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Securities
 6 Months Ended
Apr. 30, 2021
Text block [abstract]  
Securities
Note 5.    Securities
Securities
 
$ millions, as at  
2021
Apr. 30
   2020
Oct. 31		 
    Carrying amount 
Debt securities measured at FVOCI
  
$
48,744
 
  $53,968 
Equity securities designated at FVOCI
  
 
685
 
   585 
Securities measured at amortized cost
(1)
  
 
32,848
 
   31,800 
Securities mandatorily measured and designated at FVTPL
  
 
72,845
 
   62,693 
   
$
    155,122
 
  $    149,046 
(1)
There were no sales of securities measured at amortized cost during the quarter (October 31, 2020: nil).
Fair value of debt securities measured and equity securities designated at FVOCI
 
$ millions, as at                
2021
Apr. 30
                 2020
Oct. 31		 
    
Amortized
cost 
(1)
   
Gross
unrealized
gains
   
Gross
unrealized
losses
  
Fair
value
   Amortized
cost 
(1)
   Gross
unrealized
gains		   Gross
unrealized
losses		  
Fair
value
 
Securities issued or guaranteed by:
                                      
Canadian federal government
  
$
9,498
 
  
$
38
 
  
$
(1
) 
 
$
9,535
 
  $11,379   $32   $(2)  $11,409 
Other Canadian governments
  
 
12,998
 
  
 
143
 
  
 
(1
) 
 
 
13,140
 
   15,187    128    –   15,315 
U.S. Treasury and agencies
  
 
10,884
 
  
 
40
 
  
 
(1
) 
 
 
10,923
 
   12,533    63    –   12,596 
Other foreign governments
  
 
5,922
 
  
 
33
 
  
 
(3
) 
 
 
5,952
 
   5,825    38    (2)   5,861 
Mortgage-backed securities
  
 
1,845
 
  
 
38
 
  
 
–
 
 
 
1,883
 
   2,320    49    (1)   2,368 
Asset-backed securities
  
 
395
 
  
 
–
 
  
 
(1
) 
 
 
394
 
   197    –    (2)   195 
Corporate debt
  
 
6,898
 
  
 
21
 
  
 
(2
) 
 
 
6,917
 
   6,194    31    (1)   6,224 
   
 
48,440
 
  
 
313
 
  
 
(9
) 
 
 
48,744
 
   53,635    341    (8)   53,968 
Corporate public equity
(2)
  
 
67
 
  
 
28
 
  
 
–
 
 
 
95
 
   30    15    (3)   42 
Corporate private equity
  
 
556
 
  
 
68
 
  
 
(34
) 
 
 
590
 
   546    43    (46)   543 
   
 
623
 
  
 
96
 
  
 
(34
) 
 
 
685
 
   576    58    (49)   585 
   
$
 
49,063
   
$
  
409
 
 
$
(43
)
 
  $    49,429   $    54,211   
$
399  $
(57
)
 		 
$
54,5
53

 
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $18 million (October 31, 2020: $22 million).
(2)
Includes restricted stock.
The fair value of equity securities designated at FVOCI that were disposed of during the three months ended April 30, 2021
was nil ($7 million and nil for the three months ended January 31, 2021 and April 30, 2020, respectively) and $7 million for the six months ended April 30, 2021 (April 30, 2020: nil).
Net realized cumulative
after-tax
gains resulting from dispositions of equity securities designated at FVOCI and return on capital distributions from limited partnerships designated at FVOCI of $1 million were reclassified from AOCI to retained earnings for the three months ended April 30, 2021 ($3 million and $2 million for the three months ended January 31, 2021 and April 30, 2020, respectively) and $4 million for the six months ended April 30, 2021 (April 30, 2020: $31 million).
Dividend income recognized on equity securities designated at FVOCI that were still held as at April 30, 2021 was $1 million ($1 million and $1 million for the three months ended January 31, 2021 and April 30, 2020, respectively) and $2 million for the six months ended April 30, 2021 (April 30, 2020: $5 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at April 30, 2021 was nil (nil and nil for the three months ended January 31, 2021 and April 30, 2020, respectively) and nil for the six months ended April 30, 2021 (April 30, 2020: nil).
 
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance for debt securities measured at FVOCI:
 
     Stage 1  Stage 2  Stage 3       
$ millions, as at or for the three months ended  Collective provision
12-month
ECL
performing		  Collective provision
lifetime ECL
performing		  Collective and
individual provision
lifetime ECL
credit-impaired		      Total 
2021
 
Debt securities measured at FVOCI
                    
Apr. 30
 
Balance at beginning of period
  
$
    17
 
 
$
3
 
 
$
–
 
    
$
20
 
  
Provision for (reversal of) credit losses
(1)
  
 
(2
) 
 
 
1
 
 
 
–
 
    
 
(1
) 
  
Write-offs
  
 
–
 
 
 
–
 
 
 
–
 
    
 
–
 
 
 
Foreign exchange and other
  
 
(1
) 
 
 
–
 
 
 
–
 
 
 
  
 
(1
) 
 
 
Balance at end of period
  
$
14
 
 
$
4
 
 
$
–
 
 
 
  
$
18
 
2021
 
Debt securities measured at FVOCI
                    
Jan. 31
 
Balance at beginning of period
  $18  $4  $–     $22 
  
Provision for (reversal of) credit losses
(1)
   (1)   (1)   –      (2) 
  
Write-offs
   –   –   –      – 
 
 
Foreign exchange and other
   –   –   –  
 
   – 
 
 
Balance at end of period
  $17  $3  $–  
 
  $20 
2020
 
Debt securities measured at FVOCI
                    
Apr. 30
 
Balance at beginning of period
  $14  $2  $6     $22 
  
Provision for (reversal of) credit losses
(1)(2)
   5   4   –      9 
  
Write-offs
   –   –   –      – 
 
 
Foreign exchange and other
   –   –   1  
 
   1 
 
 
Balance at end of period
  $19  $    6  $    7  
 
  $    32 
(1)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.
(2)
Excludes stage 3 provisions for credit loss of $13 million for the three months ended April 30, 2020 for originated credit-impaired amortized cost securities that are recognized in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.
 
      Stage 1  Stage 2  Stage 3       
$ millions, as at or for the six months ended  Collective provision
12-month
ECL
performing		  Collective provision
lifetime ECL
performing		  Collective and
individual provision
lifetime ECL
credit-impaired		      Total 
2021
  
Debt securities measured at FVOCI
                    
Apr. 30
  
Balance at beginning of period
  
$
    18
 
 
$
4
 
 
$
–
 
    
$
22
 
   
Provision for (reversal of) credit losses
(1)
  
 
(3
) 
 
 
–
 
 
 
–
 
    
 
(3
) 
   
Write-offs
  
 
–
 
 
 
–
 
 
 
–
 
    
 
–
 
 
  
Foreign exchange and other
  
 
(1
) 
 
 
–
 
 
 
–
 
 
 
  
 
(1
) 
 
  
Balance at end of period
  
$
14
 
 
$
4
 
 
$
–
 
 
 
  
$
18
 
2020
  
Debt securities measured at FVOCI
                    
Apr. 30
  
Balance at beginning of period
  $14  $3  $6     $23 
   
Provision for (reversal of) credit losses
(1)(2)
   4   4   –      8 
   
Write-offs
   –   –   –      – 
 
  
Foreign exchange and other
   1   (1)   1  
 
   1 
 
  
Balance at end of period
  $19  $    6  $    7  
 
  $    32 
(1)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.
(2)
Excludes stage 3 provisions for credit loss of $13 million for the six months ended April 30, 2020 for originated credit-impaired amortized cost securities that are recognized in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.