Securities (Tables)
|
6 Months Ended |
Apr. 30, 2026 |
|---|
| Disclosure of Securities [Abstract] |
|
| Summary of Classification of Securities |
The following table summarizes the carrying amounts of the bank’s securities by classification: | | | | | | | | | | (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | Trading securities (1) | $ | 207,475 | | $ | 192,303 | | Fair value through profit or loss securities (FVTPL) | | | FVTPL securities mandatorily measured at fair value | 8,121 | | 7,818 | | FVTPL investment securities held by Insurance subsidiaries designated at fair value | 15,129 | | 13,536 | | Total FVTPL securities | 23,250 | | 21,354 | | Fair value through other comprehensive income (FVOCI) securities (2) | 122,176 | | 113,209 | | Amortized cost securities (3) | 91,678 | | 96,610 | | Total | $ | 444,579 | | $ | 423,476 | |
(1)Trading securities include interests of $44,622 million as at April 30, 2026 ($32,048 million as at October 31, 2025) in Collateralized Mortgage Obligations (CMO). We receive CMO in return for our sales of Mortgage Backed Securities (MBS) to certain structured vehicles that we do not consolidate. When we subsequently sell these CMO to third parties, but do not transfer substantially all risks and rewards of ownership to the third-party investor, or we maintain an interest in the sold instrument, we retain these CMO on our Consolidated Balance Sheet. Refer to Note 6 of our annual consolidated financial statements for the year ended October 31, 2025 for further discussion on these vehicles. (2)As these securities are presented at fair value on the Balance Sheet, ACL of $9 million ($6 million as at October 31, 2025) is included in Accumulated Other Comprehensive Income. (3)Amounts are net of ACL of $4 million ($4 million as at October 31, 2025).
|
| Summary of Detailed Information About Amortized Cost Securities |
The following table summarizes the carrying value and fair value of amortized cost debt securities: | | | | | | | | | | | | | | | | (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | | Carrying value | Fair value | Carrying value | Fair value | | Issued or guaranteed by: | | | | | | Canadian federal government | $ | 810 | | $ | 810 | | $ | 949 | | $ | 943 | | | Canadian provincial and municipal governments | 7,055 | | 7,108 | | 6,182 | | 6,220 | | | U.S. federal government | 41,234 | | 38,671 | | 43,468 | | 40,432 | | | U.S. states, municipalities and agencies | 145 | | 145 | | 165 | | 167 | | | Other governments | 451 | | 451 | | 525 | | 523 | | NHA MBS, U.S. agency MBS and CMO (1) | 35,154 | | 32,217 | | 37,770 | | 34,838 | | | Corporate debt | 6,829 | | 6,620 | | 7,551 | | 7,325 | | | Total | $ | 91,678 | | $ | 86,022 | | $ | 96,610 | | $ | 90,448 | |
(1)These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act. The carrying value of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts.
|
| Summary of Unrealized Gains and Losses on Securities at Fair Value through other Comprehensive Income |
The following table summarizes the unrealized gains and losses on FVOCI securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | | Cost or | Gross | Gross | | Cost or | Gross | Gross | | | amortized | unrealized | unrealized | | amortized | unrealized | unrealized | | | cost | gains | losses | Fair value | cost | gains | losses | Fair value | | Issued or guaranteed by: | | | | | | | | | | Canadian federal government | $ | 49,498 | | $ | 138 | | $ | (139) | | $ | 49,497 | | $ | 44,894 | | $ | 443 | | $ | (2) | | $ | 45,335 | | | Canadian provincial and municipal governments | 7,866 | | 64 | | (37) | | 7,893 | | 5,525 | | 132 | | (13) | | 5,644 | | | U.S. federal government | 23,642 | | 150 | | (111) | | 23,681 | | 20,515 | | 327 | | (33) | | 20,809 | | | U.S. states, municipalities and agencies | 4,598 | | 42 | | (62) | | 4,578 | | 5,622 | | 77 | | (65) | | 5,634 | | | Other governments | 3,840 | | 12 | | (14) | | 3,838 | | 4,039 | | 35 | | (9) | | 4,065 | | | NHA MBS, U.S. agency MBS and CMO | 27,961 | | 189 | | (232) | | 27,918 | | 26,946 | | 291 | | (222) | | 27,015 | | | Corporate debt | 4,584 | | 13 | | (15) | | 4,582 | | 4,491 | | 37 | | (13) | | 4,515 | | | Corporate equity | 166 | | 23 | | – | | 189 | | 165 | | 27 | | – | | 192 | | | Total | $ | 122,155 | | $ | 631 | | $ | (610) | | $ | 122,176 | | $ | 112,197 | | $ | 1,369 | | $ | (357) | | $ | 113,209 | |
Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts.
|
| Summary of Interest, Dividend and Fee Income |
The following table presents interest income calculated using the effective interest method: | | | | | | | | | | | | | | | | (Canadian $ in millions) | For the three months ended | For the six months ended | | April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | | FVOCI securities | $ | 1,054 | | $ | 1,079 | | $ | 2,099 | | $ | 2,176 | | | Amortized cost securities | 479 | | 661 | | 1,008 | | 1,466 | | | Total | $ | 1,533 | | $ | 1,740 | | $ | 3,107 | | $ | 3,642 | |
|
| Summary of Non Interest Revenue |
Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows: | | | | | | | | | | | | | | | | (Canadian $ in millions) | For the three months ended | For the six months ended | | April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | | FVTPL securities | $ | 60 | | $ | 47 | | $ | 128 | | $ | 96 | | FVOCI securities - net realized gains (1) | 32 | | 20 | | 46 | | 29 | | | Impairment on FVOCI and amortized cost securities | (6) | | (1) | | (3) | | (1) | | | Securities gains, other than trading | $ | 86 | | $ | 66 | | $ | 171 | | $ | 124 | |
(1)Gains are net of (losses) on hedge contracts.
|
| Summary of Interest and Dividend Income and Gains on Securities |
Interest and dividend income and gains on securities held in our Insurance business are recorded as a component of non-interest revenue, insurance investment results, in our Consolidated Statement of Income as follows: | | | | | | | | | | | | | | | | (Canadian $ in millions) | For the three months ended | For the six months ended | | April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | | Interest and dividend income | $ | 150 | | $ | 133 | | $ | 296 | | $ | 269 | | Losses from securities designated at FVTPL (1) | (194) | | (304) | | (393) | | (23) | | | Realized gains (losses) from FVOCI securities | (3) | | 2 | | (2) | | 2 | | | Total interest and dividend income and gains held in our Insurance business | $ | (47) | | $ | (169) | | $ | (99) | | $ | 248 | |
|