v3.22.4
Securities
 3 Months Ended
Jan. 31, 2023
Text block [abstract]  
Securities
Note 5.    Securities
Securities
 
$ millions, as at   
2023
Jan. 31
      2022
Oct. 31		  
      Carrying amount  
Securities measured and designated at FVOCI
   
$
57,672
 
    $ 56,099  
Securities measured at amortized cost 
(1)
   
 
59,971
 
      52,484  
Securities mandatorily measured and designated at FVTPL
   
 
69,707
 
      67,296  
    
$
    187,350
 
    $     175,879  
(1)
There were no sales of securities measured at amortized cost during the quarter (October 31, 2022: a realized gain of less than $1 million).
Fair value of debt securities measured and equity securities designated at FVOCI
 
$ millions, as at                         
2023
Jan. 31
                            2022
Oct. 31		  
    
 
Amortized
cost
 
 
(1)
 
  
 

 
Gross
unrealized
gains
 
 
 
   
 

 
Gross
unrealized
losses
 
 
 
  
 
Fair
value
 
      Amortized
cost		  
 
(1)
 		    
 		 Gross
unrealized
gains		  
 
 		     
 		 Gross
unrealized
losses		  
 
 		     Fair
value
 
Securities issued or guaranteed by:
                                                                    
Canadian federal government
   
$
12,158
 
  
$
19
 
   
$
(5
) 
  
$
12,172
 
    $ 10,646     $ 10      $ (17 )    $ 10,639  
Other Canadian governments
   
 
17,125
 
  
 
36
 
   
 
(58
) 
  
 
17,103
 
      17,494       32        (74 )      17,452  
U.S. Treasury and agencies
   
 
13,291
 
  
 
11
 
   
 
(302
) 
  
 
13,000
 
      12,305       5        (351 )      11,959  
Other foreign governments
   
 
6,792
 
  
 
23
 
   
 
(25
) 
  
 
6,790
 
      7,048       21        (31 )      7,038  
Mortgage-backed securities
   
 
1,187
 
  
 
–
 
   
 
(25
) 
  
 
1,162
 
      1,202       1        (40 )      1,163  
Asset-backed securities
   
 
366
 
  
 
–
 
   
 
(8
) 
  
 
358
 
      375       –        (16 )      359  
Corporate debt
   
 
6,622
 
  
 
1
 
   
 
(46
) 
  
 
6,577
 
      7,023       –        (56 )      6,967  
    
 
57,541
 
  
 
90
 
   
 
(469
) 
  
 
57,162
 
      56,093       69        (585 )      55,577  
Corporate equity 
(2)
   
 
509
 
  
 
34
 
   
 
(33
) 
  
 
510
 
      525       31        (34 )      522  
    
$
    58,050
 
  
$
    124
 
   
$
    (502
) 
  
$
    57,672
 
    $     56,618     $     100      $     (619 )    $     56,099  
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $
23
 
million (October 31, 2022: $24 million).
(2)
Includes restricted stock.
Fair value of equity securities designated at FVOCI that were disposed of during the three months ended January 31, 2023 was
nil
($
15
 million and $
38
 million for the three months ended October 31, 2022 and January 31, 2022, respectively) at the time of disposal.
Net realized cumulative
after-tax
gains of nil for the three months ended January 31, 2023 ($1 million loss and $22 million gain for the three months ended October 31, 2022 and January 31, 2022, respectively) were reclassified from AOCI to retained earnings, resulting from dispositions of equity securities designated at FVOCI and return on capital distributions from limited partnerships designated at FVOCI.
Dividend income recognized on equity securities designated at FVOCI that were still held as at January 31, 2023 was nil (nil and $3 million for the three months ended October 31, 2022 and January 31, 2022, respectively). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at January 31, 2023 was nil (nil and nil for the three months ended October 31, 2022 and January 31, 2022, respectively).
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance for debt securities measured at FVOCI:
 
         Stage 1      Stage 2     Stage 3             
$ millions, as at or for the three months ended    Collective provision
12-month
ECL
performing		      Collective provision
lifetime ECL
performing		     Collective and
individual provision
lifetime ECL
credit-impaired
           Total  
2023
  
Debt securities measured at FVOCI
                                       
Jan. 31
  
Balance at beginning of period
   
$
4
 
   
$
20
 
  
$
–
 
       
$
24
 
   
Provision for (reversal of) credit losses 
(1)
   
 
–
 
   
 
–
 
  
 
–
 
       
 
–
 
   
Write-offs
   
 
–
 
   
 
–
 
  
 
–
 
       
 
–
 
 
  
Foreign exchange and other
   
 
–
 
   
 
(1
)
 
  
 
–
 
  
 
   
 
(1
)
 
 
  
Balance at end of period
   
$
4
 
   
$
19
 
  
$
–
 
  
 
   
$
23
 
2022
  
Debt securities measured at FVOCI
                                       
Oct. 31
  
Balance at beginning of period
    $ 4      $ 19     $ –          $ 23  
   
Provision for (reversal of) credit losses 
(1)
      –        (1 )      –            (1 ) 
   
Write-offs
      –        –       –            –  
 
  
Foreign exchange and other
      –        2       –    
 
      2  
 
  
Balance at end of period
    $ 4      $     20     $ –    
 
    $     24  
2022
  
Debt securities measured at FVOCI
                                       
Jan. 31
  
Balance at beginning of period
    $ 4      $ 15     $ –          $ 19  
   
Provision for (reversal of) credit losses 
(1)
      –        3       –            3  
   
Write-offs
      –        –       –            –  
 
  
Foreign exchange and other
      –        1       –    
 
      1  
 
  
Balance at end of period
    $     4      $ 19     $     –    
 
    $ 23  
(1)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.