each rate. |
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, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of Cash And Cash Equivalents [abstract] | ||||
Cash and non-interest-bearing deposits with financial institutions | [1] | $ 10,173 | $ 11,065 | $ 9,693 |
Interest-bearing deposits with financial institutions | 80,139 | 54,830 | ||
Total | [2] | $ 90,312 | $ 65,895 | |
[1]Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 6).[2]Net of allowances of $7 (2022 – $4). |
Cash and Deposits with Financ_4
Cash and Deposits with Financial Institutions - Summary of Cash and Deposits with Financial Institutions (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Cash And Deposits With Financial Institutions [member] | ||
Cash And Cash Equivalents And Short-term Deposits [line items] | ||
Net of allowances | $ 7 | $ 4 |
Cash and Deposits with Financ_5
Cash and Deposits with Financial Institutions - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Mandatory Reserve Deposits At Central Banks [abstract] | ||
Cash balances required to maintain with central banks, other regulatory authorities and certain counterparties | $ 5,758 | $ 5,958 |
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, 2023 | Oct. 31, 2022 | |
Assets: | |||
Cash and deposits with financial institutions | [1] | $ 90,312 | $ 65,895 |
Trading assets | 117,868 | 113,154 | |
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |
Derivative financial instruments | 51,340 | 55,699 | |
Customers' liability under acceptances | [2],[3] | 18,628 | 19,494 |
Liabilities: | |||
Deposits | [4] | 952,333 | 916,181 |
Financial instruments designated at fair value through profit or loss | 26,779 | 22,421 | |
Acceptances | 18,718 | 19,525 | |
Obligations related to securities sold short | 36,403 | 40,449 | |
Derivative financial instruments | 58,660 | 65,900 | |
Obligations related to securities sold under repurchase agreements and securities lent | 160,007 | 139,025 | |
Subordinated debentures | 9,693 | 8,469 | |
Gross carrying amount [member] | |||
Assets: | |||
Cash and deposits with financial institutions | 90,312 | 65,895 | |
Trading assets | 117,868 | 113,154 | |
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |
Derivative financial instruments | 51,340 | 55,699 | |
Investment securities - FVOCI and FVTPL | 86,253 | 86,398 | |
Investment securities - Amortized cost | 31,984 | 23,610 | |
Loans | 750,911 | 744,987 | |
Customers' liability under acceptances | 18,628 | 19,494 | |
Other financial assets | 26,677 | 27,394 | |
Liabilities: | |||
Deposits | 952,333 | 916,181 | |
Financial instruments designated at fair value through profit or loss | 26,779 | 22,421 | |
Acceptances | 18,718 | 19,525 | |
Obligations related to securities sold short | 36,403 | 40,449 | |
Derivative financial instruments | 58,660 | 65,900 | |
Obligations related to securities sold under repurchase agreements and securities lent | 160,007 | 139,025 | |
Subordinated debentures | 9,693 | 8,469 | |
Other financial liabilities | 51,215 | 46,682 | |
At fair value [member] | |||
Assets: | |||
Cash and deposits with financial institutions | 90,312 | 65,895 | |
Trading assets | 117,868 | 113,154 | |
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |
Derivative financial instruments | 51,340 | 55,699 | |
Investment securities - FVOCI and FVTPL | 86,253 | 86,398 | |
Investment securities - Amortized cost | 29,816 | 22,443 | |
Loans | 736,366 | 729,149 | |
Customers' liability under acceptances | 18,628 | 19,494 | |
Other financial assets | 26,677 | 27,394 | |
Liabilities: | |||
Deposits | 942,112 | 904,033 | |
Financial instruments designated at fair value through profit or loss | 26,779 | 22,421 | |
Acceptances | 18,718 | 19,525 | |
Obligations related to securities sold short | 36,403 | 40,449 | |
Derivative financial instruments | 58,660 | 65,900 | |
Obligations related to securities sold under repurchase agreements and securities lent | 160,007 | 139,025 | |
Subordinated debentures | 9,358 | 8,038 | |
Other financial liabilities | $ 49,276 | $ 45,723 | |
[1]Net of allowances of $7 (2022 – $4).[2]0.6% of acceptances reside outside Canada (October 31, 2022 – 0.4%).[3]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[4]Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817). |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Assets: | |||
Precious metals | $ 937 | $ 543 | |
Trading assets | |||
Loans | [1],[2] | 7,544 | 7,811 |
Securities | 107,612 | 103,547 | |
Other | 2,712 | 1,796 | |
Derivative financial instruments | |||
Derivative Financial Assets | 51,340 | 55,699 | |
Liabilities: | |||
Deposits | [3] | 952,333 | 916,181 |
Financial liabilities designated at fair value through profit or loss | 26,779 | 22,421 | |
Subordinated debentures | 9,693 | 8,469 | |
Obligations related to securities sold short | 36,403 | 40,449 | |
Other liabilities | 69,529 | 62,699 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 58,660 | 65,900 | |
Canadian provincial and municipal debt [member] | |||
Trading assets | |||
Securities | 9,453 | 10,277 | |
Recurring fair value measurement [member] | IFRS9 [member] | |||
Assets: | |||
Precious metals | [4] | 937 | 543 |
Trading assets | |||
Assets | 117,868 | 113,154 | |
Investment securities | |||
Investment securities | [5] | 86,253 | 86,398 |
Derivative financial instruments | |||
Derivative Financial Assets | 51,340 | 55,699 | |
Liabilities: | |||
Deposits | [6] | (95) | 15 |
Financial liabilities designated at fair value through profit or loss | 26,779 | 22,421 | |
Obligations related to securities sold short | 36,403 | 40,449 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 58,660 | 65,900 | |
Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||
Trading assets | |||
Loans | 7,544 | 7,811 | |
Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 17,369 | 14,734 | |
Investment securities | |||
Investment securities | [5] | 12,387 | 11,002 |
Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 9,453 | 10,277 | |
Investment securities | |||
Investment securities | [5] | 7,146 | 5,429 |
Recurring fair value measurement [member] | U.S. treasury and other U.S. agencies debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 11,218 | 11,957 | |
Investment securities | |||
Investment securities | [5] | 28,698 | 35,236 |
Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 10,645 | 8,302 | |
Investment securities | |||
Investment securities | [5] | 31,418 | 27,704 |
Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 11,179 | 11,344 | |
Investment securities | |||
Investment securities | [5] | 2,552 | 1,962 |
Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 47,748 | 46,933 | |
Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||
Trading assets | |||
Other | 2,712 | 1,796 | |
Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [5] | 4,052 | 5,065 |
Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 15,942 | 15,210 | |
Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 29,467 | 32,223 | |
Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 3,147 | 2,561 | |
Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 344 | 780 | |
Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 2,440 | 4,925 | |
Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 25,081 | 22,854 | |
Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 28,013 | 35,634 | |
Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 3,258 | 3,720 | |
Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 28 | 25 | |
Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 2,280 | 3,667 | |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Loans | [7],[8] | 415,738 | 407,267 |
Liabilities: | |||
Deposits | [7],[8] | 425,251 | 365,134 |
Subordinated debentures | [8] | 9,358 | 8,038 |
Other liabilities | [8] | 24,651 | 24,009 |
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 | [8] | 29,816 | 22,443 |
Level 1 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||
Trading assets | |||
Assets | 81,398 | 75,475 | |
Investment securities | |||
Investment securities | [5] | 40,964 | 45,855 |
Derivative financial instruments | |||
Derivative Financial Assets | 54 | 332 | |
Liabilities: | |||
Obligations related to securities sold short | 29,921 | 35,059 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 135 | 636 | |
Level 1 [member] | Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 13,766 | 10,139 | |
Investment securities | |||
Investment securities | [5] | 7,674 | 4,947 |
Level 1 [member] | Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 5,299 | 4,299 | |
Investment securities | |||
Investment securities | [5] | 3,695 | 2,029 |
Level 1 [member] | Recurring fair value measurement [member] | U.S. treasury and other U.S. agencies debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 11,218 | 11,957 | |
Investment securities | |||
Investment securities | [5] | 25,058 | 32,412 |
Level 1 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 19 | 15 | |
Investment securities | |||
Investment securities | [5] | 2,527 | 3,217 |
Level 1 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 3,431 | 2,367 | |
Investment securities | |||
Investment securities | [5] | 40 | |
Level 1 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 47,665 | 46,698 | |
Level 1 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [5] | 2,010 | 3,210 |
Level 1 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 54 | 332 | |
Level 1 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 135 | 636 | |
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 | [8] | 1,627 | 2,086 |
Level 2 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||
Assets: | |||
Precious metals | [4] | 937 | 543 |
Trading assets | |||
Assets | 36,450 | 37,667 | |
Investment securities | |||
Investment securities | [5] | 43,540 | 38,855 |
Derivative financial instruments | |||
Derivative Financial Assets | 51,245 | 55,317 | |
Liabilities: | |||
Deposits | [6] | (95) | 15 |
Financial liabilities designated at fair value through profit or loss | 26,779 | 22,421 | |
Obligations related to securities sold short | 6,482 | 5,387 | |
Derivative financial instruments | |||
Derivative Financial Liabilities | 58,499 | 65,224 | |
Level 2 [member] | Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||
Trading assets | |||
Loans | 7,540 | 7,811 | |
Level 2 [member] | Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 3,603 | 4,595 | |
Investment securities | |||
Investment securities | [5] | 4,713 | 6,055 |
Level 2 [member] | Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 4,154 | 5,978 | |
Investment securities | |||
Investment securities | [5] | 3,451 | 3,400 |
Level 2 [member] | Recurring fair value measurement [member] | U.S. treasury and other U.S. agencies debt [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [5] | 3,640 | 2,824 |
Level 2 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 10,626 | 8,287 | |
Investment securities | |||
Investment securities | [5] | 28,891 | 24,487 |
Level 2 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 7,748 | 8,976 | |
Investment securities | |||
Investment securities | [5] | 2,512 | 1,874 |
Level 2 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 67 | 224 | |
Level 2 [member] | Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||
Trading assets | |||
Other | 2,712 | 1,796 | |
Level 2 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [5] | 333 | 215 |
Level 2 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 15,942 | 15,193 | |
Level 2 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 29,465 | 32,223 | |
Level 2 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 3,066 | 2,209 | |
Level 2 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 342 | 780 | |
Level 2 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 2,430 | 4,912 | |
Level 2 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 25,079 | 22,842 | |
Level 2 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 28,013 | 35,634 | |
Level 2 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 3,106 | 3,063 | |
Level 2 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 27 | 25 | |
Level 2 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 2,274 | 3,660 | |
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 | [7],[8] | 425,251 | 365,134 |
Subordinated debentures | [8] | 9,358 | 8,038 |
Other liabilities | [8] | 24,651 | 23,679 |
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 | [8] | 28,189 | 20,357 |
Level 3 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||
Trading assets | |||
Assets | 20 | 12 | |
Investment securities | |||
Investment securities | [5] | 1,749 | 1,688 |
Derivative financial instruments | |||
Derivative Financial Assets | 41 | 50 | |
Liabilities: | |||
Obligations related to securities sold short | 3 | ||
Derivative financial instruments | |||
Derivative Financial Liabilities | 26 | 40 | |
Level 3 [member] | Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||
Trading assets | |||
Loans | 4 | ||
Level 3 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 1 | ||
Investment securities | |||
Investment securities | [5] | 40 | 48 |
Level 3 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Trading assets | |||
Securities | 16 | 11 | |
Level 3 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||
Investment securities | |||
Investment securities | [5] | 1,709 | 1,640 |
Level 3 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 17 | ||
Level 3 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 2 | ||
Level 3 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 27 | 20 | |
Level 3 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 2 | ||
Level 3 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Assets | 10 | 13 | |
Level 3 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 2 | 12 | |
Level 3 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 17 | 21 | |
Level 3 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 1 | ||
Level 3 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||
Derivative financial instruments | |||
Derivative Financial Liabilities | 6 | 7 | |
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 | [7],[8] | $ 415,738 | 407,267 |
Liabilities: | |||
Other liabilities | [8] | $ 330 | |
[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]Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817).[4]The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.[5]Excludes debt investment securities measured at amortized cost of $31,984 (October 31, 2022 – $23,610).[6]These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.[7]Represents fixed rate instruments.[8]Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Gross carrying amount [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Investment securities measured at amortized cost | $ 31,984 | $ 23,610 |
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, 2023 | Oct. 31, 2022 | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | $ 1,707 | |||
Gains/(losses) recorded in income | 45 | |||
Gains/(losses) recorded in OCI | 16 | |||
Purchases/ Issuances | 234 | |||
Sales/ Settlements | (174) | |||
Transfers into/out of Level 3 | (44) | |||
Fair value, ending balance | 1,784 | $ 1,707 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | 48 | ||
Derivative financial instruments [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 10 | |||
Gains/(losses) recorded in income | (11) | |||
Purchases/ Issuances | (7) | |||
Sales/ Settlements | (1) | |||
Transfers into/out of Level 3 | 24 | |||
Fair value, ending balance | 15 | 10 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | (10) | ||
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] | ||||
Fair value, beginning balance | (139) | |||
Gains/(losses) recorded in income | [2] | 23 | ||
Purchases/ Issuances | (22) | |||
Sales/ Settlements | 12 | |||
Transfers into/out of Level 3 | 126 | |||
Obligations related to securities sold short [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | (3) | |||
Purchases/ Issuances | (2) | |||
Sales/ Settlements | 3 | 3 | ||
Transfers into/out of Level 3 | (4) | |||
Fair value, ending balance | (3) | |||
Trading assets [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 12 | 41 | ||
Gains/(losses) recorded in income | [2] | (2) | ||
Purchases/ Issuances | 8 | 3 | ||
Sales/ Settlements | (33) | (32) | ||
Transfers into/out of Level 3 | 33 | 2 | ||
Fair value, ending balance | 20 | 12 | ||
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 | 1 | |||
Transfers into/out of Level 3 | (1) | |||
Fair value, ending balance | 1 | |||
Trading assets [member] | Equity securities [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 11 | |||
Purchases/ Issuances | 3 | |||
Sales/ Settlements | (33) | |||
Transfers into/out of Level 3 | 35 | |||
Fair value, ending balance | 16 | 11 | ||
Trading assets [member] | Trading loans [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Purchases/ Issuances | 5 | |||
Transfers into/out of Level 3 | (1) | |||
Fair value, ending balance | 4 | |||
Investment securities [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 1,688 | 1,348 | ||
Gains/(losses) recorded in income | 56 | 282 | [2] | |
Gains/(losses) recorded in OCI | 16 | (1) | ||
Purchases/ Issuances | 233 | 363 | ||
Sales/ Settlements | (143) | (231) | ||
Transfers into/out of Level 3 | (101) | (73) | ||
Fair value, ending balance | 1,749 | 1,688 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | 58 | ||
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 | 48 | |||
Gains/(losses) recorded in income | (3) | |||
Gains/(losses) recorded in OCI | 3 | |||
Sales/ Settlements | (8) | |||
Fair value, ending balance | 40 | 48 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | (3) | ||
Investment securities [member] | Equity securities [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 1,640 | |||
Gains/(losses) recorded in income | 59 | |||
Gains/(losses) recorded in OCI | 13 | |||
Purchases/ Issuances | 233 | |||
Sales/ Settlements | (135) | |||
Transfers into/out of Level 3 | (101) | |||
Fair value, ending balance | 1,709 | 1,640 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | 61 | ||
Derivative financial assets [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 10 | 1 | ||
Gains/(losses) recorded in income | [2] | (8) | ||
Purchases/ Issuances | 4 | |||
Transfers into/out of Level 3 | 13 | |||
Fair value, ending balance | 10 | |||
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 | 17 | |||
Gains/(losses) recorded in income | (2) | |||
Purchases/ Issuances | 3 | |||
Sales/ Settlements | (6) | |||
Transfers into/out of Level 3 | (12) | |||
Fair value, ending balance | 17 | |||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | (2) | ||
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 | 20 | |||
Gains/(losses) recorded in income | (3) | |||
Purchases/ Issuances | 6 | |||
Sales/ Settlements | (1) | |||
Transfers into/out of Level 3 | 5 | |||
Fair value, ending balance | 27 | 20 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1],[3] | (2) | ||
Derivative financial assets [member] | Commodity Contracts [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | 13 | |||
Gains/(losses) recorded in income | (3) | |||
Fair value, ending balance | 10 | 13 | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | (3) | ||
Derivative financial assets [member] | Credit Contracts [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Gains/(losses) recorded in income | (2) | |||
Purchases/ Issuances | 4 | |||
Fair value, ending balance | 2 | |||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | (2) | ||
Derivative financial assets [member] | Foreign exchange and gold contracts [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Purchases/ Issuances | 2 | |||
Fair value, ending balance | 2 | |||
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 | (12) | |||
Purchases/ Issuances | (2) | |||
Sales/ Settlements | 3 | |||
Transfers into/out of Level 3 | 9 | |||
Fair value, ending balance | (2) | (12) | ||
Commodity Contracts [member] | Derivative financial liabilities [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Fair value, beginning balance | (7) | |||
Gains/(losses) recorded in income | 1 | |||
Fair value, ending balance | (6) | (7) | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | 1 | ||
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 | (21) | |||
Gains/(losses) recorded in income | (3) | |||
Purchases/ Issuances | (18) | |||
Sales/ Settlements | 3 | |||
Transfers into/out of Level 3 | 22 | |||
Fair value, ending balance | (17) | $ (21) | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1],[3] | (3) | ||
Credit Contracts [member] | Derivative financial liabilities [member] | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | ||||
Gains/(losses) recorded in income | 1 | |||
Purchases/ Issuances | (2) | |||
Fair value, ending balance | (1) | |||
Change in unrealized gains/(losses)recorded in income for instruments still held | [1] | $ 1 | ||
[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]Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.[3]Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities. |
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, 2023 | ||
Market comparable [Member] | Private equity securities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Valuation technique | Market comparable | [1] |
Significant unobservable inputs | General Partner valuations per net asset value | [1] |
Range of estimates | 95% - 97% | [1],[2] |
Market comparable [Member] | Private equity securities 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Valuation technique | Market comparable | [1] |
Significant unobservable inputs | Price earnings (P/E)multiples | [1] |
Range of estimates | 3% - 5% | [1],[2] |
Changes in fair value from reasonably possible alternatives | (65)/65 | [1] |
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 | 42% - 263% | [2] |
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% - 89% | [2] |
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 | (13%) - 96% | [2] |
Changes in fair value from reasonably possible alternatives | (5)/5 | |
Discounted cash flow [member] | Commodity contracts [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Valuation technique | Discounted cash flow | |
Significant unobservable inputs | Forward curves | |
Range of estimates | 6% - 15% | [2] |
Changes in fair value from reasonably possible alternatives | (5)/5 | |
[1]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.[2]The range of estimates represents the actual lowest and highest level inputs used to fair value financial instruments within each financial statement category. |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
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 | $ 114 | $ 40 |
Liabilities transferred out of level one into level two | 169 | 867 |
Investment In Equity Securities [Member] | Level 2 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transferred out of level three into level two | 101 | |
Trading assets [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets transferred out of level two into level one | 1,413 | 705 |
Assets transferred out of level one into level two | 758 | 2,099 |
Investment securities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Assets transferred out of level two into level one | 1,204 | 401 |
Assets transferred out of level one into level two | $ 752 | 491 |
Investments in other foreign governments debt [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transferred out of level three into level two | 77 | |
Financial instruments designated at fair value through profit or loss [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Transferred out of level three into level two | $ 126 |
Trading Assets - Summary of Ana
Trading Assets - Summary of Analysis of Carrying Value of Trading Securities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Total trading securities | $ 107,612 | $ 103,547 |
Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 17,369 | 14,734 |
Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 9,453 | 10,277 |
U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 11,218 | 11,957 |
Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 10,645 | 8,302 |
Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 47,625 | 46,753 |
Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 11,302 | 11,524 |
Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 61,408 | 57,879 |
U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 29,338 | 30,179 |
Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,903 | 4,657 |
Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 11,963 | 10,832 |
Within 3 months [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 8,722 | 7,344 |
Within 3 months [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,736 | 1,072 |
Within 3 months [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,938 | 1,906 |
Within 3 months [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,337 | 1,216 |
Within 3 months [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,437 | 2,610 |
Within 3 months [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 274 | 540 |
Within 3 months [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,784 | 3,274 |
Within 3 months [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,709 | 1,304 |
Within 3 months [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 591 | 411 |
Within 3 months [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,638 | 2,355 |
Three to 12 months [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 13,831 | 12,907 |
Three to 12 months [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,236 | 2,581 |
Three to 12 months [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,376 | 1,839 |
Three to 12 months [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,392 | 5,224 |
Three to 12 months [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,908 | 1,643 |
Three to 12 months [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 919 | 1,620 |
Three to 12 months [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 5,178 | 5,206 |
Three to 12 months [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,568 | 5,694 |
Three to 12 months [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,097 | 1,094 |
Three to 12 months [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,988 | 913 |
One to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 21,758 | 20,274 |
One to 5 years [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 8,216 | 7,089 |
One to 5 years [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,379 | 948 |
One to 5 years [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,873 | 3,277 |
One to 5 years [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,593 | 3,545 |
One to 5 years [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 6,697 | 5,415 |
One to 5 years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 11,924 | 10,243 |
One to 5 years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 6,766 | 6,448 |
One to 5 years [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,031 | 2,891 |
One to 5 years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,037 | 692 |
Five to ten years [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 8,485 | 8,252 |
Five to ten years [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,308 | 1,934 |
Five to ten years [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,128 | 1,256 |
Five to ten years [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,973 | 2,000 |
Five to ten years [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 549 | 356 |
Five to ten years [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 2,527 | 2,706 |
Five to ten years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 4,347 | 4,336 |
Five to ten years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,404 | 3,550 |
Five to ten years [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 134 | 77 |
Five to ten years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 600 | 289 |
Over ten years [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 7,068 | 7,837 |
Over ten years [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1,873 | 2,057 |
Over ten years [member] | Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 3,632 | 4,328 |
Over ten years [member] | U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 643 | 240 |
Over ten years [member] | Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 158 | 148 |
Over ten years [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 762 | 1,064 |
Over ten years [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 6,021 | 6,859 |
Over ten years [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 890 | 836 |
Over ten years [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 18 | 64 |
Over ten years [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 139 | 78 |
No specific maturity [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 47,748 | 46,933 |
No specific maturity [member] | Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 1 | |
No specific maturity [member] | Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 47,625 | 46,753 |
No specific maturity [member] | Other trading securities [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 123 | 179 |
No specific maturity [member] | Canadian dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 30,154 | 27,961 |
No specific maturity [member] | U.S. dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 12,001 | 12,347 |
No specific maturity [member] | Mexico, Pesos [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | 32 | 120 |
No specific maturity [member] | Other currencies [member] | ||
Disclosure of financial assets [line items] | ||
Total trading securities | $ 5,561 | $ 6,505 |
Trading Assets - Summary of Geo
Trading Assets - Summary of Geographic Breakdown Trading Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | |||
Trading loans | [1],[2] | $ 7,544 | $ 7,811 |
United States [member] | |||
Disclosure of financial assets [line items] | |||
Trading loans | [1],[2],[3] | 5,844 | 6,489 |
Europe [member] | |||
Disclosure of financial assets [line items] | |||
Trading loans | [1],[2],[4] | 601 | 708 |
Canada [member] | |||
Disclosure of financial assets [line items] | |||
Trading loans | [1],[2],[4] | 1,068 | 512 |
Other Countries [member] | |||
Disclosure of financial assets [line items] | |||
Trading loans | [1],[2],[4] | $ 31 | $ 102 |
[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 $5,756 (2022 – $6,414), while the remaining relates to short-term precious metals trading and lending activities.[4]These loans are primarily related to short-term precious metals trading and lending activities. |
Trading Assets - Summary of G_2
Trading Assets - Summary of Geographic Breakdown Trading Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | |||
Trading loans | [1],[2] | $ 7,544 | $ 7,811 |
Hedge To Loan-based Credit Total Return Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Trading loans | $ 5,756 | $ 6,414 | |
[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. |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Fair value | [1] | $ 26,779 | $ 22,421 |
Change in Fair value Gains/(Losses) | [1],[2] | 762 | 8,600 |
Cumulative change in FV Gains/(Losses) | [1],[3] | $ 8,655 | $ 7,893 |
[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.[2]Change in the difference between the contractual maturity amount and the carrying value.[3]The cumulative change in fair value is measured from the instruments’ date of initial recognition. |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Contractual maturity amount | $ 35,434 | $ 30,314 | |
Carrying value | [1] | 26,779 | 22,421 |
Difference between contractual maturity amount and carrying value | 8,655 | 7,893 | |
Changes in fair value for the period attributable to changes in own credit risk recorded in other comprehensive income Gains/(Losses) | (1,338) | 1,958 | |
Cumulative changes in fair value attributable to changes in own credit risk Gains/(Losses) | [2] | $ (109) | $ 1,229 |
[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.[2]The cumulative change in fair value is measured from the instruments’ date of initial recognition. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Derivative Financial Instruments at Notional Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | $ 8,014,739 | [1] | $ 7,597,195 |
Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 6,357,806 | [1] | 6,136,865 |
Interest rate contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 445,831 | [1] | 205,283 |
Interest rate contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 55,149 | [1] | 39,321 |
Interest rate contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 62,504 | [1] | 44,567 |
Interest rate contracts [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 92,773 | [1] | 132,996 |
Interest rate contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 5,701,549 | [1] | 5,714,698 |
Interest rate contracts [member] | Exchange Traded 1 [Member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 470,447 | 205,283 | |
Interest rate contracts [member] | Exchange Traded 1 [Member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 445,831 | 205,283 | |
Interest rate contracts [member] | Exchange Traded 1 [Member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 12,829 | ||
Interest rate contracts [member] | Exchange Traded 1 [Member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 11,787 | ||
Interest rate contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 517,248 | 481,009 | |
Interest rate contracts [member] | Over the Counter1 [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 42,320 | 39,321 | |
Interest rate contracts [member] | Over the Counter1 [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 50,717 | 44,567 | |
Interest rate contracts [member] | Over the Counter1 [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 305 | ||
Interest rate contracts [member] | Over the Counter1 [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 424,211 | 396,816 | |
Interest rate contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 5,370,111 | 5,450,573 | |
Interest rate contracts [member] | Settled through central counterparties [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 92,773 | 132,691 | |
Interest rate contracts [member] | Settled through central counterparties [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 5,277,338 | 5,317,882 | |
Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 1,440,886 | [1] | 1,250,546 |
Foreign exchange and gold contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 21,336 | [1] | 14,880 |
Foreign exchange and gold contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 33,155 | [1] | 25,783 |
Foreign exchange and gold contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 37,292 | [1] | 26,716 |
Foreign exchange and gold contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 861,279 | [1] | 695,454 |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 487,824 | [1] | 487,713 |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 21,336 | 14,880 | |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 21,336 | 14,880 | |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 1,403,539 | 1,220,004 | |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 33,155 | 25,783 | |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 37,292 | 26,716 | |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 861,279 | 695,454 | |
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 471,813 | 472,051 | |
Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 16,011 | 15,662 | |
Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 16,011 | 15,662 | |
Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 216,047 | [1] | 209,784 |
Other derivative contracts [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 127,703 | [1] | 119,962 |
Other derivative contracts [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 27,961 | [1] | 27,034 |
Other derivative contracts [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 60,383 | [1] | 62,788 |
Other derivative contracts [member] | Exchange Traded 1 [Member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 86,201 | 86,913 | |
Other derivative contracts [member] | Exchange Traded 1 [Member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 54,880 | 56,472 | |
Other derivative contracts [member] | Exchange Traded 1 [Member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 31,321 | 30,441 | |
Other derivative contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 120,143 | 115,406 | |
Other derivative contracts [member] | Over the Counter1 [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 72,823 | 63,490 | |
Other derivative contracts [member] | Over the Counter1 [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 18,408 | 19,957 | |
Other derivative contracts [member] | Over the Counter1 [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 28,912 | 31,959 | |
Other derivative contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 9,703 | 7,465 | |
Other derivative contracts [member] | Settled through central counterparties [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 9,553 | 7,077 | |
Other derivative contracts [member] | Settled through central counterparties [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 150 | 388 | |
Trading derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 7,591,733 | 7,151,892 | |
Trading derivatives [member] | Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 6,098,166 | 5,850,062 | |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 470,447 | 205,283 | |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 445,831 | 205,283 | |
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 12,829 | ||
Trading derivatives [member] | Interest rate contracts [member] | Exchange Traded 1 [Member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 11,787 | ||
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 476,998 | 450,138 | |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 42,320 | 39,321 | |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 50,717 | 44,567 | |
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 305 | ||
Trading derivatives [member] | Interest rate contracts [member] | Over the Counter1 [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 383,961 | 365,945 | |
Trading derivatives [member] | Interest rate contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 5,150,721 | 5,194,641 | |
Trading derivatives [member] | Interest rate contracts [member] | Settled through central counterparties [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 92,773 | 132,691 | |
Trading derivatives [member] | Interest rate contracts [member] | Settled through central counterparties [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 5,057,948 | 5,061,950 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 1,278,338 | 1,092,919 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 21,336 | 14,880 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 21,336 | 14,880 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 1,240,991 | 1,062,377 | |
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 | 33,155 | 25,783 | |
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 | 37,292 | 26,716 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 722,095 | 576,564 | |
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 | 448,449 | 433,314 | |
Trading derivatives [member] | Foreign exchange and gold contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 16,011 | 15,662 | |
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 | 16,011 | 15,662 | |
Trading derivatives [member] | Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 215,229 | 208,911 | |
Trading derivatives [member] | Other derivative contracts [member] | Exchange Traded 1 [Member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 86,201 | 86,913 | |
Trading derivatives [member] | Other derivative contracts [member] | Exchange Traded 1 [Member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 54,880 | 56,472 | |
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 | 31,321 | 30,441 | |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 119,325 | 114,533 | |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 72,005 | 62,617 | |
Trading derivatives [member] | Other derivative contracts [member] | Over the Counter1 [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 18,408 | 19,957 | |
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 | 28,912 | 31,959 | |
Trading derivatives [member] | Other derivative contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 9,703 | 7,465 | |
Trading derivatives [member] | Other derivative contracts [member] | Settled through central counterparties [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 9,553 | 7,077 | |
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 | 150 | 388 | |
Hedging derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 423,006 | 445,303 | |
Hedging derivative [member] | Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 259,640 | 286,803 | |
Hedging derivative [member] | Interest rate contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 40,250 | 30,871 | |
Hedging derivative [member] | Interest rate contracts [member] | Over the Counter1 [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 40,250 | 30,871 | |
Hedging derivative [member] | Interest rate contracts [member] | Settled through central counterparties [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 219,390 | 255,932 | |
Hedging derivative [member] | Interest rate contracts [member] | Settled through central counterparties [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 219,390 | 255,932 | |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 162,548 | 157,627 | |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 162,548 | 157,627 | |
Hedging derivative [member] | Foreign exchange and gold contracts [member] | Over the Counter1 [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 139,184 | 118,890 | |
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 | 23,364 | 38,737 | |
Hedging derivative [member] | Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 818 | 873 | |
Hedging derivative [member] | Other derivative contracts [member] | Over the Counter1 [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | 818 | 873 | |
Hedging derivative [member] | Other derivative contracts [member] | Over the Counter1 [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amounts outstanding | $ 818 | $ 873 | |
[1]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. |
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, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | |||
Notional amount | $ 8,014,739 | [1] | $ 7,597,195 |
Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 6,357,806 | [1] | 6,136,865 |
Interest rate contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 445,831 | [1] | 205,283 |
Interest rate contracts [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 92,773 | [1] | 132,996 |
Interest rate contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 5,701,549 | [1] | 5,714,698 |
Interest rate contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 55,149 | [1] | 39,321 |
Interest rate contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 62,504 | [1] | 44,567 |
Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 1,440,886 | [1] | 1,250,546 |
Foreign exchange and gold contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 21,336 | [1] | 14,880 |
Foreign exchange and gold contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 861,279 | [1] | 695,454 |
Foreign exchange and gold contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 33,155 | [1] | 25,783 |
Foreign exchange and gold contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 37,292 | [1] | 26,716 |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 487,824 | [1] | 487,713 |
Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 216,047 | [1] | 209,784 |
Other derivative contracts [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 127,703 | [1] | 119,962 |
Other derivative contracts [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 27,961 | [1] | 27,034 |
Other derivative contracts [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 60,383 | [1] | 62,788 |
Within one year [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 3,224,592 | 3,557,670 | |
Within one year [member] | Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 2,358,991 | 2,742,713 | |
Within one year [member] | Interest rate contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 316,054 | 144,488 | |
Within one year [member] | Interest rate contracts [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 91,900 | 109,569 | |
Within one year [member] | Interest rate contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 1,887,305 | 2,458,160 | |
Within one year [member] | Interest rate contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 32,854 | 16,599 | |
Within one year [member] | Interest rate contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 30,878 | 13,897 | |
Within one year [member] | Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 718,243 | 676,371 | |
Within one year [member] | Foreign exchange and gold contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 14,793 | 7,334 | |
Within one year [member] | Foreign exchange and gold contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 204,224 | 175,690 | |
Within one year [member] | Foreign exchange and gold contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 23,978 | 18,916 | |
Within one year [member] | Foreign exchange and gold contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 28,148 | 21,698 | |
Within one year [member] | Foreign exchange and gold contracts [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 447,100 | 452,733 | |
Within one year [member] | Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 147,358 | 138,586 | |
Within one year [member] | Other derivative contracts [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 94,113 | 78,998 | |
Within one year [member] | Other derivative contracts [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 13,824 | 17,124 | |
Within one year [member] | Other derivative contracts [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 39,421 | 42,464 | |
One to 5 years [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 3,178,888 | 2,708,479 | |
One to 5 years [member] | Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 2,622,526 | 2,264,312 | |
One to 5 years [member] | Interest rate contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 129,359 | 60,795 | |
One to 5 years [member] | Interest rate contracts [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 873 | 23,122 | |
One to 5 years [member] | Interest rate contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 2,452,721 | 2,142,509 | |
One to 5 years [member] | Interest rate contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 19,765 | 19,841 | |
One to 5 years [member] | Interest rate contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 19,808 | 18,045 | |
One to 5 years [member] | Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 495,443 | 377,124 | |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 6,512 | 7,342 | |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 439,600 | 331,270 | |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 8,480 | 6,514 | |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 8,392 | 4,675 | |
One to 5 years [member] | Foreign exchange and gold contracts [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 32,459 | 27,323 | |
One to 5 years [member] | Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 60,919 | 67,043 | |
One to 5 years [member] | Other derivative contracts [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 33,062 | 40,414 | |
One to 5 years [member] | Other derivative contracts [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 7,485 | 6,602 | |
One to 5 years [member] | Other derivative contracts [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 20,372 | 20,027 | |
Over 5 years [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 1,611,259 | 1,331,046 | |
Over 5 years [member] | Interest rate contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 1,376,289 | 1,129,840 | |
Over 5 years [member] | Interest rate contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 418 | ||
Over 5 years [member] | Interest rate contracts [member] | Forward contract [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 305 | ||
Over 5 years [member] | Interest rate contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 1,361,523 | 1,114,029 | |
Over 5 years [member] | Interest rate contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 2,530 | 2,881 | |
Over 5 years [member] | Interest rate contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 11,818 | 12,625 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 227,200 | 197,051 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Futures [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 31 | 204 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Swaps [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 217,455 | 188,494 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Options purchased [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 697 | 353 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Options written [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 752 | 343 | |
Over 5 years [member] | Foreign exchange and gold contracts [member] | Spot and forwards [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 8,265 | 7,657 | |
Over 5 years [member] | Other derivative contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 7,770 | 4,155 | |
Over 5 years [member] | Other derivative contracts [member] | Equity derivatives [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 528 | 550 | |
Over 5 years [member] | Other derivative contracts [member] | Credit Derivative [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | 6,652 | 3,308 | |
Over 5 years [member] | Other derivative contracts [member] | Commodity and other contracts [member] | |||
Disclosure of financial assets [line items] | |||
Notional amount | $ 590 | $ 297 | |
[1]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Credit Exposure of Derivative Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of financial assets [line items] | ||||
Notional amount | $ 8,014,739 | [1] | $ 7,597,195 | |
Credit risk amount | [2] | 10,824 | [1] | 12,771 |
Credit equivalent amount | [2] | 36,017 | [1] | 41,021 |
Risk Weighted Assets | 10,488 | [1] | 12,748 | |
Credit valuation adjustment [member] | ||||
Disclosure of financial assets [line items] | ||||
Risk Weighted Assets | 4,703 | [1] | 6,422 | |
Interest rate contracts [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 6,357,806 | [1] | 6,136,865 | |
Credit risk amount | [2] | 4,847 | [1] | 4,825 |
Credit equivalent amount | [2] | 8,578 | [1] | 7,944 |
Risk Weighted Assets | 704 | [1] | 695 | |
Interest rate contracts [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 470,447 | 205,283 | ||
Interest rate contracts [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 517,248 | 481,009 | ||
Interest rate contracts [member] | Futures [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 445,831 | [1] | 205,283 | |
Credit equivalent amount | [2] | 17 | [1] | 10 |
Risk Weighted Assets | [1] | 1 | ||
Interest rate contracts [member] | Futures [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 445,831 | 205,283 | ||
Interest rate contracts [member] | Forward contract [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 92,773 | [1] | 132,996 | |
Credit risk amount | [2] | 128 | [1] | 311 |
Credit equivalent amount | [2] | 59 | [1] | 93 |
Risk Weighted Assets | 39 | [1] | 55 | |
Interest rate contracts [member] | Forward contract [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 305 | |||
Interest rate contracts [member] | Swaps [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 5,701,549 | [1] | 5,714,698 | |
Credit risk amount | [2] | 4,678 | [1] | 4,331 |
Credit equivalent amount | [2] | 8,322 | [1] | 7,655 |
Risk Weighted Assets | 611 | [1] | 589 | |
Interest rate contracts [member] | Swaps [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 424,211 | 396,816 | ||
Interest rate contracts [member] | Options purchased [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 55,149 | [1] | 39,321 | |
Credit risk amount | [2] | 41 | [1] | 183 |
Credit equivalent amount | [2] | 164 | [1] | 179 |
Risk Weighted Assets | 49 | [1] | 50 | |
Interest rate contracts [member] | Options purchased [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 12,829 | |||
Interest rate contracts [member] | Options purchased [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 42,320 | 39,321 | ||
Interest rate contracts [member] | Options written [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 62,504 | [1] | 44,567 | |
Credit equivalent amount | [2] | 16 | [1] | 7 |
Risk Weighted Assets | 4 | [1] | 1 | |
Interest rate contracts [member] | Options written [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 11,787 | |||
Interest rate contracts [member] | Options written [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 50,717 | 44,567 | ||
Foreign exchange and gold contracts [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 1,440,886 | [1] | 1,250,546 | |
Credit risk amount | [2] | 3,243 | [1] | 4,403 |
Credit equivalent amount | [2] | 16,230 | [1] | 17,071 |
Risk Weighted Assets | 3,394 | [1] | 3,878 | |
Foreign exchange and gold contracts [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 21,336 | 14,880 | ||
Foreign exchange and gold contracts [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 1,403,539 | 1,220,004 | ||
Foreign exchange and gold contracts [member] | Futures [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 21,336 | [1] | 14,880 | |
Credit equivalent amount | [2] | 388 | [1] | 253 |
Risk Weighted Assets | 8 | [1] | 5 | |
Foreign exchange and gold contracts [member] | Futures [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 21,336 | 14,880 | ||
Foreign exchange and gold contracts [member] | Swaps [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 861,279 | [1] | 695,454 | |
Credit risk amount | [2] | 1,289 | [1] | 2,147 |
Credit equivalent amount | [2] | 10,665 | [1] | 10,330 |
Risk Weighted Assets | 1,993 | [1] | 2,273 | |
Foreign exchange and gold contracts [member] | Swaps [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 861,279 | 695,454 | ||
Foreign exchange and gold contracts [member] | Options purchased [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 33,155 | [1] | 25,783 | |
Credit risk amount | [2] | 410 | [1] | 472 |
Credit equivalent amount | [2] | 693 | [1] | 638 |
Risk Weighted Assets | 218 | [1] | 172 | |
Foreign exchange and gold contracts [member] | Options purchased [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 33,155 | 25,783 | ||
Foreign exchange and gold contracts [member] | Options written [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 37,292 | [1] | 26,716 | |
Credit equivalent amount | [2] | 26 | [1] | 16 |
Risk Weighted Assets | 7 | [1] | 3 | |
Foreign exchange and gold contracts [member] | Options written [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 37,292 | 26,716 | ||
Foreign exchange and gold contracts [member] | Spot and forwards [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 487,824 | [1] | 487,713 | |
Credit risk amount | [2] | 1,544 | [1] | 1,784 |
Credit equivalent amount | [2] | 4,458 | [1] | 5,834 |
Risk Weighted Assets | 1,168 | [1] | 1,425 | |
Foreign exchange and gold contracts [member] | Spot and forwards [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 471,813 | 472,051 | ||
Other derivative contracts [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 216,047 | [1] | 209,784 | |
Credit risk amount | [2] | 2,734 | [1] | 3,543 |
Credit equivalent amount | [2] | 11,209 | [1] | 16,006 |
Risk Weighted Assets | 1,687 | [1] | 1,753 | |
Other derivative contracts [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 86,201 | 86,913 | ||
Other derivative contracts [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 120,143 | 115,406 | ||
Other derivative contracts [member] | Equity derivatives [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 127,703 | [1] | 119,962 | |
Credit risk amount | [2] | 1,102 | [1] | 636 |
Credit equivalent amount | [2] | 7,747 | [1] | 6,534 |
Risk Weighted Assets | 1,325 | [1] | 968 | |
Other derivative contracts [member] | Equity derivatives [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 54,880 | 56,472 | ||
Other derivative contracts [member] | Equity derivatives [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 72,823 | 63,490 | ||
Other derivative contracts [member] | Credit Derivative [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 27,961 | [1] | 27,034 | |
Credit risk amount | [2] | 130 | [1] | 271 |
Credit equivalent amount | [2] | 60 | [1] | 415 |
Risk Weighted Assets | 14 | [1] | 136 | |
Other derivative contracts [member] | Credit Derivative [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 18,408 | 19,957 | ||
Other derivative contracts [member] | Commodity and other contracts [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 60,383 | [1] | 62,788 | |
Credit risk amount | [2] | 1,502 | [1] | 2,636 |
Credit equivalent amount | [2] | 3,402 | [1] | 9,057 |
Risk Weighted Assets | 348 | [1] | 649 | |
Other derivative contracts [member] | Commodity and other contracts [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 31,321 | 30,441 | ||
Other derivative contracts [member] | Commodity and other contracts [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | 28,912 | 31,959 | ||
Settled through central counterparties [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | [3] | 5,973,809 | [1] | 5,780,776 |
Credit equivalent amount | [2],[3] | 8,334 | [1] | 12,285 |
Risk Weighted Assets | [3] | 178 | [1] | 258 |
Settled through central counterparties [member] | Exchange Traded 1 [Member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | [3] | 577,984 | [1] | 307,076 |
Credit equivalent amount | [2],[3] | 4,078 | [1] | 8,110 |
Risk Weighted Assets | [3] | 93 | [1] | 175 |
Settled through central counterparties [member] | Over the Counter1 [member] | ||||
Disclosure of financial assets [line items] | ||||
Notional amount | [3] | 5,395,825 | [1] | 5,473,700 |
Credit equivalent amount | [2],[3] | 4,256 | [1] | 4,175 |
Risk Weighted Assets | [3] | $ 85 | [1] | $ 83 |
[1]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022.[2]The amounts presented are net of collateral and master netting agreements at the product level. The total amounts relating to netting and collateral were $40,516 (2022 – $42,929) for CRA, and $87,034 (2022 – $84,431) for CEA.[3]Amounts are included under total derivatives above. Amounts include exposures settled directly through central counterparties and exposures settled through clearing members of central counterparties. |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Credit Exposure of Derivative Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
CRA [member] | ||
Disclosure of financial assets [line items] | ||
Amounts relating to netting and collateral | $ 40,516 | $ 42,929 |
CEA [member] | ||
Disclosure of financial assets [line items] | ||
Amounts relating to netting and collateral | $ 87,034 | $ 84,431 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Summary of Financial Derivatives at Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |||
Disclosure of detailed information about financial instruments [line items] | |||||
Average fair value of trading derivatives, Favourable | $ 40,673 | ||||
Average fair value of trading derivatives, Unfavourable | 39,481 | ||||
Year-end fair value, Favourable | $ 51,340 | 55,699 | |||
Year-end fair value, Unfavourable | 58,660 | 65,900 | |||
Net derivative financial instruments, Year-end fair value, Favourable | [1] | 13,465 | 20,771 | ||
Net derivative financial instruments, Year-end fair value, Unfavourable | [1] | 12,682 | 16,190 | ||
Derivatives [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Year-end fair value, Favourable | 51,340 | 55,699 | [2] | ||
Year-end fair value, Unfavourable | 58,660 | 65,900 | [2] | ||
Less impact of master netting and collateral Year-end fair value, Favourable | 40,516 | [3] | 42,929 | ||
Less impact of master netting and collateral Year-end fair value, Unfavourable | 40,516 | [3] | 42,929 | ||
Net derivative financial instruments, Year-end fair value, Favourable | 10,824 | [3] | 12,770 | ||
Net derivative financial instruments, Year-end fair value, Unfavourable | 18,144 | [3] | 22,971 | ||
Derivatives [member] | Trading [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Average fair value of trading derivatives, Favourable | 35,211 | ||||
Average fair value of trading derivatives, Unfavourable | 33,414 | ||||
Year-end fair value, Favourable | 36,512 | 43,436 | [2] | ||
Year-end fair value, Unfavourable | 36,018 | 40,685 | [2] | ||
Derivatives [member] | Hedging [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Year-end fair value, Favourable | 14,828 | 12,263 | [2] | ||
Year-end fair value, Unfavourable | 22,642 | 25,215 | [2] | ||
Interest rate contracts [member] | Derivatives [member] | Trading [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Average fair value of trading derivatives, Favourable | 10,044 | ||||
Average fair value of trading derivatives, Unfavourable | 10,327 | ||||
Year-end fair value, Favourable | 10,385 | 10,080 | [2] | ||
Year-end fair value, Unfavourable | 11,698 | 8,919 | [2] | ||
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 | 199 | ||||
Average fair value of trading derivatives, Unfavourable | 34 | ||||
Year-end fair value, Favourable | 128 | 311 | [2] | ||
Year-end fair value, Unfavourable | [2] | 48 | |||
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 | 9,090 | ||||
Average fair value of trading derivatives, Unfavourable | 9,575 | ||||
Year-end fair value, Favourable | 8,844 | 8,385 | [2] | ||
Year-end fair value, Unfavourable | 11,112 | 8,300 | [2] | ||
Interest rate contracts [member] | Derivatives [member] | Swaps [member] | Hedging [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Year-end fair value, Favourable | 5,557 | 5,130 | [2] | ||
Year-end fair value, Unfavourable | 13,383 | 13,935 | [2] | ||
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 | 755 | ||||
Average fair value of trading derivatives, Unfavourable | 718 | ||||
Year-end fair value, Favourable | 1,413 | 1,384 | [2] | ||
Year-end fair value, Unfavourable | 586 | 571 | [2] | ||
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 | 19,137 | ||||
Average fair value of trading derivatives, Unfavourable | 17,460 | ||||
Year-end fair value, Favourable | 20,197 | 25,091 | [2] | ||
Year-end fair value, Unfavourable | 18,838 | 24,426 | [2] | ||
Foreign exchange and gold contracts [member] | Derivatives [member] | Hedging [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Year-end fair value, Favourable | 9,270 | 7,132 | [2] | ||
Year-end fair value, Unfavourable | 9,175 | 11,208 | [2] | ||
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 | 6,418 | ||||
Average fair value of trading derivatives, Unfavourable | 6,012 | ||||
Year-end fair value, Favourable | 7,319 | 8,624 | [2] | ||
Year-end fair value, Unfavourable | 5,574 | 7,128 | [2] | ||
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 | 224 | 956 | [2] | ||
Year-end fair value, Unfavourable | 667 | 1,078 | [2] | ||
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 | 12,129 | ||||
Average fair value of trading derivatives, Unfavourable | 10,888 | ||||
Year-end fair value, Favourable | 12,251 | 15,672 | [2] | ||
Year-end fair value, Unfavourable | 12,663 | 16,722 | [2] | ||
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 | 9,046 | 6,176 | [2] | ||
Year-end fair value, Unfavourable | 8,508 | 10,130 | [2] | ||
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 | 590 | ||||
Average fair value of trading derivatives, Unfavourable | 560 | ||||
Year-end fair value, Favourable | 627 | 795 | [2] | ||
Year-end fair value, Unfavourable | 601 | 576 | [2] | ||
Other derivative contracts [member] | Derivatives [member] | Trading [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Average fair value of trading derivatives, Favourable | 6,030 | ||||
Average fair value of trading derivatives, Unfavourable | 5,627 | ||||
Year-end fair value, Favourable | 5,930 | 8,265 | [2] | ||
Year-end fair value, Unfavourable | 5,482 | 7,340 | [2] | ||
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 | 2,607 | ||||
Average fair value of trading derivatives, Unfavourable | 3,125 | ||||
Year-end fair value, Favourable | 3,146 | 2,560 | [2] | ||
Year-end fair value, Unfavourable | 3,174 | 3,648 | [2] | ||
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 | 1 | 1 | [2] | ||
Year-end fair value, Unfavourable | 84 | 72 | [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 | 503 | ||||
Average fair value of trading derivatives, Unfavourable | 26 | ||||
Year-end fair value, Favourable | 344 | 780 | [2] | ||
Year-end fair value, Unfavourable | 28 | 25 | [2] | ||
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 | 2,920 | ||||
Average fair value of trading derivatives, Unfavourable | 2,476 | ||||
Year-end fair value, Favourable | 2,440 | 4,925 | [2] | ||
Year-end fair value, Unfavourable | $ 2,280 | $ 3,667 | [2] | ||
[1]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.[2]The average fair value of trading derivatives’ market valuation for the year ended October 31, 2022 was: favourable $40,673 and unfavourable $39,481. Average fair value amounts are based on the latest 13 month-end balances.[3]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. |
Derivative Financial Instrume_8
Derivative Financial Instruments - Summary of Financial Derivatives at Fair Value (Parenthetical) (Detail) $ in Millions | Oct. 31, 2022 CAD ($) |
Disclosure of financial assets [abstract] | |
Average fair value of trading derivatives, Favourable | $ 40,673 |
Average fair value of trading derivatives, Unfavourable | $ 39,481 |
Derivative Financial Instrume_9
Derivative Financial Instruments - Additional Information (Detail) - Equity risk [member] | 12 Months Ended |
Oct. 31, 2023 | |
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% |
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, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | $ 8,014,739 | [1] | $ 7,597,195 |
Deposit liabilities - carrying amount [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 506,477 | 520,362 | |
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 | 119,946 | 142,832 | |
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 | 122,324 | 122,380 | |
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 | 35,922 | 43,041 | |
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 | 197,617 | 166,133 | |
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 | 214 | 14,699 | |
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 | 84 | 77 | |
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 | 818 | 873 | |
Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign Currency Deposit Liabilities [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 6,402 | 6,289 | |
Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign currency forward contracts [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 23,150 | 24,038 | |
Within one year [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 3,224,592 | 3,557,670 | |
Within one year [member] | Deposit liabilities - carrying amount [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 149,049 | 163,586 | |
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 | 20,101 | 35,535 | |
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 | 19,356 | 18,267 | |
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 | 10,921 | 16,886 | |
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 | 68,514 | 47,525 | |
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 | 214 | 14,699 | |
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 | 84 | 77 | |
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 | 307 | 270 | |
Within one year [member] | Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign Currency Deposit Liabilities [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 6,402 | 6,289 | |
Within one year [member] | Deposit liabilities - carrying amount [member] | Hedges of net investment in foreign operations [member] | Currency risk [member] | Foreign currency forward contracts [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 23,150 | 24,038 | |
One to 5 years [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 3,178,888 | 2,708,479 | |
One to 5 years [member] | Deposit liabilities - carrying amount [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 283,936 | 267,736 | |
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 | 85,858 | 89,709 | |
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 | 78,159 | 69,933 | |
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 | 16,826 | 17,628 | |
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 | 102,582 | 89,863 | |
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 | 511 | 603 | |
Over 5 years [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 1,611,259 | 1,331,046 | |
Over 5 years [member] | Deposit liabilities - carrying amount [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivative notional amount | 73,492 | 89,040 | |
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 | 13,987 | 17,588 | |
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 | 24,809 | 34,180 | |
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 | 8,175 | 8,527 | |
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 | $ 26,521 | $ 28,745 | |
[1]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. |
Derivative Financial Instrum_11
Derivative Financial Instruments - Summary of Average Price or Rate of Hedging Instruments (Detail) | Oct. 31, 2023 | Oct. 31, 2022 |
Fair value hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed interest rate | 2.51% | 1.83% |
Cash flow hedges [member] | Interest rate risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Fixed interest rate | 3.09% | 2.57% |
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 | 2.15% | 1.70% |
FX rate | 1.31 | 1.3 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | CAD-USD [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.32 | 1.27 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | CAD-EUR [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.45 | 1.19 |
Cash flow hedges [member] | Currency risk [member] | Swaps [member] | CAD-GBP [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
FX rate | 1.69 | 1.56 |
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 | 1.29 | |
Cash flow hedges [member] | Equity price risk [member] | Total return swaps [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Price | 72.25 | 75.35 |
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 | 1.34 | 1.29 |
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 | 14.47 | 16.91 |
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 | 2.84 | 3.07 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Summary of Average Price or Rate of Hedging Instruments (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2023 | |
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, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | $ 10,904 | $ 8,097 |
Carrying amount of the hedging instruments, Liabilities | (25,035) | (26,869) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 2,506 | (12,058) |
Ineffectiveness recorded in non-interest income-other | 64 | (16) |
Fair value hedges [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 4,008 | 4,238 |
Carrying amount of the hedging instruments, Liabilities | (4,009) | (4,635) |
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | (155) | 1,188 |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 140 | (1,179) |
Ineffectiveness recorded in non-interest income-other | (15) | 9 |
Carrying amount of the hedged item | 48,637 | 65,516 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges | 102 | 147 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges | (319) | (1,605) |
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 | 113 | (3,998) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (125) | 4,010 |
Ineffectiveness recorded in non-interest income-other | (12) | 12 |
Carrying amount of the hedged item, Liabilities | (65,444) | (72,004) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | 3,062 | 3,997 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | 770 | 312 |
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 | (35) | (201) |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 35 | 201 |
Carrying amount of the hedged item, Liabilities | (6,185) | (5,354) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | 238 | 202 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Liabilities | (12) | (44) |
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 | 4,008 | 4,238 |
Carrying amount of the hedging instruments, Liabilities | (4,009) | (4,635) |
Gain (loss) on hedging instrument used to calculate hedge ineffectiveness | (155) | 1,188 |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 140 | (1,179) |
Ineffectiveness recorded in non-interest income-other | (15) | 9 |
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 | 323 | 2,837 |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | (343) | (2,811) |
Ineffectiveness recorded in non-interest income-other | (20) | 26 |
Carrying amount of the hedged item, Assets | 36,367 | 31,325 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | (2,380) | (2,500) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | 55 | 54 |
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 | (556) | 2,550 |
Gain (loss) on hedged item used to calculate hedge ineffectiveness | 573 | (2,579) |
Ineffectiveness recorded in non-interest income-other | 17 | (29) |
Carrying amount of the hedged item, Assets | 83,899 | 111,469 |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item Active hedges, Assets | (818) | (1,552) |
Accumulated amount of fair value hedge adjustments gains/(losses) on the hedged item discontinued hedges, Assets | $ (1,132) | (1,926) |
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] | ||
Carrying amount of the hedged item, Assets | 80 | |
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, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | $ 10,904 | $ 8,097 |
Carrying amount of the hedging instruments, Liabilities | (25,035) | (26,869) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 2,548 | (11,970) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 2,506 | (12,058) |
Ineffectiveness recorded in non-interest income-other | 64 | (16) |
Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 10,696 | 7,819 |
Carrying amount of the hedging instruments, Liabilities | (17,970) | (19,563) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 3,827 | (10,053) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 3,785 | (10,141) |
Ineffectiveness recorded in non-interest income-other | 64 | (16) |
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 | 2,690 | 1,977 |
Carrying amount of the hedging instruments, Liabilities | (8,217) | (7,683) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (413) | (4,193) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (500) | (4,250) |
Ineffectiveness recorded in non-interest income-other | 91 | 11 |
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 | 319 | 314 |
Carrying amount of the hedging instruments, Liabilities | (3,818) | (3,277) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (670) | (4,318) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (638) | (4,349) |
Ineffectiveness recorded in non-interest income-other | (15) | (24) |
Cash flow hedges [member] | Foreign currency risk [member] | Swaps [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 7,586 | 4,777 |
Carrying amount of the hedging instruments, Liabilities | (5,847) | (8,470) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | 5,125 | (2,592) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | 5,130 | (2,589) |
Ineffectiveness recorded in non-interest income-other | (1) | (5) |
Cash flow hedges [member] | Foreign 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 | 16 | 678 |
Carrying amount of the hedging instruments, Liabilities | (4) | (61) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (141) | 1,162 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (133) | 1,159 |
Ineffectiveness recorded in non-interest income-other | (11) | 2 |
Cash flow hedges [member] | Foreign currency risk [member] | Cash [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 84 | 72 |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (7) | 22 |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (7) | 22 |
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 | 1 | 1 |
Carrying amount of the hedging instruments, Liabilities | (84) | (72) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (67) | (134) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (67) | (134) |
Net investment hedges [member] | ||
Disclosure of detailed information about hedged items and hedging instruments [line items] | ||
Carrying amount of the hedging instruments, Assets | 208 | 278 |
Carrying amount of the hedging instruments, Liabilities | (7,065) | (7,306) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (1,279) | (1,917) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (1,279) | (1,917) |
Net investment hedges [member] | Foreign 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 | (6,402) | (6,289) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (91) | (574) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | (91) | (574) |
Net investment hedges [member] | Foreign 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 | 208 | 278 |
Carrying amount of the hedging instruments, Liabilities | (663) | (1,017) |
Gains/(losses) on hedging instrument recognized in Other Comprehensive Income | (1,188) | (1,343) |
Gains/(losses) on hedged item used to calculate hedge ineffectiveness | $ (1,188) | $ (1,343) |
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, 2023 | Oct. 31, 2022 | |
Disclosure of information about amounts that affected statement of income and statement of comprehensive income as result of hedge accounting [line items] | ||
AOCI gains/ (losses) beginning of year | $ (10,002) | $ (2,190) |
Net gains (losses) recognized in OCI | 2,484 | (11,954) |
Amount reclassified to net income as the hedged item affects net income | (2,753) | 4,142 |
AOCI gains/ (losses) ending of year | (10,271) | (10,002) |
Active hedges | (10,026) | (10,099) |
Discountinued hedges | (245) | 97 |
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 gains/ (losses) beginning of year | (6,518) | (361) |
Net gains (losses) recognized in OCI | 3,763 | (10,037) |
Amount reclassified to net income as the hedged item affects net income | (3,455) | 3,880 |
AOCI gains/ (losses) ending of year | (6,210) | (6,518) |
Active hedges | (6,060) | (6,712) |
Discountinued hedges | (150) | 194 |
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 gains/ (losses) beginning of year | (3,458) | (456) |
Net gains (losses) recognized in OCI | (504) | (4,204) |
Amount reclassified to net income as the hedged item affects net income | 482 | 1,202 |
AOCI gains/ (losses) ending of year | (3,480) | (3,458) |
Active hedges | (3,227) | (3,526) |
Discountinued hedges | (253) | 68 |
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 gains/ (losses) beginning of year | (1,875) | (9) |
Net gains (losses) recognized in OCI | (655) | (4,294) |
Amount reclassified to net income as the hedged item affects net income | 523 | 2,428 |
AOCI gains/ (losses) ending of year | (2,007) | (1,875) |
Active hedges | (2,096) | (2,003) |
Discountinued hedges | 89 | 128 |
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 gains/ (losses) beginning of year | (1,181) | 43 |
Net gains (losses) recognized in OCI | 4,989 | (1,405) |
Amount reclassified to net income as the hedged item affects net income | (4,511) | 181 |
AOCI gains/ (losses) ending of year | (703) | (1,181) |
Active hedges | (708) | (1,179) |
Discountinued hedges | 5 | (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 gains/ (losses) beginning of year | (4) | 61 |
Net gains (losses) recognized in OCI | (67) | (134) |
Amount reclassified to net income as the hedged item affects net income | 51 | 69 |
AOCI gains/ (losses) ending of year | (20) | (4) |
Active hedges | (29) | (4) |
Discountinued hedges | 9 | |
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 gains/ (losses) beginning of year | (3,484) | (1,829) |
Net gains (losses) recognized in OCI | (1,279) | (1,917) |
Amount reclassified to net income as the hedged item affects net income | 702 | 262 |
AOCI gains/ (losses) ending of year | (4,061) | (3,484) |
Active hedges | (3,966) | (3,387) |
Discountinued hedges | $ (95) | $ (97) |
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, 2023 | Oct. 31, 2022 | |
Disclosure of offsetting of financial assets liabilities [line items] | |||
Gross amounts of recognized financial instruments | $ 324,007 | $ 286,668 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (73,342) | (55,656) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 250,665 | 231,012 | |
Impact of master netting arrangements or similar agreements | [1] | (51,255) | (52,692) |
Collateral | [2],[3] | (185,945) | (157,549) |
Net amount | [4] | 13,465 | 20,771 |
Gross amounts of recognized financial instruments | 292,009 | 260,581 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (73,342) | (55,656) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 218,667 | 204,925 | |
Impact of master netting arrangements or similar agreements | [1] | (51,255) | (52,692) |
Collateral | [2],[3] | (154,730) | (136,043) |
Net amount | [4] | 12,682 | 16,190 |
Derivative financial instruments [member] | |||
Disclosure of offsetting of financial assets liabilities [line items] | |||
Gross amounts of recognized financial instruments | 58,660 | 65,976 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (76) | ||
Net amounts of financial instruments presented in the consolidated statement of financial position | 58,660 | 65,900 | |
Impact of master netting arrangements or similar agreements | [1] | (33,899) | (36,519) |
Collateral | [2],[3] | (14,515) | (17,484) |
Net amount | [4] | 10,246 | 11,897 |
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 | 233,349 | 194,605 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (73,342) | (55,580) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 160,007 | 139,025 | |
Impact of master netting arrangements or similar agreements | [1] | (17,356) | (16,173) |
Collateral | [2],[3] | (140,215) | (118,559) |
Net amount | [4] | 2,436 | 4,293 |
Derivative financial instruments [member] | |||
Disclosure of offsetting of financial assets liabilities [line items] | |||
Gross amounts of recognized financial instruments | 51,340 | 55,775 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (76) | ||
Net amounts of financial instruments presented in the consolidated statement of financial position | 51,340 | 55,699 | |
Impact of master netting arrangements or similar agreements | [1] | (33,899) | (36,519) |
Collateral | [2],[3] | (6,479) | (6,132) |
Net amount | [4] | 10,962 | 13,048 |
Securities purchased under resale agreements and securities borrowed [member] | |||
Disclosure of offsetting of financial assets liabilities [line items] | |||
Gross amounts of recognized financial instruments | 272,667 | 230,893 | |
Gross amounts of recognized financial instruments offset in the consolidated statement of financial position | (73,342) | (55,580) | |
Net amounts of financial instruments presented in the consolidated statement of financial position | 199,325 | 175,313 | |
Impact of master netting arrangements or similar agreements | [1] | (17,356) | (16,173) |
Collateral | [2],[3] | (179,466) | (151,417) |
Net amount | [4] | $ 2,503 | $ 7,723 |
[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]Derivative financial instruments assets include cash collateral of $4,511 million (2022 - $4,271 million) and non-cash collateral of $1,968 million (2022 - $1,861 million). Derivative financial instruments liabilities include cash collateral of $13,889 million (2022 - $17,215 million) and non-cash collateral of $626 million (2022 - $269 million).[4]Not intended to represent the Bank’s actual exposure to credit risk, as a variety of credit mitigation strategies are employed in addition to offsetting and collateral arrangements. |
Offsetting Financial Assets a_4
Offsetting Financial Assets and Financial Liabilities - Summary of Financial Assets and Liabilities Offsetting, Enforceable Master Netting or Similar Arrangement (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Derivative Financial Instruments Liabilities 1 [Member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
cash collateral pledged | $ 13,889 | $ 17,215 |
Non-cash collateral pledged | 626 | 269 |
Derivative Financial Instruments Assets 1 [Member] | ||
Disclosure of offsetting of financial assets liabilities [line items] | ||
cash collateral received | 4,511 | 4,271 |
Non-cash collateral received | $ 1,968 | $ 1,861 |
Investment Securities - Disclos
Investment Securities - Disclosure of Carrying Value of Banks Investment Securities Per Measurement Category (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Investment securities | $ 118,237 | $ 110,008 |
Debt Investments [member] | Financial assets measured at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 82,150 | 81,271 |
Debt Investments [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 31,984 | 23,610 |
Debt Investments [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 51 | 62 |
Equity securities [member] | Investments in equity instruments designated at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | 2,164 | 3,439 |
Equity securities [member] | Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of financial assets [line items] | ||
Investment securities | $ 1,888 | $ 1,626 |
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, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Cost | $ 86,058 | $ 85,705 |
Gross unrealized gains | 133 | 113 |
Gross unrealized losses | 4,041 | 4,547 |
Fair value | 82,150 | 81,271 |
Canadian federal government issued or guaranteed debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 12,794 | 11,372 |
Gross unrealized gains | 6 | 4 |
Gross unrealized losses | 413 | 374 |
Fair value | 12,387 | 11,002 |
Canadian provincial and municipal debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 7,680 | 5,860 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | 536 | 432 |
Fair value | 7,146 | 5,429 |
U.S. treasury and other U.S. agency debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 30,741 | 37,690 |
Gross unrealized gains | 32 | 80 |
Gross unrealized losses | 2,075 | 2,534 |
Fair value | 28,698 | 35,236 |
Other foreign government debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 32,246 | 28,794 |
Gross unrealized gains | 91 | 27 |
Gross unrealized losses | 936 | 1,135 |
Fair value | 31,401 | 27,686 |
Other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 2,597 | 1,989 |
Gross unrealized gains | 2 | 1 |
Gross unrealized losses | 81 | 72 |
Fair value | $ 2,518 | $ 1,918 |
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, 2023 | Oct. 31, 2022 | |
Financial assets at fair value, investment securities [member] | |||
Disclosure of financial assets [line items] | |||
Cost | $ 29,816 | $ 22,443 | |
Financial assets at fair value, investment securities [member] | Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 9,927 | 8,684 | |
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 | 17,912 | 12,212 | |
Financial assets at fair value, investment securities [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 1,860 | 1,459 | |
Financial assets at fair value, investment securities [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 117 | 88 | |
Financial assets at carrying value, investment securities [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 31,984 | 23,610 |
Financial assets at carrying value, investment securities [member] | Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 10,211 | 9,024 |
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] | 19,788 | 13,042 |
Financial assets at carrying value, investment securities [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | 1,871 | 1,470 |
Financial assets at carrying value, investment securities [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | [1] | $ 114 | $ 74 |
[1]Balances are net of allowances of $1 (2022 – $1). |
Investment Securities - Summa_2
Investment Securities - Summary of Analysis of Fair Value and Carrying Value of Investment Securities Measured at Amortized Cost (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of financial assets [line items] | |||
Allowance account for credit losses of financial assets | $ 6,611 | $ 5,487 | $ 5,728 |
Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Allowance account for credit losses of financial assets | $ 1 | $ 1 |
Investment Securities - Summa_3
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, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Cost | $ 1,947 | $ 3,175 |
Gross unrealized gains | 390 | 487 |
Gross unrealized losses | 173 | 223 |
Fair value | 2,164 | 3,439 |
Common shares [member] | ||
Disclosure of financial assets [line items] | ||
Cost | 1,947 | 3,175 |
Gross unrealized gains | 390 | 487 |
Gross unrealized losses | 173 | 223 |
Fair value | $ 2,164 | $ 3,439 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Fair value of disposed equity securities | $ 1,738 | $ 958 |
Cumulative after-tax gain/(loss) on equity securities designated at FVOCI | (205) | 67 |
Dividend income | $ 137 | $ 167 |
Investment Securities - Analysi
Investment Securities - Analysis of the Carrying Value of Investment Securities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 118,237 | $ 110,008 | |
Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 82,150 | 81,271 | |
Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 28,950 | 26,210 | |
U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 61,296 | 59,482 | |
Mexican peso [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 5,341 | 3,904 | |
Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 22,650 | 20,412 | |
Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 84,314 | 84,710 | |
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 | $ 12,388 | $ 11,002 | |
Yield % | [1] | 3.90% | 1.90% |
Fair Value Through Other Comprehensive Income [member] | Canadian provincial and municipal debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 7,146 | $ 5,429 | |
Yield % | [1] | 3% | 2.10% |
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 | $ 28,698 | $ 35,236 | |
Yield % | [1] | 2.90% | 2% |
Fair Value Through Other Comprehensive Income [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 31,400 | $ 27,686 | |
Yield % | [1] | 3.80% | 3.30% |
Fair Value Through Other Comprehensive Income [member] | Other debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 2,518 | $ 1,918 | |
Yield % | [1] | 5.70% | 4.30% |
Fair Value Through Other Comprehensive Income [member] | Common shares [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 2,164 | $ 3,439 | |
Fair Value Through Other Comprehensive Income [member] | Equity instruments [Member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 2,164 | 3,439 | |
Financial assets at amortised cost, class [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 31,984 | 23,610 | |
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 | $ 19,788 | $ 13,042 | |
Yield % | [1] | 4.50% | 3.40% |
Financial assets at amortised cost, class [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 1,871 | $ 1,471 | |
Yield % | [1] | 6.20% | 4.80% |
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 | $ 10,211 | $ 9,024 | |
Yield % | [1] | 3.40% | 3.10% |
Financial assets at amortised cost, class [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 114 | $ 73 | |
Yield % | [1] | 5% | 2.90% |
Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 118,237 | $ 110,008 | |
Fair value through profit and loss [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 51 | 62 | |
Fair value through profit and loss [member] | Equity instruments [Member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 1,888 | 1,626 | |
Within 3 months [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 9,829 | 11,580 | |
Within 3 months [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 8,978 | 10,815 | |
Within 3 months [member] | Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 1,724 | 3,546 | |
Within 3 months [member] | U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 1,028 | 1,031 | |
Within 3 months [member] | Mexican peso [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 737 | 193 | |
Within 3 months [member] | Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 6,340 | 6,810 | |
Within 3 months [member] | Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 8,978 | 10,815 | |
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 | $ 914 | $ 2,617 | |
Yield % | [1] | 4% | 1% |
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 | $ 128 | $ 372 | |
Yield % | [1] | 3.30% | 1.20% |
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 | $ 714 | $ 762 | |
Yield % | [1] | 4.80% | 2.70% |
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 | $ 7,126 | $ 6,994 | |
Yield % | [1] | 2% | 2.10% |
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 | $ 96 | $ 70 | |
Yield % | [1] | 2.20% | 9.80% |
Within 3 months [member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 851 | $ 765 | |
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 | $ 151 | $ 81 | |
Yield % | [1] | 6% | 2.60% |
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 | $ 700 | $ 682 | |
Yield % | [1] | 3.40% | 1% |
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 | $ 2 | ||
Yield % | [1] | 2.70% | |
Within 3 months [member] | Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 9,829 | $ 11,580 | |
Three to 12 months [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 19,462 | 22,017 | |
Three to 12 months [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 16,819 | 18,904 | |
Three to 12 months [member] | Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 7,154 | 3,968 | |
Three to 12 months [member] | U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 3,853 | 11,856 | |
Three to 12 months [member] | Mexican peso [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 1,447 | 496 | |
Three to 12 months [member] | Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 7,008 | 5,697 | |
Three to 12 months [member] | Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 16,819 | 18,904 | |
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 | $ 4,964 | $ 2,125 | |
Yield % | [1] | 4.50% | 2.70% |
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 | $ 185 | $ 688 | |
Yield % | [1] | 1.60% | 1.80% |
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 | $ 2,848 | $ 8,665 | |
Yield % | [1] | 2.30% | 1.10% |
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 | $ 8,629 | $ 7,325 | |
Yield % | [1] | 3.60% | 2.20% |
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 | $ 193 | $ 101 | |
Yield % | [1] | 11.50% | 2.80% |
Three to 12 months [member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 2,643 | $ 3,113 | |
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 | $ 14 | $ 812 | |
Yield % | [1] | 5.50% | 1.30% |
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 | $ 481 | $ 382 | |
Yield % | [1] | 9.20% | 7.40% |
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 | $ 2,147 | $ 1,867 | |
Yield % | [1] | 3.20% | 3.10% |
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 | $ 1 | $ 52 | |
Yield % | [1] | 5.60% | 3% |
Three to 12 months [member] | Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 19,462 | $ 22,017 | |
One to 5 years [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 48,561 | 44,864 | |
One to 5 years [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 40,356 | 37,740 | |
One to 5 years [member] | Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 13,739 | 12,560 | |
One to 5 years [member] | U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 26,261 | 24,810 | |
One to 5 years [member] | Mexican peso [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 2,468 | 2,695 | |
One to 5 years [member] | Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 6,093 | 4,799 | |
One to 5 years [member] | Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 40,356 | 37,740 | |
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 | $ 4,441 | $ 4,700 | |
Yield % | [1] | 3.50% | 2.20% |
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 | $ 3,732 | $ 2,537 | |
Yield % | [1] | 2.80% | 2.10% |
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 | $ 18,782 | $ 19,695 | |
Yield % | [1] | 2.80% | 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 | $ 11,241 | $ 9,281 | |
Yield % | [1] | 4.50% | 4.30% |
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 | $ 2,160 | $ 1,527 | |
Yield % | [1] | 5.40% | 4.30% |
One to 5 years [member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 8,154 | $ 7,070 | |
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 | $ 163 | $ 149 | |
Yield % | [1] | 5% | 3.10% |
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 | $ 1,030 | $ 827 | |
Yield % | [1] | 5.60% | 4.50% |
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 | $ 6,959 | $ 6,104 | |
Yield % | [1] | 3.40% | 2.90% |
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 | $ 2 | $ (10) | |
Yield % | [1] | 3.90% | 3.90% |
One to 5 years [member] | Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 48,561 | $ 44,864 | |
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 | 51 | 54 | |
Five to ten years [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 11,799 | 10,382 | |
Five to ten years [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 11,177 | 9,833 | |
Five to ten years [member] | Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 3,744 | 2,440 | |
Five to ten years [member] | U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 4,944 | 4,921 | |
Five to ten years [member] | Mexican peso [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 540 | 485 | |
Five to ten years [member] | Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 2,571 | 2,536 | |
Five to ten years [member] | Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 11,177 | 9,833 | |
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 | $ 1,265 | $ 675 | |
Yield % | [1] | 3.10% | 2.10% |
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 | $ 3,053 | $ 1,832 | |
Yield % | [1] | 3.30% | 2.50% |
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 | $ 2,723 | $ 3,295 | |
Yield % | [1] | 4% | 2.70% |
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 | $ 4,073 | $ 3,817 | |
Yield % | [1] | 5.40% | 5% |
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 | $ 63 | $ 214 | |
Yield % | [1] | 4.50% | 3% |
Five to ten years [member] | Financial assets at amortised cost, class [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 622 | $ 541 | |
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 | $ 4 | $ 7 | |
Yield % | [1] | 4.50% | 4% |
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 | $ 185 | $ 138 | |
Yield % | [1] | 2.60% | 2.20% |
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 | $ 405 | $ 367 | |
Yield % | [1] | 4.70% | 7.20% |
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 | $ 28 | $ 29 | |
Yield % | [1] | 3.20% | 2.60% |
Five to ten years [member] | Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 11,799 | $ 10,382 | |
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 | 24,534 | 16,097 | |
Over ten years [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 4,820 | 3,976 | |
Over ten years [member] | Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 941 | 900 | |
Over ten years [member] | U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 23,245 | 14,866 | |
Over ten years [member] | Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 348 | 331 | |
Over ten years [member] | Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 4,820 | 3,976 | |
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 | $ 804 | $ 885 | |
Yield % | [1] | 4.30% | 0.20% |
Over 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 | $ 48 | ||
Yield % | [1] | 4.60% | |
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 | $ 3,631 | $ 2,819 | |
Yield % | [1] | 3% | 2.50% |
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 | $ 331 | $ 269 | |
Yield % | [1] | 3.80% | 3.40% |
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 | $ 6 | $ 3 | |
Yield % | [1] | 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 | $ 19,714 | $ 12,121 | |
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 | $ 19,607 | $ 12,074 | |
Yield % | [1] | 4.50% | 3.50% |
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 | $ 24 | $ 43 | |
Yield % | [1] | 1.50% | 1.30% |
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 | $ 4 | ||
Yield % | [1] | 0% | |
Over ten years [member] | Financial assets at amortised cost, class [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 83 | ||
Yield % | [1] | 5.60% | |
Over ten years [member] | Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 24,534 | $ 16,097 | |
No specific maturity [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 4,052 | 5,068 | |
No specific maturity [member] | Debt instruments [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 3 | ||
No specific maturity [member] | Canadian dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 1,648 | 2,796 | |
No specific maturity [member] | U.S. dollar [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 1,965 | 1,998 | |
No specific maturity [member] | Mexican peso [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 149 | 35 | |
No specific maturity [member] | Other currencies [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 290 | 239 | |
No specific maturity [member] | Fair Value Through Other Comprehensive Income [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 2,164 | 3,442 | |
No specific maturity [member] | Fair Value Through Other Comprehensive Income [member] | Other debt [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | $ 3 | ||
Yield % | [1] | 4% | |
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 | 2,164 | $ 3,439 | |
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 | 2,164 | 3,439 | |
No specific maturity [member] | Fair value through profit and loss [member] | |||
Disclosure of financial assets [line items] | |||
Financial instruments at carrying value | 4,052 | 5,068 | |
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 | $ 1,888 | $ 1,626 | |
[1]Represents the weighted-average yield of fixed income securities. |
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, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [abstract] | ||
Debt investment securities measured at amortized cost | ||
Debt investment securities measured at fair value through other comprehensive income (FVOCI) | 129 | 74 |
Net gain on sale of investment securities | $ 129 | $ 74 |
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, 2023 | Oct. 31, 2022 |
Gross carrying amount [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | $ 757,283 | $ 750,335 |
Gross carrying amount [member] | Residential mortgages [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 344,182 | 349,279 |
Gross carrying amount [member] | Loans to consumers [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 104,170 | 99,431 |
Gross carrying amount [member] | Credit Card [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 17,109 | 14,518 |
Gross carrying amount [member] | Business and government [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 291,822 | 287,107 |
Net Carrying Amount [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 750,911 | 744,987 |
Net Carrying Amount [member] | Residential mortgages [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 343,098 | 348,380 |
Net Carrying Amount [member] | Loans to consumers [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 101,756 | 97,294 |
Net Carrying Amount [member] | Credit Card [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 15,872 | 13,435 |
Net Carrying Amount [member] | Business and government [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 290,185 | 285,878 |
Financial assets individually assessed for credit losses [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 6,372 | 5,348 |
Financial assets individually assessed for credit losses [member] | Residential mortgages [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 1,084 | 899 |
Financial assets individually assessed for credit losses [member] | Loans to consumers [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 2,414 | 2,137 |
Financial assets individually assessed for credit losses [member] | Credit Card [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | 1,237 | 1,083 |
Financial assets individually assessed for credit losses [member] | Business and government [member] | ||
Disclosure of fair value financial assets amortised cost [line Items] | ||
Financial assets | $ 1,637 | $ 1,229 |
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, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | $ 757,283 | $ 750,335 |
Acceptances | [1],[2] | 18,628 | 19,494 |
Total loans and acceptances | [1],[3] | 775,911 | 769,829 |
Allowance for credit losses | [1] | (6,462) | (5,379) |
Total loans and acceptances net of allowance for credit losses | [1] | 769,449 | 764,450 |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 344,182 | 349,279 | |
Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 104,170 | 99,431 | |
Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 17,109 | 14,518 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 291,822 | 287,107 | |
Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 494,192 | 493,160 |
Canada [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 290,253 | 302,486 |
Canada [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 80,732 | 78,427 |
Canada [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 8,216 | 6,970 |
Canada [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 114,991 | 105,277 |
United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 65,750 | 69,510 |
United States [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 4,408 | 2,830 |
United States [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 61,342 | 66,680 |
Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 46,030 | 40,055 |
Mexico [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 16,556 | 13,080 |
Mexico [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 2,200 | 2,556 |
Mexico [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 808 | 675 |
Mexico [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 26,466 | 23,744 |
Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 52,617 | 51,325 |
Chile [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 21,499 | 19,441 |
Chile [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 5,081 | 4,766 |
Chile [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 3,654 | 2,921 |
Chile [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 22,383 | 24,197 |
Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 22,579 | 22,505 |
Peru [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 4,102 | 3,719 |
Peru [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 5,424 | 5,025 |
Peru [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 1,049 | 942 |
Peru [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 12,004 | 12,819 |
Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 12,750 | 11,009 |
Colombia [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 2,390 | 1,910 |
Colombia [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 2,349 | 2,115 |
Colombia [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 1,684 | 1,443 |
Colombia [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 6,327 | 5,541 |
Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 63,365 | 62,771 |
Other International [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 9,382 | 8,643 |
Other International [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 3,976 | 3,712 |
Other International [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | 1,698 | 1,568 |
Other International [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | $ 48,309 | $ 48,848 |
[1]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[2]0.6% of acceptances reside outside Canada (October 31, 2022 – 0.4%).[3]Loans and acceptances denominated in U . . |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of foreign borrowers | 0.60% | 0.40% | |
Total loans and acceptances | [1],[2] | $ 775,911 | $ 769,829 |
U.S. dollar [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans and acceptances | 151,499 | 158,715 | |
Chile, Pesos [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans and acceptances | 41,499 | 39,418 | |
Mexico, Pesos [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans and acceptances | 34,894 | 29,194 | |
Other Foreign Currencies [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans and acceptances | $ 55,855 | $ 51,445 | |
[1]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[2]Loans and acceptances denominated in U . . |
Loans, Impaired Loans and All_6
Loans, Impaired Loans and Allowance for Credit Losses - Loans Maturities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | [1] | $ 757,283 | $ 750,335 |
Allowance for credit losses | (6,372) | (5,348) | |
Total loans net of allowance for credit losses | 750,911 | 744,987 | |
Within one year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 215,514 | 205,423 | |
Total loans net of allowance for credit losses | 215,514 | 205,423 | |
One to 5 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 423,460 | 434,969 | |
Total loans net of allowance for credit losses | 423,460 | 434,969 | |
Five to ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 26,916 | 23,673 | |
Total loans net of allowance for credit losses | 26,916 | 23,673 | |
Over ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 25,474 | 26,155 | |
Total loans net of allowance for credit losses | 25,474 | 26,155 | |
No Stated Maturity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 65,919 | 60,115 | |
Allowance for credit losses | (6,372) | (5,348) | |
Total loans net of allowance for credit losses | 59,547 | 54,767 | |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 344,182 | 349,279 | |
Allowance for credit losses | (1,084) | (899) | |
Total loans net of allowance for credit losses | 343,098 | 348,380 | |
Residential mortgages [member] | Within one year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 47,610 | 41,557 | |
Residential mortgages [member] | One to 5 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 254,546 | 269,576 | |
Residential mortgages [member] | Five to ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 15,830 | 13,011 | |
Residential mortgages [member] | Over ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 23,946 | 24,487 | |
Residential mortgages [member] | No Stated Maturity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 2,250 | 648 | |
Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 104,170 | 99,431 | |
Allowance for credit losses | (2,414) | (2,137) | |
Total loans net of allowance for credit losses | 101,756 | 97,294 | |
Personal loans [member] | Within one year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 18,279 | 15,772 | |
Personal loans [member] | One to 5 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 37,875 | 37,279 | |
Personal loans [member] | Five to ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 5,593 | 5,328 | |
Personal loans [member] | Over ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 1,189 | 1,282 | |
Personal loans [member] | No Stated Maturity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 41,234 | 39,770 | |
Credit cards [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 17,109 | 14,518 | |
Allowance for credit losses | (1,237) | (1,083) | |
Total loans net of allowance for credit losses | 15,872 | 13,435 | |
Credit cards [member] | No Stated Maturity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 17,109 | 14,518 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 291,822 | 287,107 | |
Allowance for credit losses | (1,637) | (1,229) | |
Total loans net of allowance for credit losses | 290,185 | 285,878 | |
Business and government [member] | Within one year [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 149,625 | 148,094 | |
Business and government [member] | One to 5 years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 131,039 | 128,114 | |
Business and government [member] | Five to ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 5,493 | 5,334 | |
Business and government [member] | Over ten years [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 339 | 386 | |
Business and government [member] | No Stated Maturity [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 5,326 | 5,179 | |
Floating interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 320,947 | 322,179 | |
Total loans net of allowance for credit losses | 320,947 | 322,179 | |
Floating interest rate [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 98,606 | 114,060 | |
Floating interest rate [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 44,913 | 41,883 | |
Floating interest rate [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 177,428 | 166,236 | |
Fixed interest rate [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 430,283 | 423,105 | |
Total loans net of allowance for credit losses | 430,283 | 423,105 | |
Fixed interest rate [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 242,589 | 232,519 | |
Fixed interest rate [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 58,002 | 56,707 | |
Fixed interest rate [member] | Credit cards [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 17,109 | 14,518 | |
Fixed interest rate [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 112,583 | 119,361 | |
Non-rate sensitive [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 6,053 | 5,051 | |
Allowance for credit losses | (6,372) | (5,348) | |
Total loans net of allowance for credit losses | (319) | (297) | |
Non-rate sensitive [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 2,987 | 2,700 | |
Non-rate sensitive [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | 1,255 | 841 | |
Non-rate sensitive [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total loans | $ 1,811 | $ 1,510 | |
[1]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower. |
Loans, Impaired Loans and All_7
Loans, Impaired Loans and Allowance for Credit Losses - Impaired Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | $ 757,283 | $ 750,335 |
Allowance for credit losses | 6,372 | 5,348 | |
Net | 750,911 | 744,987 | |
Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 494,192 | 493,160 |
Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 46,030 | 40,055 |
Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 22,579 | 22,505 |
Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 52,617 | 51,325 |
Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 12,750 | 11,009 |
Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 63,365 | 62,771 |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 344,182 | 349,279 | |
Allowance for credit losses | 1,084 | 899 | |
Net | 343,098 | 348,380 | |
Residential mortgages [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 290,253 | 302,486 |
Residential mortgages [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 16,556 | 13,080 |
Residential mortgages [member] | Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 4,102 | 3,719 |
Residential mortgages [member] | Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 21,499 | 19,441 |
Residential mortgages [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 2,390 | 1,910 |
Residential mortgages [member] | Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 9,382 | 8,643 |
Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 104,170 | 99,431 | |
Allowance for credit losses | 2,414 | 2,137 | |
Net | 101,756 | 97,294 | |
Personal loans [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 80,732 | 78,427 |
Personal loans [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 2,200 | 2,556 |
Personal loans [member] | Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 5,424 | 5,025 |
Personal loans [member] | Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 5,081 | 4,766 |
Personal loans [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 2,349 | 2,115 |
Personal loans [member] | Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 3,976 | 3,712 |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 291,822 | 287,107 | |
Allowance for credit losses | 1,637 | 1,229 | |
Net | 290,185 | 285,878 | |
Business and government [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 114,991 | 105,277 |
Business and government [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 26,466 | 23,744 |
Business and government [member] | Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 12,004 | 12,819 |
Business and government [member] | Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 22,383 | 24,197 |
Business and government [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 6,327 | 5,541 |
Business and government [member] | Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [1] | 48,309 | 48,848 |
Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 5,726 | 4,786 |
Allowance for credit losses | 1,881 | 1,635 | |
Net | 3,845 | 3,151 | |
Financial instruments credit-impaired [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 1,564 | 1,054 |
Allowance for credit losses | 514 | 440 | |
Net | 1,050 | 614 | |
Financial instruments credit-impaired [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 1,183 | 1,020 |
Allowance for credit losses | 372 | 294 | |
Net | 811 | 726 | |
Financial instruments credit-impaired [member] | Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 691 | 761 |
Allowance for credit losses | 372 | 352 | |
Net | 319 | 409 | |
Financial instruments credit-impaired [member] | Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 1,098 | 740 |
Allowance for credit losses | 264 | 202 | |
Net | 834 | 538 | |
Financial instruments credit-impaired [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 356 | 301 |
Allowance for credit losses | 97 | 67 | |
Net | 259 | 234 | |
Financial instruments credit-impaired [member] | Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 834 | 910 |
Allowance for credit losses | 262 | 280 | |
Net | 572 | 630 | |
Financial instruments credit-impaired [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 1,864 | 1,386 |
Allowance for credit losses | 498 | 406 | |
Net | 1,366 | 980 | |
Financial instruments credit-impaired [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 1,176 | 848 |
Allowance for credit losses | 664 | 551 | |
Net | 512 | 297 | |
Financial instruments credit-impaired [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | [2] | 2,686 | 2,552 |
Allowance for credit losses | 719 | 678 | |
Net | $ 1,967 | $ 1,874 | |
[1]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[2]Interest income recognized on impaired loans during the year ended October 31, 2023 was $57 (2022 – $44). |
Loans, Impaired Loans and All_8
Loans, Impaired Loans and Allowance for Credit Losses - Impaired Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Impaired loans [abstract] | ||
Interest income recognized on impaired loans | $ 57 | $ 44 |
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, 2023 $ / bbl $ / lb | Oct. 31, 2022 $ / 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 | 0.70% | 1.20% |
Unemployment rate, average % | 6% | 5.70% |
Bank of Canada overnight rate target, average % | 4.80% | 3.80% |
HPI – Housing Price Index, y/y % change | (1.90%) | (12.30%) |
Consumer price index, y/y % | 2.80% | 4.90% |
USD/CAD exchange rate, average | 1.27 | 1.27 |
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 | 2.90% | 2.10% |
Unemployment rate, average % | 5.70% | 6% |
Bank of Canada overnight rate target, average % | 2.60% | 2.70% |
HPI – Housing Price Index, y/y % change | 1.40% | (0.30%) |
Consumer price index, y/y % | 2% | 2.10% |
USD/CAD exchange rate, average | 1.24 | 1.24 |
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 | 1% | 0.60% |
Unemployment rate, average % | 4.10% | 4.30% |
Consumer price index, y/y % | 3.20% | 5.40% |
Target federal funds rate, upper limit, average % | 5.30% | 3.50% |
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 | 1.90% | 2.10% |
Unemployment rate, average % | 4.50% | 5% |
Consumer price index, y/y % | 2.20% | 2.40% |
Target federal funds rate, upper limit, average % | 2.50% | 2.70% |
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 | 1.70% | 1.40% |
Unemployment rate, average % | 3.70% | 3.80% |
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 | 2.20% | 2.60% |
Unemployment rate, average % | 3.90% | 3.90% |
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 | 1.30% | (2.00%) |
Unemployment rate, average % | 8.50% | 8.60% |
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 | 2.90% | 2.40% |
Unemployment rate, average % | 7% | 7.60% |
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 | 1.90% | 2.50% |
Unemployment rate, average % | 6.90% | 7% |
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 | 2.70% | 2.70% |
Unemployment rate, average % | 7% | 6.90% |
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 | 2.40% | 3.90% |
Unemployment rate, average % | 9.20% | 10.70% |
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% | 2.60% |
Unemployment rate, average % | 9.90% | 9.90% |
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 | 3.80% | 4.40% |
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 | 3.80% | 4% |
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 | 78 | 89 |
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 | 66 | 79 |
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 | 3.97 | 3.25 |
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 | 5.01 | 3.49 |
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, y/y % change | 2.75% | 2.02% |
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, y/y % change | 2.45% | 2.83% |
Alternative Scenario - Optimistic [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% | 2.40% |
Unemployment rate, average % | 5.70% | 5.10% |
Bank of Canada overnight rate target, average % | 4.80% | 4.20% |
HPI – Housing Price Index, y/y % change | (1.40%) | (9.70%) |
Consumer price index, y/y % | 2.80% | 5.20% |
USD/CAD exchange rate, average | 1.27 | 1.26 |
Alternative Scenario - Optimistic [member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.20% | 3.10% |
Unemployment rate, average % | 4.20% | 4.70% |
Bank of Canada overnight rate target, average % | 3.50% | 4.10% |
HPI – Housing Price Index, y/y % change | 2.90% | 1.60% |
Consumer price index, y/y % | 2.50% | 2.60% |
USD/CAD exchange rate, average | 1.22 | 1.23 |
Alternative Scenario - Optimistic [member] | United States [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 1.50% | 1.30% |
Unemployment rate, average % | 3.90% | 4.20% |
Consumer price index, y/y % | 3.50% | 5.80% |
Target federal funds rate, upper limit, average % | 5.40% | 4.70% |
Alternative Scenario - Optimistic [member] | United States [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.70% | 3% |
Unemployment rate, average % | 4.10% | 4.60% |
Consumer price index, y/y % | 2.60% | 2.80% |
Target federal funds rate, upper limit, average % | 3.40% | 4.50% |
Alternative Scenario - Optimistic [member] | Mexico [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.60% | 1.90% |
Unemployment rate, average % | 3.60% | 3.70% |
Alternative Scenario - Optimistic [member] | Mexico [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.30% | 3.50% |
Unemployment rate, average % | 3.20% | 3.20% |
Alternative Scenario - Optimistic [member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.80% | (0.80%) |
Unemployment rate, average % | 8.20% | 8% |
Alternative Scenario - Optimistic [member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.60% | 3.60% |
Unemployment rate, average % | 6.30% | 6.50% |
Alternative Scenario - Optimistic [member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.70% | 3.70% |
Unemployment rate, average % | 6.20% | 6% |
Alternative Scenario - Optimistic [member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.90% | 3.80% |
Unemployment rate, average % | 5.10% | 4.70% |
Alternative Scenario - Optimistic [member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.70% | 6.50% |
Unemployment rate, average % | 8.60% | 9% |
Alternative Scenario - Optimistic [member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.30% | 3.60% |
Unemployment rate, average % | 7.90% | 6.70% |
Alternative Scenario - Optimistic [member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.50% | 5% |
Alternative Scenario - Optimistic [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% | 4.90% |
Alternative Scenario - Optimistic [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 | 84 | 95 |
Alternative Scenario - Optimistic [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 | 82 | 96 |
Alternative Scenario - Optimistic [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 | 4.11 | 3.39 |
Alternative Scenario - Optimistic [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 | 5.65 | 3.95 |
Alternative Scenario - Optimistic [member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, y/y % change | 3.62% | 2.96% |
Alternative Scenario - Optimistic [member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, y/y % change | 3.48% | 3.83% |
Alternative Scenario - Pessimistic [member] | Canada [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (2.20%) | (4.80%) |
Unemployment rate, average % | 7.60% | 9.70% |
Bank of Canada overnight rate target, average % | 3.60% | 5.10% |
HPI – Housing Price Index, y/y % change | (5.50%) | (17.60%) |
Consumer price index, y/y % | 1.80% | 9.30% |
USD/CAD exchange rate, average | 1.41 | 1.28 |
Alternative Scenario - Pessimistic [member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.50% | 3.70% |
Unemployment rate, average % | 6.30% | 6.90% |
Bank of Canada overnight rate target, average % | 1.40% | 3.20% |
HPI – Housing Price Index, y/y % change | 2.20% | (0.30%) |
Consumer price index, y/y % | 1.60% | 2.30% |
USD/CAD exchange rate, average | 1.26 | 1.24 |
Alternative Scenario - 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 | (2.00%) | (5.10%) |
Unemployment rate, average % | 5.60% | 7.90% |
Consumer price index, y/y % | 1.90% | 10% |
Target federal funds rate, upper limit, average % | 4.20% | 4.80% |
Alternative Scenario - 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 | 2.70% | 3.70% |
Unemployment rate, average % | 5% | 5.70% |
Consumer price index, y/y % | 1.80% | 2.60% |
Target federal funds rate, upper limit, average % | 0.80% | 3.30% |
Alternative Scenario - Pessimistic [member] | Mexico [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (0.20%) | (4.00%) |
Unemployment rate, average % | 4.70% | 7.20% |
Alternative Scenario - Pessimistic [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% | 4% |
Unemployment rate, average % | 4.10% | 4.80% |
Alternative Scenario - Pessimistic [member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (0.90%) | (7.30%) |
Unemployment rate, average % | 9.60% | 12.20% |
Alternative Scenario - Pessimistic [member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.50% | 3.90% |
Unemployment rate, average % | 7.30% | 8.30% |
Alternative Scenario - Pessimistic [member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 0.80% | (1.00%) |
Unemployment rate, average % | 8.30% | 10.30% |
Alternative Scenario - Pessimistic [member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.10% | 4.10% |
Unemployment rate, average % | 7.30% | 7.60% |
Alternative Scenario - Pessimistic [member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 1.40% | 0.40% |
Unemployment rate, average % | 11.10% | 14% |
Alternative Scenario - Pessimistic [member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.40% | 4% |
Unemployment rate, average % | 10.30% | 10.70% |
Alternative Scenario - Pessimistic [member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 2.80% | 0.50% |
Alternative Scenario - Pessimistic [member] | Caribbean [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.20% | 5.20% |
Alternative Scenario - 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 | 68 | 116 |
Alternative Scenario - 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 | 63 | 83 |
Alternative Scenario - 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 | 3.7 | 3.66 |
Alternative Scenario - 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 | 4.89 | 3.54 |
Alternative Scenario - Pessimistic [member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, y/y % change | 0.10% | (3.05%) |
Alternative Scenario - Pessimistic [member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, y/y % change | 3.10% | 4.23% |
Alternative Scenario - Very Pessimistic [Member] | Canada [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (4.30%) | (5.90%) |
Unemployment rate, average % | 9.70% | 10.20% |
Bank of Canada overnight rate target, average % | 5.80% | 5.10% |
HPI – Housing Price Index, y/y % change | (6.80%) | (20.00%) |
Consumer price index, y/y % | 6.40% | 12.50% |
USD/CAD exchange rate, average | 1.47 | 1.28 |
Alternative Scenario - Very Pessimistic [Member] | Canada [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.90% | 2.60% |
Unemployment rate, average % | 6.60% | 8.60% |
Bank of Canada overnight rate target, average % | 3.30% | 3.70% |
HPI – Housing Price Index, y/y % change | 1.50% | (1.30%) |
Consumer price index, y/y % | 2.20% | 9.50% |
USD/CAD exchange rate, average | 1.28 | 1.25 |
Alternative Scenario - Very 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 | (3.80%) | (6.50%) |
Unemployment rate, average % | 7.20% | 8.30% |
Consumer price index, y/y % | 7% | 13.20% |
Target federal funds rate, upper limit, average % | 6.30% | 4.80% |
Alternative Scenario - Very 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% | 3.30% |
Unemployment rate, average % | 5.20% | 6.70% |
Consumer price index, y/y % | 2.50% | 10.10% |
Target federal funds rate, upper limit, average % | 3.10% | 3.70% |
Alternative Scenario - Very Pessimistic [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%) | (5.10%) |
Unemployment rate, average % | 6.80% | 7.60% |
Alternative Scenario - Very Pessimistic [Member] | Mexico [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.20% | 2.50% |
Unemployment rate, average % | 4.90% | 6.40% |
Alternative Scenario - Very Pessimistic [Member] | Chile [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (3.10%) | (8.40%) |
Unemployment rate, average % | 11.30% | 12.90% |
Alternative Scenario - Very Pessimistic [Member] | Chile [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.10% | 2.90% |
Unemployment rate, average % | 7.60% | 9% |
Alternative Scenario - Very Pessimistic [Member] | Peru [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (1.40%) | (3.30%) |
Unemployment rate, average % | 11.60% | 11.40% |
Alternative Scenario - Very Pessimistic [Member] | Peru [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.60% | 3.50% |
Unemployment rate, average % | 8.80% | 9.20% |
Alternative Scenario - Very Pessimistic [Member] | Colombia [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | (0.90%) | (2.00%) |
Unemployment rate, average % | 15.60% | 15.10% |
Alternative Scenario - Very Pessimistic [Member] | Colombia [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 3.90% | 3.40% |
Unemployment rate, average % | 12.30% | 12.30% |
Alternative Scenario - Very Pessimistic [Member] | Caribbean [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 0.50% | (1.00%) |
Alternative Scenario - Very Pessimistic [Member] | Caribbean [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Real GDP growth, y/y % change | 4.70% | 3.80% |
Alternative Scenario - Very 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 | 62 | 125 |
Alternative Scenario - Very 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 | 61 | 116 |
Alternative Scenario - Very 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 | 3.56 | 3.78 |
Alternative Scenario - Very 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 | 4.83 | 3.78 |
Alternative Scenario - Very Pessimistic [Member] | Global GDP and PPP [member] | Next 12 Months [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, y/y % change | (1.48%) | (4.14%) |
Alternative Scenario - Very Pessimistic [Member] | Global GDP and PPP [member] | Remaining forecast period [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | ||
Global GDP, y/y % change | 3.45% | 3.79% |
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, 2023 | Oct. 31, 2022 | ||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | $ 5,487 | $ 5,728 | |||
Provision for credit losses | 3,431 | [1] | 1,382 | ||
Net write-offs | (2,452) | (1,726) | |||
Other, including foreign currency adjustment | 145 | 103 | |||
Provision for credit losses | |||||
Balance at end of year | 6,611 | 5,487 | |||
Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 5,348 | [2] | 5,626 | ||
Provision for credit losses | |||||
Balance at end of year | 6,372 | [3] | 5,348 | [2] | |
Allowance for credit losses on acceptances [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 31 | 37 | |||
Provision for credit losses | |||||
Balance at end of year | 90 | 31 | |||
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 | 108 | 65 | |||
Provision for credit losses | |||||
Balance at end of year | 149 | 108 | |||
Residential mortgages [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 899 | [4] | 802 | ||
Provision for credit losses | 212 | [1] | 85 | ||
Net write-offs | (66) | (45) | |||
Other, including foreign currency adjustment | 39 | 57 | |||
Provision for credit losses | |||||
Remeasurement | [5] | 202 | 69 | ||
Newly originated or purchased financial assets | 35 | 34 | |||
Derecognition of financial assets and maturities | (25) | (18) | |||
Gross write-offs | (97) | (73) | |||
Recoveries | 31 | 28 | |||
Foreign exchange and other movements | [6] | 39 | 57 | ||
Balance at end of year | [4] | 1,084 | 899 | ||
Residential mortgages [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 899 | ||||
Provision for credit losses | |||||
Balance at end of year | 1,084 | 899 | |||
Personal loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 2,137 | [4] | 2,341 | ||
Provision for credit losses | 1,377 | [1] | 615 | ||
Net write-offs | (1,180) | (863) | |||
Other, including foreign currency adjustment | 80 | 44 | |||
Provision for credit losses | |||||
Remeasurement | [5] | 1,264 | 471 | ||
Newly originated or purchased financial assets | 376 | 338 | |||
Derecognition of financial assets and maturities | (263) | (194) | |||
Gross write-offs | (1,417) | (1,116) | |||
Recoveries | 237 | 253 | |||
Foreign exchange and other movements | [6] | 80 | 44 | ||
Balance at end of year | [4] | 2,414 | 2,137 | ||
Personal loans [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 2,137 | ||||
Provision for credit losses | |||||
Balance at end of year | 2,414 | 2,137 | |||
Credit cards [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,083 | [4] | 1,211 | ||
Provision for credit losses | 1,017 | [1] | 469 | ||
Net write-offs | (916) | (612) | |||
Other, including foreign currency adjustment | 53 | 15 | |||
Provision for credit losses | |||||
Remeasurement | [5] | 967 | 414 | ||
Newly originated or purchased financial assets | 188 | 146 | |||
Derecognition of financial assets and maturities | (138) | (91) | |||
Gross write-offs | (1,113) | (791) | |||
Recoveries | 197 | 179 | |||
Foreign exchange and other movements | [6] | 53 | 15 | ||
Balance at end of year | [4] | 1,237 | 1,083 | ||
Credit cards [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,083 | ||||
Provision for credit losses | |||||
Balance at end of year | 1,237 | 1,083 | |||
Total retail loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 4,119 | [4] | 4,354 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 2,433 | 954 | ||
Newly originated or purchased financial assets | 599 | 518 | |||
Derecognition of financial assets and maturities | (426) | (303) | |||
Gross write-offs | (2,627) | (1,980) | |||
Recoveries | 465 | 460 | |||
Foreign exchange and other movements | [6] | 172 | 116 | ||
Balance at end of year | [4] | 4,735 | 4,119 | ||
Business and government [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,368 | 1,374 | |||
Provision for credit losses | 825 | [1] | 213 | ||
Net write-offs | (290) | (206) | |||
Other, including foreign currency adjustment | (27) | (13) | |||
Provision for credit losses | |||||
Remeasurement | [5] | 767 | 187 | ||
Newly originated or purchased financial assets | 467 | 310 | |||
Derecognition of financial assets and maturities | (472) | (374) | |||
Changes in models and methodologies | 87 | ||||
Gross write-offs | (355) | (318) | |||
Recoveries | 65 | 112 | |||
Foreign exchange and other movements | (23) | (4) | |||
Balance at end of period including off-balance sheet exposures | [4] | 1,786 | 1,337 | ||
Less: Allowance for credits losses on off-balance sheet exposures | [4],[7] | 149 | 108 | ||
Balance at end of year | 1,876 | 1,368 | |||
Business and government [member] | Gross carrying amount [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,337 | 1,337 | |||
Provision for credit losses | |||||
Balance at end of year | 1,337 | ||||
Business and government [member] | Net Amount [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | [4] | 1,229 | |||
Provision for credit losses | |||||
Balance at end of year | [4] | 1,637 | 1,229 | ||
Business and government [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,229 | ||||
Provision for credit losses | |||||
Balance at end of year | 1,637 | 1,229 | |||
Stage 1 [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | [2] | 1,553 | |||
Provision for credit losses | |||||
Balance at end of year | 1,861 | [3] | 1,553 | [2] | |
Stage 1 [member] | Residential mortgages [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 197 | [4] | 152 | ||
Provision for credit losses | |||||
Remeasurement | [5] | (125) | (54) | ||
Newly originated or purchased financial assets | 35 | 34 | |||
Derecognition of financial assets and maturities | (9) | (5) | |||
Transfer to (from)stage 1 | 183 | 65 | |||
Transfer to (from)stage 2 | (35) | (9) | |||
Foreign exchange and other movements | [6] | 19 | 14 | ||
Balance at end of year | [4] | 265 | 197 | ||
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 | 197 | ||||
Provision for credit losses | |||||
Balance at end of year | 265 | 197 | |||
Stage 1 [member] | Personal loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 665 | [4] | 644 | ||
Provision for credit losses | |||||
Remeasurement | [5] | (727) | (579) | ||
Newly originated or purchased financial assets | 376 | 338 | |||
Derecognition of financial assets and maturities | (91) | (76) | |||
Transfer to (from)stage 1 | 618 | 467 | |||
Transfer to (from)stage 2 | (212) | (133) | |||
Transfer to (from)stage 3 | (10) | (5) | |||
Foreign exchange and other movements | [6] | 28 | 9 | ||
Balance at end of year | [4] | 647 | 665 | ||
Stage 1 [member] | Personal loans [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 665 | ||||
Provision for credit losses | |||||
Balance at end of year | 647 | 665 | |||
Stage 1 [member] | Credit cards [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 436 | [4] | 352 | ||
Provision for credit losses | |||||
Remeasurement | [5] | (300) | (176) | ||
Newly originated or purchased financial assets | 188 | 146 | |||
Derecognition of financial assets and maturities | (65) | (51) | |||
Transfer to (from)stage 1 | 273 | 240 | |||
Transfer to (from)stage 2 | (140) | (77) | |||
Foreign exchange and other movements | [6] | 22 | 2 | ||
Balance at end of year | [4] | 414 | 436 | ||
Stage 1 [member] | Credit cards [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 436 | ||||
Provision for credit losses | |||||
Balance at end of year | 414 | 436 | |||
Stage 1 [member] | Total retail loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,298 | [4] | 1,148 | ||
Provision for credit losses | |||||
Remeasurement | [5] | (1,152) | (809) | ||
Newly originated or purchased financial assets | 599 | 518 | |||
Derecognition of financial assets and maturities | (165) | (132) | |||
Transfer to (from)stage 1 | 1,074 | 772 | |||
Transfer to (from)stage 2 | (387) | (219) | |||
Transfer to (from)stage 3 | (10) | (5) | |||
Foreign exchange and other movements | [6] | 69 | 25 | ||
Balance at end of year | [4] | 1,326 | 1,298 | ||
Stage 1 [member] | Business and government [member] | |||||
Provision for credit losses | |||||
Remeasurement | [5] | 168 | (79) | ||
Newly originated or purchased financial assets | 467 | 310 | |||
Derecognition of financial assets and maturities | (391) | (255) | |||
Changes in models and methodologies | 30 | ||||
Transfer to (from)stage 1 | 108 | 118 | |||
Transfer to (from)stage 2 | (52) | (27) | |||
Foreign exchange and other movements | 13 | 13 | |||
Balance at end of period including off-balance sheet exposures | [4] | 635 | 322 | ||
Less: Allowance for credits losses on off-balance sheet exposures | [4],[7] | 100 | 67 | ||
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 | 322 | 212 | |||
Provision for credit losses | |||||
Balance at end of year | 322 | ||||
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 | [4] | 255 | |||
Provision for credit losses | |||||
Balance at end of year | [4] | 535 | 255 | ||
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 | 255 | ||||
Provision for credit losses | |||||
Balance at end of year | 535 | 255 | |||
Stage 2 [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | [2] | 2,160 | |||
Provision for credit losses | |||||
Balance at end of year | 2,630 | [3] | 2,160 | [2] | |
Stage 2 [member] | Residential mortgages [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 296 | [4] | 276 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 74 | 43 | ||
Derecognition of financial assets and maturities | (16) | (13) | |||
Transfer to (from)stage 1 | (138) | (52) | |||
Transfer to (from)stage 2 | 149 | 46 | |||
Transfer to (from)stage 3 | (62) | (19) | |||
Foreign exchange and other movements | [6] | 18 | 15 | ||
Balance at end of year | [4] | 321 | 296 | ||
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 | 296 | ||||
Provision for credit losses | |||||
Balance at end of year | 321 | 296 | |||
Stage 2 [member] | Personal loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 921 | [4] | 1,071 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 1,027 | 441 | ||
Derecognition of financial assets and maturities | (172) | (118) | |||
Transfer to (from)stage 1 | (603) | (457) | |||
Transfer to (from)stage 2 | 297 | 192 | |||
Transfer to (from)stage 3 | (392) | (221) | |||
Foreign exchange and other movements | [6] | 25 | 13 | ||
Balance at end of year | [4] | 1,103 | 921 | ||
Stage 2 [member] | Personal loans [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 921 | ||||
Provision for credit losses | |||||
Balance at end of year | 1,103 | 921 | |||
Stage 2 [member] | Credit cards [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 647 | [4] | 859 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 614 | 141 | ||
Derecognition of financial assets and maturities | (73) | (40) | |||
Transfer to (from)stage 1 | (273) | (240) | |||
Transfer to (from)stage 2 | 140 | 77 | |||
Transfer to (from)stage 3 | (255) | (152) | |||
Foreign exchange and other movements | [6] | 23 | 2 | ||
Balance at end of year | [4] | 823 | 647 | ||
Stage 2 [member] | Credit cards [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 647 | ||||
Provision for credit losses | |||||
Balance at end of year | 823 | 647 | |||
Stage 2 [member] | Total retail loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 1,864 | [4] | 2,206 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 1,715 | 625 | ||
Derecognition of financial assets and maturities | (261) | (171) | |||
Transfer to (from)stage 1 | (1,014) | (749) | |||
Transfer to (from)stage 2 | 586 | 315 | |||
Transfer to (from)stage 3 | (709) | (392) | |||
Foreign exchange and other movements | [6] | 66 | 30 | ||
Balance at end of year | [4] | 2,247 | 1,864 | ||
Stage 2 [member] | Business and government [member] | |||||
Provision for credit losses | |||||
Remeasurement | [5] | 172 | (36) | ||
Derecognition of financial assets and maturities | (50) | (89) | |||
Changes in models and methodologies | 57 | ||||
Transfer to (from)stage 1 | (108) | (118) | |||
Transfer to (from)stage 2 | 63 | 29 | |||
Transfer to (from)stage 3 | (8) | (8) | |||
Foreign exchange and other movements | 14 | 15 | |||
Balance at end of period including off-balance sheet exposures | [4] | 403 | 320 | ||
Less: Allowance for credits losses on off-balance sheet exposures | [4],[7] | 20 | 24 | ||
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 | 320 | 470 | |||
Provision for credit losses | |||||
Balance at end of year | 320 | ||||
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 | [4] | 296 | |||
Provision for credit losses | |||||
Balance at end of year | [4] | 383 | 296 | ||
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 | 296 | ||||
Provision for credit losses | |||||
Balance at end of year | 383 | 296 | |||
Stage 3 [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | [2] | 1,635 | |||
Provision for credit losses | |||||
Balance at end of year | 1,881 | [3] | 1,635 | [2] | |
Stage 3 [member] | Residential mortgages [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 406 | [4] | 374 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 253 | 80 | ||
Transfer to (from)stage 1 | (45) | (13) | |||
Transfer to (from)stage 2 | (114) | (37) | |||
Transfer to (from)stage 3 | 62 | 19 | |||
Gross write-offs | (97) | (73) | |||
Recoveries | 31 | 28 | |||
Foreign exchange and other movements | [6] | 2 | 28 | ||
Balance at end of year | [4] | 498 | 406 | ||
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 | 406 | ||||
Provision for credit losses | |||||
Balance at end of year | 498 | 406 | |||
Stage 3 [member] | Personal loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 551 | [4] | 626 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 964 | 609 | ||
Transfer to (from)stage 1 | (15) | (10) | |||
Transfer to (from)stage 2 | (85) | (59) | |||
Transfer to (from)stage 3 | 402 | 226 | |||
Gross write-offs | (1,417) | (1,116) | |||
Recoveries | 237 | 253 | |||
Foreign exchange and other movements | [6] | 27 | 22 | ||
Balance at end of year | [4] | 664 | 551 | ||
Stage 3 [member] | Personal loans [member] | Allowance for credit losses [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 551 | ||||
Provision for credit losses | |||||
Balance at end of year | 664 | 551 | |||
Stage 3 [member] | Credit cards [member] | |||||
Provision for credit losses | |||||
Remeasurement | [5] | 653 | 449 | ||
Transfer to (from)stage 3 | 255 | 152 | |||
Gross write-offs | (1,113) | (791) | |||
Recoveries | 197 | 179 | |||
Foreign exchange and other movements | [6] | 8 | 11 | ||
Stage 3 [member] | Total retail loans [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Balance at beginning of the year | 957 | [4] | 1,000 | ||
Provision for credit losses | |||||
Remeasurement | [5] | 1,870 | 1,138 | ||
Transfer to (from)stage 1 | (60) | (23) | |||
Transfer to (from)stage 2 | (199) | (96) | |||
Transfer to (from)stage 3 | 719 | 397 | |||
Gross write-offs | (2,627) | (1,980) | |||
Recoveries | 465 | 460 | |||
Foreign exchange and other movements | [6] | 37 | 61 | ||
Balance at end of year | [4] | 1,162 | 957 | ||
Stage 3 [member] | Business and government [member] | |||||
Provision for credit losses | |||||
Remeasurement | [5] | 427 | 302 | ||
Derecognition of financial assets and maturities | (31) | (30) | |||
Transfer to (from)stage 2 | (11) | (2) | |||
Transfer to (from)stage 3 | 8 | 8 | |||
Gross write-offs | (355) | (318) | |||
Recoveries | 65 | 112 | |||
Foreign exchange and other movements | (50) | (32) | |||
Balance at end of period including off-balance sheet exposures | [4] | 748 | 695 | ||
Less: Allowance for credits losses on off-balance sheet exposures | [4],[7] | 29 | 17 | ||
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 | 695 | 655 | |||
Provision for credit losses | |||||
Balance at end of year | 695 | ||||
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 | [4] | 678 | |||
Provision for credit losses | |||||
Balance at end of year | [4] | 719 | 678 | ||
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 | 678 | ||||
Provision for credit losses | |||||
Balance at end of year | $ 719 | $ 678 | |||
[1]Excludes amounts associated with other assets of $(9). The provision for credit losses, net of these amounts, is $3,422.[2]Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos which amounted to $151.[3]Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos which amounted to $257.[4]Interest income on impaired loans for residential mortgages, personal loans, credit cards, and business and government loans totaled $378 (2022 – $274).[5]Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.[6]Divestitures are included in the foreign exchange and other movements.[7]Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position. |
Loans, Impaired Loans and Al_11
Loans, Impaired Loans and Allowance for Credit Losses - Allowance For Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Provision for credit losses | $ 3,422 | $ 1,382 | |
Allowance for credit losses for other financial assets | 257 | 151 | |
Interest income on impaired loans | [1] | 45,043 | 29,390 |
Other assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Provision for credit losses | 9 | ||
Residential mortgages personal loans credit cards total retail loans business and government excluding other assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Provision for credit losses | 3,422 | ||
Stage 2 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amortized cost of financial assets before modification | 2,096 | ||
Stage 3 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Amortized cost of financial assets before modification | 798 | ||
Gross impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income on impaired loans | $ 378 | $ 274 | |
[1]Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $54,824 for the year ended October 31, 2023 (October 31, 2022 – $32,573). |
Loans, Impaired Loans and Al_12
Loans, Impaired Loans and Allowance for Credit Losses -Summary of Carrying Value of Exposures by Risk Rating (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [1] | $ 757,283 | $ 750,335 |
Allowance for credit losses | 6,372 | 5,348 | |
Carrying value of loans net of ACL | 750,911 | 744,987 | |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 344,182 | 349,279 | |
Allowance for credit losses | 1,084 | 899 | |
Carrying value of loans net of ACL | 343,098 | 348,380 | |
Residential mortgages [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 203,279 | 209,161 | |
Residential mortgages [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 89,786 | 91,917 | |
Residential mortgages [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 21,143 | 19,431 | |
Residential mortgages [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 6,852 | 5,439 | |
Residential mortgages [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,305 | 1,482 | |
Residential mortgages [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 18,953 | 20,463 |
Residential mortgages [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,864 | 1,386 | |
Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 104,170 | 99,431 | |
Allowance for credit losses | 2,414 | 2,137 | |
Carrying value of loans net of ACL | 101,756 | 97,294 | |
Personal loans [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 30,060 | 30,383 | |
Personal loans [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 28,152 | 27,969 | |
Personal loans [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 9,324 | 10,253 | |
Personal loans [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 11,898 | 9,334 | |
Personal loans [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,302 | 1,736 | |
Personal loans [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 21,258 | 18,908 |
Personal loans [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,176 | 848 | |
Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 17,109 | 14,518 | |
Allowance for credit losses | 1,237 | 1,083 | |
Carrying value of loans net of ACL | 15,872 | 13,435 | |
Credit Card [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,031 | 1,860 | |
Credit Card [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,418 | 2,915 | |
Credit Card [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 4,378 | 3,624 | |
Credit Card [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 4,549 | 4,040 | |
Credit Card [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 858 | 623 | |
Credit Card [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 1,875 | 1,456 |
Undrawn loan commitments retail [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments net of ACL | 149,073 | 140,486 | |
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 | 104,491 | 98,979 | |
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 | 20,038 | 19,205 | |
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 | 8,529 | 7,924 | |
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 | 4,235 | 4,007 | |
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 | 364 | 388 | |
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] | 11,416 | 9,983 |
Total Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 614,534 | 603,714 | |
Allowance for credit losses | 4,735 | 4,119 | |
Carrying value of loans net of ACL | 609,799 | 599,595 | |
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 | 339,861 | 340,383 | |
Total Retail Loans [Member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 141,394 | 142,006 | |
Total Retail Loans [Member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 43,374 | 41,232 | |
Total Retail Loans [Member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 27,534 | 22,820 | |
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 | 5,829 | 4,229 | |
Total Retail Loans [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 53,502 | 50,810 |
Total Retail Loans [Member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,040 | 2,234 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 291,822 | 287,107 | |
Allowance for credit losses | 1,637 | 1,229 | |
Carrying value of loans net of ACL | 290,185 | 285,878 | |
Business and government [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 2,518 | 2,358 |
Business and government [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,686 | 2,552 | |
Business and government [member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 161,353 | 164,471 | |
Business and government [member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 121,897 | 114,814 | |
Business and government [member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,368 | 2,912 | |
Undrawn loan commitments business and government [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 316,057 | 296,917 | |
Allowance for credit losses | 149 | 108 | |
Carrying value of undrawn loan commitments net of ACL | 315,908 | 296,809 | |
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 | [2] | 5,205 | 4,573 |
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 | 109 | 139 | |
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 | 241,717 | 224,236 | |
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 | 67,922 | 67,361 | |
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 | 1,104 | 608 | |
Total Non Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 607,879 | 584,024 | |
Allowance for credit losses | 1,786 | 1,337 | |
Carrying value of loans net of ACL | 606,093 | 582,687 | |
Total Non Retail Loans [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 7,723 | 6,931 |
Total Non Retail Loans [Member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,795 | 2,691 | |
Total Non Retail Loans [Member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 403,070 | 388,707 | |
Total Non Retail Loans [Member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 189,819 | 182,175 | |
Total Non Retail Loans [Member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 4,472 | 3,520 | |
Stage one exposure [Member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 332,268 | 339,758 | |
Allowance for credit losses | 265 | 197 | |
Carrying value of loans net of ACL | 332,003 | 339,561 | |
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 | 202,322 | 208,526 | |
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 | 88,909 | 90,745 | |
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 | 19,758 | 18,399 | |
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 | 3,424 | 2,759 | |
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 | 63 | 53 | |
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 | [2] | 17,792 | 19,276 |
Stage one exposure [Member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 94,089 | 90,682 | |
Allowance for credit losses | 647 | 665 | |
Carrying value of loans net of ACL | 93,442 | 90,017 | |
Stage one exposure [Member] | Personal loans [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 29,849 | 30,098 | |
Stage one exposure [Member] | Personal loans [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 27,594 | 27,284 | |
Stage one exposure [Member] | Personal loans [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 8,725 | 8,789 | |
Stage one exposure [Member] | Personal loans [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 8,369 | 7,059 | |
Stage one exposure [Member] | Personal loans [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 125 | 81 | |
Stage one exposure [Member] | Personal loans [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 19,427 | 17,371 |
Stage one exposure [Member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 14,147 | 12,078 | |
Allowance for credit losses | 414 | 436 | |
Carrying value of loans net of ACL | 13,733 | 11,642 | |
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 | 1,989 | 1,813 | |
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 | 3,329 | 2,756 | |
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 | 4,262 | 3,434 | |
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 | 3,239 | 3,042 | |
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 | 38 | 36 | |
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 | [2] | 1,290 | 997 |
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 | 146,447 | 138,099 | |
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 | 104,488 | 98,973 | |
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 | 20,037 | 19,196 | |
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 | 8,518 | 7,880 | |
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 | 3,814 | 3,700 | |
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 | 68 | 34 | |
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 | [2] | 9,522 | 8,316 |
Stage one exposure [Member] | Total Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 586,951 | 580,617 | |
Allowance for credit losses | 1,326 | 1,298 | |
Carrying value of loans net of ACL | 585,625 | 579,319 | |
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 | 338,648 | 339,410 | |
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 | 139,869 | 139,981 | |
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 | 41,263 | 38,502 | |
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 | 18,846 | 16,560 | |
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 | 294 | 204 | |
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 | [2] | 48,031 | 45,960 |
Stage one exposure [Member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 276,868 | 270,315 | |
Allowance for credit losses | 535 | 255 | |
Carrying value of loans net of ACL | 276,333 | 270,060 | |
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] | 2,500 | 2,346 |
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 | 160,148 | 162,696 | |
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 | 114,192 | 105,251 | |
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 | 28 | 22 | |
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 | 307,884 | 290,138 | |
Allowance for credit losses | 100 | 67 | |
Carrying value of undrawn loan commitments net of ACL | 307,784 | 290,071 | |
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 | [2] | 5,205 | 4,573 |
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 | 240,044 | 222,734 | |
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 | 62,634 | 62,827 | |
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 | 1 | 4 | |
Stage one exposure [Member] | Total Non Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 584,752 | 560,453 | |
Allowance for credit losses | 635 | 322 | |
Carrying value of loans net of ACL | 584,117 | 560,131 | |
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 | [2] | 7,705 | 6,919 |
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 | 400,192 | 385,430 | |
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 | 176,826 | 168,078 | |
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 | 29 | 26 | |
Stage two exposure [Member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 10,050 | 8,135 | |
Allowance for credit losses | 321 | 296 | |
Carrying value of loans net of ACL | 9,729 | 7,839 | |
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 | 957 | 635 | |
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 | 877 | 1,172 | |
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 | 1,385 | 1,032 | |
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 | 3,428 | 2,680 | |
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 | 2,242 | 1,429 | |
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 | [2] | 1,161 | 1,187 |
Stage two exposure [Member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 8,905 | 7,901 | |
Allowance for credit losses | 1,103 | 921 | |
Carrying value of loans net of ACL | 7,802 | 6,980 | |
Stage two exposure [Member] | Personal loans [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 211 | 285 | |
Stage two exposure [Member] | Personal loans [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 558 | 685 | |
Stage two exposure [Member] | Personal loans [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 599 | 1,464 | |
Stage two exposure [Member] | Personal loans [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,529 | 2,275 | |
Stage two exposure [Member] | Personal loans [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,177 | 1,655 | |
Stage two exposure [Member] | Personal loans [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [2] | 1,831 | 1,537 |
Stage two exposure [Member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,962 | 2,440 | |
Allowance for credit losses | 823 | 647 | |
Carrying value of loans net of ACL | 2,139 | 1,793 | |
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 | 42 | 47 | |
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 | 89 | 159 | |
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 | 116 | 190 | |
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 | 1,310 | 998 | |
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 | 820 | 587 | |
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 | [2] | 585 | 459 |
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 | 2,626 | 2,387 | |
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 | 3 | 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 | 1 | 9 | |
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 | 11 | 44 | |
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 | 421 | 307 | |
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 | 296 | 354 | |
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] | 1,894 | 1,667 |
Stage two exposure [Member] | Total Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 24,543 | 20,863 | |
Allowance for credit losses | 2,247 | 1,864 | |
Carrying value of loans net of ACL | 22,296 | 18,999 | |
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 | 1,213 | 973 | |
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 | 1,525 | 2,025 | |
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 | 2,111 | 2,730 | |
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 | 8,688 | 6,260 | |
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 | 5,535 | 4,025 | |
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 | [2] | 5,471 | 4,850 |
Stage two exposure [Member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 12,268 | 14,240 | |
Allowance for credit losses | 383 | 296 | |
Carrying value of loans net of ACL | 11,885 | 13,944 | |
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 | [2] | 18 | 12 |
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 | 1,205 | 1,775 | |
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 | 7,705 | 9,563 | |
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 | 3,340 | 2,890 | |
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 | 8,064 | 6,640 | |
Allowance for credit losses | 20 | 24 | |
Carrying value of undrawn loan commitments net of ACL | 8,044 | 6,616 | |
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 | 1,673 | 1,502 | |
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 | 5,288 | 4,534 | |
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 | 1,103 | 604 | |
Stage two exposure [Member] | Total Non Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 20,332 | 20,880 | |
Allowance for credit losses | 403 | 320 | |
Carrying value of loans net of ACL | 19,929 | 20,560 | |
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 | [2] | 18 | 12 |
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 | 2,878 | 3,277 | |
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 | 12,993 | 14,097 | |
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 | 4,443 | 3,494 | |
Stage three exposure [Member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 1,864 | 1,386 |
Allowance for credit losses | [3] | 498 | 406 |
Carrying value of loans net of ACL | [3] | 1,366 | 980 |
Stage three exposure [Member] | Residential mortgages [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 1,864 | 1,386 |
Stage three exposure [Member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 1,176 | 848 |
Allowance for credit losses | [3] | 664 | 551 |
Carrying value of loans net of ACL | [3] | 512 | 297 |
Stage three exposure [Member] | Personal loans [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 1,176 | 848 |
Stage three exposure [Member] | Total Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 3,040 | 2,234 |
Allowance for credit losses | [3] | 1,162 | 957 |
Carrying value of loans net of ACL | [3] | 1,878 | 1,277 |
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 | [3] | 3,040 | 2,234 |
Stage three exposure [Member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 2,686 | 2,552 |
Allowance for credit losses | [3] | 719 | 678 |
Carrying value of loans net of ACL | [3] | 1,967 | 1,874 |
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 | [3] | 2,686 | 2,552 |
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 | [3] | 109 | 139 |
Allowance for credit losses | [3] | 29 | 17 |
Carrying value of undrawn loan commitments net of ACL | [3] | 80 | 122 |
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 | [3] | 109 | 139 |
Stage three exposure [Member] | Total Non Retail Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | [3] | 2,795 | 2,691 |
Allowance for credit losses | [3] | 748 | 695 |
Carrying value of loans net of ACL | [3] | 2,047 | 1,996 |
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 | [3] | $ 2,795 | $ 2,691 |
[1]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[2]Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.[3]Stage 3 includes purchased or originated credit-impaired loans. |
Loans, Impaired Loans and Al_13
Loans, Impaired Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Base case scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL (Stage 1 and Stage 2) | $ 4,719 | $ 3,847 |
Base case scenario [member] | Previously stated [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL (Stage 1 and Stage 2) | 4,510 | 3,609 |
Pessimistic scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL (Stage 1 and Stage 2) | 786 | 1,096 |
Probability Weighted Scenarios [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL (Stage 1 and Stage 2) | $ 553 | $ 521 |
Loans, Impaired Loans and Al_14
Loans, Impaired Loans and Allowance for Credit Losses - Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [1] | $ 757,283 | $ 750,335 |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 344,182 | 349,279 | |
Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 104,170 | 99,431 | |
Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 17,109 | 14,518 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 291,822 | 287,107 | |
Financial assets past due but not impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [2],[3] | 3,910 | 2,960 |
Financial assets past due but not impaired [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [2],[3] | 1,946 | 1,497 |
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 | [2],[3] | 1,008 | 759 |
Financial assets past due but not impaired [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | [2],[3] | 740 | 535 |
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 | [2],[3] | 216 | 169 |
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 | [2],[3] | 2,374 | 1,815 |
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 | [2],[3] | 1,329 | 1,015 |
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 | [2],[3] | 648 | 505 |
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 | [2],[3] | 238 | 173 |
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 | [2],[3] | 159 | 122 |
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 | [2],[3] | 1,191 | 896 |
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 | [2],[3] | 617 | 482 |
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 | [2],[3] | 360 | 254 |
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 | [2],[3] | 157 | 113 |
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 | [2],[3] | 57 | 47 |
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 | [2],[3],[4] | 345 | 249 |
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 | [2],[3],[4] | $ 345 | $ 249 |
[1]Geographic segmentation is based on the location of the property for residential mortgages; otherwise, the residence of the borrower.[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 aging of the loans resumes, after the end of the deferral period.[3]Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due.[4]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. |
Loans, Impaired Loans and Al_15
Loans, Impaired Loans and Allowance for Credit Losses - Summary of Purchased Credit Impaired Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance | $ (6,611) | $ (5,487) | $ (5,728) | |
Loans acquired in business combination [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Unpaid principal balance | [1] | 307 | 309 | |
Credit related fair value adjustments | (87) | (70) | ||
Carrying value | 220 | 239 | ||
Carrying value net of related allowance | 219 | 237 | ||
Loans acquired in business combination [member] | Stage 3 [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance | $ (1) | $ (2) | ||
[1]Represents principal amount owed net of write-offs. |
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, 2023 | Oct. 31, 2022 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of associated liabilities | [1] | $ 20,222 | $ 24,173 |
Residential mortgage loans [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | [1] | 13,508 | 15,032 |
Other related assets [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | [1],[2] | $ 8,600 | $ 9,854 |
[1]The fair value of the transferred assets is $20,264 (2022 – $23,379) and the fair value of the associated liabilities is $19,265 (2022 – $23,254), for a net position of $999 (2022 – $125).[2]These include cash held in trust and trust permitted investment assets, including repurchase style transactions of mortgage-backed securities, acquired as part of principal reinvestment account that the Bank is required to maintain in order to participate in the programs. |
Derecognition of Financial As_4
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Assets Do Not Qualify for Derecognition and Associated Liabilities (Parenthetical) (Detail) - Securitisations [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair value of transferred assets | $ 20,264 | $ 23,379 |
Fair value of associated liabilities | 19,265 | 23,254 |
Net position | $ 999 | $ 125 |
Derecognition of financial as_5
Derecognition of financial assets - Additional Information (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Canadian emergency business account loans [member] | ||
Disclosure of financial assets [line items] | ||
CEBA loans | $ 3.4 | $ 3.9 |
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 (Detail) - Other Financial Assets [Member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | [1] | $ 196,470 | $ 174,730 |
Carrying value of associated liabilities | [1],[2] | 160,007 | 139,025 |
Repurchase agreement [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | [1],[3] | 140,296 | 122,552 |
Securities lending [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | [1] | $ 56,174 | $ 52,178 |
[1]The fair value of transferred assets is $196,470 (2022 – $174,730) and the fair value of the associated liabilities is $160,007 (2022 – $139,025), for a net position of $36,463 (2022 – $35,705).[2]Liabilities for securities lending arrangements only include amounts related to cash collateral received. For securities received as collateral, refer to Note 35(a)(iv) – Financial Instruments – Risk Management.[3]Does not include over-collateralization of assets pledged. |
Derecognition of Financial As_7
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Other Financial Assets Do Not Qualify for Derecognition and Associated Liabilities (Parenthetical) (Detail) - Other Financial Assets [Member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Fair value of transferred assets | $ 196,470 | $ 174,730 |
Fair value of the associated liabilities | 160,007 | 139,025 |
Net position | $ 36,463 | $ 35,705 |
Structured Entities - Consolida
Structured Entities - Consolidated Structured Entities - Additional Information (Detail) $ in Millions, $ in Millions | Oct. 31, 2023 CAD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 CAD ($) | Oct. 31, 2022 USD ($) |
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | $ 266,014 | $ 254,502 | ||
Limited Recourse Capital Notes [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Limited recourse capital notes outstanding | 4,500 | 4,500 | ||
Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Subordinated notes outstanding | 21.4 | $ 15.7 | ||
Canadian auto loan receivables [member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 216.4 | |||
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 | 50,000 | 45,900 | ||
Scotiabank covered bond guarantor limited partnership [member] | Uninsured residential mortgage backed securities [member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 51,500 | 51,400 | ||
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 | 241 | $ 174 | 95 | 70 |
Subordinated notes outstanding | 2,800 | 1,100 | ||
Trillium credit card trust II [member] | Deposits From Business And Government [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Subordinated notes outstanding | $ 2,000 | $ 800 | ||
Trillium credit card trust II [member] | Credit card receivable [member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets pledged | 3,200 | 1,200 | ||
U.S. multi-seller conduit [Member] | Business and government loans [Member] | ||||
Disclosure of information about consolidated structured entities [line items] | ||||
Assets recognized in entity's financial statements in relation to consolidated structured entities | $ 13,000 | $ 10,000 |
Structured Entities - Unconsoli
Structured Entities - Unconsolidated Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Guarantee-linked notes [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Debt securities issued | $ 998 | |
Top of range [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Asset-backed commercial paper issued | 1,800 | 2,600 |
Unconsolidated structured entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Bank's maximum exposure to loss | 8,666 | 5,468 |
Unconsolidated structured entities [member] | Bank Of Nova Scotia [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Bank's maximum exposure to loss | 2,100 | 1,700 |
Unaffiliated Structured Entities [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Credit facilities funded by bank | $ 220 |
Structured Entities - Summary o
Structured Entities - Summary of Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of unconsolidated structured entities [line items] | ||
Trading assets | $ 117,868 | $ 113,154 |
Investment securities | 118,237 | 110,008 |
Total assets | 1,410,789 | 1,349,418 |
Deposits – Business and government | 612,267 | 597,617 |
Total liabilities | 1,332,122 | 1,274,669 |
Canadian multi-seller Conduits that the bank administers [Member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 5,291 | 3,773 |
Trading assets | 8 | 35 |
Total assets | 8 | 35 |
Bank's maximum exposure to loss | 5,299 | 3,808 |
Structured finance entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 3,683 | 2,304 |
Trading assets | 18 | 2 |
Investment securities | 804 | 885 |
Loans | 1,182 | 704 |
Other | 2 | |
Total assets | 2,006 | 1,591 |
Bank's maximum exposure to loss | 3,296 | 1,591 |
Other funding vehicles [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 1,872 | 833 |
Investment securities | 10 | 10 |
Loans | 61 | 59 |
Other | 9 | |
Total assets | 80 | 69 |
Deposits – Business and government | 1,834 | 833 |
Other | 38 | |
Total liabilities | 1,872 | 833 |
Bank's maximum exposure to loss | 71 | 69 |
Unconsolidated structured entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Total assets on structured entity's financial statements | 10,846 | 6,910 |
Trading assets | 26 | 37 |
Investment securities | 814 | 895 |
Loans | 1,243 | 763 |
Other | 11 | |
Total assets | 2,094 | 1,695 |
Deposits – Business and government | 1,834 | 833 |
Other | 38 | |
Total liabilities | 1,872 | 833 |
Bank's maximum exposure to loss | $ 8,666 | $ 5,468 |
Structured Entities - Other Unc
Structured Entities - Other Unconsolidated Bank-Sponsored Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of unconsolidated structured entities [line items] | ||
Revenue | $ 32,307 | $ 31,416 |
Unconsolidated bank sponsored entities [member] | ||
Disclosure of unconsolidated structured entities [line items] | ||
Revenue | $ 2,369 | $ 2,486 |
Property and Equipment - Summar
Property and Equipment - Summary of Property Plant and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | [1] | $ 5,700 | |
Ending balance | [1] | 5,642 | $ 5,700 |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 12,236 | 11,537 | |
Additions | 660 | 756 | |
Disposals/Retirements | (2,738) | (280) | |
Foreign currency adjustments and other | 359 | 223 | |
Ending balance | 10,517 | 12,236 | |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (6,536) | (5,916) | |
Depreciation | 801 | 749 | |
Disposals/Retirements | 2,605 | 209 | |
Foreign currency adjustments and other | 143 | 80 | |
Ending balance | (4,875) | (6,536) | |
Land and buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,040 | ||
Ending balance | 1,127 | 1,040 | |
Land and buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,677 | 1,569 | |
Additions | 97 | 102 | |
Disposals/Retirements | (64) | (56) | |
Foreign currency adjustments and other | 103 | 62 | |
Ending balance | 1,813 | 1,677 | |
Land and buildings [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (637) | (597) | |
Depreciation | 44 | 37 | |
Disposals/Retirements | 4 | 24 | |
Foreign currency adjustments and other | 9 | 27 | |
Ending balance | (686) | (637) | |
Equipment 1 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 585 | ||
Ending balance | 541 | 585 | |
Equipment 1 [Member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,362 | 1,906 | |
Additions | 161 | 110 | |
Disposals/Retirements | (781) | (59) | |
Foreign currency adjustments and other | 67 | 405 | |
Ending balance | 1,809 | 2,362 | |
Equipment 1 [Member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,777) | (1,464) | |
Depreciation | 104 | 83 | |
Disposals/Retirements | 748 | 59 | |
Foreign currency adjustments and other | 135 | 289 | |
Ending balance | (1,268) | (1,777) | |
Technology assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 272 | ||
Ending balance | 324 | 272 | |
Technology assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,205 | 2,410 | |
Additions | 130 | 169 | |
Disposals/Retirements | (1,657) | (20) | |
Foreign currency adjustments and other | 27 | (354) | |
Ending balance | 705 | 2,205 | |
Technology assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,933) | (2,060) | |
Depreciation | 161 | 153 | |
Disposals/Retirements | 1,655 | 16 | |
Foreign currency adjustments and other | (58) | (264) | |
Ending balance | (381) | (1,933) | |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 678 | ||
Ending balance | 702 | 678 | |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,795 | 1,649 | |
Additions | 129 | 160 | |
Disposals/Retirements | (118) | (47) | |
Foreign currency adjustments and other | 48 | 33 | |
Ending balance | 1,854 | 1,795 | |
Leasehold improvements [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,117) | (1,059) | |
Depreciation | 113 | 98 | |
Disposals/Retirements | 92 | 51 | |
Foreign currency adjustments and other | 14 | 11 | |
Ending balance | (1,152) | (1,117) | |
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,125 | ||
Ending balance | 2,948 | 3,125 | |
Right-of-use assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,197 | 4,003 | |
Additions | 143 | 215 | |
Disposals/Retirements | (118) | (98) | |
Foreign currency adjustments and other | 114 | 77 | |
Ending balance | 4,336 | 4,197 | |
Right-of-use assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,072) | (736) | |
Depreciation | 379 | 378 | |
Disposals/Retirements | 106 | 59 | |
Foreign currency adjustments and other | 43 | 17 | |
Ending balance | $ (1,388) | $ (1,072) | |
[1]Includes $38 (2022 – $36) of investment property. |
Property and Equipment - Summ_2
Property and Equipment - Summary of Property Plant and Equipment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Investment property | $ 38 | $ 36 |
Investments in Associates - Sum
Investments in Associates - Summary of Significant Investments in Associates (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Canadian tires financial services business [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | [1] | Canada | |
Nature of business | [1] | Financial Services | |
Carrying value | [1] | $ 579 | |
Bank of Xian Co Ltd [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | [2] | China | |
Nature of business | [2] | Banking | |
Ownership percentage | [2] | 18.11% | |
Date of financial statements | [2],[3] | Sep. 30, 2023 | |
Carrying value | [2] | $ 895 | 1,007 |
Maduro and curiels bank NV [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | [4] | Curacao | |
Nature of business | [4] | Banking | |
Ownership percentage | [4] | 48.10% | |
Date of financial statements | [3],[4] | Sep. 30, 2023 | |
Carrying value | [4] | $ 489 | $ 438 |
[1]On October 31, 2023, the Bank closed the sale of its 20% interest in CTFS to Canadian Tire Corporation. Refer to Note 36 – Acquisitions and Divestitures.[2]Based on the quoted price on the Shanghai Stock Exchange, the Bank’s investment in Bank of Xi’an Co. Ltd was $529 as at October 31, 2023 (October 31, 2022 – $489).[3]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.[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, 2023 these reserves amounted to $71 (2022 – $67). |
Investments in Associates - S_2
Investments in Associates - Summary of Significant Investments in Associates (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of associates [line items] | ||
Undistributed retained earnings | $ 71 | $ 67 |
Canadian tires financial services business [member] | Canadian Tier Corporation [Member] | ||
Disclosure of associates [line items] | ||
Percentage of investment in associates disposed off | 20% | |
Bank of Xian Co Ltd [member] | ||
Disclosure of associates [line items] | ||
Investments in associates based on quoted Stock Exchange price on Shanghai | $ 529 | $ 489 |
Investments in Associates - Add
Investments in Associates - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of associates [line items] | ||
Terminal growth rate | 4.50% | 4.50% |
Cash flows discounted rate | 10% | 10% |
Bank of Xian Co Ltd [member] | ||
Disclosure of associates [line items] | ||
Term of cash flow forecast | 5 years | |
Terminal growth rate | 3% | 3% |
Cash flows discounted rate | 12% | 12% |
Impairment loss after tax | $ 159 | |
Impairment losses | $ 185 |
Investments in Associates - S_3
Investments in Associates - Summarized Financial Information of Significant Associates (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of associates [line items] | |||
Revenue | $ 32,307 | $ 31,416 | |
Net income | 7,528 | 10,174 | |
Total assets | 1,410,789 | 1,349,418 | |
Total liabilities | 1,332,122 | 1,274,669 | |
Canadian tires financial services business [member] | |||
Disclosure of associates [line items] | |||
Revenue | [1] | 1,347 | 1,260 |
Net income | [1] | 368 | 399 |
Total assets | [1] | 6,870 | |
Total liabilities | [1] | 5,629 | |
Bank of Xian Co Ltd [member] | |||
Disclosure of associates [line items] | |||
Revenue | [1] | 1,277 | 1,306 |
Net income | [1] | 487 | 497 |
Total assets | [1] | 80,803 | 67,864 |
Total liabilities | [1] | 75,027 | 62,489 |
Maduro and curiels bank NV [member] | |||
Disclosure of associates [line items] | |||
Revenue | [1] | 416 | 324 |
Net income | [1] | 165 | 99 |
Total assets | [1] | 7,636 | 7,181 |
Total liabilities | [1] | $ 6,616 | $ 6,288 |
[1]Based on the most recent available financial statements. |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary of Changes In The Carrying Amounts of Goodwill By Groups of Cash Generating Units (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | $ 8,874 | $ 8,848 |
Foreign currency adjustments and other | 307 | 26 |
Ending balance | 9,181 | 8,874 |
Canadian banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 1,690 | 1,690 |
Ending balance | 1,690 | 1,690 |
Global wealth management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 3,599 | 3,580 |
Foreign currency adjustments and other | 11 | 19 |
Ending balance | 3,610 | 3,599 |
Global banking and markets [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 243 | 231 |
Foreign currency adjustments and other | 3 | 12 |
Ending balance | 246 | 243 |
Latin America [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 2,401 | 2,517 |
Foreign currency adjustments and other | 229 | (116) |
Ending balance | 2,630 | 2,401 |
Caribbean and central america [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Begining balance | 941 | 830 |
Foreign currency adjustments and other | 64 | 111 |
Ending balance | $ 1,005 | $ 941 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Jul. 31, 2023 | Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | |
Disclosure of intangible assets and goodwill [Line Items] | |||
Impairment of goodwill | $ 0 | ||
Period of discounted cash flow method for calculating value in use | 5-year | ||
Terminal growth rate | 4.50% | 4.50% | |
Cash flows discounted rate | 10% | 10% | |
Impairment of finite lived intangible assets | $ 0 | $ 0 | |
Financial forecast of profit (loss) for cash-generating unit, measurement input [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Significant unobservable input assets percentage of reasonably possible decrease | 5% | ||
Price earning multiple [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Significant unobservable input assets percentage of reasonably possible decrease | 1% | ||
Global banking and markets [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Fair value less costs of disposal as a percentage of carrying amount | 109% | ||
Global banking and markets [member] | Financial forecast of profit (loss) for cash-generating unit, measurement input [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Significant unobservable input assets percentage of reasonably possible decrease | 5% | ||
Global banking and markets [member] | Price earning multiple [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Price earnings ratio multiple | 9.5 | ||
Amount by which value assigned to key assumptions must change in order for units recoverable amount equal to carrying amount | 0.8 | ||
Latin America [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Terminal growth rate | 3% | ||
Cash flows discounted rate | 13% | ||
Term of cash flow forecast | 5 years | ||
Bottom of range [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Price earnings multiples used | 9 | 9 | |
Top of range [member] | |||
Disclosure of intangible assets and goodwill [Line Items] | |||
Price earnings multiples used | 10 | 12 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 7,959 | ||
Impairment | 0 | $ 0 | |
Ending balance | 8,012 | 7,959 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 13,143 | 12,146 | |
Additions | 1,125 | 987 | |
Impairment | [1] | (297) | |
Disposals/Retirements | (2,143) | (2) | |
Foreign currency adjustments and other | 204 | 12 | |
Ending balance | 12,032 | 13,143 | |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (5,184) | (4,390) | |
Amortization | 1,019 | 782 | |
Impairment | [1] | (168) | |
Disposals/Retirements | 1,998 | 1 | |
Foreign currency adjustments and other | (17) | 13 | |
Ending balance | (4,020) | (5,184) | |
Fund management contracts [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | [2] | 4,415 | |
Ending balance | [2] | 4,415 | 4,415 |
Fund management contracts [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | [2] | 4,415 | 4,415 |
Ending balance | [2] | 4,415 | 4,415 |
Indefinite life intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 166 | ||
Ending balance | 163 | 166 | |
Indefinite life intangible assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 166 | 166 | |
Impairment | [1] | (3) | |
Ending balance | 163 | 166 | |
Computer software [member] | Finite life intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | [3] | 2,878 | |
Ending balance | [3] | 3,073 | 2,878 |
Computer software [member] | Finite life intangible assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 6,687 | 5,698 | |
Additions | 1,125 | 987 | |
Impairment | [1] | (184) | |
Disposals/Retirements | (2,141) | (2) | |
Foreign currency adjustments and other | 152 | 4 | |
Ending balance | 5,639 | 6,687 | |
Computer software [member] | Finite life intangible assets [member] | Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | (3,809) | (3,117) | |
Amortization | 862 | 685 | |
Impairment | [1] | (134) | |
Disposals/Retirements | 1,996 | 1 | |
Foreign currency adjustments and other | 25 | 8 | |
Ending balance | (2,566) | (3,809) | |
Other intangible assets [member] | Finite life intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 500 | ||
Ending balance | 361 | 500 | |
Other intangible assets [member] | Finite life intangible assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,875 | 1,867 | |
Impairment | [1] | (110) | |
Disposals/Retirements | (2) | ||
Foreign currency adjustments and other | 52 | 8 | |
Ending balance | 1,815 | 1,875 | |
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 | (1,375) | (1,273) | |
Amortization | 157 | 97 | |
Impairment | [1] | (34) | |
Disposals/Retirements | 2 | ||
Foreign currency adjustments and other | (42) | 5 | |
Ending balance | $ (1,454) | $ (1,375) | |
[1]Impairment charges taken against finite life intangible assets primarily relate to the full write-off of a contract-based intangible asset in Peru, and software assets which were decommissioned in Q4 2023.[2]Fund management contracts are attributable to the previously acquired Dynamic Funds business (formerly DundeeWealth Inc.), MD Financial Management Inc., and Jarislowsky Fraser Limited.[3]Computer software comprises of purchased software of $429 (2022 – $337), internally generated software of $1,711 (2022 – $1,555), and in process software not subject to amortization of $933 (2022 – $986). |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Purchased software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Computer software | $ 429 | $ 337 |
Internally generated software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Computer software | 1,711 | 1,555 |
In process software not subject to amortization [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Computer software | $ 933 | $ 986 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of other assets [abstract] | ||
Accrued interest | $ 4,907 | $ 3,710 |
Accounts receivable and prepaids | 2,218 | 1,715 |
Current tax assets | 2,743 | 3,349 |
Margin deposit on derivatives | 12,254 | 15,656 |
Segregated fund assets | 1,463 | 1,795 |
Pension assets (Note 28) | 936 | 1,052 |
Receivable from brokers, dealers and clients | 4,142 | 4,608 |
Other | 6,278 | 5,371 |
Total | $ 34,941 | $ 37,256 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Deposits [line items] | |||
Payable after notice | [1],[2],[3] | $ 196,334 | |
Payable on a fixed date | [1],[4] | 533,457 | |
Total | [1] | 952,333 | $ 916,181 |
Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 160,728 | |
Payable on a fixed date | [4] | 366,938 | |
Total | 679,196 | 642,977 | |
United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 4 | |
Payable on a fixed date | [4] | 55,554 | |
Total | 96,807 | 104,984 | |
United Kingdom [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 422 | |
Payable on a fixed date | [4] | 21,140 | |
Total | 21,562 | 24,243 | |
Mexico [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 13,252 | |
Payable on a fixed date | [4] | 20,851 | |
Total | 41,424 | 31,841 | |
Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 4,782 | |
Payable on a fixed date | [4] | 6,036 | |
Total | 15,860 | 16,439 | |
Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 156 | |
Payable on a fixed date | [4] | 17,396 | |
Total | 23,724 | 22,105 | |
Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 4,261 | |
Payable on a fixed date | [4] | 4,756 | |
Total | 9,580 | 8,211 | |
Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 12,729 | |
Payable on a fixed date | [4] | 40,786 | |
Total | 64,180 | 65,381 | |
Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 148,027 | |
Payable on a fixed date | [4] | 125,312 | |
Total | 288,617 | 265,892 | |
Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 46,431 | |
Payable on a fixed date | [4] | 372,294 | |
Total | 612,267 | 597,617 | |
Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | [2] | 1,876 | |
Payable on a fixed date | [4] | 35,851 | |
Total | 51,449 | $ 52,672 | |
Interest bearing [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [1],[5] | 178,981 | |
Interest bearing [member] | Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 128,274 | |
Interest bearing [member] | United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 41,207 | |
Interest bearing [member] | Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 4,586 | |
Interest bearing [member] | Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 1,389 | |
Interest bearing [member] | Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 32 | |
Interest bearing [member] | Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 3,493 | |
Interest bearing [member] | Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 4,989 | |
Interest bearing [member] | Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 161,121 | |
Interest bearing [member] | Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 12,871 | |
Non- interest bearing [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [1],[5] | 43,561 | |
Non- interest bearing [member] | Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 23,256 | |
Non- interest bearing [member] | United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 42 | |
Non- interest bearing [member] | Mexico [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 7,321 | |
Non- interest bearing [member] | Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 456 | |
Non- interest bearing [member] | Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 4,783 | |
Non- interest bearing [member] | Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 531 | |
Non- interest bearing [member] | Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 7,172 | |
Non- interest bearing [member] | Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 10,289 | |
Non- interest bearing [member] | Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | 32,421 | |
Non- interest bearing [member] | Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | [5] | $ 851 | |
[1]Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817).[2]Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts.[3]Includes $123 (2022 – $156) of non-interest bearing deposits.[4]All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.[5]Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Deposits [line Items] | |||
Payable after notice | [1],[2],[3] | $ 196,334 | |
Deposits | [1] | 952,333 | $ 916,181 |
U.S. dollar [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 320,088 | 326,041 | |
Chile, Pesos [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 20,200 | 18,740 | |
Mexico, Pesos [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 38,127 | 29,269 | |
Other Foreign Currencies [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 116,926 | 106,817 | |
Non interest bearing deposits [member] | |||
Disclosure Of Deposits [line Items] | |||
Payable after notice | $ 123 | $ 156 | |
[1]Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817).[2]Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts.[3]Includes $123 (2022 – $156) of non-interest bearing deposits. |
Deposits - Summary of Maturity
Deposits - Summary of Maturity Schedule for Term Deposits (Detail) - Canada [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Deposits [line items] | |||
Term deposit | [1] | $ 318,331 | $ 284,037 |
Within three months [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | [1] | 66,726 | 53,656 |
Three to six months [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | [1] | 39,525 | 36,035 |
Six to twelve months [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | [1] | 62,675 | 62,891 |
One to 5 years [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | [1] | 130,384 | 110,015 |
Over 5 years [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | [1] | $ 19,021 | $ 21,440 |
[1]The majority of foreign term deposits are in excess of $100,000. |
Deposits - Summary of Maturit_2
Deposits - Summary of Maturity Schedule for Term Deposits (Parenthetical) (Detail) $ in Millions | Oct. 31, 2023 CAD ($) | |
Disclosure Of Deposits [line Items] | ||
Foreign term deposits in excess | $ 533,457 | [1],[2] |
Foreign countries [member] | Bottom of range [member] | ||
Disclosure Of Deposits [line Items] | ||
Foreign term deposits in excess | $ 100,000 | |
[1]All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments.[2]Deposits denominated in U.S. dollars amount to $320,088 (2022 – $326,041), deposits denominated in Chilean pesos amount to $20,200 (2022 – $18,740), deposits denominated in Mexican pesos amount to $38,127 (2022 – $29,269) and deposits denominated in other foreign currencies amount to $116,926 (2022 – $106,817). |
Subordinated Debentures - Sched
Subordinated Debentures - Schedule of Net of Holdings in Debentures (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about borrowings [line items] | |||
Carrying value | [1] | $ 9,693 | $ 8,469 |
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 | [2] | Redeemable at any time. | |
Carrying value | [1] | $ 252 | 253 |
December 2025 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | December 2025 | |
Interest rate | 4.50% | ||
Description of Term | [2] | U.S.$1,250 million. | |
Carrying value | [1] | $ 1,714 | 1,690 |
January 2029 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | January 2029 | |
Interest rate | 3.89% | ||
Description of Term | [2] | 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] | $ 1,752 | 1,770 |
July 2029 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | July 2029 | |
Interest rate | 2.836% | ||
Description of Term | [2] | 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] | $ 1,339 | 1,459 |
August 2085 [member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | August 2085 | ||
Description of Term | [2] | On August 31, 2023, the Bank redeemed these notes at 100% of their principal amount plus accrued interest to the redemption date. | |
Carrying value | [1] | 78 | |
May 2037 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | May 2037 | |
Interest rate | 4.588% | ||
Description of Term | [3] | U.S.$1,250 million. Redeemable between April 12, 2027, and May 4, 2032. On May 4, 2032, interest will reset at the then prevailing 5-year U.S. treasury rate plus 2.050%. | |
Carrying value | [1] | $ 1,676 | 1,644 |
May 2032 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | May 2032 | |
Interest rate | 3.934% | ||
Description of Term | [2] | Redeemable on or after May 3, 2027. After May 3, 2027, interest will be payable quarterly at the then prevailing three-month bankers’ acceptance rate plus 1.52%. | |
Carrying value | [1] | $ 1,587 | $ 1,575 |
December 2032 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | December 2032 | |
Interest rate | 1.80% | ||
Description of Term | [2] | JPY 33,000 million. Redeemable on December 20, 2027. After December 20, 2027, interest will be payable semi-annually at the reference Japanese Government Bond rate plus 1.681% on the reset date. | |
Carrying value | [1] | $ 301 | |
August 2033 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | August 2033 | |
Interest rate | 5.679% | ||
Description of Term | [2] | Redeemable on or after August 2, 2028. After August 2, 2028, interest will be payable at an annual rate equal to Daily Compounded CORRA plus 2.100%. | |
Carrying value | [1] | $ 962 | |
December 2033 [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | [3] | December 2033 | |
Interest rate | 1.83% | ||
Description of Term | [2] | JPY 12,000 million. Redeemable on December 1, 2028. After December 1, 2028, interest rate on the debentures will be reset to the prevailing yield of Japanese Government Bond rate plus 1.477% on the reset date. | |
Carrying value | [1] | $ 110 | |
[1]The carrying value of subordinated debentures may differ from par value due to the impact of fair value hedges used for managing interest rate risk and subordinated debentures held for market-making purposes.[2]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.[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 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 - Sch_2
Subordinated Debentures - Schedule of Net of Holdings in Debentures (Parenthetical) (Detail) $ / shares in Units, ¥ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2023 USD ($) | Oct. 31, 2022 USD ($) | Oct. 31, 2023 JPY (¥) | Oct. 31, 2023 CAD ($) $ / shares | Oct. 31, 2022 JPY (¥) | Oct. 31, 2022 CAD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||||
Conversion of rate outstanding NVCC | 125% | |||||
Subordinated debentures non viability contingent capital [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Conversion of rate outstanding NVCC | 150% | |||||
Conversion of floor price | $ / shares | $ 5 | |||||
June 2025 [member] | Fixed interest rate [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] | ||||||
Subordinated Indebtedness Carrying Value | $ 1,250 | $ 1,250 | ||||
December 2025 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | U.S.$1,250 million. | |||||
January 2029 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | Jan. 18, 2024 | Jan. 18, 2024 | ||||
Borrowings, adjustment to interest rate basis | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% | 1.58% |
January 2029 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
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%. | |||||
July 2029 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | Jul. 03, 2024 | Jul. 03, 2024 | ||||
Borrowings, adjustment to interest rate basis | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% | 1.18% |
July 2029 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
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 | |||||
August 2085 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | Aug. 31, 2023 | Aug. 31, 2023 | ||||
Borrowings, adjustment to interest rate basis | 100% | 100% | 100% | |||
Percentage of the principal amount of subordinated debt redeemable | 100% | 100% | 100% | |||
August 2085 [member] | Floating interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | On August 31, 2023, the Bank redeemed these notes at 100% of their principal amount plus accrued interest to the redemption date. | |||||
May 2037 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | Apr. 12, 2027 | Apr. 12, 2027 | ||||
Borrowings, adjustment to interest rate basis | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% | 2.05% |
Subordinated Indebtedness Carrying Value | $ 1,250 | $ 1,250 | ||||
May 2037 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | U.S.$1,250 million. Redeemable between April 12, 2027, and May 4, 2032. On May 4, 2032, interest will reset at the then prevailing 5-year U.S. treasury rate plus 2.050%. | |||||
May 2032 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | May 03, 2027 | May 03, 2027 | ||||
Borrowings, adjustment to interest rate basis | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% | 1.52% |
May 2032 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | Redeemable on or after May 3, 2027. After May 3, 2027, interest will be payable quarterly at the then prevailing three-month bankers’ acceptance rate plus 1.52%. | |||||
December 2032 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | Dec. 20, 2027 | Dec. 20, 2027 | ||||
Borrowings, adjustment to interest rate basis | 1.681% | 1.681% | 1.681% | 1.681% | 1.681% | 1.681% |
Subordinated Indebtedness Carrying Value | ¥ | ¥ 33,000 | ¥ 33,000 | ||||
December 2032 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | JPY 33,000 million. Redeemable on December 20, 2027. After December 20, 2027, interest will be payable semi-annually at the reference Japanese Government Bond rate plus 1.681% on the reset date. | |||||
August 2033 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Redemption Date | Aug. 02, 2028 | Aug. 02, 2028 | ||||
Borrowings, adjustment to interest rate basis | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% | 2.10% |
August 2033 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | Redeemable on or after August 2, 2028. After August 2, 2028, interest will be payable at an annual rate equal to Daily Compounded CORRA plus 2.100%. | |||||
December 2033 [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, adjustment to interest rate basis | 1.477% | 1.477% | 1.477% | 1.477% | 1.477% | 1.477% |
Subordinated Indebtedness Carrying Value | $ 12,000 | $ 12,000 | ||||
December 2033 [member] | Fixed interest rate [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings interest rate basis | JPY 12,000 million. Redeemable on December 1, 2028. After December 1, 2028, interest rate on the debentures will be reset to the prevailing yield of Japanese Government Bond rate plus 1.477% on the reset date. |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial liabilities [line items] | |||
Accrued interest | $ 7,594 | $ 3,612 | |
Lease liabilities | [1] | 3,202 | 3,323 |
Accounts payable and accrued expenses | 7,819 | 6,995 | |
Current tax liabilities | 728 | 464 | |
Deferred tax liabilities | 1,446 | 1,100 | |
Gold and silver certificates and bullion | 439 | 372 | |
Margin and collateral accounts | 8,531 | 9,029 | |
Segregated fund liabilities | 1,463 | 1,795 | |
Payables to brokers, dealers and clients | 1,565 | 1,957 | |
Provisions | 573 | 287 | |
Allowance for credit losses on off-balance sheet exposures | 149 | 108 | |
Pension liabilities | 521 | 549 | |
Other liabilities of subsidiaries and structured entities | 26,836 | 25,010 | |
Other | 8,663 | 8,098 | |
Total | $ 69,529 | $ 62,699 | |
[1]Represents 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, 2023 | Oct. 31, 2022 |
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | $ 3,864 | $ 3,965 |
Within 1 year [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 428 | 425 |
1 to 2 years [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 410 | 414 |
2 to 3 years [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 405 | 404 |
3 to 4 years [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 398 | 387 |
4 to 5 years [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | 371 | 373 |
Over 5 years [member] | ||
Disclosure of Operating Lease Undiscounted Lease Liabilities [Line Items] | ||
Gross lease liabilities | $ 1,852 | $ 1,962 |
Provisions - Summary of Provisi
Provisions - Summary of Provisions (Detail) - Litigation and other [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of other provisions [line items] | ||
Beginning balance | $ 287 | $ 296 |
Provisions made during the year | 470 | 149 |
Provisions utilized / released during the year | (184) | (158) |
Ending balance | $ 573 | $ 287 |
Provisions - Additional Informa
Provisions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Nov. 30, 2021 | Oct. 31, 2021 | |
Disclosure of other provisions [line items] | ||||
Restructuring provision | $ 62 | |||
Expense of restructuring activities | $ 354 | $ 85 | ||
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 | 50,000 | $ 41,000 | $ 165 | |
Other operating segment [Member] | ||||
Disclosure of other provisions [line items] | ||||
Non-current restructuring provision | $ 316 |
Common shares, preferred shar_3
Common shares, preferred shares and other equity instruments - Schedule of Common Shares (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | |||
Disclosure of classes of share capital [line items] | ||||
Beginning Balance | $ 74,749 | $ 72,892 | ||
Issued in relation to share-based payments, net | [1] | 14 | 10 | |
Ending Balance | $ 78,667 | $ 74,749 | ||
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Outstanding at beginning of year | 1,191,375,095 | [2] | 1,215,337,523 | |
Issued in relation to share-based payments, net (shares) | 415,247 | 1,951,372 | ||
Issued in relation to the acquisition of a subsidiary or associated corporation (shares) | 7,000,000 | |||
Issued in relation to the Shareholder Dividend and Share Purchase Plan (shares) | [3] | 22,254,078 | ||
Repurchased for cancellation under the Normal Course Issuer Bid (shares) | (32,913,800) | |||
Outstanding at end of year | [2] | 1,214,044,420 | 1,191,375,095 | |
Beginning Balance | $ 18,707 | $ 18,507 | ||
Issued in relation to share-based payments, net | 28 | 136 | ||
Issued in relation to the acquisition of a subsidiary or associated corporation | 570 | |||
Issued in relation to the Shareholder Dividend and Share Purchase Plan | [3] | 1,374 | ||
Repurchased for cancellation under the Normal Course Issuer Bid | (506) | |||
Ending Balance | $ 20,109 | $ 18,707 | ||
[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 2023, the number of such shares bought was 19,133,834 and sold was 19,132,702 (2022 – 17,757,599 bought and 17,757,599 sold).[3]Commencing with the dividend declared on February 28, 2023 and paid on April 26, 2023, the Bank issued to participants of the Shareholder Dividend and Share Purchase Plan (the “Plan”), common shares from treasury with a discount of 2% to the average market price (as defined in the Plan). Prior to the dividend paid on April 26, 2023, common shares received by participants under the Plan were shares purchased from the open market at prevailing market prices. |
Common shares, preferred shar_4
Common shares, preferred shares and other equity instruments - Schedule of Common Shares (Parenthetical) (Detail) - shares | Oct. 31, 2023 | Feb. 28, 2023 | Oct. 31, 2022 |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares bought to facilitate trading/institutional client activity | 19,133,834 | 17,757,599 | |
Number of shares sold to facilitate trading/institutional client activity | 19,132,702 | 17,757,599 | |
Shareholder dividend and share purchase plan [member] | |||
Disclosure of classes of share capital [line items] | |||
Treasury shares reissued discount as a percentage of average market price | 2% |
Common shares, preferred shar_5
Common shares, preferred shares and other equity instruments - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Nov. 27, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of classes of share capital [line items] | |||
Dividend paid | $ 5,003 | $ 4,858 | |
Dividend paid per share | $ 4.18 | $ 4.06 | |
Quarterly dividend payable declared | $ 1.06 | ||
Dividend recorded date | Jan. 03, 2024 | ||
Dividend payable date | Jan. 29, 2024 | ||
Stock issuable on conversion of instruments | 5,046 | 4,580 | |
Floor price of common shares | $ 5 | ||
Conversion rate for outstanding NVCC subordinated | 125% | ||
Conversion price outstanding NVCC subordinated | $ 5 | ||
Interest paid | $ 405 | $ 239 | |
Net income taxes | $ 75 | $ 30 | |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Shares repurchased and cancelled, shares | 32.9 | ||
Shares repurchased and cancelled, per share | $ 87.28 | ||
Shares repurchased and cancelled, value | $ 2,873 |
Common shares, preferred shar_6
Common shares, preferred shares and other equity instruments - Schedule of Preferred Shares (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Nov. 27, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of classes of share capital [line items] | |||
Initial dividend payment date | Jan. 29, 2024 | ||
Series 38 preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Dividends declared per share | $ 0.303125 | ||
Conversion feature | 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 | $ 1.2125 | $ 1.2125 | |
Conversion feature | Series 41 | Series 41 | |
Preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 12,000,000 | 12,000,000 | |
Amount | $ 300 | $ 300 | |
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 | $ 0.3621 | ||
Initial dividend payment date | Jan. 29, 2019 | ||
Rate reset spread | 2.43% | ||
Redemption date | January 27, 2024 | ||
Redemption price | $ 25 |
Common shares, preferred shar_7
Common shares, preferred shares and other equity instruments - Schedule of Preferred Shares (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Jan. 27, 2022 | Nov. 30, 2021 | Oct. 31, 2023 | |
Disclosure of classes of share capital [line items] | |||
Preferred shares issuable upon election notice received | 1,000,000 | ||
Per share amount considered for calculating the conversion price | 25% | ||
Noncumulative Preferred Stock [member] | |||
Disclosure of classes of share capital [line items] | |||
Dividends payable nature | quarterly | ||
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 38 non-cumulative preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Shares issued price per share | $ 25 | ||
Initial dividend | $ 0.303125 |
Common shares, preferred shar_8
Common shares, preferred shares and other equity instruments - Other equity instruments (Detail) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 31, 2023 USD ($) $ / shares | Oct. 31, 2023 CAD ($) $ / shares | Oct. 31, 2022 CAD ($) $ / shares | Oct. 31, 2022 $ / shares | ||
Disclosure of classes of share capital [line items] | |||||
Total other equity instruments | $ 7,775 | $ 7,775 | |||
Limited Recourse Capital Notes Series One [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Other equity instruments Notional Amount | [1],[2],[3] | 1,250 | |||
Interest rate | [1],[2],[3] | 3.70% | |||
Other equity instruments interest per annum after reset date | [1],[2],[3],[4] | GOC+2.761% | |||
Interest rate after reset | [1],[2],[3],[4] | 2.761% | |||
Redemption frequency after reset | [1],[2],[3],[5] | Every five years | |||
Total other equity instruments | [1],[2],[3] | $ 1,250 | $ 1,250 | ||
Distributions paid per note | $ / shares | [1],[2],[3],[6] | $ 37 | $ 37 | ||
Limited Recourse Capital Notes Series Two [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Other equity instruments Notional Amount | [1],[3],[7] | $ 600 | |||
Interest rate | [1],[3],[7] | 3.625% | |||
Other equity instruments interest per annum after reset date | [1],[3],[7],[8] | UST+2.613% | |||
Interest rate after reset | [1],[3],[7],[8] | 2.613% | |||
Redemption frequency after reset | [1],[3],[5],[7] | Quarterly | |||
Total other equity instruments | [1],[3],[7] | $ 753 | $ 753 | ||
Distributions paid per note | $ / shares | [1],[3],[6],[7] | $ 36.25 | $ 38 | ||
Limited Recourse Capital Notes Series Three [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Other equity instruments Notional Amount | [1],[3],[9] | 1,500 | |||
Interest rate | [1],[3],[9] | 7.023% | |||
Other equity instruments interest per annum after reset date | [1],[3],[4],[9] | GOC+3.95% | |||
Interest rate after reset | [1],[3],[4],[9] | 3.95% | |||
Redemption frequency after reset | [1],[3],[5],[9] | Every five years | |||
Total other equity instruments | [1],[3],[9] | $ 1,500 | $ 1,500 | ||
Distributions paid per note | $ / shares | [1],[3],[6],[9] | $ 70.23 | $ 25 | ||
Limited Recourse Capital Notes Series Four [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Other equity instruments Notional Amount | [1],[3],[10] | $ 750 | |||
Interest rate | [1],[3],[10] | 8.625% | |||
Other equity instruments interest per annum after reset date | [1],[3],[8],[10] | UST+4.389% | |||
Interest rate after reset | [1],[3],[8],[10] | 4.389% | |||
Redemption frequency after reset | [1],[3],[5],[10] | Quarterly | |||
Total other equity instruments | [1],[3],[10] | $ 1,023 | $ 1,023 | ||
Distributions paid per note | $ / shares | [1],[3],[6],[10] | $ 86.73 | |||
Additional Tier1 capital instruments One [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Other equity instruments first issue date | [3],[11],[12] | Oct. 12, 2017 | |||
Other equity instruments Notional Amount | [3],[11],[12] | $ 1,250 | |||
Interest rate | [3],[11],[12] | 8.33538% | |||
Other equity instruments interest per annum after reset date | [3],[11],[12] | SOFR +2.90961% | |||
Interest rate after reset | [3],[11],[12] | 2.90961% | |||
Redemption frequency after reset | [3],[5],[11],[12] | Quarterly | |||
Total other equity instruments | [3],[11],[12] | 1,560 | 1,560 | ||
Distributions paid per note | $ / shares | [3],[6],[11],[12] | $ 76.23 | 46.5 | ||
Additional Tier1 capital instruments Two [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Other equity instruments first issue date | [3],[12] | Jun. 04, 2020 | |||
Other equity instruments Notional Amount | [3],[12] | $ 1,250 | |||
Interest rate | [3],[12] | 4.90% | |||
Other equity instruments interest per annum after reset date | [3],[8],[12] | UST+4.551% | |||
Interest rate after reset | [3],[8],[12] | 4.551% | |||
Redemption frequency after reset | [3],[5],[12] | Every five years | |||
Total other equity instruments | [3],[12] | $ 1,689 | $ 1,689 | ||
Distributions paid per note | $ / shares | [3],[6],[12] | $ 49 | $ 49 | ||
[1]Interest on LRCN is non-deferrable, however, non-payment of interest that is not cured within five business days results in a Recourse Event. A Recourse Event of the respective Series occurs if (a) there is non-payment in cash by the Bank of the principal amount, together with any accrued and unpaid interest, on the maturity date, (b) there is non-payment in cash of interest which is not cured within 5 business days, (c) there is non-payment in cash of the redemption price in connection with the redemption of the LRCNs, (d) an event of default occurs (i.e. bankruptcy, insolvency, or liquidation of the Bank), or (e) there is an NVCC Trigger Event. Upon the occurrence of a Recourse Event, the noteholder’s sole recourse will be limited to their proportionate share of the Series’ respective assets held in Scotiabank LRCN Trust, a consolidated entity, which consist initially of the respective AT1 Notes or, following an NVCC Trigger Event, common shares. Refer to Note 24(c) – Restriction on payment of dividends and retirement of shares.[2]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”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[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]The then-prevailing five-year Government of Canada yield.[5]Each security is redeemable at the sole discretion of the Bank on the first reset date and every quarter or five years, as applicable, thereafter. Limited Recourse Capital Notes (LRCN) Series 1 and Series 3 are also redeemable in the one month period preceding each reset date. 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).[6]Distributions paid from November 1 to October 31 in the relevant fiscal year per face amount of $1,000 or U.S.$1,000, as applicable.[7]On October 7, 2021, the Bank issued U.S.$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 U.S.$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[8]The then-prevailing five-year U.S. Treasury Rate.[9]On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[10]On October 25, 2022, the Bank issued U.S.$750 million 8.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 4 (NVCC) (“LRCN Series 4”). In connection with the issuance of LRCN Series 4, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 4 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[11]CME 3-month Term SOFR. In respect of these securities, on June 28, 2023, the Bank announced the interest rate transition from three-month USD LIBOR to three-month Term SOFR, plus a spread adjustment of 26.161 bps, for interest periods commencing on or after July 12, 2023.[12]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. |
Common shares, preferred shar_9
Common shares, preferred shares and other equity instruments - Other equity instruments (Parenthetical) (Detail) $ / shares in Units, $ / shares in Units, $ in Millions, $ in Millions | Jun. 15, 2021 | Oct. 31, 2023 USD ($) $ / shares | Oct. 31, 2023 CAD ($) $ / 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 | |||
Series Two Additional Tier One Capital Instruments [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Other Equity Instruments Notional Amount | $ 600 | |||
Series Three Additional Tier One Capital Instruments [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Other Equity Instruments Notional Amount | 1,500 | |||
Series Four Additional Tier One Capital Instruments [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Other Equity Instruments Notional Amount | $ 750 | |||
Limited Recourse Capital Notes Series 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],[2],[3] | $ 1,250 | ||
Limited Recourse Capital Notes Series 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 | [1],[3],[4] | $ 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 | |||
Limited Recourse Capital Notes Series Three [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Notes and debentures issued | $ 1,500 | |||
Borrowings, interest rate | 7.023% | 7.023% | ||
Other Equity Instruments Notional Amount | [1],[3],[5] | $ 1,500 | ||
Limited Recourse Capital Notes Series Four [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Notes and debentures issued | $ 750 | |||
Borrowings, interest rate | 8.625% | 8.625% | ||
Other Equity Instruments Notional Amount | [1],[3],[6] | $ 750 | ||
[1]Interest on LRCN is non-deferrable, however, non-payment of interest that is not cured within five business days results in a Recourse Event. A Recourse Event of the respective Series occurs if (a) there is non-payment in cash by the Bank of the principal amount, together with any accrued and unpaid interest, on the maturity date, (b) there is non-payment in cash of interest which is not cured within 5 business days, (c) there is non-payment in cash of the redemption price in connection with the redemption of the LRCNs, (d) an event of default occurs (i.e. bankruptcy, insolvency, or liquidation of the Bank), or (e) there is an NVCC Trigger Event. Upon the occurrence of a Recourse Event, the noteholder’s sole recourse will be limited to their proportionate share of the Series’ respective assets held in Scotiabank LRCN Trust, a consolidated entity, which consist initially of the respective AT1 Notes or, following an NVCC Trigger Event, common shares. Refer to Note 24(c) – Restriction on payment of dividends and retirement of shares.[2]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”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[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]On October 7, 2021, the Bank issued U.S.$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 U.S.$600 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 2 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[5]On June 16, 2022, the Bank issued $1,500 million 7.023% Fixed Rate Resetting Limited Recourse Capital Notes Series 3 (NVCC) (“LRCN Series 3”). In connection with the issuance of LRCN Series 3, the Bank issued $1,500 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 3 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure.[6]On October 25, 2022, the Bank issued U.S.$750 million 8.625% Fixed Rate Resetting Limited Recourse Capital Notes Series 4 (NVCC) (“LRCN Series 4”). In connection with the issuance of LRCN Series 4, the Bank issued U.S.$750 million of Fixed Rate Resetting Perpetual Subordinated Additional Tier 1 Capital Notes (NVCC) (“the Series 4 AT1 Notes”) to Scotiabank LRCN Trust to be held as trust assets in connection with the LRCN structure. |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2023 | Oct. 31, 2023 | Nov. 01, 2023 | Jun. 30, 2023 | Feb. 01, 2023 | Dec. 31, 2022 | |
Disclosure of regulatory capital [Line Items] | ||||||
Minimum capital adequate ratio for Common Equity Tier 1 Capital | 7% | |||||
Minimum capital adequate ratio for Tier 1 Capital | 8.50% | |||||
Minimum capital adequate ratio for regulatory capital | 10.50% | |||||
Increase in minimum capital ratio requirements across all tiers of capital | 1% | |||||
Domestic Stability Buffer | 3% | |||||
Domestic stability buffer threshold percentage surcharge | 1% | |||||
Common Equity Tier 1 Capital percentage | 11% | |||||
Tier 1 capital ratio | 12.50% | |||||
Total capital ratio | 14.50% | |||||
Domestic stability buffer threshold percentage increase | 0.50% | 0.50% | ||||
Minimum material operating buffer percentage | 3.50% | |||||
Event after reporting period [member] | ||||||
Disclosure of regulatory capital [Line Items] | ||||||
Domestic Stability Buffer | 3.50% | |||||
Bottom of range [member] | ||||||
Disclosure of regulatory capital [Line Items] | ||||||
Domestic Stability Buffer | 0% | |||||
Top of range [member] | ||||||
Disclosure of regulatory capital [Line Items] | ||||||
Domestic Stability Buffer | 4% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Capital | |||
Common Equity Tier 1 capital | [1],[2] | $ 57,041 | $ 53,081 |
Net Tier 1 capital | [1],[2] | 65,223 | 61,262 |
Total regulatory capital | [1],[2] | 75,651 | 70,710 |
Total loss absorbing capacity (TLAC) | [1],[2],[3] | 134,504 | 126,565 |
Risk-weighted assets/exposures used in calculation of capital ratios | |||
Risk-weighted assets | [1],[2] | 440,017 | 462,448 |
Leverage exposures | [4] | $ 1,562,963 | $ 1,445,619 |
Regulatory ratios | |||
Common Equity Tier 1 capital ratio | 13% | 11.50% | |
Tier 1 capital ratio | 14.80% | 13.20% | |
Total capital ratio | 17.20% | 15.30% | |
Total loss absorbing capacity ratio | [3] | 30.60% | 27.40% |
Leverage ratio | [4] | 4.20% | 4.20% |
Total loss absorbing capacity leverage ratio | [3] | 8.60% | 8.80% |
[1]2023 regulatory capital ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Capital Adequacy Requirements (February 2023). Prior year regulatory capital ratios were prepared in accordance with OSFI Guideline – Capital Adequacy Requirements (November 2018).[2]Regulatory ratios and amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to ratios and amounts reported in 2022.[3]This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity (September 2018).[4]2023 leverage ratios are based on Revised Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements (February 2023). Prior year leverage ratios were prepared in accordance with OSFI Guideline – Leverage Requirements (November 2018). |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Detail) shares in Thousands, $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) shares d | Oct. 31, 2022 CAD ($) shares | Oct. 31, 2021 shares | |
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 | shares | 20,000 | 19,000 | |
Share based compensations award tranche one [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 50% | ||
Share based compensations award tranche two [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting percentage | 50% | ||
Employee stock options [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares reserved for future issuance | shares | 141,000 | ||
Common shares issued as a result of the exercise of options | shares | 117,000 | ||
Outstanding options | shares | 12,000 | ||
Available for issuance as options | shares | 12,000 | ||
Common shares held under employee ownership plan | shares | 11,558 | 9,907 | 10,458 |
Other reserves for vested stock options recorded in equity | $ | $ 115 | $ 104 | |
Weighted-average period recognition | 2 years 21 days | 2 years 25 days | |
SARs shares granted | shares | 2,478 | 1,716 | |
Employee stock options [member] | Salaries and employee benefits [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense | $ | $ 14 | $ 10 | |
Stock Appreciation Rights [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares held under employee ownership plan | 609,406 | 558,053 | |
Future unrecognized compensation cost for non-vested stock options | $ | $ 9 | $ 7 | |
SARs shares vested | 604,748 | 552,272 | |
SARs shares granted | 111,692 | 85,136 | |
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 | $ | $ 741 | $ 763 | |
Compensation expense | $ | 320 | 328 | |
Net gains (loss) arising from derivatives | $ | $ 131 | $ (120) | |
Deferred stock unit plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 2,243,413 | 1,890,117 | |
Number of units vested | 1,579,420 | 1,388,033 | |
Directors' deferred stock unit plan [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 336,929 | 289,646 | |
Restricted share unit plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of units awarded and outstanding | 6,717,498 | 5,200,515 | |
Number of units vested | 4,804,239 | 3,390,197 | |
Performance Share Unit Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share based units outstanding | 7,382,945 | 7,525,441 | |
Number of share based units vested | 6,059,966 | 5,944,343 | |
Employee Stock Ownership Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Compensation expense | $ | $ 87 | $ 80 | |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding options expiration date | Dec. 09, 2023 | ||
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% | ||
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding options expiration date | Dec. 08, 2032 | ||
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% |
Share-Based Payments - Schedule
Share-Based Payments - Schedule of Weighted-average Assumptions Used for Determination of Fair Values of Stock Options (Detail) | 12 Months Ended | |
Oct. 31, 2023 yr $ / shares | Oct. 31, 2022 yr $ / shares | |
Two thousand and twenty three stock options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate % | 3.33% | |
Expected dividend yield | 5.79% | |
Expected price volatility | 20.58% | |
Expected life of option | yr | 6.93 | |
Weighted-average fair value | $ / shares | $ 6.81 | |
Two thousand and twenty two stock options [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate % | 1.42% | |
Expected dividend yield | 4.11% | |
Expected price volatility | 17.67% | |
Expected life of option | yr | 6.7 | |
Weighted-average fair value | $ / shares | $ 7.54 |
Share-Based Payments - Schedu_2
Share-Based Payments - Schedule of Bank's Employee Stock Option Plan (Detail) - Employee stock options [member] shares in Thousands | 12 Months Ended | |
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of options, outstanding at beginning of year | 9,907 | 10,458 |
Number of options, granted | 2,478 | 1,716 |
Number of options, exercised | (415) | (1,951) |
Number of options, exercised as Tandem SARs | (7) | (133) |
Number of options, forfeited | (272) | (183) |
Number of options, expired | (133) | |
Number of options, outstanding at end of year | 11,558 | 9,907 |
Exercisable at end of year | 5,088 | 4,304 |
Number of options, available for grant | 12,480 | 14,546 |
Weighted average exercise price, outstanding at beginning of year | $ / shares | $ 73.24 | $ 69.08 |
Weighted average exercise price, granted | $ / shares | 68.58 | 85.46 |
Weighted average exercise price, exercised as options | $ / shares | 59.07 | 62.04 |
Weighted average exercise price, exercised as Tandem SARs | $ / shares | 55.63 | 67.37 |
Weighted average exercise price, forfeited | $ / shares | 74.07 | 74.3 |
Weighted average exercise price, expired | $ / shares | 72.92 | |
Weighted average exercise price, outstanding at end of year | $ / shares | 72.74 | 73.24 |
Weighted average exercise price, exercisable at end of year | $ / shares | $ 71.9 | $ 70.24 |
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] shares in Thousands | 12 Months Ended | ||
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | Oct. 31, 2021 shares $ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Number of stock, options outstanding | shares | 11,558 | 9,907 | 10,458 |
Weighted average remaining contractual life, options outstanding | 5 years 10 months 17 days | ||
Weighted average exercise price, options outstanding | $ / shares | $ 72.74 | $ 73.24 | $ 69.08 |
Number of stock, option exercisable | shares | 5,088 | 4,304 | |
Weighted average exercise price, option exercisable | $ / shares | $ 71.9 | $ 70.24 | |
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 | shares | 1,586 | ||
Weighted average remaining contractual life, options outstanding | 1 year 7 days | ||
Weighted average exercise price, options outstanding | $ / shares | $ 64.35 | ||
Number of stock, option exercisable | shares | 1,580 | ||
Weighted average exercise price, option exercisable | $ / shares | $ 64.35 | ||
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 | shares | 7,542 | ||
Weighted average remaining contractual life, options outstanding | 6 years 7 months 28 days | ||
Weighted average exercise price, options outstanding | $ / shares | $ 70.8 | ||
Number of stock, option exercisable | shares | 2,707 | ||
Weighted average exercise price, option exercisable | $ / shares | $ 73.37 | ||
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 | shares | 2,430 | ||
Weighted average remaining contractual life, options outstanding | 6 years 7 months 9 days | ||
Weighted average exercise price, options outstanding | $ / shares | $ 84.26 | ||
Number of stock, option exercisable | shares | 801 | ||
Weighted average exercise price, option exercisable | $ / shares | $ 81.81 |
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) - Employee stock options [member] | Oct. 31, 2023 $ / shares |
Ranges of exercise prices for outstanding share options one [member] | Bottom of range [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 one [member] | Top of range [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Options outstanding, exercise price | 68.32 |
Ranges of exercise prices for outstanding share options two [member] | Bottom of range [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Options outstanding, exercise price | 68.33 |
Ranges of exercise prices for outstanding share options two [member] | Top of range [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Options outstanding, exercise price | 74.34 |
Ranges of exercise prices for outstanding share options three [member] | Bottom of range [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Options outstanding, exercise price | 74.35 |
Ranges of exercise prices for outstanding share options three [member] | Top of range [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Options outstanding, exercise price | $ 85.46 |
Corporate Income Taxes - Compon
Corporate Income Taxes - Components of Income Tax Provision (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Current income taxes: | |||
Current tax expense income and adjustments for current tax of prior periods | $ 3,124 | $ 3,529 | |
Deferred income taxes: | |||
Deferred tax expense income | (898) | (771) | |
Total income taxes and effective tax rate | [1] | 2,226 | 2,758 |
Provision for income taxes in the Consolidated Statement of Changes in Equity: | |||
Current income taxes | (168) | (2,651) | |
Deferred income taxes | (325) | 945 | |
Total provision for income taxes in the Consolidated Statement of Changes in Equity | (493) | (1,706) | |
Total provision for income taxes | 1,733 | 1,052 | |
Deferred tax expense (benefit) relating to origination/reversal of temporary differences | (828) | (771) | |
Deferred tax expense (benefit) of tax rate changes | (70) | ||
Deferred tax expense income recognised in profit or loss | [2] | (898) | (771) |
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 | (75) | (35) | |
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 | (418) | (1,671) | |
Canada [member] | |||
Current income taxes: | |||
Federal | 736 | 1,779 | |
Provincial | 626 | 1,190 | |
Adjustments related to prior periods | 715 | (251) | |
Deferred income taxes: | |||
Federal | (604) | (543) | |
Provincial | (274) | (341) | |
International [member] | |||
Current income taxes: | |||
Foreign | 1,053 | 897 | |
Adjustments related to prior periods | (6) | (86) | |
Deferred income taxes: | |||
Foreign | $ (20) | $ 113 | |
[1]The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022.[2]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 $2,084 (2022 – $803) are represented by deferred tax assets of $3,530 (2022 – $1,903), and deferred tax liabilities of $1,446 (2022 – $1,100) on the Consolidated Statement of Financial Position. |
Corporate Income Taxes - Reconc
Corporate Income Taxes - Reconciliation of Statutory Rate (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Income taxes at Canadian statutory rate | $ 2,705 | $ 3,394 | |
Lower average tax rate applicable to subsidiaries and foreign branches | (710) | (375) | |
Tax-exempt income from securities | (341) | (284) | |
Other, net | [1] | 572 | 23 |
Total income taxes and effective tax rate | [2] | $ 2,226 | $ 2,758 |
Income taxes at Canadian statutory rate | 27.70% | 26.20% | |
Lower average tax rate applicable to subsidiaries and foreign branches | (7.30%) | (2.90%) | |
Tax-exempt income from securities | (3.50%) | (2.20%) | |
Other, net | [1] | 5.90% | 0.20% |
Total income taxes and effective tax rate | [2] | 22.80% | 21.30% |
[1]Includes $579 tax expense for the CRD and $48 tax benefit from the non-taxable gain related to the divestiture of the equity interest in CTFS.[2]The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022. |
Corporate Income Taxes - Reco_2
Corporate Income Taxes - Reconciliation of Statutory Rate (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Feb. 28, 2022 | Oct. 31, 2023 | |
Disclosure of associates [line items] | ||
Tax Impact Of Taxable Gain On Disposition Of Business | $ 579 | |
Federal Statutory Income Tax Rate Increase During the Period | 1.50% | |
Canadian tires financial services business [Member] | ||
Disclosure of associates [line items] | ||
Tax expenses on account of central registration depository | $ 48 |
Corporate Income Taxes - Signif
Corporate Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Deferred tax expense (benefit) for the year recorded in income | [1] | $ (898) | $ (771) | |||
Deferred tax assets | 5,392 | 4,653 | ||||
Deferred tax liabilities | 3,308 | 3,850 | ||||
Net deferred tax assets (liabilities) | 2,084 | [1] | 803 | [1] | $ 902 | |
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 | (201) | (904) | ||||
Deferred tax assets | 1,281 | 1,079 | ||||
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 | (172) | (17) | ||||
Deferred tax assets | 1,155 | 969 | ||||
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) | 42 | ||||
Deferred tax assets | 274 | 199 | ||||
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 | (95) | 192 | ||||
Deferred tax assets | 127 | 54 | ||||
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 | (19) | (60) | ||||
Deferred tax assets | 339 | 359 | ||||
Deferred tax assets 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 | (48) | 10 | ||||
Deferred tax assets | 321 | 234 | ||||
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 | (15) | (65) | ||||
Deferred tax assets | 386 | 433 | ||||
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 | (1) | (31) | ||||
Deferred tax assets | 936 | 946 | ||||
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 | (177) | (81) | ||||
Deferred tax assets | 573 | 380 | ||||
Deferred tax liabilities cash flow hedges [member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Deferred tax liabilities | 127 | 159 | ||||
Deferred tax liabilities 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 | (19) | (7) | ||||
Deferred tax liabilities | 180 | 148 | ||||
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 | (23) | (7) | ||||
Deferred tax liabilities | 36 | 40 | ||||
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 | 174 | 135 | ||||
Deferred tax liabilities | 569 | 810 | ||||
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 | 1 | (12) | ||||
Deferred tax liabilities | 120 | 106 | ||||
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 | (152) | (54) | ||||
Deferred tax liabilities | 385 | 236 | ||||
Deferred tax liabilities investment in subsidiaries and associates [member] | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Deferred tax expense (benefit) for the year recorded in income | 43 | (14) | ||||
Deferred tax liabilities | 67 | 126 | ||||
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 | 160 | 37 | ||||
Deferred tax liabilities | 1,454 | 1,613 | ||||
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 | (91) | (221) | ||||
Deferred tax liabilities | 370 | 612 | ||||
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 | (805) | (914) | ||||
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 | $ 93 | $ (143) | ||||
[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 $2,084 (2022 – $803) are represented by deferred tax assets of $3,530 (2022 – $1,903), and deferred tax liabilities of $1,446 (2022 – $1,100) on the Consolidated Statement of Financial Position. |
Corporate Income Taxes - Sign_2
Corporate Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | ||
Deferred tax assets and liabilities [abstract] | |||||
Net deferred tax assets | $ 2,084 | [1] | $ 803 | [1] | $ 902 |
Deferred tax assets | 3,530 | 1,903 | |||
Deferred tax liabilities | $ 1,446 | $ 1,100 | |||
[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 $2,084 (2022 – $803) are represented by deferred tax assets of $3,530 (2022 – $1,903), and deferred tax liabilities of $1,446 (2022 – $1,100) on the Consolidated Statement of Financial Position. |
Corporate Income Taxes - Change
Corporate Income Taxes - Changes to Net Deferred Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | |||
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||||
Beginning balance | $ 803 | [1] | $ 902 | |
Deferred tax benefit (expense) for the year recorded in income | [1] | 898 | 771 | |
Deferred tax benefit (expense) for the year recorded in equity | 325 | (945) | ||
Other | 58 | 75 | ||
Ending balance | [1] | $ 2,084 | $ 803 | |
[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 $2,084 (2022 – $803) are represented by deferred tax assets of $3,530 (2022 – $1,903), and deferred tax liabilities of $1,446 (2022 – $1,100) on the Consolidated Statement of Financial Position. |
Corporate Income Taxes - Additi
Corporate Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Dec. 15, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Nov. 30, 2021 | ||
Disclosure Of Income Taxes [Line Items] | |||||
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | $ 10 | $ 30 | |||
Unrecognized losses | 10 | ||||
Deferred tax asset tax benefits relate to tax losses incurred in Canadian or foreign operations | 2,563 | 1,420 | |||
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 | $ 50,000 | $ 41,000 | $ 165 | ||
Applicable Income tax rate | 27.70% | 26.20% | |||
Taxable Income | [1] | $ 2,226 | $ 2,758 | ||
Minimum future earnings taxable income | $ 100 | ||||
2023 [member] | |||||
Disclosure Of Income Taxes [Line Items] | |||||
Unrecognized losses | 4 | ||||
No expiration [member] | |||||
Disclosure Of Income Taxes [Line Items] | |||||
Unrecognized losses | 6 | ||||
2011 to 2018 taxation year [member] | |||||
Disclosure Of Income Taxes [Line Items] | |||||
Reassessed tax by Canada Revenue Agency | 1,555 | ||||
2018 taxation year [member] | |||||
Disclosure Of Income Taxes [Line Items] | |||||
Reassessed tax by Canada Revenue Agency | 2 | ||||
2014 to 2018 taxation year [member] | |||||
Disclosure Of Income Taxes [Line Items] | |||||
Reassessed tax by Canada Revenue Agency | 551 | ||||
Canadian federal tax measures [member] | |||||
Disclosure Of Income Taxes [Line Items] | |||||
Applicable Income tax rate | 15% | ||||
Taxable Income | $ 1,000 | 579 | |||
Increase in tax rate in future earnings | 1.50% | ||||
Canada recovery dividend payable | 640 | ||||
Tax benefit arising from increase in statutory tax rate | 39 | ||||
Tax benefit arising from increase in statutory tax rate, recognized in consolidated statement of income | $ 13 | ||||
[1]The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022. |
Employee Benefits - Schedule of
Employee Benefits - Schedule of Relative Size of Plan Obligation and Assets (Detail) | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
SPP [member] | Canada [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of total benefit obligations | 71% | 72% | |
Percentage of total plan assets | 73% | 74% | |
Percentage of total benefit expense | [1] | 71% | 74% |
Other Pension Plans [Member] | Canada [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of total benefit obligations | 15% | 15% | |
Percentage of total plan assets | 11% | 11% | |
Percentage of total benefit expense | [1] | 26% | 25% |
Pension plans [member] | International [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of total benefit obligations | 14% | 13% | |
Percentage of total plan assets | 16% | 15% | |
Percentage of total benefit expense | [1] | 3% | 1% |
Other benefit plans [member] | Canada [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of total benefit obligations | 48% | 52% | |
Percentage of total plan assets | 0% | 0% | |
Percentage of total benefit expense | [1] | 42% | 31% |
Other benefit plans [member] | International [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of total benefit obligations | 52% | 48% | |
Percentage of total plan assets | 100% | 100% | |
Percentage of total benefit expense | [1] | 58% | 69% |
[1]Excludes non-routine benefit expense items such as past service costs, curtailment charges and settlement charges. |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | [1] | $ 282 | $ 449 |
SPP [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 15 | 184 | |
All other plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 103 | 80 | |
Other benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 64 | 59 | |
Defined contribution pension and other benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | 159 | $ 126 | |
DC pension contributions funded from pension plan surplus [Member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions | $ (59) | ||
[1]Based on preliminary estimates, the Bank expects to make contributions of $78 to the SPP (excluding the DC provision), $63 to all other defined benefit pension plans, $66 to other benefit plans and $185 to all defined contribution plans (less $63 which is expected to be funded from pension plan surplus) for the year ending October 31, 2024. |
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, 2023 CAD ($) | |
SPP [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | $ 78 |
All other plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | 63 |
Other benefit plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | 66 |
Defined contribution pension and other benefit plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | 185 |
DC pension contributions funded from pension plan surplus [Member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Estimate of contributions expected to be paid | $ 63 |
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, 2023 | Oct. 31, 2022 |
Pension plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Excess (deficit) of fair value of assets over total benefit obligation | $ 470 | $ 679 |
Effect of asset limitation and minimum funding requirement | (55) | (176) |
Net asset (liability) at end of year | 415 | 503 |
Pension plans [member] | Unfunded plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Benefit obligation | 339 | 353 |
Pension plans [member] | Wholly Funded and Partly Funded Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Benefit obligation | 7,330 | 7,277 |
Fair value of assets | 8,139 | 8,309 |
Excess (deficit) of fair value of assets over total benefit obligation | 809 | 1,032 |
Other benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Excess (deficit) of fair value of assets over total benefit obligation | (1,001) | (1,007) |
Net asset (liability) at end of year | (1,001) | (1,007) |
Other benefit plans [member] | Unfunded plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Benefit obligation | 873 | 902 |
Other benefit plans [member] | Wholly Funded and Partly Funded Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Benefit obligation | 241 | 221 |
Fair value of assets | 113 | 116 |
Excess (deficit) of fair value of assets over total benefit obligation | $ (128) | $ (105) |
Employee Benefits - Summary o_4
Employee Benefits - Summary of Financial Information related to Principal Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | $ 503 | ||
Excess (deficit) of fair value of assets over benefit obligation at end of year | 470 | $ 679 | |
Effect of asset limitation and minimum funding requirement | (55) | (176) | |
End of year | 415 | 503 | |
Pension plans [member] | Change in Benefit Obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 7,630 | 9,584 | |
Current service cost | 218 | 281 | |
Net interest expense (income) | 428 | 335 | |
Employee contributions | 26 | 25 | |
Benefits paid | (406) | (457) | |
Past service cost | (1) | 34 | |
Foreign exchange | 52 | 62 | |
Actuarial loss (gain) on benefit obligation | (278) | (2,234) | |
End of year | 7,669 | 7,630 | |
Pension plans [member] | Changes in Fair Value [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 8,309 | 9,464 | |
Net interest expense (income) | 480 | 363 | |
Actual return on assets (net of administrative expenses) | (351) | (1,402) | |
Employer contributions | 59 | 264 | |
Employee contributions | 26 | 25 | |
Benefits paid | (406) | (457) | |
Administrative expenses | (12) | (12) | |
Foreign exchange | 34 | 64 | |
End of year | 8,139 | 8,309 | |
Pension plans [member] | Funded Status [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 503 | ||
Excess (deficit) of fair value of assets over benefit obligation at end of year | 470 | 679 | |
Effect of asset limitation and minimum funding requirement | [1] | (55) | (176) |
End of year | 415 | 503 | |
Pension plans [member] | Funded Status [Member] | Other assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 1,052 | ||
End of year | 936 | 1,052 | |
Pension plans [member] | Funded Status [Member] | Other liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (549) | ||
End of year | (521) | (549) | |
Pension plans [member] | Annual Benefit Expense [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 218 | 281 | |
Net interest expense (income) | (33) | (20) | |
Administrative expenses | 13 | 15 | |
Past service cost | (1) | 34 | |
Benefit expense (income) recorded in the Consolidated Statement of Income | 197 | 310 | |
Defined contribution benefit expense | 158 | 125 | |
Pension plans [member] | Remeasurements [member] | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of other long-term benefits | (66) | (762) | |
(Return) on plan assets in excess of interest income on fair value of assets | 351 | 1,402 | |
Actuarial loss (gain) on benefit obligation | (278) | (2,234) | |
Change in the asset limitation | (139) | 70 | |
Total benefit cost | 289 | (327) | |
Pension plans [member] | Additional Details [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actual return on assets (net of administrative expenses) | 117 | (1,051) | |
Actuarial (gains) and losses from changes in demographic assumptions | 40 | ||
Actuarial (gains) and losses from changes in financial assumptions | (406) | (2,256) | |
Actuarial (gains) and losses from changes in experience | 88 | 22 | |
In Scotiabank securities (stock, bonds) | 57 | 58 | |
In property occupied by Scotiabank | 4 | 4 | |
Pension plans [member] | Effect of asset ceiling [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 176 | 85 | |
Net interest expense (income) | 19 | 8 | |
Remeasurement of other long-term benefits | (139) | 70 | |
Foreign exchange | (1) | 13 | |
End of year | 55 | 176 | |
Other benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,007) | ||
Excess (deficit) of fair value of assets over benefit obligation at end of year | (1,001) | (1,007) | |
End of year | (1,001) | (1,007) | |
Other benefit plans [member] | Change in Benefit Obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 1,123 | 1,302 | |
Current service cost | 20 | 22 | |
Net interest expense (income) | 77 | 61 | |
Benefits paid | (94) | (89) | |
Past service cost | (2) | (1) | |
Business acquisition | (1) | ||
Settlements | (2) | ||
Foreign exchange | 33 | 56 | |
Actuarial loss (gain) on benefit obligation | (42) | (226) | |
End of year | 1,114 | 1,123 | |
Other benefit plans [member] | Changes in Fair Value [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 116 | 143 | |
Net interest expense (income) | 12 | 13 | |
Actual return on assets (net of administrative expenses) | 2 | (24) | |
Employer contributions | 64 | 59 | |
Benefits paid | (94) | (89) | |
Settlements | (2) | ||
Foreign exchange | 13 | 16 | |
End of year | 113 | 116 | |
Other benefit plans [member] | Funded Status [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,007) | ||
Excess (deficit) of fair value of assets over benefit obligation at end of year | (1,001) | (1,007) | |
End of year | (1,001) | (1,007) | |
Other benefit plans [member] | Funded Status [Member] | Other assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | 1 | ||
End of year | 2 | 1 | |
Other benefit plans [member] | Funded Status [Member] | Other liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Beginning of year | (1,008) | ||
End of year | (1,003) | (1,008) | |
Other benefit plans [member] | Annual Benefit Expense [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 20 | 22 | |
Net interest expense (income) | 65 | 48 | |
Past service cost | (2) | (1) | |
Remeasurement of other long-term benefits | (2) | (9) | |
Benefit expense (income) recorded in the Consolidated Statement of Income | 81 | 60 | |
Defined contribution benefit expense | 1 | 1 | |
Other benefit plans [member] | Remeasurements [member] | |||
Disclosure of defined benefit plans [line items] | |||
Remeasurement of other long-term benefits | (42) | (193) | |
(Return) on plan assets in excess of interest income on fair value of assets | (2) | 24 | |
Actuarial loss (gain) on benefit obligation | (40) | (217) | |
Total benefit cost | 40 | (132) | |
Other benefit plans [member] | Additional Details [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actual return on assets (net of administrative expenses) | 14 | (11) | |
Actuarial (gains) and losses from changes in demographic assumptions | (7) | 3 | |
Actuarial (gains) and losses from changes in financial assumptions | (28) | (219) | |
Actuarial (gains) and losses from changes in experience | $ (7) | $ (10) | |
[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. |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of defined benefit plans [abstract] | ||
Weighted average duration of defined benefit obligation | 12 years 10 months 24 days | 12 years 10 months 24 days |
Employee Benefits - Summary o_5
Employee Benefits - Summary of Disaggregation of Defined Benefit Obligation (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Pension plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Active members | 48% | 49% |
Inactive and retired members | 52% | 51% |
Total | 100% | 100% |
Pension plans [member] | Mexico [member] | ||
Disclosure of defined benefit plans [line items] | ||
Active members | 27% | 26% |
Inactive and retired members | 73% | 74% |
Total | 100% | 100% |
Pension plans [member] | United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Active members | 39% | 42% |
Inactive and retired members | 61% | 58% |
Total | 100% | 100% |
Other benefit plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Active members | 3% | 3% |
Inactive and retired members | 97% | 97% |
Total | 100% | 100% |
Other benefit plans [member] | Mexico [member] | ||
Disclosure of defined benefit plans [line items] | ||
Active members | 35% | 40% |
Inactive and retired members | 65% | 60% |
Total | 100% | 100% |
Other benefit plans [member] | United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Active members | 41% | 36% |
Inactive and retired members | 59% | 64% |
Total | 100% | 100% |
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, 2023 | Oct. 31, 2022 | |
Pension plans [member] | Canada [member] | Retiring currently at age 65 [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.6 | 23.5 |
Pension plans [member] | Canada [member] | Retiring currently at age 65 [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.7 | 24.6 |
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 | 24.5 | 24.5 |
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 | 25.6 | 25.5 |
Pension plans [member] | Mexico [member] | Retiring currently at age 65 [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 21.6 | 21.6 |
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 | 23.9 |
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 | 21.6 |
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 |
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 | 22 | 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 | 23.4 | 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 | 23.3 | 23.3 |
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 | 24.8 | 24.7 |
Pension plans [member] | Actuarial assumption of discount rates for all plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 6.13% | 5.77% |
Pension plans [member] | Actuarial assumption of discount rates for canadian plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.70% | 5.41% |
Pension plans [member] | Actuarial assumption of discount rates [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 3.96% | 3.90% |
Rate of increase in future compensation | 3.90% | 2.79% |
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 | 5.77% | 4.24% |
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 | 5.76% | 3.81% |
Pension plans [member] | Actuarial assumption of discount rates for service cost of all plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.80% | 4.43% |
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 | 5.71% | 3.98% |
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 | 5.41% | 4.08% |
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 | 5.40% | 3.59% |
Pension plans [member] | Actuarial assumption of discount rates for service cost of canadian plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.41% | 4.18% |
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 | 5.30% | 3.70% |
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 | 23.6 | 23.5 |
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 | 24.7 | 24.6 |
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 | 24.5 | 24.5 |
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 | 25.6 | 25.5 |
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 | 21.6 | 21.6 |
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 | 23.9 |
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 | 21.6 |
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 |
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 | 22 | 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 | 23.4 | 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 | 23.3 | 23.3 |
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 | 24.8 | 24.7 |
Other benefit plans [member] | Actuarial assumption of discount rates for all plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 7.36% | 7.01% |
Other benefit plans [member] | Actuarial assumption of discount rates for canadian plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.80% | 5.40% |
Other benefit plans [member] | Actuarial assumption of discount rates [member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 4.61% | 4.67% |
Rate of increase in future compensation | 4.67% | 4.30% |
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 | 7.01% | 4.94% |
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 | 6.96% | 4.65% |
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 | 7.09% | 5.17% |
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 | 7.09% | 5.07% |
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 | 5.40% | 3.28% |
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 | 5.31% | 2.82% |
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 | 5.49% | 3.64% |
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 | 5.49% | 3.46% |
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% | 5.67% |
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 | 4.93% | 4.86% |
Year ultimate rate reached | 2040 | 2040 |
Employee Benefits - Summary o_6
Employee Benefits - Summary of Sensitivity Analysis of Key Assumptions (Detail) $ in Millions | Oct. 31, 2023 CAD ($) |
Pension plans [member] | 1% Actuarial Assumption of Discount Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Decrease in assumption | $ 1,111 |
Decrease in assumption | 83 |
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 | 60 |
Increase in assumption | 3 |
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 | 123 |
Increase in assumption | 9 |
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 | 2 |
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 | 2 |
Other benefit plans [member] | 1% Actuarial Assumption of Discount Rates [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Decrease in assumption | 130 |
Decrease in assumption | 5 |
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 | 97 |
Decrease in assumption | (79) |
Increase in assumption | 12 |
Decrease in assumption | (10) |
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 | 12 |
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 | 3 |
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 | $ 2 |
Employee Benefits - Summary o_7
Employee Benefits - Summary of weighted-average actual and target asset allocations (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Pension plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 100% | 100% |
Defined benefit plan target asset allocation | 100% | |
Pension plans [member] | Cash and cash equivalents [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 3% | 4% |
Pension plans [member] | Equity securities [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 44% | 43% |
Defined benefit plan target asset allocation | 42% | |
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 | 39% | 38% |
Pension plans [member] | Equity securities [member] | Non quoted [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 5% | 5% |
Pension plans [member] | Fixed Income Investments 1 [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 40% | 40% |
Defined benefit plan target asset allocation | 44% | |
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 | 5% | 4% |
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% | 36% |
Pension plans [member] | Investment property [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 1% | 1% |
Defined benefit plan target asset allocation | 1% | |
Pension plans [member] | Investment property [member] | Non quoted [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 1% | 1% |
Pension plans [member] | Other securities [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 12% | 12% |
Defined benefit plan target asset allocation | 13% | |
Pension plans [member] | Other securities [member] | Non quoted [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 12% | 12% |
Other benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 100% | 100% |
Defined benefit plan target asset allocation | 100% | |
Other benefit plans [member] | Cash and cash equivalents [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 1% | |
Other benefit plans [member] | Equity securities [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 34% | 37% |
Defined benefit plan target asset allocation | 38% | |
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 | 34% | 37% |
Other benefit plans [member] | Fixed Income Investments 1 [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 61% | 58% |
Defined benefit plan target asset allocation | 57% | |
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 | 61% | 58% |
Other benefit plans [member] | Investment property [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 4% | 5% |
Defined benefit plan target asset allocation | 5% | |
Other benefit plans [member] | Investment property [member] | Quote in an active market [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit plan weighted average asset allocation | 4% | 5% |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2023 | |
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. |
Operating Segments - Schedule o
Operating Segments - Schedule of Operating Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | ||||
Disclosure of operating segments [line items] | |||||
Net interest income | [1] | $ 18,287 | $ 18,115 | ||
Non-interest income | [2] | 14,020 | [3] | 13,301 | [4] |
Total revenue | 32,307 | 31,416 | |||
Provision for credit losses | 3,422 | 1,382 | |||
Depreciation and amortization | 1,820 | [5] | 1,531 | [6] | |
Other non-interest expenses | 17,311 | 15,571 | [6] | ||
Income tax expense | [7] | 2,226 | 2,758 | ||
Net income | 7,528 | 10,174 | |||
Net income attributable to non-controlling interests in subsidiaries | 118 | 258 | |||
Net income attributable to equity holders of the Bank | 7,410 | 9,916 | |||
Average assets | 1,396,000 | 1,282,000 | |||
Average liabilities | 1,319,000 | 1,208,000 | |||
Operating segments [member] | Canadian banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | [1],[8] | 9,756 | 9,001 | ||
Non-interest income | [2],[8] | 3,087 | [3] | 3,029 | [4] |
Total revenue | [8] | 12,843 | 12,030 | ||
Provision for credit losses | [8] | 1,443 | 209 | ||
Depreciation and amortization | [8] | 583 | [5] | 601 | [6] |
Other non-interest expenses | [8] | 5,284 | 4,787 | [6] | |
Income tax expense | [8] | 1,514 | 1,670 | ||
Net income | [8] | 4,019 | 4,763 | ||
Net income attributable to equity holders of the Bank | [8] | 4,019 | 4,763 | ||
Average assets | [8] | 450,000 | 430,000 | ||
Average liabilities | [8] | 372,000 | 332,000 | ||
Operating segments [member] | International banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | [1],[8] | 8,161 | 6,900 | ||
Non-interest income | [2],[8] | 2,937 | [3] | 2,827 | [4] |
Total revenue | [8] | 11,098 | 9,727 | ||
Provision for credit losses | [8] | 1,868 | 1,230 | ||
Depreciation and amortization | [8] | 563 | [5] | 499 | [6] |
Other non-interest expenses | [8] | 5,365 | 4,713 | [6] | |
Income tax expense | [8] | 704 | 618 | ||
Net income | [8] | 2,598 | 2,667 | ||
Net income attributable to non-controlling interests in subsidiaries | [8] | 112 | 249 | ||
Net income attributable to equity holders of the Bank | [8] | 2,486 | 2,418 | ||
Average assets | [8] | 237,000 | 207,000 | ||
Average liabilities | [8] | 179,000 | 152,000 | ||
Operating segments [member] | Global Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | [1],[8] | 842 | 764 | ||
Non-interest income | [2],[8] | 4,449 | [3] | 4,617 | [4] |
Total revenue | [8] | 5,291 | 5,381 | ||
Provision for credit losses | [8] | 10 | 6 | ||
Depreciation and amortization | [8] | 179 | [5] | 171 | [6] |
Other non-interest expenses | [8] | 3,171 | 3,088 | [6] | |
Income tax expense | [8] | 491 | 551 | ||
Net income | [8] | 1,440 | 1,565 | ||
Net income attributable to non-controlling interests in subsidiaries | [8] | 9 | 9 | ||
Net income attributable to equity holders of the Bank | [8] | 1,431 | 1,556 | ||
Average assets | [8] | 34,000 | 33,000 | ||
Average liabilities | [8] | 40,000 | 47,000 | ||
Operating segments [member] | Global banking and markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | [1],[8] | 1,572 | 1,630 | ||
Non-interest income | [2],[8] | 3,980 | [3] | 3,542 | [4] |
Total revenue | [8] | 5,552 | 5,172 | ||
Provision for credit losses | [8] | 101 | (66) | ||
Depreciation and amortization | [8] | 221 | [5] | 162 | [6] |
Other non-interest expenses | [8] | 2,841 | 2,512 | [6] | |
Income tax expense | [8] | 621 | 653 | ||
Net income | [8] | 1,768 | 1,911 | ||
Net income attributable to equity holders of the Bank | [8] | 1,768 | 1,911 | ||
Average assets | [8] | 490,000 | 445,000 | ||
Average liabilities | [8] | 455,000 | 414,000 | ||
Operating segments [member] | Other smaller operating segments and corporate adjustments [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | [1],[8] | (2,044) | [9] | (180) | [10] |
Non-interest income | [2],[8] | (433) | [3],[9] | (714) | [4],[10] |
Total revenue | [8] | (2,477) | [9] | (894) | [10] |
Provision for credit losses | [8],[10] | 3 | |||
Depreciation and amortization | [8] | 274 | [5],[9] | 98 | [6],[10] |
Other non-interest expenses | [8] | 650 | [9] | 471 | [6],[10] |
Income tax expense | [8] | (1,104) | [9] | (734) | [10] |
Net income | [8] | (2,297) | [9] | (732) | [10] |
Net income attributable to non-controlling interests in subsidiaries | [8],[9] | (3) | |||
Net income attributable to equity holders of the Bank | [8] | (2,294) | [9] | (732) | [10] |
Average assets | [8] | 185,000 | [9] | 167,000 | [10] |
Average liabilities | [8] | $ 273,000 | [9] | $ 263,000 | [10] |
[1]Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.[2]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.[3]Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $71; International Banking – $251; Global Wealth Management – $18; Global Banking and Markets - $1; and Other – $(188).[4]Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $64; International Banking – $250; Global Wealth Management – $14 and Other – $(60).[5]Includes impairment charge of software and other intangible assets in the Other segment.[6]Prior period amounts have been restated to conform with current period presentation.[7]The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022.[8]Business line revenues and provision for income taxes are reported on a tax equivalent basis.[9]Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes for the year ended October 31, 2023 amounting to $473 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments.[10]Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes for the year ended October 31, 2022 amounting to $375 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. |
Operating Segments - Schedule_2
Operating Segments - Schedule of Operating Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Other smaller operating segments and corporate adjustments [member] | ||
Disclosure of operating segments [line items] | ||
Tax-exempt income | $ 473 | $ 375 |
Net income from investments in associated corporations | (188) | (60) |
Canadian banking [member] | ||
Disclosure of operating segments [line items] | ||
Net income from investments in associated corporations | 71 | 64 |
International banking [member] | ||
Disclosure of operating segments [line items] | ||
Net income from investments in associated corporations | 251 | 250 |
Global Wealth Management [member] | ||
Disclosure of operating segments [line items] | ||
Net income from investments in associated corporations | 18 | $ 14 |
Global banking and markets [member] | ||
Disclosure of operating segments [line items] | ||
Net income from investments in associated corporations | $ 1 |
Operating Segments - Summary of
Operating Segments - Summary of Bank's Financial Results by Geographic Region (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | ||||
Disclosure of geographical areas [line items] | |||||
Net interest income | [1] | $ 18,287 | $ 18,115 | ||
Non-interest income | [2] | 14,020 | [3] | 13,301 | [4] |
Total revenues | 32,307 | 31,416 | |||
Provision for credit losses | 3,422 | 1,382 | |||
Non-interest expenses | 19,131 | 17,102 | |||
Income tax expense | [5] | 2,226 | 2,758 | ||
Net income | 7,528 | 10,174 | |||
Net income attributable to non-controlling interests in subsidiaries | 118 | 258 | |||
Net income attributable to equity holders of the Bank | 7,410 | 9,916 | |||
Total average assets | 1,396,000 | 1,282,000 | |||
Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 18,287 | 18,115 | |||
Non-interest income | 14,020 | [6] | 13,301 | [7] | |
Total revenues | [8] | 32,307 | 31,416 | ||
Provision for credit losses | 3,422 | 1,382 | |||
Non-interest expenses | 19,131 | 17,102 | |||
Income tax expense | 2,226 | 2,758 | |||
Net income | 7,528 | 10,174 | |||
Net income attributable to non-controlling interests in subsidiaries | 118 | 258 | |||
Net income attributable to equity holders of the Bank | 7,410 | 9,916 | |||
Total average assets | 1,396,000 | 1,282,000 | |||
Canada [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 8,533 | 9,827 | |||
Non-interest income | 8,598 | [6] | 8,149 | [7] | |
Total revenues | [8] | 17,131 | 17,976 | ||
Provision for credit losses | 1,492 | 180 | |||
Non-interest expenses | 10,982 | 9,928 | |||
Income tax expense | 1,041 | 1,697 | |||
Net income | 3,616 | 6,171 | |||
Net income attributable to non-controlling interests in subsidiaries | (3) | 1 | |||
Net income attributable to equity holders of the Bank | 3,619 | 6,170 | |||
Total average assets | 844,000 | 765,000 | |||
United States [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,019 | 945 | |||
Non-interest income | 1,351 | [6] | 1,103 | [7] | |
Total revenues | [8] | 2,370 | 2,048 | ||
Provision for credit losses | 59 | (13) | |||
Non-interest expenses | 1,246 | 1,040 | |||
Income tax expense | 276 | 260 | |||
Net income | 789 | 761 | |||
Net income attributable to equity holders of the Bank | 789 | 761 | |||
Total average assets | 215,000 | 207,000 | |||
Mexico [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 2,168 | 1,736 | |||
Non-interest income | 873 | [6] | 748 | [7] | |
Total revenues | [8] | 3,041 | 2,484 | ||
Provision for credit losses | 270 | 232 | |||
Non-interest expenses | 1,488 | 1,223 | |||
Income tax expense | 312 | 196 | |||
Net income | 971 | 833 | |||
Net income attributable to non-controlling interests in subsidiaries | 22 | 19 | |||
Net income attributable to equity holders of the Bank | 949 | 814 | |||
Total average assets | 58,000 | 46,000 | |||
Peru [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,320 | 1,171 | |||
Non-interest income | 454 | [6] | 422 | [7] | |
Total revenues | [8] | 1,774 | 1,593 | ||
Provision for credit losses | 404 | 342 | |||
Non-interest expenses | 727 | 628 | |||
Income tax expense | 162 | 173 | |||
Net income | 481 | 450 | |||
Net income attributable to non-controlling interests in subsidiaries | 1 | 6 | |||
Net income attributable to equity holders of the Bank | 480 | 444 | |||
Total average assets | 28,000 | 27,000 | |||
Chile [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,830 | 1,604 | |||
Non-interest income | 593 | [6] | 538 | [7] | |
Total revenues | [8] | 2,423 | 2,142 | ||
Provision for credit losses | 604 | 221 | |||
Non-interest expenses | 1,014 | 870 | |||
Income tax expense | 135 | 95 | |||
Net income | 670 | 956 | |||
Net income attributable to non-controlling interests in subsidiaries | 18 | 104 | |||
Net income attributable to equity holders of the Bank | 652 | 852 | |||
Total average assets | 61,000 | 53,000 | |||
Colombia [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 564 | 631 | |||
Non-interest income | 418 | [6] | 388 | [7] | |
Total revenues | [8] | 982 | 1,019 | ||
Provision for credit losses | 392 | 216 | |||
Non-interest expenses | 661 | 682 | |||
Income tax expense | (21) | 39 | |||
Net income | (50) | 82 | |||
Net income attributable to non-controlling interests in subsidiaries | (34) | 35 | |||
Net income attributable to equity holders of the Bank | (16) | 47 | |||
Total average assets | 14,000 | 14,000 | |||
Caribbean And Central America [Member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,761 | 1,436 | |||
Non-interest income | 798 | [6] | 719 | [7] | |
Total revenues | [8] | 2,559 | 2,155 | ||
Provision for credit losses | 123 | 175 | |||
Non-interest expenses | 1,437 | 1,335 | |||
Income tax expense | 197 | 150 | |||
Net income | 802 | 495 | |||
Net income attributable to non-controlling interests in subsidiaries | 114 | 93 | |||
Net income attributable to equity holders of the Bank | 688 | 402 | |||
Total average assets | 34,000 | 32,000 | |||
Other International [member] | Operating segments [member] | |||||
Disclosure of geographical areas [line items] | |||||
Net interest income | 1,092 | 765 | |||
Non-interest income | 935 | [6] | 1,234 | [7] | |
Total revenues | [8] | 2,027 | 1,999 | ||
Provision for credit losses | 78 | 29 | |||
Non-interest expenses | 1,576 | 1,396 | |||
Income tax expense | 124 | 148 | |||
Net income | 249 | 426 | |||
Net income attributable to equity holders of the Bank | 249 | 426 | |||
Total average assets | $ 142,000 | $ 138,000 | |||
[1]Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure.[2]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.[3]Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $71; International Banking – $251; Global Wealth Management – $18; Global Banking and Markets - $1; and Other – $(188).[4]Includes net income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $64; International Banking – $250; Global Wealth Management – $14 and Other – $(60).[5]The federal statutory income tax rate increased by 1.5% due to the enactment of certain federal budget measures announced in 2022.[6]Includes net income from investments in associated corporations for Canada – $(115), Peru – $3, Chile – $10, Colombia - $(2), Caribbean and Central America – $117, and Other International – $140.[7]Includes net income from investments in associated corporations for Canada – $4, Peru – $7, Chile – $9, Caribbean and Central America – $90, and Other International – $158.[8]Revenues are attributed to countries based on where services are performed or assets are recorded. |
Operating Segments - Summary _2
Operating Segments - Summary of Bank's Financial Results by Geographic Region (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Net income from investments in associated corporations | $ (115) | $ 4 |
Peru [member] | ||
Disclosure of geographical areas [line items] | ||
Net income from investments in associated corporations | 3 | 7 |
Other International [member] | ||
Disclosure of geographical areas [line items] | ||
Net income from investments in associated corporations | 140 | 158 |
Caribbean And Central America [Member] | ||
Disclosure of geographical areas [line items] | ||
Net income from investments in associated corporations | 117 | 90 |
Chile [member] | ||
Disclosure of geographical areas [line items] | ||
Net income from investments in associated corporations | 10 | $ 9 |
Colombia [member] | ||
Disclosure of geographical areas [line items] | ||
Net income from investments in associated corporations | $ (2) |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Salaries and cash incentives | [1] | $ 23 | $ 24 |
Equity-based payment | [2] | 32 | 36 |
Pension and other benefits | [1] | 2 | 4 |
Total | $ 57 | $ 64 | |
[1]Expensed during the year.[2]Awarded during the year. |
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, 2023 | Oct. 31, 2022 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Loans | $ 13 | $ 11 |
Deposits | $ 6 | $ 5 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Wealth Management Assets | $ 5,200 | $ 4,900 |
Revenue From Rendering Of Services Related Party Transactions | 6.9 | 6.4 |
Directors [member] | ||
Disclosure of transactions between related parties [line items] | ||
Exposure to credit risk on loan commitments and financial guarantee contracts | 266 | 264 |
Utilized credit exposure | $ 165 | $ 188.4 |
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, 2023 | Oct. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Net income / (loss) | $ (22) | $ (29) |
Loans | 209 | 205 |
Deposits | 277 | 286 |
Guarantees and commitments | $ 55 | $ 96 |
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, 2023 | Oct. 31, 2022 | |||
Canada [member] | Scotia Capital Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Capital Inc. | ||
Principal office | [1] | Toronto, Ontario | ||
Carrying value | [1] | $ 3,723 | $ 3,215 | |
Canada [member] | BNS Investments Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | BNS Investments Inc. | ||
Principal office | [1] | Toronto, Ontario | ||
Carrying value | [1] | $ 22,925 | 15,750 | |
Canada [member] | 1832 Asset Management L.P. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | 1832 Asset Management L.P. | ||
Principal office | [1] | Toronto, Ontario | ||
Canada [member] | Montreal Trust Company of Canada [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Montreal Trust Company of Canada | ||
Principal office | [1] | Montreal, Quebec | ||
Canada [member] | MD Financial Management Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | MD Financial Management Inc. | ||
Principal office | [1] | Ottawa, Ontario | ||
Carrying value | [1] | $ 2,711 | 2,781 | |
Canada [member] | Jarislowsky, Fraser Limited [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Jarislowsky, Fraser Limited | ||
Principal office | [1] | Montreal, Quebec | ||
Carrying value | [1] | $ 997 | 988 | |
Canada [member] | Scotia Securities Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Securities Inc. | ||
Principal office | [1] | Toronto, Ontario | ||
Carrying value | [1] | $ 63 | 63 | |
Canada [member] | Tangerine Bank [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Tangerine Bank | ||
Principal office | [1] | Toronto, Ontario | ||
Carrying value | [1] | $ 4,529 | 3,827 | |
Canada [member] | The Bank of Nova Scotia Trust Company [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1],[2] | The Bank of Nova Scotia Trust Company | ||
Principal office | [1],[2] | Toronto, Ontario | ||
Carrying value | [1],[2] | $ 610 | 214 | |
Canada [member] | Scotia Mortgage Corporation [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Mortgage Corporation | ||
Principal office | [1] | Toronto, Ontario | ||
Carrying value | [1] | $ 780 | 810 | |
Canada [member] | National Trust Company [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | National Trust Company | ||
Principal office | [1] | Stratford, Ontario | ||
Carrying value | [1] | $ 388 | 374 | |
Canada [member] | Roynat Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Roynat Inc. | ||
Principal office | [1] | Calgary, Alberta | ||
Carrying value | [1] | $ 674 | 594 | |
Canada [member] | Scotia Dealer Advantage Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Dealer Advantage Inc. | ||
Principal office | [1] | Hamilton, Ontario | ||
Carrying value | [1] | $ 912 | 867 | |
International [member] | Scotia Holdings (USA) LLC [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1],[3] | Scotia Holdings (USA) LLC | ||
Principal office | [1],[3] | New York, New York | ||
Carrying value | [1],[3] | $ 7,218 | 3,166 | [4] |
International [member] | Scotia Capital (USA) Inc. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Capital (USA) Inc. | ||
Principal office | [1] | New York, New York | ||
International [member] | Scotia Financing (USA) LLC [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Financing (USA) LLC | ||
Principal office | [1] | New York, New York | ||
International [member] | Nova Scotia Inversiones Limitada [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Nova Scotia Inversiones Limitada | ||
Principal office | [1] | Santiago, Chile | ||
Carrying value | [1] | $ 7,423 | 6,114 | |
International [member] | Scotiabank Chile S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Chile S.A. (99.79%) | ||
Principal office | [1] | Santiago, Chile | ||
International [member] | Grupo Financiero Scotiabank Inverlat, S.A. de C.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.39%) | ||
Principal office | [1] | Mexico City, Mexico | ||
Carrying value | [1] | $ 6,812 | 5,960 | |
International [member] | Scotiabank Inverlat, S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Inverlat, S.A. | ||
Principal office | [1] | Mexico City, Mexico | ||
International [member] | Scotia Peru Holdings S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Peru Holdings S.A. | ||
Principal office | [1] | Lima, Peru | ||
Carrying value | [1] | $ 5,700 | 4,961 | |
International [member] | Scotiabank Peru S.A.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Peru S.A.A. (99.31%) | ||
Principal office | [1] | Lima, Peru | ||
International [member] | Multiacciones S.A.S [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Multiacciones S.A.S | ||
Principal office | [1] | Bogota, Colombia | ||
Carrying value | [1] | $ 1,100 | 842 | |
International [member] | Scotiabank Colpatria, S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1],[5] | Scotiabank Colpatria, S.A. (55.98%) | ||
Principal office | [1],[5] | Bogota, Colombia | ||
International [member] | Scotiabank Brasil S.A. Banco Multiplo [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Brasil S.A. Banco Multiplo | ||
Principal office | [1] | Sao Paulo, Brazil | ||
Carrying value | [1] | $ 914 | 788 | |
International [member] | Scotial Uruguay Holdings SA [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Uruguay Holdings S.A. | ||
Principal office | [1] | Montevideo, Uruguay | ||
Carrying value | [1] | $ 585 | 478 | |
International [member] | Scotiabank Uruguay S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Uruguay S.A. | ||
Principal office | [1] | Montevideo, Uruguay | ||
International [member] | Scotiabank Republica Dominicana, S.A. – Banco Multiple [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Republica Dominicana, S.A. – Banco Multiple (99.80%) | ||
Principal office | [1] | Santo Domingo, Dominican Republic | ||
Carrying value | [1] | $ 934 | 906 | |
International [member] | Scotiabank Caribbean Holdings Ltd. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Caribbean Holdings Ltd. | ||
Principal office | [1] | Bridgetown, Barbados | ||
Carrying value | [1] | $ 1,552 | 1,550 | |
International [member] | Scotia Group Jamaica Limited [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotia Group Jamaica Limited (71.78%) | ||
Principal office | [1] | Kingston, Jamaica | ||
International [member] | Scotiabank Trinidad and Tobago Limited [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank Trinidad and Tobago Limited (50.90%) | ||
Principal office | [1] | Port of Spain, Trinidad and Tobago | ||
International [member] | Scotiabank (Barbados) Limited [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank (Barbados) Limited | ||
Principal office | [1] | Bridgetown, Barbados | ||
Carrying value | [1] | $ 307 | 273 | |
International [member] | BNS International (Bahamas) Limited [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | BNS International (Bahamas) Limited | ||
Principal office | [1] | Nassau, Bahamas | ||
Carrying value | [1] | $ 13,903 | $ 17,180 | |
International [member] | Scotiabank (Bahamas) Limited [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank (Bahamas) Limited | ||
Principal office | [1] | Nassau, Bahamas | ||
International [member] | Scotiabank & Trust (Cayman) Ltd. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank & Trust (Cayman) Ltd. | ||
Principal office | [1] | Grand Cayman, Cayman Islands | ||
International [member] | Grupo BNS de Costa Rica, S.A. [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Grupo BNS de Costa Rica, S.A. | ||
Principal office | [1] | San Jose, Costa Rica | ||
International [member] | Scotiabank (Ireland) Designated Activity Company [member] | ||||
Disclosure of subsidiaries [line items] | ||||
Significant subsidiaries | [1] | Scotiabank (Ireland) Designated Activity Company | ||
Principal office | [1] | Dublin, Ireland | ||
[1]The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted.[2]The Bank of Nova Scotia Trust Company & ADS Canadian Bank amalgamated effective November 1, 2022 and continue as The Bank of Nova Scotia Trust Company.[3]Effective July 1, 2023, Scotia Holdings (U.S.) Inc. converted to a Limited Liability Company and changed its name to Scotia Holdings (USA) LLC.[4]The 2022 Scotia Capital (USA) Inc. carrying value was part of BNS Investments Inc.[5]The Bank made a capital contribution to Scotiabank Colpatria S.A. in July 2023 which increased its ownership interest to 55.98% following the subsequent issuance of additional shares. |
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, 2023 | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100% |
Scotiabank Colpatria, S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 55.98% |
International [member] | Scotiabank Chile S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 99.79% |
International [member] | Grupo Financiero Scotiabank Inverlat, S.A. de C.V. [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 97.39% |
International [member] | Scotiabank Peru S.A.A. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 99.31% |
International [member] | Scotiabank Colpatria, S.A. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 55.98% |
International [member] | Scotiabank Republica Dominicana, S.A. – Banco Multiple [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 99.80% |
International [member] | Scotia Group Jamaica Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 71.78% |
International [member] | Scotiabank Trinidad and Tobago Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 50.90% |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interests in subsidiaries | $ 1,739 | $ 1,524 | |
Dividends paid to non-controlling interest | $ 101 | 115 | |
Scotiabank Chile S.A. [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interest % | [1] | 0.21% | |
Non-controlling interests in subsidiaries | $ 248 | 227 | |
Dividends paid to non-controlling interest | $ 17 | 27 | |
Scotiabank Colpatria, S.A. [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interest % | [2],[3] | 44.02% | |
Non-controlling interests in subsidiaries | [2],[3] | $ 482 | 332 |
Dividends paid to non-controlling interest | [2],[3] | 12 | |
Scotia Group Jamaica Limited [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interest % | 28.22% | ||
Non-controlling interests in subsidiaries | $ 336 | 279 | |
Dividends paid to non-controlling interest | $ 11 | 10 | |
Scotiabank Trinidad and Tobago Limited [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interest % | 49.10% | ||
Non-controlling interests in subsidiaries | $ 450 | 413 | |
Dividends paid to non-controlling interest | 53 | 52 | |
Other non controlling interests [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interests in subsidiaries | 223 | 273 | |
Dividends paid to non-controlling interest | $ 20 | $ 14 | |
Other non controlling interests [member] | Bottom of range [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interest % | 0.01% | ||
Other non controlling interests [member] | Top of range [member] | |||
Disclosure of noncontrolling interests [Line Items] | |||
Non-controlling interest % | [4] | 49.35% | |
[1]The Bank increased its ownership in Scotiabank Chile S.A. in 2022 by acquiring an additional 16.8% stake from the primary non-controlling shareholders. Refer to Note 36 for details. The remaining non-controlling interest related primarily to non-controlling interests in Scotiabank Chile S.A. subsidiaries.[2]Non-controlling interest holders for Scotiabank Colpatria S.A. have a right to sell their holding to the Bank after the end of 7th anniversary (January 17, 2019) and at subsequent pre-agreed intervals, into the future, at fair market value that can be settled at the Bank’s discretion, by issuance of common shares or cash.[3]The Bank made a capital contribution to Scotiabank Colpatria S.A. in July 2023 which increased its ownership interest to 55.98% following the subsequent issuance of additional shares.[4]Range of non-controlling interest % for other subsidiaries. |
Principal Subsidiaries and No_6
Principal Subsidiaries and Non-Controlling Interests in Subsidiaries - Summary of Non-controlling Interests (Parenthetical) (Detail) | 1 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Oct. 31, 2023 | |
Bank Of Nova Scotia Chile SA [Member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Percentage increase in ownership interest in subsidiaries | 16.80% | |
Scotiabank Colpatria, S.A. [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Percentage increase in ownership interest in subsidiaries | 55.98% |
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, 2023 | Oct. 31, 2022 | |
Disclosure of noncontrolling interests [Line Items] | ||
Revenue | $ 32,307 | $ 31,416 |
Total comprehensive income | 8,028 | 8,585 |
Total assets | 1,410,789 | 1,349,418 |
Total liabilities | 1,332,122 | 1,274,669 |
Minority partner [member] | ||
Disclosure of noncontrolling interests [Line Items] | ||
Revenue | 4,206 | 3,849 |
Total comprehensive income | 1,929 | 880 |
Total assets | 102,628 | 93,880 |
Total liabilities | $ 91,869 | $ 85,754 |
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, 2023 | Oct. 31, 2022 | ||
Disclosure of Interest Income Expense [line items] | |||
Measured at amortized cost | [1] | $ 51,013 | $ 31,036 |
Measured at FVOCI | [1] | 3,811 | 1,537 |
Interest income calculated using effective interest method | 54,824 | 32,573 | |
Other | [2] | 2,000 | 985 |
Interest income | [3] | 56,824 | 33,558 |
Measured at amortized cost | [1] | 38,348 | 15,273 |
Interest expense calculated using effective interest method | 38,348 | 15,273 | |
Other | [4] | 189 | 170 |
Interest expenses | $ 38,537 | $ 15,443 | |
[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 $54,824 for the year ended October 31, 2023 (October 31, 2022 – $32,573).[4]The interest on lease liabilities was $114 (2022 – $107). |
Interest Income and Expense -_2
Interest Income and Expense - Details of Interest Income from Financial Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Expenses by nature [abstract] | ||
Interest expense on lease liabilities | $ 114 | $ 107 |
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, 2023 | Oct. 31, 2022 | ||
Basic earnings per common share | |||
Net income attributable to common shareholders | $ 6,991 | $ 9,656 | |
Weighted average number of common shares outstanding | 1,197 | 1,199 | |
Basic earnings per common share | [1] | $ 5.84 | $ 8.05 |
Diluted earnings per common share | |||
Net income attributable to common shareholders | $ 6,991 | $ 9,656 | |
Dilutive impact of share-based payment options and others | [2] | (36) | 36 |
Net income attributable to common shareholders (diluted) | $ 6,955 | $ 9,692 | |
Weighted average number of common shares outstanding | 1,197 | 1,199 | |
Dilutive impact of share-based payment options and others | [2] | 7 | 9 |
Weighted average number of diluted common shares outstanding | 1,204 | 1,208 | |
Diluted earnings per common share | [1] | $ 5.78 | $ 8.02 |
[1]Earnings per share calculations are based on full dollar and share amounts.[2]Certain 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 ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Standby letters of credit and letters of guarantee [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Maximum potential amount of future payments | [1] | $ 48,417 | $ 41,977 |
Liquidity facilities [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Maximum potential amount of future payments | [1] | 7,060 | 6,361 |
Indemnifications [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Maximum potential amount of future payments | [1] | $ 940 | $ 926 |
[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. |
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, 2023 | |
Guarantees commitments and pledged assets [Line Items] | ||
Other executory contracts | $ 800 | |
Executory contract period | 20 years | |
Top of range [member] | ||
Guarantees commitments and pledged assets [Line Items] | ||
Liquidity facilities expiration period | 3 years |
Guarantees, Commitments and P_5
Guarantees, Commitments and Pledged Assets - Summary of Other Indirect Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Guarantees commitments and pledged assets [Line Items] | |||
Maximum exposure to credit risk | $ 341,648 | $ 322,210 | |
Commercial letter of credit [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Maximum exposure to credit risk | 695 | 1,219 | |
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 | [1] | 61,338 | 81,641 |
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 | [1] | 222,705 | 186,067 |
Securities lending [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Maximum exposure to credit risk | [1] | 56,174 | 52,178 |
Securities purchase and other commitment [member] | |||
Guarantees commitments and pledged assets [Line Items] | |||
Maximum exposure to credit risk | [1] | $ 736 | $ 1,105 |
[1]Includes liquidity facilities, and excludes commitments which are unconditionally cancellable at the Bank’s discretion at any time. |
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, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | $ 266,014 | $ 254,502 | |
Obligations related to securities sold under repurchase agreements | 140,296 | 122,552 | |
Total | [1] | 406,310 | 377,054 |
Bank of Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [2] | 133 | 168 |
Foreign governments and central banks [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [2] | 763 | 2,015 |
Clearing system payment systems and depositories [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [2] | 1,810 | 1,628 |
Exchange traded derivative transactions [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 8,403 | 8,972 | |
Over The Counter Derivatives [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 26,871 | 29,658 | |
Securities borrowing and lending [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 150,698 | 133,363 | |
Covered bonds [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | [3] | 51,538 | 51,446 |
Securitization [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 3,169 | 1,397 | |
Canada mortgage housing corporation program [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | 22,108 | 24,886 | |
Other assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Securities and assets pledged | $ 521 | $ 969 | |
[1]Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions.[2]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.[3]Excludes mortgages related to covered bonds held by the Bank or used for securities lending transactions. |
Financial Instruments-Risk Mana
Financial Instruments-Risk Management - Summary of Credit Risk Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | $ 1,247,700 | ||
Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | $ 961,187 | ||
Undrawn commitments | 212,075 | ||
Other exposures | 125,425 | ||
Total | 1,298,687 | ||
Canada [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 710,049 | ||
Canada [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 575,320 | ||
Undrawn commitments | 152,872 | ||
Other exposures | 37,813 | ||
Total | 766,005 | ||
United States [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 247,672 | ||
United States [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 137,284 | ||
Undrawn commitments | 35,009 | ||
Other exposures | 51,281 | ||
Total | 223,574 | ||
Chile [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 60,528 | ||
Chile [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 58,905 | ||
Undrawn commitments | 3,491 | ||
Other exposures | 4,337 | ||
Total | 66,733 | ||
Mexico [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 50,793 | ||
Mexico [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 56,227 | ||
Undrawn commitments | 3,007 | ||
Other exposures | 3,062 | ||
Total | 62,296 | ||
Peru [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 32,176 | ||
Peru [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 26,642 | ||
Undrawn commitments | 2,358 | ||
Other exposures | 3,467 | ||
Total | 32,467 | ||
Colombia [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 13,291 | ||
Colombia [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 14,212 | ||
Undrawn commitments | 1,505 | ||
Other exposures | 1,116 | ||
Total | 16,833 | ||
Europe [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 46,156 | ||
Europe [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 19,474 | ||
Undrawn commitments | 6,347 | ||
Other exposures | 17,460 | ||
Total | 43,281 | ||
Caribbean [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 32,057 | ||
Caribbean [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 30,498 | ||
Undrawn commitments | 2,237 | ||
Other exposures | 1,239 | ||
Total | 33,974 | ||
Latin America (other) [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 20,890 | ||
Latin America (other) [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 18,084 | ||
Undrawn commitments | 1,518 | ||
Other exposures | 2,070 | ||
Total | 21,672 | ||
All other countries [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 34,088 | ||
All other countries [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 24,541 | ||
Undrawn commitments | 3,731 | ||
Other exposures | 3,580 | ||
Total | 31,852 | ||
Non retail [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 797,644 | ||
Non retail [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 557,552 | ||
Undrawn commitments | 103,721 | ||
Other exposures | 125,367 | ||
Total | 786,640 | ||
Non retail [member] | IRB portfolio [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 725,007 | ||
Non retail [member] | IRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 484,741 | ||
Undrawn commitments | 96,442 | ||
Other exposures | 118,781 | ||
Total | 699,964 | ||
Non retail [member] | IRB portfolio [member] | Corporate segment [Member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 453,426 | ||
Non retail [member] | IRB portfolio [member] | Corporate segment [Member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 227,187 | ||
Undrawn commitments | 80,691 | ||
Other exposures | 83,697 | ||
Total | 391,575 | ||
Non retail [member] | IRB portfolio [member] | Bank [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 37,425 | ||
Non retail [member] | IRB portfolio [member] | Bank [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 17,928 | ||
Undrawn commitments | 12,865 | ||
Other exposures | 24,303 | ||
Total | 55,096 | ||
Non retail [member] | IRB portfolio [member] | Sovereign [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 234,156 | ||
Non retail [member] | IRB portfolio [member] | Sovereign [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 239,626 | ||
Undrawn commitments | 2,886 | ||
Other exposures | 10,781 | ||
Total | 253,293 | ||
Non retail [member] | Standardized portfolio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 87,000 | 73,000 | |
Non retail [member] | Standardized portfolio [Member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 72,637 | ||
Non retail [member] | Standardized portfolio [Member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 72,811 | ||
Undrawn commitments | 7,279 | ||
Other exposures | 6,586 | ||
Total | 86,676 | ||
Non retail [member] | Standardized portfolio [Member] | Corporate segment [Member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 59,866 | ||
Non retail [member] | Standardized portfolio [Member] | Corporate segment [Member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 45,471 | ||
Undrawn commitments | 7,082 | ||
Other exposures | 5,706 | ||
Total | 58,259 | ||
Non retail [member] | Standardized portfolio [Member] | Bank [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 3,788 | ||
Non retail [member] | Standardized portfolio [Member] | Bank [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 2,096 | ||
Undrawn commitments | 23 | ||
Other exposures | 776 | ||
Total | 2,895 | ||
Non retail [member] | Standardized portfolio [Member] | Sovereign [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 8,983 | ||
Non retail [member] | Standardized portfolio [Member] | Sovereign [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 25,244 | ||
Undrawn commitments | 174 | ||
Other exposures | 104 | ||
Total | 25,522 | ||
Retail [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 450,056 | ||
Retail [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 403,635 | ||
Undrawn commitments | 108,354 | ||
Other exposures | 58 | ||
Total | 512,047 | ||
Retail [member] | IRB portfolio [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 338,913 | |
Retail [member] | IRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 287,421 | ||
Undrawn commitments | 99,190 | ||
Total | [1],[2] | 386,611 | |
Retail [member] | IRB portfolio [member] | Real estate secured [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 254,568 | ||
Retail [member] | IRB portfolio [member] | Real estate secured [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 236,785 | ||
Undrawn commitments | 51,874 | ||
Total | 288,659 | ||
Retail [member] | IRB portfolio [member] | Qualifying revolving [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 46,435 | ||
Retail [member] | IRB portfolio [member] | Qualifying revolving [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 16,187 | ||
Undrawn commitments | 42,492 | ||
Total | [1],[2] | 58,679 | |
Retail [member] | IRB portfolio [member] | Other retail [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 37,910 | ||
Retail [member] | IRB portfolio [member] | Other retail [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 34,449 | ||
Undrawn commitments | 4,824 | ||
Total | [1],[2] | 39,273 | |
Retail [member] | Standardized portfolio [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 125,000 | 111,000 | |
Retail [member] | Standardized portfolio [Member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 111,143 | ||
Retail [member] | Standardized portfolio [Member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 116,214 | ||
Undrawn commitments | 9,164 | ||
Other exposures | 58 | ||
Total | 125,436 | ||
Retail [member] | Standardized portfolio [Member] | Real estate secured [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 65,000 | 63,000 | |
Retail [member] | Standardized portfolio [Member] | Real estate secured [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 63,054 | ||
Retail [member] | Standardized portfolio [Member] | Real estate secured [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 64,888 | ||
Undrawn commitments | 108 | ||
Total | 64,996 | ||
Retail [member] | Standardized portfolio [Member] | Other retail [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | $ 48,089 | ||
Retail [member] | Standardized portfolio [Member] | Other retail [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 51,326 | ||
Undrawn commitments | 9,056 | ||
Other exposures | 58 | ||
Total | $ 60,440 | ||
[1]After credit risk mitigation.[2]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022. |
Financial Instruments-Risk Ma_2
Financial Instruments-Risk Management - Summary of Credit Risk Exposures (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Loss balance sheet offsetting lending instruments | $ 32.3 | |
Loss protection related to derivatives transactions, net of related collateral excluded | $ 4 |
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, 2023 | Oct. 31, 2022 | |||
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and deposits with financial institutions | [1] | $ 90,312 | $ 65,895 | ||
Precious metals | 937 | 543 | |||
Trading assets | |||||
Securities | 107,612 | 103,547 | |||
Loans | [2],[3] | 7,544 | 7,811 | ||
Other | 2,712 | 1,796 | |||
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |||
Derivative financial instruments | 51,340 | 55,699 | |||
Investment securities | 118,237 | 110,008 | |||
Loans: | |||||
Residential mortgages | 344,182 | 349,279 | |||
Personal loans | 104,170 | 99,431 | |||
Credit cards | 17,109 | 14,518 | |||
Business & government | 291,822 | 287,107 | |||
Property and equipment | [4] | 5,642 | 5,700 | ||
Investment in associates | 1,925 | 2,633 | |||
Goodwill and other intangibles assets | 17,193 | 16,833 | |||
Total | 1,410,789 | 1,349,418 | |||
Credit risk [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and deposits with financial institutions | 90,312 | 65,895 | |||
Precious metals | 937 | 543 | |||
Trading assets | |||||
Securities | 107,612 | 103,547 | |||
Loans | 7,544 | 7,811 | |||
Other | 2,712 | 1,796 | |||
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |||
Derivative financial instruments | 51,340 | 55,699 | |||
Investment securities | 118,237 | 110,008 | |||
Loans: | |||||
Residential mortgages | 344,182 | 349,279 | |||
Personal loans | 104,170 | 99,431 | |||
Credit cards | 17,109 | 14,518 | |||
Business & government | 291,822 | 287,107 | |||
Allowances for credit losses | (6,372) | (5,348) | |||
Customers' liability under acceptances | 18,628 | 19,494 | |||
Property and equipment | 5,642 | 5,700 | |||
Investment in associates | 1,925 | 2,633 | |||
Goodwill and other intangibles assets | 17,193 | 16,833 | |||
Other (including Deferred tax assets) | 38,471 | 39,159 | |||
Total | 1,410,789 | 1,349,418 | |||
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 | 86,883 | 62,551 | |||
Trading assets | |||||
Securities | (4) | ||||
Loans | 584 | 408 | |||
Investment securities | 117,172 | 108,516 | |||
Loans: | |||||
Residential mortgages | 65,381 | 76,607 | |||
Personal loans | 800 | ||||
Business & government | 264,824 | 267,921 | |||
Allowances for credit losses | (474) | (514) | |||
Customers' liability under acceptances | 18,718 | 19,525 | |||
Other (including Deferred tax assets) | 7,129 | 2,401 | |||
Total | 561,017 | 537,411 | |||
Credit risk [member] | Credit risk exposure drawn retail [member] | |||||
Loans: | |||||
Residential mortgages | 278,688 | 272,588 | |||
Personal loans | 99,214 | 96,074 | |||
Credit cards | 14,100 | 13,126 | |||
Business & government | 11,690 | 10,395 | |||
Allowances for credit losses | (975) | (817) | |||
Other (including Deferred tax assets) | 1,170 | 991 | |||
Total | 403,887 | 392,357 | |||
Credit risk [member] | Other exposures securitization [member] | |||||
Loans: | |||||
Personal loans | 4,156 | 3,350 | |||
Credit cards | 251 | 372 | |||
Business & government | 15,479 | 9,675 | |||
Total | 19,886 | 13,397 | |||
Credit risk [member] | Other credit risk exposure repo-style transactions [member] | |||||
Trading assets | |||||
Securities purchased under resale agreements and securities borrowed | 199,325 | 175,313 | |||
Loans: | |||||
Other (including Deferred tax assets) | 237 | 106 | |||
Total | 199,562 | 175,419 | |||
Credit risk [member] | Other credit risk exposure over-the-counter derivatives [member] | |||||
Trading assets | |||||
Derivative financial instruments | 51,340 | 55,699 | |||
Loans: | |||||
Total | 51,340 | 55,699 | |||
Credit risk [member] | Other credit risk exposure equity [member] | |||||
Trading assets | |||||
Investment securities | 4,022 | 5,081 | |||
Loans: | |||||
Investment in associates | 59 | 56 | |||
Total | 4,081 | 5,137 | |||
Credit risk [member] | Other market risk exposures also subject to credit risk [member] | |||||
Trading assets | |||||
Loans | 433 | 367 | |||
Derivative financial instruments | 36,512 | 43,436 | |||
Loans: | |||||
Total | 36,945 | 43,803 | |||
Credit risk [member] | Other exposures [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Precious metals | 937 | 543 | |||
Trading assets | |||||
Securities | 107,614 | 103,551 | |||
Loans | 6,960 | 7,403 | |||
Other | 2,712 | 1,796 | |||
Loans: | |||||
Total | 118,223 | 113,293 | |||
Credit risk [member] | Other market risk exposures others [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Cash and deposits with financial institutions | [5] | 3,429 | 3,344 | ||
Trading assets | |||||
Securities | [5] | (2) | |||
Investment securities | [5] | (2,957) | (3,589) | ||
Loans: | |||||
Residential mortgages | [5] | 113 | [6] | 84 | [7] |
Personal loans | [5] | 7 | |||
Credit cards | [5] | 2,758 | 1,020 | ||
Business & government | [5] | (171) | (884) | ||
Allowances for credit losses | [5] | (4,923) | [8] | (4,017) | [9] |
Customers' liability under acceptances | [5] | (90) | (31) | ||
Property and equipment | [5] | 5,642 | 5,700 | ||
Investment in associates | [5] | 1,866 | 2,577 | ||
Goodwill and other intangibles assets | [5] | 17,193 | 16,833 | ||
Other (including Deferred tax assets) | [5] | 29,935 | 35,661 | ||
Total | [5] | $ 52,793 | $ 56,705 | ||
[1]Net of allowances of $7 (2022 – $4).[2]Geographic segmentation of trading loans is based upon the location of the ultimate risk of the underlying asset.[3]Loans are primarily denominated in U.S. dollars.[4]Includes $38 (2022 – $36) of investment property.[5]Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks.[6]Includes $60.2 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.[7]Includes $75.8 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.[8]Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances.[9]Amounts for AIRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances. |
Financial Instruments-Risk Ma_4
Financial Instruments-Risk Management - Summary of Subject to Market and Credit Risk With a Reconcilation (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Residential mortgage guaranteed loans | $ 60.2 | $ 75.8 |
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, 2023 | |
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% |
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% |
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 | 0.0551% |
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 | 0.0651% |
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 | 0.0748% |
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 | 0.1028% |
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 | 0.1552% |
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 | 0.2151% |
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 | 0.2983% |
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 | 0.5617% |
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 | 1.157% |
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 | 1.9519% |
Top of range [member] | Watch list [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 42.1638% |
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 | 4.7225% |
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 | 12.1859% |
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 | 23.8197% |
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 | 0.0551% |
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 | 0.0651% |
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 | 0.0748% |
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 | 0.1028% |
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 | 0.1552% |
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 | 0.2151% |
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 | 0.2983% |
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 | 0.5617% |
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 | 1.157% |
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 | 1.9519% |
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 | 4.7225% |
Bottom of range [member] | Watch list [member] | |
Disclosure of internal credit grades [line items] | |
Probability of default range percentage | 100% |
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 | 12.1859% |
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 | 23.8197% |
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 | 42.1638% |
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, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | |
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] | IRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure at default drawn | [1],[2] | $ 484,741 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 96,442 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 118,781 | |
Credit risk exposure default amount | [1],[2] | 699,964 | |
Non retail [member] | IRB portfolio [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | $ 725,004 | |
Non retail [member] | IRB portfolio [member] | Excluding residential mortgages [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure at default drawn | [1],[2] | 428,300 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 96,442 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 118,781 | |
Credit risk exposure default amount | [1],[2] | 643,523 | |
Non retail [member] | IRB portfolio [member] | Excluding residential mortgages [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 653,137 | |
Non retail [member] | IRB portfolio [member] | Government guaranteed residential mortgages [Member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure at default drawn | [1],[2],[4] | 56,441 | |
Credit risk exposure default amount | [1],[2],[4] | 56,441 | |
Non retail [member] | IRB portfolio [member] | Government guaranteed residential mortgages [Member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1],[4] | 71,867 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure at default drawn | [1],[2] | 143,049 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 1,285 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 27,321 | |
Credit risk exposure default amount | [1],[2] | $ 171,655 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 138,564 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 95 | |
Credit risk exposure at default drawn | [1],[2] | $ 35,677 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 10,716 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 21,186 | |
Credit risk exposure default amount | [1],[2] | $ 67,579 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AA to A plus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 70,575 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 90 | |
Credit risk exposure at default drawn | [1],[2] | $ 24,561 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 13,302 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 25,381 | |
Credit risk exposure default amount | [1],[2] | $ 63,244 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors-A to-A minus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 78,215 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 87 | |
Credit risk exposure at default drawn | [1],[2] | $ 36,090 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 16,675 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 16,517 | |
Credit risk exposure default amount | [1],[2] | $ 69,282 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB plus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 85,188 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 85 | |
Credit risk exposure at default drawn | [1],[2] | $ 34,443 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 14,386 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 9,876 | |
Credit risk exposure default amount | [1],[2] | $ 58,705 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 73,091 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 83 | |
Credit risk exposure at default drawn | [1],[2] | $ 54,334 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 16,342 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 6,967 | |
Credit risk exposure default amount | [1],[2] | $ 77,643 | |
Non retail [member] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors BBB minus[member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 78,869 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 80 | |
Credit risk exposure at default drawn | [1],[2] | $ 40,535 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 10,389 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 4,044 | |
Credit risk exposure default amount | [1],[2] | $ 54,968 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB plus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 52,857 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 77 | |
Credit risk exposure at default drawn | [1],[2] | $ 27,155 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 6,336 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 3,673 | |
Credit risk exposure default amount | [1],[2] | $ 37,164 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 36,288 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 75 | |
Credit risk exposure at default drawn | [1],[2] | $ 18,824 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 4,769 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 2,698 | |
Credit risk exposure default amount | [1],[2] | $ 26,291 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors BB minus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 25,712 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 73 | |
Credit risk exposure at default drawn | [1],[2] | $ 8,022 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 1,542 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 451 | |
Credit risk exposure default amount | [1],[2] | $ 10,015 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors-B plus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 7,848 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 70 | |
Credit risk exposure at default drawn | [1],[2] | $ 2,481 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 452 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 293 | |
Credit risk exposure default amount | [1],[2] | $ 3,226 | |
Non retail [member] | IRB portfolio [member] | Non investment grade [member] | Equivalent external rating standard and poors-B to-B minus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 2,592 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 65 | |
Credit risk exposure at default drawn | [1],[2] | $ 775 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 126 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 307 | |
Credit risk exposure default amount | [1],[2] | $ 1,208 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC plus [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 395 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 60 | |
Credit risk exposure at default drawn | [1],[2] | $ 1,137 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 79 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 9 | |
Credit risk exposure default amount | [1],[2] | $ 1,225 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 788 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 40 | |
Credit risk exposure at default drawn | [1],[2] | $ 165 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 17 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 21 | |
Credit risk exposure default amount | [1],[2] | $ 203 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors CCC- to CC [Member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 881 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 30 | |
Credit risk exposure at default drawn | [1],[2] | $ 100 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 5 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 1 | |
Credit risk exposure default amount | [1],[2] | $ 106 | |
Non retail [member] | IRB portfolio [member] | Watch list [member] | Equivalent external rating standard and poors default [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | 54 | |
Non retail [member] | IRB portfolio [member] | Default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 21 | |
Credit risk exposure at default drawn | [1],[2] | $ 952 | |
Credit risk exposure at default undrawn commitments | [1],[2] | 21 | |
Credit risk exposure at default other exposure | [1],[2],[3] | 36 | |
Credit risk exposure default amount | [1],[2] | $ 1,009 | |
Non retail [member] | IRB portfolio [member] | Default [member] | Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Credit risk exposure default amount | [1] | $ 1,220 | |
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] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 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] | IRB portfolio [member] | Investment grade [member] | Equivalent external rating standard and poors AAA to AA plus [member] | Revised Basel Three Norms [Member] | |||
Disclosure of internal credit grades [line items] | |||
Internal grade rating | [1],[2] | 98 | |
[1]After credit risk mitigation.[2]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022.[3]Includes off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations (excluding first loss protection), derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements and securities lending and borrowing), net of related collateral.[4]These exposures are classified as sovereign exposures and are included in the non-retail category. |
Financial Instruments-Risk Ma_7
Financial Instruments-Risk Management - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of detailed information about financial instruments [line items] | |||
Market value of collateral accepted | [1] | $ 406,310 | $ 377,054 |
Assets acquired in exchange of loans | 334 | 274 | |
Decreases (increases) in the Bank's before-tax annual earnings | 63 | 55 | |
The unrealized foreign currency translation losses | 356 | 308 | |
Reverse repurchase agreements [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market value of collateral accepted | 315,000 | 259,000 | |
Standard securities borrowing agreements [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market value of collateral accepted | 313,000 | 273,000 | |
Collateral not sold or re-pledged | $ 75,000 | 58,000 | |
Retail [member] | AIRB portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Percentage of residential mortgage portfolio insured | 26% | ||
Percentage of residential mortgage portfolio uninsured to average loan value | 49% | ||
Retail [member] | Standardized portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | $ 125,000 | 111,000 | |
Retail [member] | Standardized portfolio [member] | Real estate secured [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | 65,000 | 63,000 | |
Non retail [member] | Standardized portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Credit risk exposure default amount | $ 87,000 | $ 73,000 | |
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% | ||
[1]Includes assets that have been received from counterparties through normal course of business in securities financing and derivative transactions. |
Financial Instruments-Risk Ma_8
Financial Instruments-Risk Management - Summary of Risk Categories of Borrower by Probability Of default (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | $ 1,247,700 | ||
Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | $ 1,298,687 | ||
Retail [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 450,056 | ||
Retail [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 512,047 | ||
Retail [member] | AIRB portfolio [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 338,913 | |
Retail [member] | AIRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 386,611 | |
Retail [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[3] | 102,039 | |
Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 118,374 | |
Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 269,409 | |
Retail [member] | AIRB portfolio [member] | Low probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 84,843 | |
Retail [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 80,470 | |
Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 22,248 | |
Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 24,230 | |
Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 8,654 | |
Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 7,506 | |
Retail [member] | AIRB portfolio [member] | High probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 1,123 | |
Retail [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 1,882 | |
Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 1,163 | |
Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | $ 2,363 | |
Retail [member] | AIRB portfolio [member] | Default [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1] | 469 | |
Retail [member] | AIRB portfolio [member] | Default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 100% | |
Total | [1],[2] | $ 751 | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2],[3] | 0% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 0.05% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 0.20% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Medium low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 1% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 3% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 10% | |
Retail [member] | Bottom of range [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 20% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Exceptionally low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2],[3] | 0.0499% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 0.1999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 0.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Medium low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 2.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 9.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 19.9999% | |
Retail [member] | Top of range [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Probability of default range percentage | [1],[2] | 99.9999% | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | $ 214,619 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 159,633 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 43,171 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 9,284 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 1,073 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 479 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 663 | |
Real estate secured mortgages [member] | Retail [member] | AIRB portfolio [member] | Default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 316 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 74,040 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 68,050 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 5,154 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 535 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 112 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 101 | |
Real estate secured home equity line of credit [member] | Retail [member] | AIRB portfolio [member] | Default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 88 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 46,435 | ||
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 58,679 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 35,140 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 11,724 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 7,963 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 2,106 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 1,204 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 451 | |
Qualifying revolving [member] | Retail [member] | AIRB portfolio [member] | Default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 91 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | $ 37,910 | ||
Other retail [member] | Retail [member] | AIRB portfolio [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | [1],[2] | 39,273 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Very low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 6,586 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 20,421 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Medium low probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 6,983 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Medium probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 3,792 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | High probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 87 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Extremely high probability of default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | 1,148 | |
Other retail [member] | Retail [member] | AIRB portfolio [member] | Default [member] | Revised Basel Three Norms [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Exposure at default | [1],[2] | $ 256 | |
[1]After credit risk mitigation.[2]Regulatory amounts reported in 2023 are under Revised Basel III requirements and are not directly comparable to amounts reported in 2022.[3]OSFI has revised the Retail Probablility of Default floor from 0.03% to 0.05% in 2023, under the Revised Basel III framework. |
Financial Instruments-Risk Ma_9
Financial Instruments-Risk Management - Summary of Risk Categories of Borrower by Probability Of default (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Revised Basel Three Norms [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Default Floor Rate Percentage | 0.05% | |
Basel Three Norms [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Default Floor Rate Percentage | 0.03% |
Financial Instruments-Risk M_10
Financial Instruments-Risk Management - Summary of Interest Rate Sensitivity (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
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 | $ (99) | $ (340) |
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 | (206) | |
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 | 107 | |
Net interest income [member] | 100 bp decrease [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | 68 | 326 |
Net interest income [member] | 100 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 | 196 | |
Net interest income [member] | 100 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 | (128) | |
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 | (1,256) | (2,021) |
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 | (532) | |
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 | (724) | |
Economic value of equity [member] | 100 bp decrease [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase (decrease) in interest rates pro-forma after tax impact | 824 | $ 1,659 |
Economic value of equity [member] | 100 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 | 307 | |
Economic value of equity [member] | 100 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 | $ 517 |
Financial Instruments-Risk M_11
Financial Instruments-Risk Management - VaR by Risk Factor (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | $ 12.9 | $ 9.3 |
Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 8.1 | 7.7 |
Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 11.5 | 8.4 |
Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 4.9 | 3.4 |
Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 3 | 1.5 |
Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.9 | 5.2 |
Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 3.7 | 4.6 |
Risk diversification effect [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | (13.5) | (10.6) |
Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 13.9 | 13.4 |
Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 44.8 | $ 27.4 |
Weighted average [member] | Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 14.4 | |
Weighted average [member] | Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 7.9 | |
Weighted average [member] | Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 12.1 | |
Weighted average [member] | Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 4.1 | |
Weighted average [member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 3.3 | |
Weighted average [member] | Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 4.7 | |
Weighted average [member] | Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 3.6 | |
Weighted average [member] | Risk diversification effect [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | (14.4) | |
Weighted average [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 15.7 | |
Weighted average [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 39.4 | |
Top of range [member] | Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 24.1 | |
Top of range [member] | Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 16.3 | |
Top of range [member] | Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 21.9 | |
Top of range [member] | Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 7.8 | |
Top of range [member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 8.8 | |
Top of range [member] | Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 8.1 | |
Top of range [member] | Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 4.8 | |
Top of range [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 25.2 | |
Top of range [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 87.3 | |
Bottom of range [member] | Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 9 | |
Bottom of range [member] | Credit spread [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 3.8 | |
Bottom of range [member] | Interest rate risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 7.5 | |
Bottom of range [member] | Equity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.5 | |
Bottom of range [member] | Currency risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 0.9 | |
Bottom of range [member] | Commodity price risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.3 | |
Bottom of range [member] | Debt specific risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 2.4 | |
Bottom of range [member] | Bank risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | 11 | |
Bottom of range [member] | Bank stressed risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Value at risk | $ 13.4 |
Financial Instruments-Risk M_12
Financial Instruments-Risk Management - Summary of Market Risk Capital Requirements (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Bank risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | $ 13.9 | $ 13.4 | |
Bank stressed risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | 44.8 | 27.4 | |
Capital requirements [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | 963 | 866 | [1] |
Capital requirements [member] | Bank risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | 141 | 131 | |
Capital requirements [member] | Bank stressed risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | 390 | 324 | |
Capital requirements [member] | Incremental risk charge [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | 315 | 345 | |
Capital requirements [member] | Standardized approach risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Market risk capital | $ 117 | $ 66 | |
[1]Equates to $12,040 million of risk-weighted assets (October 31, 2022 – $10,820 million). |
Financial Instruments-Risk M_13
Financial Instruments-Risk Management - Summary of Market Risk Capital Requirements (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Risk-weighted assets | $ 12,040 | $ 10,820 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) shares in Millions, $ in Millions | 12 Months Ended | ||||||
Oct. 31, 2023 CAD ($) | Oct. 27, 2022 CAD ($) | Oct. 26, 2022 CAD ($) | Feb. 28, 2022 CAD ($) | Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | Feb. 27, 2022 CAD ($) shares | |
Disclosure of detailed information about business combination [line items] | |||||||
Proportion of ownership interests in subsidiaries | 100% | ||||||
Gain (losses) on disposal of investments | $ 129 | $ 74 | |||||
Banco del Caribe ("BDC") [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Ownership interest, potential divestiture | 26.80% | ||||||
Inversiones Americana del Caribe ("IAC") [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Ownership interest, potential divestiture | 23.40% | ||||||
Banco del Caribe ("BDC") and Inversiones Americana del Caribe ("IAC") [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Derecognized carrying amount | $ 73 | ||||||
Gain (loss) on sale of subsidiary as part of disposal group before tax | (227) | ||||||
Reclassification adjustments on exchange differences on translation of foreign operations, net of tax | 169 | ||||||
Thanachart Insurance Public Company Limited ("TNI") and Thanachart Securities Public Company Limited ("TNS") [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Derecognized carrying amount | $ 134 | ||||||
Wind down of operations in India and Malaysia [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Reclassification adjustments on hedges of net investments in foreign operations, net of tax | $ (102) | ||||||
Canadian tires financial services business [member] | Canadian Tier Corporation [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage increase in the tier one ratio | 0.16% | ||||||
Gain (losses) on disposal of investments after tax | $ 319 | ||||||
Gain (losses) on disposal of investments | 367 | ||||||
Disposal of investment in associates | $ 543 | ||||||
Percentage of investment in associates disposed off | 20% | ||||||
Scotia Bank Chile [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Common shares transferred value | $ 569 | $ 569 | |||||
Purchase consideration transferred | $ 650 | ||||||
Number of common shares transferred | shares | 7 | ||||||
Bank Of Nova Scotia Chile SA [Member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Percentage increase in ownership interest in subsidiaries | 16.80% | ||||||
Bank Of Nova Scotia Chile SA [Member] | Major business combination [member] | |||||||
Disclosure of detailed information about business combination [line items] | |||||||
Proportion of ownership interests in subsidiaries | 99.80% | ||||||
Percentage increase in ownership interest in subsidiaries | 16.80% | ||||||
Payment to acquire non controlling interests in subsidiaries | $ 1,200 |