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Securities
 9 Months Ended
Jul. 31, 2024
Text Block [Abstract]  
Securities
Note 5. Securities
Securities
 
 
 
 
 
 
 
 
 
 
$ millions, as at
  
2024
Jul. 31
 
  
2023
Oct. 31
 
  
  
Carrying amount
 
Securities measured and designated at FVOCI
   
$
77,252
 
    $ 61,331  
Securities measured at amortized cost 
(1)
   
 
70,501
 
      67,294  
Securities mandatorily measured and designated at FVTPL
   
 
106,169
 
      82,723  
    
$
  253,922
 
    $   211,348  
(1)
There were no sales of securities measured at amortized cost during the quarter (October 31, 2023: a realized gain of nil).
Fair value of debt securities measured and equity securities designated at FVOCI

$ millions, as at
  
  
 
 
  
 
  
  
 
 
2024
Jul. 31
 
  
  
 
 
  
 
  
  
 
 
2023
Oct. 31
 
 
  
 
Cost/
Amortized
cost
 
 
 
(1)
 
 
 
Gross
unrealized
gains
 
 
 
  
 
Gross
unrealized
losses
 
 
 
 
 
Fair
value

 
  
 
Cost/
Amortized
cost
 
 
 
(1)
 
 
 
Gross
unrealized
gains
 
 
 
  
 
Gross
unrealized
losses
 
 
 
 
 
Fair
value

 
Securities issued or guaranteed by:
  
      
 
      
  
      
 
      
  
      
 
      
  
      
 
      
Canadian federal government
  
$
11,383
 
 
$
3
 
  
$
(20
) 
 
$
11,366
 
  
$
10,890
 
 
$
16
 
  
$
(9
) 
 
$
10,897
 
Other Canadian governments
  
 
16,727
 
 
 
9
 
  
 
(83
) 
 
 
16,653
 
  
 
13,526
 
 
 
33
 
  
 
(74
) 
 
 
13,485
 
U.S. Treasury and agencies
  
 
30,683
 
 
 
21
 
  
 
(156
) 
 
 
30,548
 
  
 
22,383
 
 
 
4
 
  
 
(223
) 
 
 
22,164
 
Other foreign governments
  
 
5,360
 
 
 
21
 
  
 
(4
) 
 
 
5,377
 
  
 
5,632
 
 
 
21
 
  
 
(14
) 
 
 
5,639
 
Mortgage-backed securities
  
 
3,378
 
 
 
3
 
  
 
(24
) 
 
 
3,357
 
  
 
1,021
 
 
 
–
 
  
 
(43
) 
 
 
978
 
Asset-backed securities
  
 
933
 
 
 
2
 
  
 
–
 
 
 
935
 
  
 
944
 
 
 
–
 
  
 
(6
) 
 
 
938
 
Corporate debt
  
 
8,365
 
 
 
6
 
  
 
(10
) 
 
 
8,361
 
  
 
6,691
 
 
 
1
 
  
 
(34
) 
 
 
6,658
 
 
  
 
76,829
 
 
 
65
 
  
 
(297
) 
 
 
76,597
 
  
 
61,087
 
 
 
75
 
  
 
(403
) 
 
 
60,759
 
Corporate equity
(2)
  
 
631
 
 
 
50
 
  
 
(26
) 
 
 
655
 
  
 
556
 
 
 
48
 
  
 
(32
) 
 
 
572
 
 
  
$
  77,460
 
 
$
  115
 
  
$
  (323
) 
 
$
  77,252
 
  
$
  61,643
 
 
$
  123
 
  
$
  (435
) 
 
$
  61,331
 
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $19 million (October 31, 2023: $22 million).
(2)
Includes restricted stock.
Fair value of equity securities designated at FVOCI that were disposed of during the three months ended July 31, 2024 was nil (nil and $5 million for the three months ended April 30, 2024 and July 31, 2023, respectively) and nil for the nine months ended July 31, 2024 (July 31, 2023: $10 million), at the time of disposal.
Net realized cumulative after-tax losses of $
19
million for the three months ended July 31, 2024 (
nil
and $
2
 million of gains for the three months ended April 30, 2024 and July 31, 2023, respectively) and $
18
 million of losses for the nine months ended July 31, 2024 (July 31, 2023: $
4
 million of gains), were reclassified from AOCI to retained earnings, resulting from dispositions of equity securities designated at FVOCI and return on capital distributions from limited partnerships designated at FVOCI.
Dividend income recognized on equity securities designated at FVOCI that were still held as at July 31, 2024 was
$
1
million
 
(nil and $1 million for the three months ended April 30, 2024 and July 31, 2023, respectively) and $2 million for the nine months ended July 31, 2024 (July 31, 2023: $3 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at July 31, 2024 was nil (nil and nil for the three months ended April 30, 2024 and July 31, 2023, respectively) and nil for the nine months ended July 31, 2024 (July 31, 2023: 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 and amortized cost:
 
 
 
 
  
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 
(1)
 
 
  
 
  
Total
 
2024
 
Debt securities measured at FVOCI and amortized cost
  
 
 
 
  
Jul. 31
  
Balance at beginning of period
   
$
6
 
  
$
19
 
  
$
13
 
     
$
38
 
 
Provision for (reversal of) credit losses
(2)
   
 
1
 
  
 
(1
)
  
 
(1
)
     
 
(1
)
 
Write-offs
   
 
–
 
  
 
–
 
  
 
–
 
     
 
–
 
 
  
Foreign exchange and other
   
 
–
 
  
 
–
 
  
 
–
 
  
 
 
 
   
 
–
 
 
  
Balance at end of period
   
$
7
 
  
$
18
 
  
$
12
 
  
 
 
 
   
$
37
 
 
Comprises:
            
 
Debt securities measured at FVOCI
   
$
1
 
  
 
18
 
  
 
–
 
     
 
19
 
 
  
Debt securities measured at amortized cost
   
 
6
 
  
 
–
 
  
 
12
 
  
 
 
 
   
 
18
 
2024
  
Debt securities measured at FVOCI and amortized cost
            
Apr. 30
  
Balance at beginning of period
    $ 7     $ 20     $ 13        $ 40  
 
Provision for (reversal of) credit losses
(2)
      (1 )      (1 )      –          (2 ) 
 
Write-offs
      –       –       –          –  
 
  
Foreign exchange and other
      –       –       –    
 
 
 
      –  
 
  
Balance at end of period
    $ 6     $ 19     $ 13    
 
 
 
    $ 38  
 
Comprises:
            
 
Debt securities measured at FVOCI
   
$
 		 1       19       –          20  
 
  
Debt securities measured at amortized cost
      5       –       13    
 
 
 
      18  
2023
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
    $ 8     $ 20     $ 15        $ 43  
 
Provision for (reversal of) credit losses
(2)
      –       –       (1 )         (1 ) 
 
Write-offs
      –       –       –          –  
 
  
Foreign exchange and other
      –       (1 )      –    
 
 
 
      (1 ) 
 
  
Balance at end of period
    $ 8     $ 19     $ 14    
 
 
 
    $ 41  
 
Comprises:
            
 
Debt securities measured at FVOCI
   
$

 2       19       –          21  
 
  
Debt securities measured at amortized cost
      6       –       14    
 
 
 
      20  
$ millions, as at or for the nine months ended
  
2024
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
   
$
8
 
  
$
20
 
  
$
14
 
     
$
42
 
 
Provision for (reversal of) credit losses
(2)
   
 
–
    
 
(2
)
 
  
 
(2
)
 
     
 
(4
)
 
 
Write-offs
   
 
–
 
  
 
–
 
  
 
–
 
     
 
–
 
 
  
Foreign exchange and other
   
 
(1
)
 
  
 
–
 
  
 
–
 
  
 
 
 
   
 
(1
)
 
  
Balance at end of period
   
$
  7
 
  
$
  18
 
  
$
 12
 
  
 
 
 
   
$
  37
 
2023
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
    $ 7     $ 20     $ 12        $ 39  
 
Provision for credit losses
(2)
      2       –       2          4  
 
Write-offs
      –       –       –          –  
 
  
Foreign exchange and other
      (1 )      (1 )      –    
 
 
 
      (2 ) 
 
  
Balance at end of period
    $ 8     $ 19     $ 14    
 
 
 
    $ 41  
(1)
Includes stage 3 ECL allowance on originated credit-impaired amortized cost debt securities.
(2)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.