v3.26.1
Loans, Impaired Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Jul. 31, 2026
Text Block [Abstract]  
Disclosure of loans at amortized cost
(a) Loans at amortized cost
 
      As at  
     
July 31, 2026
  
($ millions)
   
Gross
carrying
amount
     
Allowance
for credit
losses
     
Net
carrying
amount
  
Residential mortgages
   
$
366,643
 
   
$
1,495
 
   
$
365,148
 
Personal loans
   
 
108,016
 
   
 
2,272
 
   
 
105,744
 
Credit cards
   
 
16,365
 
   
 
1,157
 
   
 
15,208
 
Business and government
   
 
286,860
 
   
 
2,405
 
   
 
284,455
 
Total
   
$
 777,884
 
   
$
 7,329
 
   
$
 770,555
 
 
      As at  
      April 30, 2026      October 31, 2025  
($ millions)
    Gross
carrying
amount		      Allowance
for credit
losses		      Net
carrying
amount		      Gross
carrying
amount		      Allowance
for credit
losses		      Net
carrying
amount		  
Residential mortgages
    $ 368,495      $ 1,450      $ 367,045      $ 370,191      $ 1,460      $ 368,731  
Personal loans
      108,355        2,254        106,101        110,567        2,432        108,135  
Credit cards
      16,040        1,166        14,874        18,045        1,355        16,690  
Business and government
      271,694        2,280        269,414        279,705        2,216        277,489  
Total
    $  764,584      $  7,150      $  757,434      $  778,508      $  7,463      $  771,045  
Schedule of Impaired Loans
(b) Impaired loans
(1)
 
      As at  
     
July 31, 2026
  
($ millions)
   
Gross
impaired
loans
     
Allowance
for credit
losses
     
Net
carrying
amount
  
Residential mortgages
   
$
3,058
 
   
$
850
 
   
$
2,208
 
Personal loans
   
 
945
 
   
 
556
 
   
 
389
 
Credit cards
   
 
–
 
   
 
–
 
   
 
–
 
Business and government
   
 
3,798
 
   
 
1,092
 
   
 
2,706
 
Total
   
$
7,801
 
   
$
2,498
 
   
$
5,303
 
By geography:
         
Canada
   
$
2,876
 
   
$
784
 
   
$
2,092
 
United States
   
 
119
 
   
 
9
 
   
 
110
 
Mexico
   
 
1,526
 
   
 
551
 
   
 
975
 
Peru
   
 
759
 
   
 
389
 
   
 
370
 
Chile
   
 
1,467
 
   
 
366
 
   
 
1,101
 
Other international
   
 
1,054
 
   
 
399
 
   
 
655
 
Total
   
$
7,801
 
   
$
2,498
 
   
$
5,303
 
 
      As at  
      April 30, 2026      October 31, 2025  
($ millions)
    Gross
impaired
loans		      Allowance
for credit
losses		      Net
carrying
amount		      Gross
impaired
loans		      Allowance
for credit
losses		      Net
carrying
amount		  
Residential mortgages
    $ 2,904      $ 841      $ 2,063      $ 2,903      $ 840      $ 2,063  
Personal loans
      975        566        409        1,071        604        467  
Credit cards
      –        –        –        –        –        –  
Business and government
      3,729        1,001        2,728        3,270        897        2,373  
Total
    $ 7,608      $ 2,408      $ 5,200      $ 7,244      $ 2,341      $ 4,903  
By geography:
                  
Canada
    $ 2,798      $ 796      $ 2,002      $ 2,416      $ 683      $ 1,733  
United States
      124        13        111        –        –        –  
Mexico
      1,515        570        945        1,494        535        959  
Peru
      739        367        372        823        400        423  
Chile
      1,452        344        1,108        1,420        332        1,088  
Other international
      980        318        662        1,091        391        700  
Total
    $ 7,608      $ 2,408      $ 5,200      $ 7,244      $ 2,341      $ 4,903  
 
  (1)
Interest income recognized on impaired loans during the three months ended July 31, 2026 was $78 (April 30, 2026 – $29; October 31, 2025 – $23).
Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations
The following tables show certain key macroeconomic variables used to calculate the modelled estimate for the allowance for credit losses. Further changes in these variables up to the date of the financial statements are incorporated through expert credit judgement. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view.
 
      Base Case Scenario      Alternative Scenario
Optimistic		      Alternative Scenario
Pessimistic		      Alternative Scenario
Very Pessimistic		  
As at July 31, 2026
    Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		  
Canada
                    
Real GDP growth, y/y % change
   
 
1.7
 
  
 
2.0
 
   
 
2.7
 
  
 
2.8
 
   
 
-1.1
 
  
 
2.6
 
   
 
-4.6
 
  
 
3.2
 
Consumer price index, y/y %
   
 
2.6
 
  
 
1.8
 
   
 
2.8
 
  
 
2.1
 
   
 
2.0
 
  
 
1.6
 
   
 
6.1
 
  
 
2.1
 
Unemployment rate, average %
   
 
6.4
 
  
 
6.1
 
   
 
6.0
 
  
 
5.2
 
   
 
7.7
 
  
 
6.8
 
   
 
10.6
 
  
 
7.4
 
Bank of Canada overnight rate target, average %
   
 
2.8
 
  
 
2.9
 
   
 
3.1
 
  
 
3.6
 
   
 
2.1
 
  
 
2.3
 
   
 
3.6
 
  
 
3.5
 
HPI - Housing Price Index, y/y % change
   
 
-2.3
 
  
 
5.1
 
   
 
-1.6
 
  
 
6.2
 
   
 
-6.5
 
  
 
5.7
 
   
 
-9.8
 
  
 
5.2
 
USD/CAD exchange rate, average
   
 
1.33
 
  
 
1.29
 
   
 
1.32
 
  
 
1.27
 
   
 
1.40
 
  
 
1.27
 
   
 
1.48
 
  
 
1.29
 
U.S.
                    
Real GDP growth, y/y % change
   
 
1.7
 
  
 
2.3
 
   
 
2.2
 
  
 
3.2
 
   
 
-1.1
 
  
 
3.1
 
   
 
-4.0
 
  
 
3.6
 
Consumer price index, y/y %
   
 
3.2
 
  
 
2.3
 
   
 
3.5
 
  
 
2.6
 
   
 
3.4
 
  
 
2.2
 
   
 
7.1
 
  
 
2.5
 
Target federal funds rate, upper limit, average %
   
 
3.4
 
  
 
3.2
 
   
 
3.8
 
  
 
3.7
 
   
 
3.4
 
  
 
2.8
 
   
 
4.3
 
  
 
3.9
 
Unemployment rate, average %
   
 
4.2
 
  
 
4.1
 
   
 
4.1
 
  
 
3.7
 
   
 
5.7
 
  
 
4.6
 
   
 
8.0
 
  
 
4.9
 
Mexico
                    
Real GDP growth, y/y % change
   
 
1.2
 
  
 
1.8
 
   
 
1.6
 
  
 
2.5
 
   
 
-1.4
 
  
 
2.3
 
   
 
-4.7
 
  
 
3.0
 
Unemployment rate, average %
   
 
3.2
 
  
 
3.6
 
   
 
3.1
 
  
 
3.1
 
   
 
3.9
 
  
 
3.7
 
   
 
6.1
 
  
 
4.5
 
Chile
                    
Real GDP growth, y/y % change
   
 
3.2
 
  
 
2.1
 
   
 
4.6
 
  
 
2.9
 
   
 
0.7
 
  
 
2.7
 
   
 
-3.5
 
  
 
3.6
 
Unemployment rate, average %
   
 
7.8
 
  
 
7.3
 
   
 
7.5
 
  
 
6.8
 
   
 
9.1
 
  
 
7.5
 
   
 
11.4
 
  
 
8.0
 
Peru
                    
Real GDP growth, y/y % change
   
 
3.1
 
  
 
2.8
 
   
 
4.6
 
  
 
3.8
 
   
 
0.4
 
  
 
3.4
 
   
 
-1.2
 
  
 
3.9
 
Unemployment rate, average %
   
 
5.6
 
  
 
6.0
 
   
 
5.1
 
  
 
5.0
 
   
 
6.8
 
  
 
6.4
 
   
 
10.6
 
  
 
7.6
 
Caribbean
                    
Real GDP growth, y/y % change
   
 
3.6
 
  
 
4.0
 
   
 
4.0
 
  
 
4.8
 
   
 
1.6
 
  
 
4.5
 
   
 
-0.1
 
  
 
5.0
 
Global
                    
WTI oil price, average USD/bbl
   
 
79
 
  
 
69
 
   
 
85
 
  
 
81
 
   
 
68
 
  
 
62
 
   
 
127
 
  
 
73
 
Copper price, average USD/lb
   
 
5.89
 
  
 
6.37
 
   
 
6.07
 
  
 
6.91
 
   
 
5.43
 
  
 
6.24
 
   
 
5.93
 
  
 
6.22
 
Global GDP, y/y % change
   
 
3.0
 
  
 
2.8
 
   
 
3.7
 
  
 
3.7
 
   
 
0.7
 
  
 
3.4
 
   
 
-1.9
 
  
 
3.9
 
 
      Base Case Scenario      Alternative Scenario
Optimistic		      Alternative Scenario
Pessimistic		      Alternative Scenario
Very Pessimistic		  
As at April 30, 2026
    Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		  
Canada
                    
Real GDP growth, y/y % change
      1.6       2.0        2.6       2.9        -1.0       2.6        -4.4       3.3  
Consumer price index, y/y %
      3.1       1.9        3.3       2.4        2.6       1.7        6.5       2.1  
Unemployment rate, average %
      6.4       5.9        5.9       4.5        7.6       6.5        10.4       7.1  
Bank of Canada overnight rate target, average %
      2.8       2.9        3.1       3.7        2.1       2.4        3.5       3.5  
HPI - Housing Price Index, y/y % change
      -1.6       4.7        -0.9       6.2        -5.6       5.3        -8.9       4.8  
USD/CAD exchange rate, average
      1.34       1.30        1.33       1.28        1.40       1.28        1.48       1.30  
U.S.
                    
Real GDP growth, y/y % change
      1.6       2.4        2.2       3.3        -1.1       3.1        -3.9       3.6  
Consumer price index, y/y %
      3.0       2.4        3.2       2.8        3.2       2.3        6.8       2.6  
Target federal funds rate, upper limit, average %
      3.6       3.4        3.8       4.0        3.5       3.0        4.4       4.1  
Unemployment rate, average %
      4.3       4.0        4.1       3.6        5.7       4.5        8.1       4.8  
Mexico
                    
Real GDP growth, y/y % change
      0.9       1.9        1.3       2.6        -1.6       2.4        -4.8       3.1  
Unemployment rate, average %
      3.5       3.8        3.3       3.3        4.2       3.9        6.5       4.8  
Chile
                    
Real GDP growth, y/y % change
      2.5       2.1        3.3       3.0        0.1       2.7        -4.0       3.7  
Unemployment rate, average %
      8.1       7.3        7.9       6.8        9.3       7.5        11.6       8.0  
Peru
                    
Real GDP growth, y/y % change
      3.3       2.7        4.4       3.5        0.7       3.2        -0.8       3.8  
Unemployment rate, average %
      5.8       6.0        5.4       5.1        6.9       6.4        10.9       7.5  
Caribbean
                    
Real GDP growth, y/y % change
      3.7       4.0        4.1       4.7        1.8       4.4        -0.6       4.9  
Global
                    
WTI oil price, average USD/bbl
      85       69        89       83        74       63        130       74  
Copper price, average USD/lb
      5.39       5.86        5.51       6.38        4.99       5.74        5.41       5.72  
Global GDP, y/y % change
      2.4       2.8        3.2       3.7        0.3       3.4        -2.3       3.9  
 
 
      Base Case Scenario      Alternative Scenario
Optimistic		      Alternative Scenario
Pessimistic		      Alternative Scenario
Very Pessimistic		  
As at October 31, 2025
    Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		      Next 12
Months		     Remaining
Forecast
Period		  
Canada
                    
Real GDP growth, y/y % change
      1.2       2.2        2.4       3.1        -1.1       2.7        -4.4       3.4  
Consumer price index, y/y %
      1.9       2.2        2.1       2.7        1.4       2.0        5.0       2.4  
Unemployment rate, average %
      7.0       5.8        6.6       4.7        8.2       6.4        11.2       7.0  
Bank of Canada overnight rate target, average %
      2.3       2.8        2.8       3.7        2.1       2.4        3.1       3.3  
HPI - Housing Price Index, y/y % change
      1.9       6.2        2.6       7.7        -2.0       6.7        -5.1       6.2  
USD/CAD exchange rate, average
      1.32       1.30        1.31       1.29        1.37       1.29        1.45       1.30  
U.S.
                    
Real GDP growth, y/y % change
      1.4       2.3        1.9       3.2        -1.0       3.0        -3.7       3.5  
Consumer price index, y/y %
      2.6       2.5        2.7       2.8        2.7       2.4        6.0       2.7  
Target federal funds rate, upper limit, average %
      3.3       3.0        3.5       3.5        3.2       2.7        3.9       3.6  
Unemployment rate, average %
      4.5       4.3        4.4       4.0        5.8       4.8        8.1       5.2  
Mexico
                    
Real GDP growth, y/y % change
      -0.2       2.2        0.6       2.9        -2.4       2.6        -5.5       3.3  
Unemployment rate, average %
      3.3       3.7        3.2       3.1        3.9       3.8        6.1       4.6  
Chile
                    
Real GDP growth, y/y % change
      2.4       2.0        3.5       2.8        0.3       2.6        -3.7       3.5  
Unemployment rate, average %
      7.9       6.7        7.7       6.4        9.0       6.9        11.2       7.3  
Peru
                    
Real GDP growth, y/y % change
      2.9       3.1        4.1       4.0        0.6       3.6        -1.0       4.1  
Unemployment rate, average %
      5.7       6.1        5.3       5.2        6.7       6.5        10.5       7.6  
Colombia
                    
Real GDP growth, y/y % change
      2.9       2.5        4.0       3.4        0.7       3.0        -1.0       3.5  
Unemployment rate, average %
      10.3       9.9        10.0       9.1        12.0       10.5        18.9       12.5  
Caribbean
                    
Real GDP growth, y/y % change
      3.7       4.0        4.4       4.7        1.6       4.4        -0.6       4.9  
Global
                    
WTI oil price, average USD/bbl
      60       66        64       78        53       61        45       56  
Copper price, average USD/lb
      4.19       4.68        4.29       5.03        3.92       4.60        3.61       4.47  
Global GDP, y/y % change
      2.2       2.7        3.0       3.5        0.3       3.2        -2.2       3.7  
Schedule of Allowance for Credit Losses
  (iv)
Allowance for credit losses
 
Allowance for credit losses
 
($ millions)
    Balance as at
November 1,
2025		     
Provision
for
credit losses
(1)
      Net write-
offs		      Other, including
foreign currency
adjustment		     
Balance as at
July 31,
2026
  
Residential mortgages
    $ 1,460      $ 189      $ (99 )    $ (55 )   
$
1,495
 
Personal loans
      2,432        1,380        (1,271 )      (269 )   
 
2,272
 
Credit cards
      1,355        893        (913 )      (178 )   
 
1,157
 
Business and government
      2,392        1,004        (561 )      (227 )   
 
2,608
 
     $  7,639      $ 3,466      $  (2,844)
   $  (729)
  
$
  7,532
 
Presented as:
               
Allowance for credit losses on loans
    $ 7,463              
$
7,329
 
Allowance for credit losses on acceptances
(2)
      1              
 
1
 
Allowance for credit losses on
off-balance
sheet exposures
(3)
         175                                
 
202
 
  (1)
Excludes amounts associated with other assets of $6. The provision for credit losses, net of these amounts, is $3,472.
  (2)
Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.
  (3)
Allowance for credit losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
 
($ millions)
    Balance as at
November 1,
2024		      Provision
for
credit losses
(1)
      Net write-
offs		      Other, including
foreign currency
adjustment		      Balance as at
July 31,
2025		  
Residential mortgages
    $ 1,208      $ 270      $ (72 )     $ 24      $ 1,430  
Personal loans
      2,319        1,499        (1,353 )       (78 )       2,387  
Credit cards
      1,160        1,029        (942 )       3        1,250  
Business and government
      2,036        817        (466 )       (83 )       2,304  
     $  6,723      $  3,615      $  (2,833 )     $  (134 )     $ 7,371  
Presented as:
               
Allowance for credit losses on loans
    $ 6,536               $  7,197  
Allowance for credit losses on acceptances
(2)
      1                 1  
Allowance for credit losses on
off-balance
sheet exposures
(3)
         186                                   173  
  (1)
Excludes amounts associated with other assets and reversal of impairment losses of $(14). The provision for credit losses, net of these amounts, is $3,601.
  (2)
Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.
  (3)
Allowance for credit losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
Allowance for credit losses on loans
   
As at July 31, 2026
  
($ millions)
   
Stage 1
  
Stage 2
  
Stage 3

Total
  
Residential mortgages
   
$
209
 
$
436
 
$
850

$
1,495
 
Personal loans
   
 
578
 
 
1,138
 
 
556

 
2,272
 
Credit cards
   
 
263
 
 
894
 
 
–

 
1,157
 
Business and government
   
 
733
 
 
580
 
 
1,092

 
2,405
 
Total
(1)
   
$
1,783
 
$
3,048
 
$
2,498

$
7,329
 
  (1)
Excludes allowance for credit losses of $222 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
      As at October 31, 2025  
($ millions)
    Stage 1      Stage 2      Stage 3      Total  
Residential mortgages
    $ 196      $ 424      $ 840      $ 1,460  
Personal loans
      613        1,215        604        2,432  
Credit cards
      338        1,017        –        1,355  
Business and government
      713        606        897        2,216  
Total
(1)
    $  1,860      $  3,262      $  2,341      $  7,463  
  (1)
Excludes allowance for credit losses of $191 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
      As at July 31, 2025  
($ millions)
    Stage 1      Stage 2      Stage 3      Total  
Residential mortgages
    $ 185      $ 447      $ 798      $ 1,430  
Personal loans
      564        1,223        600        2,387  
Credit cards
      309        941        –        1,250  
Business and government
      699        595        836        2,130  
Total
(1)
    $  1,757      $  3,206      $  2,234      $  7,197  
  (1)
Excludes allowance for credit losses of $189 for other financial assets including acceptances, investment securities, deposits with banks,
off-balance
sheet credit risks and reverse repos.
 
 
The following table presents the changes to the allowance for credit losses on loans.
 
    As at and for the three months ended  
    
July 31, 2026
     July 31, 2025  
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
     Stage 1     Stage 2     Stage 3     Total  
Retail loans:
                
Residential mortgages
                
Balance at beginning of period
  
$
190
 
  
$
419
 
  
$
841
 
  
$
1,450
 
   $ 178     $ 452     $ 748     $ 1,378  
Provision for credit losses
                
Remeasurement
(1)
  
 
(51
)
  
 
57
 
  
 
50
 
  
 
56
 
     (73 )      21       118       66  
Newly originated or purchased financial assets
  
 
11
 
  
 
–
 
  
 
–
 
  
 
11
 
     11       –       –       11  
Derecognition of financial assets and maturities
  
 
(2
)
  
 
(9
)
  
 
–
 
  
 
(11
)
     (2 )      (10 )      –       (12 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
67
 
  
 
(61
)
  
 
(6
)
  
 
–
 
     80       (64 )      (16 )      –  
Stage 2
  
 
(9
)
  
 
52
 
  
 
(43
)
  
 
–
 
     (10 )      69       (59 )      –  
Stage 3
  
 
–
 
  
 
(25
)
  
 
25
 
  
 
–
 
     –       (26 )      26       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(45
)
  
 
(45
)
     –       –       (39 )      (39 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
7
 
  
 
7
 
     –       –       7       7  
Foreign exchange and other movements
  
 
3
 
  
 
3
 
  
 
21
 
  
 
27
 
     1       5       13       19  
Balance at end of period
  
$
209
 
  
$
436
 
  
$
850
 
  
$
1,495
 
   $ 185     $ 447     $ 798     $ 1,430  
Personal loans
                
Balance at beginning of period
  
$
558
 
  
$
1,130
 
  
$
566
 
  
$
2,254
 
   $ 534     $ 1,228     $ 617     $ 2,379  
Provision for credit losses
                
Remeasurement
(1)
  
 
(166
)
  
 
225
 
  
 
332
 
  
 
391
 
     (136 )      201       318       383  
Newly originated or purchased financial assets
  
 
87
 
  
 
–
 
  
 
–
 
  
 
87
 
     94       –       –       94  
Derecognition of financial assets and maturities
  
 
(25
)
  
 
(27
)
  
 
–
 
  
 
(52
)
     (23 )      (34 )      –       (57 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     3       (4 )      –       (1 ) 
Transfer to (from):
                
Stage 1
  
 
152
 
  
 
(148
)
  
 
(4
)
  
 
–
 
     146       (142 )      (4 )      –  
Stage 2
  
 
(36
)
  
 
65
 
  
 
(29
)
  
 
–
 
     (54 )      87       (33 )      –  
Stage 3
  
 
(1
)
  
 
(111
)
  
 
112
 
  
 
–
 
     (2 )      (115 )      117       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(504
)
  
 
(504
)
     –       –       (508 )      (508 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
74
 
  
 
74
 
     –       –       85       85  
Foreign exchange and other movements
  
 
9
 
  
 
4
 
  
 
9
 
  
 
22
 
     2       2       8       12  
Balance at end of period
  
$
578
 
  
$
1,138
 
  
$
556
 
  
$
2,272
 
   $ 564     $ 1,223     $ 600     $ 2,387  
Credit cards
                
Balance at beginning of period
  
$
250
 
  
$
916
 
  
$
–
 
  
$
1,166
 
   $ 292     $ 943     $ –     $ 1,235  
Provision for credit losses
                
Remeasurement
(1)
  
 
(50
)
  
 
123
 
  
 
187
 
  
 
260
 
     (67 )      168       188       289  
Newly originated or purchased financial assets
  
 
20
 
  
 
–
 
  
 
–
 
  
 
20
 
     41       –       –       41  
Derecognition of financial assets and maturities
  
 
(7
)
  
 
(5
)
  
 
–
 
  
 
(12
)
     (10 )      (12 )      –       (22 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     2       (3 )      –       (1 ) 
Transfer to (from):
                
Stage 1
  
 
69
 
  
 
(69
)
  
 
–
 
  
 
–
 
     86       (86 )      –       –  
Stage 2
  
 
(24
)
  
 
24
 
  
 
–
 
  
 
–
 
     (39 )      39       –       –  
Stage 3
  
 
–
 
  
 
(101
)
  
 
101
 
  
 
–
 
     –       (102 )      102       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(342
)
  
 
(342
)
     –       –       (368 )      (368 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
54
 
  
 
54
 
     –       –       73       73  
Foreign exchange and other movements
  
 
5
 
  
 
6
 
  
 
–
 
  
 
11
 
     4       (6 )      5       3  
Balance at end of period
  
$
263
 
  
$
894
 
  
$
–
 
  
$
1,157
 
   $ 309     $ 941     $ –     $ 1,250  
Total retail loans
                
Balance at beginning of period
  
$
998
 
  
$
2,465
 
  
$
1,407
 
  
$
4,870
 
   $ 1,004     $ 2,623     $ 1,365     $ 4,992  
Provision for credit losses
                
Remeasurement
(1)
  
 
(267
)
  
 
405
 
  
 
569
 
  
 
707
 
     (276 )      390       624       738  
Newly originated or purchased financial assets
  
 
118
 
  
 
–
 
  
 
–
 
  
 
118
 
     146       –       –       146  
Derecognition of financial assets and maturities
  
 
(34
)
  
 
(41
)
  
 
–
 
  
 
(75
)
     (35 )      (56 )      –       (91 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     5       (7 )      –       (2 ) 
Transfer to (from):
                
Stage 1
  
 
288
 
  
 
(278
)
  
 
(10
)
  
 
–
 
     312       (292 )      (20 )      –  
Stage 2
  
 
(69
)
  
 
141
 
  
 
(72
)
  
 
–
 
     (103 )      195       (92 )      –  
Stage 3
  
 
(1
)
  
 
(237
)
  
 
238
 
  
 
–
 
     (2 )      (243 )      245       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(891
)
  
 
(891
)
     –       –       (915 )      (915 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
135
 
  
 
135
 
     –       –       165       165  
Foreign exchange and other movements
  
 
17
 
  
 
13
 
  
 
30
 
  
 
60
 
     7       1       26       34  
Balance at end of period
  
$
 1,050
 
  
$
 2,468
 
  
$
 1,406
 
  
$
 4,924
 
   $  1,058     $  2,611     $  1,398     $  5,067  
Non-retail
loans:
                
Business and government
                
Balance at beginning of period
  
$
829
 
  
$
625
 
  
$
1,001
 
  
$
2,455
 
   $ 820     $ 611     $ 836     $ 2,267  
Provision for credit losses
                
Remeasurement
(1)
  
 
(126
)
  
 
22
 
  
 
297
 
  
 
193
 
     (50 )      69       213       232  
Newly originated or purchased financial assets
  
 
410
 
  
 
–
 
  
 
–
 
  
 
410
 
     308       –       –       308  
Derecognition of financial assets and maturities
  
 
(347
)
  
 
(58
)
  
 
(12
)
  
 
(417
)
     (245 )      (40 )      (9 )      (294 ) 
Changes in models and methodologies
  
 
82
 
  
 
49
 
  
 
–
 
  
 
131
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
37
 
  
 
(37
)
  
 
–
 
  
 
–
 
     29       (29 )      –       –  
Stage 2
  
 
(16
)
  
 
16
 
  
 
–
 
  
 
–
 
     (21 )      21       –       –  
Stage 3
  
 
–
 
  
 
(8
)
  
 
8
 
  
 
–
 
     (1 )      (13 )      14       –  
Gross write-offs  
 
–
 
  
 
–
 
  
 
(192
)
  
 
(192
)
     –       –       (210 )      (210 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
11
 
  
 
11
 
     –       –       12       12  
Foreign exchange and other movements
  
 
14
 
  
 
10
 
  
 
(8
)
  
 
16
 
     5       3       (20 )      (12 ) 
Balance at end of period including
off-balance
sheet exposures
  
$
883
 
  
$
619
 
  
$
1,105
 
  
$
2,607
 
   $ 845     $ 622     $ 836     $ 2,303  
Less: Allowance for credit losses on
off-balance
sheet exposures
(
2
)
  
 
(150
)
  
 
(39
)
  
 
(13
)
  
 
(202
)
     (146 )      (27 )      –       (173 ) 
Balance at end of period
(
2
)
  
$
733
 
  
$
580
 
  
$
1,092
 
  
$
2,405
 
   $ 699     $ 595     $ 836     $ 2,130  
(1)
Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.
 
(2)
Allowance for credit losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
 
 
    As at and for the nine months ended  
    
July 31, 2026
     July 31, 2025  
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
     Stage 1     Stage 2     Stage 3     Total  
Retail loans:
                
Residential mortgages
                
Balance at beginning of period
  
$
196
 
  
$
424
 
  
$
840
 
  
$
1,460
 
   $ 165     $ 398     $ 645     $ 1,208  
Provision for credit losses
                
Remeasurement
(1)
  
 
(178
)
  
 
145
 
  
 
224
 
  
 
191
 
     (172 )      123       319       270  
Newly originated or purchased financial assets
  
 
32
 
  
 
–
 
  
 
–
 
  
 
32
 
     36       –       –       36  
Derecognition of financial assets and maturities
  
 
(6
)
  
 
(28
)
  
 
–
 
  
 
(34
)
     (6 )      (23 )      –       (29 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     (2 )      (14 )      9       (7 ) 
Transfer to (from):
                
Stage 1
  
 
201
 
  
 
(178
)
  
 
(23
)
  
 
–
 
     196       (156 )      (40 )      –  
Stage 2
  
 
(29
)
  
 
180
 
  
 
(151
)
  
 
–
 
     (33 )      189       (156 )      –  
Stage 3
  
 
–
 
  
 
(75
)
  
 
75
 
  
 
–
 
     –       (75 )      75       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(117
)
  
 
(117
)
     –       –       (91 )      (91 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
18
 
  
 
18
 
     –       –       19       19  
Foreign exchange and other movements
(
2
)
  
 
(7
)
  
 
(32
)
  
 
(16
)
  
 
(55
)
     1       5       18       24  
Balance at end of period
  
$
209
 
  
$
436
 
  
$
850
 
  
$
1,495
 
   $ 185     $ 447     $ 798     $ 1,430  
Personal loans
                
Balance at beginning of period
  
$
613
 
  
$
1,215
 
  
$
604
 
  
$
2,432
 
   $ 544     $ 1,154     $ 621     $ 2,319  
Provision for credit losses
                
Remeasurement
(1)
  
 
(473
)
  
 
687
 
  
 
1,057
 
  
 
1,271
 
     (464 )      797       1,079       1,412  
Newly originated or purchased financial assets
  
 
262
 
  
 
–
 
  
 
–
 
  
 
262
 
     288       –       –       288  
Derecognition of financial assets and maturities
  
 
(68
)
  
 
(85
)
  
 
–
 
  
 
(153
)
     (66 )      (110 )      –       (176 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     3       (33 )      5       (25 ) 
Transfer to (from):
                
Stage 1
  
 
445
 
  
 
(435
)
  
 
(10
)
  
 
–
 
     457       (445 )      (12 )      –  
Stage 2
  
 
(116
)
  
 
201
 
  
 
(85
)
  
 
–
 
     (160 )      249       (89 )      –  
Stage 3
  
 
(3
)
  
 
(335
)
  
 
338
 
  
 
–
 
     (6 )      (361 )      367       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(1,488
)
  
 
(1,488
)
     –       –       (1,583 )      (1,583 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
217
 
  
 
217
 
     –       –       230       230  
Foreign exchange and other movements
(
2
)
  
 
(82
)
  
 
(110
)
  
 
(77
)
  
 
(269
)
     (32 )      (28 )      (18 )      (78 ) 
Balance at end of period
  
$
578
 
  
$
1,138
 
  
$
556
 
  
$
2,272
 
   $ 564     $ 1,223     $ 600     $ 2,387  
Credit cards
                
Balance at beginning of period
  
$
338
 
  
$
1,017
 
  
$
–
 
  
$
1,355
 
   $ 288     $ 872     $ –     $ 1,160  
Provision for credit losses
                
Remeasurement
(1)
  
 
(189
)
  
 
466
 
  
 
600
 
  
 
877
 
     (218 )      571       652       1,005  
Newly originated or purchased financial assets
  
 
60
 
  
 
–
 
  
 
–
 
  
 
60
 
     99       –       –       99  
Derecognition of financial assets and maturities
  
 
(24
)
  
 
(20
)
  
 
–
 
  
 
(44
)
     (33 )      (32 )      –       (65 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       (10 )      –       (10 ) 
Transfer to (from):
                
Stage 1
  
 
223
 
  
 
(223
)
  
 
–
 
  
 
–
 
     269       (269 )      –       –  
Stage 2
  
 
(71
)
  
 
71
 
  
 
–
 
  
 
–
 
     (96 )      96       –       –  
Stage 3
  
 
–
 
  
 
(312
)
  
 
312
 
  
 
–
 
     –       (284 )      284       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(1,075
)
  
 
(1,075
)
     –       –       (1,106 )      (1,106 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
162
 
  
 
162
 
     –       –       164       164  
Foreign exchange and other movements
(
2
)
  
 
(74
)
  
 
(105
)
  
 
1
 
  
 
(178
)
     –       (3 )      6       3  
Balance at end of period
  
$
263
 
  
$
894
 
  
$
–
 
  
$
1,157
 
   $ 309     $ 941     $ –     $ 1,250  
Total retail loans
                
Balance at beginning of period
  
$
1,147
 
  
$
2,656
 
  
$
1,444
 
  
$
5,247
 
   $ 997     $ 2,424     $ 1,266     $ 4,687  
Provision for credit losses
                
Remeasurement
(1)
  
 
(840
)
  
 
1,298
 
  
 
1,881
 
  
 
2,339
 
     (854 )      1,491       2,050       2,687  
Newly originated or purchased financial assets
  
 
354
 
  
 
–
 
  
 
–
 
  
 
354
 
     423       –       –       423  
Derecognition of financial assets and maturities
  
 
(98
)
  
 
(133
)
  
 
–
 
  
 
(231
)
     (105 )      (165 )      –       (270 ) 
Changes in models and methodologies
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     1       (57 )      14       (42 ) 
Transfer to (from):
                
Stage 1
  
 
869
 
  
 
(836
)
  
 
(33
)
  
 
–
 
     922       (870 )      (52 )      –  
Stage 2
  
 
(216
)
  
 
452
 
  
 
(236
)
  
 
–
 
     (289 )      534       (245 )      –  
Stage 3
  
 
(3
)
  
 
(722
)
  
 
725
 
  
 
–
 
     (6 )      (720 )      726       –  
Gross write-offs
  
 
–
 
  
 
–
 
  
 
(2,680
)
  
 
(2,680
)
     –       –       (2,780 )      (2,780 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
397
 
  
 
397
 
     –       –       413       413  
Foreign exchange and other movements
(
2
)
  
 
(163
)
  
 
(247
)
  
 
(92
)
  
 
(502
)
     (31 )      (26 )      6       (51 ) 
Balance at end of period
  
$
1,050
 
  
$
2,468
 
  
$
1,406
 
  
$
4,924
 
   $  1,058     $  2,611     $  1,398     $  5,067  
Non-retail
loans:
                
Business and government
                
Balance at beginning of period
  
$
854
 
  
$
640
 
  
$
897
 
  
$
2,391
 
   $ 739     $ 508     $ 788     $ 2,035  
Provision for credit losses
                
Remeasurement
(1)
  
 
(205
)
  
 
248
 
  
 
900
 
  
 
943
 
     (52 )      259       603       810  
Newly originated or purchased financial assets
  
 
1,091
 
  
 
–
 
  
 
–
 
  
 
1,091
 
     983       –       –       983  
Derecognition of financial assets and maturities
  
 
(937
)
  
 
(209
)
  
 
(20
)
  
 
(1,166
)
     (856 )      (93 )      (28 )      (977 ) 
Changes in models and methodologies
  
 
82
 
  
 
49
 
  
 
–
 
  
 
131
 
     –       –       –       –  
Transfer to (from):
                
Stage 1
  
 
91
 
  
 
(91
)
  
 
–
 
  
 
–
 
     92       (92 )      –       –  
Stage 2
  
 
(46
)
  
 
46
 
  
 
–
 
  
 
–
 
     (59 )      62       (3 )      –  
Stage 3
  
 
–
 
  
 
(33
)
  
 
33
 
  
 
–
 
     (3 )      (23 )      26       –  
Gross write-offs  
 
–
 
  
 
–
 
  
 
(598
)
  
 
(598
)
     –       –       (513 )      (513 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
37
 
  
 
37
 
     –       –       47       47  
Foreign exchange and other movements
(
2
)
  
 
(47
)
  
 
(31
)
  
 
(144
)
  
 
(222
)
     1       1       (84 )      (82 ) 
Balance at end of period including
off-balance
sheet exposures
  
$
883
 
  
$
619
 
  
$
1,105
 
  
$
2,607
 
   $ 845     $ 622     $ 836     $ 2,303  
Less: Allowance for credit losses on
off-balance
sheet exposures
(
3
)
  
 
(150
)
  
 
(39
)
  
 
(13
)
  
 
(202
)
     (146 )      (27 )      –       (173 ) 
Balance at end of period
(
3
)
  
$
733
 
  
$
580
 
  
$
1,092
 
  
$
2,405
 
   $ 699     $ 595     $ 836     $ 2,130  
 
(1)
Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.
 
(2)
Includes impact of divested operations.
 
(3)
Allowance for credit losses on
off-balance
sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.
Summary of Carrying Value of Exposures by Risk Rating
  (d)
Carrying value of exposures by risk rating
 
Residential
mortgages
 
As at July 31, 2026
 
 
As at October 31, 2025
 
Category of PD grades

($ millions)
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
 
Stage 1
 
 
Stage 2
 
 
Stage 3
(1)
 
 
Total
 
Very low
  
$
220,338
 
  
$
2,979
 
  
$
–
 
  
$
223,317
 
   $ 219,905     $ 3,983     $ –     $ 223,888  
Low
  
 
85,951
 
  
 
3,410
 
  
 
–
 
  
 
89,361
 
     83,755       4,820       –       88,575  
Medium
  
 
15,788
 
  
 
10,129
 
  
 
–
 
  
 
25,917
 
     15,870       8,618       –       24,488  
High
  
 
2,400
 
  
 
5,844
 
  
 
–
 
  
 
8,244
 
     3,002       6,007       –       9,009  
Very high
  
 
7
 
  
 
2,941
 
  
 
–
 
  
 
2,948
 
     48       3,170       –       3,218  
Loans not graded
(2)
  
 
13,283
 
  
 
515
 
  
 
–
 
  
 
13,798
 
     16,937       1,173       –       18,110  
Default
  
 
–
 
  
 
–
 
  
 
3,058
 
  
 
3,058
 
     –       –       2,903       2,903  
Total
  
$
337,767
 
  
$
25,818
 
  
$
3,058
 
  
$
366,643
 
   $ 339,517     $ 27,771     $ 2,903     $ 370,191  
Allowance for credit losses
  
 
209
 
  
 
436
 
  
 
850
 
  
 
1,495
 
     196       424       840       1,460  
Carrying value
  
$
337,558
 
  
$
25,382
 
  
$
2,208
 
  
$
365,148
 
   $  339,321     $  27,347     $  2,063     $  368,731  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
Personal loans
  
As at July 31, 2026
     As at October 31, 2025  
Category of PD grades

($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Very low
  
$
31,474
 
  
$
150
 
  
$
–
 
  
$
31,624
 
   $ 31,009     $ 202     $ –     $ 31,211  
Low
  
 
21,269
 
  
 
734
 
  
 
–
 
  
 
22,003
 
     21,075       751       –       21,826  
Medium
  
 
13,037
 
  
 
38
 
  
 
–
 
  
 
13,075
 
     12,886       78       –       12,964  
High
  
 
8,797
 
  
 
5,366
 
  
 
–
 
  
 
14,163
 
     10,331       5,659       –       15,990  
Very high
  
 
45
 
  
 
2,163
 
  
 
–
 
  
 
2,208
 
     35       2,651       –       2,686  
Loans not graded
(2)
  
 
22,007
 
  
 
1,991
 
  
 
–
 
  
 
23,998
 
     22,465       2,354       –       24,819  
Default
  
 
–
 
  
 
–
 
  
 
945
 
  
 
945
 
     –       –       1,071       1,071  
Total
  
$
96,629
 
  
$
10,442
 
  
$
945
 
  
$
108,016
 
   $ 97,801     $ 11,695     $  1,071     $  110,567  
Allowance for credit losses
  
 
578
 
  
 
1,138
 
  
 
556
 
  
 
2,272
 
     613       1,215       604       2,432  
Carrying value
  
$
96,051
 
  
$
9,304
 
  
$
389
 
  
$
105,744
 
   $  97,188     $  10,480     $ 467     $ 108,135  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
Credit cards
  
As at July 31, 2026
     As at October 31, 2025  
Category of PD grades

($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
     Stage 1     Stage 2     Stage 3     Total  
Very low
  
$
2,687
 
  
$
1
 
  
$
–
 
  
$
2,688
 
   $ 2,646     $ 2     $ –     $ 2,648  
Low
  
 
2,819
 
  
 
3
 
  
 
–
 
  
 
2,822
 
     3,171       11       –       3,182  
Medium
  
 
4,289
 
  
 
17
 
  
 
–
 
  
 
4,306
 
     4,792       26       –       4,818  
High
  
 
2,325
 
  
 
1,802
 
  
 
–
 
  
 
4,127
 
     3,210       1,942       –       5,152  
Very high
  
 
12
 
  
 
1,166
 
  
 
–
 
  
 
1,178
 
     20       1,204       –       1,224  
Loans not graded
(1)
  
 
819
 
  
 
425
 
  
 
–
 
  
 
1,244
 
     582       439       –       1,021  
Default
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Total
  
$
12,951
 
  
$
3,414
 
  
$
–
 
  
$
16,365
 
   $ 14,421     $ 3,624     $ –     $ 18,045  
Allowance for credit losses
  
 
263
 
  
 
894
 
  
 
–
 
  
 
1,157
 
     338       1,017       –       1,355  
Carrying value
  
$
12,688
 
  
$
2,520
 
  
$
–
 
  
$
15,208
 
   $  14,083     $  2,607     $ –     $  16,690  
  (1)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
Undrawn loan
commitments –
Retail
  
As at July 31, 2026
     As at October 31, 2025  
Category of PD grades

($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
    
Total
     Stage 1     Stage 2     Stage 3     Total  
Very low
  
$
134,786
 
  
$
193
 
  
$
–
 
  
$
134,979
 
   $ 126,681     $ 255     $ –     $ 126,936  
Low
  
 
22,045
 
  
 
42
 
  
 
–
 
  
 
22,087
 
     22,102       71       –       22,173  
Medium
  
 
7,066
 
  
 
7
 
  
 
–
 
  
 
7,073
 
     9,569       13       –       9,582  
High
  
 
2,177
 
  
 
368
 
  
 
–
 
  
 
2,545
 
     4,047       631       –       4,678  
Very high
  
 
3
 
  
 
259
 
  
 
–
 
  
 
262
 
     14       351       –       365  
Loans not graded
(1)
  
 
9,451
 
  
 
2,235
 
  
 
–
 
  
 
11,686
 
     9,039       2,049       –       11,088  
Default
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Carrying value
  
$
175,528
 
  
$
3,104
 
  
$
–
 
  
$
178,632
 
   $  171,452     $  3,370     $ –     $  174,822  
  (1)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
 
Total retail loans
  
As at July 31, 2026
     As at October 31, 2025  
Category of PD grades

($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Very low
  
$
389,285
 
  
$
3,323
 
  
$
–
 
  
$
392,608
 
   $ 380,241     $ 4,442     $ –     $ 384,683  
Low
  
 
132,084
 
  
 
4,189
 
  
 
–
 
  
 
136,273
 
     130,103       5,653       –       135,756  
Medium
  
 
40,180
 
  
 
10,191
 
  
 
–
 
  
 
50,371
 
     43,117       8,735       –       51,852  
High
  
 
15,699
 
  
 
13,380
 
  
 
–
 
  
 
29,079
 
     20,590       14,239       –       34,829  
Very high
  
 
67
 
  
 
6,529
 
  
 
–
 
  
 
6,596
 
     117       7,376       –       7,493  
Loans not graded
(2)
  
 
45,560
 
  
 
5,166
 
  
 
–
 
  
 
50,726
 
     49,023       6,015       –       55,038  
Default
  
 
–
 
  
 
–
 
  
 
4,003
 
  
 
4,003
 
     –       –       3,974       3,974  
Total
  
$
622,875
 
  
$
42,778
 
  
$
4,003
 
  
$
669,656
 
   $ 623,191     $ 46,460     $ 3,974     $ 673,625  
Allowance for credit losses
  
 
1,050
 
  
 
2,468
 
  
 
1,406
 
  
 
4,924
 
     1,147       2,656       1,444       5,247  
Carrying value
  
$
621,825
 
  
$
40,310
 
  
$
2,597
 
  
$
664,732
 
   $  622,044     $  43,804     $  2,530     $  668,378  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
Business and
government loans
  
As at July 31, 2026
     As at October 31, 2025  
Grade
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Investment grade
  
$
148,716
 
  
$
892
 
  
$
–
 
  
$
149,608
 
   $ 138,789     $ 1,482     $ –     $ 140,271  
Non-investment
grade
  
 
120,397
 
  
 
6,026
 
  
 
–
 
  
 
126,423
 
     121,999       7,169       –       129,168  
Watch list
  
 
6
 
  
 
4,283
 
  
 
–
 
  
 
4,289
 
     7       4,468       –       4,475  
Loans not graded
(2)
  
 
2,717
 
  
 
25
 
  
 
–
 
  
 
2,742
 
     2,485       36       –       2,521  
Default
  
 
–
 
  
 
–
 
  
 
3,798
 
  
 
3,798
 
     –       –       3,270       3,270  
Total
  
$
271,836
 
  
$
11,226
 
  
$
3,798
 
  
$
286,860
 
   $ 263,280     $ 13,155     $ 3,270     $ 279,705  
Allowance for credit losses
  
 
733
 
  
 
580
 
  
 
1,092
 
  
 
2,405
 
     713       606       897       2,216  
Carrying value
  
$
271,103
 
  
$
10,646
 
  
$
2,706
 
  
$
284,455
 
   $  262,567     $  12,549     $  2,373     $  277,489  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
Undrawn loan
commitments–
Business and
government
  
As at July 31, 2026
     As at October 31, 2025  
Grade
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Investment grade
  
$
265,216
 
  
$
1,001
 
  
$
–
 
  
$
266,217
 
   $ 242,637     $ 1,101     $ –     $ 243,738  
Non-investment
grade
  
 
61,233
 
  
 
1,620
 
  
 
–
 
  
 
62,853
 
     60,136       1,841       –       61,977  
Watch list
  
 
–
 
  
 
788
 
  
 
–
 
  
 
788
 
     –       1,007       –       1,007  
Loans not graded
(2)
  
 
4,581
 
  
 
1
 
  
 
–
 
  
 
4,582
 
     4,593       1       –       4,594  
Default
  
 
–
 
  
 
–
 
  
 
73
 
  
 
73
 
     –       –       31       31  
Total
  
$
331,030
 
  
$
3,410
 
  
$
73
 
  
$
334,513
 
   $ 307,366     $ 3,950     $ 31     $ 311,347  
Allowance for credit losses
  
 
150
 
  
 
39
 
  
 
13
 
  
 
202
 
     141       34       –       175  
Carrying value
  
$
330,880
 
  
$
3,371
 
  
$
60
 
  
$
334,311
 
   $  307,225     $  3,916     $  31     $  311,172  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
 
Total
non-retail

loans
  
As at July 31, 2026
     As at October 31, 2025  
Grade
($ millions)
  
Stage 1
    
Stage 2
    
Stage 3
(1)
    
Total
     Stage 1     Stage 2     Stage 3
(1)
     Total  
Investment grade
  
$
413,932
 
  
$
1,893
 
  
$
–
 
  
$
415,825
 
   $ 381,426     $ 2,583     $ –     $ 384,009  
Non-investment
grade
  
 
181,630
 
  
 
7,646
 
  
 
–
 
  
 
189,276
 
     182,135       9,010       –       191,145  
Watch list
  
 
6
 
  
 
5,071
 
  
 
–
 
  
 
5,077
 
     7       5,475       –       5,482  
Loans not graded
(2)
  
 
7,298
 
  
 
26
 
  
 
–
 
  
 
7,324
 
     7,078       37       –       7,115  
Default
  
 
–
 
  
 
–
 
  
 
3,871
 
  
 
3,871
 
     –       –       3,301       3,301  
Total
  
$
602,866
 
  
$
14,636
 
  
$
3,871
 
  
$
621,373
 
   $ 570,646     $ 17,105     $ 3,301     $ 591,052  
Allowance for credit losses
  
 
883
 
  
 
619
 
  
 
1,105
 
  
 
2,607
 
     854       640       897       2,391  
Carrying value
  
$
601,983
 
  
$
14,017
 
  
$
2,766
 
  
$
618,766
 
   $  569,792     $  16,465     $  2,404     $  588,661  
  (1)
Stage 3 includes purchased or originated credit-impaired loans.
  (2)
Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.
Schedule of Loans Past Due But Not Impaired
  (e)
Loans past due but not impaired
(1)
A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are contractually past due but not classified as impaired. In cases where borrowers have opted to participate in payment deferral programs, deferral of payments is not considered past due and such loans are not aged further during the deferral period.
 
    
As at July 31, 2026
  
($ millions)
  
31-60

days
    
61-90

days
    
91 days
and greater
(2)
    
Total
  
Residential mortgages
  
$
1,413
 
  
$
644
 
  
$
–
 
  
$
2,057
 
Personal loans
  
 
558
 
  
 
268
 
  
 
–
 
  
 
826
 
Credit cards
  
 
215
 
  
 
157
 
  
 
360
 
  
 
732
 
Business and government
  
 
280
 
  
 
69
 
  
 
–
 
  
 
349
 
Total
  
$
2,466
 
  
$
1,138
 
  
$
360
 
  
$
3,964
 
     As at April 30, 2026  
($ millions)
  
31-60

days		    
61-90

days		     91 days
and greater
(2)
     Total  
Residential mortgages
   $ 1,352     $ 642     $ –     $ 1,994  
Personal loans
     580       283       –       863  
Credit cards
     232       162       361       755  
Business and government
     163       126       –       289  
Total
   $  2,327     $  1,213     $  361     $  3,901  
     As at October 31, 2025  
($ millions)
  
31-60

days		    
61-90

days		     91 days
and greater
(2)
     Total  
Residential mortgages
   $ 1,603     $ 767     $ –     $ 2,370  
Personal loans
     691       353       –       1,044  
Credit cards
     289       189       430       908  
Business and government
     238       104       –       342  
Total
   $ 2,821     $ 1,413     $ 430     $ 4,664  
  (1)
Loans up to 30 days past due are not presented in this analysis as they are not administratively considered past due.
  (2)
All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.
Summary of Purchased Credit Impaired Loans
  (f)
Purchased credit-impaired loans
Certain financial assets including loans are credit-impaired on initial recognition. The following table provides details of such assets:
 
  
  
As at
 
($ millions)
  
July 31
2026
 
  
April 30
2026
 
  
October 31
2025
 
Unpaid principal balance
(1)
   
$
206
 
    $ 204      $ 224  
Credit-related fair value adjustments
   
 
(19
)
      (19 )       (24 ) 
Carrying value
   
 
187
 
      185        200  
Stage 3 allowance
   
 
–
 
      –        (1 ) 
Carrying value net of related allowance
   
$
 187
 
    $  185      $  199  
  (1)
Represents principal amount owed net of write-offs.