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Consolidated Statement of Cash Flows - CAD ($)
$ in Millions
3 Months Ended 6 Months Ended
Apr. 30, 2022
Apr. 30, 2021
Apr. 30, 2022
Apr. 30, 2021
Cash flows from operating activities        
Net income $ 2,747 $ 2,456 $ 5,487 $ 4,854
Adjustment for:        
Net interest income (4,473) (4,176) (8,817) (8,527)
Depreciation and amortization 381 375 756 755
Provision for credit losses 219 496 441 1,260
Equity-settled share-based payment expense 2 1 8 5
Net gain on sale of investment securities (1) (137) (3) (256)
Net (gain)/loss on divestitures   15   15
Net income from investments in associated corporations (84) (113) (175) (170)
Income tax expense 817 742 1,681 1,444
Changes in operating assets and liabilities:        
Trading assets 19,095 (6,013) 14,598 (31,840)
Securities purchased under resale agreements and securities borrowed (16,739) (16,101) (19,514) (17,630)
Loans (24,271) (13,693) (49,092) (19,544)
Deposits 26,137 3,189 72,635 32,174
Obligations related to securities sold short (1,280) 2,451 3,563 10,877
Obligations related to securities sold under repurchase agreements and securities lent 10,007 (21,006) 7,555 (15,456)
Net derivative financial instruments (2,047) 3,586 (4,010) 2,959
Other, net (4,938) (1,167) (2,786) (7,054)
Dividends received 289 238 573 455
Interest received 6,657 6,272 13,210 13,092
Interest paid (2,330) (2,256) (4,507) (4,779)
Income tax paid (914) (662) (2,372) (1,504)
Net cash from/(used in) operating activities 9,274 (45,503) 29,231 (38,870)
Cash flows from investing activities        
Interest-bearing deposits with financial institutions 13,432 34,287 3,203 17,913
Purchase of investment securities (35,179) (17,661) (57,757) (34,706)
Proceeds from sale and maturity of investment securities 14,748 29,507 31,657 57,066
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired (652) (186) (652) (186)
Property and equipment, net of disposals (153) (137) (198) (182)
Other, net (153) (17) (380) (120)
Net cash from/(used in) investing activities (7,957) 45,793 (24,127) 39,785
Cash flows from financing activities        
Proceeds from issue of subordinated debentures 3,356   3,356  
Redemption of subordinated debentures (1,250)   (1,250) (750)
Redemption of preferred shares   (759) (500) (759)
Proceeds from common shares issued 21 80 125 138
Common shares purchased for cancellation (1,250)   (2,336)  
Cash dividends and distributions paid (1,269) (1,169) (2,520) (2,303)
Distributions to non-controlling interests (59) (68) (76) (85)
Payment of lease liabilities (81) (83) (170) (172)
Other, net (706) 500 (930) 313
Net cash from/(used in) financing activities (1,238) (1,499) (4,301) (3,618)
Effect of exchange rate changes on cash and cash equivalents 1 (294) 147 (480)
Net change in cash and cash equivalents 80 (1,503) 950 (3,183)
Cash and cash equivalents at beginning of period [1] 10,563 9,443 9,693 11,123
Cash and cash equivalents at end of period [1] $ 10,643 $ 7,940 $ 10,643 $ 7,940
[1] Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5).