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Investment Securities
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Investment Securities
11
Investment Securities
The following table presents the carrying amounts of the Bank’s investment securities per measurement category.
 
As at October 31 ($ millions)  
2025
    
2024
  
Debt investment securities measured at FVOCI
  
$
123,732
 
   $ 118,226  
Debt investment securities measured at amortized cost
  
 
23,722
 
     29,412  
Equity investment securities designated at FVOCI
  
 
398
 
     3,162  
Equity investment securities measured at FVTPL
  
 
2,073
 
     2,004  
Debt investment securities measured at FVTPL
  
 
23
 
     28  
Total investment securities
  
$
 149,948
 
   $  152,832  
 
(a)
Debt investment securities measured at fair value through other comprehensive income (FVOCI)
 
   
2025
    
2024
  
As at October 31 ($ millions)  
Cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
    
Cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
  
Canadian federal government issued or guaranteed debt
  
$
22,815
 
  
$
359
 
  
$
64
 
  
$
23,110
 
   $ 21,473     $ 219     $ 152     $ 21,540  
Canadian provincial and municipal debt
  
 
20,490
 
  
 
430
 
  
 
77
 
  
 
20,843
 
     17,500       234       209       17,525  
U.S. treasury and other U.S. agency debt
  
 
49,111
 
  
 
483
 
  
 
558
 
  
 
49,036
 
     47,156       214       994       46,376  
Other foreign government debt
  
 
27,570
 
  
 
358
 
  
 
202
 
  
 
27,726
 
     29,505       181       400       29,286  
Other debt
  
 
3,007
 
  
 
31
 
  
 
21
 
  
 
3,017
 
     3,514       22       37       3,499  
Total
  
$
 122,993
 
  
$
 1,661
 
  
$
 922
 
  
$
 123,732
 
   $  119,148     $  870     $  1,792     $  118,226  
 
(b)
Debt investment securities measured at amortized cost
 
   
2025
    
2024
  
As at October 31 ($ millions)  
Fair Value
    
Carrying
value
(1)
    
Fair Value
    
Carrying
value
(1)
  
Canadian federal and provincial government issued or guaranteed debt
  
$
5,553
 
  
$
5,467
 
   $ 8,722     $ 8,721  
U.S. treasury and other U.S. agency debt
  
 
15,178
 
  
 
15,758
 
     17,440       18,440  
Other foreign government debt
  
 
2,285
 
  
 
2,281
 
     2,044       2,041  
Corporate debt
  
 
223
 
  
 
216
 
     216       210  
Total
  
$
 23,239
 
  
$
 23,722
 
   $  28,422     $  29,412  
 
(1)
Balances are net of allowances, which are $1 (2024 – $1).
 
(c)
Equity investment securities designated at fair value through other comprehensive income (FVOCI)
The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes.
 
As at October 31, 2025 ($ millions)  
Cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
  
Common shares
  
$
178
 
  
$
221
 
  
$
1
 
  
$
398
 
Total
  
$
 178
 
  
$
 221
 
  
$
 1
 
  
$
 398
 
As at October 31, 2024 ($ millions)  
Cost
    
Gross
unrealized
gains
    
Gross
unrealized
losses
    
Fair value
  
Common shares
   $ 2,522     $ 713     $ 73     $ 3,162  
Total
   $  2,522     $  713     $  73     $  3,162  
Dividend income on equity securities designated at FVOCI of $47 million for the year ended October 31, 2025 (2024 – $122 million) has been recognized in interest income.
During the year ended October 31, 2025, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $1,839 million (2024 – $938 million) for economic reasons and according to its investment strategy. These dispositions have resulted in a cumulative gain of $512 million (2024 – cumulative gain of $21 million) that remains in OCI.
 
(d)
An analysis of the carrying value of investment securities is as follows:
 
    
Remaining term to maturity
         
As at October 31, 2025 ($ millions)  
Within
three
months
    
Three to
twelve
months
    
One to
five years
    
Five to
ten years
    
Over ten
years
    
No specific
maturity
    
Carrying
value
  
Fair value through other comprehensive income
              
Debt instruments
              
Canadian federal government issued or guaranteed debt
  
$
774
 
  
$
3,596
 
  
$
11,408
 
  
$
6,505
 
  
$
827
 
  
$
–
 
  
$
23,110
 
Yield
(1)
%
  
 
4.0
 
  
 
3.1
 
  
 
3.5
 
  
 
3.5
 
  
 
3.8
 
  
 
–
 
  
 
3.5
 
Canadian provincial and municipal debt
  
 
578
 
  
 
2,200
 
  
 
6,841
 
  
 
11,091
 
  
 
133
 
  
 
–
 
  
 
20,843
 
Yield
(1)
%
  
 
2.6
 
  
 
2.3
 
  
 
3.6
 
  
 
3.8
 
  
 
4.0
 
  
 
–
 
  
 
3.6
 
U.S. treasury and other U.S. agency debt
  
 
694
 
  
 
10,216
 
  
 
28,156
 
  
 
3,240
 
  
 
6,730
 
  
 
–
 
  
 
49,036
 
Yield
(1)
%
  
 
3.9
 
  
 
3.0
 
  
 
4.0
 
  
 
3.7
 
  
 
4.3
 
  
 
–
 
  
 
3.8
 
Other foreign government debt
  
 
3,884
 
  
 
5,054
 
  
 
14,192
 
  
 
4,312
 
  
 
284
 
  
 
–
 
  
 
27,726
 
Yield
(1)
%
  
 
2.8
 
  
 
4.2
 
  
 
4.9
 
  
 
5.2
 
  
 
3.9
 
  
 
–
 
  
 
4.5
 
Other debt
  
 
159
 
  
 
804
 
  
 
1,768
 
  
 
277
 
  
 
9
 
  
 
–
 
  
 
3,017
 
Yield
(1)
%
  
 
6.0
 
  
 
4.0
 
  
 
3.8
 
  
 
4.5
 
  
 
5.9
 
  
 
–
 
  
 
4.0
 
 
 
6,089
 
  
 
21,870
 
  
 
62,365
 
  
 
25,425
 
  
 
7,983
 
  
 
–
 
  
 
123,732
 
Equity instruments
              
Common shares
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
398
 
  
 
398
 
Total FVOCI
  
 
6,089
 
  
 
21,870
 
  
 
62,365
 
  
 
25,425
 
  
 
7,983
 
  
 
398
 
  
 
124,130
 
Amortized cost
              
Canadian federal and provincial government issued or guaranteed debt
  
 
294
 
  
 
1,110
 
  
 
3,853
 
  
 
210
 
  
 
–
 
  
 
–
 
  
 
5,467
 
Yield
(1)
%
  
 
1.2
 
  
 
2.6
 
  
 
4.1
 
  
 
4.9
 
  
 
–
 
  
 
–
 
  
 
3.7
 
U.S. treasury and other U.S. agency debt
  
 
–
 
  
 
31
 
  
 
88
 
  
 
27
 
  
 
15,612
 
  
 
–
 
  
 
15,758
 
Yield
(1)
%
  
 
–
 
  
 
3.9
 
  
 
3.7
 
  
 
3.5
 
  
 
4.4
 
  
 
–
 
  
 
4.4
 
Other foreign government debt
  
 
246
 
  
 
1,173
 
  
 
750
 
  
 
82
 
  
 
30
 
  
 
–
 
  
 
2,281
 
Yield
(1)
%
  
 
1.9
 
  
 
3.5
 
  
 
2.5
 
  
 
3.8
 
  
 
4.3
 
  
 
–
 
  
 
3.0
 
Corporate debt
  
 
–
 
  
 
1
 
  
 
69
 
  
 
–
 
  
 
146
 
  
 
–
 
  
 
216
 
Yield
(1)
%
  
 
–
 
  
 
6.8
 
  
 
5.4
 
  
 
–
 
  
 
5.5
 
  
 
–
 
  
 
5.5
 
 
 
540
 
  
 
2,315
 
  
 
4,760
 
  
 
319
 
  
 
15,788
 
  
 
–
 
  
 
23,722
 
Fair value through profit or loss
              
Equity instruments
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
2,073
 
  
 
2,073
 
Debt instruments
  
 
2
 
  
 
–
 
  
 
21
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
23
 
Total investment securities
  
$
6,631
 
  
$
24,185
 
  
$
67,146
 
  
$
25,744
 
  
$
23,771
 
  
$
2,471
 
  
$
149,948
 
Total by currency (in Canadian equivalent):
              
Canadian dollar
  
$
1,611
 
  
$
6,617
 
  
$
19,080
 
  
$
15,402
 
  
$
1,114
 
  
$
552
 
  
$
44,376
 
U.S. dollar
  
 
1,144
 
  
 
11,858
 
  
 
38,137
 
  
 
7,889
 
  
 
22,343
 
  
 
1,495
 
  
 
82,866
 
Mexican peso
  
 
234
 
  
 
1,131
 
  
 
3,052
 
  
 
838
 
  
 
–
 
  
 
106
 
  
 
5,361
 
Other currencies
  
 
3,642
 
  
 
4,579
 
  
 
6,877
 
  
 
1,615
 
  
 
314
 
  
 
318
 
  
 
17,345
 
Total investment securities
  
$
 6,631
 
  
$
 24,185
 
  
$
 67,146
 
  
$
 25,744
 
  
$
 23,771
 
  
$
 2,471
 
  
$
 149,948
 
 
(1)
Represents the weighted-average yield of fixed income securities.
 
    
Remaining term to maturity
         
As at October 31, 2024 ($ millions)  
Within
three
months
    
Three to
twelve
months
    
One to
five years
    
Five to
ten years
    
Over ten
years
    
No specific
maturity
    
Carrying
value
  
Fair value through other comprehensive income
              
Debt instruments
              
Canadian federal government issued or guaranteed debt
   $ 1,873     $ 4,054     $ 11,699     $ 3,072     $ 842     $ –     $ 21,540  
Yield
(1)
%
  
 
4.4
 
  
 
4.2
 
  
 
3.9
 
  
 
3.5
 
  
 
3.9
 
     –    
 
3.9
 
Canadian provincial and municipal debt
     213       1,882       8,190       6,811       429       –       17,525  
Yield
(1)
%
  
 
1.8
 
  
 
3.3
 
  
 
3.7
 
  
 
3.9
 
  
 
3.8
 
     –    
 
3.7
 
U.S. treasury and other U.S. agency debt
     2,308       2,209       30,098       5,387       6,374       –       46,376  
Yield
(1)
%
     2.3    
 
3.5
 
  
 
3.6
 
  
 
4.1
 
  
 
4.4
 
     –    
 
3.7
 
Other foreign government debt
     6,203       6,069       12,969       3,715       330       –       29,286  
Yield
(1)
%
  
 
2.6
 
  
 
3.6
 
  
 
5.4
 
  
 
5.0
 
  
 
4.4
 
     –    
 
4.4
 
Other debt
     1       452       2,768       268       10       –       3,499  
Yield
(1)
%
  
 
10.7
 
  
 
6.1
 
  
 
3.7
 
  
 
4.5
 
  
 
5.9
 
  
 
–
 
  
 
4.1
 
    10,598       14,666       65,724       19,253       7,985       –       118,226  
Equity instruments
              
Common shares
     –       –       –       –       –       3,162       3,162  
Total FVOCI
     10,598       14,666       65,724       19,253       7,985       3,162       121,388  
Amortized cost
              
Canadian federal and provincial government issued or guaranteed debt
     610       2,099       5,740       272       –       –       8,721  
Yield
(1)
%
  
 
4.6
 
  
 
2.1
 
  
 
4.0
 
  
 
4.7
 
  
 
–
 
     –    
 
3.6
 
U.S. treasury and other U.S. agency debt
     1       48       116       13       18,262       –       18,440  
Yield
(1)
%
  
 
4.8
 
  
 
4.5
 
  
 
4.2
 
  
 
4.0
 
  
 
4.6
 
     –    
 
4.6
 
Other foreign government debt
     324       689       858       139       31       –       2,041  
Yield
(1)
%
  
 
3.6
 
  
 
8.6
 
  
 
3.2
 
  
 
4.0
 
  
 
4.3
 
     –    
 
5.2
 
Corporate debt
     –       –       81       –       129       –       210  
Yield
(1)
%
  
 
–
 
  
 
–
 
  
 
6.4
 
  
 
–
 
  
 
5.5
 
  
 
–
 
  
 
5.8
 
    935       2,836       6,795       424       18,422       –       29,412  
Fair value through profit or loss
              
Equity instruments
     –       –       –       –       –       2,004       2,004  
Debt instruments
     2       –       26       –       –       –       28  
Total investment securities
   $ 11,535     $ 17,502     $ 72,545     $ 19,677     $ 26,407     $ 5,166     $ 152,832  
Total by currency (in Canadian equivalent):
              
Canadian dollar
   $ 2,725     $ 6,799     $ 23,034     $ 8,491     $ 1,409     $ 1,464     $ 43,922  
U.S. dollar
     2,696       3,894       40,362       8,471       24,636       3,333       83,392  
Mexican peso
     948       1,215       3,139       332       –       44       5,678  
Other currencies
     5,166       5,594       6,010       2,383       362       325       19,840  
Total investment securities
   $  11,535     $  17,502     $  72,545     $  19,677     $  26,407     $  5,166     $  152,832  
 
(1)
Represents the weighted-average yield of fixed income securities.
 
(e)
Net gain on sale of investment securities
The following table presents the net gain on sale of investment securities:
 
For the year ended October 31 ($ millions)  
2025
    
2024
  
Debt investment securities measured at amortized cost
  
$
–
 
   $ 1  
Debt investment securities measured at FVOCI
  
 
71
 
     47  
Net gain on sale of investment securities
  
$
 71
 
   $  48