v3.26.1
Fair value of financial instruments
 6 Months Ended
Apr. 30, 2026
Text Block [Abstract]  
Fair value of financial instruments
Note 3
  
Fair value of financial instruments
Carrying value and fair value of financial instruments
The following tables provide a comparison of the carrying values and fair values for financial instruments classified or designated as fair value through profit or loss (FVTPL) and fair value through other comprehensive income (FVOCI), and financial instruments measured at amortized cost. Embedded derivatives are presented on a combined basis with the host contracts in the Interim Condensed Consolidated Balance Sheets. Refer to Note 2 and Note 3 of our audited 2025 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used
in
the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter.
 
    
As at April 30, 2026
  
   
Carrying value and fair value
        
Carrying value
        
Fair value
              
(Millions of Canadian dollars)  
Financial
instruments
classified as
FVTPL
    
Financial
instruments
designated as
FVTPL
    
Financial
instruments
classified as
FVOCI
    
Financial
instruments
designated as
FVOCI
         
Financial
instruments
measured at
amortized cost
         
Financial
instruments
measured at
amortized cost
    
Total carrying
amount
    
Total fair value
  
Financial assets
                    
Interest-bearing deposits with banks
  
$
–
 
  
$
27,425
 
  
$
–
 
  
$
–
 
      
$
6,721
 
      
$
6,721
 
  
$
34,146
 
  
$
34,146
 
Securities
                    
Trading
  
 
230,723
 
  
 
5,878
 
  
 
–
 
  
 
–
 
    
 
–
 
    
 
–
 
  
 
236,601
 
  
 
236,601
 
Investment, net of applicable allowance
  
 
–
 
  
 
–
 
  
 
274,401
 
  
 
1,526
 
      
 
99,836
 
      
 
97,293
 
  
 
375,763
 
  
 
373,220
 
   
 
230,723
 
  
 
5,878
 
  
 
274,401
 
  
 
1,526
 
      
 
99,836
 
      
 
97,293
 
  
 
612,364
 
  
 
609,821
 
Assets purchased under reverse repurchase agreements and securities borrowed
  
 
249,359
 
  
 
–
 
  
 
–
 
  
 
–
 
      
 
67,016
 
      
 
67,016
 
  
 
316,375
 
  
 
316,375
 
Loans, net of applicable allowance
                    
Retail
  
 
1,153
 
  
 
–
 
  
 
433
 
  
 
–
 
    
 
657,712
 
    
 
658,863
 
  
 
659,298
 
  
 
660,449
 
Wholesale
  
 
10,922
 
  
 
–
 
  
 
696
 
  
 
–
 
      
 
407,033
 
      
 
406,439
 
  
 
418,651
 
  
 
418,057
 
   
 
12,075
 
  
 
–
 
  
 
1,129
 
  
 
–
 
      
 
1,064,745
 
      
 
1,065,302
 
  
 
1,077,949
 
  
 
1,078,506
 
Other
                    
Derivatives
  
 
150,745
 
  
 
–
 
  
 
–
 
  
 
–
 
    
 
–
 
    
 
–
 
  
 
150,745
 
  
 
150,745
 
Other assets
(1)
  
 
21,588
 
  
 
–
 
  
 
–
 
  
 
–
 
      
 
57,470
 
      
 
57,470
 
  
 
79,058
 
  
 
79,058
 
Financial liabilities
                    
Deposits
                    
Personal
  
$
1,100
 
  
$
40,512
 
        
$
491,124
 
    
$
491,927
 
  
$
532,736
 
  
$
533,539
 
Business and government
(2)
  
 
504
 
  
 
169,751
 
        
 
814,735
 
    
 
815,727
 
  
 
984,990
 
  
 
985,982
 
Bank
(3)
  
 
–
 
  
 
4,174
 
                      
 
59,646
 
      
 
59,631
 
  
 
63,820
 
  
 
63,805
 
   
 
1,604
 
  
 
214,437
 
                      
 
1,365,505
 
      
 
1,367,285
 
  
 
1,581,546
 
 
 
1,583,326
 
Other
                  
 
Obligations related to securities sold short
  
 
57,472
 
  
 
–
 
        
 
–
 
    
 
–
 
  
 
57,472
 
  
 
57,472
 
Obligations related to assets sold under repurchase agreements and securities loaned
  
 
–
 
  
 
270,356
 
        
 
42,598
 
    
 
42,598
 
  
 
312,954
 
  
 
312,954
 
Derivatives
  
 
156,627
 
  
 
–
 
        
 
–
 
    
 
–
 
  
 
156,627
 
  
 
156,627
 
Other liabilities
(4)
  
 
–
 
  
 
19,142
 
        
 
61,499
 
    
 
61,495
 
  
 
80,641
 
  
 
80,637
 
Subordinated debentures
  
 
–
 
  
 
213
 
        
 
13,285
 
    
 
13,378
 
  
 
13,498
 
  
 
13,591
 
                                                     
     As at October 31, 2025  
    Carrying value and fair value         Carrying value         Fair value              
(Millions of Canadian dollars)   Financial
instruments
classified as
FVTPL		     Financial
instruments
designated as
FVTPL		     Financial
instruments
classified as
FVOCI		     Financial
instruments
designated as
FVOCI		          Financial
instruments
measured at
amortized cost		          Financial
instruments
measured at
amortized cost		     Total carrying
amount		     Total fair value  
Financial assets
                    
Interest-bearing deposits with banks
   $ –     $ 40,455     $ –     $ –         $ 9,909         $ 9,909     $ 50,364     $ 50,364  
Securities
                    
Trading
     212,878       6,189       –       –         –         –       219,067       219,067  
Investment, net of applicable allowance
     –       –       240,299       1,496           100,926           98,728       342,721       340,523  
      212,878       6,189       240,299       1,496           100,926           98,728       561,788       559,590  
Assets purchased under reverse repurchase agreements and securities borrowed
     226,213       –       –       –           83,470           83,470       309,683       309,683  
Loans, net of applicable allowance
                    
Retail
     1,128       –       442       –         646,832         648,413       648,402       649,983  
Wholesale
     9,724       –       690       –           383,606           382,551       394,020       392,965  
      10,852       –       1,132       –           1,030,438           1,030,964       1,042,422       1,042,948  
Other
                    
Derivatives
     177,206       –       –       –         –         –       177,206       177,206  
Other assets
(1)
     14,382       –       –       –           58,487           58,487       72,869       72,869  
Financial liabilities
                    
Deposits
                    
Personal
   $ 942     $ 41,302           $ 487,496       $ 488,644     $ 529,740     $ 530,888  
Business and government
(2)
     313       168,690             777,311         779,130       946,314       948,133  
Bank
(3)
     –       2,908                           36,654           36,657       39,562       39,565  
      1,255       212,900                           1,301,461           1,304,431       1,515,616       1,518,586  
Other
                    
Obligations related to securities sold short
     49,891       –             –         –       49,891       49,891  
Obligations related to assets sold under repurchase agreements and securities loaned
     –       242,916             46,600         46,600       289,516       289,516  
Derivatives
     183,953       –             –         –       183,953       183,953  
Other liabilities
(4)
     –       21,688             58,287         58,293       79,975       79,981  
Subordinated debentures
     –       232                           13,729           13,887       13,961       14,119  
 
(1)
Includes financial instruments recognized in Other assets.
(2)
Business and government deposits include deposits from regulated deposit-taking institutions other than banks.
(3)
Bank deposits refer to deposits from regulated banks and central banks.
(4)
Includes financial instruments recognized in Other liabilities.
Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy
                                                                                     
  
 
  As at
 
 
 
April 30, 2026
 
 
 
 
October 31, 2025
 
 
 
Fair value measurements using
 
 
Netting
adjustments
 
 
 
 
 
 
 
Fair value measurements using
 
 
Netting
adjustments
 
 
  
 
 
(Millions of Canadian dollars)
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Fair value
 
 
  
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Fair value
 
Financial assets
                      
Interest-bearing deposits with banks
  
$
–
 
  
$
27,425
 
  
$
–
 
  
$
 
 
  
$
27,425
 
       $ –     $ 40,455     $ –     $       $ 40,455  
Securities
                      
Trading
                      
Debt issued or guaranteed by:
                      
Canadian government
                      
Federal
  
 
19,004
 
  
 
2,300
 
  
 
–
 
    
 
21,304
 
       17,707       2,864       –         20,571  
Provincial and municipal
  
 
–
 
  
 
24,664
 
  
 
–
 
    
 
24,664
 
       –       16,891       –         16,891  
U.S. federal, state, municipal and agencies
(1)
  
 
7,437
 
  
 
39,750
 
  
 
–
 
    
 
47,187
 
       435       40,322       –         40,757  
Other OECD government
(2)
  
 
12,932
 
  
 
8,736
 
  
 
–
 
    
 
21,668
 
       7,152       7,265       –         14,417  
Mortgage-backed securities
  
 
–
 
  
 
78
 
  
 
–
 
    
 
78
 
       –       74       –         74  
Asset-backed securities
  
 
–
 
  
 
1,646
 
  
 
–
 
    
 
1,646
 
       –       1,295       –         1,295  
Corporate debt and other debt
  
 
–
 
  
 
30,533
 
  
 
17
 
    
 
30,550
 
       –       25,957       32         25,989  
Equities
  
 
82,603
 
  
 
3,892
 
  
 
3,009
 
          
 
89,504
 
         93,397       2,813       2,863               99,073  
   
 
121,976
 
  
 
111,599
 
  
 
3,026
 
          
 
236,601
 
         118,691       97,481       2,895               219,067  
Investment
                      
Debt issued or guaranteed by:
                      
Canadian government
                      
Federal
  
 
36,058
 
  
 
13,029
 
  
 
–
 
    
 
49,087
 
       30,110       9,756       –         39,866  
Provincial and municipal
  
 
–
 
  
 
12,504
 
  
 
–
 
    
 
12,504
 
       –       11,318       –         11,318  
U.S. federal, state, municipal and agencies
(1)
  
 
191
 
  
 
146,228
 
  
 
–
 
    
 
146,419
 
       196       130,495       –         130,691  
Other OECD government
(2)
  
 
8,044
 
  
 
15,685
 
  
 
–
 
    
 
23,729
 
       1,600       10,333       –         11,933  
Mortgage-backed securities
  
 
–
 
  
 
2,623
 
  
 
29
 
    
 
2,652
 
       –       2,645       29         2,674  
Asset-backed securities
  
 
–
 
  
 
9,579
 
  
 
–
 
    
 
9,579
 
       –       10,139       –         10,139  
Corporate debt and other debt
  
 
–
 
  
 
30,308
 
  
 
123
 
    
 
30,431
 
       –       33,544       134         33,678  
Equities
  
 
599
 
  
 
338
 
  
 
589
 
          
 
1,526
 
         547       367       582               1,496  
   
 
44,892
 
  
 
230,294
 
  
 
741
 
          
 
275,927
 
         32,453       208,597       745               241,795  
Assets purchased under reverse repurchase agreements and securities borrowed
  
 
–
 
  
 
249,359
 
  
 
–
 
    
 
249,359
 
       –       226,213       –         226,213  
Loans
  
 
–
 
  
 
11,369
 
  
 
1,835
 
    
 
13,204
 
       –       10,710       1,274         11,984  
Other
                      
Derivatives
                      
Interest rate contracts
  
 
–
 
  
 
26,855
 
  
 
245
 
    
 
27,100
 
       –       25,871       293         26,164  
Foreign exchange contracts
  
 
–
 
  
 
70,182
 
  
 
36
 
    
 
70,218
 
       –       100,604       102         100,706  
Credit derivatives
  
 
–
 
  
 
391
 
  
 
1
 
    
 
392
 
       –       350       2         352  
Other contracts
  
 
9,020
 
  
 
46,224
 
  
 
151
 
    
 
55,395
 
       11,478       41,543       110         53,131  
Valuation adjustments
  
 
–
 
  
 
(948
)
 
  
 
(74
)
 
          
 
(1,022
)
         –       (1,035 )
 
 		     (45 )
 
 		             (1,080 ) 
Total gross derivatives
  
 
9,020
 
  
 
142,704
 
  
 
359
 
    
 
152,083
 
       11,478       167,333       462         179,273  
Netting adjustments
                          
 
(1,338)
  
 
(1,338
)
 
 
                                 (2,067)       (2,067 ) 
Total derivatives
          
 
150,745
 
               177,206  
Other assets
  
 
6,539
 
  
 
15,047
 
  
 
2
 
          
 
21,588
 
         6,108       8,270       4               14,382  
   
$
182,427
 
  
$
787,797
 
  
$
5,963
 
  
$
(1,338)
  
$
974,849
 
       $  168,730     $ 759,059     $ 5,380     $ (2,067)     $ 931,102  
Financial liabilities
                      
Deposits
                      
Personal
  
$
–
 
  
$
41,424
 
  
$
188
 
  
$
 
 
  
$
41,612
 
     $ –     $ 41,943     $ 301     $       $ 42,244  
Business and government
  
 
–
 
  
 
170,255
 
  
 
–
 
    
 
170,255
 
       –       169,003       –         169,003  
Bank
  
 
–
 
  
 
4,174
 
  
 
–
 
    
 
4,174
 
       –       2,908       –         2,908  
Other
                      
Obligations related to securities sold short
  
 
15,799
 
  
 
41,673
 
  
 
–
 
    
 
57,472
 
       18,678       31,213       –         49,891  
Obligations related to assets sold under repurchase agreements
and securities loaned
  
 
–
 
  
 
270,356
 
  
 
–
 
    
 
270,356
 
       –       242,916       –         242,916  
Derivatives
                      
Interest rate contracts
  
 
–
 
  
 
23,175
 
  
 
894
 
    
 
24,069
 
       –       20,679       901         21,580  
Foreign exchange contracts
  
 
–
 
  
 
63,860
 
  
 
78
 
    
 
63,938
 
       –       95,045       46         95,091  
Credit derivatives
  
 
–
 
  
 
352
 
  
 
–
 
    
 
352
 
       –       262       –         262  
Other contracts
  
 
9,669
 
  
 
59,633
 
  
 
424
 
    
 
69,726
 
       12,657       56,287       366         69,310  
Valuation adjustments
  
 
–
 
  
 
(118
)
 
 
  
 
(2
)
          
 
(120
)
 
         –       (257 )
 
 		     34               (223 ) 
Total gross derivatives
  
 
9,669
 
  
 
146,902
 
  
 
1,394
 
    
 
157,965
 
       12,657       172,016       1,347         186,020  
Netting adjustments
                          
 
(1,338)
  
 
(1,338
)
 
 
                                 (2,067)       (2,067 ) 
Total derivatives
          
 
156,627
 
               183,953  
Other liabilities
  
 
–
 
  
 
19,142
 
  
 
–
 
    
 
19,142
 
       –       21,688       –         21,688  
Subordinated debentures
  
 
–
 
  
 
213
 
  
 
–
 
          
 
213
 
         –       232       –               232  
   
$
25,468
 
  
$
694,139
 
  
$
1,582
 
  
$
(1,338)
  
$
719,851
 
       $ 31,335     $  681,919     $  1,648     $ (2,067)     $  712,835  
 
(1)
United States (U.S.).
(2)
Organisation for Economic Co-operation and Development (OECD).
Fair value measurements using significant unobservable inputs (Level 3 Instruments)
A financial instrument is classified as Level 3 in the fair value hierarchy if one or more of its unobservable inputs may significantly affect
the
measurement of its fair value. In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are consistent with prevailing market evidence or management judgment. Due to the unobservable nature of the prices or rates, there may be uncertainty about the valuation of these Level 3 financial instruments.
During the three months ended April 30, 2026, there were no significant changes made to the valuation techniques and ranges and weighted averages of unobservable inputs used in the determination of fair value of Level 3 financial instruments. As at April 30, 2026, the impacts of adjusting one or more of the unobservable inputs by reasonably possible alternative assumptions did not change significantly from the impacts disclosed in our audited 2025 Annual Consolidated Financial Statements.
Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3
 
  
 
For the three months ended April 30, 2026
 
(Millions of Canadian dollars)
 
Fair value
at beginning
of period
 
 
Gains (losses)
included
in earnings
 
 
Gains (losses)
included in
OCI 
(1)
 
 
Purchases
(issuances)
 
 
Settlement
(sales) and
other
(2)
 
 
Transfers
into
Level 3
 
 
Transfers
out of
Level 3
 
 
Fair value
at end of
period
 
 
Gains
(losses) included
in earnings for
positions still held
 
Assets
                  
Securities
                  
Trading
                  
Corporate debt and other debt
  
$
30
 
  
$
–
 
  
$
–
 
  
$
1
 
  
$
(1
) 
  
$
–
 
  
$
(13
) 
  
$
17
 
  
$
–
 
Equities
  
 
2,830
 
  
 
(39
)
  
 
(4
)
  
 
217
 
  
 
(23
)
  
 
28
 
  
 
–
 
  
 
3,009
 
  
 
(7
)
   
 
2,860
 
  
 
(39
)
  
 
(4
)
  
 
218
 
  
 
(24
)
  
 
28
 
  
 
(13
) 
  
 
3,026
 
  
 
(7
)
Investment
                  
Mortgage-backed securities
  
 
30
 
  
 
–
 
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
29
 
  
 
–
 
Corporate debt and other debt
  
 
127
 
  
 
1
 
  
 
(1
)
  
 
–
 
  
 
(4
)
  
 
–
 
  
 
–
 
  
 
123
 
  
 
–
 
Equities
  
 
578
 
  
 
–
 
  
 
10
 
  
 
2
 
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
589
 
  
 
1
 
   
 
735
 
  
 
1
 
  
 
8
 
  
 
2
 
  
 
(5
)
  
 
–
 
  
 
–
 
  
 
741
 
  
 
1
 
Loans
  
 
1,357
 
  
 
(28
)
  
 
(4
)
  
 
425
 
  
 
(1
)
  
 
86
 
  
 
–
 
  
 
1,835
 
  
 
(25
)
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
  
 
(657
)
  
 
18
 
  
 
–
 
  
 
10
 
  
 
3
 
  
 
1
 
  
 
(24
) 
  
 
(649
)
  
 
6
 
Foreign exchange contracts
  
 
(44
)
  
 
(10
)
  
 
(1
)
  
 
(16
)
  
 
–
 
  
 
10
 
  
 
19
 
  
 
(42
)
  
 
(8
)
Credit derivatives
  
 
1
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
1
 
  
 
–
 
Other contracts
  
 
(234
)
  
 
(39
)
  
 
1
 
  
 
(3
)
  
 
2
 
  
 
(35
)
  
 
35
 
  
 
(273
)
  
 
(26
)
Valuation adjustments
  
 
(43
)
  
 
–
 
  
 
–
 
  
 
(18
)
  
 
(11
)
  
 
–
 
  
 
–
 
  
 
(72
)
  
 
–
 
Other assets
  
 
3
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
2
 
  
 
–
 
   
$
3,978
 
  
$
(97
)
  
$
–
 
  
$
618
 
  
$
(37
)
  
$
90
  
$
17
 
  
$
4,569
 
  
$
(59
)
Liabilities
                  
Deposits
  
$
(189
)
  
$
(9
)
  
$
–
 
  
$
(72
)
  
$
52
 
  
$
(110
)
  
$
140
 
  
$
(188
)
  
$
–
 
 
$
(189
)
  
$
(9
)
  
$
–
 
  
$
(72
)
  
$
52
 
  
$
(110
)
  
$
140
 
  
$
(188
)
  
$
–
 
                                                       
 
  
 
For the three months ended April 30, 2025
 
(Millions of Canadian dollars)
 
Fair value
at beginning
of period
 
 
Gains (losses)
included
in earnings
 
 
Gains (losses)
included in
OCI (1)
 
 
Purchases
(issuances)
 
 
Settlement
(sales) and
other (2)
 
 
Transfers
into
Level 3
 
 
Transfers
out of
Level 3
 
 
Fair value
at end of
period
 
 
Gains
(losses) included
in earnings for
positions still held
 
Assets
                  
Securities
                  
Trading
                  
Corporate debt and other debt
   $ –     $ –     $ –     $ –     $ –     $ 32     $ –     $ 32     $ –  
Equities
     2,643       (6 )      (73 )      127       (36 )      –       –       2,655       (6 ) 
      2,643       (6 )      (73 )      127       (36 )      32       –       2,687       (6 ) 
Investment
                  
Mortgage-backed securities
     32       –       (1 )      –       –       –       –       31       n.s.
Corporate debt and other debt
     142       –       (4 )      –       (4 )      –       –       134       n.s.
Equities
     523       –       15       32       –       –       –       570       n.s.
      697       –       10       32       (4 )      –       –       735       n.s.
Loans
     1,876       98       (23 )      51       (795 )      –       –       1,207       20  
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
     (535 )      (47 )      2       28       2       7       21       (522 )      (46 ) 
Foreign exchange contracts
     (66 )      3       3       –       (1 )      –       8       (53 )      2  
Credit derivatives
     –       –       –       –       –       –       –       –       –  
Other contracts
     (455 )      101       16       –       3       (49 )      (8 )      (392 )      125  
Valuation adjustments
     8       –       –       16       1       –       –       25       –  
Other assets
     7       –       –       –       (2 )      –       –       5       –  
    $ 4,175     $ 149     $ (65 )    $ 254     $ (832 )    $ (10 )    $ 21     $ 3,692     $ 95  
Liabilities
                  
Deposits
   $ (634 )    $ 8     $ 7     $ (169 )    $ 26     $ (44 )    $ 264     $ (542 )    $ 9  
    $ (634 )    $ 8     $ 7     $ (169 )    $ 26     $ (44 )    $ 264     $ (542 )    $ 9  
                 
    
For the six months ended April 30, 2026
  
(Millions of Canadian dollars)  
Fair value
at beginning
of period
    
Gains (losses)
included
in earnings
    
Gains (losses)
included in
OCI
(1)
    
Purchases
(issuances)
    
Settlement
(sales) and
other 
(2)
    
Transfers
into
Level 3
    
Transfers
out of
Level 3
    
Fair value
at end of
period
    
Gains
(losses) included
in earnings for
positions still held
  
Assets
                  
Securities
                  
Trading
                  
Corporate debt and other debt
  
$
32
 
  
$
(1
) 
  
$
(1
) 
  
$
1
 
  
$
(1
)
  
$
–
 
  
$
(13
)
  
$
17
 
  
$
–
 
Equities
  
 
2,863
 
  
 
(46
)
  
 
(49
)
  
 
331
 
  
 
(118
)
  
 
28
 
  
 
–
 
  
 
3,009
 
  
 
27
 
   
 
2,895
 
  
 
(47
)
  
 
(50
)
  
 
332
 
  
 
(119
)
  
 
28
 
  
 
(13
)
  
 
3,026
 
  
 
27
 
Investment
                  
Mortgage-backed securities
  
 
29
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
29
 
  
 
–
 
Corporate debt and other debt
  
 
134
 
  
 
2
 
  
 
(5
)
  
 
–
 
  
 
(8
)
  
 
–
 
  
 
–
 
  
 
123
 
  
 
1
 
Equities
  
 
582
 
  
 
–
 
  
 
8
 
  
 
2
 
  
 
(3
)
  
 
–
 
  
 
–
 
  
 
589
 
  
 
–
 
   
 
745
 
  
 
2
 
  
 
3
 
  
 
2
 
  
 
(11
)
  
 
–
 
  
 
–
 
  
 
741
 
  
 
1
 
Loans
  
 
1,274
 
  
 
(78
)
  
 
(6
)
  
 
548
 
  
 
(2
)
  
 
106
 
  
 
(7
)
  
 
1,835
 
  
 
(101
)
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
  
 
(608
)
  
 
(33
)
  
 
–
 
  
 
13
 
  
 
3
 
  
 
–
 
  
 
(24
)
  
 
(649
)
  
 
(38
)
Foreign exchange contracts
  
 
56
 
  
 
(125
)
  
 
–
 
  
 
(49
)
  
 
47
 
  
 
10
 
  
 
19
 
  
 
(42
)
  
 
1
 
Credit derivatives
  
 
2
 
  
 
(1
) 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
1
 
  
 
–
 
Other contracts
  
 
(256
)
  
 
(5
)
  
 
6
 
  
 
(16
)
  
 
8
 
  
 
(109
)
  
 
99
 
  
 
(273
)
  
 
16
 
Valuation adjustments
  
 
(79
)
  
 
–
 
  
 
–
 
  
 
(29
)
  
 
36
 
  
 
–
 
  
 
–
 
  
 
(72
)
  
 
–
 
Other assets
  
 
4
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(2
)
  
 
–
 
  
 
–
 
  
 
2
 
  
 
–
 
   
$
4,033
 
  
$
(287
)
  
$
(47
)
 
  
$
801
 
  
$
(40
)
  
$
35
 
  
$
74
 
  
$
4,569
 
  
$
(94
)
Liabilities
                  
Deposits
  
$
(301
)
  
$
(15
)
  
$
3
 
  
$
(113
)
 
  
$
57
 
  
$
(217
)
  
$
  398
 
  
$
(188
)
  
$
–
 
 
$
(301
)
 
  
$
(15
)
 
 
  
$
3
 
  
$
(113
)
 
  
$
57
 
  
$
(217
)
  
$
398
 
  
$
(188
)
 
  
$
–
 
                                                       
     For the six months ended April 30, 2025  
(Millions of Canadian dollars)   Fair value
at beginning
of period		     Gains (losses)
included
in earnings		     Gains (losses)
included in
OCI (1)		     Purchases
(issuances)		     Settlement
(sales) and
other (2)		     Transfers
into
Level 3		     Transfers
out of
Level 3		     Fair
value

at end of
period		     Gains
(losses) included
in earnings for
positions still held		  
Assets
                  
Securities
                  
Trading
                  
Corporate debt and other debt
   $ –     $ –     $ –     $ –     $ –     $ 32     $ –     $ 32     $ –  
Equities
     2,544       (70 )      (14 )      334       (140 )      1       –       2,655       (48 ) 
      2,544       (70 )      (14 )      334       (140 )      33       –       2,687       (48 ) 
Investment
                  
Mortgage-backed securities
     31       –       –       –       –       –       –       31       n.s.
Corporate debt and other debt
     143       –       2       –       (11 )      –       –       134       n.s.
Equities
     506       –       35       32       (3 )      –       –       570       n.s.
      680       –       37       32       (14 )      –       –       735       n.s.
Loans
     1,781       95       –       141       (814 )      7       (3 )      1,207       19  
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
     (493 )      (35 )      2       (39 )      5       9       29       (522 )      (34 ) 
Foreign exchange contracts
     (51 )      (11 )      3       1       (1 )      –       6       (53 )      (23 ) 
Credit derivatives
     –       –       –       –       –       –       –       –       –  
Other contracts
     (303 )      80       3       (12 )      7       (274 )      107       (392 )      109  
Valuation adjustments
     18       –       –       6       1       –       –       25       –  
Other assets
     7       –       –       –       (2 )      –       –       5       –  
    $ 4,183     $ 59     $ 31     $ 463     $ (958 )    $ (225 )    $ 139     $ 3,692     $ 23  
Liabilities
                  
Deposits
   $ (478 )    $ 9     $ 1     $ (401 )    $ 88     $ (210 )    $ 449     $ (542 )    $ 46  
    $ (478 )    $ 9     $ 1     $ (401 )    $ 88     $ (210 )    $ 449     $ (542 )    $ 46  
 
(1)
These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were
$13
million for the three months ended April 30, 2026 (April 30, 2025 – gains of
$16 million) and gains of $16 million for the six months ended April 30, 2026 (April 30, 2025 – gains of $31 million), excluding the translation gains or losses arising on consolidation.
(2)
Other includes amortization of premiums or discounts recognized in net income.
(3)
Net derivatives as at April 30, 2026 included derivative assets of $359 million (April 30, 2025 – $395 million) and derivative liabilities of $1,394 million (April 30, 2025 – $1,337 million).
n.s.
not significant
Transfers between fair value hierarchy levels for instruments carried at fair value on a recurring basis
Transfers between Level 1 and Level 2, and transfers into and out of Level 3 are assumed to occur at the end of the period. For an asset or a liability that transfers into Level 3 during the period, the entire change in fair value for the period is excluded from the Gains (losses) included in earnings for positions still held column of the above reconciliation, whereas for transfers out of Level 3 during the period, the entire change in fair value for the period is included in the same column of the above reconciliation.
Transfers between Level 1 and 2 are dependent on whether fair value is obtained on the basis of quoted market prices in active markets (Level 1).
During the three months ended April 30, 2026, transfers out of Level 1 to Level 2 included Trading U.S. federal, state, municipal and agencies debt of $483 million and Investment U.S. federal, state, municipal and agencies debt of
 $303
million. During the three months ended April 30, 2025, transfers out of Level 1 to Level 2 included Trading U.S. federal, state, municipal and agencies debt of
 $938 million.
During the three months ended April 30, 2026 and April 30, 2025, there were no significant transfers out of Level 2 to Level 1.
During the six months ended April 30, 2026, transfers out of Level 1 to Level 2 included Trading U.S. federal, state, municipal and agencies debt of $483
million and Investment U.S. federal, state, municipal and agencies debt of $439 million. During the six months ended April 30, 2025, transfers out of Level 1 to Level 2 included Trading U.S. federal, state, municipal and agencies debt of
 $938 million.
During the six months ended April 30, 2026 and April 30, 2025, there were no significant transfers out of Level 2 to Level 1.
Transfers between Level 2 and Level 3 are primarily due to either a change in the market observability for an input, or a change in an unobservable input’s significance to a financial instrument’s fair value.
During the three months ended April 30, 2026 and April 30, 2025, there were no significant transfers out of Level 2 to Level 3.
During the three months ended April 30, 2026 and April 30, 2025, transfers out of Level 3 to Level 2 included Deposits due to changes in the significance of unobservable inputs.
During the six months ended April 30, 2026, transfers out of Level 2 to Level 3 included Deposits due to changes in the significance of unobservable inputs. During the six months ended April 30, 2025, transfers out of Level 2 to Level 3 included Other contracts and Deposits due
to
changes in the significance of unobservable inputs.

During the six months ended April 30, 2026, transfers out of Level 3 to Level 2 included Deposits due to changes in the significance of unobservable inputs. During the six months ended April 30, 2025, transfers out of Level 3 to Level 2 included Deposits and Other contracts due to changes in the significance of unobservable inputs and changes in the market observability of inputs.
Net interest income from financial instruments
Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the three months ended
 
 
  
 
 
For the six months ended
 
(Millions of Canadian dollars)
 
April 30
2026
 
 
April 30
2025
 
 
  
 
 
April 30
2026
 
 
April 30
2025
 
Interest and dividend income
(1), (2)
    
 
 
 
 
    
Financial instruments measured at fair value through profit or loss
  
$
7,143
 
   $ 7,332
 
 
 
 
    
$
14,923
 
   $ 15,254  
Financial instruments measured at fair value through other comprehensive income
  
 
2,263
 
     2,106
 
 
 
 
    
 
4,574
 
     4,155  
Financial instruments measured at amortized cost
  
 
15,616
 
     15,532
 
 
 
 
    
 
31,629
 
     32,016  
   
 
25,022
 
     24,970
 
 
 
 
    
 
51,126
 
     51,425  
Interest expense
(1)
    
 
 
 
 
    
Financial instruments measured at fair value through profit or loss
  
$
7,231
 
   $ 7,317
 
 
 
 
    
$
15,104
 
   $ 15,362  
Financial instruments measured at amortized cost
  
 
9,285
 
     9,597
 
 
 
 
    
 
18,931
 
     20,059  
   
 
16,516
 
      16,914
 
 
 
 
    
 
34,035
 
     35,421  
Net interest income
  
$
8,506
 
   $ 8,056
 
 
 
 
    
$
17,091
 
   $  16,004  
 
(1)   Excludes interest and dividend income for the three months ended April 30, 2026 of $296 million (April 30, 2025 – $292 million) and for the six months ended April 30, 2026 of $684 million (April 30, 2025 – $657 million) and interest expense for the three months ended April 30, 2026 of $37
million
(
April 30, 2025 – $75 million) and for the six months ended April 30, 2026 of $76 million (April 30, 2025 – $118 million) presented in Insurance investment result in the Interim Condensed Consolidated Statements of Income.
(2)   Includes dividend income for the three months ended April 30, 2026 of $835
million
(April 30, 2025 – $1,003 million) and for the six months ended April 30, 2026 of $1,810 million (April 30, 2025 – $1,999 million)
 
presented in Interest and dividend income in the Interim Condensed Consolidated Statements of Income.