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Fair Value Measurements (Tables)
 3 Months Ended
Jan. 31, 2025
Text Block [Abstract]  
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet
Set out in the following table are the amounts that would be reported if all financial instruments not currently carried at fair value were reported at their fair values. Refer to Note 18 of our annual consolidated financial statements for the year ended October 31, 2024 for further discussion on the determination of fair
value.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
  
January 31, 2025
    
October 31, 2024
  
   
Carrying value
    
Fair value
    
Carrying value
    
Fair value
  
Securities
(1)
                                
Amortized cost
  
$
  107,444
    
$
   98,878
    
$
  115,188
    
$
  106,461
  
                                 
Loans
(1) (2)
                                
Residential mortgages
    
193,963
      
191,754
      
190,666
      
188,848
  
Consumer instalment and other personal
    
92,212
      
92,037
      
91,889
      
91,513
  
Credit cards
    
12,942
      
12,942
      
13,030
      
13,030
  
Business and government
    
376,355
      
376,720
      
369,776
      
370,101
  
     
675,472
      
673,453
      
665,361
      
663,492
  
                                 
Deposits
(3)
    
940,186
      
940,831
      
928,332
      
928,689
  
Securitization and structured entities’ liabilities
(4)
    
21,697
      
21,667
      
21,850
      
21,653
  
Other liabilities
(5)
    
3,098
      
2,842
      
2,929
      
2,669
  
Subordinated debt
    
8,554
      
8,752
      
8,377
      
8,543
  
This
table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, certain other assets, certain other liabilities and securities lent or sold under repurchase agreements.
 
 (1)
Carrying value is net of ACL.
 (2)
Excludes $66 million of residential mortgages classified as FVTPL, $13,116 million of business and government loans classified as FVTPL and $61 million of business and government loans classified as FVOCI ($163 million, $12,431 million and $61 million, respectively, as at October 31, 2024).
 (3)
Excludes $48,383 million of structured note liabilities, $4,210 million of money market deposits, $1,223 million of embedded options related to structured deposits carried at amortized cost and $2,830 million of metals deposits measured at fair value ($45,222 million, $6,032 million, $1,047 million and $1,807 million, respectively, as at October 31, 2024).
 (4)
Excludes $25,097 million of securitization and structured entities’ liabilities classified as FVTPL ($18,314 million as at October 31, 2024).
 (5)
Other liabilities include certain investment contract liabilities in our insurance business measured at amortized cost, as well as certain other liabilities of subsidiaries.
Summary of Assets and Liabilities categorized by the Fair Value Hierarchy
The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models using one or more significant unobservable inputs (Level 3) in the valuation of securities, loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
              
January 31, 2025
    
October 31, 2024
  
   
Level 1
    
Level 2
    
Level 3
    
Total
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Trading Securities
                                                                
Issued or guaranteed by:
                                                                
Canadian federal government
   
$
33
     
$
9,720
     
$
-
     
$
9,753
      $ 1,272      $ 8,764      $ -      $  10,036  
Canadian provincial and municipal governments
     
-
       
7,789
       
-
       
7,789
        -        7,585        -        7,585  
U.S. federal government
     
3,748
       
25,435
       
-
       
29,183
        2,688        21,560        -        24,248  
U.S. states, municipalities and agencies
     
-
       
653
       
-
       
653
        -        565        -        565  
Other governments
     
248
       
5,405
       
-
       
5,653
        92        3,757        -        3,849  
NHA MBS, and U.S. agency MBS and CMO
     
-
       
51,769
       
-
       
51,769
        -        40,995        -        40,995  
Corporate debt
     
-
       
12,176
       
-
       
12,176
        -        10,172        -        10,172  
Trading loans
     
-
       
4,356
       
-
       
4,356
        -        5,493        -        5,493  
Corporate equity
     
61,450
       
476
       
6
       
61,932
        65,559        420        4        65,983  
      
  65,479
       
 117,779
       
6
       
 183,264
        69,611        99,311        4         168,926  
FVTPL Securities
                        
Issued or guaranteed by:
                        
Canadian federal government
     
-
       
703
       
-
       
703
        166        237        -        403  
Canadian provincial and municipal governments
     
-
       
1,623
       
-
       
1,623
        -        1,578        -        1,578  
U.S. federal government
     
-
       
1,547
       
-
       
1,547
        -        1,527        -        1,527  
Other governments
     
-
       
-
       
-
       
-
        -        25        -        25  
NHA MBS, and U.S. agency MBS and CMO
     
-
       
22
       
-
       
22
        -        21        -        21  
Corporate debt
     
-
       
9,072
       
33
       
9,105
        -        8,745        35        8,780  
Corporate equity
     
996
       
905
       
5,202
       
7,103
        921        910        4,899        6,730  
      
996
       
13,872
       
   5,235
       
20,103
           1,087          13,043           4,934        19,064  
FVOCI Securities
                        
Issued or guaranteed by:
                        
Canadian federal government
     
-
       
37,832
       
-
       
37,832
        3,212        30,965        -        34,177  
Canadian provincial and municipal governments
     
-
       
6,061
       
-
       
6,061
        -        5,996        -        5,996  
U.S. federal government
     
-
       
16,973
       
-
       
16,973
        25        16,940        -        16,965  
U.S. states, municipalities and agencies
     
-
       
4,946
       
-
       
4,946
        -        5,068        -        5,068  
Other governments
     
-
       
6,246
       
-
       
6,246
        -        5,656        -        5,656  
NHA MBS, and U.S. agency MBS and CMO
     
-
       
23,743
       
-
       
23,743
        -        21,293        -        21,293  
Corporate debt
     
-
       
4,293
       
-
       
4,293
        -        4,370        -        4,370  
Corporate equity
     
-
       
-
       
163
       
163
        -        -        177        177  
      
-
       
100,094
       
163
       
100,257
        3,237        90,288        177        93,702  
Loans
                        
Residential mortgages
     
-
       
66
       
-
       
66
        -        163        -        163  
Business and government loans
     
-
       
12,856
       
321
       
13,177
        -        12,190        302        12,492  
      
-
       
12,922
       
321
       
13,243
        -        12,353        302        12,655  
Other Assets
(1)
     
15,629
       
-
       
1,841
       
17,470
        11,236        -        1,717        12,953  
Fair Value Liabilities
(2)
                        
Deposits (3)
     
-
       
56,646
       
-
       
56,646
        -        54,108        -        54,108  
Securities sold but not yet purchased
     
10,593
       
33,454
       
-
       
44,047
        10,631        24,399        -        35,030  
Other liabilities (4)
     
1,861
       
25,903
       
-
       
27,764
        1,754        19,110        -        20,864  
      
12,454
       
116,003
       
-
       
128,457
        12,385        97,617        -        110,002  
Derivative Assets
                        
Interest rate contracts
     
65
       
10,379
       
-
       
10,444
        36        9,851        -        9,887  
Foreign exchange contracts
     
33
       
25,988
       
42
       
26,063
        4        21,258        10        21,272  
Commodity contracts
     
95
       
1,454
       
5
       
1,554
        169        1,656        2        1,827  
Equity contracts
     
114
       
14,322
       
13
       
14,449
        539        13,718        -        14,257  
Credit default swaps
     
-
       
3
       
-
       
3
        -        10        -        10  
      
307
       
52,146
       
60
       
52,513
        748        46,493        12        47,253  
Derivative Liabilities
                        
Interest rate contracts
     
62
       
11,787
       
-
       
11,849
        32        10,811        -        10,843  
Foreign exchange contracts
     
-
       
28,855
       
-
       
28,855
        -        19,955        -        19,955  
Commodity contracts
     
38
       
1,297
       
-
       
1,335
        96        1,721        4        1,821  
Equity contracts
     
37
       
24,266
       
2
       
24,305
        75        25,596        2        25,673  
Credit default swaps
     
-
       
8
       
1
       
9
        -        10        1        11  
      
137
       
66,213
       
3
       
66,353
        203        58,093        7        58,303  
 
 (1)
Other assets include precious metals, segregated fund assets and investment properties in our insurance business, carbon credits, certain receivables and other items measured at fair value.
 (2)
Interest expense for liabilities carried at fair value is $720 million for the three months ended January 31, 2025 ($529 million for the three months ended January 31, 2024). Interest expense for liabilities carried at amortized cost is $10,505 million for the three months ended January 31, 2025 ($10,604 million for the three months ended January 31, 2024).
 (3)
Deposits include structured note liabilities, money market and metals deposits designated at FVTPL and certain embedded options related to structured deposits carried at amortized cost.
 (4)
Other liabilities include certain investment contract liabilities and segregated fund liabilities in our insurance business, as well as certain securitization and structured entities’ liabilities measured at FVTPL.
Significant Unobservable Inputs in Level 3 Instrument Valuations
Quantitative Information about Level 3 Fair Value Measurements
The table below presents the fair values of our significant Level 3 financial instruments measured at fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions, except as noted)
  
  
  
  
 
  
  
  
  
  
  
  
January 31, 2025
 
 
  
 
  
 
 
  
 
  
 
  
 
  
Range of input values 
(1)
 
  
  
Reporting line in fair
value hierarchy table
  
Fair value
of assets
 
  
Valuation techniques
  
Significant
unobservable inputs
  
  
  
Low
 
  
High
 
Private equity
  
Corporate equity
  
$
5,202
 
  
Net asset value
  
Net asset value
  
  
  
 
na
 
  
 
na
 
 
  
  
  
      
  
EV/EBITDA
  
Multiple
  
  
  
 
5
 
  
 
22
 
Investment properties
  
Other assets
  
 
1,363
 
  
Income approach
  
Capitalization rate
  
 
  
 
2%
 
  
 
8%
 
 
 (1)
The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the specific underlying instruments within each product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.
 
 na
– not applicable
Summary of Significant Transfers Between Level 1 to Level 2
The following table presents significant transfers between Level 1 and Level 2 for the three months ended January 31, 2025 and January 31, 2024:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Canadian $ in millions)
  
For the three months ended
  
   
January 31, 2025
    
January 31, 2024
  
   
Level 1 to Level 2
    
Level 2 to Level 1
    
Level 1 to Level 2
    
Level 2 to Level 1
  
Trading securities
  
$
2,664
    
$
1,440
    
$
1,094
    
$
97
  
FVTPL securities
    
-
      
-
      
168
      
-
  
FVOCI securities
    
1,869
      
-
      
1,110
      
709
  
Securities sold but not yet purchased
    
1,737
      
1,986
      
2,060
      
26
  
Summary of Changes in Level 3 Instruments Carried At Fair Value
The tables below present a reconciliation of all changes in Level 3 financial instruments for the three months ended January 31, 2025 and January 31, 2024, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities.
 
         
Change in fair value
          
Movements
    
Transfers
              
For the three m
on
ths ended January 31, 2025
(Canadian $ in millions)
  
Balance
October 31,
2024
    
Included
in
earnings
    
Included
in other
comprehensive
income
(1)
    
Issuances/
   Purchases
    
Sales
    
Maturities/
Settlement
    
Transfers
into
Level 3
    
Transfers
out of
Level 3
    
Fair Value
as at January 31,
2025
    
Change in
unrealized gains
(losses) recorded
in income
for instruments
still held
(2)
  
Trading Securities
                                                                                
Corporate equity
   
$
 4     
$
-
    
$
-
    
$
2
     
$
-
    
$
-
    
$
-
     
$
-
    
$
6
    
$
-
  
Total trading securities
      4       
-
      
-
      
2
       
-
      
-
      
-
       
-
      
6
      
-
  
FVTPL Securities
                        
Corporate debt
      35       
(1
)
    
-
      
1
       
-
      
-
      
-
       
(2
)
    
33
      
(1
)
Corporate equity
      4,899       
24
      
89
      
272
       
(82
)
    
-
      
-
       
-
      
5,202
      
84
  
Total FVTPL securities
      4,934       
23
      
89
      
273
       
(82
)
    
-
      
-
       
(2
)
    
5,235
      
83
  
FVOCI Securities
                        
Corporate equity
      177       
-
      
(15
)
    
1
       
-
      
-
      
-
       
-
      
163
      
na
  
Total FVOCI securities
      177       
-
      
(15
)
    
1
       
-
      
-
    
-
       
-
      
163
      
na
  
Business and Government Loans
      302       
13
      
6
      
6
       
-
      
(6
)
    
-
       
-
      
321
      
13
  
Other Assets
      1,717       
(55
)
    
-
      
194
       
-
      
(15
)
  
-
       
-
      
1,841
      
(51
)
Derivative Assets
                        
Foreign exchange contracts
      10       
-
      
-
      
32
       
-
      
-
      
-
       
-
      
42
      
-
  
Commodity contracts
      2       
3
      
-
      
-
       
-
      
-
      
-
       
-
      
5
      
3
  
Equity contracts
      -       
-
      
-
      
-
       
-
      
-
      
13
       
-
      
13
      
-
  
Total derivative assets
      12       
3
      
-
      
32
       
-
      
-
      
13
       
-
      
60
      
3
  
Other Liabilities
      -       
-
      
-
      
-
       
-
      
-
      
-
       
-
      
-
      
-
  
Derivative Liabilities
                        
Commodity contracts
      4       
(4
)
    
-
      
-
       
-
      
-
      
-
       
-
      
-
      
(4
)
Equity contracts
      2       
-
      
-
      
-
       
-
      
-
      
-
       
-
      
2
      
-
  
Credit default swaps
      1       
-
      
-
      
-
       
-
      
-
      
-
       
-
      
1
      
-
  
Total derivative liabilities
      7       
(4
)
    
-
      
-
       
-
      
-
      
-
       
-
      
3
 
(4
)
           
Change in fair value
            
Movements
    
Transfers
                
For the three months ended January 31, 2024
(Canadian $ in millions)		    Balance
October 31,
2023		     
Included
in
earnings
    
Included
in other
comprehensive
income
(1)		    
Issuances/
Purchases
     
Sales
    
Maturities/
Settlement
    
Transfers
into
Level 3
     
Transfers
out of
Level 3
    
Fair Value
as at January 31,
2024
     
Change in
unrealized gains
(losses) recorded
in income for
instruments still
held
(2)		  
Trading Securities
                        
Corporate equity
   
$
 37     
$
-
    
$
-
    
$
-
     
$
-
  
$
-
    
$
-
     
$
(37
) 
  
$
-
    
$
-
  
Total trading securities
      37       
-
      
-
      
-
       
-
      
-
      
-
       
(37
)
    
-
      
-
  
FVTPL Securities
                        
Corporate debt
      27       
(3
) 
    
-
      
-
       
-
      
-
      
-
       
-
      
24
      
(3
) 
Corporate equity
      4,208       
(107
) 
    
(59
) 
    
316
       
(38
) 
    
-
      
-
       
(1
) 
    
4,319
      
(49
) 
Total FVTPL securities
      4,235       
(110
) 
    
(59
) 
    
316
       
(38
) 
    
-
      
-
       
(1
) 
    
4,343
      
(52
) 
FVOCI Securities
                        
Corporate equity
      160       
-
      
11
      
2
       
-
      
-
      
-
       
-
      
173
      
na
  
Total FVOCI securities
      160       
-
      
11
      
2
       
-
      
-
      
-
       
-
      
173
      
na
  
Business and Government Loans
      186       
-
      
(6
) 
    
33
       
-
      
(17
) 
    
-
       
-
      
196
      
-
  
Other Assets
      1,723       
39
      
-
      
4
       
(21
) 
    
(74
) 
    
-
       
-
      
1,671
      
65
  
Derivative Assets
                        
Foreign exchange contracts
      -       
-
      
-
      
-
       
-
      
-
      
-
       
-
      
-
      
-
  
Commodity contracts
      5       
2
      
-
      
-
       
-
      
-
      
-
       
-
      
7
      
2
  
Equity contracts
      -       
-
      
-
      
-
       
-
      
-
      
7
       
-
      
7
      
-
  
Total derivative assets
      5       
2
      
-
      
-
       
-
      
-
      
7
       
-
      
14
      
2
  
Other Liabilities
      5       
-
      
-
      
8
       
-
      
-
      
-
       
-
      
13
      
-
  
Derivative Liabilities
                        
Commodity contracts
      1       
-
      
-
      
-
       
-
      
-
      
-
       
-
      
1
      
-
  
Equity contracts
      8       
-
      
-
      
-
       
-
      
-
      
-
       
(8
) 
    
-
      
-
  
Credit default swaps
      2       
(1
) 
    
-
      
-
       
-
      
-
      
-
       
-
      
1
      
-
  
Total derivative liabilities
      11       
(1
) 
    
-
      
-
       
-
      
-
      
-
       
(8
) 
    
2
      
-
  
 
 (1)
Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.
 (2)
Changes in unrealized gains (losses) on Trading and FVTPL securities still held on January 31, 2025 and January 31, 2024 are included in earnings for the period.
 Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts.
 Certain comparative figures have been reclassified to conform with the current period’s presentation.
 
 na
– not applicable