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Securities (Tables)
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Summary of Securities
$ millions, as at October 31
   
2025
      2024  
Securities measured and designated at FVOCI
   
$
88,905
 
    $ 76,693  
Securities measured at amortized cost
(1)
   
 
65,471
 
      71,610  
Securities mandatorily measured and designated at FVTPL
   
 
128,859
 
      106,042  
Total securities
   
$
  283,235
 
    $   254,345  
 
(1)
During the year, less than $1 million of amortized cost debt securities were disposed of, generally shortly before their maturity, resulting in a realized gain of nil (2024: a realized gain of nil).
Summary of Residual Term to Contractual Maturity of Financial Instruments
 
 
Residual term to contractual maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, as at October 31
 
Within 1 year
 
 
1 to 5 years
 
 
5 to 10 years
 
 
Over 10 years
 
 
No specific
maturity
 
 
  
 
 
  
 
 
2025
Total
 
 
  
 
 
  
 
 
2024
Total
 
 
  
 
  
 
Carrying
value
 
 
Yield
 (1)
 
 
Carrying
value
 
 
Yield
 (1)
 
 
Carrying
value
 
 
Yield
 (1)
 
 
Carrying
value
 
 
Yield
 (1)
 
 
Carrying
value
 
 
Yield
 (1)
 
 
  
 
 
Carrying
value
 
 
Yield
 (1)
 
 
  
 
 
Carrying
value
 
 
Yield
 (1)
 
 
  
 
Debt securities measured at FVOCI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Securities issued or guaranteed by:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Canadian federal government
  
$
2,922
 
  
 
4.0
 % 
  
$
10,756
 
  
 
3.2
 % 
  
$
1,845
 
  
 
3.5
 % 
  
$
–
 
  
 
–
 % 
  
$
–
 
  
 
–
 % 
    
$
15,523
 
  
 
3.4
 % 
     $ 11,685       3.8  %   
Other Canadian governments
  
 
487
 
  
 
2.4
 
  
 
1,757
 
  
 
2.8
 
  
 
14,009
 
  
 
3.1
 
  
 
240
 
  
 
3.4
 
  
 
–
 
  
 
–
 
    
 
16,493
 
  
 
3.1
 
       16,414       3.2    
U.S. Treasury and agencies
  
 
12,651
 
  
 
3.3
 
  
 
18,385
 
  
 
3.8
 
  
 
2,315
 
  
 
4.2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
    
 
33,351
 
  
 
3.6
 
       29,152       3.9    
Other foreign governments
  
 
4,076
 
  
 
3.2
 
  
 
3,597
 
  
 
4.2
 
  
 
80
 
  
 
5.5
 
  
 
3
 
  
 
6.6
 
  
 
–
 
  
 
–
 
    
 
7,756
 
  
 
3.7
 
       5,560       4.4    
Mortgage-backed securities
(2)
  
 
189
 
  
 
3.9
 
  
 
2,966
 
  
 
3.5
 
  
 
203
 
  
 
2.7
 
  
 
351
 
  
 
4.5
 
  
 
–
 
  
 
–
 
    
 
3,709
 
  
 
3.6
 
       3,470       4.1    
Asset-backed securities
  
 
516
 
  
 
4.6
 
  
 
–
 
  
 
–
 
  
 
41
 
  
 
4.9
 
  
 
390
 
  
 
4.8
 
  
 
–
 
  
 
–
 
    
 
947
 
  
 
4.7
 
       657       5.9    
Corporate and other debt
  
 
3,011
 
  
 
4.2
 
  
 
6,580
 
  
 
4.4
 
  
 
499
 
  
 
4.6
 
  
 
16
 
  
 
4.4
 
  
 
–
 
  
 
–
 
          
 
10,106
 
  
 
4.3
 
             9,083       4.7          
   
$
 23,852
 
          
$
44,041
 
          
$
18,992
 
          
$
1,000
 
          
$
–
 
                  
$
87,885
 
                   $ 76,021                  
Securities measured at amortized cost
 
                          
Securities issued or guaranteed by:
 
                                
Canadian federal government
  
$
431
 
  
 
0.8
 % 
  
$
2,469
 
  
 
3.2
 % 
  
$
593
 
  
 
3.5
 % 
  
$
–
 
  
 
–
 % 
  
$
–
 
  
 
–
 % 
    
$
3,493
 
  
 
2.9
 % 
     $ 2,904       2.5  %   
Other Canadian governments
  
 
1,561
 
  
 
1.8
 
  
 
9,977
 
  
 
2.7
 
  
 
8,193
 
  
 
3.5
 
  
 
266
 
  
 
3.4
 
  
 
–
 
  
 
–
 
    
 
19,997
 
  
 
2.9
 
       21,634       3.0    
U.S. Treasury and agencies
  
 
8,261
 
  
 
1.6
 
  
 
19,291
 
  
 
3.3
 
  
 
1,538
 
  
 
4.0
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
    
 
29,090
 
  
 
2.8
 
       33,727       2.5    
Other foreign governments
  
 
369
 
  
 
3.0
 
  
 
557
 
  
 
3.3
 
  
 
472
 
  
 
1.7
 
  
 
158
 
  
 
2.6
 
  
 
–
 
  
 
–
 
    
 
1,556
 
  
 
2.7
 
       1,527       2.5    
Mortgage-backed securities
(3)
  
 
441
 
  
 
2.8
 
  
 
3,106
 
  
 
2.7
 
  
 
639
 
  
 
2.4
 
  
 
347
 
  
 
3.5
 
  
 
–
 
  
 
–
 
    
 
4,533
 
  
 
2.7
 
       5,297       3.3    
Asset-backed securities
  
 
147
 
  
 
5.7
 
  
 
346
 
  
 
4.4
 
  
 
–
 
  
 
–
 
  
 
1,864
 
  
 
5.6
 
  
 
–
 
  
 
–
 
    
 
2,357
 
  
 
5.5
 
       2,236       6.0    
Corporate and other debt
  
 
980
 
  
 
1.9
 
  
 
2,734
 
  
 
3.3
 
  
 
731
 
  
 
4.4
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
          
 
4,445
 
  
 
3.2
 
             4,285       3.3          
   
$
 12,190
 
          
$
 38,480
 
          
$
 12,166
 
          
$
2,635
 
          
$
    –
 
                  
$
 65,471
 
                   $  71,610                  
Debt securities mandatorily measured and
designated at FVTPL
 
                          
Securities issued or guaranteed by:
 
                                
Canadian federal government
  
$
2,409
 
    
$
10,040
 
    
$
3,202
 
    
$
1,154
 
    
$
–
 
      
$
16,805
 
       $ 17,799      
Other Canadian governments
  
 
1,728
 
    
 
1,315
 
    
 
1,152
 
    
 
6,289
 
    
 
–
 
      
 
10,484
 
         9,909      
U.S. Treasury and agencies
  
 
698
 
    
 
6,934
 
    
 
1,530
 
    
 
3,336
 
    
 
–
 
      
 
12,498
 
         6,750      
Other foreign governments
  
 
212
 
    
 
810
 
    
 
48
 
    
 
–
 
    
 
–
 
      
 
1,070
 
         2,128      
Mortgage-backed securities
(4)
  
 
572
 
    
 
4,391
 
    
 
646
 
    
 
–
 
    
 
–
 
      
 
5,609
 
         3,980      
Asset-backed securities
  
 
278
 
    
 
291
 
    
 
923
 
    
 
484
 
    
 
–
 
      
 
1,976
 
         303      
Corporate and other debt
  
 
759
 
          
 
2,400
 
          
 
706
 
          
 
775
 
          
 
–
 
                  
 
4,640
 
                     4,385                  
   
$
6,656
 
          
$
26,181
 
          
$
8,207
 
          
$
12,038
 
          
$
–
 
                  
$
53,082
 
                   $ 45,254                  
Corporate equity mandatorily measured at FVTPL
and designated at
 FVOCI
  
$
–
 
  
 
–
 % 
  
$
–
 
  
 
–
 % 
  
$
–
 
  
 
–
 % 
  
$
–
 
  
 
–
 % 
  
$
 76,797
 
  
 
n/m
 
          
$
76,797
 
  
 
n/m
 
           $ 61,460       n/m          
Total securities
(5)
  
$
42,698
 
          
$
 108,702
 
          
$
39,365
 
          
$
 15,673
 
          
$
76,797
 
                  
$
 283,235
 
                   $  254,345                  
 
(1)
Represents the weighted-average yield, which is determined by applying the weighted average of the yields of individual fixed income securities.
(2)
Includes securities backed by mortgages insured by the Canada Mortgage and Housing Corporation (CMHC), with amortized cost of $3,177 million (2024: $2,832 million) and fair value of $3,180 million (2024: $2,827 million); securities issued by Federal National Mortgage Association (Fannie Mae), with amortized cost of $
222
 
million (2024: $284 million) and fair value of $217 million (2024: $275 million); securities issued by Federal Home Loan Mortgage Corporation (Freddie Mac), with amortized cost of $78 million (2024: $103 million) and fair value of $76 million (2024: $
99
million); and securities issued by Government National Mortgage Association, a U.S. government corporation (Ginnie Mae), with amortized cost of $239 million (2024: $274 million) and fair value of $236 million (2024: $269 million).
(3)
Includes securities backed by mortgages insured by the CMHC, with amortized cost of $2,632 million (2024: $2,585 million) and fair value of $2,634 million (2024: $2,582 million); securities issued by Fannie Mae, with amortized cost of $198 million (2024: $471 million) and fair value of $189 million (2024: $448 million); securities issued by Freddie Mac, with amortized cost of $1,009 million (2024: $1,536 million) and fair value of $968 million (2024: $1,450 million); and securities issued by Ginnie Mae, with amortized cost of $156 million (2024: $123 million) and fair value of $155 million (2024: $118 million).
(4)
Includes securities backed by mortgages insured by the CMHC of $5,608 million (2024: $3,977 million).
(5)
Includes securities denominated in U.S. dollars with carrying value of $139.9 billion (2024: $126.7 billion) and securities denominated in other foreign currencies with carrying value of $
17.3
billion (2024: $12.4 billion).
n/m
Not meaningful.
Fair Value of Debt Securities Measured and Equity Securities Designated at FVOCI
Fair value of debt securities measured and equity securities designated at FVOCI
 
$ millions, as at October 31
         
2025
                    2024  
    
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
  
$
  15,531
 
   
$
  9
 
   
 
$  (17
) 
  
$
  15,523
 
      $   11,715      $ 1      $ (31 )    $ 11,685  
Other Canadian governments
  
 
16,484
 
   
 
50
 
   
 
(41
) 
  
 
16,493
 
        16,506        9        (101 )      16,414  
U.S. Treasury and agencies
  
 
33,345
 
   
 
64
 
   
 
(58
) 
  
 
33,351
 
        29,362        10        (220 )      29,152  
Other foreign governments
  
 
7,727
 
   
 
31
 
   
 
(2
) 
  
 
7,756
 
        5,542        22        (4 )      5,560  
Mortgage-backed securities
  
 
3,716
 
   
 
5
 
   
 
(12
) 
  
 
3,709
 
        3,493        –        (23 )      3,470  
Asset-backed securities
  
 
947
 
   
 
–
 
   
 
–
 
  
 
947
 
        656        1        –       657  
Corporate and other debt
  
 
10,092
 
   
 
17
 
   
 
(3
) 
  
 
10,106
 
              9,085        7        (9 )      9,083  
   
 
87,842
 
   
 
176
 
   
 
(133
) 
  
 
87,885
 
              76,359        50        (388 )      76,021  
Corporate equity
(2)
  
 
979
 
   
 
65
 
   
 
(24
) 
  
 
1,020
 
              653        51        (32 )      672  
Total
  
$
88,821
 
   
$
  241
 
   
$
  (157
) 
  
$
88,905
 
            $ 77,012      $   101      $   (420 )    $   76,693  
 
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $23 million (2024: $19 million).
(2)
Includes restricted stock.
Summary of Profit or Loss Recognized on FVOCI Securities
The table below presents profit or loss recognized on FVOCI debt securities:
 
$ millions, for the year ended October 31
  
2025
     2024  
Realized gains
  
$
   50
 
   $    64  
Realized losses
  
 
(27
)
     (26 ) 
(Provision for) reversal of credit losses on debt securities
  
 
(3
) 
     3  
Total
  
$
20
 
   $ 41  
Summary of Allowance for Credit Losses measured at FVOCI
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 year ended October 31
   Collective provision
12-month
ECL
performing		     Collective provision
lifetime ECL
performing		     Collective and
individual provision
lifetime ECL
credit-impaired 
(1)
     Total  
2025
   
Debt securities measured at FVOCI and amortized cost
        
  
Balance at beginning of year
  
$
7
 
  
$
17
 
  
$
12
 
  
$
36
 
  
Provision for (reversal of) credit losses
(2)
  
 
(1
)
  
 
2
 
  
 
36
 
  
 
37
 
  
Write-offs
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
    
Foreign exchange and other
  
 
–
 
  
 
1
 
  
 
1
 
  
 
2
 
     Balance at end of year  
$
6
 
  
$
20
 
  
$
49
 
  
$
  75
 
  
Comprises:
        
  
Debt securities measured at FVOCI
  
$
3
 
  
$
20
 
  
$
–
 
  
$
23
 
    
Debt securities measured at amortized cost
  
 
3
 
  
 
–
 
  
 
49
 
  
 
52
 
2024   
Debt securities measured at FVOCI and amortized cost
        
  
Balance at beginning of year
   $ 8     $ 20     $ 14     $ 42  
  
Reversal of credit losses
(2)
     –       (3 )     (2 )     (5 )
  
Write-offs
     –       –       –       –  
    
Foreign exchange and other
     (1 )     –       –       (1 )
     Balance at end of year   $ 7     $ 17     $ 12     $ 36  
  
Comprises:
        
  
Debt securities measured at FVOCI
   $    2     $   17     $ –     $ 19  
    
Debt securities measured at amortized cost
     5       –         12       17  
 
(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 consolidated statement of income.