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Fair value measurement
 9 Months Ended
Jul. 31, 2025
Text Block [Abstract]  
Fair value measurement
Note 3. Fair value measurement
Fair value of financial instruments
 

         Carrying value              
$ millions, as at   Amortized
cost		     Mandatorily
measured
at FVTPL		     Designated
at FVTPL		     Fair value
through
OCI		     Total     Fair
value		     Fair value
over (under)
carrying value		  
2025
   
Financial assets
              
Jul. 31
   
Cash and deposits with banks
  
$
55,187
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
55,187
 
  
$
55,187
 
  
$
–
 
  
Securities
  
 
68,812
 
  
 
122,092
 
  
 
–
 
  
 
84,093
 
  
 
274,997
 
  
 
274,660
 
  
 
(337
)
  
Cash collateral on securities borrowed
  
 
21,690
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
21,690
 
  
 
21,690
 
  
 
–
 
  
Securities purchased under resale agreements
  
 
63,930
 
  
 
22,280
 
  
 
–
 
  
 
–
 
  
 
86,210
 
  
 
86,210
 
  
 
–
 
  
Loans
              
  
Residential mortgages
  
 
285,375
 
  
 
5
 
  
 
–
 
  
 
–
 
  
 
285,380
 
  
 
285,398
 
  
 
18
 
  
Personal
  
 
46,181
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
46,181
 
  
 
46,207
 
  
 
26
 
  
Credit card
  
 
20,459
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
20,459
 
  
 
20,476
 
  
 
17
 
  
Business and government 
(1)
  
 
229,165
 
  
 
379
 
  
 
80
 
  
 
–
 
  
 
229,624
 
  
 
229,671
 
  
 
47
 
  
Derivative instruments
  
 
–
 
  
 
34,614
 
  
 
–
 
  
 
–
 
  
 
34,614
 
  
 
34,614
 
  
 
–
 
    
Other assets
  
 
19,776
 
  
 
610
 
  
 
–
 
  
 
–
 
  
 
20,386
 
  
 
20,386
 
  
 
–
 
  
Financial liabilities
              
  
Deposits
              
  
Personal
  
$
237,579
 
  
$
–
 
  
$
18,556
 
  
$
–
 
  
$
256,135
 
  
$
256,397
 
  
$
262
 
  
Business and government
  
 
426,140
 
  
 
–
 
  
 
22,721
 
  
 
–
 
  
 
448,861
 
  
 
449,763
 
  
 
902
 
  
Bank
  
 
27,061
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
27,061
 
  
 
27,061
 
  
 
–
 
  
Secured borrowings
  
 
59,634
 
  
 
–
 
  
 
981
 
  
 
–
 
  
 
60,615
 
  
 
60,784
 
  
 
169
 
  
Derivative instruments
  
 
–
 
  
 
36,552
 
  
 
–
 
  
 
–
 
  
 
36,552
 
  
 
36,552
 
  
 
–
 
  
Obligations related to securities sold short
  
 
–
 
  
 
20,827
 
  
 
–
 
  
 
–
 
  
 
20,827
 
  
 
20,827
 
  
 
–
 
  
Cash collateral on securities lent
  
 
5,304
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
5,304
 
  
 
5,304
 
  
 
–
 
  
Obligations related to securities sold under
repurchase agreements
  
 
134,851
 
  
 
–
 
  
 
10,808
 
  
 
–
 
  
 
145,659
 
  
 
145,659
 
  
 
–
 
  
Other liabilities 
(1)
  
 
19,799
 
  
 
175
 
  
 
21
 
  
 
–
 
  
 
19,995
 
  
 
19,995
 
  
 
–
 
    
Subordinated indebtedness
  
 
7,699
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
7,699
 
  
 
7,966
 
  
 
267
 
2024
   
Financial assets
              
Oct. 31
   
Cash and deposits with banks
   $ 48,064     $ –     $ –     $ –     $ 48,064     $ 48,064     $ –  
  
Securities
     71,610         106,042       –         76,693       254,345       253,437       (908 ) 
  
Cash collateral on securities borrowed
     17,028       –       –       –       17,028       17,028       –  
  
Securities purchased under resale agreements
     58,744       24,977       –       –       83,721       83,721       –  
  
Loans
              
  
Residential mortgages
     280,220       3       –       –       280,223       279,805       (418 ) 
  
Personal
     45,739       –       –       –       45,739       45,750       11  
  
Credit card
     19,649       –       –       –       19,649       19,682       33  
  
Business and government 
(1)
     212,460       116       105       –       212,681       212,750       69  
  
Derivative instruments
     –       36,435       –       –       36,435       36,435       –  
    
Other assets
     20,121       364       –       –       20,485       20,485       –  
  
Financial liabilities
              
  
Deposits
              
  
Personal
   $   235,593     $ –     $   17,301     $ –     $   252,894     $   253,378     $ 484  
  
Business and government
     414,441       –       21,058       –       435,499       436,528         1,029  
  
Bank
     20,009       –       –       –       20,009       20,009       –  
  
Secured borrowings
     55,285       –       1,170       –       56,455       56,588       133  
  
Derivative instruments
     –       40,654       –       –       40,654       40,654       –  
  
Obligations related to securities sold short
     –       21,642       –       –       21,642       21,642       –  
  
Cash collateral on securities lent
     7,997       –       –       –       7,997       7,997       –  
  
Obligations related to securities sold under
repurchase agreements
     100,407       –       9,746       –       110,153       110,153       –  
  
Other liabilities 
(1)
     20,657       158       19       –       20,834       20,834       –  
    
Subordinated indebtedness
     7,465       –       –       –       7,465       7,698       233  
(1)
Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.
 
The table below presents the level in the fair value hierarchy into which the fair values of financial instruments, that are carried at fair value on the interim
co
nsolidated balance sheet, are categorized:
 
    Level 1           Level 2           Level 3        
     Quoted market price            Valuation technique –
observable market inputs		            Valuation technique –
non-observable market inputs
    
Total
      Total  
$ millions, as at  
2025
Jul. 31
      2024
Oct. 31		           
2025
Jul. 31
    
2024
Oct. 31
           
2025
Jul. 31
    
2024
Oct. 31
    
2025
Jul. 31
     
2024
Oct. 31
  
Financial assets
                      
Debt securities measured at FVTPL
                      
Government issued or guaranteed
  
$
 
   
3,558
 
    $
 
 4,258      
$
 
   34,665
 
   $ 32,328      
$
      –
 
   $ –    
$
 
 
 
  38,223
 
    $ 36,586  
Corporate debt
  
 
–
 
      –      
 
3,601
 
     4,385      
 
101
 
     –    
 
3,702
 
      4,385  
Mortgage- and asset-backed
  
 
–
 
      –    
 
 
 
  
 
6,187
 
     4,213    
 
 
 
  
 
505
 
     70    
 
6,692
 
      4,283  
 
  
 
3,558
 
      4,258    
 
 
 
  
 
44,453
 
     40,926    
 
 
 
  
 
606
 
     70    
 
48,617
 
      45,254  
Loans measured at FVTPL
                      
Business and government
  
 
–
 
      –      
 
203
 
     116      
 
256
 
(1)
 
     105  
(1)
 		  
 
459
 
      221  
Residential mortgages
  
 
–
 
      –    
 
 
 
  
 
5
 
     3    
 
 
 
  
 
–
 
     –    
 
5
 
      3  
 
  
 
–
 
      –    
 
 
 
  
 
208
 
     119    
 
 
 
  
 
256
 
     105    
 
464
 
      224  
Debt securities measured at FVOCI
                      
Government issued or guaranteed
  
 
10,466
 
      2,760      
 
57,547
 
     60,051      
 
–
 
     –    
 
68,013
 
      62,811  
Corporate debt
  
 
–
 
      –      
 
9,998
 
     9,083      
 
–
 
     –    
 
9,998
 
      9,083  
Mortgage- and asset-backed
  
 
–
 
      –    
 
 
 
  
 
5,124
 
     4,127    
 
 
 
  
 
–
 
     –    
 
5,124
 
      4,127  
 
  
 
10,466
 
      2,760    
 
 
 
  
 
72,669
 
     73,261    
 
 
 
  
 
–
 
     –    
 
83,135
 
      76,021  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
  
 
72,407
 
      59,904    
 
 
 
  
 
1,005
 
     916    
 
 
 
  
 
1,021
 
     640    
 
74,433
 
      61,460  
Securities purchased under resale agreements
measured at FVTPL
  
 
–
 
      –    
 
 
 
  
 
22,280
 
     24,977    
 
 
 
  
 
–
 
     –    
 
22,280
 
      24,977  
Other assets
  
 
–
 
      –    
 
 
 
  
 
610
 
     364    
 
 
 
  
 
–
 
     –    
 
610
 
      364  
Derivative instruments
                      
Interest rate
  
 
2
 
      2      
 
6,826
 
     6,718      
 
47
 
     51    
 
6,875
 
      6,771  
Foreign exchange
  
 
–
 
      –      
 
15,863
 
     15,525      
 
–
 
     –    
 
15,863
 
      15,525  
Credit
  
 
–
 
      –      
 
2
 
     2      
 
34
 
     44    
 
36
 
      46  
Equity
  
 
4,855
 
      5,821      
 
4,169
 
     5,157      
 
19
 
     6    
 
9,043
 
      10,984  
Precious metal and other commodity
  
 
37
 
      32    
 
 
 
  
 
2,760
 
     3,077    
 
 
 
  
 
–
 
     –    
 
2,797
 
      3,109  
 
  
 
4,894
 
      5,855    
 
 
 
  
 
29,620
 
     30,479    
 
 
 
  
 
100
 
     101    
 
34,614
 
      36,435  
Total financial assets
  
$
91,325
 
    $ 72,777    
 
 
 
  
$
170,845
 
   $   171,042    
 
 
 
  
$
1,983
 
   $ 916    
$
264,153
 
    $ 244,735  
Financial liabilities
                      
Deposits and other liabilities
(2)
  
$
–
 
    $ –      
$
(42,077
)
   $ (39,290 )    
$
(377
)
   $ (416 )   
$
(42,454
)
    $ (39,706 ) 
Obligations related to securities sold short
  
 
(7,040
)
      (9,199 )     
 
(13,787
)
     (12,443 )    
 
–
 
     –    
 
(20,827
)
      (21,642 ) 
Obligations related to securities sold under repurchase agreements
  
 
–
 
      –    
 
 
 
  
 
(10,808
)
     (9,746 )  
 
 
 
  
 
–
 
     –    
 
(10,808
)
      (9,746 ) 
Derivative instruments
                      
Interest rate
  
 
(2
)
      (2 )     
 
(7,453
)
     (8,236 )    
 
(1,135
)
     (1,028 )   
 
(8,590
)
      (9,266 ) 
Foreign exchange
  
 
–
 
      –      
 
(13,870
)
     (16,065 )    
 
–
 
     (4 )   
 
(13,870
)
      (16,069 ) 
Credit
  
 
–
 
      –      
 
(6
)
     (5 )    
 
(39
)
     (50 )   
 
(45
)
      (55 ) 
Equity
  
 
(4,389
)
      (4,712 )     
 
(6,899
)
     (6,404 )    
 
(7
)
     (1 )   
 
(11,295
)
      (11,117 ) 
Precious metal and other commodity
  
 
(43
)
      (39 )   
 
 
 
  
 
(2,709
)
     (4,108 )  
 
 
 
  
 
–
 
     –    
 
(2,752
)
      (4,147 ) 
 
  
 
(4,434
)
      (4,753 )   
 
 
 
  
 
(30,937
)
     (34,818 )  
 
 
 
  
 
(1,181
)
     (1,083 )   
 
(36,552
)
      (40,654 ) 
Total financial liabilities
  
$
(11,474
)
    $   (13,952 )  
 
 
 
  
$
(97,609
)
   $ (96,297 )  
 
 
 
  
$
(1,558
)
   $   (1,499 )  
$
(110,641
)
    $   (111,748 )
(1)
Includes loans designated at FVTPL.
(2)
Comprises deposits designated at FVTPL of $41,997 million (October 31, 2024: $39,008 million), net bifurcated embedded derivative liabilities of $261 million (October 31, 2024: $521 million), other liabilities designated at FVTPL of $21 million (October 31, 2024: $19 million), and other financial liabilities measured at fair value of $175 million (October 31, 2024: $158 million).
Transfers between levels in the fair value hierarchy are deemed to have occurred at the beginning of the quarter in which the transfer occurred. Transfers between levels can occur as a result of additional or new information regarding valuation inputs and changes in their observability. Significant transfers made during the quarter ended July 31, 2025, included $2,056 million of securities measured at FVTPL or FVOCI from Level 1 to Level 2 and $565 million from Level 2 to Level 1, and $971 million of securities sold short from Level 1 to Level 2 and $336 million from Level 2 to Level 1, due to changes in observability in the inputs used to value these securities (for the quarter ended April 30, 2025, $1,989 million of securities measured at FVTPL or FVOCI were transferred from Level 1 to Level 2 and $1,647 million from Level 2 to Level 1, and $1,764 million of securities sold short from Level 1 to Level 2 and $122 million from Level 2 to Level 1). In addition, transfers between Level 2 and Level 3 were made during the quarters ended July 31, 2025 and April 30, 2025, primarily due to changes in the assessment of the observability of certain correlation and market volatility and probability inputs that were used in measuring the fair value of our FVO liabilities and derivatives.
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses on the related hedging instruments that are classified in Level 1 and Level 2.

         
Net gains (losses)
included in income 
(1)
                                      
$ millions, for the three months ended     Opening
balance		  
 		     Realized       Unrealized  
(2)
 		    
 		 Net unrealized
gains (losses)
included in OCI		  
 
 
(3)
 		    
 		 Transfer
in to
Level 3		  
 
 		    
 		 Transfer
out of
Level 3		  
 
 		     Purchases/
Issuances		  
 		     Sales/
Settlements		  
 		     Closing
balance		  
 
Jul. 31, 2025
                  
Debt securities measured at FVTPL
                  
Corporate debt
  
$
77
 
  
$
–
 
  
$
(62
) 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
86
 
  
$
–
 
  
$
101
 
Mortgage- and asset-backed
  
 
454
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
84
 
  
 
(33
) 
  
 
505
 
Loans measured at FVTPL
                  
Business and government
  
 
261
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(7
) 
  
 
256
 
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
  
 
978
 
  
 
3
 
  
 
31
 
  
 
8
 
  
 
–
 
  
 
–
 
  
 
32
 
  
 
(31
) 
  
 
1,021
 
Derivative instruments
                  
Interest rate
  
 
63
 
  
 
–
 
  
 
(8
) 
  
 
–
 
  
 
–
 
  
 
(8
) 
  
 
–
 
  
 
–
 
  
 
47
 
Foreign exchange
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
46
 
  
 
–
 
  
 
(12
) 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
34
 
Equity
  
 
19
 
  
 
–
 
  
 
(4
) 
  
 
–
 
  
 
11
 
  
 
(7
) 
  
 
–
 
  
 
–
 
  
 
19
 
Total assets
  
$
   1,898
 
  
$
3
 
  
$
(53
) 
  
$
8
 
  
$
11
 
  
$
(15
) 
  
$
202
 
  
$
(71
) 
  
$
1,983
 
Deposits and other liabilities
(4)
  
$
(330
) 
  
$
(6
) 
  
$
(42
) 
  
$
–
 
  
$
–
 
  
$
1
 
  
$
(27
) 
  
$
27
 
  
$
(377
) 
Derivative instruments
                  
Interest rate
  
 
(1,016
) 
  
 
–
 
  
 
(131
) 
  
 
–
 
  
 
–
 
  
 
22
 
  
 
–
 
  
 
(10
) 
  
 
(1,135
) 
Foreign exchange
  
 
(36
) 
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
35
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
(51
) 
  
 
–
 
  
 
12
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(39
) 
Equity
  
 
(17
) 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
14
 
  
 
(6
) 
  
 
–
 
  
 
(7
) 
Total liabilities
  
$
(1,450
) 
  
$
(6
) 
  
$
(158
) 
  
$
–
 
  
$
–
 
  
$
72
 
  
$
(33
) 
  
$
17
 
  
$
(1,558
) 
Apr. 30, 2025
                  
Debt securities measured at FVTPL
                  
Corporate debt
   $ 80     $ –     $ (6 )    $ (4 )    $ –     $ –     $ 7     $ –     $ 77  
Mortgage- and asset-backed
     72       –       –       –       386       –       –       (4 )      454  
Loans measured at FVTPL
                  
Business and government
     100       –       (3 )      (5 )      –       –       178       (9 )      261  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
     962       –       6       (6 )      –       –       30       (14 )      978  
Derivative instruments
                  
Interest rate
     23       –       40       –       –       –       –       –       63  
Foreign exchange
     12       –       (12 )      –       –       –       –       –       –  
Credit
     49       –       (3 )      –       –       –       –       –       46  
Equity
     6       –       6       –       7       –       –       –       19  
Total assets
   $    1,304     $ –     $ 28     $   (15 )    $   393     $ –     $   215     $ (27 )    $    1,898  
Deposits and other liabilities
(4)
   $ (379 )    $ 3     $ 10     $ –     $ –     $ 2     $ (29 )    $    63     $ (330 ) 
Derivative instruments
                  
Interest rate
     (1,284 )      –       155       –       –       96       –       17       (1,016 ) 
Foreign exchange
     –       –       (36 )      –       –       –       –       –       (36 ) 
Credit
     (54 )      –       3       –       –       –       –       –       (51 ) 
Equity
     (1 )      –       –       –       (5 )      –       (11 )      –       (17 ) 
Total liabilities
   $ (1,718 )    $ 3     $    132     $ –     $ (5 )    $    98     $ (40 )    $ 80     $ (1,450 ) 
Jul. 31, 2024
                  
Debt securities measured at FVTPL
                  
Corporate debt
   $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –  
Mortgage- and asset-backed
     101       –       –       –       –       –       9       (46 )      64  
Loans measured at FVTPL
                  
Business and government
     121       –       2       –       –       –       –       (10 )      113  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
     608       3       9       (1 )      –       –         26       (22 )      623  
Derivative instruments
                  
Interest rate
     36       –       67       –       –       (17 )      –       –       86  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     46       (1 )      1       –       –       –       –       –       46  
Equity
     5       –       1       –       –       –       3       –       9  
Total assets
   $ 917     $ 2     $ 80     $ (1 )    $ –     $ (17 )    $ 38     $ (78 )    $ 941  
Deposits and other liabilities
(4)
   $ (380 )    $   19     $ (56 )    $ –     $ (1 )    $ 3     $ (1 )    $ 28     $ (388 ) 
Derivative instruments
                  
Interest rate
     (1,222 )      –         233       –       –       59       (4 )      –       (934 ) 
Foreign exchange
     (13 )      –       (5 )      –       –       13       –       –       (5 ) 
Credit
     (51 )      –       –       –       –       –       –       –       (51 ) 
Equity
     (4 )      –       –       –       –       1       –       2       (1 ) 
Total liabilities
   $ (1,670 )    $ 19     $ 172     $ –     $ (1 )    $ 76     $ (5 )    $ 30     $ (1,379 ) 
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period.
(3)
Foreign exchange translation on debt securities and loans measured at FVTPL held by foreign
operations
and denominated in the same currency as the foreign operations is included in OCI.
(4)
Includes deposits designated at FVTPL of $203 million (April 30, 2025: $208 million; July 31, 2024: $213 million), net bifurcated embedded derivative liabilities of $153 million (April 30, 2025: $111 million; July 31, 2024: $172 million) and other liabilities designated at FVTPL of $21 million (April 30, 2025: $11 million; July 31, 2024: $3 million).
 
         
Net gains (losses)
included in income 
(1)
                                      
$ millions, for the nine months ended     Opening
balance		  
 		     Realized       Unrealized  
(2)
 		    
 		 Net unrealized
gains (losses)
included in OCI		  
 
 
(3)
 		    
 		 Transfer
in to
Level 3		  
 
 		    
 		 Transfer
out of
Level 3		  
 
 		     Purchases/
Issuances		  
 		     Sales/
Settlements		  
 		     Closing
balance		  
 
Jul. 31, 2025
                  
Debt securities measured at FVTPL
                  
Corporate debt
  
$
–
 
  
$
–
 
  
$
(78
) 
  
$
(4
) 
  
$
–
 
  
$
–
 
  
$
183
 
  
$
–
 
  
$
101
 
Mortgage- and asset-backed
  
 
70
 
  
 
–
 
  
 
(1
) 
  
 
–
 
  
 
386
 
  
 
–
 
  
 
106
 
  
 
(56
) 
  
 
505
 
Loans measured at FVTPL
                  
Business and government
  
 
105
 
  
 
–
 
  
 
–
 
  
 
(1
) 
  
 
–
 
  
 
–
 
  
 
178
 
  
 
(26
) 
  
 
256
 
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
  
 
640
 
  
 
1
 
  
 
57
 
  
 
11
 
  
 
–
 
  
 
–
 
  
 
366
 
  
 
(54
) 
  
 
1,021
 
Derivative instruments
                  
Interest rate
  
 
51
 
  
 
–
 
  
 
9
 
  
 
–
 
  
 
–
 
  
 
(13
) 
  
 
–
 
  
 
–
 
  
 
47
 
Foreign exchange
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
44
 
  
 
–
 
  
 
(10
) 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
34
 
Equity
  
 
6
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
18
 
  
 
(7
) 
  
 
–
 
  
 
–
 
  
 
19
 
Total assets
  
$
916
 
  
$
1
 
  
$
(21
) 
  
$
6
 
  
$
  404
 
  
$
(20
) 
  
$
833
 
  
$
(136
) 
  
$
1,983
 
Deposits and other liabilities
 
(4)
  
$
(416
) 
  
$
(5
) 
  
$
(55
) 
  
$
–
 
  
$
(3
) 
  
$
5
 
  
$
(57
) 
  
$
154
 
  
$
(377
) 
Derivative instruments
                  
Interest rate
  
 
(1,028
) 
  
 
–
 
  
 
(286
) 
  
 
–
 
  
 
–
 
  
 
151
 
  
 
–
 
  
 
28
 
  
 
(1,135
) 
Foreign exchange
  
 
(4
) 
  
 
–
 
  
 
(31
) 
  
 
–
 
  
 
–
 
  
 
35
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
(50
) 
  
 
–
 
  
 
11
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(39
) 
Equity
  
 
(1
) 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
(5
) 
  
 
14
 
  
 
(17
) 
  
 
–
 
  
 
(7
) 
Total liabilities
  
$
  (1,499
) 
  
$
  (5
) 
  
$
  (359
) 
  
$
–
 
  
$
(8
) 
  
$
  205
 
  
$
(74
) 
  
$
182
 
  
 
$  (1,558
) 
Jul. 31, 2024
                  
Debt securities measured at FVTPL
                  
Corporate debt
   $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –  
Mortgage- and asset-backed
     151       –       (3 )      –       –       –       70       (154 )      64  
Loans measured at FVTPL
                  
Business and government
     144       –       4       (1 )      –       –       –       (34 )      113  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
     587       8       19       (14 )      –       –       88       (65 )      623  
Derivative instruments
                  
Interest rate
     21       –       120       –       –       (55 )      –       –       86  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     46       (4 )      3       –       –       –       1       –       46  
Equity
     4       –       1       –       2       (2 )      5       (1 )      9  
Total assets
   $ 953     $ 4     $ 144     $   (15 )    $ 2     $ (57 )    $ 164     $   (254 )    $ 941  
Deposits and other liabilities 
(4)
   $ (242 )    $   (1 )    $   (123 )    $ –     $ (2 )    $ 11     $   (102 )    $ 71     $ (388 ) 
Derivative instruments
                  
Interest rate
     (1,817 )      –       416       –       –       422       (4 )      49       (934 ) 
Foreign exchange
     –       –       (27 )      –       –       22       –       –       (5 ) 
Credit
     (52 )      1       1       –       (2 )      –       –       1       (51 ) 
Equity
     (5 )      –       (1 )      –       (1 )      4       –       2       (1 ) 
Total liabilities
   $   (2,116 )    $ –     $ 266     $ –     $ (5 )    $ 459     $ (106 )    $ 123     $ (1,379 ) 
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period.
(3)
Foreign exchange translation on debt securities and loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
(4)
Includes deposits designated at FVTPL of $203 million (July 31, 2024: $213 million), net bifurcated embedded derivative liabilities of $153
 
million (July 31, 2024: $172 million) and other liabilities designated at FVTPL of $21 million (July 31, 2024: $3 million).
Financial instruments designated at FVTPL (FVO)
A net gain of $17 million, net of hedges for the three months ended July 31, 2025 (a net gain of $20 million and a net gain of $9 million for the three months ended April 30, 2025 and July 31, 2024, respectively), which is included in the interim consolidated statement of income under Gains (losses) from financial instruments measured/designated at FVTPL, net was recognized for FVO assets and FVO liabilities. A net gain of $69 million, net of hedges for the nine months ended July 31, 2025 was recognized for FVO assets and FVO liabilities (a net gain of $9
million for the nine months ended July 31, 2024).
The fair value of a FVO liability reflects the credit risk relating to that liability. For those FVO liabilities for which we believe changes in our credit risk would impact the fair value from the note holders’ perspective, the related fair value changes were recognized in OCI.