v3.26.1
Securities
 9 Months Ended
Jul. 31, 2026
Text Block [Abstract]  
Securities
Note 4
 
Securities
Unrealized gains and losses on securities at FVOCI
(1), (2)
 
     As at    
   
July 31, 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
  
$
43,568
 
  
$
55
 
  
$
(18
)
  
$
43,605
 
     $ 39,827     $ 46     $ (7 )    $ 39,866  
Provincial and municipal
  
 
13,766
 
  
 
59
 
  
 
(75
)
  
 
13,750
 
       11,368       39       (89 )      11,318  
U.S. federal, state, municipal and agencies
  
 
156,344
 
  
 
884
 
  
 
(1,337
)
  
 
155,891
 
       131,385       622       (1,316 )      130,691  
Other OECD government
  
 
30,842
 
  
 
25
 
  
 
(17
)
  
 
30,850
 
       11,975       14       (56 )      11,933  
Mortgage-backed securities
  
 
2,962
 
  
 
8
 
  
 
(2
)
  
 
2,968
 
       2,674       7       (7 )      2,674  
Asset-backed securities
  
 
10,772
 
  
 
8
 
  
 
(6
)
  
 
10,774
 
       10,126       15       (2 )      10,139  
Corporate debt and other debt
  
 
30,910
 
  
 
147
 
  
 
(51
)
  
 
31,006
 
       33,602       122       (46 )      33,678  
Equities
  
 
834
 
  
 
830
 
  
 
(5
)
  
 
1,659
 
         832       669       (5 )      1,496  
   
$
289,998
 
  
$
2,016
 
  
$
 (1,511
)
  
$
290,503
 
       $ 241,789     $ 1,534     $ (1,528 )    $ 241,795  
 
(1)
Excludes $103,449 million of held-to-collect securities as at July 31, 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 July 31, 2026 (October 31, 2025 – $(40) million) recognized in income and Other components of equity.
Allowance for credit losses on investment securities
The following tables reconcile the opening and closing allowance for debt securities at FVOCI and amortized cost by stage. Reconciling items include the following:
•  
Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance.
•  
Purchases, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms.
•  
Sales and maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms.
•  
Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time.
 
Allowance for credit losses – Securities at FVOCI
(1)
 
  
 
For the three months ended
 
 
 
July 31, 2026
 
 
 
 
 
July 31, 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
) 
     $ 5     $ –       $ (40 )    $ (35 ) 
Provision for credit losses
                      
Transfers to stage 1
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 2
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 3
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Purchases
  
 
2
 
  
 
–
 
    
 
–
 
  
 
2
 
       1       –         –       1  
Sales and maturities
  
 
(1
) 
  
 
–
 
    
 
–
 
  
 
(1
) 
       (1 )      –         –       (1 ) 
Changes in risk, parameters and exposures
  
 
(1
) 
  
 
–
 
    
 
(1
) 
  
 
(2
) 
       –       –         (4 )      (4 ) 
Exchange rate and other
  
 
2
  
 
–
 
          
 
(1
) 
  
 
1
 
             (1 )      –               1       –  
Balance at end of period
  
$
7
 
  
$
–
 
          
$
(45
)
  
$
(38
)
           $ 4     $ –             $ (43 )    $ (39 ) 
 
     For the nine months ended  
   
July 31, 2026
           July 31, 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
  
 
6
 
  
 
–
 
    
 
–
 
  
 
6
 
       5       –         –       5  
Sales and maturities
  
 
(3
)
  
 
–
 
    
 
–
 
  
 
(3
)
       (3 )      –         –       (3 ) 
Changes in risk, parameters and exposures
  
 
(2
)
  
 
–
 
    
 
(4
)
  
 
(6
)
       (4 )      –         (8 )      (12 ) 
Exchange rate and other
  
 
1
  
 
–
 
          
 
4
 
  
 
5
 
             –       –               6       6  
Balance at end of period
  
$
7
 
  
$
–
 
          
$
(45
)
  
$
(38
)
           $ 4     $ –             $ (43 )    $ (39 ) 
 
(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
 
 
 
July 31, 2026
 
 
 
 
July 31, 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
  
$
11
 
  
$
6
 
    
$
–
 
  
$
17
 
     $ 6     $ 8       $ –     $ 14  
Provision for credit losses
                      
Transfers to stage 1
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 2
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Transfers to stage 3
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Purchases
  
 
3
 
  
 
–
 
    
 
–
 
  
 
3
 
       3       –         –       3  
Sales and maturities
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Changes in risk, parameters and exposures
  
 
(1
)
  
 
(2
)
    
 
–
 
  
 
(3
)
       (3 )      –         –       (3 ) 
Exchange rate and
other
  
 
(1
)
  
 
1
 
          
 
–
 
  
 
–
 
           1       (1 )              –       –  
Balance at end of period
  
$
      12
 
  
$
    5
 
          
$
    –
 
  
$
      17
 
         $        7     $    7             $    –     $        14  
 
  
 
For the nine months ended
 
 
 
July 31, 2026
 
 
 
 
 
July 31, 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
  
 
9
 
  
 
–
 
    
 
–
 
  
 
9
 
       5       –         –       5  
Sales and maturities
  
 
–
 
  
 
–
 
    
 
–
 
  
 
–
 
       –       –         –       –  
Changes in risk, parameters and exposures
  
 
(3
)
  
 
(3
)
    
 
–
 
  
 
(6
)
       (4 )      (1 )        –       (5 ) 
Exchange rate and other
  
 
(2
)
  
 
2
 
          
 
–
 
  
 
–
 
             –       –               –       –  
Balance at end of period
  
$
      12
 
  
$
    5
 
          
$
    –
 
  
$
      17
 
           $        7     $    7             $    –     $        14  
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    
 
 
 
July 31, 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
  
$
 287,851
 
  
$
  –
 
    
$
  –
 
  
$
 287,851
 
     $ 239,375     $ –       $ –     $ 239,375  
Non-investment grade
  
 
867
 
  
 
4
 
    
 
–
 
  
 
871
 
       786       4         –       790  
Impaired
  
 
–
 
  
 
–
 
          
 
122
 
  
 
122
 
             –       –               134       134  
 
 
288,718
 
  
 
4
 
    
 
122
 
  
 
288,844
 
       240,161       4          134       240,299  
Items not subject to impairment
(2)
                                  
 
1,659
 
                                             1,496  
                                   
$
290,503
 
                                           $   241,795  
Securities at amortized cost
                      
Investment grade
  
$
102,154
 
  
$
–
 
    
$
–
 
  
$
102,154
 
     $ 99,673     $ –       $ –     $ 99,673  
Non-investment grade
  
 
1,197
 
  
 
115
 
          
 
–
 
  
 
1,312
 
             1,098       169               –       1,267  
 
 
103,351
 
  
 
115
 
    
 
–
 
  
 
103,466
 
       100,771       169         –       100,940  
Allowance for credit losses
  
 
12
 
  
 
5
 
          
 
–
 
  
 
17
 
             8       6               –       14  
   
$
103,339
 
  
$
110
 
          
$
–
 
  
$
103,449
 
           $  100,763     $  163             $ –     $ 100,926  

(1)
Reflects $122 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.