XML 107 R44.htm IDEA: XBRL DOCUMENT v3.25.3
Fair value measurement (Tables)
 12 Months Ended
Oct. 31, 2025
Statement [LineItems]  
Summary of Fair Value of Financial Instruments
Fair value of financial instruments
 
        Carrying value              
$ millions, as at October 31   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
              
 
Cash and deposits with banks
  
$
44,003
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
44,003
 
  
$
44,003
 
  
$
–
 
 
Securities
  
 
65,471
 
  
 
128,859
 
  
 
–
 
  
 
88,905
 
  
 
283,235
 
  
 
283,173
 
  
 
(62
)
 
Cash collateral on securities borrowed
  
 
21,697
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
21,697
 
  
 
21,697
 
  
 
–
 
 
Securities purchased under resale agreements
  
 
69,044
 
  
 
17,651
 
  
 
–
 
  
 
–
 
  
 
86,695
 
  
 
86,695
 
  
 
–
 
 
Loans
              
 
Residential mortgages
  
 
286,456
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
286,459
 
  
 
287,328
 
  
 
869
 
 
Personal
  
 
46,710
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
46,710
 
  
 
46,774
 
  
 
64
 
 
Credit card
  
 
20,639
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
20,639
 
  
 
20,651
 
  
 
12
 
 
Business and government
(1)
  
 
235,136
 
  
 
485
 
  
 
75
 
  
 
–
 
  
 
235,696
 
  
 
235,802
 
  
 
106
 
 
Derivative instruments
  
 
–
 
  
 
38,352
 
  
 
–
 
  
 
–
 
  
 
38,352
 
  
 
38,352
 
  
 
–
 
    Other assets  
 
25,069
 
  
 
674
 
  
 
–
 
  
 
–
 
  
 
25,743
 
  
 
25,743
 
  
 
–
 
 
Financial liabilities
              
 
Deposits
              
 
Personal
  
$
238,211
 
  
$
–
 
  
$
19,928
 
  
$
–
 
  
$
258,139
 
  
$
258,629
 
  
$
490
 
 
Business and government
  
 
434,003
 
  
 
–
 
  
 
23,281
 
  
 
–
 
  
 
457,284
 
  
 
458,321
 
  
 
1,037
 
 
Bank
  
 
26,723
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
26,723
 
  
 
26,723
 
  
 
–
 
 
Secured borrowings
  
 
65,151
 
  
 
–
 
  
 
827
 
  
 
–
 
  
 
65,978
 
  
 
66,210
 
  
 
232
 
  Derivative instruments  
 
–
 
  
 
41,411
 
  
 
–
 
  
 
–
 
  
 
41,411
 
  
 
41,411
 
  
 
–
 
 
Obligations related to securities sold short
  
 
–
 
  
 
24,244
 
  
 
–
 
  
 
–
 
  
 
24,244
 
  
 
24,244
 
  
 
–
 
 
Cash collateral on securities lent
  
 
6,031
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
6,031
 
  
 
6,031
 
  
 
–
 
 
Obligations related to securities sold under repurchase agreements
  
 
121,907
 
  
 
–
 
  
 
8,135
 
  
 
–
 
  
 
130,042
 
  
 
130,042
 
  
 
–
 
  Other liabilities
(1)
  
 
22,357
 
  
 
220
 
  
 
8
 
  
 
–
 
  
 
22,585
 
  
 
22,585
 
  
 
–
 
    Subordinated indebtedness  
 
7,819
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
7,819
 
  
 
8,091
 
  
 
272
 
2024
  
Financial assets
              
 
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)
Includes customers’ liability under acceptances of $10 million (2024: $6 million) in business and government loans and acceptances of $10 million (2024: $6 million) in other liabilities. Prior year amounts have been revised to conform to the presentation adopted in 2025.
Summary of derivative financial instruments
Fair value of derivative instruments
 
$ millions, as at October 31
 
  
 
 
  
 
 
2025
 
 
  
 
 
  
 
 
2024
 
  
 
  
 
Positive
 
 
Negative
 
 
Net
 
 
Positive
 
 
Negative
 
 
Net
 
Held for trading
 
 
 
 
 
 
Interest rate derivatives
 
 
 
 
 
 
Over-the-counter
  
– Forward rate agreements
  
$
86
 
  
$
182
 
  
$
(96
)
   $ 135     $ 239     $ (104 )
 
– Swap contracts
  
 
5,106
 
  
 
5,307
 
  
 
(201
)
     6,149       9,124       (2,975 )
 
– Purchased options
  
 
809
 
  
 
–
 
  
 
809
 
     358       –       358  
   
– Written options
  
 
–
 
  
 
609
 
  
 
(609
)
     –       309       (309 )
       
 
6,001
 
  
 
6,098
 
  
 
(97
)
     6,642       9,672       (3,030 )
Exchange-traded
  
– Futures contracts
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –  
 
– Purchased options
  
 
2
 
  
 
–
 
  
 
2
 
     2       –       2  
   
– Written options
  
 
–
 
  
 
3
 
  
 
(3
)
     –       2       (2 )
       
 
2
 
  
 
3
 
  
 
(1
)
     2       2       –  
Total interest rate derivatives
  
 
6,003
 
  
 
6,101
 
  
 
(98
)
     6,644       9,674       (3,030 )
Foreign exchange derivatives
            
Over-the-counter
  
– Forward contracts
  
 
7,173
 
  
 
6,243
 
  
 
930
 
     7,378       6,379       999  
 
– Swap contracts
  
 
4,979
 
  
 
7,174
 
  
 
(2,195
)
     5,056       7,944       (2,888 )
 
– Purchased options
  
 
640
 
  
 
–
 
  
 
640
 
     443       –       443  
   
– Written options
  
 
–
 
  
 
578
 
  
 
(578
)
     –       535       (535 )
Total foreign exchange derivatives
  
 
12,792
 
  
 
13,995
 
  
 
(1,203
)
     12,877       14,858       (1,981 )
Credit derivatives
              
Over-the-counter
  
– Credit default swap contracts – protection purchased
  
 
77
 
  
 
1
 
  
 
76
 
     46       3       43  
   
– Credit default swap contracts – protection sold
  
 
–
 
  
 
85
 
  
 
(85
)
     –       52       (52 )
Total credit derivatives
  
 
77
 
  
 
86
 
  
 
(9
)
     46       55       (9 )
Equity derivatives
            
Over-the-counter
  
 
5,618
 
  
 
9,239
 
  
 
(3,621
)
     4,989       6,401       (1,412 )
Exchange-traded
  
 
5,761
 
  
 
5,213
 
  
 
548
 
     5,821       4,712       1,109  
Total equity derivatives
  
 
11,379
 
  
 
14,452
 
  
 
(3,073
)
     10,810       11,113       (303 )
Precious metal and other commodity derivatives
            
Over-the-counter
  
 
3,513
 
  
 
4,414
 
  
 
(901
)
     2,692       3,906       (1,214 )
Exchange-traded
  
 
268
 
  
 
189
 
  
 
79
 
     416       241       175  
Total precious metal and other commodity derivatives
  
 
3,781
 
  
 
4,603
 
  
 
(822
)
     3,108       4,147       (1,039 )
Total held for trading
  
 
34,032
 
  
 
39,237
 
  
 
(5,205
)
     33,485       39,847       (6,362 )
Held for ALM
            
Interest rate derivatives
            
Over-the-counter
  
– Forward rate agreements
  
 
–
 
  
 
–
 
  
 
–
     –       –       –  
 
– Swap contracts
  
 
101
 
  
 
1,171
 
  
 
(1,070
)
     124       (410 )     534  
 
– Purchased options
  
 
4
 
  
 
–
 
  
 
4
 
     3       –       3  
   
– Written options
  
 
–
 
  
 
1
 
  
 
(1
)
     –       2       (2 )
Total interest rate derivatives
  
 
105
 
  
 
1,172
 
  
 
(1,067
)
     127       (408 )     535  
Foreign exchange derivatives
            
Over-the-counter
  
– Forward contracts
  
 
27
 
  
 
63
 
  
 
(36
)
     28       82       (54 )
   
– Swap contracts
  
 
4,026
 
  
 
937
 
  
 
3,089
 
     2,620       1,129       1,491  
Total foreign exchange derivatives
  
 
4,053
 
  
 
1,000
 
  
 
3,053
 
     2,648       1,211       1,437  
Equity derivatives
            
Over-the-counter
  
 
162
 
  
 
2
 
  
 
160
 
     174       4       170  
Total equity derivatives
  
 
162
 
  
 
2
 
  
 
160
 
     174       4       170  
Precious metal and other commodity derivatives
            
Over-the-counter
  
 
–
 
  
 
–
 
  
 
–
 
     1       –       1  
Total precious metal and other commodity derivatives
  
 
–
 
  
 
–
 
  
 
–
 
     1       –       1  
Total held for ALM
  
 
4,320
 
  
 
2,174
 
  
 
2,146
 
     2,950       807       2,143  
Total fair value
  
 
38,352
 
  
 
41,411
 
  
 
(3,059
)
     36,435       40,654       (4,219 )
Less: effect of netting
  
 
  (24,469
)
  
 
  (24,469
)
  
 
–
 
       (21,777 )       (21,777 )     –  
Total fair value of derivative instruments
  
$
  13,883
 
  
$
16,942
 
  
$
  (3,059
)
   $ 14,658     $ 18,877     $   (4,219 )
Changes in Fair Value of Financial Assets and Liabilities in Level 3
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 year ended October 31
 
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
 
2025
                  
Debt securities measured at FVTPL
                  
Corporate and other debt
  
$
–
 
  
$
–
 
  
$
(78
)
  
$
(2
)
  
$
–
 
  
$
–
 
  
$
183
 
  
$
–
 
  
$
103
 
Mortgage- and asset-backed
  
 
70
 
  
 
–
 
  
 
(1
)
  
 
–
 
  
 
386
 
  
 
–
 
  
 
106
 
  
 
(169
)
  
 
392
 
Loans measured at FVTPL
                  
Business and government
  
 
105
 
  
 
–
 
  
 
1
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
178
 
  
 
(209
)
  
 
75
 
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
  
 
640
 
  
 
–
 
  
 
69
 
  
 
15
 
  
 
–
 
  
 
–
 
  
 
400
 
  
 
(61
)
  
 
1,063
 
Derivative instruments
                  
Interest rate
  
 
51
 
  
 
–
 
  
 
45
 
  
 
–
 
  
 
–
 
  
 
(17
)
  
 
–
 
  
 
–
 
  
 
79
 
Foreign exchange
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
44
 
  
 
–
 
  
 
(8
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
36
 
Equity
  
 
6
 
  
 
–
 
  
 
5
 
  
 
–
 
  
 
40
 
  
 
(11
)
  
 
11
 
  
 
–
 
  
 
51
 
Total assets
  
$
916
 
  
$
–
 
  
$
33
 
  
$
13
 
  
$
426
 
  
$
(28
)
  
$
878
 
  
$
(439
)
  
$
1,799
 
Deposits and other liabilities
(4)
  
$
(416
)
  
$
8
 
  
$
(127
)
  
$
–
 
  
$
(4
)
  
$
2
 
  
$
(120
)
  
$
181
 
  
$
(476
)
Derivative instruments
                  
Interest rate
  
 
(1,028
)
  
 
–
 
  
 
(263
)
  
 
–
 
  
 
–
 
  
 
190
 
  
 
–
 
  
 
46
 
  
 
(1,055
)
Foreign exchange
  
 
(4
)
  
 
–
 
  
 
(49
)
  
 
–
 
  
 
–
 
  
 
35
 
  
 
–
 
  
 
–
 
  
 
(18
)
Credit
  
 
(50
)
  
 
–
 
  
 
9
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(41
)
Equity
  
 
(1
)
  
 
–
 
  
 
3
 
  
 
–
 
  
 
(5
)
  
 
14
 
  
 
(40
)
  
 
–
 
  
 
(29
)
Total liabilities
  
$
  (1,499
)
  
$
8
 
  
$
(427
)
  
$
–
 
  
$
(9
)
  
$
241
 
  
$
(160
)
  
$
227
 
  
$
(1,619
)
2024
                  
Debt securities measured at FVTPL
                  
Corporate and other debt
   $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –  
Mortgage- and asset-backed
     151       –       (3 )     –       –       –       84       (162 )      70  
Loans measured at FVTPL
                  
Business and government
     144       –       5       –       –       –       –       (44 )      105  
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
     587       7       26       (17 )     –       –       113       (76 )      640  
Derivative instruments
                  
Interest rate
     21       –       97       –       –       (67 )     –       –       51  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     46       (6 )     2       –       –       –       2       –       44  
Equity
     4       –       2       –       2       (6 )     5       (1 )      6  
Total assets
   $ 953     $ 1     $ 129     $   (17 )   $ 2     $ (73 )   $ 204     $   (283 )    $ 916  
Deposits and other liabilities
(4)
   $ (242 )   $ (14 )   $   (156 )   $ –     $   (3 )   $ 17     $ (120 )    $ 102     $ (416 ) 
Derivative instruments
                  
Interest rate
     (1,817 )     –       297       –       –       425       (8 )      75       (1,028 ) 
Foreign exchange
     –       –       (31 )     –       –       27       –       –       (4 ) 
Credit
     (52 )     1       1       –       (2 )     –       –       2       (50 ) 
Equity
     (5 )     –       (1 )     –       (3 )     4       –       4       (1 ) 
Total liabilities
   $ (2,116 )    $   (13 )    $ 110     $ –     $ (8 )    $   473     $   (128 )    $ 183     $   (1,499 ) 
 
(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 year.
(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 $263 million (2024: $211 million), net bifurcated embedded derivative liabilities of $205 million (2024: $186 million) and other liabilities designated at FVTPL of $8 million (2024: $19 million).
Valuation techniques and quantitative information about significant non-observable inputs used in level 3 financial instruments
Quantitative information about significant
non-observable
inputs
Valuation techniques using one or more
non-observable
inputs are used for a number of financial instruments. The following table discloses the valuation techniques and quantitative information about the significant
non-observable
inputs used in Level 3 financial instruments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Range of inputs
 
$ millions, as at October 31
 
2025
 
 
Valuation techniques
 
 
Key
non-observable
inputs
 
 
  
 
 
Low
 
 
High
 
Debt securities measured at FVTPL
            
Corporate and other debt
  
$
103
 
     Discounted cash flow       Recovery
r
ate		         50.5  %      75.7  % 
Mortgage- and asset-backed
    
392
 
     Discounted cash flow       Credit spread               3.4  %      3.5  % 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
            
Limited partnerships and private companies
  
 
1,063
 
     Adjusted net asset value
 (1)
 		     Net asset value
 (2)
 		       n/a       n/a  
      Valuation multiple       Earnings multiple         14.9  x      29.4  x 
              Proxy share price       Proxy share price
 (2)
 		             n/a       n/a  
Loans measured at FVTPL Business and government
  
 
75
 
     Discounted cash flow       Credit spread               2.1  %      2.1  % 
Derivative instruments
            
Interest rate
  
 
79
 
     Proprietary model
 (3)
 		     n/a         n/a       n/a  
      Option model       Market volatility         59.7  %      84.7  % 
                      Probability of contingent settlement               80.0  %      100.0  % 
Credit
  
 
36
 
     Market proxy or direct broker quote       Market proxy or direct broker quote               36.2  %      36.2  % 
Equity
  
 
51
 
     Option model       Market correlation               9.5  %      96.4  % 
Total assets
  
$
1,799
 
                                        
Deposits and other liabilities
            
Deposits designated at FVTPL and
net bifurcated embedded derivative liabilities
  
$
(468
)
     Option model       Market volatility         8.3  %      84.7  % 
        Market correlation         (100.0 )%     100.0  % 
Other liabilities designated at FVTPL
  
 
(8
)
     Option model       Funding ratio               49.0  %      49.0  % 
Derivative instruments
            
Interest rate
  
 
(1,055
)
     Proprietary model
 (3)
 		     n/a         n/a       n/a  
      Option model       Market volatility         59.7  %      84.7  % 
                      Probability of contingent settlement               100.0  %      100.0  % 
Foreign exchange
  
 
(18
)
     Option model       Probability of contingent settlement               100.0  %      100.0  % 
Credit
  
 
(41
)
     Market proxy or direct broker quote       Market proxy or direct broker quote               36.2  %      36.2  % 
Equity
  
 
(29
)
     Option model       Market correlation               10.9  %      96.4  % 
Total liabilities
  
$
  (1,619
)
                                        
 
(1)
Adjusted net asset value is determined using reported net asset values obtained from the fund manager or general partner of the limited partnership or the limited liability company and may be adjusted for current market levels where appropriate.
(2)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be
non-observable.
n/a
Not applicable.
Not measured at fair value in statement of financial position but for which fair value is disclosed [member]  
Statement [LineItems]  
Summary of Fair Value of Financial Instruments
Financial assets and liabilities not carried on the consolidated balance sheet at fair value
The table below presents the fair values by level within the fair value hierarchy for those financial instruments in which fair value is not assumed to equal the carrying value:

 
 
 
Level 1
 
 
 
 
 
Level 2
 
 
 
 
 
Level 3
 
 
 
 
 
 
 
 
 
 
 
 
Quoted market price
 
 
 
 
 
Valuation technique –
observable market inputs
 
 
 
 
 
Valuation technique –
non-observable market inputs
 
 
 
 
 
Total
2025
 
 
Total
2024
 
$ millions, as at October 31
 
2025
 
 
2024
 
 
  
 
 
2025
 
  
2024
 
 
  
 
 
2025
 
 
2024
 
 
  
 
Financial assets
 
 
 
 
  
 
 
 
 
 
 
Amortized cost securities
 
$
–
 
 
$
 –
 
 
 
$
64,642
 
  
$
69,961
 
 
 
$
767
 
 
$
741
 
 
 
$
65,409
 
 
$
70,702
 
Loans
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
Residential mortgages
 
 
–
 
 
 
–
 
 
 
 
–
 
  
 
–
 
 
 
 
  287,325
 
 
 
  279,802
 
 
 
 
  287,325
 
 
 
279,802
 
Personal
 
 
       –
 
 
 
       –
 
 
 
 
       –
 
  
 
       
–
 
 
 
 
46,774
 
 
 
45,750
 
 
 
 
46,774
 
 
 
45,750
 
Credit card
 
 
–
 
 
 
–
 
 
 
 
–
 
  
 
–
 
 
 
 
20,651
 
 
 
19,682
 
 
 
 
20,651
 
 
 
19,682
 
Business and government
 
 
–
 
 
 
–
 
 
 
 
 
 
 
–
 
  
 
–
 
 
 
 
 
 
 
235,232
 
 
 
212,523
 
 
 
 
 
 
 
235,232
 
 
212,523
  
Financial liabilities
 
 
 
 
  
 
 
 
 
 
 
Deposits
 
 
 
 
  
 
 
 
 
 
 
Personal
 
$
–
 
 
$
–
 
 
 
$
73,757
 
  
$
82,620
 
 
 
$
4,167
 
 
$
5,232
 
 
 
$
77,924
 
 
$
87,852
 
Business and government
 
 
–
 
 
 
–
 
 
 
 
193,978
 
  
 
191,616
 
 
 
 
3,596
 
 
 
4,681
 
 
 
 
197,574
 
 
 
  196,297
 
Bank
 
 
–
 
 
 
–
 
 
 
 
8,737
 
  
 
9,420
 
 
 
 
–
 
 
 
–
 
 
 
 
8,737
 
 
 
9,420
 
Secured borrowings
 
 
–
 
 
 
–
 
 
 
 
62,356
 
  
 
50,546
 
 
 
 
3,027
 
 
 
4,872
 
 
 
 
65,383
 
 
 
55,418
 
Subordinated indebtedness
 
 
–
 
 
 
–
 
 
 
 
 
 
 
8,091
 
  
 
7,698
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
 
 
8,091
 
 
 
7,698
 
At fair value [member]  
Statement [LineItems]  
Summary of Fair Value of Financial Instruments
 
 
 
Level 1
 
 
 
 
 
Level 2
 
 
 
 
 
Level 3
 
 
 
 
  
 
 
 
 
 
 
 
Quoted market price
 
 
 
 
 
Valuation technique –
observable market inputs
 
 
 
 
 
Valuation technique –
non-observable
market inputs
 
 
 
 
  
Total
2025
 
 
Total
2024
 
$ millions, as at October 31
 
2025
 
 
2024
 
 
  
 
 
2025
 
 
2024
 
 
  
 
 
2025
 
 
2024
 
 
  
 
Financial assets
 
 
 
 
 
 
 
 
 
  
 
Debt securities measured at FVTPL
 
 
 
 
 
 
 
 
 
  
 
Government issued or guaranteed
 
$
6,222
 
 
$
4,258
 
 
 
$
34,635
 
 
$
32,328
 
 
 
$
–
 
 
$
–
 
 
  
$
40,857
 
 
$
36,586
 
Corporate and other debt
 
 
–
 
 
 
–
 
 
 
 
4,537
 
 
 
4,385
 
 
 
 
103
 
 
 
–
 
 
  
 
4,640
 
 
 
4,385
 
Mortgage- and asset-backed
 
 
–
 
 
 
–
 
 
 
 
 
 
 
7,193
 
 
 
4,213
 
 
 
 
 
 
 
392
 
 
 
70
 
 
 
 
 
  
 
7,585
 
 
 
4,283
 
 
 
 
6,222
 
 
 
4,258
 
 
 
 
 
 
 
46,365
 
 
 
40,926
 
 
 
 
 
 
 
495
 
 
 
70
 
 
 
 
 
  
 
53,082
 
 
 
45,254
 
Loans measured at FVTPL
 
 
 
 
 
 
 
 
 
  
 
Business and government
 
 
–
 
 
 
–
 
 
 
 
485
 
 
 
116
 
 
 
 
75
 
(1)
 
 
 
105
 
(1)
 
 
  
 
560
 
 
 
221
 
Residential mortgages
 
 
–
 
 
 
–
 
 
 
 
 
 
 
3
 
 
 
3
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
3
 
 
 
3
 
 
 
 
–
 
 
 
–
 
 
 
 
 
 
 
488
 
 
 
119
 
 
 
 
 
 
 
75
 
 
 
105
 
 
 
 
 
  
 
563
 
 
 
224
 
Debt securities measured at FVOCI
 
 
 
 
 
 
 
 
 
  
 
Government issued or guaranteed
 
 
9,206
 
 
 
2,760
 
 
 
 
63,917
 
 
 
60,051
 
 
 
 
–
 
 
 
–
 
 
  
 
73,123
 
 
 
62,811
 
Corporate and other debt
 
 
–
 
 
 
–
 
 
 
 
10,106
 
 
 
9,083
 
 
 
 
–
 
 
 
–
 
 
  
 
10,106
 
 
 
9,083
 
Mortgage- and asset-backed
 
 
–
 
 
 
–
 
 
 
 
 
 
 
4,656
 
 
 
4,127
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
4,656
 
 
 
4,127
 
 
 
 
9,206
 
 
 
2,760
 
 
 
 
 
 
 
78,679
 
 
 
73,261
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
87,885
 
 
 
76,021
 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
 
 
74,686
 
 
 
59,904
 
 
 
 
 
 
 
1,048
 
 
 
916
 
 
 
 
 
 
 
1,063
 
 
 
640
 
 
 
 
 
  
 
76,797
 
 
 
61,460
 
Securities purchased under resale agreements measured at FVTPL
 
 
–
 
 
 
–
 
 
 
 
 
 
 
17,651
 
 
 
24,977
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
17,651
 
 
 
24,977
 
Other assets
 
 
–
 
 
 
–
 
 
 
 
 
 
 
674
 
 
 
364
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
674
 
 
 
364
 
Derivative instruments
 
 
 
 
 
 
 
 
 
  
 
Interest rate
 
 
2
 
 
 
2
 
 
 
 
6,027
 
 
 
6,718
 
 
 
 
79
 
 
 
51
 
 
  
 
6,108
 
 
 
6,771
 
Foreign exchange
 
 
–
 
 
 
–
 
 
 
 
16,845
 
 
 
15,525
 
 
 
 
–
 
 
 
–
 
 
  
 
16,845
 
 
 
15,525
 
Credit
 
 
–
 
 
 
–
 
 
 
 
41
 
 
 
2
 
 
 
 
36
 
 
 
44
 
 
  
 
77
 
 
 
46
 
Equity
 
 
5,761
 
 
 
5,821
 
 
 
 
5,729
 
 
 
5,157
 
 
 
 
51
 
 
 
6
 
 
  
 
11,541
 
 
 
10,984
 
Precious metal and other commodity
 
 
55
 
 
 
32
 
 
 
 
 
 
 
3,726
 
 
 
3,077
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
3,781
 
 
 
3,109
 
 
 
 
5,818
 
 
 
5,855
 
 
 
 
 
 
 
32,368
 
 
 
30,479
 
 
 
 
 
 
 
166
 
 
 
101
 
 
 
 
 
  
 
38,352
 
 
 
36,435
 
Total financial assets
 
$
   95,932
 
 
$
   72,777
 
 
 
 
 
 
$
   177,273
 
 
$
  171,042
 
 
 
 
 
 
$
   1,799
 
 
$
     916
 
 
 
 
 
  
$
   275,004
 
 
$
   244,735
 
Financial liabilities
 
 
 
 
 
 
 
 
 
  
 
Deposits and other liabilities
(2)
 
$
–
 
 
$
–
 
 
 
$
(43,788
)
 
$
(39,290
)
 
 
$
(476
)
 
$
(416
)
 
  
$
(44,264
) 
 
$
(39,706
) 
Obligations related to securities sold short
 
 
(6,150
)
 
 
(9,199
)
 
 
 
(18,094
)
 
 
(12,443
)
 
 
 
–
 
 
 
–
 
 
  
 
(24,244
)
 
 
(21,642
) 
Obligations related to securities sold under repurchase agreements
 
 
–
 
 
 
–
 
 
 
 
 
 
 
(8,135
)
 
 
(9,746
)
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
(8,135
) 
 
 
(9,746
) 
Derivative instruments
 
 
 
 
 
 
 
 
 
  
 
Interest rate
 
 
(3
)
 
 
(2
)
 
 
 
(6,215
)
 
 
(8,236
)
 
 
 
(1,055
)
 
 
(1,028
)
 
  
 
(7,273
) 
 
 
(9,266
) 
Foreign exchange
 
 
–
 
 
 
–
 
 
 
 
(14,977
)
 
 
(16,065
)
 
 
 
(18
)
 
 
(4
)
 
  
 
(14,995
) 
 
 
(16,069
) 
Credit
 
 
–
 
 
 
–
 
 
 
 
(45
)
 
 
(5
)
 
 
 
(41
)
 
 
(50
)
 
  
 
(86
) 
 
 
(55
) 
Equity
 
 
(5,212
)
 
 
(4,712
)
 
 
 
(9,213
)
 
 
(6,404
)
 
 
 
(29
)
 
 
(1
)
 
  
 
(14,454
) 
 
 
(11,117
) 
Precious metal and other commodity
 
 
(48
)
 
 
(39
)
 
 
 
 
 
 
(4,555
)
 
 
(4,108
)
 
 
 
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
(4,603
) 
 
 
(4,147
) 
 
 
 
(5,263
)
 
 
(4,753
)
 
 
 
 
 
 
(35,005
)
 
 
(34,818
)
 
 
 
 
 
 
(1,143
)
 
 
(1,083
)
 
 
 
 
  
 
(41,411
) 
 
 
(40,654
) 
Total financial liabilities
 
$
(11,413
) 
 
$
(13,952
 ) 
 
 
 
 
 
$
(105,022
)
 
$
(96,297
 ) 
 
 
 
 
 
$
(1,619
)
 
$
(1,499
)
 
 
 
 
  
$
(118,054
)
 
$
(111,748
) 
 
(1)
Includes loans designated at FVTPL.
(2)
Comprises deposits designated at FVTPL of $43,723 million (2024: $39,008 million), net bifurcated embedded derivative liabilities of $313 million (2024: $521 million), other liabilities designated at FVTPL of $8 million (2024: $
19
million), and other financial liabilities measured at fair value of $220 million (2024: $158 million).