v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Apr. 30, 2026
Statement [Line Items]  
Fair Value of Financial Liabilities Designated at Fair Value Through Profit or Loss and Changes in Fair Value
The following table presents the fair value of liabilities designated at fair value through profit or loss and their changes in fair value.
 
  
 
Fair value
 
 
Change in fair value
(1)
Gains/(Losses)
 
 
Cumulative change in fair value
(2)
Gains/(Losses)
 
  
 
As at
 
 
For the three months ended
 
 
As at
 
($ millions)
 
April 30
2026
 
 
January 31
2026
 
 
April 30
2025
 
 
April 30
2026
 
 
January 31
2026
 
 
April 30
2025
 
 
April 30
2026
 
 
January 31
2026
 
 
April 30
2025
 
Liabilities
                  
Senior note liabilities
(3)
  
$
48,629
 
   $ 47,740     $ 39,127    
$
507
 
   $ (105 )    $ 1,611    
$
3,672
 
   $ 3,165     $ 6,237  
  (1)
Change in the difference between the contractual maturity amount and the carrying value.
  (2)
The cumulative change in fair value is measured from the instrument’s date of initial recognition.
  (3)
Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in
non-interest
income – trading revenues. The offsetting fair value changes from associated derivatives is also recorded in
non-interest
income – trading revenues.
Changes in Fair Value Attributable to Changes in Bank'S Own Credit Risk for Financial Liabilities Designated at Fair Value
The following table presents the changes in fair value attributable to changes in the Bank’s own credit risk for financial liabilities designated at fair value through profit or loss as well as their contractual maturity and carrying amounts.
 
      Senior note liabilities  
($ millions)
     
 		 Contractual
maturity
amount		  
 
 		      Carrying value       




 		 Difference
between
contractual
maturity
amount and
carrying
value		  
 
 
 
 
 
 		     







 		 Changes in fair value
for the three
months period
attributable to
changes in own
credit risk
recorded in other
comprehensive
income
Gains/(Losses)		  
 
 
 
 
 
 
 
 
 		     



 		 Cumulative changes
in fair value
attributable to
changes in own
credit risk
(1)

Gains/(Losses)		  
 
 
 
 
 
As at April 30, 2026
   
$
52,301
 
   
$
48,629
 
   
$
3,672
 
   
$
413
 
   
$
(1,439
)
As at January 31, 2026
    $ 50,905      $ 47,740      $ 3,165      $ (246 )     $ (1,852 ) 
As at April 30, 2025
    $  45,364      $  39,127      $  6,237      $   512      $  (665 ) 
  (1)
The cumulative change in fair value is measured from the instruments’ date of initial recognition.
Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption
The following table sets out the fair values of financial instruments of the Bank and excludes
non-financial
assets, such as property and equipment, investments in associates, precious metals, goodwill and other intangible assets.  
 
  
  
As at
 
  
  
April 30, 2026
 
  
January 31, 2026
 
  
October 31, 2025
 
($ millions)
  
Total fair
value
 
  
Total
carrying
value
 
  
Total fair
value
 
  
Total
carrying
value
 
  
Total fair
value
 
  
Total
carrying
value
 
Assets:
                  
Cash and deposits with financial institutions
   
$
 
 
 
79,301
 
   
$
 
 
 
79,301
 
    $ 73,838      $ 73,838      $ 65,967      $ 65,967  
Trading assets
   
 
157,689
 
  
 
157,689
 
       161,043         161,043         152,223         152,223  
Securities purchased under resale agreements and securities borrowed
   
 
253,177
 
   
 
253,177
 
      215,379        215,379        203,008        203,008  
Derivative financial instruments
   
 
46,709
 
   
 
46,709
 
      47,788        47,788        46,531        46,531  
Investment securities – FVOCI and FVTPL
   
 
127,818
 
   
 
127,818
 
      119,947        119,947        126,226        126,226  
Investment securities – amortized cost
   
 
21,510
 
   
 
21,988
 
      22,069        22,452        23,239        23,722  
Loans
   
 
754,267
 
   
 
757,434
 
      754,887        755,475        769,900        771,045  
Customers’ liability under acceptances
   
 
155
 
   
 
155
 
      173        173        177        177  
Other financial assets
   
 
27,239
 
   
 
27,239
 
      28,419        28,419        28,128        28,128  
Liabilities:
                  
Deposits
   
 
979,387
 
   
 
981,489
 
      971,043        971,682        965,925        966,279  
Financial instruments designated at fair value through profit or loss
   
 
48,629
 
   
 
48,629
 
      47,740        47,740        47,165        47,165  
Acceptances
   
 
157
 
   
 
157
 
      174        174        178        178  
Obligations related to securities sold short
   
 
38,064
 
   
 
38,064
 
      33,147        33,147        38,104        38,104  
Derivative financial instruments
   
 
56,854
 
   
 
56,854
 
      58,165        58,165        56,031        56,031  
Obligations related to securities sold under repurchase agreements and securities lent
   
 
238,663
 
   
 
238,663
 
      204,760        204,760        189,144        189,144  
Subordinated debentures
   
 
5,801
 
   
 
5,766
 
      5,882        5,807        7,749        7,692  
Other financial liabilities
   
 
53,031
 
   
 
52,913
 
      55,508        55,490        56,500        56,529  
Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis
The following table outlines the fair value hierarchy and instruments carried at fair value on a recurring basis.
 
     As at  
    
April 30, 2026
     January 31, 2026  
($ millions)
  
Level 1
    
Level 2
    
Level 3
    
Total
     Level 1     Level 2     Level 3     Total  
Instruments carried at fair value on a recurring basis:
                
Assets:
                
Precious metals
(1)
  
$
–
 
  
$
10,200
 
  
$
–
 
  
$
10,200
 
   $ –     $ 11,543     $ –     $ 11,543  
Trading assets
                
Loans
  
 
–
 
  
 
6,391
 
  
 
146
 
  
 
6,537
 
     –       7,891       161       8,052  
Canadian federal government and government guaranteed debt
  
 
15,886
 
  
 
4,901
 
  
 
–
 
  
 
20,787
 
     14,997       3,603       –       18,600  
Canadian provincial and municipal debt
  
 
9,498
 
  
 
3,308
 
  
 
–
 
  
 
12,806
 
     7,071       4,497       –       11,568  
U.S. treasury and other U.S. agencies’ debt
  
 
10,107
 
  
 
–
 
  
 
–
 
  
 
10,107
 
     9,337       –       –       9,337  
Other foreign governments’ debt
  
 
713
 
  
 
11,219
 
  
 
–
 
  
 
11,932
 
     982       11,128       –       12,110  
Corporate and other debt
  
 
3,352
 
  
 
8,216
 
  
 
–
 
  
 
11,568
 
     3,922       7,224       –       11,146  
Equity securities
  
 
82,338
 
  
 
150
 
  
 
17
 
  
 
82,505
 
     88,921       128       11       89,060  
Other
  
 
–
 
  
 
1,447
 
  
 
–
 
  
 
1,447
 
     –       1,170       –       1,170  
   
$
121,894
 
  
$
35,632
 
  
$
163
 
  
$
157,689
 
   $  125,230     $  35,641     $ 172     $ 161,043  
Investment securities
(2)
                
Canadian federal government and government guaranteed debt
  
$
14,170
 
  
$
9,273
 
  
$
–
 
  
$
23,443
 
   $ 12,483     $ 9,726     $ –     $ 22,209  
Canadian provincial and municipal debt
  
 
17,815
 
  
 
6,178
 
  
 
–
 
  
 
23,993
 
     11,925       9,315       –       21,240  
U.S. treasury and other U.S. agencies’ debt
  
 
41,153
 
  
 
5,937
 
  
 
–
 
  
 
47,090
 
     39,174       6,131       –       45,305  
Other foreign governments’ debt
  
 
6,445
 
  
 
21,268
 
  
 
–
 
  
 
27,713
 
     4,336       21,596       –       25,932  
Corporate and other debt
  
 
192
 
  
 
3,053
 
  
 
9
 
  
 
3,254
 
     194       2,679       31       2,904  
Equity securities
  
 
80
 
  
 
335
 
  
 
1,910
 
  
 
2,325
 
     122       297       1,938       2,357  
   
$
79,855
 
  
$
46,044
 
  
$
1,919
 
  
$
127,818
 
   $ 68,234     $ 49,744     $  1,969     $  119,947  
Derivative financial instruments
                
Interest rate contracts
  
$
–
 
  
$
9,456
 
  
$
–
 
  
$
9,456
 
   $ –     $ 9,383     $ –     $ 9,383  
Foreign exchange and gold contracts
  
 
–
 
  
 
21,996
 
  
 
1
 
  
 
21,997
 
     –       27,543       1       27,544  
Equity contracts
  
 
596
 
  
 
6,181
 
  
 
29
 
  
 
6,806
 
     513       6,263       93       6,869  
Credit contracts
  
 
–
 
  
 
169
 
  
 
9
 
  
 
178
 
     –       320       6       326  
Commodity contracts
  
 
–
 
  
 
8,265
 
  
 
7
 
  
 
8,272
 
     –       3,656       10       3,666  
   
$
596
 
  
$
46,067
 
  
$
46
 
  
$
46,709
 
   $ 513     $ 47,165     $ 110     $ 47,788  
Liabilities:
                
Deposits
(3)
  
$
–
 
  
$
448
 
  
$
–
 
  
$
448
 
   $ –     $ 335     $ –     $ 335  
Financial liabilities designated at fair value through profit or loss
  
 
–
 
  
 
48,629
 
  
 
–
 
  
 
48,629
 
     –       47,740       –       47,740  
Obligations related to securities sold short
  
 
33,715
 
  
 
4,349
 
  
 
–
 
  
 
38,064
 
    
29,441
      
3,706
       –      
33,147
  
Derivative financial instruments
                
Interest rate contracts
  
 
–
 
  
 
17,414
 
  
 
1
 
  
 
17,415
 
     –       17,149       3       17,152  
Foreign exchange and gold contracts
  
 
–
 
  
 
21,489
 
  
 
–
 
  
 
21,489
 
     –       27,353       –       27,353  
Equity contracts
  
 
848
 
  
 
10,074
 
  
 
28
 
  
 
10,950
 
     800       7,052       28       7,880  
Credit contracts
  
 
–
 
  
 
19
 
  
 
2
 
  
 
21
 
     –       21       2       23  
Commodity contracts
  
 
–
 
  
 
6,970
 
  
 
9
 
  
 
6,979
 
     –       5,747       10       5,757  
   
$
848
 
  
$
55,966
 
  
$
40
 
  
$
56,854
 
   $ 800     $ 57,322     $ 43     $ 58,165  
  (1)
The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.
  (2)
Excludes debt investment securities measured at amortized cost of $
21,988
(January 31, 2026 – $22,452).
  (3)
These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.
 
 
     As at October 31, 2025  
($ millions)
   Level 1     Level 2     Level 3     Total  
Instruments carried at fair value on a recurring basis:
        
Assets:
        
Precious metals
(1)
   $ –     $ 5,156     $ –     $ 5,156  
Trading assets
        
Loans
     –       8,486       1       8,487  
Canadian federal government and government guaranteed debt
     13,838       1,963       –       15,801  
Canadian provincial and municipal debt
     8,374       3,336       –       11,710  
U.S. treasury and other U.S. agencies’ debt
     9,132       –       –       9,132  
Other foreign governments’ debt
     1,837       8,451       –       10,288  
Corporate and other debt
     3,523       6,593       –       10,116  
Equity securities
     83,412       373       12       83,797  
Other
     –       2,892       –       2,892  
    $  120,116     $  32,094     $ 13     $  152,223  
Investment securities
(2)
        
Canadian federal government and government guaranteed debt
   $ 15,143     $ 7,967     $ –     $ 23,110  
Canadian provincial and municipal debt
     16,293       4,550       –       20,843  
U.S. treasury and other U.S. agencies’ debt
     42,300       6,736       –       49,036  
Other foreign governments’ debt
     7,099       20,627       –       27,726  
Corporate and other debt
     116       2,892       32       3,040  
Equity securities
     96       329       2,046       2,471  
    $ 81,047     $ 43,101     $  2,078     $ 126,226  
Derivative financial instruments
        
Interest rate contracts
   $ –     $ 9,804     $ 3     $ 9,807  
Foreign exchange and gold contracts
     –       26,411       1       26,412  
Equity contracts
     816       6,452       161       7,429  
Credit contracts
     –       269       4       273  
Commodity contracts
     –       2,594       16       2,610  
    $ 816     $ 45,530     $ 185     $ 46,531  
Liabilities:
        
Deposits
(3)
   $ –     $ 335     $ –     $ 335  
Financial liabilities designated at fair value through profit or loss
     –       47,165       –       47,165  
Obligations related to securities sold short
     34,864       3,240       –       38,104  
Derivative financial instruments
        
Interest rate contracts
     –       17,181       8       17,189  
Foreign exchange and gold contracts
     –       25,793       –       25,793  
Equity contracts
     783       9,288       43       10,114  
Credit contracts
     –       24       2       26  
Commodity contracts
     –       2,897       12       2,909  
    $ 783     $ 55,183     $ 65     $ 56,031  
  (1)
The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.
  (2)
Excludes debt investment securities measured at amortized cost of $23,722.
  (3)
These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.
Summary of Changes in Level 3 Instruments Carried at Fair Value
The following table summarizes the changes in Level 3 instruments carried at fair value for the three and six months ended April 30, 2026.
All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities.
 
    
For the three months ended April 30, 2026
  
($ millions)
    

 Fair value,
beginning of
the quarter		  
 
 		    


 Gains/
(losses)
recorded
in income
(1)
  
 
 
 		    


 Gains/
(losses)
recorded
in OCI		  
 
 
 		    
 Purchases/
Issuances		  
 		    
 Sales/
Settlements		  
 		    

 Transfers
into
Level 3		  
 
 		    

 Transfers
out of
Level 3		  
 
 		  
 
Fair value,
end of the
quarter
 
 
 
    





 Changes in
unrealized
gains/(losses)
recorded in
income for
instruments
still held
(2)
  
 
 
 
 
 
 
Trading assets
                    
Loans
   $ 161     $ (17 )    $ –     $ 1     $ –     $ 1     $ –    
$
146
 
   $ (17 ) 
Equity securities
     11       –       –       –       (3 )      9       –    
 
17
 
     –  
    172       (17 )      –       1       (3 )      10       –    
 
163
 
     (17 ) 
Investment securities
                    
Corporate and other debt
     31       –       (1 )      1       (22 )      –       –    
 
9
 
     –  
Equity securities
     1,938       73       27       78       (206 )      –       –    
 
1,910
 
     73  
    1,969       73       26       79       (228 )      –       –    
 
1,919
 
     73  
Derivative financial instruments – assets
                    
Foreign exchange and gold contracts
     1       (1 )      –       –       –       1       –    
 
1
 
     (1 ) 
Equity contracts
     93       (1 )      –       2       –       –       (65 )   
 
29
 
     (1 )
(3)
 
Credit contracts
     6       –       –       3       –       –       –    
 
9
 
     –  
Commodity contracts
     10       (3 )      –       –       –       –       –    
 
7
 
     (3 ) 
     
Derivative financial instruments – liabilities
                    
Interest rate contracts
     (3 )      –       –       –       –       (1 )      3    
 
(1
) 
     –  
Equity contracts
     (28 )      2       –       (3 )      –       –       1    
 
(28
) 
     2
(3)
 
Credit contracts
     (2 )      –       –       –       –       –       –    
 
(2
) 
     –  
Commodity contracts
     (10 )      –       –       –       1       –       –    
 
(9
) 
     –  
      67       (3 )      –       2       1       –       (61 )   
 
6
 
     (3 ) 
Total
   $   2,208     $   53     $   26     $   82     $   (230 )    $   10     $   (61 )   
$
  2,088
 
   $   53  
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
  (2)
These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income.
  (3)
Certain unrealized gains and losses on derivative assets and liabilities are largely offset by
mark-to-market
changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.
The following table summarizes the changes in Level 3 instruments carried at fair value for the three months ended April 30, 2025.
 
  
  
For the three months ended April 30, 2025
 
($ millions)
  
Fair value,
beginning
of the
quarter
 
  
Gains/
(losses)
recorded
in income
(1)
 
  
Gains/
(losses)
recorded
in OCI
 
  
Purchases/
Issuances
 
  
Sales/
Settlements
 
  
Transfers
into
Level 3
 
  
Transfers
out of
Level 3
 
  
Fair value,
end of the
quarter
 
Trading assets
    $ 10      $ –      $ –      $ 3      $ (2 )     $ 6      $  (8 )    $ 9  
Investment securities
       2,012         13         54         29        (111 )        –        (9 )        1,988  
Derivative financial instruments
      20        (15 )       –        –        8       
(15
)
      (6 )      (8 ) 
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
 
 
    
For the six months ended April 30, 2026
  
($ millions)
    

 Fair value,
beginning of
the period		  
 
 		    


 Gains/
(losses)
recorded
in income
(1)
  
 
 
 		    


 Gains/
(losses)
recorded
in OCI		  
 
 
 		    
 Purchases/
Issuances		  
 		    
 Sales/
Settlements		  
 		    

 Transfers
into
Level 3		  
 
 		    

 Transfers
out of
Level 3		  
 
 		  
 
Fair value,
end of the
period
 
 
 
    





 Changes in
unrealized
gains/(losses)
recorded in
income for
instruments
still held
(2)
  
 
 
 
 
 
 
Trading assets
                    
Loans
   $ 1     $ (17 )    $ (3 )    $ 165     $ –     $ 1     $ (1 )   
$
146
 
   $ (17 ) 
Equity securities
     12       (1 )      –       4       (3 )      11       (6 )   
 
17
 
     –  
    13       (18 )      (3 )      169       (3 )      12       (7 )   
 
163
 
     (17 ) 
Investment securities
                    
Corporate and other debt
     32       –       (2 )      1       (22 )      –       –    
 
9
 
     –  
Equity securities
     2,046       95       29       146       (406 )      –       –    
 
1,910
 
     95  
    2,078       95       27       147       (428 )      –       –    
 
1,919
 
     95  
Derivative financial instruments – assets
                    
Interest rate contracts
     3       (1 )      –       –       (2 )      –       –    
 
–
 
     (1 )
(3)
 
Foreign exchange and gold contracts
     1       –       –       –       –       1       (1 )   
 
1
 
     –  
Equity contracts
     161       (10 )      –       7       (70 )      31       (90 )   
 
29
 
     10
(4)
 
Credit contracts
     4       2       –       3       –       –       –    
 
9
 
     2  
Commodity contracts
     16       (9 )      –       –       –       –       –    
 
7
 
     (9 ) 
     
Derivative financial instruments – liabilities
                    
Interest rate contracts
     (8 )      4       –       (1 )      1       (1 )      4    
 
(1
) 
     (2 )
(3)
 
Equity contracts
     (43 )      9       –       (12 )      –       –       18    
 
(28
) 
     9
(4)
 
Credit contracts
     (2 )      –       –       –       –       –       –    
 
(2
) 
     –  
Commodity contracts
     (12 )      2       –       –       1       –       –    
 
(9
) 
     2  
      120       (3 )      –       (3 )      (70 )      31       (69 )   
 
6
 
     11  
Total
   $   2,211     $   74     $   24     $   313     $   (501 )    $   43     $   (76 )   
$
  2,088
 
   $   89  
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
  (2)
These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income.
  (3)
Certain unrealized gains and losses on interest rate derivative contracts are largely offset by
mark-to-market
changes on embedded derivatives on certain deposit liabilities in the Consolidated Statement of Income.
  (4)
Certain unrealized gains and losses on derivative assets and liabilities are largely offset by
mark-to-market
changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.
The following table summarizes the changes in Level 3 instruments carried at fair value for the six months ended April 30, 2025.
 
      For the six months ended April 30, 2025  
($ millions)
    Fair value,
beginning
of the
period		      Gains/
(losses)
recorded
in income
(1)
      Gains/
(losses)
recorded
in OCI		      Purchases/
Issuances		      Sales/
Settlements		      Transfers
into
Level 3		      Transfers
out of
Level 3		      Fair value,
end of the
period		  
Trading assets
    $ 25      $ 1      $ –      $ 4      $ (15 )     $ 13      $  (19 )    $ 9  
Investment securities
       1,901         64         59         100        (119 )        –        (17 )        1,988  
Derivative financial instruments
      10        (12 )       –        4        8        (15)        (3 )      (8 ) 
Obligations related to securities sold short
      (2 )       –        –        –        –        –        2        –  
  (1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.