Summary of Securities |
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$ millions, as at |
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2022 Oct. 31 |
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Carrying amount |
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Securities measured and designated at FVOCI |
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$ |
56,099 |
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Securities measured at amortized cost (1) |
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52,484 |
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Securities mandatorily measured and designated at FVTPL |
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67,296 |
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$ |
175,879 |
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(1) |
There were no sales of securities measured at amortized cost during the quarter (October 31, 2022: a realized gain of less than $1 million). |
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Fair Value of Debt Securities Measured and Equity Securities Designated at FVOCI |
Fair value of debt securities measured and equity securities designated at FVOCI
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$ millions, as at |
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2022 Oct. 31 |
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(1) |
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Amortized cost |
(1) |
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Gross unrealized gains |
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Gross unrealized losses |
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Fair value |
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Securities issued or guaranteed by: |
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Canadian federal government |
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$ |
10,646 |
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$ |
10 |
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$ |
(17 |
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$ |
10,639 |
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Other Canadian governments |
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17,494 |
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32 |
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(74 |
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17,452 |
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U.S. Treasury and agencies |
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12,305 |
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5 |
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(351 |
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11,959 |
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Other foreign governments |
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7,048 |
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21 |
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(31 |
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7,038 |
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Mortgage-backed securities |
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1,202 |
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1 |
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(40 |
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1,163 |
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Asset-backed securities |
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375 |
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– |
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(16 |
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359 |
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Corporate debt |
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7,023 |
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– |
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(56 |
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6,967 |
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56,093 |
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69 |
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(585 |
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55,577 |
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525 |
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31 |
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(34 |
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522 |
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$ |
56,618 |
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$ |
100 |
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$ |
(619 |
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$ |
56,099 |
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(1) |
Net of allowance for credit losses for debt securities measured at FVOCI of $ million (October 31, 2022: $24 million). |
(2) |
Includes restricted stock. |
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Summary of Allowance for Losses measured at FVOCI |
Allowance for credit losses The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance for debt securities measured at FVOCI:
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Stage 1 |
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Stage 2 |
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Stage 3 |
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$ millions, as at or for the three months ended |
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Collective provision 12-month ECL performing |
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Collective provision lifetime ECL performing |
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Collective and individual provision lifetime ECL credit-impaired |
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Total |
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Debt securities measured at FVOCI |
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Balance at beginning of period |
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Provision for (reversal of) credit losses (1) |
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Write-offs |
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Foreign exchange and other |
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Balance at end of period |
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2022 |
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Debt securities measured at FVOCI |
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Oct. 31 |
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Balance at beginning of period |
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$ |
4 |
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$ |
19 |
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$ |
– |
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$ |
23 |
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Provision for (reversal of) credit losses (1) |
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– |
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(1 |
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– |
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(1 |
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Write-offs |
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– |
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– |
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– |
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– |
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Foreign exchange and other |
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– |
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2 |
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– |
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2 |
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Balance at end of period |
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$ |
4 |
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$ |
20 |
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$ |
– |
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$ |
24 |
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2022 |
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Debt securities measured at FVOCI |
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Jan. 31 |
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Balance at beginning of period |
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$ |
4 |
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$ |
15 |
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$ |
– |
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$ |
19 |
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Provision for (reversal of) credit losses (1) |
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– |
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3 |
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– |
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3 |
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Write-offs |
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– |
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– |
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– |
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– |
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Foreign exchange and other |
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– |
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1 |
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– |
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1 |
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Balance at end of period |
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$ |
4 |
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$ |
19 |
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$ |
– |
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$ |
23 |
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(1) |
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. |
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