v3.26.1
Securities (Tables)
 6 Months Ended
Apr. 30, 2026
Text Block [Abstract]  
Unrealized gains and losses on securities at fair value through other comprehensive income
Unrealized gains and losses on securities at FVOCI
(1), (2)
 
     As at    
   
April 30, 2026
         October 31, 2025  
(Millions of Canadian dollars)  
Cost/
Amortized
cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
          Cost/
Amortized
cost		     Gross
unrealized
gains		     Gross
unrealized
losses		     Fair value  
Debt issued or guaranteed by:
                  
Canadian government
                  
Federal
  
$
49,070
 
  
$
82
 
  
$
(65
)
  
$
49,087
 
     $ 39,827     $ 46     $ (7 )    $ 39,866  
Provincial and municipal
  
 
12,549
 
  
 
45
 
  
 
(90
)
  
 
12,504
 
       11,368       39       (89 )      11,318  
U.S. federal, state, municipal and agencies
  
 
146,888
 
  
 
708
 
  
 
(1,177
)
  
 
146,419
 
       131,385       622       (1,316 )      130,691  
Other OECD government
  
 
23,757
 
  
 
20
 
  
 
(48
)
  
 
23,729
 
       11,975       14       (56 )      11,933  
Mortgage-backed securities
  
 
2,650
 
  
 
7
 
  
 
(5
)
  
 
2,652
 
       2,674       7       (7 )      2,674  
Asset-backed securities
  
 
9,582
 
  
 
4
 
  
 
(7
)
  
 
9,579
 
       10,126       15       (2 )      10,139  
Corporate debt and other debt
  
 
30,355
 
  
 
116
 
  
 
(40
)
  
 
30,431
 
       33,602       122       (46 )      33,678  
Equities
  
 
805
 
  
 
726
 
  
 
(5
)
  
 
1,526
 
         832       669       (5 )      1,496  
   
$
275,656
 
  
$
1,708
 
  
$
 
 
(1,437
)
  
$
275,927
 
       $ 241,789     $ 1,534     $ (1,528
)
   $ 241,795  
 
(1)
Excludes $
99,836
million
of held-to-collect securities as at April 30, 2026 that are carried at amortized cost, net of allowance for credit losses (October 31, 2025 – $100,926 million).
(2)
Gross unrealized gains and losses includes $(38)
million
of allowance for credit losses on debt securities at FVOCI as at April 30, 2026 (October 31, 2025 – $(40) million) recognized in income and Other components of equity.
Summary of Allowance for credit losses - Securities at Amortized Cost
Allowance for credit
losses
– Securities at FVOCI
(1)
                                                                                         
  
 
For the three months ended
 
 
 
April 30, 2026
 
 
 
 
 
April 30, 2025
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
 
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
(Millions of Canadian dollars)
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3 
(2)
 
 
Total
 
 
  
 
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3 (2)
 
 
Total
 
Balance at beginning of period
  
$
5
 
  
$
–
 
    
$
(43
) 
  
$
(38
) 
     $ 4     $ –       $ (42 )    $ (38 ) 
Provision for credit losses
                      
Transfers to stage 1
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 2
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 3
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Purchases
  
 
2
 
  
 
–
 
    
 
–
 
  
 
2
 
       2       –         –       2  
Sales and maturities
  
 
(1
)
  
 
–
 
    
 
–
 
  
 
(1
)
       (1 )      –         –       (1 ) 
Changes in risk, parameters and exposures
  
 
–
 
  
 
–
 
    
 
(2
)
  
 
(2
)
       (1 )      –         (2 )      (3 ) 
Exchange rate and other
  
 
(1
)
 
  
 
–
 
          
 
2
 
  
 
1
 
             1       –               4       5  
Balance at end of period
  
$
5
 
  
$
–
 
          
$
(43
) 
  
$
(38
) 
           $ 5     $ –             $ (40 )    $ (35 ) 
     For the six months ended  
   
April 30, 2026
           April 30, 2025  
   
Performing
          
Impaired
                 Performing           Impaired        
(Millions of Canadian
dollars
)		  
Stage 1
    
Stage 2
           
Stage 3 
(2)		    
Total
            Stage 1     Stage 2            Stage 3 (2)     Total  
Balance at beginning of period
  
$
5
 
  
$
–
 
    
$
(45
) 
  
$
(40
) 
     $ 6     $ –       $ (41 )    $ (35 ) 
Provision for credit losses
                      
Transfers to stage 1
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 2
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 3
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Purchases
  
 
4
 
  
 
–
 
    
 
–
 
  
 
4
 
       4       –         –       4  
Sales and maturities
  
 
(2
) 
  
 
–
 
    
 
–
 
  
 
(2
) 
       (2 )      –         –       (2 ) 
Changes in risk, parameters and exposures
  
 
(1
) 
  
 
–
 
    
 
(3
) 
  
 
(4
) 
       (4 )      –         (4 )      (8 ) 
Exchange rate and other
  
 
(1
) 
  
 
–
 
          
 
5
 
  
 
4
 
             1       –               5       6  
Balance at end of period
  
$
5
 
  
$
–
 
          
$
(43
) 
  
$
(38
) 
           $ 5     $ –             $ (40 )    $ (35 ) 
(1)
 
Expected credit losses on debt securities at FVOCI are not separately recognized on the Interim Condensed Consolidated Balance Sheets as the related securities are recorded at fair value. The cumulative amount
of
credit losses recognized in income is presented in Other components of equity.
(2)
 
Reflects changes in the allowance for purchased credit-impaired securities.
Allowance for credit losses – Securities at
amortized
cost
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the three months ended
 
 
 
April 30, 2026
 
 
 
 
 
April 30, 2025
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
 
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
(Millions of Canadian dollars)
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3
 
 
Total
 
 
  
 
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3
 
 
Total
 
Balance at beginning of period
  
$
8
 
  
$
6
 
    
$
–
 
  
$
14
 
     $ 6     $ 8       $ –     $ 14  
Provision for credit losses
                      
Transfers to stage 1
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 2
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 3
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Purchases
  
 
5
 
  
 
–
 
    
 
–
 
  
 
5
 
       1       –         –       1  
Sales and maturities
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Changes in risk, parameters and exposures
  
 
(2
)
  
 
–
 
    
 
–
 
  
 
(2
)
       –       (1 )        –       (1 ) 
Exchange rate and other
  
 
–
 
  
 
–
 
          
 
–
 
  
 
–
 
             (1 )      1               –       –  
Balance at end of period
  
$
11
 
  
$
6
 
          
$
–
 
  
$
17
 
           $        6     $    8             $    –     $       14  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
For the six months ended
 
 
 
April 30, 2026
 
 
 
 
 
April 30, 2025
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
 
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
(Millions of Canadian dollars)
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3
 
 
Total
 
 
  
 
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3
 
 
Total
 
Balance at beginning of period
  
$
8
 
  
$
6
 
    
$
–
 
  
$
14
 
     $ 6     $ 8       $ –     $ 14  
Provision for credit losses
                      
Transfers to stage 1
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 2
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 3
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Purchases
  
 
6
 
  
 
–
 
    
 
–
 
  
 
6
 
       2       –         –       2  
Sales and maturities
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Changes in risk, parameters and exposures
  
 
(2
)
  
 
(1
)
    
 
–
 
  
 
(3
)
       (1 )      (1 )        –       (2 ) 
Exchange rate and other
  
 
(1
)
  
 
1
 
          
 
–
 
  
 
–
 
             (1 )      1               –       –  
Balance at end of period
  
$
      11
 
  
$
    6
 
          
$
    –
 
  
$
       17
 
           $        6     $    8             $    –     $       14  
Summary of Credit risk exposure on Investment Securities by internal risk rating
Credit risk exposure by internal risk rating
The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps in the Credit risk section of our 2025 Annual Report.
 
  
 
As at   
 
 
 
April 30, 2026
 
 
 
 
 
October 31, 2025
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
 
 
 
 
Performing
 
 
 
 
 
Impaired
 
 
 
 
(Millions of Canadian dollars)
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3 
(1)
 
 
Total
 
 
  
 
 
Stage 1
 
 
Stage 2
 
 
  
 
 
Stage 3 (1)
 
 
Total
 
Investment securities
 
 
 
 
 
 
 
 
 
 
 
Securities at FVOCI
 
 
 
 
 
 
 
 
 
 
 
Investment grade
  
$
 273,465
 
  
$
–
 
    
$
–
 
  
$
273,465
 
     $  239,375     $ –       $ –     $  239,375  
Non-investment grade
  
 
809
 
  
 
4
 
    
 
–
 
  
 
813
 
       786       4         –       790  
Impaired
  
 
–
 
  
 
–
 
          
 
123
 
  
 
123
 
             –       –                134       134  
 
 
274,274
 
  
 
4
 
    
 
123
 
  
 
274,401
 
       240,161       4         134       240,299  
Items not subject to impairment
(2)
    
 
      
 
              
 
    
 
1,526
 
                                             1,496  
     
 
      
 
              
 
    
$
 275,927
 
                                           $ 241,795  
Securities at amortized cost
                              
Investment grade
  
$
98,550
 
  
$
–
 
    
$
–
 
  
$
98,550
 
     $ 99,673     $ –       $ –     $ 99,673  
Non-investment grade
  
 
1,180
 
  
 
123
 
          
 
–
 
  
 
1,303
 
             1,098       169               –       1,267  
 
 
99,730
 
  
 
123
 
    
 
–
 
  
 
99,853
 
       100,771       169         –       100,940  
Allowance for credit losses
  
 
11
 
  
 
6
 
          
 
–
 
  
 
17
 
             8       6               –       14  
   
$
99,719
 
  
$
117
 
          
$
–
 
  
$
99,836
 
           $ 100,763     $  163             $ –     $ 100,926  
 
(1)
Reflects $123 million of purchased credit-impaired securities (October 31, 2025 – $134 million).
(2)
Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI.