Loans, Impaired Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Jan. 31, 2026

Text Block [Abstract]

Disclosure of loans at amortized cost

(a) Loans at amortized cost

	As at
	January 31, 2026						October 31, 2025
($ millions)	Gross carrying amount		Allowance for credit losses		Net carrying amount		Gross carrying amount		Allowance for credit losses		Net carrying amount
Residential mortgages	$	368,619	$	1,439	$	367,180	$	370,191	$	1,460	$	368,731
Personal loans		107,579		2,216		105,363		110,567		2,432		108,135
Credit cards		16,112		1,215		14,897		18,045		1,355		16,690
Business and government		270,167		2,132		268,035		279,705		2,216		277,489
Total	$	762,477	$	7,002	$	755,475	$	778,508	$	7,463	$	771,045

Schedule of Impaired Loans

(b) Impaired loans(1)

	As at
	January 31, 2026						October 31, 2025
($ millions)	Gross impaired loans		Allowance for credit losses		Net carrying amount		Gross impaired loans		Allowance for credit losses		Net carrying amount
Residential mortgages	$	2,955	$	834	$	2,121	$	2,903	$	840	$	2,063
Personal loans		1,063		570		493		1,071		604		467
Credit cards		–		–		–		–		–		–
Business and government		3,230		883		2,347		3,270		897		2,373
Total	$	7,248	$	2,287	$	4,961	$	7,244	$	2,341	$	4,903
By geography:
Canada	$	2,674	$	786	$	1,888	$	2,416	$	683	$	1,733
United States		158		17		141		–		–		–
Mexico		1,533		554		979		1,494		535		959
Peru		778		383		395		823		400		423
Chile		1,516		351		1,165		1,420		332		1,088
Other international		589		196		393		1,091		391		700
Total	$	7,248	$	2,287	$	4,961	$	7,244	$	2,341	$	4,903

(1) Interest income recognized on impaired loans during the three months ended January 31, 2026 was $28 (October 31, 2025 – $23).

Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations

The following tables show certain key macroeconomic variables used to calculate the modelled estimate for the allowance for credit losses. Further changes in these variables up to the date of the financial statements are incorporated through expert credit judgement. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view.

	Base Case Scenario				Alternative Scenario Optimistic				Alternative Scenario Pessimistic				Alternative Scenario Very Pessimistic
As at January 31, 2026	Next 12 Months		Remaining Forecast Period		Next 12 Months		Remaining Forecast Period		Next 12 Months		Remaining Forecast Period		Next 12 Months		Remaining Forecast Period
Canada
Real GDP growth, y/y % change		1.5		1.9		2.2		2.8		-1.0		2.4		-4.3		3.1
Consumer price index, y/y %		2.2		2.2		2.4		2.6		1.7		2.0		5.4		2.4
Unemployment rate, average %		6.4		5.8		6.1		4.6		7.6		6.4		10.4		7.0
Bank of Canada overnight rate target, average %		2.4		3.0		2.8		3.7		2.1		2.5		3.3		3.5
HPI - Housing Price Index, y/y % change		3.5		5.4		4.3		6.9		-0.5		5.9		-3.9		5.5
USD/CAD exchange rate, average		1.35		1.31		1.34		1.30		1.41		1.30		1.50		1.31
U.S.
Real GDP growth, y/y % change		1.6		2.3		2.0		3.3		-0.9		3.0		-3.7		3.5
Consumer price index, y/y %		2.4		2.6		2.6		2.9		2.6		2.5		6.0		2.8
Target federal funds rate, upper limit, average %		3.1		3.3		3.2		3.7		3.0		2.9		3.8		3.9
Unemployment rate, average %		4.3		4.1		4.3		3.8		5.7		4.6		7.9		5.0
Mexico
Real GDP growth, y/y % change		0.6		2.0		1.1		2.8		-1.7		2.4		-4.8		3.1
Unemployment rate, average %		3.3		3.8		3.2		3.2		4.0		3.9		6.1		4.7
Chile
Real GDP growth, y/y % change		2.5		2.1		3.6		2.9		0.3		2.6		-3.7		3.5
Unemployment rate, average %		7.9		7.4		7.6		6.9		9.0		7.5		11.2		8.0
Peru
Real GDP growth, y/y % change		3.2		2.7		4.6		3.6		0.8		3.2		-0.8		3.8
Unemployment rate, average %		5.8		5.9		5.1		5.0		6.8		6.3		10.6		7.4
Caribbean
Real GDP growth, y/y % change		3.6		4.0		4.2		4.8		1.4		4.4		-1.8		5.1
Global
WTI oil price, average USD/bbl		60		61		63		72		52		56		45		51
Copper price, average USD/lb		4.75		5.09		4.85		5.49		4.42		5.00		4.08		4.85
Global GDP, y/y % change		2.5		2.8		3.2		3.6		0.5		3.3		-2.1		3.8

	Base Case Scenario				Alternative Scenario Optimistic				Alternative Scenario Pessimistic				Alternative Scenario Very Pessimistic
As at October 31, 2025	Next 12 Months		Remaining Forecast Period		Next 12 Months		Remaining Forecast Period		Next 12 Months		Remaining Forecast Period		Next 12 Months		Remaining Forecast Period
Canada
Real GDP growth, y/y % change		1.2		2.2		2.4		3.1		-1.1		2.7		-4.4		3.4
Consumer price index, y/y %		1.9		2.2		2.1		2.7		1.4		2.0		5.0		2.4
Unemployment rate, average %		7.0		5.8		6.6		4.7		8.2		6.4		11.2		7.0
Bank of Canada overnight rate target, average %		2.3		2.8		2.8		3.7		2.1		2.4		3.1		3.3
HPI - Housing Price Index, y/y % change		1.9		6.2		2.6		7.7		-2.0		6.7		-5.1		6.2
USD/CAD exchange rate, average		1.32		1.30		1.31		1.29		1.37		1.29		1.45		1.30
U.S.
Real GDP growth, y/y % change		1.4		2.3		1.9		3.2		-1.0		3.0		-3.7		3.5
Consumer price index, y/y %		2.6		2.5		2.7		2.8		2.7		2.4		6.0		2.7
Target federal funds rate, upper limit, average %		3.3		3.0		3.5		3.5		3.2		2.7		3.9		3.6
Unemployment rate, average %		4.5		4.3		4.4		4.0		5.8		4.8		8.1		5.2
Mexico
Real GDP growth, y/y % change		-0.2		2.2		0.6		2.9		-2.4		2.6		-5.5		3.3
Unemployment rate, average %		3.3		3.7		3.2		3.1		3.9		3.8		6.1		4.6
Chile
Real GDP growth, y/y % change		2.4		2.0		3.5		2.8		0.3		2.6		-3.7		3.5
Unemployment rate, average %		7.9		6.7		7.7		6.4		9.0		6.9		11.2		7.3
Peru
Real GDP growth, y/y % change		2.9		3.1		4.1		4.0		0.6		3.6		-1.0		4.1
Unemployment rate, average %		5.7		6.1		5.3		5.2		6.7		6.5		10.5		7.6
Colombia
Real GDP growth, y/y % change		2.9		2.5		4.0		3.4		0.7		3.0		-1.0		3.5
Unemployment rate, average %		10.3		9.9		10.0		9.1		12.0		10.5		18.9		12.5
Caribbean
Real GDP growth, y/y % change		3.7		4.0		4.4		4.7		1.6		4.4		-0.6		4.9
Global
WTI oil price, average USD/bbl		60		66		64		78		53		61		45		56
Copper price, average USD/lb		4.19		4.68		4.29		5.03		3.92		4.60		3.61		4.47
Global GDP, y/y % change		2.2		2.7		3.0		3.5		0.3		3.2		-2.2		3.7

Schedule of Allowance for Credit Losses

(iv) Allowance for credit losses

Allowance for credit losses
($ millions)	Balance as at November 1, 2025		Provision for credit losses(1)		Net write- offs			Other, including foreign currency adjustment			Balance as at January 31, 2026
Residential mortgages	$	1,460	$	69	$	(27	)	$	(63	)	$	1,439
Personal loans		2,432		468		(419	)		(265	)		2,216
Credit cards		1,355		351		(316	)		(175	)		1,215
Business and government		2,392		289		(187	)		(192	)		2,302
	$	7,639	$	1,177	$	(949)		$	(695)		$	7,172
Presented as:
Allowance for credit losses on loans	$	7,463									$	7,002
Allowance for credit losses on acceptances(2)		1										–
Allowance for credit losses on off-balance sheet exposures(3)		175										170

(1) Excludes amounts associated with other assets of $(1). The provision for credit losses, net of these amounts, is $1,176.

(2) Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.

(3) Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.

($ millions)	Balance as at November 1, 2024		Provision for credit losses(1)		Net write- offs			Other, including foreign currency adjustment		Balance as at January 31, 2025
Residential mortgages	$	1,208	$	64	$	(16	)	$	24	$	1,280
Personal loans		2,319		548		(485	)		44		2,426
Credit cards		1,160		325		(331	)		31		1,185
Business and government		2,036		243		(122	)		17		2,174
	$	6,723	$	1,180	$	(954)		$	116	$	7,065
Presented as:
Allowance for credit losses on loans	$	6,536								$	6,857
Allowance for credit losses on acceptances(2)		1									1
Allowance for credit losses on off-balance sheet exposures(3)		186									207

(1) Excludes amounts associated with other assets and reversal of impairment losses of $(18). The provision for credit losses, net of these amounts, is $1,162.

(2) Allowance for credit losses on acceptances is recorded against the financial asset in the Consolidated Statement of Financial Position.

(3) Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.

Allowance for credit losses on loans	As at January 31, 2026
($ millions)	Stage 1		Stage 2		Stage 3		Total
Residential mortgages	$	194	$	411	$	834	$	1,439
Personal loans		535		1,111		570		2,216
Credit cards		257		958		–		1,215
Business and government		648		601		883		2,132
Total(1)	$	1,634	$	3,081	$	2,287	$	7,002

(1) Excludes allowance for credit losses of $183 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.

	As at October 31, 2025
($ millions)	Stage 1		Stage 2		Stage 3		Total
Residential mortgages	$	196	$	424	$	840	$	1,460
Personal loans		613		1,215		604		2,432
Credit cards		338		1,017		–		1,355
Business and government		713		606		897		2,216
Total(1)	$	1,860	$	3,262	$	2,341	$	7,463

(1) Excludes allowance for credit losses of $191 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.

	As at January 31, 2025
($ millions)	Stage 1		Stage 2		Stage 3		Total
Residential mortgages	$	160	$	409	$	711	$	1,280
Personal loans		554		1,225		647		2,426
Credit cards		295		890		–		1,185
Business and government		614		520		832		1,966
Total(1)	$	1,623	$	3,044	$	2,190	$	6,857

(1) Excludes allowance for credit losses of $223 for other financial assets including acceptances, investment securities, deposits with banks, off-balance sheet credit risks and reverse repos.

The following table presents the changes to the allowance for credit losses on loans. 

	As at and for the three months ended
	January 31, 2026												January 31, 2025
($ millions)	Stage 1			Stage 2			Stage 3			Total			Stage 1			Stage 2			Stage 3			Total
Retail loans:
Residential mortgages
Balance at beginning of period	$	196		$	424		$	840		$	1,460		$	165		$	398		$	645		$	1,208
Provision for credit losses
Remeasurement(1)		(62	)		43			90			71			(58	)		36			89			67
Newly originated or purchased financial assets		11			–			–			11			12			–			–			12
Derecognition of financial assets and maturities		(2	)		(11	)		–			(13	)		(2	)		(6	)		–			(8	)
Changes in models and methodologies		–			–			–			–			(2	)		(14	)		9			(7	)
Transfer to (from):
Stage 1		68			(58	)		(10	)		–			53			(43	)		(10	)		–
Stage 2		(10	)		64			(54	)		–			(10	)		55			(45	)		–
Stage 3		–			(26	)		26			–			–			(25	)		25			–
Gross write-offs		–			–			(34	)		(34	)		–			–			(24	)		(24	)
Recoveries		–			–			7			7			–			–			8			8
Foreign exchange and other movements(2)		(7	)		(25	)		(31	)		(63	)		2			8			14			24
Balance at end of period	$	194		$	411		$	834		$	1,439		$	160		$	409		$	711		$	1,280
Personal loans
Balance at beginning of period	$	613		$	1,215		$	604		$	2,432		$	544		$	1,154		$	621		$	2,319
Provision for credit losses
Remeasurement(1)		(163	)		228			374			439			(162	)		279			390			507
Newly originated or purchased financial assets		82			–			–			82			101			–			–			101
Derecognition of financial assets and maturities		(21	)		(32	)		–			(53	)		(23	)		(41	)		–			(64	)
Changes in models and methodologies		–			–			–			–			(7	)		3			8			4
Transfer to (from):
Stage 1		152			(149	)		(3	)		–			150			(146	)		(4	)		–
Stage 2		(40	)		66			(26	)		–			(58	)		85			(27	)		–
Stage 3		(1	)		(117	)		118			–			(2	)		(124	)		126			–
Gross write-offs		–			–			(489	)		(489	)		–			–			(558	)		(558	)
Recoveries		–			–			70			70			–			–			73			73
Foreign exchange and other movements(2)		(87	)		(100	)		(78	)		(265	)		11			15			18			44
Balance at end of period	$	535		$	1,111		$	570		$	2,216		$	554		$	1,225		$	647		$	2,426
Credit cards
Balance at beginning of period	$	338		$	1,017		$	–		$	1,355		$	288		$	872		$	–		$	1,160
Provision for credit losses
Remeasurement(1)		(72	)		197			218			343			(81	)		168			239			326
Newly originated or purchased financial assets		21			–			–			21			32			–			–			32
Derecognition of financial assets and maturities		(8	)		(5	)		–			(13	)		(13	)		(11	)		–			(24	)
Changes in models and methodologies		–			–			–			–			(2	)		(7	)		–			(9	)
Transfer to (from):
Stage 1		80			(80	)		–			–			88			(88	)		–			–
Stage 2		(27	)		27			–			–			(27	)		27			–			–
Stage 3		–			(98	)		98			–			–			(88	)		88			–
Gross write-offs		–			–			(375	)		(375	)		–			–			(373	)		(373	)
Recoveries		–			–			59			59			–			–			42			42
Foreign exchange and other movements(2)		(75	)		(100	)		–			(175	)		10			17			4			31
Balance at end of period	$	257		$	958		$	–		$	1,215		$	295		$	890		$	–		$	1,185
Total retail loans
Balance at beginning of period	$	1,147		$	2,656		$	1,444		$	5,247		$	997		$	2,424		$	1,266		$	4,687
Provision for credit losses
Remeasurement(1)		(297	)		468			682			853			(301	)		483			718			900
Newly originated or purchased financial assets		114			–			–			114			145			–			–			145
Derecognition of financial assets and maturities		(31	)		(48	)		–			(79	)		(38	)		(58	)		–			(96	)
Changes in models and methodologies		–			–			–			–			(11	)		(18	)		17			(12	)
Transfer to (from):
Stage 1		300			(287	)		(13	)		–			291			(277	)		(14	)		–
Stage 2		(77	)		157			(80	)		–			(95	)		167			(72	)		–
Stage 3		(1	)		(241	)		242			–			(2	)		(237	)		239			–
Gross write-offs		–			–			(898	)		(898	)		–			–			(955	)		(955	)
Recoveries		–			–			136			136			–			–			123			123
Foreign exchange and other movements(2)		(169	)		(225	)		(109	)		(503	)		23			40			36			99
Balance at end of period	$	986		$	2,480		$	1,404		$	4,870		$	1,009		$	2,524		$	1,358		$	4,891
Non-retail loans:
Business and government
Balance at beginning of period	$	854		$	640		$	897		$	2,391		$	739		$	508		$	788		$	2,035
Provision for credit losses
Remeasurement(1)		(55	)		114			260			319			(11	)		67			179			235
Newly originated or purchased financial assets		333			–			–			333			358			–			–			358
Derecognition of financial assets and maturities		(298	)		(61	)		(3	)		(362	)		(315	)		(27	)		(8	)		(350	)
Changes in models and methodologies		–			–			–			–			–			–			–			–
Transfer to (from):
Stage 1		26			(26	)		–			–			25			(25	)		–			–
Stage 2		(19	)		19			–			–			(22	)		23			(1	)		–
Stage 3		–			(15	)		15			–			(1	)		(5	)		6			–
Gross write-offs		–			–			(198	)		(198	)		–			–			(140	)		(140	)
Recoveries		–			–			11			11			–			–			18			18
Foreign exchange and other movements(2)		(57	)		(36	)		(99	)		(192	)		17			10			(10	)		17
Balance at end of period including off-balance sheet exposures	$	784		$	635		$	883		$	2,302		$	790		$	551		$	832		$	2,173
Less: Allowance for credit losses on off-balance sheet exposures(3)		(136	)		(34	)		–			(170	)		(176	)		(31	)		–			(207	)
Balance at end of period(3)	$	648		$	601		$	883		$	2,132		$	614		$	520		$	832		$	1,966

(1) Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments.

(2) Includes impact of divested operations.

(3) Allowance for credit losses on off-balance sheet exposures is recorded in other liabilities in the Consolidated Statement of Financial Position.

Summary of Carrying Value of Exposures by Risk Rating

(d) Carrying value of exposures by risk rating

Residential mortgages	As at January 31, 2026								As at October 31, 2025
Category of PD grades ($ millions)	Stage 1		Stage 2		Stage 3(1)		Total		Stage 1		Stage 2		Stage 3(1)		Total
Very low	$	221,430	$	3,223	$	–	$	224,653	$	219,905	$	3,983	$	–	$	223,888
Low		83,734		3,843		–		87,577		83,755		4,820		–		88,575
Medium		15,911		8,660		–		24,571		15,870		8,618		–		24,488
High		2,516		5,613		–		8,129		3,002		6,007		–		9,009
Very high		9		3,090		–		3,099		48		3,170		–		3,218
Loans not graded(2)		16,939		696		–		17,635		16,937		1,173		–		18,110
Default		–		–		2,955		2,955		–		–		2,903		2,903
Total	$	340,539	$	25,125	$	2,955	$	368,619	$	339,517	$	27,771	$	2,903	$	370,191
Allowance for credit losses		194		411		834		1,439		196		424		840		1,460
Carrying value	$	340,345	$	24,714	$	2,121	$	367,180	$	339,321	$	27,347	$	2,063	$	368,731

(1) Stage 3 includes purchased or originated credit-impaired loans.

(2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Personal loans	As at January 31, 2026								As at October 31, 2025
Category of PD grades ($ millions)	Stage 1		Stage 2		Stage 3(1)		Total		Stage 1		Stage 2		Stage 3(1)		Total
Very low	$	31,238	$	164	$	–	$	31,402	$	31,009	$	202	$	–	$	31,211
Low		20,909		627		–		21,536		21,075		751		–		21,826
Medium		12,538		59		–		12,597		12,886		78		–		12,964
High		8,289		5,341		–		13,630		10,331		5,659		–		15,990
Very high		44		2,312		–		2,356		35		2,651		–		2,686
Loans not graded(2)		22,713		2,282		–		24,995		22,465		2,354		–		24,819
Default		–		–		1,063		1,063		–		–		1,071		1,071
Total	$	95,731	$	10,785	$	1,063	$	107,579	$	97,801	$	11,695	$	1,071	$	110,567
Allowance for credit losses		535		1,111		570		2,216		613		1,215		604		2,432
Carrying value	$	95,196	$	9,674	$	493	$	105,363	$	97,188	$	10,480	$	467	$	108,135

(1) Stage 3 includes purchased or originated credit-impaired loans.

(2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Credit cards	As at January 31, 2026								As at October 31, 2025
Category of PD grades ($ millions)	Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Very low	$	2,652	$	1	$	–	$	2,653	$	2,646	$	2	$	–	$	2,648
Low		3,119		11		–		3,130		3,171		11		–		3,182
Medium		4,392		22		–		4,414		4,792		26		–		4,818
High		2,062		1,742		–		3,804		3,210		1,942		–		5,152
Very high		10		1,118		–		1,128		20		1,204		–		1,224
Loans not graded(1)		583		400		–		983		582		439		–		1,021
Default		–		–		–		–		–		–		–		–
Total	$	12,818	$	3,294	$	–	$	16,112	$	14,421	$	3,624	$	–	$	18,045
Allowance for credit losses		257		958		–		1,215		338		1,017		–		1,355
Carrying value	$	12,561	$	2,336	$	–	$	14,897	$	14,083	$	2,607	$	–	$	16,690

(1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Undrawn loan commitments – Retail	As at January 31, 2026								As at October 31, 2025
Category of PD grades ($ millions)	Stage 1		Stage 2		Stage 3		Total		Stage 1		Stage 2		Stage 3		Total
Very low	$	129,741	$	222	$	–	$	129,963	$	126,681	$	255	$	–	$	126,936
Low		20,800		63		–		20,863		22,102		71		–		22,173
Medium		7,308		10		–		7,318		9,569		13		–		9,582
High		2,174		408		–		2,582		4,047		631		–		4,678
Very high		10		316		–		326		14		351		–		365
Loans not graded(1)		9,517		2,070		–		11,587		9,039		2,049		–		11,088
Default		–		–		–		–		–		–		–		–
Carrying value	$	169,550	$	3,089	$	–	$	172,639	$	171,452	$	3,370	$	–	$	174,822

(1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Total retail loans	As at January 31, 2026								As at October 31, 2025
Category of PD grades ($ millions)	Stage 1		Stage 2		Stage 3(1)		Total		Stage 1		Stage 2		Stage 3(1)		Total
Very low	$	385,061	$	3,610	$	–	$	388,671	$	380,241	$	4,442	$	–	$	384,683
Low		128,562		4,544		–		133,106		130,103		5,653		–		135,756
Medium		40,149		8,751		–		48,900		43,117		8,735		–		51,852
High		15,041		13,104		–		28,145		20,590		14,239		–		34,829
Very high		73		6,836		–		6,909		117		7,376		–		7,493
Loans not graded(2)		49,752		5,448		–		55,200		49,023		6,015		–		55,038
Default		–		–		4,018		4,018		–		–		3,974		3,974
Total	$	618,638	$	42,293	$	4,018	$	664,949	$	623,191	$	46,460	$	3,974	$	673,625
Allowance for credit losses		986		2,480		1,404		4,870		1,147		2,656		1,444		5,247
Carrying value	$	617,652	$	39,813	$	2,614	$	660,079	$	622,044	$	43,804	$	2,530	$	668,378

(1) Stage 3 includes purchased or originated credit-impaired loans.

(2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Business and government loans	As at January 31, 2026								As at October 31, 2025
Grade ($ millions)	Stage 1		Stage 2		Stage 3(1)		Total		Stage 1		Stage 2		Stage 3(1)		Total
Investment grade	$	135,630	$	1,176	$	–	$	136,806	$	138,789	$	1,482	$	–	$	140,271
Non-investment grade		116,427		6,518		–		122,945		121,999		7,169		–		129,168
Watch list		7		4,600		–		4,607		7		4,468		–		4,475
Loans not graded(2)		2,553		26		–		2,579		2,485		36		–		2,521
Default		–		–		3,230		3,230		–		–		3,270		3,270
Total	$	254,617	$	12,320	$	3,230	$	270,167	$	263,280	$	13,155	$	3,270	$	279,705
Allowance for credit losses		648		601		883		2,132		713		606		897		2,216
Carrying value	$	253,969	$	11,719	$	2,347	$	268,035	$	262,567	$	12,549	$	2,373	$	277,489

(1) Stage 3 includes purchased or originated credit-impaired loans.

(2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Undrawn loan commitments – Business and government	As at January 31, 2026								As at October 31, 2025
Grade ($ millions)	Stage 1		Stage 2		Stage 3(1)		Total		Stage 1		Stage 2		Stage 3(1)		Total
Investment grade	$	251,492	$	1,150	$	–	$	252,642	$	242,637	$	1,101	$	–	$	243,738
Non-investment grade		60,296		2,016		–		62,312		60,136		1,841		–		61,977
Watch list		–		1,145		–		1,145		–		1,007		–		1,007
Loans not graded(2)		4,557		1		–		4,558		4,593		1		–		4,594
Default		–		–		30		30		–		–		31		31
Total	$	316,345	$	4,312	$	30	$	320,687	$	307,366	$	3,950	$	31	$	311,347
Allowance for credit losses		136		34		–		170		141		34		–		175
Carrying value	$	316,209	$	4,278	$	30	$	320,517	$	307,225	$	3,916	$	31	$	311,172

(1) Stage 3 includes purchased or originated credit-impaired loans.

(2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Total non-retail loans	As at January 31, 2026								As at October 31, 2025
Grade ($ millions)	Stage 1		Stage 2		Stage 3(1)		Total		Stage 1		Stage 2		Stage 3(1)		Total
Investment grade	$	387,122	$	2,326	$	–	$	389,448	$	381,426	$	2,583	$	–	$	384,009
Non-investment grade		176,723		8,534		–		185,257		182,135		9,010		–		191,145
Watch list		7		5,745		–		5,752		7		5,475		–		5,482
Loans not graded(2)		7,110		27		–		7,137		7,078		37		–		7,115
Default		–		–		3,260		3,260		–		–		3,301		3,301
Total	$	570,962	$	16,632	$	3,260	$	590,854	$	570,646	$	17,105	$	3,301	$	591,052
Allowance for credit losses		784		635		883		2,302		854		640		897		2,391
Carrying value	$	570,178	$	15,997	$	2,377	$	588,552	$	569,792	$	16,465	$	2,404	$	588,661

(1) Stage 3 includes purchased or originated credit-impaired loans.

(2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category.

Schedule of Loans Past Due But Not Impaired

(e) Loans past due but not impaired(1)

A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are contractually past due but not classified as impaired. In cases where borrowers have opted to participate in payment deferral programs, deferral of payments is not considered past due and such loans are not aged further during the deferral period.

	As at January 31, 2026								As at October 31, 2025
($ millions)	31-60 days		61-90 days		91 days and greater(2)		Total		31-60 days		61-90 days		91 days and greater(2)		Total
Residential mortgages	$	1,489	$	694	$	–	$	2,183	$	1,603	$	767	$	–	$	2,370
Personal loans		581		309		–		890		691		353		–		1,044
Credit cards		219		178		412		809		289		189		430		908
Business and government		205		72		–		277		238		104		–		342
Total	$	2,494	$	1,253	$	412	$	4,159	$	2,821	$	1,413	$	430	$	4,664

(1) Loans up to 30 days past due are not presented in this analysis as they are not administratively considered past due.

(2) All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due.

Summary of Purchased Credit Impaired Loans

(f) Purchased credit-impaired loans

Certain financial assets including loans are credit-impaired on initial recognition. The following table provides details of such assets:

	As at
($ millions)	January 31 2026			October 31 2025
Unpaid principal balance(1)	$	210		$	224
Credit related fair value adjustments		(20	)		(24	)
Carrying value		190			200
Stage 3 allowance		(1	)		(1	)
Carrying value net of related allowance	$	189		$	199

(1) Represents principal amount owed net of write-offs.