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Securities
 3 Months Ended
Jan. 31, 2022
Text block [abstract]  
Securities
Note 5.    Securities
Securities
 
$ millions, as at   
2022
Jan. 31
      2021
Oct. 31		  
      Carrying amount  
Debt securities measured at FVOCI
   
$
    51,993
 
    $ 53,161  
Equity securities designated at FVOCI
   
 
888
 
      836  
Securities measured at amortized cost
(1)
   
 
45,489
 
      35,159  
Securities mandatorily measured and designated at FVTPL
   
 
80,633
 
      72,245  
    
$
179,003
 
    $     161,401  
(1)
There were no sales of securities measured at amortized cost during the quarter (October 31, 2021: a realized gain of less than
 $1 million).
Fair value of debt securities measured and equity securities designated at FVOCI
 
$ millions, as at
  
  
 
 
  
 
  
  
 
 
2022
Jan. 31
 
  
  
 
 
  
 
  
  
 
 
2021
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
   
$
    9,590
 
  
$
    22
 
   
$
    (2
 )   
$
    9,610
 
    $ 8,310     $ 31       
$        
(1		 )    $ 8,340  
Other Canadian governments
   
 
16,243
 
  
 
104
 
   
 
(6
 )   
 
16,341
 
      14,007       182        –       14,189  
U.S. Treasury and agencies
   
 
11,809
 
  
 
13
 
   
 
(122
 )   
 
11,700
 
      14,157       23        (53 )      14,127  
Other foreign governments
   
 
6,463
 
  
 
26
 
   
 
(6
 )   
 
6,483
 
      6,750       30        (5 )      6,775  
Mortgage-backed securities
   
 
1,402
 
  
 
18
 
   
 
–
 
   
 
1,420
 
      1,516       29        –       1,545  
Asset-backed securities
   
 
612
 
  
 
–
 
   
 
(2
 )   
 
610
 
      354       –        (2 )      352  
Corporate debt
   
 
5,827
 
  
 
8
 
   
 
(6
 )   
 
5,829
 
      7,820       15        (2 )      7,833  
    
 
51,946
 
  
 
191
 
   
 
(144
 )   
 
51,993
 
      52,914       310        (63 )      53,161  
Corporate public equity
(2)
   
 
55
 
  
 
25
 
   
 
(1
 )   
 
79
 
      67       60        (1 )      126  
Corporate private equity
   
 
729
 
  
 
112
 
   
 
(32
 )   
 
809
 
      663       84        (37 )      710  
    
 
784
 
  
 
137
 
   
 
(33
 )   
 
888
 
      730       144        (38 )      836  
    
$
52,730
 
  
$
328
 
     
$
   
 
(177
 )   
$
52,881
 
    $     53,644     $     454       
$    
(101		 )    $     53,997  
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $23
 
million (October 31, 2021: $19 million).
(2)
Includes restricted stock.
The fair value of equity securities designated at FVOCI that were disposed of during the three months ended January 31, 2022 was $38 million ($1 million and $7 million for the three months ended October 31, 2021 and January 31, 2021, respectively).
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 $22 million were reclassified from AOCI to retained earnings for the three months ended January 31, 2022 ($9 million and $3 million for the three months ended October 31, 2021 and January 31, 2021, respectively).
Dividend income recognized on equity securities designated at FVOCI that were still held as at January 31, 2022 was $3 million ($2 million and $1 million for the three months ended October 31, 2021 and January 31, 2021, respectively). Dividend income recognized on equity securities
designated at FVOCI that were disposed of as at January 31, 2022 was nil (nil and nil for the three months ended October 31, 2021 and January 31, 2021, respectively).
 
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
 
2022
 
Debt securities measured at FVOCI
  
      
 
      
 
      
 
  
  
      
Jan. 31
  
Balance at beginning of period
   
$
       4
 
  
$
    15
 
  
$
    –
 
       
$
    19
 
   
Provision for (reversal of) credit losses
(1)
   
 
–
 
  
 
3
 
  
 
–
 
       
 
3
 
   
Write-offs
   
 
–
 
  
 
–
 
  
 
–
 
       
 
–
 
 
  
Foreign exchange and other
   
 
–
 
  
 
1
 
  
 
–
 
  
 
   
 
1
 
 
  
Balance at end of period
   
$
4
 
  
$
19
 
  
$
–
 
  
 
   
$
23
 
2021
  
Debt securities measured at FVOCI
                                      
Oct. 31
  
Balance at beginning of period
    $ 17     $ 4     $ –          $ 21  
   
Provision for (reversal of) credit losses
(1)
      (13 )      11       –            (2 ) 
   
Write-offs
      –       –       –            –  
 
  
Foreign exchange and other
      –       –       –    
 
      –  
 
  
Balance at end of period
    $ 4     $ 15     $ –    
 
    $ 19  
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  
(1)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.