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Consolidated Statement of Income - CAD ($)
$ in Millions
3 Months Ended
Jan. 31, 2025
Oct. 31, 2024
Jan. 31, 2024
Interest income      
Loans [1] $ 11,537 $ 11,970 $ 11,912
Securities [1] 2,164 2,213 2,303
Securities purchased under resale agreements and securities borrowed [1] 616 471 346
Deposits with financial institutions [1] 663 671 878
Interest income [1] 14,980 15,325 15,439
Interest expense      
Deposits 9,088 9,700 9,913
Subordinated debentures 99 112 135
Other 620 590 618
Interest expenses 9,807 10,402 10,666
Net interest income 5,173 4,923 4,773
Non-interest income      
Card revenues 218 226 209
Banking services fees 502 484 500
Credit fees 326 282 496
Mutual funds 635 623 538
Brokerage fees 353 310 291
Investment management and trust 286 279 266
Underwriting and advisory fees 223 168 136
Non-trading foreign exchange 264 221 228
Trading revenues 655 408 473
Net gain on sale of investment securities 31 24 3
Net income from investments in associated corporations 113 41 46
Insurance service results 125 133 114
Other fees and commissions 422 362 291
Other 46 42 69
Total non-interest income 4,199 3,603 3,660
Total revenue 9,372 8,526 [2] 8,433 [2]
Provision for credit losses 1,162 1,030 [2] 962 [2]
Profit from operating activity 8,210 7,496 7,471
Non-interest expenses      
Salaries and employee benefits 2,709 2,499 2,446
Premises and technology 800 752 708
Depreciation and amortization 403 501 [2],[3] 421 [2]
Communications 97 87 106
Advertising and business development 156 168 152
Professional 205 225 162
Business and capital taxes 184 161 183
Other 1,937 903 561
Total non-interest expenses 6,491 5,296 4,739
Income before taxes 1,719 2,200 2,732
Income tax expense 726 511 [2] 533 [2]
Net income 993 1,689 [2] 2,199 [2]
Net income attributable to non-controlling interests in subsidiaries (154) 47 [2] 25 [2]
Net income attributable to equity holders of the Bank 1,147 1,642 [2] 2,174 [2]
Preferred shareholders and other equity instrument holders 122 121 108
Common shareholders $ 1,025 $ 1,521 $ 2,066
Earnings per common share (in dollars)      
Basic [4] $ 0.82 $ 1.23 $ 1.7
Diluted [4] 0.66 1.22 1.68
Dividends paid per common share (in dollars) $ 1.06 $ 1.06 $ 1.06
[1] Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $14,577 for the three months ended January 31, 2025 (October 31, 2024 –$14,967; January 31, 2024 – $14,898).
[2] Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period’s methodology.
[3] Includes impairment charge of software intangible assets of $97 in the Other segment.
[4] Earnings per share calculations are based on full dollar and share amounts.