Financial Instruments - Risk Management (Tables)

12 Months Ended

Oct. 31, 2025

Statement [Line Items]

Summary of Credit Risk Exposures

Under the standardized approach, credit risk is estimated using the risk weights as prescribed by the Basel framework either based on credit assessments by external rating agencies or based on the counterparty/exposure type for non-retail exposures and product type for retail exposures. The external ratings the Bank uses are issued by S&P, Fitch and/or DBRS specifically for the Bank’s exposures (i.e. issue specific ratings) if available, otherwise issuer ratings are used following OSFI’s CAR guidelines requirements. Standardized risk weights also take into account other factors such as specific provisions for defaulted exposures, eligible collateral, and loan-to-value for real estate secured retail exposures.

As at October 31 ($ millions)	2025								2024
	Exposure at default(1)
Category	Drawn(2)		Undrawn commitments		Other exposures(3)		Total		Total
By counterparty type
Non-retail
IRB portfolio
Corporate	$	189,918	$	71,341	$	113,508	$	374,767	$	357,600
Bank		12,924		12,253		23,194		48,371		56,648
Sovereign		240,416		3,487		11,086		254,989		258,858
		443,258		87,081		147,788		678,127		673,106
Standardized portfolio
Corporate		49,395		4,901		23,786		78,082		65,375
Bank		1,609		69		141		1,819		3,213
Sovereign		24,372		523		243		25,138		24,320
		75,376		5,493		24,170		105,039		92,908
Total non-retail	$	518,634	$	92,574	$	171,958	$	783,166	$	766,014
Retail
IRB portfolio
Real estate secured	$	267,856	$	60,485	$	–	$	328,341	$	306,395
Qualifying revolving		18,710		63,595		–		82,305		67,585
Other retail		27,670		4,624		–		32,294		38,665
		314,236		128,704		–		442,940		412,645
Standardized portfolio
Real estate secured		67,179		102		–		67,281		63,572
Other retail		52,552		10,313		76		62,941		63,214
		119,731		10,415		76		130,222		126,786
Total retail	$	433,967	$	139,119	$	76	$	573,162	$	539,431
Total	$	952,601	$	231,693	$	172,034	$	1,356,328	$	1,305,445
By geography(4)
Canada	$	587,309	$	175,314	$	49,503	$	812,126	$	783,178
United States		137,005		31,646		83,209		251,860		238,201
Chile		54,340		4,645		3,588		62,573		60,179
Mexico		52,283		3,901		3,183		59,367		58,439
Peru		29,386		2,187		2,194		33,767		32,609
Colombia		15,435		1,777		941		18,153		15,015
Other International
Europe		17,423		6,241		22,195		45,859		38,776
Caribbean		32,841		2,152		1,250		36,243		36,170
Latin America (other)		15,218		948		1,080		17,246		17,742
All other		11,361		2,882		4,891		19,134		25,136
Total	$	952,601	$	231,693	$	172,034	$	1,356,328	$	1,305,445

(1) Exposure at default is presented after credit risk mitigation. Exposures exclude equity securities and other assets. Portfolios under the Standardized Approach are reported net of specific allowances for credit losses and net of collateral amounts treated under the Comprehensive Approach.

(2) Non-retail drawn includes loans, acceptances, deposits with financial institutions and FVOCI debt securities. Retail drawn includes residential mortgages, credit cards, lines of credit, other personal loans and small business treated as other regulatory retail.

(3) Other exposures include off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations, derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements, securities lending and securities borrowing), net of related collateral.

(4) Geographic segmentation is based upon the location of the ultimate risk of the credit exposure.

Summary of Subject to Market and Credit Risk With a Reconcilation

Credit Risk Exposures

Other Exposures

Drawn

Other Exposures

Market Risk Exposures

As at October 31, 2025 ($ millions)

Non-retail

Retail

Securitization

Repo-style Transactions

Derivative Financial Instruments

Equity

Also subject to Credit Risk

All Other(1)

Total

Cash and deposits with financial institutions

$

62,171

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

3,796

$

65,967

Precious metals

–

–

–

–

–

–

–

5,156

–

5,156

Trading assets

Securities

103

–

–

–

–

–

–

140,741

–

140,844

Loans

1,641

–

–

–

–

–

744

6,846

–

8,487

Other

–

–

–

–

–

–

–

2,892

–

2,892

Financial assets designated at fair value through profit or loss

–

–

–

–

–

–

–

–

–

–

Securities purchased under resale agreements and securities borrowed

–

–

–

203,008

–

–

–

–

–

203,008

Derivative financial instruments

–

–

–

–

46,531

–

42,120

–

–

46,531

Investment securities

146,457

–

–

–

–

2,258

–

–

1,233

149,948

Loans:

Residential mortgages(2)

58,663

311,413

–

–

–

–

–

–

115

370,191

Personal loans

5,940

95,171

9,456

–

–

–

–

–

–

110,567

Credit cards

–

14,585

313

–

–

–

–

–

3,147

18,045

Business & government

239,898

13,170

25,846

–

–

–

–

–

791

279,705

Allowances for credit losses(3)

(465

)

(1,234

)

–

–

–

–

–

–

(5,764

)

(7,463

)

Customers’ liability under acceptances

177

–

–

–

–

–

–

–

–

177

Property and equipment

–

–

–

–

–

–

–

–

4,881

4,881

Investment in associates

–

–

–

–

–

65

–

–

6,252

6,317

Goodwill and other intangibles assets

–

–

–

–

–

–

–

–

16,169

16,169

Other (including Deferred tax assets)

6,210

1,154

–

436

–

–

–

403

30,417

38,620

Total

$

520,795

$

434,259

$

35,615

$

203,444

$

46,531

$

2,323

$

42,864

$

156,038

$

61,037

$

1,460,042

(1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks.

(2) Includes $52.8 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.

(3) Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances.

Credit Risk Exposures

Other Exposures

Drawn

Other Exposures

Market Risk Exposures

As at October 31, 2024 ($ millions)

Non-retail

Retail

Securitization

Repo-style Transactions

Derivative Financial Instruments

Equity

Also subject to Credit Risk

All Other(1)

Total

Cash and deposits with financial institutions

$

60,501

$

–

$

–

$

–

$

–

$

–

$

–

$

–

$

3,359

$

63,860

Precious metals

–

–

–

–

–

–

–

2,540

–

2,540

Trading assets

Securities

331

–

–

–

–

–

–

119,581

–

119,912

Loans

933

–

–

–

–

–

569

6,716

–

7,649

Other

–

–

–

–

–

–

–

2,166

–

2,166

Financial assets designated at fair value through profit or loss

–

–

–

–

–

–

–

–

–

–

Securities purchased under resale agreements and securities borrowed

–

–

–

200,543

–

–

–

–

–

200,543

Derivative financial instruments

–

–

–

–

44,379

–

39,736

–

–

44,379

Investment securities

147,607

–

–

–

–

5,008

–

–

217

152,832

Loans:

Residential mortgages(2)

61,467

289,358

–

–

–

–

–

–

116

350,941

Personal loans

711

101,821

3,847

–

–

–

–

–

–

106,379

Credit cards

–

13,892

162

–

–

–

–

–

3,320

17,374

Business & government

261,903

12,904

17,627

–

–

–

–

–

237

292,671

Allowances for credit losses(3)

(363

)

(1,170

)

–

–

–

–

–

–

(5,003

)

(6,536

)

Customers’ liability under acceptances

149

–

–

–

–

–

–

–

(1

)

148

Property and equipment

–

–

–

–

–

–

–

–

5,252

5,252

Investment in associates

–

–

–

–

–

62

–

–

1,759

1,821

Goodwill and other intangibles assets

–

–

–

–

–

–

–

–

16,853

16,853

Other (including Deferred tax assets)

5,968

1,220

–

343

–

–

–

448

25,264

33,243

Total

$

539,207

$

418,025

$

21,636

$

200,886

$

44,379

$

5,070

$

40,305

$

131,451

$

51,373

$

1,412,027

(1) Includes the Bank’s insurance subsidiaries’ assets and all other assets which are not subject to credit and market risks.

(2) Includes $56.3 billion in mortgages guaranteed by Canada Mortgage Housing Corporation and federally backed privately insured mortgages.

(3) Amounts for IRB exposures are reported gross of allowances and amounts for standardized exposures are reported net of allowances.

Summary of Cross Referencing of Internal Ratings to External Ratings

The following table cross references the Bank’s internal borrower grades with equivalent ratings categories utilized by external rating agencies:

Cross referencing of internal ratings to external ratings(1)
Equivalent External Rating
S&P and Fitch	Moody’s	Morningstar DBRS	Internal Grade	Internal Grade Code		PD Range(2)
AAA to AA+	Aaa to Aa1	AAA to AA (high)			99 – 98	0.0000% – 0.0565%
AA to A+	Aa2 to A1	AA to A (high)			95	0.0565% – 0.0693%
A to A-	A2 to A3	A to A (low)	Investment grade		90	0.0693% – 0.0833%
BBB+	Baa1	BBB (high)			87	0.0833% – 0.1243%
BBB	Baa2	BBB			85	0.1243% – 0.1976%
BBB-	Baa3	BBB (low)			83	0.1976% – 0.2743%
BB+	Ba1	BB (high)			80	0.2743% – 0.3806%
BB	Ba2	BB			77	0.3806% – 0.7061%
BB-	Ba3	BB (low)	Non-Investment grade		75	0.7061% – 1.4290%
B+	B1	B (high)			73	1.4290% – 2.4715%
B to B-	B2 to B3	B to B (low)			70	2.4715% – 6.2065%
CCC+	Caa1	–			65	6.2065% – 15.9382%
CCC	Caa2	–	Watch list		60	15.9382% – 28.5499%
CCC- to CC	Caa3 to Ca	–			40	28.5499% – 48.3748%
–	–	–			30	48.3748% – 100.0000%
Default			Default		21	100%

(1) Applies to non-retail portfolio.

(2) PD Ranges as at October 31, 2025. The Range does not include the upper boundary for the row.

AIRB portfolio [member]

Statement [Line Items]

Summary of Credit Risk Exposures

The credit quality of the non-retail IRB portfolio, expressed in terms of risk categories of borrower internal grades is shown in the table below:

			2025								2024
			Exposure at Default(1)
As at October 31 ($ millions) Category of internal grades	IG Code		Drawn		Undrawn commitments		Other exposures(2)		Total		Total
Investment grade		99 – 98	$	144,086	$	1,557	$	39,788	$	185,431	$	174,122
		95		36,203		13,422		30,882		80,507		71,282
		90		15,314		12,067		28,875		56,256		49,596
		87		26,472		13,771		16,458		56,701		63,699
		85		25,166		10,987		8,758		44,911		49,980
		83		43,384		11,155		5,924		60,463		69,342
Non-Investment grade		80		39,476		10,262		5,810		55,548		54,770
		77		25,637		6,542		4,824		37,003		40,729
		75		20,174		4,373		4,556		29,103		27,324
		73		7,913		1,464		756		10,133		10,140
		70		4,137		1,216		707		6,060		3,791
Watch list		65		907		60		43		1,010		1,592
		60		876		109		171		1,156		986
		40		910		75		134		1,119		889
		30		276		9		2		287		232
Default		21		1,482		12		100		1,594		1,313
Total			$	392,413	$	87,081	$	147,788	$	627,282	$	619,787
Government guaranteed residential mortgages(3)				50,845		–		–		50,845		53,319
Total			$	443,258	$	87,081	$	147,788	$	678,127	$	673,106

(1) After credit risk mitigation.

(2) Includes off-balance sheet lending instruments such as letters of credit, letters of guarantees, securitizations, derivatives and repo-style transactions (reverse repurchase agreements, repurchase agreements and securities lending and borrowing), net of related collateral.

(3) These exposures are classified as sovereign exposures and are included in the non-retail category.

Summary of Risk Categories of Borrower by Probability Of Default

The data in the table below provides a distribution of the retail AIRB exposures within each PD range by asset class:

As at October 31 ($ millions)	2025												2024
	Exposure at default(1)
			Real estate secured
Category of (PD) grades	PD range		Mortgages		HELOC		Qualifying revolving		Other retail		Total		Total
Exceptionally Low		0.0000% – 0.0500%	$	89,983	$	57,130	$	15,921	$	792	$	163,826	$	145,243
Very Low		0.0501% – 0.1999%		95,370		19,900		36,811		5,792		157,873		148,919
Low		0.2000% – 0.9999%		43,971		–		14,536		16,932		75,439		79,011
Medium Low		1.0000% – 2.9999%		11,436		5,509		9,715		4,803		31,463		25,478
Medium		3.0000% – 9.9999%		7		–		2,719		2,683		5,409		7,524
High		10.0000% – 19.9999%		3,177		938		1,690		614		6,419		3,232
Extremely High		20.0000% – 99.9999%		2		–		785		511		1,298		2,263
Default		100%		791		127		128		167		1,213		975
Total			$	244,737	$	83,604	$	82,305	$	32,294	$	442,940	$	412,645

(1) After credit risk mitigation.