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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Oct. 31, 2025
Text Block [Abstract]  
Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption
The following table sets out the fair values of financial instruments of the Bank using the valuation methods and assumptions described above. The fair values disclosed do not include
non-financial
assets, such as property and equipment, investments in associates, precious metals, goodwill and other intangible assets.
 
   
2025
    
2024
  
As at October 31 ($ millions)  
Total
fair
value
    
Total
carrying
value
    
Total
fair
value
    
Total
carrying
value
  
Assets:
        
Cash and deposits with financial institutions
  
$
65,967
 
  
$
65,967
 
   $ 63,860     $ 63,860  
Trading assets
  
 
152,223
 
  
 
152,223
 
     129,727       129,727  
Securities purchased under resale agreements and securities borrowed
  
 
203,008
 
  
 
203,008
 
     200,543       200,543  
Derivative financial instruments
  
 
46,531
 
  
 
46,531
 
     44,379       44,379  
Investment securities – FVOCI and FVTPL
  
 
126,226
 
  
 
126,226
 
     123,420       123,420  
Investment securities – Amortized cost
  
 
23,239
 
  
 
23,722
 
     28,422       29,412  
Loans
  
 
769,900
 
  
 
771,045
 
      757,825        760,829  
Customers’ liability under acceptances
  
 
177
 
  
 
177
 
     148       148  
Other financial assets
  
 
28,128
 
  
 
28,128
 
     22,467       22,467  
Liabilities:
        
Deposits
  
 
 965,925
 
  
 
 966,279
 
     941,290       943,849  
Financial instruments designated at fair value through profit or loss
  
 
47,165
 
  
 
47,165
 
     36,341       36,341  
Acceptances
  
 
178
 
  
 
178
 
     149       149  
Obligations related to securities sold short
  
 
38,104
 
  
 
38,104
 
     35,042       35,042  
Derivative financial instruments
  
 
56,031
 
  
 
56,031
 
     51,260       51,260  
Obligations related to securities sold under repurchase agreements and
securities lent
  
 
189,144
 
  
 
189,144
 
     190,449       190,449  
Subordinated debentures
  
 
7,749
 
  
 
7,692
 
     7,814       7,833  
Other financial liabilities
  
 
56,500
 
  
 
56,529
 
     53,342       53,387  
Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis
The following table outlines the fair value hierarchy of instruments carried at fair value on a recurring basis and of instruments not carried at fair value.
 
   
2025
    
2024
  
As at October 31 ($ millions)  
Level 1
    
Level 2
    
Level 3
    
Total
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Instruments carried at fair value on a recurring basis:
                
Assets:
                
Precious metals
(1)
  
$
–
 
  
$
5,156
 
  
$
–
 
  
$
5,156
 
   $ –     $ 2,540     $ –     $ 2,540  
Trading assets
                
Loans
  
 
–
 
  
 
8,486
 
  
 
1
 
  
 
8,487
 
     –       7,649       –       7,649  
Canadian federal government and government guaranteed debt
  
 
13,838
 
  
 
1,963
 
  
 
–
 
  
 
15,801
 
     11,229       3,742       –       14,971  
Canadian provincial and municipal debt
  
 
8,374
 
  
 
3,336
 
  
 
–
 
  
 
11,710
 
     6,228       2,185       –       8,413  
U.S. treasury and other U.S. agencies’ debt
  
 
9,132
 
  
 
–
 
  
 
–
 
  
 
9,132
 
     15,050       –       –       15,050  
Other foreign governments’ debt
  
 
1,837
 
  
 
8,451
 
  
 
–
 
  
 
10,288
 
     422       9,932       –       10,354  
Corporate and other debt
  
 
3,523
 
  
 
6,593
 
  
 
–
 
  
 
10,116
 
     4,940       6,990       4       11,934  
Equity securities
  
 
83,412
 
  
 
373
 
  
 
12
 
  
 
83,797
 
     59,081       88       21       59,190  
Other
  
 
–
 
  
 
2,892
 
  
 
–
 
  
 
2,892
 
     –       2,166       –       2,166  
 
$
 120,116
 
  
$
32,094
 
  
$
13
 
  
$
 152,223
 
   $  96,950     $  32,752     $ 25     $  129,727  
Investment securities
(2)
                
Canadian federal government and government guaranteed debt
  
$
15,143
 
  
$
7,967
 
  
$
–
 
  
$
23,110
 
   $ 12,739     $ 8,801     $ –     $ 21,540  
Canadian provincial and municipal debt
  
 
16,293
 
  
 
4,550
 
  
 
–
 
  
 
20,843
 
     12,823       4,702       –       17,525  
U.S. treasury and other U.S. agencies’ debt
  
 
 42,300
 
  
 
6,736
 
  
 
–
 
  
 
49,036
 
     39,999       6,377       –       46,376  
Other foreign governments’ debt
  
 
7,099
 
  
 
20,627
 
  
 
–
 
  
 
27,726
 
     3,940       25,346       –       29,286  
Corporate and other debt
  
 
116
 
  
 
2,892
 
  
 
32
 
  
 
3,040
 
     133       3,359       35       3,527  
Equity securities
  
 
96
 
  
 
329
 
  
 
2,046
 
  
 
2,471
 
     2,983       317       1,866       5,166  
 
$
81,047
 
  
$
43,101
 
  
$
2,078
 
  
$
126,226
 
   $ 72,617     $ 48,902     $ 1,901     $ 123,420  
Derivative financial instruments
                
Interest rate contracts
  
$
–
 
  
$
9,804
 
  
$
3
 
  
$
9,807
 
   $ –     $ 11,584     $ –     $ 11,584  
Foreign exchange and gold contracts
  
 
–
 
  
 
26,411
 
  
 
1
 
  
 
26,412
 
     –       26,004       –       26,004  
Equity contracts
  
 
816
 
  
 
6,452
 
  
 
161
 
  
 
7,429
 
     150       4,313       44       4,507  
Credit contracts
  
 
–
 
  
 
269
 
  
 
4
 
  
 
273
 
     –       180       2       182  
Commodity contracts
  
 
–
 
  
 
2,594
 
  
 
16
 
  
 
2,610
 
     –       2,095       7       2,102  
 
$
816
 
  
$
45,530
 
  
$
185
 
  
$
46,531
 
   $ 150     $ 44,176     $ 53     $ 44,379  
Liabilities:
                
Deposits
(3)
  
$
–
 
  
$
335
 
  
$
–
 
  
$
335
 
   $ –     $ 193     $ –     $ 193  
Financial liabilities designated at fair
value through profit or loss
  
 
–
 
  
 
47,165
 
  
 
–
 
  
 
47,165
 
     –       36,341       –       36,341  
Obligations related to securities sold short
  
 
34,864
 
  
 
3,240
 
  
 
–
 
  
 
38,104
 
     30,721       4,319       2       35,042  
Derivative financial instruments
                
Interest rate contracts
  
 
–
 
  
 
17,181
 
  
 
8
 
  
 
17,189
 
     –       17,895       13       17,908  
Foreign exchange and gold contracts
  
 
–
 
  
 
25,793
 
  
 
–
 
  
 
25,793
 
     –       25,900       –       25,900  
Equity contracts
  
 
783
 
  
 
9,288
 
  
 
43
 
  
 
10,114
 
     139       4,687       19       4,845  
Credit contracts
  
 
–
 
  
 
24
 
  
 
2
 
  
 
26
 
     –       46       1       47  
Commodity contracts
  
 
–
 
  
 
2,897
 
  
 
12
 
  
 
2,909
 
     –       2,550       10       2,560  
 
$
783
 
  
$
55,183
 
  
$
65
 
  
$
56,031
 
   $ 139     $ 51,078     $ 43     $ 51,260  
Instruments not carried at fair value
(4)
:
                
Assets:
                
Investment securities – amortized cost
  
$
1,548
 
  
$
21,691
 
  
$
–
 
  
$
23,239
 
   $ 1,127     $ 27,295     $ –     $ 28,422  
Loans
(5)
  
 
–
 
  
 
–
 
  
 
 400,574
 
  
 
400,574
 
     –       –        399,139       399,139  
Liabilities:
                
Deposits
(5)
  
 
–
 
  
 
 392,222
 
  
 
–
 
  
 
392,222
 
     –       411,838       –       411,838  
Subordinated debentures
  
 
7,345
 
  
 
404
 
  
 
–
 
  
 
7,749
 
     –       7,814       –       7,814  
Other liabilities
  
 
–
 
  
 
22,098
 
  
 
486
 
  
 
22,584
 
     –       21,563       499       22,062  
 
(1)
The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable, less the cost to sell.
(2)
Excludes debt investment securities measured at amortized cost of $23,722 (October 31, 2024 – $29,412).
(3)
These amounts represent embedded derivatives bifurcated from structured note liabilities measured at amortized cost.
(4)
Represents the fair value of financial assets and liabilities where the carrying amount is not a reasonable approximation of fair value.
(5)
Represents fixed rate instruments.
Summary of Changes in Level 3 Instruments Carried at Fair Value
The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2025.
All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities.
 
   
As at October 31, 2025
  
($ millions)  
Fair value
November 1
2024
    
Gains/(losses)
recorded in
income
(1)
    
Gains/(losses)
recorded in
OCI
    
Purchases/
Issuances
    
Sales/
Settlements
    
Transfers
into/out of
Level 3
    
Fair value
October 31
2025
    
Change in
unrealized
gains/(losses)
recorded in
income for
instruments
still held
(2)
  
Trading assets
                
Loans
   $ –    
$
   –
 
  
$
   –
 
  
$
1
 
  
$
(179
)
  
$
179
 
  
$
1
 
  
$
   –
 
Corporate and other debt
     4    
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(4
)
  
 
–
 
  
 
–
 
Equity securities
     21    
 
–
 
  
 
–
 
  
 
7
 
  
 
(19
)
  
 
3
 
  
 
12
 
  
 
1
 
    25    
 
–
 
  
 
–
 
  
 
8
 
  
 
(198
)
  
 
178
 
  
 
13
 
  
 
1
 
   
Investment securities
                
Corporate and other debt
     35    
 
(5
) 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
2
 
  
 
32
 
  
 
(5
) 
Equity securities
     1,866    
 
148
 
  
 
69
 
  
 
197
 
  
 
(228
) 
  
 
(6
) 
  
 
2,046
 
  
 
141
 
     1,901    
 
143
 
  
 
69
 
  
 
197
 
  
 
(228
) 
  
 
(4
) 
  
 
 2,078
 
  
 
136
 
   
Derivative financial instruments – assets
                
Interest rate contracts
     –    
 
2
 
  
 
–
 
  
 
4
 
  
 
(3
)
  
 
–
 
  
 
3
 
  
 
2
(
4
)
 
Foreign exchange and gold contracts
     –    
 
–
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
(1
)
  
 
1
 
  
 
–
 
Equity contracts
     44    
 
97
 
  
 
–
 
  
 
17
 
  
 
–
 
  
 
3
 
  
 
161
 
  
 
97
(3)
 
Credit contracts
     2    
 
(1
)
  
 
–
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
4
 
  
 
(1
) 
Commodity contracts
     7    
 
9
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
16
 
  
 
9
 
   
Derivative financial instruments – liabilities
                
Interest rate contracts
     (13 )   
 
(10
) 
  
 
–
 
  
 
(5
) 
  
 
22
 
  
 
(2
) 
  
 
(8
) 
  
 
(10
)
(4)
 
Equity contracts
     (19 )   
 
(15
) 
  
 
–
 
  
 
(26
) 
  
 
–
 
  
 
17
 
  
 
(43
) 
  
 
(15
)
(3)
 
Credit contracts
     (1 )   
 
1
 
  
 
–
 
  
 
(2
) 
  
 
–
 
  
 
–
 
  
 
(2
) 
  
 
1
 
Commodity contracts
     (10 )   
 
(2
) 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(12
) 
  
 
(2
) 
    10    
 
81
 
  
 
–
 
  
 
(7
)
  
 
19
 
  
 
17
 
  
 
120
 
  
 
81
 
Obligations related to securities sold short
     (2 )   
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
Total
   $ 1,934    
$
224
 
  
$
69
 
  
$
 198
 
  
$
 (407
) 
  
$
 193
 
  
$
2,211
 
  
$
218
 
 
(1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
(2)
These amounts represent the unrealized gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income.
(3)
Certain unrealized gains and losses on derivative assets and liabilities are largely offset by
mark-to-market
changes on other instruments included in trading revenues in the Consolidated Statement of Income, since these instruments act as an economic hedge to certain derivative assets and liabilities.
(4)
Certain unrealized gains and losses on interest rate derivative contracts are largely offset by mark-to-market changes on embedded derivatives on certain deposit liabilities in the Consolidated Statement of Income.
The following table summarizes the changes in Level 3 instruments carried at fair value for the year ended October 31, 2024.
 
   
As at October 31, 2024
  
($ millions)  
Fair value
November 1
2023
    
Gains/(losses)
recorded in
income
(1)
    
Gains/(losses)
recorded
in OCI
    
Purchases/
Issuances
    
Sales/
Settlements
    
Transfers
into/out of
Level 3
    
Fair value
October 31
2024
  
Trading assets
     20       (1 )      –       44       (22 )      (16 )      25  
Investment securities
     1,749       100       (25 )      251       (207 )      33       1,901  
Derivative financial instruments
     15       (11 )      –       9       (9 )      6       10  
Obligations related to securities sold short
     –       –       –       –       –       (2 )      (2 ) 
 
(1)
Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2.
Summary of Significant Unobservable Inputs Used in Measuring Financial Instruments Categorized as Level 3
The table below sets out information about significant unobservable inputs used in measuring financial instruments categorized as Level 3 in the fair value hierarchy.
 
    
Valuation technique
       
Significant unobservable inputs
       
Range of estimates for
unobservable inputs
(1)
         
Changes in fair value
from reasonably
possible alternatives
($ millions)
       
Investment securities
      
General Partner valuations
        
       
Private equity securities
(2)
   Market comparable  
 
   per net asset value  
 
     n/a    
 
   (84)/84
       
Derivative financial instruments
              
       
Interest rate contracts
  
Option pricing
    
Interest rate
        
 
   model  
 
   volatility  
 
    
59% - 220%
    
 
   (1)/1
       
Equity contracts
  
Option pricing
     Equity volatility      
5% - 397%
      
 
   model  
 
   Equity correlation  
 
    
(114%) - 114%
    
 
   (45)/45
Commodity contracts
   Discounted cash flow  
 
   Forward curves  
 
    
9% - 15%
    
 
   (5)/5
 
(1)
The range of estimates represents the actual lowest and highest level inputs used to fair value financial instruments within each financial statement category.
(2)
The valuation of private equity securities utilizes net asset values as reported by fund managers. Net asset values are not considered observable as the Bank cannot redeem these instruments at such values. The range for net asset values per unit or price per share has not been disclosed for these instruments since the valuations are not model-based.