v3.24.1.1.u2
Securities (Tables)
 6 Months Ended
Apr. 30, 2024
Disclosure of Financial Instruments [Abstract]  
Summary of Unrealized Gains and Losses
The following table summarizes the unrealized
 
gains and losses as at April 30, 2024
 
and October 31, 2023.
Unrealized Gains (Losses) for Securities
 
at Fair Value Through Other Comprehensive Income
(millions of Canadian dollars)
As at
April 30, 2024
October 31, 2023
Cost/
Gross
Gross
Cost/
Gross
Gross
amortized
unrealized
unrealized
Fair
amortized
unrealized
unrealized
Fair
cost
1
gains
(losses)
value
cost
1
gains
(losses)
value
Government and government-related
securities
Canadian government debt
Federal
 
$
18,693
$
39
$
(125)
$
18,607
$
18,335
$
45
$
(170)
$
18,210
Provinces
20,540
95
(49)
20,586
19,953
105
(118)
19,940
U.S. federal, state, municipal governments, and
 
 
 
 
 
agencies debt
 
15,791
30
(197)
15,624
11,260
17
(275)
11,002
Other OECD government-guaranteed debt
1,698
2
(17)
1,683
1,521
1
(24)
1,498
Mortgage-backed securities
2,234
1
(24)
2,211
2,313
–
(36)
2,277
58,956
167
(412)
58,711
53,382
168
(623)
52,927
Other debt securities
 
 
 
 
Asset-backed securities
3,473
1
(16)
3,458
4,146
–
(32)
4,114
Corporate and other debt
9,173
59
(57)
9,175
8,946
43
(99)
8,890
12,646
60
(73)
12,633
13,092
43
(131)
13,004
Total debt securities
71,602
227
(485)
71,344
66,474
211
(754)
65,931
Equity securities
 
 
 
 
Common shares
3,075
237
(88)
3,224
3,191
95
(116)
3,170
Preferred shares
620
20
(168)
472
566
1
(224)
343
3,695
257
(256)
3,696
3,757
96
(340)
3,513
Total securities at fair value through
 
 
 
 
 
 
other comprehensive income
$
75,297
$
484
$
(741)
$
75,040
$
70,231
$
307
$
(1,094)
$
69,444
Includes the foreign exchange translation of amortized cost balances at the period-end spot rate.
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income
The following table summarizes the fair
 
value of equity securities designated at
 
FVOCI as at
April 30, 2024 and October 31, 2023, and
 
dividend income recognized on these
 
securities for the three and six months
 
ended April 30, 2024 and April 30, 2023.
Equity Securities Designated at Fair Value Through
 
Other Comprehensive Income
 
(millions of Canadian dollars)
As at
For the three months ended
For the six months ended
April 30, 2024
October 31, 2023
April 30, 2024
April 30, 2023
April 30, 2024
April 30, 2023
Fair value
 
Dividend income recognized
 
Dividend income recognized
 
Common shares
$
3,224
$
3,170
$
48
$
45
$
65
$
62
 
Preferred shares
472
343
38
33
77
64
Total
$
3,696
$
3,513
$
86
$
78
$
142
$
126
Summary of Equity Securities Net Realized Gains (Losses) Explanatory
The Bank disposed of certain equity securities
 
in line with the Bank’s investment strategy
 
and disposed of Federal Home Loan Bank (FHLB)
 
stocks in accordance
with FHLB member stockholding requirements,
 
as follows:
Equity Securities Net Realized Gains
 
(Losses)
(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
Equity Securities
Fair value
$
73
$
121
$
115
$
166
Cumulative realized gain/(loss)
(1)
(5)
(1)
(8)
FHLB Stock
Fair value
4
637
163
637
 
Cumulative realized gain/(loss)
–
–
–
–
Summary of Securities Net Realized Gains (Losses)
The following table summarizes
 
the net realized gains and losses for the
 
three and six months ended April 30, 2024 and
 
April 30,
 
2023, which are included in
Other income (loss) on the Interim Consolidated
 
Statement of Income.
Debt Securities Net Realized Gains (Losses)
(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
Debt securities at amortized cost
$
(69)
$
(36)
$
(69)
$
(36)
Debt securities at fair value through other
 
comprehensive income
3
15
9
14
Total
$
(66)
$
(21)
$
(60)
$
(22)
Summary of Debt Securities by Risk Rating
The following table provides the gross carrying
 
amounts of debt securities measured at amortized
 
cost and debt securities at FVOCI by internal
 
risk rating for credit
risk management purposes, presenting
 
separately those debt securities that are
 
subject to Stage 1, Stage 2, and Stage 3
 
allowances. Refer to the “Allowance for
Credit Losses” table in Note 6 for details regarding
 
the allowance and provision for credit losses
 
on debt securities.
Debt Securities by Risk Rating
 
(millions of Canadian dollars)
As at
April 30, 2024
October 31, 2023
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Debt securities
1
Investment grade
$
364,534
$
–
$
n/a
2
$
364,534
$
373,317
$
–
$
n/a
$
373,317
Non-investment grade
259
62
n/a
321
519
–
n/a
519
Watch and classified
n/a
85
n/a
85
n/a
113
n/a
113
Default
n/a
n/a
–
–
n/a
n/a
–
–
Total debt securities
364,793
147
–
364,940
373,836
113
–
373,949
Allowance for credit losses on debt securities
at amortized cost
2
–
–
2
2
–
–
2
Total debt securities, net of
 
allowance
$
364,791
$
147
$
–
$
364,938
$
373,834
$
113
$
–
$
373,947
Includes debt securities backed by government-guaranteed loans of $
142
 
million (October 31, 2023 – $
104
 
million), which are reported in Non-investment grade or a lower risk rating
based on the issuer’s credit risk.
2
 
Not applicable.