v3.24.1.1.u2
Equity
 6 Months Ended
Apr. 30, 2024
Equity Disclosure [Abstract]  
Equity
NOTE 13: EQUITY
The following table summarizes the changes
 
to the shares and other equity instruments
 
issued and outstanding,
 
and treasury instruments held as at and
 
for the
three and six months ended April 30, 2024 and
 
April 30, 2023.
Shares and Other Equity Instruments
 
Issued and Outstanding and Treasury Instruments
 
Held
(millions of shares or other equity instruments
and millions of Canadian dollars)
For the three months ended
For the six months ended
 
April 30, 2024
April 30, 2023
April 30, 2024
April 30, 2023
Number
Number
Number
Number
of shares
Amount
of shares
Amount
of shares
Amount
of shares
Amount
Common Shares
Balance as at beginning of period
1,772.8
$
25,318
1,830.0
$
25,094
1,791.4
$
25,434
1,821.7
$
24,363
Proceeds from shares issued on exercise
of stock options
0.4
24
0.7
45
1.0
66
1.1
71
Shares issued as a result of dividend
reinvestment plan
1.6
132
8.9
713
3.3
269
16.8
1,418
Purchase of shares for cancellation and other
(15.2)
(217)
–
–
(36.1)
(512)
–
–
Balance as at end of period – common shares
1,759.6
$
25,257
1,839.6
$
25,852
1,759.6
$
25,257
1,839.6
$
25,852
Preferred Shares and Other Equity Instruments
Preferred Shares – Class A
Balance as at beginning of period
143.6
$
5,200
159.6
$
5,600
143.6
$
5,200
159.6
$
5,600
Redemption of shares
1
(14.0)
(350)
–
–
(14.0)
(350)
–
–
Balance as at end of period
129.6
$
4,850
159.6
$
5,600
129.6
$
4,850
159.6
$
5,600
Other Equity Instruments
2
Balance
 
as at beginning and end of period
5.0
$
5,653
5.0
$
5,653
5.0
$
5,653
5.0
$
5,653
Balance as at end of period – preferred
 
shares
and other equity instruments
134.6
$
10,503
164.6
$
11,253
134.6
$
10,503
164.6
$
11,253
Treasury – common shares
3
Balance
 
as at beginning of period
0.7
$
(58)
1.1
$
(103)
0.7
$
(64)
1.0
$
(91)
Purchase of shares
 
26.7
(2,154)
26.5
(2,235)
64.2
(5,250)
46.9
(4,051)
Sale of shares
(27.1)
2,188
(26.5)
2,239
(64.6)
5,290
(46.8)
4,043
Balance as at end of period – treasury
– common shares
0.3
$
(24)
1.1
$
(99)
0.3
$
(24)
1.1
$
(99)
Treasury – preferred shares and
other equity instruments
3
Balance as at beginning of period
0.1
$
(27)
0.1
$
(9)
0.1
$
(65)
0.1
$
(7)
Purchase of shares and other equity instruments
 
1.5
(153)
1.0
(185)
3.2
(251)
2.0
(326)
Sale of shares and other equity instruments
(1.5)
172
(1.0)
184
(3.2)
308
(2.0)
323
Balance as at end of period – treasury
– preferred shares and other equity
 
instruments
0.1
$
(8)
0.1
$
(10)
0.1
$
(8)
0.1
$
(10)
1
 
On April 30, 2024, the Bank redeemed all of its
14
 
million outstanding Non-Cumulative 5-Year
 
Rate Reset Class A First Preferred Shares NVCC, Series 22 (“Series 22 Preferred Shares”),
at a redemption price of $
25.00
 
per Series 22 Preferred Share, for a total redemption cost of $
350
 
million.
2
 
For Limited Recourse Capital Notes, the number of shares represents the number of notes issued.
3
 
When the Bank purchases its own equity instruments as part of its trading business, they are classified as treasury
 
instruments and the cost of these instruments is recorded as a
reduction in equity.
DIVIDENDS
On May 22, 2024, the Board approved a dividend
 
in an amount of one dollar and two cents
 
($
1.02
) per fully paid common share in the
 
capital stock of the Bank for
the quarter ending July 31, 2024, payable on
 
and after July 31, 2024, to shareholders
 
of record at the close of business on July 10,
 
2024.
DIVIDEND REINVESTMENT PLAN
The Bank offers a dividend reinvestment plan
 
for its common shareholders. Participation in
 
the plan is optional and under the terms of the
 
plan, cash dividends on
common shares are used to purchase additional
 
common shares. At the option of the Bank,
 
the common shares may be issued from treasury
 
at an average
market price based on the last five trading
 
days before the date of the dividend payment,
 
with a discount of between
0
% to
5
% at the Bank’s discretion or
purchased from the open market at market
 
price.
 
During the three and six months ended April 30,
 
2024, the Bank issued
1.6
 
million and
3.3
 
million common shares, respectively, from treasury with no discount.
During the three and six months ended April 30,
 
2023, the Bank issued
8.9
 
million and
16.8
 
million common shares, respectively, from treasury with a
2
% discount.
NORMAL COURSE ISSUER BID
On August 28, 2023,
 
the Bank
 
announced that the Toronto Stock Exchange and OSFI approved a normal
 
course issuer bid (NCIB) to repurchase
 
for cancellation
up to
90
 
million of its common shares. The NCIB commenced
 
on August 31, 2023, and during the
 
three months ended April 30, 2024, the Bank
 
repurchased
15.2
 
million common shares under the NCIB, at
 
an average price of $
80.10
 
per share for a total amount of $
1.2
 
billion. During the six months ended April
 
30, 2024,
the Bank repurchased
36.1
 
million common shares under the NCIB, at an
 
average price of $
81.43
 
per share for a total amount of $
2.9
 
billion. From the
commencement of the NCIB to April
 
30, 2024, the Bank repurchased
58
 
million shares under the program.