v3.26.1
Fair value of financial instruments (Tables)
 9 Months Ended
Jul. 31, 2026
Text Block [Abstract]  
Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument
    
As at July 31, 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
  
$
–
 
  
$
40,521
 
  
$
–
 
  
$
–
 
      
$
9,913
 
      
$
9,913
 
  
$
50,434
 
  
$
50,434
 
Securities
                    
Trading
  
 
244,630
 
  
 
7,580
 
  
 
–
 
  
 
–
 
    
 
–
 
    
 
–
 
  
 
252,210
 
  
 
252,210
 
Investment, net of applicable allowance
  
 
–
 
  
 
–
 
  
 
288,844
 
  
 
1,659
 
      
 
103,449
 
      
 
100,270
 
  
 
393,952
 
  
 
390,773
 
   
 
244,630
 
  
 
7,580
 
  
 
288,844
 
  
 
1,659
 
      
 
103,449
 
      
 
100,270
 
  
 
646,162
 
  
 
642,983
 
Assets purchased under reverse repurchase agreements and securities borrowed
  
 
236,944
 
  
 
–
 
  
 
–
 
  
 
–
 
      
 
77,094
 
      
 
77,110
 
  
 
314,038
 
  
 
314,054
 
Loans, net of applicable allowance
                    
Retail
  
 
1,382
 
  
 
–
 
  
 
433
 
  
 
–
 
    
 
675,904
 
    
 
674,294
 
  
 
677,719
 
  
 
676,109
 
Wholesale
  
 
12,544
 
  
 
–
 
  
 
683
 
  
 
–
 
      
 
417,784
 
      
 
417,258
 
  
 
431,011
 
  
 
430,485
 
   
 
13,926
 
  
 
–
 
  
 
1,116
 
  
 
–
 
      
 
1,093,688
 
      
 
1,091,552
 
  
 
1,108,730
 
  
 
1,106,594
 
Other
                    
Derivatives
  
 
162,386
 
  
 
–
 
  
 
–
 
  
 
–
 
    
 
–
 
    
 
–
 
  
 
162,386
 
  
 
162,386
 
Other assets
(1)
  
 
19,807
 
  
 
–
 
  
 
–
 
  
 
–
 
      
 
64,457
 
      
 
64,457
 
  
 
84,264
 
  
 
84,264
 
Financial liabilities
                    
Deposits
                    
Personal
  
$
1,190
 
  
$
45,087
 
        
$
492,341
 
    
$
492,732
 
  
$
538,618
 
  
$
539,009
 
Business and government
(2)
  
 
496
 
  
 
190,637
 
        
 
835,786
 
    
 
836,967
 
  
 
1,026,919
 
  
 
1,028,100
 
Bank
(3)
  
 
–
 
  
 
4,195
 
                      
 
74,841
 
      
 
74,837
 
  
 
79,036
 
  
 
79,032
 
   
 
1,686
 
  
 
239,919
 
                      
 
1,402,968
 
      
 
1,404,536
 
  
 
1,644,573
 
  
 
1,646,141
 
Other
                    
Obligations related to securities sold short
  
 
59,405
 
  
 
–
 
        
 
–
 
    
 
–
 
  
 
59,405
 
  
 
59,405
 
Obligations related to assets sold under repurchase agreements and securities loaned
  
 
–
 
  
 
269,759
 
        
 
55,426
 
    
 
55,426
 
  
 
325,185
 
  
 
325,185
 
Derivatives
  
 
167,038
 
  
 
–
 
        
 
–
 
    
 
–
 
  
 
167,038
 
  
 
167,038
 
Other liabilities
(4)
  
 
–
 
  
 
20,198
 
        
 
66,306
 
    
 
66,292
 
  
 
86,504
 
  
 
86,490
 
Subordinated debentures
  
 
–
 
  
 
217
 
        
 
13,363
 
    
 
13,441
 
  
 
13,580
 
  
 
13,658
 
                                                     
 
     As at October 31, 2025  
    Carrying value and fair value         Carrying value         Fair value              
(Millions of Canadian dollars)  
Financia
l
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.
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy
Fair value of as
set
s and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy
 
        As at  
   
July 31, 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
  
$
–
 
  
$
40,521
 
  
$
–
 
  
$
 
 
  
$
40,521
 
       $ –     $ 40,455     $ –     $       $ 40,455  
Securities
                      
Trading
                      
Debt issued or guaranteed by:
                      
Canadian government
                      
Federal
  
 
21,400
 
  
 
3,169
 
  
 
–
 
    
 
24,569
 
       17,707       2,864       –         20,571  
Provincial and municipal
  
 
–
 
  
 
23,529
 
  
 
–
 
    
 
23,529
 
       –       16,891       –         16,891  
U.S. federal, state, municipal and agencies
(1)
  
 
1,647
 
  
 
53,493
 
  
 
–
 
    
 
55,140
 
       435       40,322       –         40,757  
Other OECD government
(2)
  
 
7,636
 
  
 
10,310
 
  
 
–
 
    
 
17,946
 
       7,152       7,265       –         14,417  
Mortgage-backed securities
  
 
–
 
  
 
77
 
  
 
–
 
    
 
77
 
       –       74       –         74  
Asset-backed securities
  
 
–
 
  
 
2,119
 
  
 
–
 
    
 
2,119
 
       –       1,295       –         1,295  
Corporate debt and other debt
  
 
–
 
  
 
31,716
 
  
 
18
 
    
 
31,734
 
       –       25,957       32         25,989  
Equities
  
 
88,813
 
  
 
4,763
 
  
 
3,520
 
          
 
97,096
 
         93,397       2,813       2,863               99,073  
   
 
119,496
 
  
 
129,176
 
  
 
3,538
 
          
 
252,210
 
         118,691       97,481       2,895               219,067  
Investment
                      
Debt issued or guaranteed by:
                      
Canadian government
                      
Federal
  
 
29,063
 
  
 
14,542
 
  
 
–
 
    
 
43,605
 
       30,110       9,756       –         39,866  
Provincial and municipal
  
 
–
 
  
 
13,750
 
  
 
–
 
    
 
13,750
 
       –       11,318       –         11,318  
U.S. federal, state, municipal and agencies
(1)
  
 
–
 
  
 
155,891
 
  
 
–
 
    
 
155,891
 
       196       130,495       –         130,691  
Other OECD government
(2)
  
 
8,709
 
  
 
22,141
 
  
 
–
 
    
 
30,850
 
       1,600       10,333       –         11,933  
Mortgage-backed securities
  
 
–
 
  
 
2,937
 
  
 
31
 
    
 
2,968
 
       –       2,645       29         2,674  
Asset-backed securities
  
 
–
 
  
 
10,774
 
  
 
–
 
    
 
10,774
 
       –       10,139       –         10,139  
Corporate debt and other debt
  
 
–
 
  
 
30,884
 
  
 
122
 
    
 
31,006
 
       –       33,544       134         33,678  
Equities
  
 
638
 
  
 
349
 
  
 
672
 
          
 
1,659
 
         547       367       582               1,496  
   
 
38,410
 
  
 
251,268
 
  
 
825
 
          
 
290,503
 
         32,453       208,597       745               241,795  
Assets purchased under reverse repurchase agreements and securities borrowed
  
 
–
 
  
 
236,944
 
  
 
–
 
    
 
236,944
 
       –       226,213       –         226,213  
Loans
  
 
–
 
  
 
12,853
 
  
 
2,189
 
    
 
15,042
 
       –       10,710       1,274         11,984  
Other
                      
Derivatives
                      
Interest rate contracts
  
 
–
 
  
 
28,653
 
  
 
234
 
    
 
28,887
 
       –       25,871       293         26,164  
Foreign exchange contracts
  
 
–
 
  
 
72,065
 
  
 
51
 
    
 
72,116
 
       –       100,604       102         100,706  
Credit derivatives
  
 
–
 
  
 
381
 
  
 
–
 
    
 
381
 
       –       350       2         352  
Other contracts
  
 
5,666
 
  
 
57,555
 
  
 
135
 
    
 
63,356
 
       11,478       41,543       110         53,131  
Valuation adjustments
  
 
–
 
  
 
(942
)
  
 
(37
)
          
 
(979
)
         –       (1,035 )      (45 )              (1,080 ) 
Total gross derivatives
  
 
5,666
 
  
 
157,712
 
  
 
383
 
    
 
163,761
 
       11,478       167,333       462         179,273  
Netting adjustments
                          
 
(1,375)
 
  
 
(1,375
) 
                                 (2,067)       (2,067 ) 
Total derivatives
          
 
162,386
 
               177,206  
Other assets
  
 
6,796
 
  
 
13,010
 
  
 
1
 
          
 
19,807
 
         6,108       8,270       4               14,382  
   
$
170,368
 
  
$
841,484
 
  
$
6,936
 
  
$
(1,375)
 
  
$
1,017,413
 
       $  168,730     $ 759,059     $ 5,380     $ (2,067)     $ 931,102  
Financial liabilities
                      
Deposits
                      
Personal
  
$
–
 
  
$
46,049
 
  
$
228
 
  
$
 
 
  
$
46,277
 
     $ –     $ 41,943     $ 301     $       $ 42,244  
Business and government
  
 
–
 
  
 
191,133
 
  
 
–
 
    
 
191,133
 
       –       169,003       –         169,003  
Bank
  
 
–
 
  
 
4,195
 
  
 
–
 
    
 
4,195
 
       –       2,908       –         2,908  
Other
                      
Obligations related to securities sold short
  
 
18,090
 
  
 
41,315
 
  
 
–
 
    
 
59,405
 
       18,678       31,213       –         49,891  
Obligations related to assets sold under repurchase agreements and securities loaned
  
 
–
 
  
 
269,759
 
  
 
–
 
    
 
269,759
 
       –       242,916       –         242,916  
Derivatives
                      
Interest rate contracts
  
 
–
 
  
 
25,137
 
  
 
948
 
    
 
26,085
 
       –       20,679       901         21,580  
Foreign exchange contracts
  
 
–
 
  
 
67,353
 
  
 
27
 
    
 
67,380
 
       –       95,045       46         95,091  
Credit derivatives
  
 
–
 
  
 
276
 
  
 
–
 
    
 
276
 
       –       262       –         262  
Other contracts
  
 
5,348
 
  
 
69,030
 
  
 
390
 
    
 
74,768
 
       12,657       56,287       366         69,310  
Valuation adjustments
  
 
–
 
  
 
(95
)
  
 
(1
)
          
 
(96
)
         –       (257 )      34               (223 ) 
Total gross derivatives
  
 
5,348
 
  
 
161,701
 
  
 
1,364
 
    
 
168,413
 
       12,657       172,016       1,347         186,020  
Netting adjustments
                          
 
(1,375)
 
  
 
(1,375
) 
                                 (2,067)       (2,067 ) 
Total derivatives
          
 
167,038
 
               183,953  
Other liabilities
  
 
–
 
  
 
20,198
 
  
 
–
 
    
 
20,198
 
       –       21,688       –         21,688  
Subordinated debentures
  
 
–
 
  
 
217
 
  
 
–
 
          
 
217
 
         –       232       –               232  
   
$
23,438
 
  
$
734,567
 
  
$
1,592
 
  
$
(1,375)
 
  
$
758,222
 
       $ 31,335     $  681,919     $  1,648     $ (2,067)     $  712,835  
 
(1)
United States (U.S.).
(2)
Organisation for Economic Co-operation and Development (OECD).
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3
Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3
 
    
For the three months ended July 31, 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
  
$
17
 
  
$
–
 
  
$
–
 
  
$
1
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
18
 
  
$
–
 
Equities
  
 
3,009
 
  
 
3
 
  
 
54
 
  
 
492
 
  
 
(48
)
  
 
10
 
  
 
–
 
  
 
3,520
 
  
 
6
   
 
3,026
 
  
 
3
 
  
 
54
 
  
 
493
 
  
 
(48
)
  
 
10
 
  
 
–
 
  
 
3,538
 
  
 
6
Investment
                  
Mortgage-backed securities
  
 
29
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
31
 
  
 
–
 
Corporate debt and other debt
  
 
123
 
  
 
1
 
  
 
2
 
  
 
–
 
  
 
(4
) 
  
 
–
 
  
 
–
 
  
 
122
 
  
 
1
 
Equities
  
 
589
 
  
 
21
 
  
 
70
 
  
 
13
 
  
 
(21
)
  
 
–
 
  
 
–
 
  
 
672
 
  
 
21
 
   
 
741
 
  
 
22
 
  
 
74
 
  
 
13
 
  
 
(25
)
  
 
–
 
  
 
–
 
  
 
825
 
  
 
22
 
Loans
  
 
1,835
 
  
 
(17
)
  
 
10
 
  
 
646
 
  
 
(58
)
  
 
–
 
  
 
(227
)
 
  
 
2,189
 
  
 
(15
)
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
  
 
(649
)
  
 
(36
)
  
 
–
 
  
 
(4
)
  
 
(23
)
  
 
2
 
  
 
(4
)
  
 
(714
)
  
 
(35
)
Foreign exchange contracts
  
 
(42
)
  
 
60
 
  
 
(2
)
  
 
9
 
  
 
(15
)
 
  
 
–
 
  
 
14
 
  
 
24
 
  
 
59
 
Credit derivatives
  
 
1
 
  
 
(1
)
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(1
)
 
Other contracts
  
 
(273
)
  
 
(43
)
  
 
(9
)
  
 
9
 
  
 
36
 
  
 
(62
)
  
 
87
 
  
 
(255
)
  
 
(20
)
Valuation adjustments
  
 
(72
)
  
 
–
 
  
 
–
 
  
 
–
  
 
36
 
  
 
–
 
  
 
–
 
  
 
(36
)
  
 
–
 
Other assets
  
 
2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(1
) 
  
 
–
 
  
 
–
 
  
 
1
 
  
 
–
 
   
$
4,569
 
  
$
(12
)
  
$
127
 
  
$
1,166
 
  
$
(98
)
  
$
(50
)
  
$
(130
)
  
$
5,572
 
  
$
16
 
Liabilities
                  
Deposits
  
$
(188
)
  
$
(11
)
  
$
(1
)
 
  
$
(67
)
  
$
38
 
  
$
(80
)
  
$
81
 
  
$
(228
)
  
$
(9
) 
 
$
(188
)
  
$
(11
)
  
$
(1
)
 
  
$
(67
)
  
$
38
 
  
$
(80
)
  
$
81
 
  
$
(228
)
  
$
(9
) 
                                                       
 
     For the three mont
hs en
ded July 31, 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     $ –     $ –     $ 3     $ (3 )    $ 51     $ –     $ 83     $ –  
Equities
     2,655       (104 )      6       159       (31 )      1       (8 )      2,678       (81 ) 
      2,687       (104 )      6       162       (34 )      52       (8 )      2,761       (81 ) 
Investment
                  
Mortgage-backed securities
     31       –       (2 )      –       –       –       –       29       n.s.
Corporate debt and other debt
     134       –       3       –       (3 )      –       –       134       n.s.
Equities
     570       –       5       –       (1 )      –       –       574       n.s.
      735       –       6       –       (4 )      –       –       737       n.s.
Loans
     1,207       (63 )      (3 )      20       (1 )      –       (11 )      1,149       (62 ) 
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
     (522 )      (68 )      1       34       (42 )      (28 )      (21 )      (646 )      (81 ) 
Foreign exchange contracts
     (53 )      7       (1 )      1       –       –       –       (46 )      7  
Credit derivatives
     –       –       –       –       –       –       –       –       –  
Other contracts
     (392 )      (48 )      (2 )      (22 )      (7 )      (27 )      202       (296 )      (34 ) 
Valuation adjustments
     25       –       –       –       (7 )      –       –       18       –  
Other assets
     5       –       –       –       (1 )      –       –       4       –  
    $ 3,692     $ (276 )    $ 7     $ 195     $ (96 )    $ (3 )    $ 162     $ 3,681     $ (251 ) 
Liabilities
                  
Deposits
   $ (542 )    $ (51 )    $ (1 )    $ (208 )    $ 27     $ (61 )    $ 267     $ (569 )    $ (32 ) 
    $ (542 )    $ (51 )    $ (1 )    $ (208 )    $ 27     $ (61 )    $ 267     $ (569 )    $ (32 ) 
                 
    
For the nine months ended July 31, 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
)
  
$
2
 
  
$
(1
)
  
$
–
 
  
$
(13
) 
  
$
18
 
  
$
–
 
Equities
  
 
2,863
 
  
 
(43
)
  
 
5
 
  
 
823
 
  
 
(166
)
  
 
38
 
  
 
–
 
  
 
3,520
 
  
 
(23
)
   
 
2,895
 
  
 
(44
)
  
 
4
 
  
 
825
 
  
 
(167
)
  
 
38
 
  
 
(13
) 
  
 
3,538
 
  
 
(23
)
Investment
                  
Mortgage-backed securities
  
 
29
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
31
 
  
 
–
 
Corporate debt and other debt
  
 
134
 
  
 
3
 
  
 
(3
)
  
 
–
 
  
 
(12
)
  
 
–
 
  
 
–
 
  
 
122
 
  
 
2
 
Equities
  
 
582
 
  
 
21
 
  
 
78
 
  
 
15
 
  
 
(24
)
  
 
–
 
  
 
–
 
  
 
672
 
  
 
18
 
   
 
745
 
  
 
24
 
  
 
77
 
  
 
15
 
  
 
(36
)
  
 
–
 
  
 
–
 
  
 
825
 
  
 
20
 
Loans
  
 
1,274
 
  
 
(95
)
  
 
4
 
  
 
1,194
 
  
 
(60
)
  
 
106
 
  
 
(234
)
  
 
2,189
 
  
 
(118
)
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
  
 
(608
) 
  
 
(69
)
  
 
–
 
  
 
9
 
  
 
(20
)
  
 
2
 
  
 
(28
)
  
 
(714
)
  
 
(62
)
Foreign exchange contracts
  
 
56
 
  
 
(65
)
  
 
(2
) 
  
 
(40
)
  
 
32
 
  
 
10
 
  
 
33
 
  
 
24
  
 
57
 
Credit derivatives
  
 
2
 
  
 
(2
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(1
) 
Other contracts
  
 
(256
) 
  
 
(48
)
  
 
(3
)
  
 
(7
)
  
 
44
 
  
 
(171
)
  
 
186
 
  
 
(255
)
  
 
(99
)
Valuation adjustments
  
 
(79
) 
  
 
–
 
  
 
–
 
  
 
(29
) 
  
 
72
 
  
 
–
 
  
 
–
 
  
 
(36
)
  
 
–
 
Other assets
  
 
4
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(3
)
  
 
–
 
  
 
–
 
  
 
1
 
  
 
–
 
   
$
4,033
 
  
$
(299
)
  
$
80
  
$
1,967
 
  
$
(138
)
  
$
(15
)
  
$
(56
)
  
$
5,572
 
  
$
(226
)
Liabilities
                  
Deposits
  
$
(301
)
  
$
(26
)
  
$
2
 
  
$
(180
)
  
$
95
 
  
$
(297
)
  
$
479
 
  
$
(228
)
  
$
(13
) 
 
$
(301
)
  
$
(26
)
  
$
2
 
  
$
(180
)
  
$
95
 
  
$
(297
)
  
$
479
 
  
$
(228
)
  
$
(13
) 
                                                       
 
     For the nine months ended July 31, 2025  
(Millions of Canadian dollars)   Fair value
at beginning
of period		     Gains (losses)
included
in earnings		     Gains (losses)
included in
OCI (1)		     Purchases
(issuances)		    
Settlemen
t
(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
   $ –     $ –     $ –     $ 3     $ (3 )    $ 83     $ –     $ 83     $ –  
Equities
     2,544       (174 )      (8 )      493       (171 )      2       (8 )      2,678       (129 ) 
      2,544       (174 )      (8 )      496       (174 )      85       (8 )      2,761       (129 ) 
Investment
                  
Mortgage-backed securities
     31       –       (2 )      –       –       –       –       29       n.s.
Corporate debt and other debt
     143       –       5       –       (14 )      –       –       134       n.s.
Equities
     506       –       40       32       (4 )      –       –       574       n.s.
      680       –       43       32       (18 )      –       –       737       n.s.
Loans
     1,781       32       (3 )      161       (815 )      7       (14 )      1,149       (43 ) 
Other
                  
Net derivative balances
(3)
                  
Interest rate contracts
     (493 )      (103 )      3       (5 )      (37 )      (19 )      8       (646 )      (115 ) 
Foreign exchange contracts
     (51 )      (4 )      2       2       (1 )      –       6       (46 )      (16 ) 
Credit derivatives
     –       –       –       –       –       –       –       –       –  
Other contracts
     (303 )      32       1       (34 )      –       (301 )      309       (296 )      75  
Valuation adjustments
     18       –       –       6       (6 )      –       –       18       –  
Other assets
     7       –       –       –       (3 )      –       –       4       –  
    $ 4,183     $ (217 )    $ 38     $ 658     $ (1,054 )    $ (228 )    $ 301     $ 3,681     $ (228 ) 
Liabilities
                  
Deposits
   $ (478 )    $ (42 )    $ –     $ (609 )    $ 115     $ (271 )    $ 716     $ (569 )    $ 14  
    $ (478 )    $ (42 )    $ –     $ (609 )    $ 115     $ (271 )    $ 716     $ (569 )    $ 14  
 
(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 $62
million 
for the three months ended July 31, 2026 (July 31, 2025 – gains of $2 million) and gains of $78 million for the nine months ended July 31, 2026 (July 31, 2025 – gains of $33 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 July 31, 2026 included derivative assets of $383
million 
(July 31, 2025 – $353 million) and derivative liabilities of $1,364
 
million 
(July 31, 2025 – $1,323 million).
n.s.
not significant
Summary of Net Interest Income From Financial Instruments
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 nine months ended  
(Millions of Canadian dollars)
  
July 31
2026
    
July 31
2025
           
July 31
2026
    
July 31
2025
  
Interest and dividend income
(1), (2)
          
Financial instruments measured at fair value through profit or loss
  
$
7,768
 
  
$
7,679
 
    
$
22,688
 
  
$
 
22,932
 
Financial instruments measured at fair value through other comprehensive income
  
 
2,475
 
  
 
2,240
 
    
 
7,050
 
  
 
6,395
 
Financial instruments measured at amortized cost
  
 
16,342
 
  
 
16,191
 
          
 
47,973
 
  
 
48,208
 
   
 
26,585
 
  
 
26,110
 
          
 
77,711
 
  
 
77,535
 
Interest expense
(1)
          
Financial instruments measured at fair value through profit or loss
  
$
7,947
 
  
$
7,623
 
    
$
23,050
 
  
$
22,985
 
Financial instruments measured at amortized cost
  
 
9,894
 
  
 
 
10,136
 
          
 
28,826
 
  
 
30,195
 
   
 
17,841
 
  
 
17,759
 
          
 
51,876
 
  
 
53,180
 
Net interest income
  
$
8,744
 
  
$
8,351
 
          
$
25,835
 
  
$
24,355
 
 
(1)   Excludes interest and dividend income for the three months ended July 31, 2026 of $303 million (July 31, 2025 – $300 million) and for the nine months ended July 31, 2026 of $987 million (July 31, 2025 – $957 million), and interest expense for the three months ended July 31, 2026 of $40
million 
(July 31, 2025 – $52 million) and for the nine months ended July 31, 2026 of $116 million (July 31, 2025 – $170 million) presented in Insurance investment result in the Interim Condensed Consolidated Statements of Income.
(2)   Includes dividend income for the three months ended July 31, 2026 of $890
million
(July 31, 2025 – $905 million) and for the nine months ended July 31, 2026 of $2,700 million (July 31, 2025 – $2,904 million) presented in Interest and dividend income in the Interim Condensed Consolidated Statements of Income.