v3.26.1
Equity
 6 Months Ended
Apr. 30, 2026
Equity [Abstract]  
Equity
NOTE 12: EQUITY
The following table summarizes the changes
 
to the shares and other equity instruments
 
issued and outstanding,
 
and treasury instruments held as at and
 
for the
three and six months ended April 30, 2026 and
 
April 30, 2025.
Shares and Other Equity Instruments
 
Issued and Outstanding and Treasury Instruments
 
Held
(thousands of shares or other equity instruments
and millions of Canadian dollars)
For the three months ended
For the six months ended
 
April 30, 2026
April 30, 2025
April 30, 2026
April 30, 2025
Number
Number
Number
Number
of shares
Amount
of shares
Amount
of shares
Amount
of shares
Amount
Common Shares
Balance as at beginning of period
1,671,278
$
24,551
1,752,200
$
25,528
1,689,496
$
24,727
1,750,272
$
25,373
Proceeds from shares issued on exercise
of stock options
488
42
592
44
1,696
150
945
69
Shares issued as a result of dividend
reinvestment plan
–
–
–
–
–
–
1,575
130
Purchase of shares for cancellation and other
(19,346)
(284)
(30,001)
(436)
(38,772)
(568)
(30,001)
(436)
Balance as at end of period – common shares
1,652,420
$
24,309
1,722,791
$
25,136
1,652,420
$
24,309
1,722,791
$
25,136
Preferred Shares and Other Equity Instruments
Preferred Shares – Class A
Balance as at beginning of period
49,650
$
2,850
71,650
$
3,400
49,650
$
2,850
91,650
$
3,900
Redemption of shares
–
–
–
–
–
–
(20,000)
(500)
Balance as at end of period
49,650
$
2,850
71,650
$
3,400
49,650
$
2,850
71,650
$
3,400
Other Equity Instruments
1
Balance as at beginning of period
7,251
$
8,775
6,501
$
7,738
7,251
$
8,775
5,751
$
6,988
Issue of limited recourse capital notes
–
–
–
–
–
–
750
750
Balance as at end of period
7,251
8,775
6,501
7,738
7,251
8,775
6,501
7,738
Balance as at end of period – preferred
 
shares
and other equity instruments
56,901
$
11,625
78,151
$
11,138
56,901
$
11,625
78,151
$
11,138
Treasury – common shares
2
Balance as at beginning of period
41
$
(5)
458
$
(38)
–
$
–
213
$
(17)
Purchase of shares
 
21,888
(2,899)
34,066
(2,880)
48,916
(6,213)
78,941
(6,384)
Sale of shares
(21,560)
2,844
(34,211)
2,892
(48,547)
6,153
(78,841)
6,375
Balance as at end of period – treasury
– common shares
369
$
(60)
313
$
(26)
369
$
(60)
313
$
(26)
Treasury – preferred shares and
other equity instruments
2
Balance as at beginning of period
11
$
(11)
549
$
(51)
29
$
(4)
163
$
(18)
Purchase of shares and other equity instruments
 
347
(353)
989
(267)
569
(515)
3,442
(1,387)
Sale of shares and other equity instruments
(333)
350
(1,397)
290
(573)
505
(3,464)
1,377
Balance as at end of period – treasury
– preferred shares and other equity
 
instruments
25
$
(14)
141
$
(28)
25
$
(14)
141
$
(28)
For Other Equity Instruments, the number of shares represents the number of notes issued.
2
 
When the Bank purchases its own equity instruments as part of its trading business, they are classified as treasury
 
instruments and the cost of these instruments is recorded as a
reduction in equity.
DIVIDENDS
On May 27, 2026, the Board approved a dividend
 
in an amount of one dollar and twelve
 
cents ($
1.12
) per fully paid common share in the
 
capital stock of the Bank
for the quarter ending July 31, 2026, payable
 
on and after July 31, 2026, to shareholders
 
of record at the close of business on July
 
10, 2026.
DIVIDEND REINVESTMENT PLAN
The Bank offers a Dividend Reinvestment Plan
 
(DRIP) for its common shareholders.
 
Participation in the plan is optional and
 
under the terms of the plan, cash
dividends on common shares are used
 
to purchase additional common shares. At
 
the option of the Bank, the common shares
 
may be issued from treasury at an
average market price based on the last five
 
trading days before the date of the dividend
 
payment, with a discount of between
0
% to
5
% at the Bank’s discretion or
purchased from the open market at market
 
prices.
During the three and six months ended April
 
30, 2026, the Bank satisfied the DRIP requirements
 
through open market common share purchases.
 
During the
three months ended April 30, 2025, the Bank
 
satisfied the DRIP requirements through open
 
market common share purchases. During
 
the six months ended
April 30, 2025, the Bank satisfied the DRIP requirements
 
through common shares issued from
 
treasury with
no
 
discount for the first three months and
 
open market
common share purchases in the last
 
three months.
NORMAL COURSE ISSUER BID
On February 24, 2025, the Bank announced
 
that the Toronto Stock Exchange (TSX) and OSFI had approved a normal course
 
issuer bid (2025 NCIB) to purchase
for cancellation up to
100
 
million of its common shares for up to $
8
 
billion. The Bank completed its 2025
 
NCIB in January 2026, under which it repurchased
 
and
cancelled $
8
 
billion of its common shares.
 
On January 16, 2026, the Bank announced
 
that the TSX and OSFI have approved
 
the Bank’s new normal course issuer bid (2026
 
NCIB) to repurchase for
cancellation up to $
7
 
billion of its common shares, not
 
to exceed
61
 
million common shares. The 2026 NCIB
 
commenced on January 20, 2026, and
 
will terminate
on (A) the earliest to occur of: (i) January 15,
 
2027; (ii) the date on which the aggregate
 
purchase cost of common shares purchased
 
equals $
7
 
billion; and (iii) the
date on which the maximum number of
 
common shares purchasable is reached; or
 
(B) such earlier date as the Bank may
 
determine. From the commencement of
the 2026 NCIB on January 20, 2026, to April
 
30, 2026, the Bank repurchased
23.2
 
million shares under the program, at an average
 
price of $
131.51
 
per share for
a total amount of $
3.1
 
billion. During the three months ended
 
April 30, 2026, the Bank repurchased and
 
cancelled approximately
19.4
 
million shares under the
2026 NCIB program, for a total of $
2.6
 
billion.