Fair Value Measurements (Tables)

6 Months Ended

Apr. 30, 2026

Disclosure of fair value measurement of assets [abstract]

Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet

Set out in the following table are the amounts that would be reported if all financial instruments not currently carried at fair value were reported at their fair values. Refer to Note 17 of our annual consolidated financial statements for the year ended October 31, 2025 for further discussion on the determination of fair value.


(Canadian $ in millions)			April 30, 2026				October 31, 2025
	Carrying value		Fair value		Carrying value		Fair value
Securities (1)
Amortized cost	$	91,678	$	86,022	$	96,610	$	90,448

Loans (1) (2)
Residential mortgages	193,527		192,635		195,708		194,755
Consumer instalment and other personal	91,466		91,576		91,867		91,937
Credit cards	11,335		11,335		11,997		11,997
Business and government	369,108		369,491		364,265		364,866
	665,436		665,037		663,837		663,555

Deposits (3)	904,435		904,402		920,040		920,927
Securitization and structured entities' liabilities (4)	18,304		18,008		20,211		20,100
Other liabilities (5)	3,066		2,942		3,103		2,953
Subordinated debt	8,336		8,537		8,500		8,756

This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, certain other assets, certain other liabilities and securities lent or sold under repurchase agreements.

(1)Carrying value is net of ACL.

(2)Excludes $68 million of residential mortgages classified as FVTPL, $12,823 million of business and government loans classified as FVTPL and $423 million of business and government loans classified as FVOCI

($79 million, $13,231 million and $14 million, respectively, as at October 31, 2025).

(3)Excludes $53,455 million of structured note liabilities, $271 million of money market deposits, $2,355 million of embedded options related to structured deposits carried at amortized cost and $6,385 million of metals deposits measured at fair value ($49,093 million, $1,129 million, $1,967 million and $3,973 million, respectively, as at October 31, 2025).

(4)Excludes $45,233 million of securitization and structured entities’ liabilities classified as FVTPL ($31,351 million as at October 31, 2025).

(5)Other liabilities include certain investment contract liabilities in our insurance business measured at amortized cost, as well as certain other liabilities of subsidiaries.

Summary of Assets and Liabilities categorized by the Fair Value Hierarchy

The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models using one or more significant unobservable inputs (Level 3) in the valuation of securities, loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table:


(Canadian $ in millions)	April 30, 2026								October 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Trading Securities
Issued or guaranteed by:
Canadian federal government	$	784	$	10,293	$	–	$	11,077	$	757	$	11,554	$	–	$	12,311
Canadian provincial and municipal governments	–		10,080		–		10,080		–		9,035		–		9,035
U.S. federal government	3,888		25,559		–		29,447		3,308		27,594		–		30,902
U.S. states, municipalities and agencies	–		281		–		281		–		1,144		–		1,144
Other governments	147		3,261		–		3,408		199		3,927		–		4,126
NHA MBS, and U.S. agency MBS and CMO	–		71,978		–		71,978		–		56,450		–		56,450
Corporate debt	–		15,225		–		15,225		–		11,614		–		11,614
Trading loans	–		3,402		–		3,402		–		4,568		–		4,568
Corporate equity	61,801		776		–		62,577		61,495		658		–		62,153
	66,620		140,855		–		207,475		65,759		126,544		–		192,303
FVTPL Securities
Issued or guaranteed by:
Canadian federal government	–		1,414		–		1,414		56		1,563		–		1,619
Canadian provincial and municipal governments	–		2,440		–		2,440		–		1,578		–		1,578
U.S. federal government	–		1,753		–		1,753		–		1,495		–		1,495
Other governments	–		124		–		124		–		–		–		–
NHA MBS, and U.S. agency MBS and CMO	–		18		–		18		–		18		–		18
Corporate debt	–		9,705		3		9,708		–		8,908		–		8,908
Corporate equity	1,104		871		5,818		7,793		1,090		822		5,824		7,736
	1,104		16,325		5,821		23,250		1,146		14,384		5,824		21,354
FVOCI Securities
Issued or guaranteed by:
Canadian federal government	511		48,986		–		49,497		1,158		44,177		–		45,335
Canadian provincial and municipal governments	–		7,893		–		7,893		–		5,644		–		5,644
U.S. federal government	297		23,384		–		23,681		16		20,793		–		20,809
U.S. states, municipalities and agencies	–		4,578		–		4,578		–		5,634		–		5,634
Other governments	9		3,829		–		3,838		37		4,028		–		4,065
NHA MBS, and U.S. agency MBS and CMO	–		27,918		–		27,918		–		27,015		–		27,015
Corporate debt	–		4,582		–		4,582		–		4,515		–		4,515
Corporate equity	–		–		189		189		–		–		192		192
	817		121,170		189		122,176		1,211		111,806		192		113,209
Loans
Residential mortgages	–		68		–		68		–		79		–		79
Business and government loans	–		12,932		314		13,246		–		12,921		324		13,245
	–		13,000		314		13,314		–		13,000		324		13,324
Other Assets (1)	9,410		–		1,495		10,905		8,521		–		1,483		10,004
Fair Value Liabilities (2)
Deposits (3)	–		62,466		–		62,466		–		56,162		–		56,162
Securities sold but not yet purchased	21,589		41,358		–		62,947		14,998		39,878		–		54,876


Other liabilities (4)	2,311		45,940		135		48,386		2,142		32,096		–		34,238
	23,900		149,764		135		173,799		17,140		128,136		–		145,276
Derivative Assets
Interest rate contracts	68		9,483		–		9,551		15		8,666		–		8,681
Foreign exchange contracts	–		25,413		19		25,432		43		30,474		2		30,519
Commodity contracts	136		3,622		–		3,758		225		1,224		13		1,462
Equity contracts	76		23,462		7		23,545		275		16,203		10		16,488
Credit default swaps	44		28		–		72		–		1		–		1
	324		62,008		26		62,358		558		56,568		25		57,151
Derivative Liabilities
Interest rate contracts	54		10,497		–		10,551		18		10,081		–		10,099
Foreign exchange contracts	35		20,352		8		20,395		–		26,049		–		26,049
Commodity contracts	344		3,231		8		3,583		196		1,412		–		1,608
Equity contracts	107		29,310		5		29,422		175		20,793		5		20,973
Credit default swaps	48		57		–		105		–		–		–		–
	588		63,447		21		64,056		389		58,335		5		58,729

(1)Other assets include precious metals, segregated fund assets and investment properties in our insurance business, carbon credits, certain receivables and other items measured at fair value.

(2)Interest expense for liabilities carried at fair value is $1,373 million and $2,244 million for the three and six months ended April 30, 2026, respectively ($1,060 million and $1,780 million for the three and six months ended April 30, 2025). Interest expense for liabilities carried at amortized cost is $8,373 million and $17,022 million for the three and six months ended April 30, 2026, respectively ($9,497 million and $20,002 million for the three and six months ended April 30, 2025).

(3)Deposits include structured note liabilities, money market and metals deposits designated at FVTPL and certain embedded options related to structured deposits carried at amortized cost.

(4)Other liabilities include certain investment contract liabilities and segregated fund liabilities in our insurance business, certain securitization and structured entities’ liabilities measured at FVTPL, as well as the contingent consideration liability from the acquisition of Burgundy Asset Management Ltd. Refer to Note 13 for more information.

Significant Unobservable Inputs in Level 3 Instrument Valuations

The table below presents the fair values of our significant Level 3 financial instruments measured at fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers.

(Canadian $ in millions, except as noted)

April 30, 2026

Reporting line in fair

Significant

Range of input values (1)

value hierarchy table

Fair value of assets

Valuation techniques

unobservable inputs

Low

High

Private equity

Corporate equity

6,007

Net asset value

EV/EBITDA

Multiple

Investment properties

Other assets

1,371

Income approach

Capitalization rate

Burgundy contingent consideration (2)

Other liabilities

135

Income approach

Discount rate

Forecasted assets under management

(1)The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the specific underlying instruments within each product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.

(2)Range of inputs not applicable as the value is modeled using a Monte Carlo simulation.

na - not applicable

Summary of Changes in Level 3 Instruments Carried at Fair Value

The tables below present a reconciliation of all changes in Level 3 financial instruments for the three and six months ended April 30, 2026 and

2025, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the financial instruments. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the financial instruments.

Change in fair value

Movements

Transfers

Change in

unrealized gains

Included

(losses) recorded

Fair Value

in other

Transfers

Fair Value

in income

For the three months ended April 30, 2026

as at January 31,

Included in

comprehensive

Issuances/

Maturities/

into

out of

as at April 30,

for instruments

(Canadian $ in millions)

2026

earnings

income (1)

Purchases

Sales

Settlement

Level 3

2026

still held (2)

Trading Securities

NHA MBS and U.S. agency MBS and CMO

–

Corporate equity

–

Total trading securities

–

FVTPL Securities

Corporate debt

–

Corporate equity

5,618

(55)

(1)

255

(72)

–

5,818

Total FVTPL securities

5,618

(55)

(1)

258

(72)

–

5,821

FVOCI Securities

Corporate equity

189

–

189

Total FVOCI securities

189

–

189

Business and Government Loans

339

(26)

–

314

Other Assets

1,505

(12)

–

(17)

–

1,495

(12)

Derivative Assets

Foreign exchange contracts

–

Commodity contracts

–

Equity contracts

(1)

–

(3)

(1)

Credit default swaps

–

Total derivative assets

–

(3)

Other Liabilities

128

–

135

Derivative Liabilities

Foreign exchange contracts

(5)

–

(5)

Commodity contracts

(6)

–

(6)

Equity contracts

–

Credit default swaps

–

Total derivative liabilities

(11)

–

(11)

Change in fair value

Movements

Transfers

Change in

unrealized gains

Included

(losses) recorded

Fair Value

in other

Transfers

Fair Value

in income

For the six months ended April 30, 2026

as at October 31,

Included in

comprehensive

Issuances/

Maturities/

into

out of

as at April 30,

for instruments

(Canadian $ in millions)

2025

earnings

income (1)

Purchases

Sales

Settlement

Level 3

2026

still held (2)

Trading Securities

NHA MBS and U.S. agency MBS and CMO

–

Corporate equity

–

Total trading securities

–

FVTPL Securities

Corporate debt

–

Corporate equity

5,824

(167)

(75)

531

(364)

–

(4)

5,818

(52)

Total FVTPL securities

5,824

(167)

(75)

534

(364)

–

(4)

5,821

(52)

FVOCI Securities

Corporate equity

192

–

(4)

–

189

Total FVOCI securities

192

–

(4)

–

189

Business and Government Loans

324

(36)

–

314

Other Assets

1,483

(2)

(10)

(25)

–

1,495

Derivative Assets

Foreign exchange contracts

–

Commodity contracts

(13)

–

(13)

Equity contracts

(1)

–

(6)

(1)

Credit default swaps

–

Total derivative assets

–

(6)

Other Liabilities

–

112

–

135

Derivative Liabilities

Foreign exchange contracts

–

Commodity contracts

–

Equity contracts

–

(5)

–

Credit default swaps

–

Total derivative liabilities

–

(5)

(1) Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.

(2) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2026 are included in earnings for the period.

Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts.

na – not applicable

Change in fair value

Movements

Transfers

Change in

unrealized gains

Included

(losses) recorded

Fair Value

in other

Transfers

Fair Value

in income

For the three months ended April 30, 2025

as at January 31,

Included in

comprehensive

Issuances/

Maturities/

into

out of

as at April 30,

for instruments

(Canadian $ in millions)

2025

earnings

income (1)

Purchases

Sales

Settlement

Level 3

2025

still held (2)

Trading Securities

NHA MBS and U.S. agency MBS and CMO

–

Corporate equity

–

(6)

–

Total trading securities

–

(6)

–

FVTPL Securities

Corporate debt

–

Corporate equity

5,202

(120)

(110)

342

(57)

–

5,257

(68)

Total FVTPL securities

5,235

(118)

(110)

343

(57)

–

5,293

(66)

FVOCI Securities

Corporate equity

163

–

189

Total FVOCI securities

163

–

189

Business and Government Loans

321

(11)

(7)

–

382

(11)

Other Assets

1,841

(1)

–

(7)

(405)

–

1,435

(1)

Derivative Assets

Foreign exchange contracts

–

(42)

–

Commodity contracts

–

Equity contracts

(2)

–

(2)

Credit default swaps

–

Total derivative assets

–

(42)

–

Other Liabilities

–

Derivative Liabilities

Foreign exchange contracts

–

Commodity contracts

–

Equity contracts

–

(2)

–

Credit default swaps

–

(1)

–

Total derivative liabilities

–

(1)

(2)

–

Change in fair value

Movements

Transfers

Change in

unrealized gains

Included

(losses) recorded

Fair Value

in other

Transfers

Fair Value

in income

For the six months ended April 30, 2025

as at October 31,

Included in

comprehensive

Issuances/

Maturities/

into

out of

as at April 30,

for instruments

(Canadian $ in millions)

2024

earnings

income (1)

Purchases

Sales

Settlement

Level 3

2025

still held (2)

Trading Securities

NHA MBS and U.S. agency MBS and CMO

–

Corporate equity

–

(6)

–

Total trading securities

–

(6)

–

FVTPL Securities

Corporate debt

–

(2)

Corporate equity

4,899

(96)

(21)

614

(139)

–

5,257

Total FVTPL securities

4,934

(95)

(21)

616

(139)

–

(2)

5,293

FVOCI Securities

Corporate equity

177

–

(15)

–

189

Total FVOCI securities

177

–

(15)

–

189

Business and Government Loans

302

(1)

–

(6)

–

382

Other Assets

1,717

(56)

–

201

(7)

(420)

–

1,435

(52)

Derivative Assets

Foreign exchange contracts

–

(42)

–

Commodity contracts

–

Equity contracts

–

(2)

–

(2)

Credit default swaps

–

Total derivative assets

–

(42)

–

Other Liabilities

–

Derivative Liabilities

Foreign exchange contracts

–

Commodity contracts

(4)

–

(4)

Equity contracts

–

(2)

–

Credit default swaps

–

(1)

–

Total derivative liabilities

(4)

–

(1)

(2)

(4)

(1) Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.

(2) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on April 30, 2025 are included in earnings for the period.

Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts.

na – not applicable