v3.26.1
Equity
 9 Months Ended
Jul. 31, 2026
Equity [Abstract]  
Equity
NOTE 12: EQUITY
On June 11, 2026, the Bank issued $
1.25
 
billion of NVCC Additional Tier 1 Limited
 
Recourse Capital Notes Series 7 (Series
 
7 LRCNs). The Series 7 LRCNs will
bear interest at a rate of
5.918
 
per cent annually, payable quarterly, for the initial period ending on, but excluding,
 
July 31, 2031. Thereafter, the interest rate on the
LRCNs will reset every
five years
 
at a rate equal to the prevailing 5-year Government
 
of Canada Yield plus
2.85
 
per cent. The LRCNs will mature
 
on
July 31, 2086
.
Concurrently with the issuance of the LRCNs,
 
the Bank issued
1,250,000
 
Non-Cumulative 5-Year Fixed Rate Reset NVCC Preferred Shares, Series
 
34 (Preferred
Shares Series 34). The Preferred Shares
 
Series 34 are eliminated on the Bank’s Consolidated
 
Financial Statements. With prior approval of OSFI,
 
the Bank may,
at its option, redeem the notes on or after
 
July 31, 2031, in whole or in part, at par
 
plus accrued and unpaid interest on not more
 
than
60
 
nor less than
10
 
days'
notice to holders.
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 nine months ended July 31, 2026 and
 
July 31, 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 nine months ended
 
July 31, 2026
July 31, 2025
July 31, 2026
July 31, 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
1,652,420
$
24,309
1,722,791
$
25,136
1,689,496
$
24,727
1,750,272
$
25,373
Proceeds from shares issued on exercise
of stock options
580
52
852
62
2,276
202
1,797
131
Shares issued as a result of dividend
reinvestment plan
–
–
–
–
–
–
1,575
130
Purchase of shares for cancellation and other
(14,489)
(212)
(15,530)
(227)
(53,261)
(780)
(45,531)
(663)
Balance as at end of period – common shares
1,638,511
$
24,149
1,708,113
$
24,971
1,638,511
$
24,149
1,708,113
$
24,971
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
–
–
(14,000)
(350)
–
–
(34,000)
(850)
Balance as at end of period
49,650
$
2,850
57,650
$
3,050
49,650
$
2,850
57,650
$
3,050
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
1,250
1,250
–
–
1,250
1,250
750
750
Balance as at end of period
8,501
$
10,025
6,501
$
7,738
8,501
$
10,025
6,501
$
7,738
Balance as at end of period – preferred
 
shares
and other equity instruments
58,151
$
12,875
64,151
$
10,788
58,151
$
12,875
64,151
$
10,788
Treasury – common shares
2
Balance as at beginning of period
369
$
(60)
313
$
(26)
–
$
–
213
$
(17)
Purchase of shares
 
18,436
(2,949)
33,496
(3,222)
67,352
(9,162)
112,437
(9,606)
Sale of shares
(18,691)
2,990
(32,900)
3,156
(67,238)
9,143
(111,741)
9,531
Balance as at end of period – treasury
– common shares
114
$
(19)
909
$
(92)
114
$
(19)
909
$
(92)
Treasury – preferred shares and
other equity instruments
2
Balance as at beginning of period
25
$
(14)
141
$
(28)
29
$
(4)
163
$
(18)
Purchase of shares and other equity instruments
 
1,671
(2,022)
705
(73)
2,240
(2,537)
4,147
(1,460)
Sale of shares and other equity instruments
(1,595)
1,990
(779)
99
(2,168)
2,495
(4,243)
1,476
Balance as at end of period – treasury
– preferred shares and other equity
 
instruments
101
$
(46)
67
$
(2)
101
$
(46)
67
$
(2)
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 August 26, 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 October 31, 2026,
 
payable on and after October 31, 2026,
 
to shareholders of record at the close
 
of business on October 9, 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 nine months ended July
 
31, 2026, the Bank satisfied the DRIP requirements
 
through open market common share purchases.
 
During the
three months ended July 31,
 
2025, the Bank satisfied the DRIP requirements
 
through open market common share purchases.
 
During the nine months ended
July 31, 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
 
six 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 July 31,
 
2026, the Bank repurchased
37.7
 
million shares under the program, at an average
 
price of $
143.31
 
per share for a
total amount of $
5.4
 
billion. During the three months ended
 
July 31, 2026, the Bank repurchased and
 
cancelled approximately
14.5
 
million shares under the 2026
NCIB program, for a total of $
2.4
 
billion.