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Securities (Tables)
 3 Months Ended
Jan. 31, 2025
Text Block [Abstract]  
Summary of Classification of Securities
The following table summarizes the carrying amounts of the bank’s securities by classification:
 
(Canadian $ in millions)
   
January 31, 2025
      October 31, 2024  
Trading securities (1)
   
$
183,264
      $   168,926  
Fair value through profit or loss securities (FVTPL)
      
FVTPL securities mandatorily measured at fair value
     
7,232
        6,850  
FVTPL investment securities held by Insurance subsidiaries designated at fair value
     
12,871
        12,214  
Total FVTPL securities
     
20,103
        19,064  
Fair value through other comprehensive income (FVOCI) securities (2)
     
100,257
        93,702  
Amortized cost securities (3)
     
107,444
        115,188  
Total
   
$
  411,068
      $   396,880  
 
 (1)
Trading securities include interests of $28,120 million as at January 31, 2025 ($21,485 million as at October 31, 2024) in Collateralized Mortgage Obligations (CMO). We receive CMO in return for our sales of Mortgage Backed Securities (MBS) to certain structured vehicles that we do not consolidate. When we subsequently sell these CMO to third parties, but do not transfer substantially all risks and rewards of ownership to the third-party investor, or we maintain an interest in the sold instrument, we retain these CMO on our Consolidated Balance Sheet. Refer to Note 7 of our annual consolidated financial statements for the year ended October 31, 2024 for further discussion on these vehicles.
 (2)
Amounts are net of ACL of $4 million ($4 million as at October 31, 2024).
 (3)
Amounts are net of ACL of $3 million ($3 million as at October 31, 2024).
Summary of Detailed Information About Amortized Cost Securities
The following table summarizes the carrying value and fair value of amortized cost debt securities:
 
(Canadian $ in millions)
   
January 31, 2025
      October 31, 2024  
     
Carrying value
     
Fair value
      Carrying value      Fair value  
Issued or guaranteed by:
            
Canadian federal government
   
$
1,955
     
$
1,938
      $ 2,465      $ 2,403  
Canadian provincial and municipal governments
     
4,269
       
4,270
        4,488        4,216  
U.S. federal government
     
48,089
       
44,234
        55,421        51,319  
U.S. states, municipalities and agencies
     
190
       
188
        182        180  
Other governments
     
709
       
705
        681        675  
NHA MBS, U.S. agency MBS and CMO (1)
     
43,237
       
38,691
        42,773        38,619  
Corporate debt
     
8,995
       
8,852
        9,178        9,049  
Total
   
$
  107,444
     
$
  98,878
      $   115,188      $   106,461  
 
(1)
 These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act.
Unrealized gains and losses on securities at fair value through other comprehensive income
The following table summarizes the unrealized gains and losses on FVOCI securities:
 
(Canadian $ in millions)
   
January 31, 2025
      October 31, 2024  
     
Cost or
amortized
cost
     
Gross
unrealized
gains
     
Gross
unrealized
losses
    
Fair value
      Cost or
amortized
cost		      Gross
unrealized
gains		      Gross
unrealized
losses		     Fair value  
Issued or guaranteed by:
                      
Canadian federal government
   
$
37,302
     
$
541
     
$
(11
) 
  
$
37,832
      $ 33,892      $ 303      $ (18 )    $ 34,177  
Canadian provincial and municipal governments
     
5,964
       
122
       
(25
) 
    
6,061
        5,939        82        (25 )      5,996  
U.S. federal government
     
17,163
       
43
       
(233
) 
    
16,973
        17,033        100        (168 )      16,965  
U.S. states, municipalities and agencies
     
5,019
       
12
       
(85
) 
    
4,946
        5,125        24        (81 )      5,068  
Other governments
     
6,232
       
22
       
(8
) 
    
6,246
        5,643        20        (7 )      5,656  
NHA MBS, U.S. agency MBS and CMO
     
24,100
       
59
       
(416
) 
    
23,743
        21,570        58        (335 )      21,293  
Corporate debt
     
4,283
       
31
       
(21
) 
    
4,293
        4,391        31        (52 )      4,370  
Corporate equity
     
136
       
27
       
    -
      
163
        135        42        -       177  
Total
   
$
  100,199
     
$
    857
     
$
(799
) 
  
$
  100,257
      $   93,728      $      660      $      (686 )    $   93,702  
Summary of Interest, Dividend and Fee Income
The following table presents interest income calculated using the effective interest method:
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
  
For the three months ended
 
  
  
January 31, 2025
 
    
January 31, 2024
 
FVOCI securities
  
$
1,097
 
    
$
947
 
Amortized cost securities
  
 
805
 
    
 
954
 
Total
  
$
  1,902
 
    
$
 1,901
 
Summary of Non Interest Revenue
Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows:
 
(Canadian $ in millions)
    For the three months ended  
     
January 31, 2025
        January 31, 2024  
FVTPL securities
   
$
 49
        $ 7  
FVOCI securities - net realized gains (1)
     
9
          8  
Impairment on FVOCI and amortized cost securities
     
-
          (2 ) 
Securities gains, other than trading
   
$
   58
        $     13  
 
  (1)
Gains are net of (losses) on hedge contracts.
Summary of Interest and Dividend Income and Gains on Securities
Interest and dividend income and gains on securities held in our Insurance business are recorded as a component of
non-interest
revenue, insurance investment results, in our Consolidated Statement of Income as follows:
 
(Canadian $ in millions)
    For the three months ended  
     
January 31, 2025
        January 31, 2024  
Interest and dividend income
   
$
 136
        $ 127  
Gains from securities designated at FVTPL (1)
     
281
          907   
Realized gains from FVOCI securities
     
-
          -  
Total interest and dividend income and gains held in our Insurance business
   
$
  417
        $   1,034  
 
 (1)
Gains on these securities may be offset by certain (losses) from changes in insurance-related liabilities.