v3.24.3
Goodwill and other intangible assets (Tables)
 12 Months Ended
Oct. 31, 2024
Text Block [Abstract]  
Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units
   
   
For the year ended October 31, 2024
  
                     
(Millions of
Canadian dollars)
  
Personal
Banking –
Canada
    
Caribbean
Banking
    
Commercial
Banking
    
Canadian
Wealth
Management
    
Global Asset
Management
    
U.S. Wealth
Management
(including
City National)
    
International
Wealth
Management
    
Investor
Services
    
Insurance
    
Capital
Markets
    
Total
  
Balance at beginning of period
  
$
1,851
 
  
$
1,791
 
  
$
793
 
  
$
593
 
  
$
2,016
 
  
$
3,080
 
  
$
1,124
 
  
$
29
 
  
$
112
 
  
$
1,205
 
  
$
12,594
 
Acquisitions
  
 
3,159
 
  
 
–
 
  
 
3,022
 
  
 
283
 
  
 
72
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
6,536
 
Dispositions
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Currency translations and
other
  
 
(16
) 
  
 
7
 
  
 
–
 
  
 
1
 
  
 
76
 
  
 
11
 
  
 
74
 
  
 
–
 
  
 
–
 
  
 
3
 
  
 
156
 
Balance at end of period
  
$
4,994
 
  
$
1,798
 
  
$
3,815
 
  
$
877
 
  
$
2,164
 
  
$
3,091
 
  
$
1,198
 
  
$
29
 
  
$
112
 
  
$
1,208
 
  
$
19,286
 
                                                                   
   
    For the year ended October 31, 2023  
(Millions of
Canadian dollars)
   Personal
Banking –
Canada 
(1)
     Caribbean
Banking		     Commercial
Banking
(1)
     Canadian
Wealth
Management		     Global Asset
Management		     U.S. Wealth
Management
(including
City National)		     International
Wealth
Management		     Investor
Services		     Insurance     Capital
Markets		     Total  
Balance at beginning of period
   $ 1,802     $ 1,759     $ 772     $ 589     $ 1,928     $ 3,027     $ 1,042     $ 59     $ 112     $ 1,187     $ 12,277  
Acquisitions
     49       –       21       –       –       –       –       –       –       –       70  
Dispositions
     –       –       –       –       –       –       –       (30 )      –       –       (30 ) 
Currency translations and
other
     –       32       –       4       88       53       82       –       –       18       277  
Balance at end of period
   $  1,851     $  1,791     $  793     $  593     $  2,016     $  3,080     $  1,124     $  29     $  112     $  1,205     $  12,594  
 
(1)   Amounts have been revised from those previously presented to conform to our new basis of segment presentation. Refer to Note 26 for further details of our business segments.
Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models
The terminal growth rates and pre-tax discount rates used in our discounted cash flow models are summarized below.
 
     As at    
   
August 1, 2024
          August 1, 2023  
    
Discount
rate
(1)
     
Terminal
growth
rate
           Discount
rate
(1)
      Terminal
growth
rate		  
Group of cash generating units
             
Personal Banking – Canada
(2)
  
 
11.7%
 
   
 
3.0%
 
        11.7%        3.0%  
Caribbean Banking
  
 
13.7  
 
   
 
3.5  
 
        12.9          3.5    
Commercial Banking
(2)
  
 
11.7  
 
   
 
3.0  
 
        11.7          3.0    
Canadian Wealth Management
  
 
12.5  
 
   
 
3.0  
 
        12.5          3.0    
Global Asset Management
  
 
12.4  
 
   
 
3.0  
 
        12.5          3.0    
U.S. Wealth Management (including City National)
  
 
12.6  
 
   
 
3.0  
 
        12.5          3.0    
International Wealth Management
  
 
12.3  
 
   
 
3.0  
 
        12.5          3.0    
Investor Services
  
 
12.5  
 
   
 
3.0  
 
        12.4          3.0    
Insurance
  
 
12.5  
 
   
 
3.0  
 
        12.4          3.0    
Capital Markets
  
 
12.7  
 
   
 
3.0  
 
  
 
      12.7          3.0    
 
(1)
Pre-tax discount rates are determined implicitly based on post-tax discount rates.
(2)
Represent assumptions relating to the previous Canadian Banking CGU, which became the Personal Banking – Canada and Commercial Banking CGUs effective the fourth quarter of 2024.
Summary of Carrying Amount of Other Intangible Assets
Other intangible assets
 
 
 
 
 
For the year ended October 31, 2024
 
(Millions of Canadian dollars)
 
Internally
generated
software
 
 
Other
software
 
 
Core
deposit
intangibles
 
 
Customer
list and
relationships 
(1)
 
 
In process
software
 
 
Total
 
Gross carrying amount
 
 
 
 
 
 
Balance at beginning of period
  
$
5,595
 
  
$
1,097
 
  
$
1,658
 
  
$
2,456
 
  
$
1,527
 
  
$
12,333
 
Additions
  
 
31
 
  
 
4
 
  
 
–
 
  
 
9
 
  
 
1,090
 
  
 
1,134
 
Acquisition through business combination
  
 
–
 
  
 
–
 
  
 
1,972
 
  
 
370
 
  
 
–
 
  
 
2,342
 
Transfers
  
 
1,204
 
  
 
42
 
  
 
–
 
  
 
–
 
  
 
(1,246
)
  
 
–
 
Dispositions
  
 
(1,204
)
  
 
(67
)
  
 
–
 
  
 
(9
)
  
 
(1
)
  
 
(1,281
)
Impairment losses
  
 
(37
)
  
 
(18
)
  
 
–
 
  
 
–
 
  
 
(30
)
  
 
(85
)
Currency translations
  
 
32
 
  
 
17
 
  
 
7
 
  
 
115
 
  
 
3
 
  
 
174
 
Other changes
  
 
(47
)
  
 
(1
)
  
 
–
 
 
 
–
 
  
 
14
 
  
 
(34
)
Balance at end of period
  
$
5,574
 
  
$
1,074
 
  
$
3,637
 
  
$
2,941
 
  
$
1,357
 
  
$
14,583
 
Accumulated amortization
            
Balance at beginning of period
  
$
(3,596
)
  
$
(658
)
  
$
(1,330
)
  
$
(846
)
  
$
–
 
  
$
(6,430
)
Amortization charge for the year
  
 
(986
)
  
 
(102
)
  
 
(325
)
  
 
(136
)
  
 
–
 
  
 
(1,549
)
Dispositions
  
 
1,204
 
  
 
66
 
  
 
–
 
  
 
7
 
  
 
–
 
  
 
1,277
 
Impairment losses
  
 
12
 
  
 
5
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
17
 
Currency translations
  
 
(21
)
  
 
(7
)
  
 
(8
)
  
 
(31
)
  
 
–
 
  
 
(67
)
Other changes
  
 
–
 
  
 
(33
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(33
)
Balance at end of period
  
$
(3,387
)
  
$
(729
)
  
$
(1,663
)
  
$
(1,006
)
  
$
–
 
  
$
(6,785
)
Net balance at end of period
  
$
2,187
 
  
$
345
 
  
$
1,974
 
  
$
1,935
 
  
$
1,357
 
  
$
7,798
 
                                            
    For the year ended October 31, 2023 (Restated – Note 2)  
(Millions of Canadian dollars)
   Internally
generated
software		     Other
software		     Core
deposit
intangibles		     Customer
list and
relationships		     In process
software		     Total  
Gross carrying amount
            
Balance at beginning of period
   $ 5,076     $ 908     $ 1,630     $ 2,472     $ 1,535     $ 11,621  
Additions
     81       179       –       –       1,134       1,394  
Acquisition through business combination
     –       31       –       –       –       31  
Transfers
     1,067       78       –       –       (1,145 )      –  
Dispositions
     (509 )      (145 )      –       (160 )      8       (806 ) 
Impairment losses
     (73 )      –       –       (9 )      (5 )      (87 ) 
Currency translations
     68       17       28       144       38       295  
Other changes
     (115 )      29       –       9       (38 )      (115 ) 
Balance at end of period
   $ 5,595     $ 1,097     $ 1,658     $ 2,456     $ 1,527     $ 12,333  
Accumulated amortization
            
Balance at beginning of period
   $ (3,031 )    $ (612 )    $ (1,146 )    $ (749 )    $ –     $ (5,538 ) 
Amortization charge for the year
     (993 )      (146 )      (160 )      (172 )      –       (1,471 ) 
Dispositions
     506       157       –       114       –       777  
Impairment losses
     (19 )      –       –       –       –       (19 ) 
Currency translations
     (37 )      (13 )      (24 )      (33 )      –       (107 ) 
Other changes
     (22 )      (44 )      –       (6 )      –       (72 ) 
Balance at end of period
   $ (3,596 )    $ (658 )    $ (1,330 )    $ (846 )    $ –     $ (6,430 ) 
Net balance at end of period
   $ 1,999     $ 439     $ 328     $ 1,610     $ 1,527     $ 5,903  
 
(1)
Includes $259 million of mutual fund management contracts with indefinite useful lives in the Global Asset Management CGU acquired in the HSBC Canada transaction.