エドガーで原本を確認する
BANK OF MONTREAL | |||||
(Name of Registrant) | |||||
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100 King Street West
1 First Canadian Place
Toronto, Ontario
Canada, M5X 1A1
(Executive Offices)
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129 rue Saint-Jacques
Montreal, Quebec
Canada, H2Y 1L6
(Head Office)
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BANK OF MONTREAL
By: /s/ Rahul Nalgirkar
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Name: Rahul Nalgirkar
Title: Chief Financial Officer
By: /s/ Pascale Elharrar
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Name: Pascale Elharrar
Title: Corporate Secretary
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| Topic | EDTF Disclosure | Page Number | |||||||||||||||
| 2025 Annual Report | Q2 2026 | ||||||||||||||||
RTS |
SFI |
SRCI |
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| General | 1. Risk-related information in each report, including an index for easy navigation |
67-107 |
4 | Index | Index | ||||||||||||
| 2. Risk terminology, measures and key parameters |
70-107,
122-124
|
31 | – | – | |||||||||||||
| 3. Top and emerging risks | 67-69 |
6,31 | – | – | |||||||||||||
| 4. Plans to meet new key regulatory ratios once applicable rules are finalized | 61 |
18 | – | – | |||||||||||||
| Risk Governance, Risk Management and Business Model | 5. Risk management and governance framework, processes and key functions | 70-74 |
– | – | – | ||||||||||||
| 6. Risk culture, risk appetite and procedures to support the culture | 72-75 |
– | – | – | |||||||||||||
| 7. Risks that arise from business models and activities | 63,72-74 |
– | – | – | |||||||||||||
| 8. Stress testing within the risk governance and capital frameworks | 75 |
– | – | – | |||||||||||||
| Capital Adequacy and Risk-Weighted Assets (RWA) |
9. Pillar 1 capital requirements | 59-61,185 |
– | – | 5-6,15 | ||||||||||||
10. Composition of capital components and reconciliation of the accounting balance sheet to the regulatory balance sheet. A main features template can be found at https://www.bmo.com/main/about-bmo/investor-relations/regulatory-disclosure |
62 |
18-19 | – | 5-7,17-18 | |||||||||||||
| 11. Flow statement of movements in regulatory capital, including changes in Common Equity Tier 1 Capital, Additional Tier 1 Capital and Tier 2 Capital | – | – | – | 8 | |||||||||||||
| 12. Capital management and strategic planning | 58-63 |
– | – | – | |||||||||||||
13. Risk-weighted assets (RWA) by operating segment |
63 |
– | – | 16 | |||||||||||||
14. Analysis of capital requirements for each method used in calculating RWA |
59-63,
76-80
|
– | – | 16,22-49, 55-67, 70-71,78-81,84,86-91 |
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15. Tabulate credit risk in the banking book for Basel asset classes and major portfolios |
– | – | – | 22-49, 51-67,89-91 |
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16. Flow statement that reconciles movements in RWA by risk type |
– | – | – | 50,71,83 | |||||||||||||
17. Basel validation and back-testing process, including estimated and actual loss parameter information |
101-102 |
– | – | 92 | |||||||||||||
| Liquidity | 18. Management of liquidity needs, and liquidity reserve held to meet those needs |
89-95 |
34-35,38 | – | – | ||||||||||||
| Funding | 19. Encumbered and unencumbered assets disclosed by balance sheet category | 91 |
35-36 | 48 | – | ||||||||||||
| 20. Consolidated total assets, liabilities and off-balance sheet commitments by remaining contractual maturity | 96-97 |
– | – | – | |||||||||||||
21. Analysis of funding sources and funding strategy |
92-93 |
35-36 | – | – | |||||||||||||
| Market Risk | 22. Linkage of trading and non-trading market risk to the Consolidated Balance Sheet | 88 |
33 | – | – | ||||||||||||
| 23. Significant trading and non-trading market risk factors | 84-88 |
34 | – | – | |||||||||||||
| 24. Market risk model assumptions, validation procedures and back-testing |
84-88,
101-102
|
– | – | – | |||||||||||||
25. Primary techniques for risk measurement and risk assessment, including risk of loss |
84-88 |
33-34 | – | – | |||||||||||||
| Credit Risk | 26. Analysis of credit risk profile, exposure and concentration |
62-63,76-83,
145-152, 163-164
|
15-17,50-55 | 24-45 | 16-81 | ||||||||||||
| 27. Policies to identify impaired loans and renegotiated loans | 146,151 |
– | – | – | |||||||||||||
| 28. Reconciliation of opening and closing balances of impaired loans and allowance for credit losses | 82,148 |
16,50-52 | – | – | |||||||||||||
| 29. Counterparty credit risk arising from derivative transactions |
76-78,83,
163-164
|
– | – | 55-73 | |||||||||||||
30. Credit risk mitigation |
76-78,147, 154,196-197 |
– | – | 21,51-52,68 |
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| Other Risks | 31. Discussion of other risks | 70-73, 98-107 |
– | – | – | ||||||||||||
| 32. Publicly known risk events involving material or potentially material loss events |
98-107,
197-198
|
– | – | – | |||||||||||||
| Table of Contents | ||||||||||||||||||||||||||
| Caution Regarding Forward-Looking Statements | Off-Balance Sheet Arrangements | |||||||||||||||||||||||||
| Economic Developments and Outlook | Accounting Policies and Critical Accounting Estimates and Judgments | |||||||||||||||||||||||||
| Financial Highlights | Allowance for Credit Losses | |||||||||||||||||||||||||
| Non-GAAP and Other Financial Measures | Future Changes in Accounting Policies | |||||||||||||||||||||||||
Impact of Foreign Exchange |
Other Regulatory Developments | |||||||||||||||||||||||||
| Net Income | Risk Management | |||||||||||||||||||||||||
| Revenue | Top and Emerging Risks That May Affect Future Results | |||||||||||||||||||||||||
| Total Provision for Credit Losses | Real Estate Secured Lending | |||||||||||||||||||||||||
| Impaired Loans | International Exposures | |||||||||||||||||||||||||
| Non-Interest Expense | Market Risk | |||||||||||||||||||||||||
| Provision for Income Taxes | Liquidity and Funding Risk | |||||||||||||||||||||||||
| Balance Sheet | Credit Ratings | |||||||||||||||||||||||||
| Capital Management | Glossary of Financial Terms | |||||||||||||||||||||||||
Operating Segments Performance Review |
43 | Interim Consolidated Financial Statements | ||||||||||||||||||||||||
| Canadian Personal and Commercial Banking (Canadian P&C) | 43 | Consolidated Statement of Income | ||||||||||||||||||||||||
U.S. Banking |
44 | Consolidated Statement of Comprehensive Income | ||||||||||||||||||||||||
Wealth Management |
45 | Consolidated Balance Sheet | ||||||||||||||||||||||||
Capital Markets |
46 | Consolidated Statement of Changes in Equity | ||||||||||||||||||||||||
| Corporate Services | 47 | Consolidated Statement of Cash Flows | ||||||||||||||||||||||||
| Summary Quarterly Earnings Trends | 48 | Notes to Interim Consolidated Financial Statements |
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| Transactions with Related Parties | 68 | Investor and Media Information | ||||||||||||||||||||||||
TABLE 1 |
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| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
Summary Income Statement (1) |
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| Net interest income | 5,268 | 5,643 | 5,097 | 10,911 | 10,495 | ||||||||||||
| Non-interest revenue | 4,299 | 4,181 | 3,582 | 8,480 | 7,450 | ||||||||||||
| Revenue | 9,567 | 9,824 | 8,679 | 19,391 | 17,945 | ||||||||||||
| Provision for credit losses on impaired loans | 734 | 739 | 765 | 1,473 | 1,624 | ||||||||||||
Provision for credit losses on performing loans |
5 | 7 | 289 | 12 | 441 | ||||||||||||
| Total provision for credit losses (PCL) | 739 | 746 | 1,054 | 1,485 | 2,065 | ||||||||||||
| Non-interest expense | 5,330 | 5,753 | 5,019 | 11,083 | 10,446 | ||||||||||||
| Provision for income taxes | 868 | 836 | 644 | 1,704 | 1,334 | ||||||||||||
| Net income | 2,630 | 2,489 | 1,962 | 5,119 | 4,100 | ||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries |
4 | (1) | 2 | 3 | 6 | ||||||||||||
| Dividends on preferred shares and distributions on other equity instruments | 139 | 81 | 142 | 220 | 207 | ||||||||||||
| Net income available to common shareholders | 2,487 | 2,409 | 1,818 | 4,896 | 3,887 | ||||||||||||
| Adjusted net income | 2,733 | 2,551 | 2,046 | 5,284 | 4,335 | ||||||||||||
| Adjusted net income available to common shareholders | 2,590 | 2,471 | 1,902 | 5,061 | 4,122 | ||||||||||||
Common Share Data ($, except as noted) (1) |
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| Basic earnings per share | 3.54 | 3.40 | 2.51 | 6.94 | 5.34 | ||||||||||||
| Diluted earnings per share | 3.53 | 3.39 | 2.50 | 6.92 | 5.34 | ||||||||||||
| Adjusted diluted earnings per share | 3.67 | 3.48 | 2.62 | 7.15 | 5.66 | ||||||||||||
| Book value per share | 111.17 | 110.45 | 108.03 | 111.17 | 108.03 | ||||||||||||
| Closing share price | 206.84 | 185.37 | 132.09 | 206.84 | 132.09 | ||||||||||||
Number of common shares outstanding (in millions) |
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| End of period | 700.4 | 706.2 | 722.1 | 700.4 | 722.1 | ||||||||||||
| Average basic | 702.7 | 708.4 | 725.4 | 705.6 | 727.5 | ||||||||||||
| Average diluted | 704.6 | 710.2 | 726.4 | 707.4 | 728.6 | ||||||||||||
Market capitalization ($ millions) |
144,874 | 130,908 | 95,378 | 144,874 | 95,378 | ||||||||||||
Dividends declared per common share |
1.67 | 1.67 | 1.59 | 3.34 | 3.18 | ||||||||||||
Dividend yield (%) |
3.2 | 3.6 | 4.8 | 3.2 | 4.8 | ||||||||||||
Dividend payout ratio (%) |
47.2 | 49.1 | 63.4 | 48.1 | 59.5 | ||||||||||||
Adjusted dividend payout ratio (%) |
45.3 | 47.9 | 60.6 | 46.6 | 56.1 | ||||||||||||
Financial Measures and Ratios (%) (1) (2) |
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Return on equity |
13.0 | 12.1 | 9.4 | 12.5 | 10.0 | ||||||||||||
| Adjusted return on equity | 13.5 | 12.4 | 9.8 | 12.9 | 10.6 | ||||||||||||
Return on tangible common equity |
17.3 | 16.2 | 12.8 | 16.8 | 13.6 | ||||||||||||
| Adjusted return on tangible common equity | 17.6 | 16.1 | 12.8 | 16.8 | 13.9 | ||||||||||||
| Efficiency ratio | 55.7 | 58.6 | 57.8 | 57.2 | 58.2 | ||||||||||||
Adjusted efficiency ratio |
54.4 | 57.8 | 56.5 | 56.1 | 56.4 | ||||||||||||
| Operating leverage | 4.0 | 0.0 | 5.2 | 2.0 | 12.6 | ||||||||||||
| Adjusted operating leverage | 4.1 | (2.8) | 2.7 | 0.6 | 5.7 | ||||||||||||
| Net interest margin on average earning assets | 1.61 | 1.68 | 1.60 | 1.64 | 1.61 | ||||||||||||
Adjusted net interest margin, excluding Global Markets and Insurance |
2.29 | 2.33 | 2.17 | 2.31 | 2.15 | ||||||||||||
| Effective tax rate | 24.8 | 25.2 | 24.7 | 25.0 | 24.5 | ||||||||||||
| Adjusted effective tax rate | 24.6 | 25.0 | 24.7 | 24.8 | 24.6 | ||||||||||||
| Total PCL-to-average net loans and acceptances | 0.45 | 0.44 | 0.63 | 0.44 | 0.61 | ||||||||||||
| PCL on impaired loans-to-average net loans and acceptances | 0.45 | 0.44 | 0.46 | 0.44 | 0.48 | ||||||||||||
Balance Sheet and Other Information (as at, $ millions, except as noted) |
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| Assets | 1,499,543 | 1,458,132 | 1,440,269 | 1,499,543 | 1,440,269 | ||||||||||||
| Average earning assets | 1,342,662 | 1,334,388 | 1,308,774 | 1,338,456 | 1,314,247 | ||||||||||||
| Gross loans and acceptances | 685,009 | 674,383 | 681,102 | 685,009 | 681,102 | ||||||||||||
| Net loans and acceptances | 679,945 | 669,316 | 676,142 | 679,945 | 676,142 | ||||||||||||
| Deposits | 966,901 | 954,789 | 958,267 | 966,901 | 958,267 | ||||||||||||
| Common shareholders’ equity | 77,864 | 77,999 | 78,008 | 77,864 | 78,008 | ||||||||||||
Total risk-weighted assets (3) |
443,711 | 442,058 | 425,066 | 443,711 | 425,066 | ||||||||||||
| Assets under administration | 896,603 | 872,742 | 799,054 | 896,603 | 799,054 | ||||||||||||
| Assets under management | 571,768 | 547,035 | 437,911 | 571,768 | 437,911 | ||||||||||||
Capital and Liquidity Measures (%) (3) |
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| Common Equity Tier 1 Ratio | 13.0 | 13.1 | 13.5 | 13.0 | 13.5 | ||||||||||||
| Tier 1 Capital Ratio | 14.7 | 14.8 | 15.3 | 14.7 | 15.3 | ||||||||||||
| Total Capital Ratio | 16.9 | 16.9 | 17.9 | 16.9 | 17.9 | ||||||||||||
| Leverage Ratio | 4.3 | 4.4 | 4.4 | 4.3 | 4.4 | ||||||||||||
| TLAC Ratio | 29.0 | 29.1 | 29.9 | 29.0 | 29.9 | ||||||||||||
Liquidity Coverage Ratio |
128 | 126 | 134 | 128 | 134 | ||||||||||||
Net Stable Funding Ratio |
114 | 116 | 117 | 114 | 117 | ||||||||||||
Foreign Exchange Rates ($) |
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| As at Canadian/U.S. dollar | 1.3584 | 1.3589 | 1.3786 | 1.3584 | 1.3786 | ||||||||||||
| Average Canadian/U.S. dollar | 1.3721 | 1.3759 | 1.4203 | 1.3740 | 1.4254 | ||||||||||||
TABLE 2 |
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| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
| Reported Results | |||||||||||||||||
| Net interest income | 5,268 | 5,643 | 5,097 | 10,911 | 10,495 | ||||||||||||
| Non-interest revenue | 4,299 | 4,181 | 3,582 | 8,480 | 7,450 | ||||||||||||
| Revenue | 9,567 | 9,824 | 8,679 | 19,391 | 17,945 | ||||||||||||
| Provision for credit losses | 739 | 746 | 1,054 | 1,485 | 2,065 | ||||||||||||
| Non-interest expense | 5,330 | 5,753 | 5,019 | 11,083 | 10,446 | ||||||||||||
| Income before income taxes | 3,498 | 3,325 | 2,606 | 6,823 | 5,434 | ||||||||||||
| Provision for income taxes | 868 | 836 | 644 | 1,704 | 1,334 | ||||||||||||
| Net income | 2,630 | 2,489 | 1,962 | 5,119 | 4,100 | ||||||||||||
| Dividends on preferred shares and distributions on other equity instruments | 139 | 81 | 142 | 220 | 207 | ||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries |
4 | (1) | 2 | 3 | 6 | ||||||||||||
| Net income available to common shareholders | 2,487 | 2,409 | 1,818 | 4,896 | 3,887 | ||||||||||||
Diluted EPS ($) |
3.53 | 3.39 | 2.50 | 6.92 | 5.34 | ||||||||||||
| Adjusting Items Impacting Revenue (Pre-tax) | |||||||||||||||||
Change in fair value of contingent consideration (2) |
(7) | (16) | – | (23) | – | ||||||||||||
| Impact of adjusting items on revenue (pre-tax) | (7) | (16) | – | (23) | – | ||||||||||||
| Adjusting Items Impacting Non-Interest Expense (Pre-tax) | |||||||||||||||||
| Acquisition and integration costs/reversal | (3) | (9) | 2 | (12) | (8) | ||||||||||||
Amortization of acquisition-related intangible assets (3) |
(93) | (96) | (109) | (189) | (215) | ||||||||||||
Impact of divestitures |
(26) | (4) | – | (30) | – | ||||||||||||
| FDIC special assessment | – | 47 | (5) | 47 | 2 | ||||||||||||
| Impact of alignment of accounting policies | – | – | – | – | (96) | ||||||||||||
| Impact of adjusting items on non-interest expense (pre-tax) | (122) | (62) | (112) | (184) | (317) | ||||||||||||
| Adjusting Items Impacting Revenue (After-tax) | |||||||||||||||||
Change in fair value of contingent consideration (2) |
(7) | (16) | – | (23) | – | ||||||||||||
| Impact of adjusting items on revenue (after-tax) | (7) | (16) | – | (23) | – | ||||||||||||
| Adjusting Items Impacting Non-Interest Expense (After-tax) | |||||||||||||||||
| Acquisition and integration costs/reversal | (2) | (7) | 1 | (9) | (6) | ||||||||||||
Amortization of acquisition-related intangible assets (3) |
(70) | (71) | (81) | (141) | (160) | ||||||||||||
Impact of divestitures |
(24) | (3) | – | (27) | – | ||||||||||||
| FDIC special assessment | – | 35 | (4) | 35 | 1 | ||||||||||||
| Impact of alignment of accounting policies | – | – | – | – | (70) | ||||||||||||
| Impact of adjusting items on non-interest expense (after-tax) | (96) | (46) | (84) | (142) | (235) | ||||||||||||
| Impact of adjusting items on reported net income (after-tax) | (103) | (62) | (84) | (165) | (235) | ||||||||||||
Impact on diluted EPS ($) |
(0.14) | (0.09) | (0.12) | (0.23) | (0.32) | ||||||||||||
| Adjusted Results | |||||||||||||||||
| Net interest income | 5,268 | 5,643 | 5,097 | 10,911 | 10,495 | ||||||||||||
| Non-interest revenue | 4,306 | 4,197 | 3,582 | 8,503 | 7,450 | ||||||||||||
| Revenue | 9,574 | 9,840 | 8,679 | 19,414 | 17,945 | ||||||||||||
| Provision for credit losses | 739 | 746 | 1,054 | 1,485 | 2,065 | ||||||||||||
| Non-interest expense | 5,208 | 5,691 | 4,907 | 10,899 | 10,129 | ||||||||||||
| Income before income taxes | 3,627 | 3,403 | 2,718 | 7,030 | 5,751 | ||||||||||||
| Provision for income taxes | 894 | 852 | 672 | 1,746 | 1,416 | ||||||||||||
| Net income | 2,733 | 2,551 | 2,046 | 5,284 | 4,335 | ||||||||||||
| Net income available to common shareholders | 2,590 | 2,471 | 1,902 | 5,061 | 4,122 | ||||||||||||
Diluted EPS ($) |
3.67 | 3.48 | 2.62 | 7.15 | 5.66 | ||||||||||||
TABLE 3 |
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Wealth |
Capital |
Corporate | U.S. Operations (1) |
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| (Canadian $ in millions, except as noted) | Canadian P&C | U.S. Banking |
Management |
Markets | Services |
Total Bank |
(US$ in millions) | ||||||||||||||||
| Q2-2026 | |||||||||||||||||||||||
| Reported net income (loss) | 884 | 790 | 428 | 638 | (110) | 2,630 | 655 | ||||||||||||||||
| Dividends on preferred shares and distributions on | |||||||||||||||||||||||
other equity instruments |
11 | 14 | 1 | 15 | 98 | 139 | 15 | ||||||||||||||||
Net income attributable to non-controlling interest in subsidiaries |
– | 4 | – | – | – | 4 | 3 | ||||||||||||||||
Net income (loss) available to common shareholders |
873 | 772 | 427 | 623 | (208) | 2,487 | 637 | ||||||||||||||||
Acquisition and integration costs |
– | – | 2 | – | – | 2 | – | ||||||||||||||||
| Amortization of acquisition-related intangible assets | 3 | 57 | 7 | 3 | – | 70 | 43 | ||||||||||||||||
Change in fair value of contingent consideration |
– | – | 7 | – | – | 7 | – | ||||||||||||||||
| Impact of divestitures | – | – | – | – | 24 | 24 | 18 | ||||||||||||||||
Adjusted net income (loss) (2) |
887 | 847 | 444 | 641 | (86) | 2,733 | 716 | ||||||||||||||||
Adjusted net income (loss) available to common shareholders (2) |
876 | 829 | 443 | 626 | (184) | 2,590 | 698 | ||||||||||||||||
| Q1-2026 | |||||||||||||||||||||||
| Reported net income (loss) | 948 | 742 | 352 | 657 | (210) | 2,489 | 715 | ||||||||||||||||
| Dividends on preferred shares and distributions on | |||||||||||||||||||||||
| other equity instruments | 13 | 14 | 2 | 15 | 37 | 81 | 17 | ||||||||||||||||
| Net income (loss) attributable to non-controlling interest in subsidiaries | – | (2) | – | – | 1 | (1) | (1) | ||||||||||||||||
Net income (loss) available to common shareholders |
935 | 730 | 350 | 642 | (248) | 2,409 | 699 | ||||||||||||||||
Acquisition and integration costs |
– | – | 7 | – | – | 7 | – | ||||||||||||||||
| Amortization of acquisition-related intangible assets | 3 | 60 | 5 | 3 | – | 71 | 46 | ||||||||||||||||
| Change in fair value of contingent consideration | – | – | 16 | – | – | 16 | – | ||||||||||||||||
| Impact of divestitures | – | – | – | – | 3 | 3 | 2 | ||||||||||||||||
FDIC special assessment |
– | – | – | – | (35) | (35) | (26) | ||||||||||||||||
Adjusted net income (loss) (2) |
951 | 802 | 380 | 660 | (242) | 2,551 | 737 | ||||||||||||||||
Adjusted net income (loss) available to common shareholders (2) |
938 | 790 | 378 | 645 | (280) | 2,471 | 721 | ||||||||||||||||
| Q2-2025 | |||||||||||||||||||||||
Reported net income (loss) |
764 | 601 | 320 | 434 | (157) | 1,962 | 515 | ||||||||||||||||
| Dividends on preferred shares and distributions on | |||||||||||||||||||||||
| other equity instruments | 11 | 16 | 1 | 10 | 104 | 142 | 3 | ||||||||||||||||
| Net income (loss) attributable to non-controlling interest in subsidiaries | – | 5 | – | – | (3) | 2 | 1 | ||||||||||||||||
Net income (loss) available to common shareholders |
753 | 580 | 319 | 424 | (258) | 1,818 | 511 | ||||||||||||||||
| Acquisition and integration costs/reversal | – | – | – | – | (1) | (1) | (1) | ||||||||||||||||
| Amortization of acquisition-related intangible assets | 4 | 74 | – | 3 | – | 81 | 54 | ||||||||||||||||
FDIC special assessment |
– | – | – | – | 4 | 4 | 3 | ||||||||||||||||
Adjusted net income (loss) (2) |
768 | 675 | 320 | 437 | (154) | 2,046 | 571 | ||||||||||||||||
Adjusted net income (loss) available to common shareholders (2) |
757 | 654 | 319 | 427 | (255) | 1,902 | 567 | ||||||||||||||||
| YTD-2026 | |||||||||||||||||||||||
| Reported net income (loss) | 1,832 | 1,532 | 780 | 1,295 | (320) | 5,119 | 1,370 | ||||||||||||||||
| Dividends on preferred shares and distributions on | |||||||||||||||||||||||
| other equity instruments | 24 | 28 | 3 | 30 | 135 | 220 | 32 | ||||||||||||||||
Net income attributable to non-controlling interest in subsidiaries |
– | 2 | – | – | 1 | 3 | 2 | ||||||||||||||||
Net income (loss) available to common shareholders |
1,808 | 1,502 | 777 | 1,265 | (456) | 4,896 | 1,336 | ||||||||||||||||
Acquisition and integration costs |
– | – | 9 | – | – | 9 | – | ||||||||||||||||
| Amortization of acquisition-related intangible assets | 6 | 117 | 12 | 6 | – | 141 | 89 | ||||||||||||||||
| Change in fair value of contingent consideration | – | – | 23 | – | – | 23 | – | ||||||||||||||||
Impact of divestitures |
– | – | – | – | 27 | 27 | 20 | ||||||||||||||||
| FDIC special assessment | – | – | – | – | (35) | (35) | (26) | ||||||||||||||||
Adjusted net income (loss) (2) |
1,838 | 1,649 | 824 | 1,301 | (328) | 5,284 | 1,453 | ||||||||||||||||
Adjusted net income (loss) available to common shareholders (2) |
1,814 | 1,619 | 821 | 1,271 | (464) | 5,061 | 1,419 | ||||||||||||||||
TABLE 3 (Continued) |
|||||||||||||||||||||||
Wealth |
Capital |
Corporate | U.S. Operations (1) |
||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Canadian P&C | U.S. Banking |
Management |
Markets | Services |
Total Bank |
(US$ in millions) | ||||||||||||||||
| YTD-2025 | |||||||||||||||||||||||
| Reported net income (loss) | 1,641 | 1,236 | 648 | 1,023 | (448) | 4,100 | 1,154 | ||||||||||||||||
| Dividends on preferred shares and distributions on | |||||||||||||||||||||||
| other equity instruments | 23 | 31 | 3 | 20 | 130 | 207 | 6 | ||||||||||||||||
| Net income attributable to non-controlling interest in subsidiaries | – | 5 | – | – | 1 | 6 | 4 | ||||||||||||||||
Net income (loss) available to common shareholders |
1,618 | 1,200 | 645 | 1,003 | (579) | 3,887 | 1,144 | ||||||||||||||||
Acquisition and integration costs |
– | – | – | – | 6 | 6 | 4 | ||||||||||||||||
| Amortization of acquisition-related intangible assets | 7 | 146 | – | 7 | – | 160 | 106 | ||||||||||||||||
| FDIC special assessment | – | – | – | – | (1) | (1) | (1) | ||||||||||||||||
| Impact of alignment of accounting policies | – | – | – | – | 70 | 70 | 25 | ||||||||||||||||
Adjusted net income (loss) (2) |
1,648 | 1,382 | 648 | 1,030 | (373) | 4,335 | 1,288 | ||||||||||||||||
Adjusted net income (loss) available to common shareholders (2) |
1,625 | 1,346 | 645 | 1,010 | (504) | 4,122 | 1,278 | ||||||||||||||||
TABLE 4 |
|||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
| Reported net income | 2,630 | 2,489 | 1,962 | 5,119 | 4,100 | ||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries |
4 | (1) | 2 | 3 | 6 | ||||||||||||
| Net income attributable to bank shareholders | 2,626 | 2,490 | 1,960 | 5,116 | 4,094 | ||||||||||||
| Dividends on preferred shares and distributions on other equity instruments | 139 | 81 | 142 | 220 | 207 | ||||||||||||
Net income available to common shareholders (A) |
2,487 | 2,409 | 1,818 | 4,896 | 3,887 | ||||||||||||
| After-tax amortization of acquisition-related intangible assets | 70 | 71 | 81 | 141 | 160 | ||||||||||||
| Net income available to common shareholders after adjusting for amortization of | |||||||||||||||||
acquisition-related intangible assets (B) |
2,557 | 2,480 | 1,899 | 5,037 | 4,047 | ||||||||||||
After-tax impact of other adjusting items (1) |
33 | (9) | 3 | 24 | 75 | ||||||||||||
Adjusted net income available to common shareholders (C) |
2,590 | 2,471 | 1,902 | 5,061 | 4,122 | ||||||||||||
Average common shareholders’ equity (D) |
78,641 | 79,075 | 79,288 | 78,861 | 78,478 | ||||||||||||
| Goodwill | (16,762) | (16,838) | (17,089) | (16,801) | (17,150) | ||||||||||||
| Acquisition-related intangible assets | (2,289) | (2,330) | (2,400) | (2,310) | (2,458) | ||||||||||||
| Net of related deferred tax liabilities | 837 | 858 | 986 | 848 | 998 | ||||||||||||
Average tangible common equity (E) |
60,427 | 60,765 | 60,785 | 60,598 | 59,868 | ||||||||||||
Return on equity (%) (= A/D) (2) |
13.0 | 12.1 | 9.4 | 12.5 | 10.0 | ||||||||||||
Adjusted return on equity (%) (= C/D) (2) |
13.5 | 12.4 | 9.8 | 12.9 | 10.6 | ||||||||||||
Return on tangible common equity (%) (= B/E) (2) |
17.3 | 16.2 | 12.8 | 16.8 | 13.6 | ||||||||||||
Adjusted return on tangible common equity (%) (= C/E) (2) |
17.6 | 16.1 | 12.8 | 16.8 | 13.9 | ||||||||||||
TABLE 5 |
|||||||||||||||||||||||
Wealth |
Capital |
Corporate | U.S. Operations (2) |
||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Canadian P&C | U.S. Banking |
Management | Markets | Services | Total Bank | (US$ in millions) | ||||||||||||||||
| Q2-2026 | |||||||||||||||||||||||
| Reported | |||||||||||||||||||||||
Net income (loss) available to common shareholders |
873 | 772 | 427 | 623 | (208) | 2,487 | 637 | ||||||||||||||||
Total average common equity |
16,691 | 36,658 | 4,402 | 15,362 | 5,528 | 78,641 | 33,130 | ||||||||||||||||
Return on equity (%) |
21.4 | 8.6 | 39.8 | 16.6 | na | 13.0 | 7.9 | ||||||||||||||||
Adjusted (3) |
|||||||||||||||||||||||
Net income (loss) available to common shareholders |
876 | 829 | 443 | 626 | (184) | 2,590 | 698 | ||||||||||||||||
| Total average common equity | 16,691 | 36,658 | 4,402 | 15,362 | 5,528 | 78,641 | 33,130 | ||||||||||||||||
Return on equity (%) |
21.5 | 9.3 | 41.3 | 16.7 | na | 13.5 | 8.6 | ||||||||||||||||
| Q1-2026 | |||||||||||||||||||||||
| Reported | |||||||||||||||||||||||
Net income (loss) available to common shareholders |
935 | 730 | 350 | 642 | (248) | 2,409 | 699 | ||||||||||||||||
| Total average common equity | 16,405 | 36,797 | 4,199 | 15,219 | 6,455 | 79,075 | 33,150 | ||||||||||||||||
Return on equity (%) |
22.6 | 7.9 | 33.1 | 16.7 | na | 12.1 | 8.4 | ||||||||||||||||
Adjusted (3) |
|||||||||||||||||||||||
Net income (loss) available to common shareholders |
938 | 790 | 378 | 645 | (280) | 2,471 | 721 | ||||||||||||||||
| Total average common equity | 16,405 | 36,797 | 4,199 | 15,219 | 6,455 | 79,075 | 33,150 | ||||||||||||||||
Return on equity (%) |
22.7 | 8.5 | 35.7 | 16.8 | na | 12.4 | 8.6 | ||||||||||||||||
| Q2-2025 | |||||||||||||||||||||||
| Reported | |||||||||||||||||||||||
Net income (loss) available to common shareholders |
753 | 580 | 319 | 424 | (258) | 1,818 | 511 | ||||||||||||||||
| Total average common equity | 16,760 | 37,525 | 3,028 | 13,924 | 8,051 | 79,288 | 32,706 | ||||||||||||||||
Return on equity (%) |
18.5 | 6.3 | 43.2 | 12.5 | na | 9.4 | 6.4 | ||||||||||||||||
Adjusted (3) |
|||||||||||||||||||||||
Net income (loss) available to common shareholders |
757 | 654 | 319 | 427 | (255) | 1,902 | 567 | ||||||||||||||||
| Total average common equity | 16,760 | 37,525 | 3,028 | 13,924 | 8,051 | 79,288 | 32,706 | ||||||||||||||||
Return on equity (%) |
18.5 | 7.1 | 43.2 | 12.6 | na | 9.8 | 7.1 | ||||||||||||||||
| YTD-2026 | |||||||||||||||||||||||
| Reported | |||||||||||||||||||||||
| Net income (loss) available to common shareholders | 1,808 | 1,502 | 777 | 1,265 | (456) | 4,896 | 1,336 | ||||||||||||||||
| Total average common equity | 16,545 | 36,729 | 4,299 | 15,289 | 5,999 | 78,861 | 33,140 | ||||||||||||||||
Return on equity (%) |
22.0 | 8.2 | 36.4 | 16.7 | na | 12.5 | 8.1 | ||||||||||||||||
Adjusted (3) |
|||||||||||||||||||||||
| Net income (loss) available to common shareholders | 1,814 | 1,619 | 821 | 1,271 | (464) | 5,061 | 1,419 | ||||||||||||||||
Total average common equity |
16,545 | 36,729 | 4,299 | 15,289 | 5,999 | 78,861 | 33,140 | ||||||||||||||||
Return on equity (%) |
22.1 | 8.9 | 38.5 | 16.8 | na | 12.9 | 8.6 | ||||||||||||||||
| YTD-2025 | |||||||||||||||||||||||
| Reported | |||||||||||||||||||||||
| Net income (loss) available to common shareholders | 1,618 | 1,200 | 645 | 1,003 | (579) | 3,887 | 1,144 | ||||||||||||||||
| Total average common equity | 16,636 | 37,782 | 3,036 | 13,727 | 7,297 | 78,478 | 32,677 | ||||||||||||||||
Return on equity (%) |
19.6 | 6.4 | 42.8 | 14.7 | na | 10.0 | 7.1 | ||||||||||||||||
Adjusted (3) |
|||||||||||||||||||||||
| Net income (loss) available to common shareholders | 1,625 | 1,346 | 645 | 1,010 | (504) | 4,122 | 1,278 | ||||||||||||||||
| Total average common equity | 16,636 | 37,782 | 3,036 | 13,727 | 7,297 | 78,478 | 32,677 | ||||||||||||||||
Return on equity (%) |
19.7 | 7.2 | 42.8 | 14.9 | na | 10.6 | 7.9 | ||||||||||||||||
TABLE 6 |
||||||||||||||
| Q2-2026 | YTD-2026 | |||||||||||||
| (Canadian $ in millions, except as noted) | vs. Q2-2025 | vs. Q1-2026 | vs. YTD-2025 | |||||||||||
| Canadian/U.S. dollar exchange rate (average) | ||||||||||||||
| Current period | 1.3721 | 1.3721 | 1.3740 | |||||||||||
| Prior period | 1.4203 | 1.3759 | 1.4254 | |||||||||||
| Increased/(Decreased) | ||||||||||||||
Effects on U.S. Operations reported results |
||||||||||||||
Net interest income |
(87) | (7) | (182) | |||||||||||
Non-interest revenue |
(38) | (4) | (97) | |||||||||||
Total revenue |
(125) | (11) | (279) | |||||||||||
Provision for credit losses |
15 | 1 | 31 | |||||||||||
Non-interest expense |
79 | 7 | 173 | |||||||||||
Provision for income taxes |
6 | – | 16 | |||||||||||
Net income |
(25) | (3) | (59) | |||||||||||
Impact on basic earnings per share ($) |
(0.03) | – | (0.08) | |||||||||||
Impact on diluted earnings per share ($) |
(0.03) | – | (0.08) | |||||||||||
Effects on U.S. Operations adjusted results (1) |
||||||||||||||
Net interest income |
(87) | (7) | (182) | |||||||||||
Non-interest revenue |
(38) | (4) | (97) | |||||||||||
Total revenue |
(125) | (11) | (279) | |||||||||||
Provision for credit losses |
15 | 1 | 31 | |||||||||||
Non-interest expense |
76 | 7 | 164 | |||||||||||
Provision for income taxes |
6 | – | 18 | |||||||||||
Net income |
(28) | (3) | (66) | |||||||||||
Impact on basic earnings per share ($) |
(0.04) | – | (0.09) | |||||||||||
Impact on diluted earnings per share ($) |
(0.04) | – | (0.09) | |||||||||||
TABLE 7 |
|||||||||||||||||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Net interest income (teb) (2) |
Average earning assets (3) |
Net interest margin (in basis points) |
||||||||||||||||||||||||||||||||
| Q2-2026 | Q1-2026 | Q2-2025 | Q2-2026 | Q1-2026 | Q2-2025 | Q2-2026 | Q1-2026 | Q2-2025 | |||||||||||||||||||||||||||
| Canadian P&C | 2,425 | 2,523 | 2,359 | 345,907 | 344,866 | 341,885 | 288 | 290 | 283 | ||||||||||||||||||||||||||
U.S. Banking |
2,217 | 2,267 | 2,240 | 225,426 | 224,843 | 240,016 | 403 | 400 | 383 | ||||||||||||||||||||||||||
All other operating segments and Corporate Services |
626 | 853 | 498 | 771,329 | 764,679 | 726,873 | na | na | na | ||||||||||||||||||||||||||
| Total reported | 5,268 | 5,643 | 5,097 | 1,342,662 | 1,334,388 | 1,308,774 | 161 | 168 | 160 | ||||||||||||||||||||||||||
Global Markets net interest income, and Global Markets and Insurance assets |
204 | 369 | 206 | 435,373 | 436,238 | 383,980 | na | na | na | ||||||||||||||||||||||||||
Total reported, excluding Global Markets and Insurance |
5,064 | 5,274 | 4,891 | 907,289 | 898,150 | 924,794 | 229 | 233 | 217 | ||||||||||||||||||||||||||
U.S. Banking (US$ in millions) |
1,615 | 1,648 | 1,578 | 164,298 | 163,417 | 168,989 | 403 | 400 | 383 | ||||||||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Net interest income (teb) (2) |
Average earning assets (3) |
Net interest margin (in basis points) |
||||||||||||||||||||||||||||||||
| YTD-2026 | YTD-2025 | YTD-2026 | YTD-2025 | YTD-2026 | YTD-2025 | ||||||||||||||||||||||||||||||
| Canadian P&C | 4,948 | 4,744 | 345,378 | 340,584 | 289 | 281 | |||||||||||||||||||||||||||||
U.S. Banking |
4,484 | 4,562 | 225,130 | 241,860 | 402 | 380 | |||||||||||||||||||||||||||||
All other operating segments and Corporate Services |
1,479 | 1,189 | 767,948 | 731,803 | na | na | |||||||||||||||||||||||||||||
| Total reported | 10,911 | 10,495 | 1,338,456 | 1,314,247 | 164 | 161 | |||||||||||||||||||||||||||||
| Global Markets net interest income, and Global Markets and Insurance assets | 573 | 604 | 435,813 | 385,915 | na | na | |||||||||||||||||||||||||||||
| Total reported, excluding Global Markets and Insurance | 10,338 | 9,891 | 902,643 | 928,332 | 231 | 215 | |||||||||||||||||||||||||||||
U.S. Banking (US$ in millions) |
3,263 | 3,201 | 163,850 | 169,680 | 402 | 380 | |||||||||||||||||||||||||||||
| TABLE 8 | ||||||||||||||||||||
| Wealth | Capital | Corporate | ||||||||||||||||||
| (Canadian $ in millions) | Canadian P&C | U.S. Banking | Management | Markets | Services | Total Bank | ||||||||||||||
| Q2-2026 | ||||||||||||||||||||
| Provision for credit losses on impaired loans | 477 | 237 | 1 | 15 | 4 | 734 | ||||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
42 | (53) | 6 | 14 | (4) | 5 | ||||||||||||||
Total provision for credit losses |
519 | 184 | 7 | 29 | – | 739 | ||||||||||||||
Total PCL-to-average net loans and acceptances (%) (1) |
0.62 | 0.35 | 0.09 | 0.14 | nm | 0.45 | ||||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (1) |
0.57 | 0.46 | 0.02 | 0.07 | nm | 0.45 | ||||||||||||||
| Q1-2026 | ||||||||||||||||||||
| Provision for credit losses on impaired loans | 497 | 202 | 2 | 29 | 9 | 739 | ||||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
18 | 17 | (4) | (21) | (3) | 7 | ||||||||||||||
Total provision (recovery of provision) for credit losses |
515 | 219 | (2) | 8 | 6 | 746 | ||||||||||||||
Total PCL-to-average net loans and acceptances (%) (1) |
0.60 | 0.41 | (0.02) | 0.04 | nm | 0.44 | ||||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (1) |
0.58 | 0.38 | 0.03 | 0.14 | nm | 0.44 | ||||||||||||||
| Q2-2025 | ||||||||||||||||||||
| Provision for credit losses on impaired loans | 476 | 248 | 1 | 28 | 12 | 765 | ||||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
132 | 91 | 2 | 73 | (9) | 289 | ||||||||||||||
Total provision for credit losses |
608 | 339 | 3 | 101 | 3 | 1,054 | ||||||||||||||
Total PCL-to-average net loans and acceptances (%) (1) |
0.74 | 0.62 | 0.05 | 0.51 | nm | 0.63 | ||||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (1) |
0.58 | 0.45 | 0.02 | 0.13 | nm | 0.46 | ||||||||||||||
| YTD-2026 | ||||||||||||||||||||
| Provision for credit losses on impaired loans | 974 | 439 | 3 | 44 | 13 | 1,473 | ||||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
60 | (36) | 2 | (7) | (7) | 12 | ||||||||||||||
Total provision for credit losses |
1,034 | 403 | 5 | 37 | 6 | 1,485 | ||||||||||||||
Total PCL-to-average net loans and acceptances (%) (1) |
0.61 | 0.38 | 0.04 | 0.09 | nm | 0.44 | ||||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (1) |
0.58 | 0.42 | 0.02 | 0.10 | nm | 0.44 | ||||||||||||||
| YTD-2025 | ||||||||||||||||||||
| Provision for credit losses on impaired loans | 967 | 560 | 2 | 63 | 32 | 1,624 | ||||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
183 | 193 | 1 | 84 | (20) | 441 | ||||||||||||||
Total provision for credit losses |
1,150 | 753 | 3 | 147 | 12 | 2,065 | ||||||||||||||
Total PCL-to-average net loans and acceptances (%) (1) |
0.69 | 0.67 | 0.02 | 0.35 | nm | 0.61 | ||||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (1) |
0.58 | 0.49 | 0.02 | 0.15 | nm | 0.48 | ||||||||||||||
TABLE 9 |
|||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
| GIL, beginning of period | 6,863 | 7,091 | 6,954 | 7,091 | 5,843 | ||||||||||||
| Classified as impaired during the period | 1,429 | 1,452 | 1,771 | 2,881 | 4,144 | ||||||||||||
Transferred to performing during the period |
(314) | (351) | (440) | (665) | (804) | ||||||||||||
| Net repayments | (451) | (779) | (731) | (1,230) | (1,347) | ||||||||||||
| Amounts written-off | (530) | (423) | (543) | (953) | (967) | ||||||||||||
| Disposals of loans | (57) | (19) | (65) | (76) | (67) | ||||||||||||
| Foreign exchange and other movements | (1) | (108) | (207) | (109) | (63) | ||||||||||||
| GIL, end of period | 6,939 | 6,863 | 6,739 | 6,939 | 6,739 | ||||||||||||
GIL to gross loans and acceptances (%) |
1.01 | 1.02 | 0.99 | 1.01 | 0.99 | ||||||||||||
| TABLE 10 | ||||||||
| (Canadian $ in millions) | As at April 30, 2026 | As at October 31, 2025 | ||||||
| Assets | ||||||||
| Cash and cash equivalents and interest bearing deposits with banks | 67,147 | 70,322 | ||||||
| Securities | 444,579 | 423,476 | ||||||
| Securities borrowed or purchased under resale agreements | 117,684 | 129,421 | ||||||
| Net loans and acceptances | 679,945 | 677,872 | ||||||
| Derivative instruments | 62,358 | 57,151 | ||||||
| Other assets | 127,830 | 118,560 | ||||||
| Total assets | 1,499,543 | 1,476,802 | ||||||
| Liabilities and Equity | ||||||||
| Deposits | 966,901 | 976,202 | ||||||
| Derivative instruments | 64,056 | 58,729 | ||||||
| Securities lent or sold under repurchase agreements | 125,684 | 134,967 | ||||||
| Other liabilities | 248,949 | 210,304 | ||||||
| Subordinated debt | 8,336 | 8,500 | ||||||
| Equity | 85,570 | 88,051 | ||||||
| Non-controlling interest in subsidiaries | 47 | 49 | ||||||
| Total liabilities and equity | 1,499,543 | 1,476,802 | ||||||
| TABLE 11 | |||||||||||||||||||||||
(% of risk-weighted assets or leverage exposures) |
Minimum requirements | Total Pillar 1 Capital buffer (1) |
Tier 1 Capital buffer (2) |
Minimum requirements before domestic stability buffer | Domestic stability buffer (3) |
Minimum capital, leverage and TLAC requirements including capital buffers | BMO capital, leverage and TLAC ratios as at April 30, 2026 |
||||||||||||||||
| Common Equity Tier 1 Ratio | 4.5% | 3.5% | na | 8.0% | 3.5% | 11.5% | 13.0% | ||||||||||||||||
| Tier 1 Capital Ratio | 6.0% | 3.5% | na | 9.5% | 3.5% | 13.0% | 14.7% | ||||||||||||||||
| Total Capital Ratio | 8.0% | 3.5% | na | 11.5% | 3.5% | 15.0% | 16.9% | ||||||||||||||||
| TLAC Ratio | 21.5% | na | na | 21.5% | 3.5% | 25.0% | 29.0% | ||||||||||||||||
| Leverage Ratio | 3.0% | na | 0.5% | 3.5% | na | 3.5% | 4.3% | ||||||||||||||||
| TLAC Leverage Ratio | 6.75% | na | 0.5% | 7.25% | na | 7.25% | 8.4% | ||||||||||||||||
| TABLE 12 | |||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | ||||||||
Gross common equity (1) |
77,864 | 77,999 | 78,008 | ||||||||
| Regulatory adjustments applied to common equity | (20,026) | (20,198) | (20,603) | ||||||||
| Common Equity Tier 1 Capital (CET1) | 57,838 | 57,801 | 57,405 | ||||||||
Additional Tier 1 Eligible Capital (2) |
7,706 | 7,706 | 7,787 | ||||||||
| Regulatory adjustments applied to Tier 1 Capital | (134) | (82) | (85) | ||||||||
| Additional Tier 1 Capital (AT1) | 7,572 | 7,624 | 7,702 | ||||||||
| Tier 1 Capital (T1 = CET1 + AT1) | 65,410 | 65,425 | 65,107 | ||||||||
Tier 2 Eligible Capital (3) |
9,435 | 9,466 | 10,880 | ||||||||
| Regulatory adjustments applied to Tier 2 Capital | (1) | (1) | (6) | ||||||||
| Tier 2 Capital (T2) | 9,434 | 9,465 | 10,874 | ||||||||
| Total Capital (TC = T1 + T2) | 74,844 | 74,890 | 75,981 | ||||||||
Other TLAC instruments (4) |
53,934 | 53,652 | 51,424 | ||||||||
| Adjustments applied to Other TLAC | (139) | (88) | (140) | ||||||||
| Other TLAC available after adjustments | 53,795 | 53,564 | 51,284 | ||||||||
| TLAC | 128,639 | 128,454 | 127,265 | ||||||||
Risk-Weighted Assets (5) |
443,711 | 442,058 | 425,066 | ||||||||
| Leverage Ratio Exposures | 1,528,717 | 1,488,813 | 1,490,551 | ||||||||
Capital, Leverage and TLAC Ratios (%) |
|||||||||||
| CET1 Ratio | 13.0 | 13.1 | 13.5 | ||||||||
| Tier 1 Capital Ratio | 14.7 | 14.8 | 15.3 | ||||||||
| Total Capital Ratio | 16.9 | 16.9 | 17.9 | ||||||||
| TLAC Ratio | 29.0 | 29.1 | 29.9 | ||||||||
| Leverage Ratio | 4.3 | 4.4 | 4.4 | ||||||||
| TLAC Leverage Ratio | 8.4 | 8.6 | 8.5 | ||||||||
| TABLE 13 | ||||||||
| Number of | Amount | |||||||
| As at April 30, 2026 | shares | (in millions) | ||||||
Common shares |
700,416,619 |
$23,537 |
||||||
Class B Preferred shares (2) |
||||||||
| Series 44 | 16,000,000 | $400 | ||||||
| Series 50 | 500,000 | $500 | ||||||
| Series 52 | 650,000 | $650 | ||||||
Other Equity Instruments (2) |
||||||||
4.800% Additional Tier 1 Capital Notes (3) |
US$500 | |||||||
| 5.625% Limited Recourse Capital Notes, Series 2 (LRCNs) | $750 | |||||||
| 7.325% Limited Recourse Capital Notes, Series 3 (LRCNs) | $1,000 | |||||||
| 7.700% Limited Recourse Capital Notes, Series 4 (LRCNs) | US$1,000 | |||||||
| 7.300% Limited Recourse Capital Notes, Series 5 (LRCNs) | US$750 | |||||||
| 6.875% Limited Recourse Capital Notes, Series 6 (LRCNs) | US$1,000 | |||||||
Medium-Term Notes |
||||||||
| 3.803% Subordinated Notes due 2032 | US$1,250 | |||||||
Series K - First Tranche |
$1,000 | |||||||
| 3.088% Subordinated Notes due 2037 | US$1,250 | |||||||
| Series L - First Tranche | $750 | |||||||
| Series M - First Tranche | $1,150 | |||||||
| Series M - Second Tranche | $1,000 | |||||||
| Series N - First Tranche | $1,250 | |||||||
| Stock options | ||||||||
| Vested | 2,528,025 | |||||||
| Non-vested | 3,148,295 | |||||||
| TABLE 14 | |||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
| Net interest income | 2,425 | 2,523 | 2,359 | 4,948 | 4,744 | ||||||||||||
| Non-interest revenue | 672 | 735 | 594 | 1,407 | 1,252 | ||||||||||||
| Total revenue | 3,097 | 3,258 | 2,953 | 6,355 | 5,996 | ||||||||||||
| Provision for credit losses on impaired loans | 477 | 497 | 476 | 974 | 967 | ||||||||||||
Provision for credit losses on performing loans |
42 | 18 | 132 | 60 | 183 | ||||||||||||
Total provision for credit losses (PCL) |
519 | 515 | 608 | 1,034 | 1,150 | ||||||||||||
| Non-interest expense | 1,358 | 1,437 | 1,291 | 2,795 | 2,584 | ||||||||||||
| Income before income taxes | 1,220 | 1,306 | 1,054 | 2,526 | 2,262 | ||||||||||||
| Provision for income taxes | 336 | 358 | 290 | 694 | 621 | ||||||||||||
| Reported net income | 884 | 948 | 764 | 1,832 | 1,641 | ||||||||||||
Dividends on preferred shares and distributions on other equity instruments |
11 | 13 | 11 | 24 | 23 | ||||||||||||
Net income available to common shareholders |
873 | 935 | 753 | 1,808 | 1,618 | ||||||||||||
Amortization of acquisition-related intangible assets (2) |
3 | 3 | 4 | 6 | 7 | ||||||||||||
| Adjusted net income | 887 | 951 | 768 | 1,838 | 1,648 | ||||||||||||
Adjusted net income available to common shareholders |
876 | 938 | 757 | 1,814 | 1,625 | ||||||||||||
| Adjusted non-interest expense | 1,353 | 1,433 | 1,286 | 2,786 | 2,575 | ||||||||||||
Key Performance Metrics |
|||||||||||||||||
| Personal and Business Banking revenue | 2,227 | 2,306 | 2,115 | 4,533 | 4,294 | ||||||||||||
| Commercial Banking revenue | 870 | 952 | 838 | 1,822 | 1,702 | ||||||||||||
Return on equity (%) (3) (4) |
21.4 | 22.6 | 18.5 | 22.0 | 19.6 | ||||||||||||
Adjusted return on equity (%) (3) (4) |
21.5 | 22.7 | 18.5 | 22.1 | 19.7 | ||||||||||||
Operating leverage (%) |
(0.3) | (4.1) | (0.6) | (2.1) | 1.6 | ||||||||||||
Adjusted operating leverage (%) |
(0.3) | (4.1) | (0.8) | (2.2) | 1.4 | ||||||||||||
Efficiency ratio (%) |
43.9 | 44.1 | 43.7 | 44.0 | 43.1 | ||||||||||||
Adjusted efficiency ratio (%) |
43.7 | 44.0 | 43.6 | 43.8 | 43.0 | ||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (4) |
0.57 | 0.58 | 0.58 | 0.58 | 0.58 | ||||||||||||
Net interest margin on average earning assets (%) |
2.88 | 2.90 | 2.83 | 2.89 | 2.81 | ||||||||||||
| Average earning assets | 345,907 | 344,866 | 341,885 | 345,378 | 340,584 | ||||||||||||
| Average gross loans and acceptances | 344,106 | 343,093 | 340,175 | 343,593 | 338,871 | ||||||||||||
| Average deposits | 305,237 | 311,425 | 310,646 | 308,383 | 312,326 | ||||||||||||
| TABLE 15 | |||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
Net interest income (teb) (2) |
2,217 | 2,267 | 2,240 | 4,484 | 4,562 | ||||||||||||
| Non-interest revenue | 642 | 629 | 574 | 1,271 | 1,216 | ||||||||||||
Total revenue (teb) (2) |
2,859 | 2,896 | 2,814 | 5,755 | 5,778 | ||||||||||||
| Provision for credit losses on impaired loans | 237 | 202 | 248 | 439 | 560 | ||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
(53) | 17 | 91 | (36) | 193 | ||||||||||||
Total provision for credit losses (PCL) |
184 | 219 | 339 | 403 | 753 | ||||||||||||
| Non-interest expense | 1,667 | 1,734 | 1,714 | 3,401 | 3,466 | ||||||||||||
| Income before income taxes | 1,008 | 943 | 761 | 1,951 | 1,559 | ||||||||||||
Provision for income taxes (teb) (2) |
218 | 201 | 160 | 419 | 323 | ||||||||||||
| Reported net income | 790 | 742 | 601 | 1,532 | 1,236 | ||||||||||||
Dividends on preferred shares and distributions on other equity instruments |
14 | 14 | 16 | 28 | 31 | ||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries |
4 | (2) | 5 | 2 | 5 | ||||||||||||
Net income available to common shareholders |
772 | 730 | 580 | 1,502 | 1,200 | ||||||||||||
Amortization of acquisition-related intangible assets (3) |
57 | 60 | 74 | 117 | 146 | ||||||||||||
| Adjusted net income | 847 | 802 | 675 | 1,649 | 1,382 | ||||||||||||
Adjusted net income available to common shareholders |
829 | 790 | 654 | 1,619 | 1,346 | ||||||||||||
| Adjusted non-interest expense | 1,592 | 1,653 | 1,615 | 3,245 | 3,270 | ||||||||||||
| Average earning assets | 225,426 | 224,843 | 240,016 | 225,130 | 241,860 | ||||||||||||
| Average gross loans and acceptances | 216,305 | 215,479 | 228,909 | 215,884 | 230,520 | ||||||||||||
| Average deposits | 230,674 | 235,206 | 247,866 | 232,977 | 252,885 | ||||||||||||
| (US$ equivalent in millions) | |||||||||||||||||
Net interest income (teb) (2) |
1,615 | 1,648 | 1,578 | 3,263 | 3,201 | ||||||||||||
| Non-interest revenue | 469 | 457 | 405 | 926 | 854 | ||||||||||||
Total revenue (teb) (2) |
2,084 | 2,105 | 1,983 | 4,189 | 4,055 | ||||||||||||
| Provision for credit losses on impaired loans | 173 | 148 | 176 | 321 | 393 | ||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
(38) | 12 | 66 | (26) | 136 | ||||||||||||
| Total provision for credit losses | 135 | 160 | 242 | 295 | 529 | ||||||||||||
| Non-interest expense | 1,215 | 1,260 | 1,206 | 2,475 | 2,431 | ||||||||||||
| Income before income taxes | 734 | 685 | 535 | 1,419 | 1,095 | ||||||||||||
Provision for income taxes (teb) (2) |
159 | 146 | 114 | 305 | 228 | ||||||||||||
| Reported net income | 575 | 539 | 421 | 1,114 | 867 | ||||||||||||
Dividends on preferred shares and distributions on other equity instruments |
10 | 10 | 11 | 20 | 22 | ||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries |
2 | (1) | 3 | 1 | 3 | ||||||||||||
Net income available to common shareholders |
563 | 530 | 407 | 1,093 | 842 | ||||||||||||
Amortization of acquisition-related intangible assets (3) |
41 | 44 | 52 | 85 | 102 | ||||||||||||
| Adjusted net income | 616 | 583 | 473 | 1,199 | 969 | ||||||||||||
Adjusted net income available to common shareholders |
604 | 574 | 459 | 1,178 | 944 | ||||||||||||
| Adjusted non-interest expense | 1,160 | 1,201 | 1,136 | 2,361 | 2,293 | ||||||||||||
Key Performance Metrics (US$ basis) |
|||||||||||||||||
| Personal and Business Banking revenue | 750 | 754 | 686 | 1,504 | 1,401 | ||||||||||||
| Commercial Banking revenue | 1,113 | 1,134 | 1,095 | 2,247 | 2,251 | ||||||||||||
Private Wealth revenue |
221 | 217 | 202 | 438 | 403 | ||||||||||||
Return on equity (%) (4) (5) |
8.6 | 7.9 | 6.3 | 8.2 | 6.4 | ||||||||||||
Adjusted return on equity (%) (4) (5) |
9.3 | 8.5 | 7.1 | 8.9 | 7.2 | ||||||||||||
Operating leverage (%) |
4.3 | (1.3) | 1.8 | 1.5 | 2.8 | ||||||||||||
Adjusted operating leverage (%) |
3.0 | (2.2) | 1.7 | 0.3 | 2.5 | ||||||||||||
Efficiency ratio (%) |
58.3 | 59.9 | 60.8 | 59.1 | 60.0 | ||||||||||||
Adjusted efficiency ratio (%) |
55.7 | 57.1 | 57.3 | 56.4 | 56.6 | ||||||||||||
Net interest margin on average earning assets (%) |
4.03 | 4.00 | 3.83 | 4.02 | 3.80 | ||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (5) |
0.46 | 0.38 | 0.45 | 0.42 | 0.49 | ||||||||||||
| Average earning assets | 164,298 | 163,417 | 168,989 | 163,850 | 169,680 | ||||||||||||
| Average gross loans and acceptances | 157,651 | 156,612 | 161,168 | 157,123 | 161,722 | ||||||||||||
| Average deposits | 168,117 | 170,947 | 174,511 | 169,555 | 177,405 | ||||||||||||
Assets under administration (6) |
126,023 | 125,263 | 103,257 | 126,023 | 103,257 | ||||||||||||
Assets under management (6) |
88,514 | 85,751 | 70,733 | 88,514 | 70,733 | ||||||||||||
| TABLE 16 | |||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
| Net interest income | 301 | 290 | 251 | 591 | 489 | ||||||||||||
Non-interest revenue |
1,229 | 1,210 | 1,012 | 2,439 | 2,094 | ||||||||||||
| Total revenue | 1,530 | 1,500 | 1,263 | 3,030 | 2,583 | ||||||||||||
| Provision for credit losses on impaired loans | 1 | 2 | 1 | 3 | 2 | ||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
6 | (4) | 2 | 2 | 1 | ||||||||||||
Total provision (recovery of provision) for credit losses (PCL) |
7 | (2) | 3 | 5 | 3 | ||||||||||||
| Non-interest expense | 968 | 1,030 | 834 | 1,998 | 1,717 | ||||||||||||
| Income before income taxes | 555 | 472 | 426 | 1,027 | 863 | ||||||||||||
| Provision for income taxes | 127 | 120 | 106 | 247 | 215 | ||||||||||||
| Reported net income | 428 | 352 | 320 | 780 | 648 | ||||||||||||
Dividends on preferred shares and distributions on other equity instruments |
1 | 2 | 1 | 3 | 3 | ||||||||||||
Net income available to common shareholders |
427 | 350 | 319 | 777 | 645 | ||||||||||||
Acquisition and integration costs (2) |
2 | 7 | – | 9 | – | ||||||||||||
Amortization of acquisition-related intangible assets (3) |
7 | 5 | – | 12 | – | ||||||||||||
Change in fair value of contingent consideration (4) |
7 | 16 | – | 23 | – | ||||||||||||
| Adjusted net income | 444 | 380 | 320 | 824 | 648 | ||||||||||||
Adjusted net income available to common shareholders |
443 | 378 | 319 | 821 | 645 | ||||||||||||
Adjusted total revenue |
1,537 | 1,516 | 1,263 | 3,053 | 2,583 | ||||||||||||
| Adjusted non-interest expense | 956 | 1,015 | 834 | 1,971 | 1,717 | ||||||||||||
| Key Performance Metrics | |||||||||||||||||
| Wealth and Asset Management reported net income | 342 | 273 | 261 | 615 | 506 | ||||||||||||
| Wealth and Asset Management adjusted net income | 358 | 301 | 261 | 659 | 506 | ||||||||||||
Insurance reported net income |
86 | 79 | 59 | 165 | 142 | ||||||||||||
Return on equity (%) (5) (6) |
39.8 | 33.1 | 43.2 | 36.4 | 42.8 | ||||||||||||
Adjusted return on equity (%) (5) (6) |
41.3 | 35.7 | 43.2 | 38.5 | 42.8 | ||||||||||||
Efficiency ratio (%) |
63.3 | 68.7 | 66.1 | 66.0 | 66.5 | ||||||||||||
Adjusted efficiency ratio (%) |
62.2 | 66.9 | 66.1 | 64.6 | 66.5 | ||||||||||||
Operating leverage (%) |
5.1 | (3.1) | 2.8 | 0.9 | 6.5 | ||||||||||||
Adjusted operating leverage (%) |
7.2 | (0.2) | 2.8 | 3.4 | 6.5 | ||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (6) |
0.02 | 0.03 | 0.02 | 0.02 | 0.02 | ||||||||||||
| Average assets | 57,484 | 56,164 | 53,082 | 56,813 | 52,812 | ||||||||||||
| Average gross loans and acceptances | 30,901 | 30,802 | 29,829 | 30,850 | 29,764 | ||||||||||||
| Average deposits | 58,567 | 57,405 | 52,263 | 57,976 | 51,080 | ||||||||||||
Assets under administration (7) |
297,658 | 288,269 | 246,975 | 297,658 | 246,975 | ||||||||||||
| Assets under management | 451,531 | 430,512 | 340,402 | 451,531 | 340,402 | ||||||||||||
| TABLE 17 | |||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
Net interest income (teb) (2) |
510 | 700 | 474 | 1,210 | 1,173 | ||||||||||||
| Non-interest revenue | 1,604 | 1,512 | 1,305 | 3,116 | 2,679 | ||||||||||||
Total revenue (teb) (2) |
2,114 | 2,212 | 1,779 | 4,326 | 3,852 | ||||||||||||
Provision for credit losses on impaired loans |
15 | 29 | 28 | 44 | 63 | ||||||||||||
Provision (recovery of provision) for credit losses on performing loans |
14 | (21) | 73 | (7) | 84 | ||||||||||||
Total provision for credit losses (PCL) |
29 | 8 | 101 | 37 | 147 | ||||||||||||
| Non-interest expense | 1,218 | 1,324 | 1,096 | 2,542 | 2,347 | ||||||||||||
| Income before income taxes | 867 | 880 | 582 | 1,747 | 1,358 | ||||||||||||
Provision for income taxes (teb) (2) |
229 | 223 | 148 | 452 | 335 | ||||||||||||
| Reported net income | 638 | 657 | 434 | 1,295 | 1,023 | ||||||||||||
Dividends on preferred shares and distributions on other equity instruments |
15 | 15 | 10 | 30 | 20 | ||||||||||||
Net income available to common shareholders |
623 | 642 | 424 | 1,265 | 1,003 | ||||||||||||
Amortization of acquisition-related intangible assets (3) |
3 | 3 | 3 | 6 | 7 | ||||||||||||
| Adjusted net income | 641 | 660 | 437 | 1,301 | 1,030 | ||||||||||||
Adjusted net income available to common shareholders |
626 | 645 | 427 | 1,271 | 1,010 | ||||||||||||
| Adjusted non-interest expense | 1,214 | 1,319 | 1,091 | 2,533 | 2,337 | ||||||||||||
Key Performance Metrics |
|||||||||||||||||
| Global Markets revenue | 1,322 | 1,440 | 1,152 | 2,762 | 2,515 | ||||||||||||
| Investment and Corporate Banking revenue | 792 | 772 | 627 | 1,564 | 1,337 | ||||||||||||
Return on equity (%) (4) (5) |
16.6 | 16.7 | 12.5 | 16.7 | 14.7 | ||||||||||||
Adjusted return on equity (%) (4) (5) |
16.7 | 16.8 | 12.6 | 16.8 | 14.9 | ||||||||||||
Operating leverage (teb) (%) |
7.7 | 0.8 | 0.1 | 4.0 | 8.8 | ||||||||||||
Adjusted operating leverage (teb) (%) |
7.6 | 0.7 | (0.4) | 3.9 | 7.7 | ||||||||||||
Efficiency ratio (teb) (%) |
57.6 | 59.9 | 61.6 | 58.8 | 61.0 | ||||||||||||
Adjusted efficiency ratio (teb) (%) |
57.4 | 59.7 | 61.3 | 58.6 | 60.7 | ||||||||||||
PCL on impaired loans-to-average net loans and acceptances (%) (5) |
0.07 | 0.14 | 0.13 | 0.10 | 0.15 | ||||||||||||
| Average assets | 596,933 | 593,769 | 564,033 | 595,325 | 571,616 | ||||||||||||
| Average gross loans and acceptances | 86,874 | 86,972 | 82,193 | 86,923 | 84,419 | ||||||||||||
U.S. Business Select Financial Data (US$ in millions) |
|||||||||||||||||
Total revenue (teb) |
711 | 816 | 600 | 1,527 | 1,378 | ||||||||||||
| Non-interest expense | 444 | 475 | 382 | 919 | 823 | ||||||||||||
| Reported net income | 166 | 249 | 118 | 415 | 359 | ||||||||||||
| Adjusted non-interest expense | 441 | 473 | 379 | 914 | 818 | ||||||||||||
| Adjusted net income | 168 | 251 | 120 | 419 | 363 | ||||||||||||
| Average assets | 215,280 | 204,563 | 200,885 | 209,833 | 201,060 | ||||||||||||
| Average gross loans and acceptances | 35,654 | 35,298 | 30,898 | 35,473 | 31,338 | ||||||||||||
| TABLE 18 | |||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q2-2025 | YTD-2026 | YTD-2025 | ||||||||||||
Net interest income before segment teb offset |
(178) | (128) | (217) | (306) | (454) | ||||||||||||
Segment teb offset |
(7) | (9) | (10) | (16) | (19) | ||||||||||||
| Net interest income (teb) | (185) | (137) | (227) | (322) | (473) | ||||||||||||
| Non-interest revenue | 152 | 95 | 97 | 247 | 209 | ||||||||||||
| Total revenue (teb) | (33) | (42) | (130) | (75) | (264) | ||||||||||||
Provision for credit losses on impaired loans |
4 | 9 | 12 | 13 | 32 | ||||||||||||
Recovery of provision for credit losses on performing loans |
(4) | (3) | (9) | (7) | (20) | ||||||||||||
Total provision for credit losses |
– | 6 | 3 | 6 | 12 | ||||||||||||
| Non-interest expense | 119 | 228 | 84 | 347 | 332 | ||||||||||||
Loss before income taxes |
(152) | (276) | (217) | (428) | (608) | ||||||||||||
Recovery of income taxes (teb) |
(42) | (66) | (60) | (108) | (160) | ||||||||||||
Reported net loss |
(110) | (210) | (157) | (320) | (448) | ||||||||||||
| Dividends on preferred shares and distributions on other equity instruments | 98 | 37 | 104 | 135 | 130 | ||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries |
– | 1 | (3) | 1 | 1 | ||||||||||||
Net loss available to common shareholders |
(208) | (248) | (258) | (456) | (579) | ||||||||||||
Acquisition and integration costs/reversal (2) |
– | – | (1) | – | 6 | ||||||||||||
Impact of divestitures |
24 | 3 | – | 27 | – | ||||||||||||
FDIC special assessment |
– | (35) | 4 | (35) | (1) | ||||||||||||
Impact of alignment of accounting policies |
– | – | – | – | 70 | ||||||||||||
| Adjusted net loss | (86) | (242) | (154) | (328) | (373) | ||||||||||||
| Adjusted net loss available to common shareholders | (184) | (280) | (255) | (464) | (504) | ||||||||||||
| Adjusted non-interest expense | 93 | 271 | 81 | 364 | 230 | ||||||||||||
U.S. Business Select Financial Data (US$ in millions) |
|||||||||||||||||
Total revenue (teb) (3) |
(43) | (27) | 16 | (70) | (3) | ||||||||||||
Total provision (recovery of provision) for credit losses |
(2) | – | (2) | (2) | 2 | ||||||||||||
| Non-interest expense | 76 | 90 | 57 | 166 | 114 | ||||||||||||
Recovery of income taxes (teb) (3) |
(31) | (44) | (15) | (75) | (47) | ||||||||||||
Reported net loss |
(86) | (73) | (24) | (159) | (72) | ||||||||||||
| Adjusted non-interest expense | 56 | 122 | 55 | 178 | 76 | ||||||||||||
Adjusted net loss |
(68) | (97) | (22) | (165) | (44) | ||||||||||||
| TABLE 19 | ||||||||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | ||||||||||||||||||
| Net interest income | 5,268 | 5,643 | 5,496 | 5,496 | 5,097 | 5,398 | 5,438 | 4,794 | ||||||||||||||||||
| Non-interest revenue | 4,299 | 4,181 | 3,845 | 3,492 | 3,582 | 3,868 | 3,519 | 3,398 | ||||||||||||||||||
| Revenue | 9,567 | 9,824 | 9,341 | 8,988 | 8,679 | 9,266 | 8,957 | 8,192 | ||||||||||||||||||
| Provision for credit losses on impaired loans | 734 | 739 | 750 | 773 | 765 | 859 | 1,107 | 828 | ||||||||||||||||||
| Provision for credit losses on performing loans | 5 | 7 | 5 | 24 | 289 | 152 | 416 | 78 | ||||||||||||||||||
| Total provision for credit losses | 739 | 746 | 755 | 797 | 1,054 | 1,011 | 1,523 | 906 | ||||||||||||||||||
Non-interest expense |
5,330 | 5,753 | 5,556 | 5,105 | 5,019 | 5,427 | 4,427 | 4,839 | ||||||||||||||||||
| Income before income taxes | 3,498 | 3,325 | 3,030 | 3,086 | 2,606 | 2,828 | 3,007 | 2,447 | ||||||||||||||||||
| Provision for income taxes | 868 | 836 | 735 | 756 | 644 | 690 | 703 | 582 | ||||||||||||||||||
Reported net income (see below) |
2,630 | 2,489 | 2,295 | 2,330 | 1,962 | 2,138 | 2,304 | 1,865 | ||||||||||||||||||
Acquisition and integration costs/reversal |
2 | 7 | 3 | 4 | (1) | 7 | 27 | 19 | ||||||||||||||||||
| Amortization of acquisition-related intangible assets | 70 | 71 | 123 | 69 | 81 | 79 | 92 | 79 | ||||||||||||||||||
Change in fair value of contingent consideration |
7 | 16 | – | – | – | – | – | – | ||||||||||||||||||
| Impact of divestitures | 24 | 3 | 102 | – | – | – | – | – | ||||||||||||||||||
| Legal provision/reversal (including related interest expense and legal fees) | – | – | – | – | – | – | (870) | 13 | ||||||||||||||||||
| FDIC special assessment | – | (35) | (9) | (4) | 4 | (5) | (11) | 5 | ||||||||||||||||||
| Impact of alignment of accounting policies | – | – | – | – | – | 70 | – | – | ||||||||||||||||||
| Adjusted net income | 2,733 | 2,551 | 2,514 | 2,399 | 2,046 | 2,289 | 1,542 | 1,981 | ||||||||||||||||||
Operating Segment Reported Revenue (2) |
||||||||||||||||||||||||||
| Canadian P&C | 3,097 | 3,258 | 3,102 | 3,076 | 2,953 | 3,043 | 2,913 | 2,888 | ||||||||||||||||||
| U.S. Banking | 2,859 | 2,896 | 2,875 | 2,830 | 2,814 | 2,964 | 2,735 | 2,722 | ||||||||||||||||||
| Wealth Management | 1,530 | 1,500 | 1,442 | 1,365 | 1,263 | 1,320 | 1,240 | 1,190 | ||||||||||||||||||
| Capital Markets | 2,114 | 2,212 | 1,819 | 1,776 | 1,779 | 2,073 | 1,600 | 1,666 | ||||||||||||||||||
| Corporate Services | (33) | (42) | 103 | (59) | (130) | (134) | 469 | (274) | ||||||||||||||||||
| Total revenue | 9,567 | 9,824 | 9,341 | 8,988 | 8,679 | 9,266 | 8,957 | 8,192 | ||||||||||||||||||
| Key Performance Metrics | ||||||||||||||||||||||||||
Diluted earnings per share ($) (3) |
3.53 | 3.39 | 2.97 | 3.14 | 2.50 | 2.83 | 2.94 | 2.48 | ||||||||||||||||||
Adjusted diluted earnings per share ($) |
3.67 | 3.48 | 3.28 | 3.23 | 2.62 | 3.04 | 1.90 | 2.64 | ||||||||||||||||||
Total PCL-to-average net loans and acceptances (annualized) (%) |
0.45 | 0.44 | 0.44 | 0.47 | 0.63 | 0.58 | 0.91 | 0.54 | ||||||||||||||||||
Effective tax rate (%) |
24.8 | 25.2 | 24.2 | 24.5 | 24.7 | 24.4 | 23.4 | 23.8 | ||||||||||||||||||
Adjusted effective tax rate (%) |
24.6 | 25.0 | 23.6 | 24.5 | 24.7 | 24.5 | 21.7 | 23.9 | ||||||||||||||||||
Canadian/U.S. dollar average exchange rate ($) |
1.3721 | 1.3759 | 1.3887 | 1.3730 | 1.4203 | 1.4303 | 1.3641 | 1.3705 | ||||||||||||||||||
| TABLE 20 | |||||||||||||||||
| (Canadian $ in millions, except as noted) | Residential mortgages |
Amortizing home equity lines of credit |
Total amortizing real estate secured lending |
Non-amortizing real estate secured lending |
Total Canadian real estate secured lending |
||||||||||||
| As at April 30, 2026 | 162,090 | 39,695 | 201,785 | 13,844 | 215,629 | ||||||||||||
| As at January 31, 2026 | 162,052 | 38,754 | 200,806 | 13,871 | 214,677 | ||||||||||||
| TABLE 21 | |||||||||||||||||||||||||||||||||||
| As at April 30, 2026 | As at January 31, 2026 | ||||||||||||||||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Outstanding Balances | For the three months ended | Outstanding Balances | For the three months ended | |||||||||||||||||||||||||||||||
Region (2) |
Insured (3) |
Uninsured | Total | % of total |
Average LTV
uninsured (4)
|
Insured (3) | Uninsured | Total | % of total | Average LTV uninsured (4) | |||||||||||||||||||||||||
| Atlantic | 3,162 | 4,206 | 7,368 | 3.8% | 69% | 3,227 | 4,090 | 7,317 | 3.8% | 69% | |||||||||||||||||||||||||
| Quebec | 7,488 | 13,102 | 20,590 | 10.6% | 70% | 7,801 | 13,236 | 21,037 | 10.8% | 70% | |||||||||||||||||||||||||
| Ontario | 14,469 | 70,085 | 84,554 | 43.5% | 70% | 14,562 | 69,261 | 83,823 | 43.2% | 70% | |||||||||||||||||||||||||
| Alberta | 8,858 | 8,703 | 17,561 | 9.1% | 71% | 9,092 | 8,568 | 17,660 | 9.1% | 71% | |||||||||||||||||||||||||
| British Columbia | 4,216 | 24,180 | 28,396 | 14.7% | 68% | 4,244 | 24,291 | 28,535 | 14.7% | 68% | |||||||||||||||||||||||||
| All other Canada | 2,015 | 1,606 | 3,621 | 1.9% | 71% | 2,073 | 1,607 | 3,680 | 1.9% | 72% | |||||||||||||||||||||||||
| Total Canada | 40,208 | 121,882 | 162,090 | 83.6% | 70% | 40,999 | 121,053 | 162,052 | 83.5% | 70% | |||||||||||||||||||||||||
| United States | 59 | 31,667 | 31,726 | 16.4% | 72% | 58 | 31,979 | 32,037 | 16.5% | 72% | |||||||||||||||||||||||||
| Total | 40,267 | 153,549 | 193,816 | 100% | 70% | 41,057 | 153,032 | 194,089 | 100% | 70% | |||||||||||||||||||||||||
| TABLE 22 | |||||||||||||||||||||||||||||||||||
| As at April 30, 2026 | As at January 31, 2026 | ||||||||||||||||||||||||||||||||||
| (Canadian $ in millions, except as noted) | Portfolio | For the three months ended | Portfolio | For the three months ended | |||||||||||||||||||||||||||||||
Region (2) |
Outstanding Balances | % | Authorizations | % | Average LTV (4) |
Outstanding Balances | % | Authorizations | % | Average LTV (4) | |||||||||||||||||||||||||
Atlantic |
1,202 | 2.0% | 2,282 | 1.9% | 67% | 1,181 | 2.0% | 2,238 | 1.8% | 67% | |||||||||||||||||||||||||
Quebec |
9,682 | 16.1% | 19,712 | 16.1% | 71% | 9,483 | 16.0% | 19,354 | 16.0% | 71% | |||||||||||||||||||||||||
Ontario |
26,798 | 44.6% | 50,057 | 40.8% | 66% | 26,404 | 44.7% | 49,441 | 40.8% | 66% | |||||||||||||||||||||||||
Alberta |
3,440 | 5.7% | 7,689 | 6.3% | 66% | 3,379 | 5.7% | 7,564 | 6.2% | 67% | |||||||||||||||||||||||||
British Columbia |
11,681 | 19.4% | 22,071 | 18.0% | 64% | 11,445 | 19.3% | 21,692 | 17.9% | 62% | |||||||||||||||||||||||||
All other Canada |
736 | 1.2% | 1,512 | 1.2% | 70% | 733 | 1.2% | 1,501 | 1.2% | 67% | |||||||||||||||||||||||||
Total Canada |
53,539 | 89.0% | 103,323 | 84.3% | 66% | 52,625 | 88.9% | 101,790 | 83.9% | 66% | |||||||||||||||||||||||||
United States |
6,611 | 11.0% | 19,271 | 15.7% | 57% | 6,583 | 11.1% | 19,522 | 16.1% | 56% | |||||||||||||||||||||||||
| Total | 60,150 | 100% | 122,594 | 100% | 65% | 59,208 | 100% | 121,312 | 100% | 65% | |||||||||||||||||||||||||
| TABLE 23 | ||||||||||||||||||||||||||
| As at April 30, 2026 | ||||||||||||||||||||||||||
| Amortization period | ||||||||||||||||||||||||||
| < 5 Years % | 6-10 Years % | 11-15 Years % | 16-20 Years % | 21-25 Years % | 26-30 Years % | 31-35 Years % | > 35 Years % | |||||||||||||||||||
Canada (3) |
0.7% | 2.8% | 8.1% | 19.9% | 33.0% | 29.3% | 2.2% | 4.0% | ||||||||||||||||||
United States (4) |
0.3% | 1.6% | 3.1% | 3.3% | 15.6% | 75.9% | 0.1% | 0.1% | ||||||||||||||||||
| Total | 0.7% | 2.6% | 7.3% | 17.1% | 30.1% | 37.0% | 1.9% | 3.3% | ||||||||||||||||||
| As at January 31, 2026 | ||||||||||||||||||||||||||
| Amortization period | ||||||||||||||||||||||||||
| < 5 Years % | 6-10 Years % | 11-15 Years % | 16-20 Years % | 21-25 Years % | 26-30 Years % | 31-35 Years % | > 35 Years % | |||||||||||||||||||
Canada (3) |
0.7% | 2.8% | 8.1% | 19.7% | 33.7% | 28.1% | 2.5% | 4.4% | ||||||||||||||||||
United States (4) |
0.3% | 1.6% | 3.3% | 3.1% | 13.3% | 78.2% | 0.1% | 0.1% | ||||||||||||||||||
Total |
0.7% | 2.6% | 7.3% | 16.9% | 30.4% | 36.3% | 2.1% | 3.7% | ||||||||||||||||||
| TABLE 24 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| As at April 30, 2026 | As at January 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Canadian $ in millions) | Funded Lending and Commitments | Securities | Repo-Style Transactions and Derivatives |
|||||||||||||||||||||||||||||||||||||||||||||||||||||
| Region | Bank | Corporate | Sovereign | Total | Bank | Corporate | Sovereign | Total | Bank | Corporate | Sovereign | Total | Total Net Exposure |
Total Net Exposure |
||||||||||||||||||||||||||||||||||||||||||
| Europe (excluding United Kingdom) | 694 | 3,551 | – | 4,245 | 256 | 38 | 6,739 | 7,033 | 1,822 | 821 | 74 | 2,717 | 13,995 | 11,360 | ||||||||||||||||||||||||||||||||||||||||||
| United Kingdom | 164 | 6,736 | 18 | 6,918 | 121 | 91 | 2,543 | 2,755 | 469 | 1,003 | 18 | 1,490 | 11,163 | 10,738 | ||||||||||||||||||||||||||||||||||||||||||
| Latin America | 2,442 | 4,227 | – | 6,669 | – | 46 | – | 46 | 1 | 197 | 20 | 218 | 6,933 | 7,918 | ||||||||||||||||||||||||||||||||||||||||||
| Asia-Pacific | 2,526 | 2,619 | 124 | 5,269 | 452 | 15 | 495 | 962 | 335 | 158 | 237 | 730 | 6,961 | 6,989 | ||||||||||||||||||||||||||||||||||||||||||
| Africa and Middle East | 2,867 | 1,190 | 103 | 4,160 | – | – | 19 | 19 | 5 | 31 | 2,130 | 2,166 | 6,345 | 5,983 | ||||||||||||||||||||||||||||||||||||||||||
Other (1) |
– | 3 | 15 | 18 | 58 | 2 | 3,321 | 3,381 | 1 | – | 782 | 783 | 4,182 | 3,752 | ||||||||||||||||||||||||||||||||||||||||||
| Total | 8,693 | 18,326 | 260 | 27,279 | 887 | 192 | 13,117 | 14,196 | 2,633 | 2,210 | 3,261 | 8,104 | 49,579 | 46,740 | ||||||||||||||||||||||||||||||||||||||||||
| TABLE 25 | |||||||||||||||||||||||||||||||||||
| As at April 30, 2026 | As at October 31, 2025 | ||||||||||||||||||||||||||||||||||
| Consolidated | Subject to market risk | Not subject | Consolidated | Subject to market risk | Not subject | Primary risk factors for | |||||||||||||||||||||||||||||
| Balance | Traded | Non-traded | to market | Balance | Traded | Non-traded | to market | non-traded risk | |||||||||||||||||||||||||||
| (Canadian $ in millions) | Sheet | risk (1) |
risk (2) |
risk | Sheet | risk (1) |
risk (2) |
risk | balances | ||||||||||||||||||||||||||
| Assets Subject to Market Risk | |||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | 63,822 | – | 63,822 | – | 67,484 | – | 67,484 | – | Interest rate | ||||||||||||||||||||||||||
| Interest bearing deposits with banks | 3,325 | 545 | 2,780 | – | 2,838 | 456 | 2,382 | – | Interest rate | ||||||||||||||||||||||||||
| Securities | 444,579 | 176,571 | 268,008 | – | 423,476 | 172,680 | 250,796 | – | Interest rate, credit spread, equity | ||||||||||||||||||||||||||
Securities borrowed or purchased |
|||||||||||||||||||||||||||||||||||
under resale agreements |
117,684 | – | 117,684 | – | 129,421 | – | 129,421 | – | Interest rate |
||||||||||||||||||||||||||
Loans and acceptances |
|||||||||||||||||||||||||||||||||||
(net of allowance for credit losses) |
678,750 | 6,056 | 672,694 | – | 677,161 | 6,271 | 670,890 | – | Interest rate, foreign exchange | ||||||||||||||||||||||||||
| Derivative instruments | 62,358 | 58,510 | 3,848 | – | 57,151 | 51,829 | 5,322 | – | Interest rate, foreign exchange | ||||||||||||||||||||||||||
| Customers’ liability under acceptances | 1,195 | – | 1,195 | – | 711 | – | 711 | – | Interest rate | ||||||||||||||||||||||||||
| Other assets | 127,830 | 7,163 | 20,238 | 100,429 | 118,560 | 6,411 | 12,460 | 99,689 | Interest rate | ||||||||||||||||||||||||||
Total assets |
1,499,543 | 248,845 | 1,150,269 | 100,429 | 1,476,802 | 237,647 | 1,139,466 | 99,689 | |||||||||||||||||||||||||||
| Liabilities Subject to Market Risk | |||||||||||||||||||||||||||||||||||
| Deposits | 966,901 | 53,455 | 913,446 | – | 976,202 | 49,093 | 927,109 | – | Interest rate, foreign exchange | ||||||||||||||||||||||||||
| Derivative instruments | 64,056 | 61,269 | 2,787 | – | 58,729 | 54,770 | 3,959 | – | Interest rate, foreign exchange | ||||||||||||||||||||||||||
| Acceptances | 1,195 | – | 1,195 | – | 711 | – | 711 | – | Interest rate | ||||||||||||||||||||||||||
| Securities sold but not yet purchased | 62,947 | 62,947 | – | – | 54,876 | 54,876 | – | – | Interest rate | ||||||||||||||||||||||||||
Securities lent or sold under |
|||||||||||||||||||||||||||||||||||
| repurchase agreements | 125,684 | – | 125,684 | – | 134,967 | – | 134,967 | – | Interest rate | ||||||||||||||||||||||||||
| Other liabilities | 184,807 | – | 110,855 | 73,952 | 154,717 | – | 91,688 | 63,029 | Interest rate | ||||||||||||||||||||||||||
| Subordinated debt | 8,336 | – | 8,336 | – | 8,500 | – | 8,500 | – | Interest rate | ||||||||||||||||||||||||||
Total liabilities |
1,413,926 | 177,671 | 1,162,303 | 73,952 | 1,388,702 | 158,739 | 1,166,934 | 63,029 | |||||||||||||||||||||||||||
| TABLE 26 | ||||||||||||||||||||||||||
| For the quarter ended April 30, 2026 | January 31, 2026 |
April 30, 2025 |
||||||||||||||||||||||||
| Quarter-end | Average | High | Low | Average | Average | |||||||||||||||||||||
| Commodity VaR | 7.7 | 10.0 | 15.0 | 6.0 | 9.2 | 8.7 | ||||||||||||||||||||
| Equity VaR | 12.7 | 12.4 | 16.9 | 8.1 | 12.6 | 20.6 | ||||||||||||||||||||
| Foreign exchange VaR | 1.0 | 1.6 | 2.6 | 1.0 | 1.3 | 2.1 | ||||||||||||||||||||
Interest rate VaR (2) |
25.5 | 31.9 | 39.6 | 25.5 | 31.8 | 28.5 | ||||||||||||||||||||
| Diversification | (16.5) | (27.5) | nm | nm | (27.4) | (22.5) | ||||||||||||||||||||
| Total Trading VaR | 30.4 | 28.4 | 34.1 | 21.3 | 27.5 | 37.4 | ||||||||||||||||||||
| TABLE 27 | |||||||||||||||||||||||||||||||||||
| Economic value sensitivity | Earnings sensitivity over the next 12 months | ||||||||||||||||||||||||||||||||||
| April 30, 2026 |
January 31, 2026 |
April 30, 2025 |
April 30, 2026 |
January 31, 2026 |
April 30, 2025 |
||||||||||||||||||||||||||||||
| (Pre-tax Canadian $ equivalent in millions) | |||||||||||||||||||||||||||||||||||
Canada (3) |
United States |
Total | Total | Total | Canada (3) |
United States |
Total | Total | Total | ||||||||||||||||||||||||||
| 100 basis point increase | (1,335) | (724) | (2,059) | (2,077) | (1,603) | 81 | 152 | 233 | 240 | 305 | |||||||||||||||||||||||||
100 basis point decrease |
1,284 | 91 | 1,375 | 1,445 | 747 | (77) | (205) | (282) | (260) | (242) | |||||||||||||||||||||||||
| TABLE 28 | |||||||||||||||||||||||
| As at April 30, 2026 | As at January 31, 2026 | ||||||||||||||||||||||
| Other cash & | Net | Net | |||||||||||||||||||||
| Bank-owned | securities | Total gross | Encumbered | unencumbered | unencumbered | ||||||||||||||||||
| (Canadian $ in millions) | assets | received | assets (1) |
assets |
assets (2) |
assets (2) | |||||||||||||||||
| Cash and cash equivalents | 63,822 | – | 63,822 | 58 | 63,764 | 67,291 | |||||||||||||||||
| Deposits with other banks | 3,325 | – | 3,325 | – | 3,325 | 2,870 | |||||||||||||||||
| Securities and securities borrowed or purchased under resale agreements | |||||||||||||||||||||||
| Sovereigns/Central banks/Multilateral development banks | 199,205 | 111,336 | 310,541 | 157,573 | 152,968 | 142,624 | |||||||||||||||||
| NHA mortgage-backed securities and U.S. agency mortgage-backed | |||||||||||||||||||||||
| securities and collateralized mortgage obligations | 135,069 | 11,669 | 146,738 | 86,031 | 60,707 | 59,731 | |||||||||||||||||
| Corporate and other debt | 39,746 | 26,172 | 65,918 | 29,310 | 36,608 | 37,269 | |||||||||||||||||
| Corporate equity | 70,559 | 78,202 | 148,761 | 104,487 | 44,274 | 38,575 | |||||||||||||||||
| Total securities and securities borrowed or purchased under resale agreements | 444,579 | 227,379 | 671,958 | 377,401 | 294,557 | 278,199 | |||||||||||||||||
NHA mortgage-backed securities (reported as loans at amortized cost) (3) |
23,164 | – | 23,164 | 7,163 | 16,001 | 18,636 | |||||||||||||||||
| Total liquid assets | 534,890 | 227,379 | 762,269 | 384,622 | 377,647 | 366,996 | |||||||||||||||||
| TABLE 29 | |||||||||||||||||||||||
Encumbered (2) |
Net unencumbered | ||||||||||||||||||||||
| (Canadian $ in millions) | Total gross | Pledged as | Other | Other | Available as | ||||||||||||||||||
| As at April 30, 2026 | assets (1) |
collateral | encumbered | unencumbered (3) |
collateral (4) |
||||||||||||||||||
| Cash and deposits with other banks | 67,147 | – | 58 | – | 67,089 | ||||||||||||||||||
Securities (5) |
695,122 | 273,091 | 111,473 | 25,435 | 285,123 | ||||||||||||||||||
| Loans | 655,586 | 68,435 | 1,973 | 407,887 | 177,291 | ||||||||||||||||||
| Other assets | |||||||||||||||||||||||
| Derivative instruments | 62,358 | – | – | 62,358 | – | ||||||||||||||||||
| Customers' liability under acceptances | 1,195 | – | – | 1,195 | – | ||||||||||||||||||
| Premises and equipment | 6,169 | – | – | 6,169 | – | ||||||||||||||||||
| Goodwill | 16,596 | – | – | 16,596 | – | ||||||||||||||||||
| Intangible assets | 5,043 | – | – | 5,043 | – | ||||||||||||||||||
| Current tax assets | 1,870 | – | – | 1,870 | – | ||||||||||||||||||
| Deferred tax assets | 2,776 | – | – | 2,776 | – | ||||||||||||||||||
| Receivable from brokers, dealers and clients | 50,333 | – | – | 50,333 | – | ||||||||||||||||||
| Other | 45,043 | 12,863 | – | 32,180 | – | ||||||||||||||||||
| Total other assets | 191,383 | 12,863 | – | 178,520 | – | ||||||||||||||||||
| Total assets | 1,609,238 | 354,389 | 113,504 | 611,842 | 529,503 | ||||||||||||||||||
Encumbered (2) |
Net unencumbered | ||||||||||||||||||||||
| (Canadian $ in millions) | Total gross | Pledged as | Other | Other | Available as | ||||||||||||||||||
| As at January 31, 2026 | assets (1) | collateral | encumbered | unencumbered (3) |
collateral (4) | ||||||||||||||||||
| Cash and deposits with other banks | 70,248 | – | 87 | – | 70,161 | ||||||||||||||||||
Securities (5) |
661,222 | 275,543 | 88,844 | 25,876 | 270,959 | ||||||||||||||||||
| Loans | 643,097 | 61,950 | 1,859 | 415,899 | 163,389 | ||||||||||||||||||
| Other assets | |||||||||||||||||||||||
| Derivative instruments | 69,398 | – | – | 69,398 | – | ||||||||||||||||||
| Customers' liability under acceptances | 1,081 | – | – | 1,081 | – | ||||||||||||||||||
| Premises and equipment | 6,140 | – | – | 6,140 | – | ||||||||||||||||||
| Goodwill | 16,619 | – | – | 16,619 | – | ||||||||||||||||||
| Intangible assets | 5,015 | – | – | 5,015 | – | ||||||||||||||||||
| Current tax assets | 2,181 | – | – | 2,181 | – | ||||||||||||||||||
| Deferred tax assets | 2,602 | – | – | 2,602 | – | ||||||||||||||||||
| Receivable from brokers, dealers and clients | 45,203 | – | – | 45,203 | – | ||||||||||||||||||
| Other | 40,354 | 11,250 | – | 29,104 | – | ||||||||||||||||||
| Total other assets | 188,593 | 11,250 | – | 177,343 | – | ||||||||||||||||||
| Total assets | 1,563,160 | 348,743 | 90,790 | 619,118 | 504,509 | ||||||||||||||||||
| TABLE 30 | ||||||||
| (Canadian $ in millions) | As at April 30, 2026 | As at January 31, 2026 | ||||||
| BMO (parent) | 226,209 | 214,953 | ||||||
| BMO Bank N.A. | 119,446 | 121,671 | ||||||
| Broker dealers | 31,992 | 30,372 | ||||||
| Total net unencumbered liquid assets by legal entity | 377,647 | 366,996 | ||||||
| TABLE 31 | ||||||||||||||||||||||||||||||||
| As at April 30, 2026 | As at January 31, 2026 | |||||||||||||||||||||||||||||||
| Less than | 1 to 3 | 3 to 6 | 6 to 12 | Subtotal less | 1 to 2 | Over | ||||||||||||||||||||||||||
| (Canadian $ in millions) | 1 month | months | months | months | than 1 year | years | 2 years | Total | Total | |||||||||||||||||||||||
| Deposits from banks | 1,459 | 1,509 | 1,399 | 2,674 | 7,041 | – | – | 7,041 | 5,940 | |||||||||||||||||||||||
| Certificates of deposit and commercial paper | 8,188 | 12,571 | 22,620 | 39,532 | 82,911 | 1,638 | 53 | 84,602 | 81,421 | |||||||||||||||||||||||
| Bearer deposit notes | 1,145 | 1,461 | 1,369 | 718 | 4,693 | – | – | 4,693 | 4,810 | |||||||||||||||||||||||
| Asset-backed commercial paper (ABCP) | 2,642 | 5,852 | 5,765 | 1,291 | 15,550 | – | – | 15,550 | 15,446 | |||||||||||||||||||||||
| Senior unsecured medium-term notes | 1,619 | 3,842 | 4,153 | 13,009 | 22,623 | 17,190 | 32,498 | 72,311 | 66,677 | |||||||||||||||||||||||
Senior unsecured structured notes (2) |
458 | 129 | 113 | 571 | 1,271 | 837 | 11,915 | 14,023 | 17,185 | |||||||||||||||||||||||
Secured funding |
||||||||||||||||||||||||||||||||
| Mortgage and HELOC securitizations | – | 497 | 1,393 | 846 | 2,736 | 2,513 | 12,820 | 18,069 | 17,757 | |||||||||||||||||||||||
| Covered bonds | – | 3,189 | 4,366 | 5,494 | 13,049 | 1,951 | 9,496 | 24,496 | 24,268 | |||||||||||||||||||||||
Other asset-backed securitizations (3) |
– | – | – | – | – | – | 4,025 | 4,025 | 4,026 | |||||||||||||||||||||||
| Federal Home Loan Bank advances | 509 | 170 | – | 1,359 | 2,038 | 8,062 | 1,358 | 11,458 | 7,699 | |||||||||||||||||||||||
| Subordinated debt | – | – | – | – | – | – | 8,335 | 8,335 | 8,411 | |||||||||||||||||||||||
| Total | 16,020 | 29,220 | 41,178 | 65,494 | 151,912 | 32,191 | 80,500 | 264,603 | 253,640 | |||||||||||||||||||||||
| Of which: | ||||||||||||||||||||||||||||||||
| Secured | 3,151 | 9,708 | 11,524 | 8,990 | 33,373 | 12,526 | 27,699 | 73,598 | 69,196 | |||||||||||||||||||||||
| Unsecured | 12,869 | 19,512 | 29,654 | 56,504 | 118,539 | 19,665 | 52,801 | 191,005 | 184,444 | |||||||||||||||||||||||
Total (4) |
16,020 | 29,220 | 41,178 | 65,494 | 151,912 | 32,191 | 80,500 | 264,603 | 253,640 | |||||||||||||||||||||||
| TABLE 32 | |||||||||||||||||
| As at April 30, 2026 | |||||||||||||||||
Rating agency (1) |
Short-term debt | Senior debt (2) |
Long-term deposits/Issuer rating (3) (4) | Subordinated debt (NVCC) |
Outlook | ||||||||||||
| Moody’s | P-1 | A2 | Aa2 | Baa1 (hyb) | Stable | ||||||||||||
| S&P | A-1 | A- | A+ | BBB+ | Stable | ||||||||||||
| Fitch | F1+ | AA- | AA+ | A | Stable | ||||||||||||
| DBRS | R-1 (high) | AA (low) | AA | A (low) | Stable | ||||||||||||
| TABLE 33 | |||||||||||
| For the quarter ended April 30, 2026 | |||||||||||
| (Canadian $ in billions, except as noted) | Total unweighted value (average) (1) (2) |
Total weighted value (average) (2) (3) |
|||||||||
| High-Quality Liquid Assets | |||||||||||
| Total high-quality liquid assets (HQLA) | * | 256.2 | |||||||||
| Cash Outflows | |||||||||||
| Retail deposits and deposits from small business customers, of which: | 297.6 | 20.7 | |||||||||
| Stable deposits | 139.7 | 4.2 | |||||||||
| Less stable deposits | 157.9 | 16.5 | |||||||||
| Unsecured wholesale funding, of which: | 332.9 | 142.9 | |||||||||
| Operational deposits (all counterparties) and deposits in networks of cooperative banks | 166.2 | 41.1 | |||||||||
| Non-operational deposits (all counterparties) | 145.5 | 80.6 | |||||||||
| Unsecured debt | 21.2 | 21.2 | |||||||||
| Secured wholesale funding | * | 44.7 | |||||||||
| Additional requirements, of which: | 266.9 | 62.1 | |||||||||
| Outflows related to derivatives exposures and other collateral requirements | 46.4 | 15.3 | |||||||||
| Outflows related to loss of funding on debt products | 3.6 | 3.6 | |||||||||
| Credit and liquidity facilities | 216.9 | 43.2 | |||||||||
| Other contractual funding obligations | 0.8 | – | |||||||||
| Other contingent funding obligations | 574.8 | 12.1 | |||||||||
| Total cash outflows | * | 282.5 | |||||||||
| Cash Inflows | |||||||||||
| Secured lending (e.g., reverse repos) | 208.6 | 38.4 | |||||||||
| Inflows from fully performing exposures | 17.2 | 9.2 | |||||||||
| Other cash inflows | 34.3 | 34.3 | |||||||||
| Total cash inflows | 260.1 | 81.9 | |||||||||
| For the quarter ended April 30, 2026 | Total adjusted value (4) |
||||||||||
| Total HQLA | 256.2 | ||||||||||
| Total net cash outflows | 200.6 | ||||||||||
Liquidity Coverage Ratio (%) (2) |
128 | ||||||||||
| For the quarter ended January 31, 2026 | Total adjusted value (4) | ||||||||||
| Total HQLA | 252.9 | ||||||||||
| Total net cash outflows | 200.8 | ||||||||||
Liquidity Coverage Ratio (%) |
126 | ||||||||||
| TABLE 34 | |||||||||||||||||
| For the quarter ended April 30, 2026 | |||||||||||||||||
Unweighted value by residual maturity |
Weighted
value (2)
|
||||||||||||||||
| (Canadian $ in billions, except as noted) |
No
maturity (1)
|
Less than 6 months | 6 to 12 months |
Over 1 year | |||||||||||||
| Available Stable Funding (ASF) Item | |||||||||||||||||
| Capital: | 88.3 | – | – | 8.2 | 96.6 | ||||||||||||
| Regulatory capital | 88.3 | – | – | 8.2 | 96.6 | ||||||||||||
| Other capital instruments | – | – | – | – | – | ||||||||||||
| Retail deposits and deposits from small business customers: | 244.6 | 51.3 | 28.7 | 61.6 | 359.1 | ||||||||||||
| Stable deposits | 118.4 | 23.3 | 11.9 | 11.7 | 157.6 | ||||||||||||
| Less stable deposits | 126.2 | 28.0 | 16.8 | 49.9 | 201.5 | ||||||||||||
| Wholesale funding: | 343.3 | 292.6 | 81.3 | 98.9 | 291.4 | ||||||||||||
| Operational deposits | 158.5 | – | – | 0.5 | 79.8 | ||||||||||||
| Other wholesale funding | 184.8 | 292.6 | 81.3 | 98.4 | 211.6 | ||||||||||||
| Liabilities with matching interdependent assets | – | 1.0 | 0.5 | 15.3 | – | ||||||||||||
| Other liabilities: | 9.8 | * | * | 120.4 | 47.3 | ||||||||||||
| NSFR derivative liabilities | * | * | * | 7.8 | – | ||||||||||||
| All other liabilities and equity not included in the above categories | 9.8 | 64.5 | 1.7 | 46.4 | 47.3 | ||||||||||||
| Total ASF | * | * | * | * | 794.4 | ||||||||||||
| Required Stable Funding (RSF) Item | |||||||||||||||||
| Total NSFR high-quality liquid assets (HQLA) | * | * | * | * | 20.3 | ||||||||||||
| Deposits held at other financial institutions for operational purposes | – | 0.3 | – | – | 0.2 | ||||||||||||
| Performing loans and securities: | 205.3 | 239.8 | 66.6 | 350.9 | 531.0 | ||||||||||||
| Performing loans to financial institutions secured by Level 1 HQLA | – | 102.3 | 1.5 | – | 2.5 | ||||||||||||
Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured |
|||||||||||||||||
| performing loans to financial institutions | 25.0 | 69.3 | 4.5 | 18.8 | 53.7 | ||||||||||||
Performing loans to non-financial corporate clients, loans to retail and small business |
|||||||||||||||||
| customers, and loans to sovereigns, central banks and public sector entities, of which: | 135.6 | 41.7 | 38.0 | 164.3 | 295.0 | ||||||||||||
With a risk weight of less than or equal to 35% under the Basel II standardized |
|||||||||||||||||
| approach for credit risk | – | – | – | – | – | ||||||||||||
| Performing residential mortgages, of which: | 13.8 | 23.4 | 22.3 | 139.3 | 127.6 | ||||||||||||
With a risk weight of less than or equal to 35% under the Basel II standardized |
|||||||||||||||||
| approach for credit risk | 13.8 | 23.4 | 22.3 | 139.3 | 127.6 | ||||||||||||
Securities that are not in default and do not qualify as HQLA, |
|||||||||||||||||
| including exchange-traded equities | 30.9 | 3.1 | 0.3 | 28.5 | 52.2 | ||||||||||||
| Assets with matching interdependent liabilities | – | 1.0 | 0.5 | 15.3 | – | ||||||||||||
| Other assets: | 47.8 | * | * | 153.8 | 125.8 | ||||||||||||
| Physical traded commodities, including gold | 7.1 | * | * | * | 6.0 | ||||||||||||
Assets posted as initial margin for derivative contracts and contributions to |
|||||||||||||||||
| default funds of central clearing parties | * | * | * | 23.0 | 19.6 | ||||||||||||
| NSFR derivative assets | * | * | * | 5.5 | – | ||||||||||||
| NSFR derivative liabilities before deduction of variation margin posted | * | * | * | 18.3 | 0.9 | ||||||||||||
| All other assets not included in the above categories | 40.7 | 56.6 | 0.4 | 50.0 | 99.3 | ||||||||||||
| Off-balance sheet items | * | * | * | 642.3 | 21.9 | ||||||||||||
| Total RSF | * | * | * | * | 699.2 | ||||||||||||
Net Stable Funding Ratio (%) |
* | * | * | * | 114 | ||||||||||||
| Weighted Value (2) |
|||||||||||||||||
| For the quarter ended January 31, 2026 | |||||||||||||||||
| Total ASF | 779.9 | ||||||||||||||||
| Total RSF | 674.9 | ||||||||||||||||
Net Stable Funding Ratio (%) |
116 | ||||||||||||||||
|
Shareholder Dividend Reinvestment and Share Purchase Plan (DRIP)
Common shareholders may elect to have their cash dividends reinvested in common shares of the bank, in accordance with the bank's DRIP. More information about the Plan and how to enrol can be found at www.bmo.com/investorrelations.
For dividend information, change in shareholder address
or to advise of duplicate mailings, please contact
Computershare Trust Company of Canada
320 Bay Street, 14th Floor
Toronto, Ontario M5H 4A6
Telephone: 416-263-9200
Fax: 1-888-453-0330
E-mail: service@computershare.com
|
For other shareholder information, please contact
Bank of Montreal
Shareholder Services
Corporate Secretary’s Department
1 First Canadian Place, 9th Floor
Toronto, Ontario M5X 1A1
Telephone: 416-867-6785
E-mail: corp.secretary@bmo.com
For further information on this document, please contact
Bank of Montreal
Investor Relations Department
P.O. Box 1, 1 First Canadian Place, 37th Floor
Toronto, Ontario M5X 1A1
|
||||
| (Unaudited) (Canadian $ in millions, except as noted) | For the three months ended | For the six months ended | |||||||||||||||
| April 30, | January 31, | April 30, | April 30, | April 30, | |||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Interest, Dividend and Fee Income | |||||||||||||||||
| Loans | $ | 8,868 | $ | 9,243 | $ | 9,501 | $ | 18,111 | $ | 19,622 | |||||||
Securities (Note 2) |
4,251 | 3,951 | 3,978 | 8,202 | 8,098 | ||||||||||||
| Securities borrowed or purchased under resale agreements | 1,321 | 1,383 | 1,448 | 2,704 | 3,013 | ||||||||||||
| Deposits with banks | 574 | 586 | 727 | 1,160 | 1,544 | ||||||||||||
| 15,014 | 15,163 | 15,654 | 30,177 | 32,277 | |||||||||||||
| Interest Expense | |||||||||||||||||
| Deposits | 5,938 | 6,248 | 7,268 | 12,186 | 15,392 | ||||||||||||
| Securities sold but not yet purchased and securities lent or sold under repurchase agreements | 2,657 | 2,270 | 2,374 | 4,927 | 4,563 | ||||||||||||
| Subordinated debt | 105 | 109 | 115 | 214 | 226 | ||||||||||||
| Other liabilities | 1,046 | 893 | 800 | 1,939 | 1,601 | ||||||||||||
| 9,746 | 9,520 | 10,557 | 19,266 | 21,782 | |||||||||||||
| Net Interest Income | 5,268 | 5,643 | 5,097 | 10,911 | 10,495 | ||||||||||||
| Non-Interest Revenue | |||||||||||||||||
| Securities commissions and fees | 323 | 316 | 275 | 639 | 563 | ||||||||||||
| Deposit and payment service charges | 449 | 449 | 456 | 898 | 898 | ||||||||||||
Trading revenues |
883 | 866 | 819 | 1,749 | 1,621 | ||||||||||||
| Lending fees | 327 | 340 | 324 | 667 | 686 | ||||||||||||
| Card fees | 245 | 261 | 201 | 506 | 420 | ||||||||||||
| Investment management and custodial fees | 676 | 678 | 556 | 1,354 | 1,130 | ||||||||||||
| Mutual fund revenues | 420 | 421 | 353 | 841 | 716 | ||||||||||||
| Underwriting and advisory fees | 504 | 426 | 415 | 930 | 795 | ||||||||||||
Securities gains, other than trading (Note 2) |
86 | 85 | 66 | 171 | 124 | ||||||||||||
| Foreign exchange gains, other than trading | 86 | 76 | 62 | 162 | 138 | ||||||||||||
Insurance service results (Note 5) |
100 | 69 | 123 | 169 | 214 | ||||||||||||
Insurance investment results (Notes 2 and 5) |
51 | 76 | (4) | 127 | 56 | ||||||||||||
| Share of profit (loss) in associates and joint ventures | 37 | 41 | (2) | 78 | 47 | ||||||||||||
| Other revenues (losses) | 112 | 77 | (62) | 189 | 42 | ||||||||||||
| 4,299 | 4,181 | 3,582 | 8,480 | 7,450 | |||||||||||||
| Total Revenue | 9,567 | 9,824 | 8,679 | 19,391 | 17,945 | ||||||||||||
Provision for Credit Losses (Note 3) |
739 | 746 | 1,054 | 1,485 | 2,065 | ||||||||||||
| Non-Interest Expense | |||||||||||||||||
| Employee compensation | 3,083 | 3,552 | 2,850 | 6,635 | 6,085 | ||||||||||||
| Premises and equipment | 1,140 | 1,140 | 1,086 | 2,280 | 2,172 | ||||||||||||
| Amortization of intangible assets | 296 | 294 | 296 | 590 | 584 | ||||||||||||
| Advertising and business development | 194 | 180 | 210 | 374 | 384 | ||||||||||||
| Communications | 85 | 81 | 95 | 166 | 181 | ||||||||||||
| Professional fees | 152 | 168 | 141 | 320 | 287 | ||||||||||||
| Association, clearing and annual regulator fees | 79 | 71 | 85 | 150 | 161 | ||||||||||||
| Other | 301 | 267 | 256 | 568 | 592 | ||||||||||||
| 5,330 | 5,753 | 5,019 | 11,083 | 10,446 | |||||||||||||
| Income Before Provision for Income Taxes | 3,498 | 3,325 | 2,606 | 6,823 | 5,434 | ||||||||||||
Provision for income taxes (Note 11) |
868 | 836 | 644 | 1,704 | 1,334 | ||||||||||||
| Net Income | $ | 2,630 | $ | 2,489 | $ | 1,962 | $ | 5,119 | $ | 4,100 | |||||||
| Attributable to: | |||||||||||||||||
| Bank shareholders | $ | 2,626 | $ | 2,490 | $ | 1,960 | $ | 5,116 | $ | 4,094 | |||||||
| Non-controlling interest in subsidiaries | 4 | (1) | 2 | 3 | 6 | ||||||||||||
| Net Income | $ | 2,630 | $ | 2,489 | $ | 1,962 | $ | 5,119 | $ | 4,100 | |||||||
Earnings Per Common Share (Canadian $) (Note 10) |
|||||||||||||||||
| Basic | $ | 3.54 | $ | 3.40 | $ | 2.51 | $ | 6.94 | $ | 5.34 | |||||||
| Diluted | 3.53 | 3.39 | 2.50 | 6.92 | 5.34 | ||||||||||||
| Dividends per common share | 1.67 | 1.67 | 1.59 | 3.34 | 3.18 | ||||||||||||
| (Unaudited) (Canadian $ in millions) | For the three months ended | For the six months ended | |||||||||||||||
| April 30, | January 31, | April 30, | April 30, | April 30, | |||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Net Income | $ | 2,630 | $ | 2,489 | $ | 1,962 | $ | 5,119 | $ | 4,100 | |||||||
Other Comprehensive Income (Loss), net of taxes |
|||||||||||||||||
| Items that will subsequently be reclassified to net income | |||||||||||||||||
| Net change in unrealized gains (losses) on fair value through OCI debt securities | |||||||||||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period (1) |
(61) | 203 | (137) | 142 | (17) | ||||||||||||
Reclassification to earnings of (gains) during the period (2) |
(22) | (11) | (15) | (33) | (21) | ||||||||||||
| (83) | 192 | (152) | 109 | (38) | |||||||||||||
| Net change in unrealized gains (losses) on derivatives designated as cash flow hedges | |||||||||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period (3) |
(798) | (569) | 818 | (1,367) | 1,193 | ||||||||||||
| Reclassification to earnings of losses on derivatives designated as cash flow hedges | |||||||||||||||||
during the period (4) |
189 | 173 | 184 | 362 | 525 | ||||||||||||
| (609) | (396) | 1,002 | (1,005) | 1,718 | |||||||||||||
| Net (losses) on translation of net foreign operations | |||||||||||||||||
| Unrealized (losses) on translation of net foreign operations | (21) | (1,931) | (3,205) | (1,952) | (593) | ||||||||||||
Unrealized gains on hedges of net foreign operations (5) |
8 | 532 | 747 | 540 | 206 | ||||||||||||
| (13) | (1,399) | (2,458) | (1,412) | (387) | |||||||||||||
| Items that will not be subsequently reclassified to net income | |||||||||||||||||
Net unrealized gains (losses) on fair value through OCI equity securities arising during the period (6) |
39 | (3) | – | 36 | (11) | ||||||||||||
Net gains (losses) on remeasurement of pension and other employee future benefit plans (7) |
64 | 56 | (28) | 120 | (6) | ||||||||||||
| Net gains (losses) on remeasurement of own credit risk on financial liabilities | |||||||||||||||||
designated at fair value (8) |
292 | (242) | 146 | 50 | 58 | ||||||||||||
| 395 | (189) | 118 | 206 | 41 | |||||||||||||
| Total Other Comprehensive Income (Loss), net of taxes | (310) | (1,792) | (1,490) | (2,102) | 1,334 | ||||||||||||
| Total Comprehensive Income | $ | 2,320 | $ | 697 | $ | 472 | $ | 3,017 | $ | 5,434 | |||||||
| Attributable to: | |||||||||||||||||
| Bank shareholders | $ | 2,316 | $ | 698 | $ | 470 | $ | 3,014 | $ | 5,428 | |||||||
| Non-controlling interest in subsidiaries | 4 | (1) | 2 | 3 | 6 | ||||||||||||
| Total Comprehensive Income | $ | 2,320 | $ | 697 | $ | 472 | $ | 3,017 | $ | 5,434 | |||||||
| (Unaudited) (Canadian $ in millions) | As at | |||||||
| April 30, | October 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Cash and Cash Equivalents | $ | 63,822 | $ | 67,484 | ||||
| Interest Bearing Deposits with Banks | 3,325 | 2,838 | ||||||
Securities (Note 2) |
||||||||
| Trading | 207,475 | 192,303 | ||||||
| Fair value through profit or loss | 23,250 | 21,354 | ||||||
| Fair value through other comprehensive income | 122,176 | 113,209 | ||||||
| Debt securities at amortized cost | 91,678 | 96,610 | ||||||
| 444,579 | 423,476 | |||||||
| Securities Borrowed or Purchased Under Resale Agreements | 117,684 | 129,421 | ||||||
Loans (Note 3) |
||||||||
| Residential mortgages | 193,816 | 196,033 | ||||||
| Consumer instalment and other personal | 92,380 | 92,741 | ||||||
| Credit cards | 11,986 | 12,649 | ||||||
| Business and government | 385,632 | 380,788 | ||||||
| 683,814 | 682,211 | |||||||
Allowance for credit losses (Note 3) |
(5,064) | (5,050) | ||||||
| 678,750 | 677,161 | |||||||
| Other Assets | ||||||||
| Derivative instruments | 62,358 | 57,151 | ||||||
Customers’ liability under acceptances |
1,195 | 711 | ||||||
| Premises and equipment | 6,169 | 6,252 | ||||||
Goodwill |
16,596 | 16,797 | ||||||
Intangible assets |
5,043 | 4,758 | ||||||
| Current tax assets | 1,870 | 1,970 | ||||||
| Deferred tax assets | 2,776 | 2,732 | ||||||
| Receivable from brokers, dealers and clients | 50,333 | 43,167 | ||||||
| Other | 45,043 | 42,884 | ||||||
| 191,383 | 176,422 | |||||||
| Total Assets | $ | 1,499,543 | $ | 1,476,802 | ||||
| Liabilities and Equity | ||||||||
Deposits (Note 4) |
$ | 966,901 | $ | 976,202 | ||||
| Other Liabilities | ||||||||
| Derivative instruments | 64,056 | 58,729 | ||||||
| Acceptances | 1,195 | 711 | ||||||
| Securities sold but not yet purchased | 62,947 | 54,876 | ||||||
| Securities lent or sold under repurchase agreements | 125,684 | 134,967 | ||||||
Securitization and structured entities’ liabilities |
63,537 | 51,562 | ||||||
Insurance-related liabilities (Note 5) |
21,121 | 20,436 | ||||||
| Payable to brokers, dealers and clients | 56,714 | 45,170 | ||||||
| Other | 43,435 | 37,549 | ||||||
| 438,689 | 404,000 | |||||||
Subordinated Debt (Note 4) |
8,336 | 8,500 | ||||||
| Total Liabilities | 1,413,926 | 1,388,702 | ||||||
| Equity | ||||||||
Preferred shares and other equity instruments (Note 6) |
7,706 | 8,956 | ||||||
Common shares (Note 6) |
23,537 | 23,359 | ||||||
| Contributed surplus | 390 | 373 | ||||||
| Retained earnings | 48,053 | 47,377 | ||||||
| Accumulated other comprehensive income | 5,884 | 7,986 | ||||||
| Total shareholders’ equity | 85,570 | 88,051 | ||||||
Non-controlling interest in subsidiaries |
47 | 49 | ||||||
| Total Equity | 85,617 | 88,100 | ||||||
| Total Liabilities and Equity | $ | 1,499,543 | $ | 1,476,802 | ||||
| (Unaudited) (Canadian $ in millions) | For the three months ended | For the six months ended | ||||||||||||
| April 30, | April 30, | April 30, | April 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
Preferred Shares and Other Equity Instruments (Note 6) |
||||||||||||||
| Balance at beginning of period | $ | 7,706 | $ | 7,787 | $ | 8,956 | $ | 8,087 | ||||||
| Redeemed during the period | – | – | (1,250) | (300) | ||||||||||
Balance at end of period |
7,706 | 7,787 | 7,706 | 7,787 | ||||||||||
Common Shares (Note 6) |
||||||||||||||
| Balance at beginning of period | 23,708 | 23,923 | 23,359 | 23,921 | ||||||||||
| Issued under the Stock Option Plan | 22 | 22 | 97 | 71 | ||||||||||
| Treasury shares sold | 8 | 14 | – | 7 | ||||||||||
| Purchased for cancellation | (201) | (229) | (400) | (269) | ||||||||||
Issued for acquisition (Note 13) |
– | – | 481 | – | ||||||||||
Balance at end of period |
23,537 | 23,730 | 23,537 | 23,730 | ||||||||||
| Contributed Surplus | ||||||||||||||
| Balance at beginning of period | 379 | 363 | 373 | 354 | ||||||||||
| Stock option expense, net of options exercised | 14 | (3) | 21 | 5 | ||||||||||
Net premium (discount) on sale of treasury shares |
(3) | 7 | (4) | 8 | ||||||||||
Balance at end of period |
390 | 367 | 390 | 367 | ||||||||||
| Retained Earnings | ||||||||||||||
| Balance at beginning of period | 47,718 | 47,243 | 47,377 | 46,469 | ||||||||||
| Net income attributable to bank shareholders | 2,626 | 1,960 | 5,116 | 4,094 | ||||||||||
| Dividends on preferred shares and distributions payable on other equity instruments | (139) | (142) | (220) | (207) | ||||||||||
| Dividends on common shares | (1,170) | (1,151) | (2,349) | (2,310) | ||||||||||
Common shares purchased for cancellation (Note 6) |
(982) | (752) | (1,871) | (888) | ||||||||||
Balance at end of period |
48,053 | 47,158 | 48,053 | 47,158 | ||||||||||
Accumulated Other Comprehensive Income (Loss) on Fair Value through OCI Securities, net of taxes |
||||||||||||||
| Balance at beginning of period | 100 | (218) | (89) | (321) | ||||||||||
| Unrealized gains (losses) on fair value through OCI debt securities arising during the period | (61) | (137) | 142 | (17) | ||||||||||
| Unrealized gains (losses) on fair value through OCI equity securities arising during the period | 39 | – | 36 | (11) | ||||||||||
Reclassification to earnings of (gains) during the period |
(22) | (15) | (33) | (21) | ||||||||||
Balance at end of period |
56 | (370) | 56 | (370) | ||||||||||
| Accumulated Other Comprehensive Income (Loss) on Cash Flow Hedges, net of taxes | ||||||||||||||
| Balance at beginning of period | 131 | (803) | 527 | (1,519) | ||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period |
(798) | 818 | (1,367) | 1,193 | ||||||||||
Reclassification to earnings of losses on derivatives designated as cash flow hedges during the period |
189 | 184 | 362 | 525 | ||||||||||
Balance at end of period |
(478) | 199 | (478) | 199 | ||||||||||
| Accumulated Other Comprehensive Income on Translation of Net Foreign Operations, net of taxes | ||||||||||||||
| Balance at beginning of period | 5,379 | 8,452 | 6,778 | 6,381 | ||||||||||
| Unrealized (losses) on translation of net foreign operations | (21) | (3,205) | (1,952) | (593) | ||||||||||
| Unrealized gains on hedges of net foreign operations | 8 | 747 | 540 | 206 | ||||||||||
Balance at end of period |
5,366 | 5,994 | 5,366 | 5,994 | ||||||||||
| Accumulated Other Comprehensive Income on Pension and Other Employee | ||||||||||||||
| Future Benefit Plans, net of taxes | ||||||||||||||
| Balance at beginning of period | 1,067 | 896 | 1,011 | 874 | ||||||||||
| Gains (losses) on remeasurement of pension and other employee future benefit plans | 64 | (28) | 120 | (6) | ||||||||||
Balance at end of period |
1,131 | 868 | 1,131 | 868 | ||||||||||
| Accumulated Other Comprehensive Income (Loss) on Own Credit Risk on Financial Liabilities | ||||||||||||||
| Designated at Fair Value, net of taxes | ||||||||||||||
| Balance at beginning of period | (483) | (84) | (241) | 4 | ||||||||||
| Gains on remeasurement of own credit risk on financial liabilities designated at fair value | 292 | 146 | 50 | 58 | ||||||||||
Balance at end of period |
(191) | 62 | (191) | 62 | ||||||||||
| Total Accumulated Other Comprehensive Income | 5,884 | 6,753 | 5,884 | 6,753 | ||||||||||
| Total Shareholders’ Equity | 85,570 | 85,795 | 85,570 | 85,795 | ||||||||||
Non-Controlling Interest in Subsidiaries |
||||||||||||||
| Balance at beginning of period | 46 | 41 | 49 | 36 | ||||||||||
| Net income attributable to non-controlling interest in subsidiaries | 4 | 2 | 3 | 6 | ||||||||||
| Dividends to non-controlling interest in subsidiaries | (3) | (3) | (3) | (3) | ||||||||||
| Other | – | (2) | (2) | (1) | ||||||||||
Balance at end of period |
47 | 38 | 47 | 38 | ||||||||||
| Total Equity | $ | 85,617 | $ | 85,833 | $ | 85,617 | $ | 85,833 | ||||||
(Unaudited) (Canadian $ in millions) |
For the three months ended | For the six months ended | ||||||||||||
| April 30, | April 30, | April 30, | April 30, | |||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Cash Flows Provided by (Used in) Operating Activities | ||||||||||||||
| Net Income | $ | 2,630 | $ | 1,962 | $ | 5,119 | $ | 4,100 | ||||||
Adjustments to determine net cash flows provided by operating activities: |
||||||||||||||
Securities (gains), other than trading (Note 2) |
(86) | (66) | (171) | (124) | ||||||||||
| Depreciation of premises and equipment | 248 | 245 | 499 | 498 | ||||||||||
| Depreciation of other assets | 1 | 3 | 3 | 7 | ||||||||||
| Amortization of intangible assets | 296 | 296 | 590 | 584 | ||||||||||
Write-down of goodwill and intangible assets |
18 | – | 29 | 1 | ||||||||||
Provision for credit losses (Note 3) |
739 | 1,054 | 1,485 | 2,065 | ||||||||||
| Deferred taxes | (131) | 65 | (115) | 236 | ||||||||||
| Share of (profit) loss in associates and joint ventures | (37) | 2 | (78) | (47) | ||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||
Trading securities |
(11,765) | 2,722 | (20,060) | (5,370) | ||||||||||
Derivative assets |
12,946 | 7,520 | 449 | (782) | ||||||||||
Derivative liabilities |
(7,706) | (10,570) | 434 | (2,187) | ||||||||||
| Current income taxes | 325 | 146 | 107 | 170 | ||||||||||
Accrued interest receivable and payable |
209 | (166) | (106) | (415) | ||||||||||
| Insurance-related liabilities | (83) | (203) | 685 | 568 | ||||||||||
Brokers, dealers and clients receivable and payable |
8,315 | (2,899) | 4,449 | (2,216) | ||||||||||
| Other items and accruals, net | (6,257) | 6,473 | (3,182) | (2,699) | ||||||||||
Deposits |
13,243 | (12,363) | 7,709 | (21,405) | ||||||||||
| Loans | (11,428) | (3,307) | (12,252) | (2,001) | ||||||||||
Securities sold but not yet purchased |
15,654 | 10,577 | 9,181 | 18,635 | ||||||||||
Securities lent or sold under repurchase agreements |
(6,562) | 769 | (6,072) | 9,029 | ||||||||||
| Securities borrowed or purchased under resale agreements | (8,203) | (12,182) | 9,098 | (9,271) | ||||||||||
Securitization and structured entities’ liabilities |
6,758 | 6,729 | 13,123 | 12,303 | ||||||||||
| Net Cash Provided by (Used in) Operating Activities | 9,124 | (3,193) | 10,924 | 1,679 | ||||||||||
| Cash Flows Provided by (Used in) Financing Activities | ||||||||||||||
Net increase (decrease) in liabilities of subsidiaries |
3,763 | 279 | 6,817 | (715) | ||||||||||
Proceeds from issuance of subordinated debt (Note 4) |
– | 1,250 | – | 1,250 | ||||||||||
Repayment of subordinated debt (Note 4) |
– | – | (25) | – | ||||||||||
Redemption of preferred shares (Note 6) |
– | – | (1,250) | (300) | ||||||||||
Net proceeds from issuance of common shares (Note 6) |
20 | 20 | 88 | 64 | ||||||||||
| Net sale (purchase) of treasury shares | 5 | 22 | (4) | 15 | ||||||||||
Common shares repurchased for cancellation (Note 6) |
(1,160) | (963) | (2,228) | (1,136) | ||||||||||
| Cash dividends and distributions paid | (1,260) | (1,224) | (2,578) | (2,507) | ||||||||||
| Cash dividends paid to non-controlling interest | (3) | (3) | (3) | (3) | ||||||||||
| Repayment of lease liabilities | (100) | (78) | (179) | (138) | ||||||||||
| Net Cash Provided by (Used in) Financing Activities | 1,265 | (697) | 638 | (3,470) | ||||||||||
| Cash Flows Provided by (Used in) Investing Activities | ||||||||||||||
| Interest bearing deposits with banks | (472) | (20) | (586) | 432 | ||||||||||
| Purchases of securities, other than trading | (24,340) | (16,819) | (37,903) | (35,375) | ||||||||||
| Maturities of securities, other than trading | 6,150 | 8,682 | 11,138 | 25,382 | ||||||||||
| Proceeds from sales of securities, other than trading | 5,558 | 3,984 | 14,977 | 13,111 | ||||||||||
| Net purchases of premises and equipment and software | (476) | (439) | (860) | (825) | ||||||||||
Acquisition (Note 13) (1) |
– | – | (48) | – | ||||||||||
| Net Cash Provided by (Used in) Investing Activities | (13,580) | (4,612) | (13,282) | 2,725 | ||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (365) | (2,596) | (1,942) | (670) | ||||||||||
Net increase (decrease) in Cash and Cash Equivalents |
(3,556) | (11,098) | (3,662) | 264 | ||||||||||
| Cash and Cash Equivalents at Beginning of Period | 67,378 | 76,460 | 67,484 | 65,098 | ||||||||||
Cash and Cash Equivalents at End of Period (2) |
$ | 63,822 | $ | 65,362 | $ | 63,822 | $ | 65,362 | ||||||
| Supplemental Disclosure of Cash Flow Information | ||||||||||||||
| Net cash provided by operating activities includes: | ||||||||||||||
Interest paid in the period (3) |
$ | 9,333 | $ | 10,423 | $ | 19,159 | $ | 22,100 | ||||||
| Income taxes paid in the period | 476 | 826 | 1,359 | 1,306 | ||||||||||
| Interest received in the period | 14,145 | 14,807 | 28,812 | 30,920 | ||||||||||
| Dividends received in the period | 779 | 637 | 1,362 | 1,363 | ||||||||||
| (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | ||||||
Trading securities (1) |
$ | 207,475 | $ | 192,303 | ||||
Fair value through profit or loss securities (FVTPL) |
||||||||
FVTPL securities mandatorily measured at fair value |
8,121 | 7,818 | ||||||
FVTPL investment securities held by Insurance subsidiaries designated at fair value |
15,129 | 13,536 | ||||||
Total FVTPL securities |
23,250 | 21,354 | ||||||
Fair value through other comprehensive income (FVOCI) securities (2) |
122,176 | 113,209 | ||||||
Amortized cost securities (3) |
91,678 | 96,610 | ||||||
Total |
$ | 444,579 | $ | 423,476 | ||||
| (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | ||||||||||||
| Carrying value | Fair value | Carrying value | Fair value | |||||||||||
| Issued or guaranteed by: | ||||||||||||||
| Canadian federal government | $ | 810 | $ | 810 | $ | 949 | $ | 943 | ||||||
| Canadian provincial and municipal governments | 7,055 | 7,108 | 6,182 | 6,220 | ||||||||||
| U.S. federal government | 41,234 | 38,671 | 43,468 | 40,432 | ||||||||||
| U.S. states, municipalities and agencies | 145 | 145 | 165 | 167 | ||||||||||
| Other governments | 451 | 451 | 525 | 523 | ||||||||||
NHA MBS, U.S. agency MBS and CMO (1) |
35,154 | 32,217 | 37,770 | 34,838 | ||||||||||
| Corporate debt | 6,829 | 6,620 | 7,551 | 7,325 | ||||||||||
| Total | $ | 91,678 | $ | 86,022 | $ | 96,610 | $ | 90,448 | ||||||
| (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | ||||||||||||||||||||||||
Cost or |
Gross | Gross | Cost or | Gross | Gross | |||||||||||||||||||||
amortized |
unrealized | unrealized | amortized | unrealized | unrealized | |||||||||||||||||||||
| cost | gains | losses | Fair value | cost | gains | losses | Fair value | |||||||||||||||||||
| Issued or guaranteed by: | ||||||||||||||||||||||||||
| Canadian federal government | $ | 49,498 | $ | 138 | $ | (139) | $ | 49,497 | $ | 44,894 | $ | 443 | $ | (2) | $ | 45,335 | ||||||||||
| Canadian provincial and municipal governments | 7,866 | 64 | (37) | 7,893 | 5,525 | 132 | (13) | 5,644 | ||||||||||||||||||
| U.S. federal government | 23,642 | 150 | (111) | 23,681 | 20,515 | 327 | (33) | 20,809 | ||||||||||||||||||
| U.S. states, municipalities and agencies | 4,598 | 42 | (62) | 4,578 | 5,622 | 77 | (65) | 5,634 | ||||||||||||||||||
| Other governments | 3,840 | 12 | (14) | 3,838 | 4,039 | 35 | (9) | 4,065 | ||||||||||||||||||
| NHA MBS, U.S. agency MBS and CMO | 27,961 | 189 | (232) | 27,918 | 26,946 | 291 | (222) | 27,015 | ||||||||||||||||||
| Corporate debt | 4,584 | 13 | (15) | 4,582 | 4,491 | 37 | (13) | 4,515 | ||||||||||||||||||
| Corporate equity | 166 | 23 | – | 189 | 165 | 27 | – | 192 | ||||||||||||||||||
| Total | $ | 122,155 | $ | 631 | $ | (610) | $ | 122,176 | $ | 112,197 | $ | 1,369 | $ | (357) | $ | 113,209 | ||||||||||
| (Canadian $ in millions) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| FVOCI securities | $ | 1,054 | $ | 1,079 | $ | 2,099 | $ | 2,176 | ||||||
| Amortized cost securities | 479 | 661 | 1,008 | 1,466 | ||||||||||
| Total | $ | 1,533 | $ | 1,740 | $ | 3,107 | $ | 3,642 | ||||||
| (Canadian $ in millions) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| FVTPL securities | $ | 60 | $ | 47 | $ | 128 | $ | 96 | ||||||
FVOCI securities - net realized gains (1) |
32 | 20 | 46 | 29 | ||||||||||
| Impairment on FVOCI and amortized cost securities | (6) | (1) | (3) | (1) | ||||||||||
| Securities gains, other than trading | $ | 86 | $ | 66 | $ | 171 | $ | 124 | ||||||
| (Canadian $ in millions) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| Interest and dividend income | $ | 150 | $ | 133 | $ | 296 | $ | 269 | ||||||
Losses from securities designated at FVTPL (1) |
(194) | (304) | (393) | (23) | ||||||||||
| Realized gains (losses) from FVOCI securities | (3) | 2 | (2) | 2 | ||||||||||
| Total interest and dividend income and gains held in our Insurance business | $ | (47) | $ | (169) | $ | (99) | $ | 248 | ||||||
| (Canadian $ in millions) | ||||||||||||||||||||||||||
| For the three months ended | April 30, 2026 | April 30, 2025 | ||||||||||||||||||||||||
| Stage 1 | Stage 2 | Stage 3 (1) |
Total | Stage 1 | Stage 2 | Stage 3 (1) |
Total | |||||||||||||||||||
| Loans: Residential mortgages | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 55 | $ | 180 | $ | 17 | $ | 252 | $ | 62 | $ | 191 | $ | 22 | $ | 275 | ||||||||||
| Transfer to Stage 1 | 62 | (62) | – | – | 37 | (37) | – | – | ||||||||||||||||||
| Transfer to Stage 2 | (3) | 22 | (19) | – | (3) | 7 | (4) | – | ||||||||||||||||||
| Transfer to Stage 3 | – | (16) | 16 | – | – | (10) | 10 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (2) | 18 | 27 | 43 | (32) | 50 | 5 | 23 | ||||||||||||||||||
| Loan originations | 3 | – | – | 3 | 5 | – | – | 5 | ||||||||||||||||||
| Derecognitions and maturities | (1) | (5) | – | (6) | – | (3) | – | (3) | ||||||||||||||||||
Model changes (2) |
(64) | 12 | – | (52) | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
(5) | (31) | 24 | (12) | 7 | 7 | 11 | 25 | ||||||||||||||||||
Write-offs (4) |
– | – | (4) | (4) | – | – | (4) | (4) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 2 | 2 | – | – | 3 | 3 | ||||||||||||||||||
| Foreign exchange and other | (1) | 1 | (17) | (17) | (2) | (4) | (14) | (20) | ||||||||||||||||||
| Balance as at end of period | $ | 49 | $ | 150 | $ | 22 | $ | 221 | $ | 67 | $ | 194 | $ | 18 | $ | 279 | ||||||||||
| Loans: Consumer instalment and other personal | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 193 | $ | 558 | $ | 183 | $ | 934 | $ | 194 | $ | 514 | $ | 183 | $ | 891 | ||||||||||
| Transfer to Stage 1 | 79 | (75) | (4) | – | 74 | (70) | (4) | – | ||||||||||||||||||
| Transfer to Stage 2 | (15) | 26 | (11) | – | (15) | 28 | (13) | – | ||||||||||||||||||
| Transfer to Stage 3 | (2) | (47) | 49 | – | (2) | (43) | 45 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (46) | 149 | 121 | 224 | (67) | 133 | 108 | 174 | ||||||||||||||||||
| Loan originations | 11 | – | – | 11 | 7 | – | – | 7 | ||||||||||||||||||
| Derecognitions and maturities | (4) | (11) | – | (15) | (4) | (10) | – | (14) | ||||||||||||||||||
Model changes (2) |
(11) | 2 | – | (9) | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
12 | 44 | 155 | 211 | (7) | 38 | 136 | 167 | ||||||||||||||||||
Write-offs (4) |
– | – | (183) | (183) | – | – | (168) | (168) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 41 | 41 | – | – | 44 | 44 | ||||||||||||||||||
| Foreign exchange and other | (1) | (1) | (34) | (36) | (4) | (7) | (16) | (27) | ||||||||||||||||||
| Balance as at end of period | $ | 204 | $ | 601 | $ | 162 | $ | 967 | $ | 183 | $ | 545 | $ | 179 | $ | 907 | ||||||||||
| Loans: Credit cards | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 205 | $ | 593 | $ | – | $ | 798 | $ | 229 | $ | 492 | $ | – | $ | 721 | ||||||||||
| Transfer to Stage 1 | 109 | (109) | – | – | 58 | (58) | – | – | ||||||||||||||||||
| Transfer to Stage 2 | (18) | 19 | (1) | – | (24) | 24 | – | – | ||||||||||||||||||
| Transfer to Stage 3 | (1) | (127) | 128 | – | (2) | (112) | 114 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (82) | 204 | 71 | 193 | (55) | 189 | 81 | 215 | ||||||||||||||||||
| Loan originations | 10 | – | – | 10 | 18 | – | – | 18 | ||||||||||||||||||
| Derecognitions and maturities | (3) | (11) | – | (14) | (4) | (10) | – | (14) | ||||||||||||||||||
Model changes (2) |
(4) | – | – | (4) | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
11 | (24) | 198 | 185 | (9) | 33 | 195 | 219 | ||||||||||||||||||
Write-offs (4) |
– | – | (219) | (219) | – | – | (230) | (230) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 44 | 44 | – | – | 56 | 56 | ||||||||||||||||||
| Foreign exchange and other | 1 | 1 | (23) | (21) | (3) | (17) | (21) | (41) | ||||||||||||||||||
| Balance as at end of period | $ | 217 | $ | 570 | $ | – | $ | 787 | $ | 217 | $ | 508 | $ | – | $ | 725 | ||||||||||
| Loans: Business and government | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 933 | $ | 1,892 | $ | 944 | $ | 3,769 | $ | 860 | $ | 1,938 | $ | 753 | $ | 3,551 | ||||||||||
| Transfer to Stage 1 | 210 | (206) | (4) | – | 93 | (88) | (5) | – | ||||||||||||||||||
| Transfer to Stage 2 | (87) | 145 | (58) | – | (59) | 89 | (30) | – | ||||||||||||||||||
| Transfer to Stage 3 | (1) | (81) | 82 | – | (2) | (82) | 84 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (199) | (193) | 337 | (55) | 4 | 318 | 374 | 696 | ||||||||||||||||||
| Loan originations | 73 | – | – | 73 | 68 | – | – | 68 | ||||||||||||||||||
| Derecognitions and maturities | (30) | (120) | – | (150) | (30) | (99) | – | (129) | ||||||||||||||||||
Model changes (2) |
10 | 468 | – | 478 | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
(24) | 13 | 357 | 346 | 74 | 138 | 423 | 635 | ||||||||||||||||||
Write-offs (4) |
– | – | (343) | (343) | – | – | (371) | (371) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 54 | 54 | – | – | 93 | 93 | ||||||||||||||||||
| Foreign exchange and other | (1) | 33 | (35) | (3) | (32) | (54) | (117) | (203) | ||||||||||||||||||
| Balance as at end of period | $ | 908 | $ | 1,938 | $ | 977 | $ | 3,823 | $ | 902 | $ | 2,022 | $ | 781 | $ | 3,705 | ||||||||||
| Total as at end of period | $ | 1,378 | $ | 3,259 | $ | 1,161 | $ | 5,798 | $ | 1,369 | $ | 3,269 | $ | 978 | $ | 5,616 | ||||||||||
| Comprising: Loans | $ | 1,068 | $ | 2,895 | $ | 1,101 | $ | 5,064 | $ | 1,112 | $ | 2,938 | $ | 910 | $ | 4,960 | ||||||||||
Other credit instruments (5) |
310 | 364 | 60 | 734 | 257 | 331 | 68 | 656 | ||||||||||||||||||
| (Canadian $ in millions) | ||||||||||||||||||||||||||
| For the six months ended | April 30, 2026 | April 30, 2025 | ||||||||||||||||||||||||
| Stage 1 | Stage 2 | Stage 3 (1) |
Total | Stage 1 | Stage 2 | Stage 3 (1) |
Total | |||||||||||||||||||
| Loans: Residential mortgages | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 56 | $ | 179 | $ | 12 | $ | 247 | $ | 56 | $ | 186 | $ | 19 | $ | 261 | ||||||||||
| Transfer to Stage 1 | 84 | (83) | (1) | – | 82 | (81) | (1) | – | ||||||||||||||||||
| Transfer to Stage 2 | (7) | 40 | (33) | – | (5) | 14 | (9) | – | ||||||||||||||||||
| Transfer to Stage 3 | – | (30) | 30 | – | – | (18) | 18 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (22) | 45 | 47 | 70 | (74) | 101 | 18 | 45 | ||||||||||||||||||
| Loan originations | 6 | – | – | 6 | 10 | – | – | 10 | ||||||||||||||||||
| Derecognitions and maturities | (3) | (11) | – | (14) | (1) | (7) | – | (8) | ||||||||||||||||||
Model changes (2) |
(64) | 12 | – | (52) | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
(6) | (27) | 43 | 10 | 12 | 9 | 26 | 47 | ||||||||||||||||||
Write-offs (4) |
– | – | (6) | (6) | – | – | (5) | (5) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 5 | 5 | – | – | 4 | 4 | ||||||||||||||||||
| Foreign exchange and other | (1) | (2) | (32) | (35) | (1) | (1) | (26) | (28) | ||||||||||||||||||
| Balance as at end of period | $ | 49 | $ | 150 | $ | 22 | $ | 221 | $ | 67 | $ | 194 | $ | 18 | $ | 279 | ||||||||||
| Loans: Consumer instalment and other personal | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 200 | $ | 555 | $ | 160 | $ | 915 | $ | 197 | $ | 471 | $ | 175 | $ | 843 | ||||||||||
| Transfer to Stage 1 | 163 | (156) | (7) | – | 147 | (137) | (10) | – | ||||||||||||||||||
| Transfer to Stage 2 | (32) | 53 | (21) | – | (28) | 53 | (25) | – | ||||||||||||||||||
| Transfer to Stage 3 | (4) | (94) | 98 | – | (4) | (85) | 89 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (118) | 265 | 255 | 402 | (135) | 264 | 246 | 375 | ||||||||||||||||||
| Loan originations | 17 | – | – | 17 | 16 | – | – | 16 | ||||||||||||||||||
| Derecognitions and maturities | (8) | (20) | – | (28) | (9) | (19) | – | (28) | ||||||||||||||||||
Model changes (2) |
(11) | 2 | – | (9) | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
7 | 50 | 325 | 382 | (13) | 76 | 300 | 363 | ||||||||||||||||||
Write-offs (4) |
– | – | (367) | (367) | – | – | (338) | (338) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 74 | 74 | – | – | 72 | 72 | ||||||||||||||||||
| Foreign exchange and other | (3) | (4) | (30) | (37) | (1) | (2) | (30) | (33) | ||||||||||||||||||
| Balance as at end of period | $ | 204 | $ | 601 | $ | 162 | $ | 967 | $ | 183 | $ | 545 | $ | 179 | $ | 907 | ||||||||||
| Loans: Credit cards | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 188 | $ | 603 | $ | – | $ | 791 | $ | 233 | $ | 472 | $ | – | $ | 705 | ||||||||||
| Transfer to Stage 1 | 203 | (203) | – | – | 124 | (124) | – | – | ||||||||||||||||||
| Transfer to Stage 2 | (35) | 36 | (1) | – | (46) | 46 | – | – | ||||||||||||||||||
| Transfer to Stage 3 | (3) | (247) | 250 | – | (4) | (219) | 223 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (145) | 405 | 133 | 393 | (115) | 364 | 160 | 409 | ||||||||||||||||||
| Loan originations | 19 | – | – | 19 | 33 | – | – | 33 | ||||||||||||||||||
| Derecognitions and maturities | (6) | (23) | – | (29) | (6) | (19) | – | (25) | ||||||||||||||||||
Model changes (2) |
(4) | – | – | (4) | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
29 | (32) | 382 | 379 | (14) | 48 | 383 | 417 | ||||||||||||||||||
Write-offs (4) |
– | – | (427) | (427) | – | – | (453) | (453) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 86 | 86 | – | – | 109 | 109 | ||||||||||||||||||
| Foreign exchange and other | – | (1) | (41) | (42) | (2) | (12) | (39) | (53) | ||||||||||||||||||
| Balance as at end of period | $ | 217 | $ | 570 | $ | – | $ | 787 | $ | 217 | $ | 508 | $ | – | $ | 725 | ||||||||||
| Loans: Business and government | ||||||||||||||||||||||||||
| Balance as at beginning of period | $ | 931 | $ | 1,997 | $ | 858 | $ | 3,786 | $ | 892 | $ | 1,698 | $ | 537 | $ | 3,127 | ||||||||||
| Transfer to Stage 1 | 324 | (316) | (8) | – | 252 | (231) | (21) | – | ||||||||||||||||||
| Transfer to Stage 2 | (158) | 242 | (84) | – | (170) | 238 | (68) | – | ||||||||||||||||||
| Transfer to Stage 3 | (3) | (167) | 170 | – | (4) | (220) | 224 | – | ||||||||||||||||||
| Net remeasurement of loss allowance | (259) | (11) | 645 | 375 | (143) | 706 | 780 | 1,343 | ||||||||||||||||||
| Loan originations | 157 | – | – | 157 | 146 | – | – | 146 | ||||||||||||||||||
| Derecognitions and maturities | (67) | (233) | – | (300) | (68) | (184) | – | (252) | ||||||||||||||||||
Model changes (2) |
10 | 468 | – | 478 | – | – | – | – | ||||||||||||||||||
Total PCL (3) |
4 | (17) | 723 | 710 | 13 | 309 | 915 | 1,237 | ||||||||||||||||||
Write-offs (4) |
– | – | (580) | (580) | – | – | (624) | (624) | ||||||||||||||||||
| Recoveries of previous write-offs | – | – | 111 | 111 | – | – | 154 | 154 | ||||||||||||||||||
| Foreign exchange and other | (27) | (42) | (135) | (204) | (3) | 15 | (201) | (189) | ||||||||||||||||||
| Balance as at end of period | $ | 908 | $ | 1,938 | $ | 977 | $ | 3,823 | $ | 902 | $ | 2,022 | $ | 781 | $ | 3,705 | ||||||||||
| Total as at end of period | $ | 1,378 | $ | 3,259 | $ | 1,161 | $ | 5,798 | $ | 1,369 | $ | 3,269 | $ | 978 | $ | 5,616 | ||||||||||
| Comprising: Loans | $ | 1,068 | $ | 2,895 | $ | 1,101 | $ | 5,064 | $ | 1,112 | $ | 2,938 | $ | 910 | $ | 4,960 | ||||||||||
Other credit instruments (5) |
310 | 364 | 60 | 734 | 257 | 331 | 68 | 656 | ||||||||||||||||||
| (Canadian $ in millions) | ||||||||||||||||||||||||||
| For the three months ended | April 30, 2026 | October 31, 2025 | ||||||||||||||||||||||||
Stage 1 |
Stage 2 | Stage 3 (1) |
Total | Stage 1 |
Stage 2 | Stage 3 (1) |
Total | |||||||||||||||||||
Loans: Residential mortgages (2) |
||||||||||||||||||||||||||
| Exceptionally low | $ | – | $ | – | $ | – | $ | – | $ | 1 | $ | – | $ | – | $ | 1 | ||||||||||
| Very low | 115,795 | 466 | – | 116,261 | 110,299 | 844 | – | 111,143 | ||||||||||||||||||
| Low | 43,689 | 5,138 | – | 48,827 | 50,148 | 3,051 | – | 53,199 | ||||||||||||||||||
| Medium | 6,360 | 4,925 | – | 11,285 | 7,048 | 6,713 | – | 13,761 | ||||||||||||||||||
| High | 303 | 3,349 | – | 3,652 | 240 | 3,032 | – | 3,272 | ||||||||||||||||||
Not rated (3) |
12,186 | 560 | – | 12,746 | 12,802 | 952 | – | 13,754 | ||||||||||||||||||
| Impaired | – | – | 1,045 | 1,045 | – | – | 903 | 903 | ||||||||||||||||||
| Gross residential mortgages | 178,333 | 14,438 | 1,045 | 193,816 | 180,538 | 14,592 | 903 | 196,033 | ||||||||||||||||||
| ACL | 49 | 150 | 22 | 221 | 56 | 178 | 12 | 246 | ||||||||||||||||||
| Carrying amount | 178,284 | 14,288 | 1,023 | 193,595 | 180,482 | 14,414 | 891 | 195,787 | ||||||||||||||||||
| Loans: Consumer instalment and other personal | ||||||||||||||||||||||||||
| Exceptionally low | 9,242 | 2 | – | 9,244 | 9,984 | 1 | – | 9,985 | ||||||||||||||||||
| Very low | 40,470 | 659 | – | 41,129 | 21,962 | 35 | – | 21,997 | ||||||||||||||||||
| Low | 7,664 | 1,869 | – | 9,533 | 26,238 | 2,682 | – | 28,920 | ||||||||||||||||||
| Medium | 6,801 | 6,213 | – | 13,014 | 6,991 | 5,566 | – | 12,557 | ||||||||||||||||||
| High | 735 | 2,566 | – | 3,301 | 670 | 2,164 | – | 2,834 | ||||||||||||||||||
Not rated (3) |
14,203 | 1,341 | – | 15,544 | 14,812 | 1,009 | – | 15,821 | ||||||||||||||||||
| Impaired | – | – | 615 | 615 | – | – | 627 | 627 | ||||||||||||||||||
| Gross consumer instalment and other personal | 79,115 | 12,650 | 615 | 92,380 | 80,657 | 11,457 | 627 | 92,741 | ||||||||||||||||||
| ACL | 183 | 569 | 162 | 914 | 182 | 532 | 160 | 874 | ||||||||||||||||||
| Carrying amount | 78,932 | 12,081 | 453 | 91,466 | 80,475 | 10,925 | 467 | 91,867 | ||||||||||||||||||
Loans: Credit cards (4) |
||||||||||||||||||||||||||
| Exceptionally low | 1,653 | – | – | 1,653 | 1,643 | – | – | 1,643 | ||||||||||||||||||
| Very low | 2,018 | 15 | – | 2,033 | 2,129 | 4 | – | 2,133 | ||||||||||||||||||
| Low | 1,714 | 71 | – | 1,785 | 1,846 | 80 | – | 1,926 | ||||||||||||||||||
| Medium | 3,331 | 834 | – | 4,165 | 3,550 | 1,191 | – | 4,741 | ||||||||||||||||||
| High | 961 | 1,029 | – | 1,990 | 592 | 1,232 | – | 1,824 | ||||||||||||||||||
Not rated (3) |
268 | 92 | – | 360 | 260 | 122 | – | 382 | ||||||||||||||||||
| Impaired | – | – | – | – | – | – | – | – | ||||||||||||||||||
| Gross credit cards | 9,945 | 2,041 | – | 11,986 | 10,020 | 2,629 | – | 12,649 | ||||||||||||||||||
| ACL | 145 | 506 | – | 651 | 125 | 527 | – | 652 | ||||||||||||||||||
| Carrying amount | 9,800 | 1,535 | – | 11,335 | 9,895 | 2,102 | – | 11,997 | ||||||||||||||||||
Loans: Business and government (2) (5) |
||||||||||||||||||||||||||
| Acceptable | ||||||||||||||||||||||||||
| Investment grade | 200,205 | 4,328 | – | 204,533 | 188,707 | 3,873 | – | 192,580 | ||||||||||||||||||
| Sub-investment grade | 127,073 | 31,111 | – | 158,184 | 139,069 | 22,700 | – | 161,769 | ||||||||||||||||||
| Watchlist | 120 | 18,711 | – | 18,831 | 123 | 21,466 | – | 21,589 | ||||||||||||||||||
| Impaired | – | – | 5,279 | 5,279 | – | – | 5,561 | 5,561 | ||||||||||||||||||
| Gross business and government | 327,398 | 54,150 | 5,279 | 386,827 | 327,899 | 48,039 | 5,561 | 381,499 | ||||||||||||||||||
| ACL | 691 | 1,670 | 917 | 3,278 | 756 | 1,720 | 802 | 3,278 | ||||||||||||||||||
| Carrying amount | 326,707 | 52,480 | 4,362 | 383,549 | 327,143 | 46,319 | 4,759 | 378,221 | ||||||||||||||||||
| Total gross loans and acceptances | 594,791 | 83,279 | 6,939 | 685,009 | 599,114 | 76,717 | 7,091 | 682,922 | ||||||||||||||||||
| Total net loans and acceptances | 593,723 | 80,384 | 5,838 | 679,945 | 597,995 | 73,760 | 6,117 | 677,872 | ||||||||||||||||||
| Commitments and financial guarantee contracts | ||||||||||||||||||||||||||
| Acceptable | ||||||||||||||||||||||||||
| Investment grade | 208,897 | 4,907 | – | 213,804 | 202,913 | 1,544 | – | 204,457 | ||||||||||||||||||
| Sub-investment grade | 55,164 | 18,491 | – | 73,655 | 65,393 | 13,733 | – | 79,126 | ||||||||||||||||||
| Watchlist | 10 | 7,275 | – | 7,285 | 6 | 9,086 | – | 9,092 | ||||||||||||||||||
| Impaired | – | – | 1,783 | 1,783 | – | – | 1,660 | 1,660 | ||||||||||||||||||
| Gross commitments and financial guarantee contracts | 264,071 | 30,673 | 1,783 | 296,527 | 268,312 | 24,363 | 1,660 | 294,335 | ||||||||||||||||||
| ACL | 310 | 364 | 60 | 734 | 256 | 377 | 56 | 689 | ||||||||||||||||||
Carrying amount (6) (7) |
$ | 263,761 | $ | 30,309 | $ | 1,723 | $ | 295,793 | $ | 268,056 | $ | 23,986 | $ | 1,604 | $ | 293,646 | ||||||||||
| (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | ||||||||||||||||||
| 30 to 89 days | 90 days or more (1) |
Total | 30 to 89 days | 90 days or more (1) |
Total | |||||||||||||||
| Residential mortgages | $ | 818 | $ | 13 | $ | 831 | $ | 854 | $ | 7 | $ | 861 | ||||||||
| Credit cards, consumer instalment and other personal | 689 | 166 | 855 | 661 | 171 | 832 | ||||||||||||||
| Business and government | 387 | 12 | 399 | 616 | 8 | 624 | ||||||||||||||
| Total | $ | 1,894 | $ | 191 | $ | 2,085 | $ | 2,131 | $ | 186 | $ | 2,317 | ||||||||
| As at April 30, 2026 | ||||||||||||||||||||||||||
Scenarios |
||||||||||||||||||||||||||
| All figures are average annual values | Upside |
Base |
Downside |
Severe downside |
||||||||||||||||||||||
| First 12 | Remaining | First 12 | Remaining | First 12 | Remaining | First 12 | Remaining | |||||||||||||||||||
| months | horizon (1) |
months | horizon (1) |
months | horizon (1) |
months | horizon (1) |
|||||||||||||||||||
Real GDP growth rates (2) |
||||||||||||||||||||||||||
| Canada | 4.3% | 2.9% | 1.5% | 2.1% | (2.6)% | 1.6% | (3.9)% | 1.2% | ||||||||||||||||||
| United States | 4.3% | 2.4% | 1.9% | 1.9% | (2.4)% | 1.4% | (3.5)% | 1.3% | ||||||||||||||||||
| Corporate BBB 10-year spread | ||||||||||||||||||||||||||
| Canada | 1.2% | 1.8% | 1.8% | 2.0% | 3.5% | 3.0% | 4.2% | 3.5% | ||||||||||||||||||
| United States | 0.9% | 1.5% | 1.6% | 1.9% | 3.6% | 3.0% | 4.6% | 3.6% | ||||||||||||||||||
| Unemployment rates | ||||||||||||||||||||||||||
| Canada | 5.5% | 5.0% | 6.7% | 6.2% | 9.4% | 9.6% | 9.9% | 10.5% | ||||||||||||||||||
| United States | 3.9% | 3.5% | 4.5% | 4.2% | 7.0% | 7.6% | 7.8% | 8.7% | ||||||||||||||||||
Housing Price Index (2) |
||||||||||||||||||||||||||
Canada (3) |
1.5% | 5.2% | (2.8)% | 2.8% | (11.3)% | (1.2)% | (20.6)% | (5.0)% | ||||||||||||||||||
United States (4) |
5.4% | 4.0% | 2.3% | 2.5% | (2.2)% | (11.0)% | (4.8)% | (17.8)% | ||||||||||||||||||
| As at October 31, 2025 | ||||||||||||||||||||||||||
| Scenarios | ||||||||||||||||||||||||||
| All figures are average annual values | Upside |
Base |
Downside |
Severe downside |
||||||||||||||||||||||
| First 12 | Remaining | First 12 | Remaining | First 12 | Remaining | First 12 | Remaining | |||||||||||||||||||
| months | horizon (1) | months | horizon (1) | months | horizon (1) | months | horizon (1) | |||||||||||||||||||
Real GDP growth rates (2) |
||||||||||||||||||||||||||
| Canada | 3.6% | 2.8% | 1.1% | 2.1% | (2.7)% | 1.6% | (4.0)% | 1.2% | ||||||||||||||||||
| United States | 4.5% | 2.4% | 1.7% | 1.8% | (2.3)% | 1.4% | (3.5)% | 1.3% | ||||||||||||||||||
| Corporate BBB 10-year spread | ||||||||||||||||||||||||||
| Canada | 1.2% | 1.8% | 1.7% | 2.0% | 3.4% | 3.0% | 4.2% | 3.5% | ||||||||||||||||||
| United States | 0.8% | 1.5% | 1.5% | 1.9% | 3.5% | 3.0% | 4.6% | 3.6% | ||||||||||||||||||
| Unemployment rates | ||||||||||||||||||||||||||
| Canada | 6.0% | 5.5% | 7.1% | 6.4% | 9.4% | 9.6% | 9.9% | 10.5% | ||||||||||||||||||
| United States | 3.6% | 3.1% | 4.5% | 4.4% | 6.8% | 7.5% | 7.5% | 8.4% | ||||||||||||||||||
Housing Price Index (2) |
||||||||||||||||||||||||||
Canada (3) |
3.9% | 5.8% | (0.4)% | 3.4% | (10.5)% | (0.7)% | (19.4)% | (5.0)% | ||||||||||||||||||
United States (4) |
3.7% | 3.9% | 0.7% | 2.4% | (11.6)% | (1.1)% | (20.0)% | (4.3)% | ||||||||||||||||||
| Payable on demand | ||||||||||||||||||||
| Non-interest | Payable | Payable on a | ||||||||||||||||||
| (Canadian $ in millions) | Interest bearing | bearing | after notice (1) |
fixed date (2) (3) |
April 30, 2026 | October 31, 2025 | ||||||||||||||
| Amortized cost deposits by: | ||||||||||||||||||||
Banks (4) |
$ | 4,645 | $ | 1,880 | $ | 1,403 | $ | 24,637 | $ | 32,565 | $ | 27,621 | ||||||||
Business and government (5) |
79,101 | 43,122 | 214,576 | 241,034 | 577,833 | 585,497 | ||||||||||||||
Individuals (5) |
3,894 | 38,753 | 152,914 | 98,476 | 294,037 | 306,922 | ||||||||||||||
| Total amortized cost deposits | 87,640 | 83,755 | 368,893 | 364,147 | 904,435 | 920,040 | ||||||||||||||
| Deposits at FVTPL | – | – | – | 62,466 | 62,466 | 56,162 | ||||||||||||||
Total (6) |
$ | 87,640 | $ | 83,755 | $ | 368,893 | $ | 426,613 | $ | 966,901 | $ | 976,202 | ||||||||
| Booked in: | ||||||||||||||||||||
| Canada | $ | 75,250 | $ | 72,436 | $ | 170,799 | $ | 298,403 | $ | 616,888 | $ | 620,858 | ||||||||
| United States | 12,309 | 11,319 | 194,288 | 71,443 | 289,359 | 305,472 | ||||||||||||||
| Other countries | 81 | – | 3,806 | 56,767 | 60,654 | 49,872 | ||||||||||||||
| Total | $ | 87,640 | $ | 83,755 | $ | 368,893 | $ | 426,613 | $ | 966,901 | $ | 976,202 | ||||||||
| (Canadian $ in millions) | Canada | United States | Other | Total | ||||||||||
| As at April 30, 2026 | $ | 255,381 | $ | 64,499 | $ | 56,767 | $ | 376,647 | ||||||
| As at October 31, 2025 | 259,670 | 69,206 | 47,386 | 376,262 | ||||||||||
| (Canadian $ in millions) | Less than 3 months | 3 to 6 months | 6 to 12 months | Over 12 months | Total | ||||||||||||
| As at April 30, 2026 | $ | 48,873 | $ | 33,260 | $ | 53,017 | $ | 120,231 | $ | 255,381 | |||||||
| As at October 31, 2025 | 51,591 | 32,105 | 56,129 | 119,845 | 259,670 | ||||||||||||
| (Canadian $ in millions) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| Insurance revenue | $ | 407 | $ | 474 | $ | 808 | $ | 944 | ||||||
| Insurance service expenses | (275) | (339) | (633) | (690) | ||||||||||
| Net expenses from reinsurance contracts | (32) | (12) | (6) | (40) | ||||||||||
| Insurance service results | $ | 100 | $ | 123 | $ | 169 | $ | 214 | ||||||
| (Canadian $ in millions) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| Investment return | $ | 53 | $ | (258) | $ | (5) | $ | 301 | ||||||
| Insurance finance income (expense) from insurance and reinsurance contracts held | 5 | 261 | 123 | (212) | ||||||||||
| Movement in investment contract liabilities | (7) | (7) | 9 | (33) | ||||||||||
| Insurance investment results | $ | 51 | $ | (4) | $ | 127 | $ | 56 | ||||||
| (Canadian $ in millions) | For the three months ended April 30, 2026 | For the three months ended April 30, 2025 | ||||||||||||||||||
| Liabilities for | Liabilities for | Liabilities for |
Liabilities for | |||||||||||||||||
| remaining coverage | incurred claims | Total | remaining coverage | incurred claims | Total | |||||||||||||||
| Insurance contract liabilities, beginning of period | $ | 19,448 | $ | 186 | $ | 19,634 | $ | 17,814 | $ | 218 | $ | 18,032 | ||||||||
| Insurance service results | (698) | 598 | (100) | (763) | 651 | (112) | ||||||||||||||
| Net finance expenses (income) from insurance contracts | 1 | – | 1 | (249) | – | (249) | ||||||||||||||
| Total cash flows | 628 | (610) | 18 | 828 | (675) | 153 | ||||||||||||||
| Other changes in the net carrying amount of the insurance contract | 9 | (9) | – | (1) | (7) | (8) | ||||||||||||||
Insurance contract liabilities, end of period (1) |
$ | 19,388 | $ | 165 | $ | 19,553 | $ | 17,629 | $ | 187 | $ | 17,816 | ||||||||
| (Canadian $ in millions) | For the six months ended April 30, 2026 | For the six months ended April 30, 2025 | ||||||||||||||||||
| Liabilities for | Liabilities for | Liabilities for | Liabilities for | |||||||||||||||||
| remaining coverage | incurred claims | Total | remaining coverage | incurred claims | Total | |||||||||||||||
| Insurance contract liabilities, beginning of period | $ | 18,664 | $ | 199 | $ | 18,863 | $ | 17,047 | $ | 201 | $ | 17,248 | ||||||||
| Insurance service results | (1,301) | 1,183 | (118) | (1,186) | 972 | (214) | ||||||||||||||
| Net finance expenses (income) from insurance contracts | (107) | – | (107) | 282 | – | 282 | ||||||||||||||
| Total cash flows | 2,124 | (1,206) | 918 | 1,486 | (983) | 503 | ||||||||||||||
| Other changes in the net carrying amount of the insurance contract | 8 | (11) | (3) | – | (3) | (3) | ||||||||||||||
Insurance contract liabilities, end of period (1) |
$ | 19,388 | $ | 165 | $ | 19,553 | $ | 17,629 | $ | 187 | $ | 17,816 | ||||||||
Portfolio duration: |
April 30, 2026 | October 31, 2025 | ||||||
| 1 year | 3.77 | % | 3.24 | % | ||||
| 3 years | 4.20 | % | 3.54 | % | ||||
| 5 years | 4.50 | % | 3.89 | % | ||||
| 10 years | 5.10 | % | 4.67 | % | ||||
| 20 years | 5.59 | % | 5.25 | % | ||||
| 30 years | 5.46 | % | 4.99 | % | ||||
| Ultimate | 4.95 | % | 5.00 | % | ||||
(Canadian $ in millions) |
April 30, 2026 | October 31, 2025 | ||||||
Interest Rate Sensitivity (1) (2) |
||||||||
| 50 basis point increase | $ | (10) | $ | 2 | ||||
50 basis point decrease |
7 | (6) | ||||||
Equity Market Sensitivity (3) |
||||||||
| 10% increase | $ | 7 | $ | 6 | ||||
| 10% decrease | (5) | (7) | ||||||
| (Canadian $ in millions, except as noted) | April 30, 2026 | October 31, 2025 | ||||||||||||||||||||||||
| Number | Dividends declared | Number | Dividends declared | |||||||||||||||||||||||
| of shares | Amount | per share (2) |
of shares | Amount | per share (2) |
Convertible into | ||||||||||||||||||||
| Preferred Shares – Classified as Equity | ||||||||||||||||||||||||||
| Class B – Series 44 | 16,000,000 | $ | 400 | $ | 0.85 | 16,000,000 | $ | 400 | $ | 1.70 | Class B - Series 45 | (3) (4) |
||||||||||||||
| Class B – Series 50 | 500,000 | 500 | 36.87 | 500,000 | 500 | 73.73 | Not convertible |
(4) |
||||||||||||||||||
| Class B – Series 52 | 650,000 | 650 | 35.29 | 650,000 | 650 | 70.57 | Not convertible |
(4) |
||||||||||||||||||
| Preferred Shares – Classified as Equity | $ | 1,550 | $ | 1,550 | ||||||||||||||||||||||
| Recourse to | ||||||||||||||||||||||||||
| Other Equity Instruments | ||||||||||||||||||||||||||
4.800% Additional Tier 1 Capital Notes (AT1 Notes) |
$ | 658 | $ | 658 | – | (4) (5) (6) |
||||||||||||||||||||
4.300% Limited Recourse Capital Notes, Series 1 (LRCNs, Series 1) |
– | 1,250 | – | (6) (7) | ||||||||||||||||||||||
5.625% Limited Recourse Capital Notes, Series 2 (LRCNs, Series 2) |
750 | 750 | Preferred Shares Series 49 | (4) (6) (8) |
||||||||||||||||||||||
7.325% Limited Recourse Capital Notes, Series 3 (LRCNs, Series 3) |
1,000 | 1,000 | Preferred Shares Series 51 | (4) (6) (8) |
||||||||||||||||||||||
7.700% Limited Recourse Capital Notes, Series 4 (LRCNs, Series 4) |
1,356 | 1,356 | Preferred Shares Series 53 |
(4) (6) (8) |
||||||||||||||||||||||
7.300% Limited Recourse Capital Notes, Series 5 (LRCNs, Series 5) |
1,023 | 1,023 | Preferred Shares Series 54 |
(4) (6) (8) |
||||||||||||||||||||||
6.875% Limited Recourse Capital Notes, Series 6 (LRCNs, Series 6) |
1,369 | 1,369 | Preferred Shares Series 55 |
(4) (6) (8) |
||||||||||||||||||||||
| Other Equity Instruments | 6,156 | 7,406 | ||||||||||||||||||||||||
| Preferred Shares and Other Equity Instruments | 7,706 | 8,956 | ||||||||||||||||||||||||
Common Shares |
700,416,619 | $ | 23,537 | $ | 3.34 | 708,905,679 | $ | 23,359 | $ | 6.44 | (9) (10) (11) (12) |
|||||||||||||||
| (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | ||||||||||||
| Carrying value | Fair value | Carrying value | Fair value | |||||||||||
Securities (1) |
||||||||||||||
| Amortized cost | $ | 91,678 | $ | 86,022 | $ | 96,610 | $ | 90,448 | ||||||
Loans (1) (2) |
||||||||||||||
| Residential mortgages | 193,527 | 192,635 | 195,708 | 194,755 | ||||||||||
| Consumer instalment and other personal | 91,466 | 91,576 | 91,867 | 91,937 | ||||||||||
| Credit cards | 11,335 | 11,335 | 11,997 | 11,997 | ||||||||||
| Business and government | 369,108 | 369,491 | 364,265 | 364,866 | ||||||||||
| 665,436 | 665,037 | 663,837 | 663,555 | |||||||||||
Deposits (3) |
904,435 | 904,402 | 920,040 | 920,927 | ||||||||||
Securitization and structured entities' liabilities (4) |
18,304 | 18,008 | 20,211 | 20,100 | ||||||||||
Other liabilities (5) |
3,066 | 2,942 | 3,103 | 2,953 | ||||||||||
| Subordinated debt | 8,336 | 8,537 | 8,500 | 8,756 | ||||||||||
| (Canadian $ in millions) | April 30, 2026 | October 31, 2025 | ||||||||||||||||||||||||
Level 1 |
Level 2 |
Level 3 |
Total | Level 1 |
Level 2 |
Level 3 |
Total | |||||||||||||||||||
| Trading Securities | ||||||||||||||||||||||||||
| Issued or guaranteed by: | ||||||||||||||||||||||||||
| Canadian federal government | $ | 784 | $ | 10,293 | $ | – | $ | 11,077 | $ | 757 | $ | 11,554 | $ | – | $ | 12,311 | ||||||||||
| Canadian provincial and municipal governments | – | 10,080 | – | 10,080 | – | 9,035 | – | 9,035 | ||||||||||||||||||
| U.S. federal government | 3,888 | 25,559 | – | 29,447 | 3,308 | 27,594 | – | 30,902 | ||||||||||||||||||
| U.S. states, municipalities and agencies | – | 281 | – | 281 | – | 1,144 | – | 1,144 | ||||||||||||||||||
| Other governments | 147 | 3,261 | – | 3,408 | 199 | 3,927 | – | 4,126 | ||||||||||||||||||
| NHA MBS, and U.S. agency MBS and CMO | – | 71,978 | – | 71,978 | – | 56,450 | – | 56,450 | ||||||||||||||||||
| Corporate debt | – | 15,225 | – | 15,225 | – | 11,614 | – | 11,614 | ||||||||||||||||||
| Trading loans | – | 3,402 | – | 3,402 | – | 4,568 | – | 4,568 | ||||||||||||||||||
| Corporate equity | 61,801 | 776 | – | 62,577 | 61,495 | 658 | – | 62,153 | ||||||||||||||||||
| 66,620 | 140,855 | – | 207,475 | 65,759 | 126,544 | – | 192,303 | |||||||||||||||||||
| FVTPL Securities | ||||||||||||||||||||||||||
| Issued or guaranteed by: | ||||||||||||||||||||||||||
| Canadian federal government | – | 1,414 | – | 1,414 | 56 | 1,563 | – | 1,619 | ||||||||||||||||||
| Canadian provincial and municipal governments | – | 2,440 | – | 2,440 | – | 1,578 | – | 1,578 | ||||||||||||||||||
| U.S. federal government | – | 1,753 | – | 1,753 | – | 1,495 | – | 1,495 | ||||||||||||||||||
| Other governments | – | 124 | – | 124 | – | – | – | – | ||||||||||||||||||
| NHA MBS, and U.S. agency MBS and CMO | – | 18 | – | 18 | – | 18 | – | 18 | ||||||||||||||||||
| Corporate debt | – | 9,705 | 3 | 9,708 | – | 8,908 | – | 8,908 | ||||||||||||||||||
| Corporate equity | 1,104 | 871 | 5,818 | 7,793 | 1,090 | 822 | 5,824 | 7,736 | ||||||||||||||||||
| 1,104 | 16,325 | 5,821 | 23,250 | 1,146 | 14,384 | 5,824 | 21,354 | |||||||||||||||||||
| FVOCI Securities | ||||||||||||||||||||||||||
| Issued or guaranteed by: | ||||||||||||||||||||||||||
| Canadian federal government | 511 | 48,986 | – | 49,497 | 1,158 | 44,177 | – | 45,335 | ||||||||||||||||||
| Canadian provincial and municipal governments | – | 7,893 | – | 7,893 | – | 5,644 | – | 5,644 | ||||||||||||||||||
| U.S. federal government | 297 | 23,384 | – | 23,681 | 16 | 20,793 | – | 20,809 | ||||||||||||||||||
| U.S. states, municipalities and agencies | – | 4,578 | – | 4,578 | – | 5,634 | – | 5,634 | ||||||||||||||||||
| Other governments | 9 | 3,829 | – | 3,838 | 37 | 4,028 | – | 4,065 | ||||||||||||||||||
| NHA MBS, and U.S. agency MBS and CMO | – | 27,918 | – | 27,918 | – | 27,015 | – | 27,015 | ||||||||||||||||||
| Corporate debt | – | 4,582 | – | 4,582 | – | 4,515 | – | 4,515 | ||||||||||||||||||
| Corporate equity | – | – | 189 | 189 | – | – | 192 | 192 | ||||||||||||||||||
| 817 | 121,170 | 189 | 122,176 | 1,211 | 111,806 | 192 | 113,209 | |||||||||||||||||||
| Loans | ||||||||||||||||||||||||||
| Residential mortgages | – | 68 | – | 68 | – | 79 | – | 79 | ||||||||||||||||||
| Business and government loans | – | 12,932 | 314 | 13,246 | – | 12,921 | 324 | 13,245 | ||||||||||||||||||
| – | 13,000 | 314 | 13,314 | – | 13,000 | 324 | 13,324 | |||||||||||||||||||
Other Assets (1) |
9,410 | – | 1,495 | 10,905 | 8,521 | – | 1,483 | 10,004 | ||||||||||||||||||
Fair Value Liabilities (2) |
||||||||||||||||||||||||||
Deposits (3) |
– | 62,466 | – | 62,466 | – | 56,162 | – | 56,162 | ||||||||||||||||||
| Securities sold but not yet purchased | 21,589 | 41,358 | – | 62,947 | 14,998 | 39,878 | – | 54,876 | ||||||||||||||||||
Other liabilities (4) |
2,311 | 45,940 | 135 | 48,386 | 2,142 | 32,096 | – | 34,238 | ||||||||||||||||||
| 23,900 | 149,764 | 135 | 173,799 | 17,140 | 128,136 | – | 145,276 | |||||||||||||||||||
| Derivative Assets | ||||||||||||||||||||||||||
| Interest rate contracts | 68 | 9,483 | – | 9,551 | 15 | 8,666 | – | 8,681 | ||||||||||||||||||
| Foreign exchange contracts | – | 25,413 | 19 | 25,432 | 43 | 30,474 | 2 | 30,519 | ||||||||||||||||||
| Commodity contracts | 136 | 3,622 | – | 3,758 | 225 | 1,224 | 13 | 1,462 | ||||||||||||||||||
| Equity contracts | 76 | 23,462 | 7 | 23,545 | 275 | 16,203 | 10 | 16,488 | ||||||||||||||||||
| Credit default swaps | 44 | 28 | – | 72 | – | 1 | – | 1 | ||||||||||||||||||
| 324 | 62,008 | 26 | 62,358 | 558 | 56,568 | 25 | 57,151 | |||||||||||||||||||
| Derivative Liabilities | ||||||||||||||||||||||||||
| Interest rate contracts | 54 | 10,497 | – | 10,551 | 18 | 10,081 | – | 10,099 | ||||||||||||||||||
| Foreign exchange contracts | 35 | 20,352 | 8 | 20,395 | – | 26,049 | – | 26,049 | ||||||||||||||||||
| Commodity contracts | 344 | 3,231 | 8 | 3,583 | 196 | 1,412 | – | 1,608 | ||||||||||||||||||
| Equity contracts | 107 | 29,310 | 5 | 29,422 | 175 | 20,793 | 5 | 20,973 | ||||||||||||||||||
| Credit default swaps | 48 | 57 | – | 105 | – | – | – | – | ||||||||||||||||||
| 588 | 63,447 | 21 | 64,056 | 389 | 58,335 | 5 | 58,729 | |||||||||||||||||||
(Canadian $ in millions, except as noted) |
April 30, 2026 | |||||||||||||||||||
| Reporting line in fair | Significant | Range of input values (1) |
||||||||||||||||||
| value hierarchy table | Fair value of assets | Valuation techniques | unobservable inputs | Low | High | |||||||||||||||
| Private equity | Corporate equity | $ | 6,007 | Net asset value | Net asset value | na | na | |||||||||||||
| EV/EBITDA | Multiple | 6 | 21 | |||||||||||||||||
| Investment properties | Other assets | 1,371 | Income approach |
Capitalization rate | 6 | % | 7 | % | ||||||||||||
Burgundy contingent consideration (2) |
Other liabilities | 135 | Income approach | Discount rate | na | na | ||||||||||||||
| Forecasted assets under management | na | na | ||||||||||||||||||
| Change in fair value | Movements | Transfers | ||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||
| unrealized gains | ||||||||||||||||||||||||||||||||
| Included | (losses) recorded | |||||||||||||||||||||||||||||||
| Fair Value | in other | Transfers | Transfers | Fair Value | in income | |||||||||||||||||||||||||||
| For the three months ended April 30, 2026 | as at January 31, | Included in | comprehensive | Issuances/ | Maturities/ | into | out of | as at April 30, | for instruments | |||||||||||||||||||||||
| (Canadian $ in millions) | 2026 | earnings | income (1) |
Purchases |
Sales | Settlement | Level 3 | Level 3 | 2026 | still held (2) |
||||||||||||||||||||||
| Trading Securities | ||||||||||||||||||||||||||||||||
NHA MBS and U.S. agency MBS and CMO |
$ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
| Corporate equity | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Total trading securities | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| FVTPL Securities | ||||||||||||||||||||||||||||||||
| Corporate debt | – | – | – | 3 | – | – | – | – | 3 | – | ||||||||||||||||||||||
| Corporate equity | 5,618 | (55) | (1) | 255 | (72) | – | 73 | – | 5,818 | 6 | ||||||||||||||||||||||
| Total FVTPL securities | 5,618 | (55) | (1) | 258 | (72) | – | 73 | – | 5,821 | 6 | ||||||||||||||||||||||
| FVOCI Securities | ||||||||||||||||||||||||||||||||
| Corporate equity | 189 | – | – | – | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Total FVOCI securities | 189 | – | – | – | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Business and Government Loans | 339 | 1 | (26) | – | – | – | – | – | 314 | 1 | ||||||||||||||||||||||
| Other Assets | 1,505 | (12) | – | 19 | – | (17) | – | – | 1,495 | (12) | ||||||||||||||||||||||
| Derivative Assets | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | – | 19 | – | – | – | – | – | – | 19 | 19 | ||||||||||||||||||||||
| Commodity contracts | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Equity contracts | 8 | (1) | – | – | – | – | 3 | (3) | 7 | (1) | ||||||||||||||||||||||
| Credit default swaps | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Total derivative assets | 8 | 18 | – | – | – | – | 3 | (3) | 26 | 18 | ||||||||||||||||||||||
| Other Liabilities | 128 | 7 | – | – | – | – | – | – | 135 | 7 | ||||||||||||||||||||||
| Derivative Liabilities | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | 13 | (5) | – | – | – | – | – | – | 8 | (5) | ||||||||||||||||||||||
| Commodity contracts | 14 | (6) | – | – | – | – | – | – | 8 | (6) | ||||||||||||||||||||||
| Equity contracts | – | – | – | – | – | – | 5 | – | 5 | – | ||||||||||||||||||||||
| Credit default swaps | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Total derivative liabilities | 27 | (11) | – | – | – | – | 5 | – | 21 | (11) | ||||||||||||||||||||||
| Change in fair value | Movements | Transfers | ||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||
| unrealized gains | ||||||||||||||||||||||||||||||||
| Included | (losses) recorded | |||||||||||||||||||||||||||||||
| Fair Value | in other | Transfers | Transfers | Fair Value | in income | |||||||||||||||||||||||||||
| For the six months ended April 30, 2026 | as at October 31, | Included in | comprehensive | Issuances/ | Maturities/ | into | out of | as at April 30, | for instruments | |||||||||||||||||||||||
| (Canadian $ in millions) | 2025 | earnings | income (1) |
Purchases |
Sales | Settlement | Level 3 | Level 3 | 2026 | still held (2) |
||||||||||||||||||||||
| Trading Securities | ||||||||||||||||||||||||||||||||
NHA MBS and U.S. agency MBS and CMO |
$ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||||||
Corporate equity |
– | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Total trading securities | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| FVTPL Securities | ||||||||||||||||||||||||||||||||
| Corporate debt | – | – | – | 3 | – | – | – | – | 3 | – | ||||||||||||||||||||||
| Corporate equity | 5,824 | (167) | (75) | 531 | (364) | – | 73 | (4) | 5,818 | (52) | ||||||||||||||||||||||
| Total FVTPL securities | 5,824 | (167) | (75) | 534 | (364) | – | 73 | (4) | 5,821 | (52) | ||||||||||||||||||||||
| FVOCI Securities | ||||||||||||||||||||||||||||||||
| Corporate equity | 192 | – | (4) | 1 | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Total FVOCI securities | 192 | – | (4) | 1 | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Business and Government Loans | 324 | 3 | (36) | 23 | – | – | – | – | 314 | 3 | ||||||||||||||||||||||
| Other Assets | 1,483 | 3 | (2) | 46 | (10) | (25) | – | – | 1,495 | 3 | ||||||||||||||||||||||
| Derivative Assets | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | 2 | 17 | – | – | – | – | – | – | 19 | 17 | ||||||||||||||||||||||
| Commodity contracts | 13 | (13) | – | – | – | – | – | – | – | (13) | ||||||||||||||||||||||
| Equity contracts | 10 | (1) | – | – | – | – | 4 | (6) | 7 | (1) | ||||||||||||||||||||||
Credit default swaps |
– | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Total derivative assets | 25 | 3 | – | – | – | – | 4 | (6) | 26 | 3 | ||||||||||||||||||||||
| Other Liabilities | – | 23 | – | 112 | – | – | – | – | 135 | 23 | ||||||||||||||||||||||
| Derivative Liabilities | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | – | 8 | – | – | – | – | – | – | 8 | 8 | ||||||||||||||||||||||
| Commodity contracts | – | 8 | – | – | – | – | – | – | 8 | 8 | ||||||||||||||||||||||
| Equity contracts | 5 | – | – | – | – | – | 5 | (5) | 5 | – | ||||||||||||||||||||||
| Credit default swaps | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Total derivative liabilities | 5 | 16 | – | – | – | – | 5 | (5) | 21 | 16 | ||||||||||||||||||||||
| Change in fair value | Movements | Transfers | ||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||
| unrealized gains | ||||||||||||||||||||||||||||||||
| Included | (losses) recorded | |||||||||||||||||||||||||||||||
| Fair Value | in other | Transfers | Transfers | Fair Value | in income | |||||||||||||||||||||||||||
| For the three months ended April 30, 2025 | as at January 31, | Included in | comprehensive | Issuances/ | Maturities/ | into | out of | as at April 30, | for instruments | |||||||||||||||||||||||
| (Canadian $ in millions) | 2025 | earnings | income (1) | Purchases | Sales | Settlement | Level 3 | Level 3 | 2025 | still held (2) | ||||||||||||||||||||||
| Trading Securities | ||||||||||||||||||||||||||||||||
| NHA MBS and U.S. agency MBS and CMO | $ | – | $ | – | $ | – | $ | 5 | $ | – | $ | – | $ | – | $ | – | $ | 5 | $ | – | ||||||||||||
| Corporate equity | 6 | – | – | – | – | – | – | (6) | – | – | ||||||||||||||||||||||
| Total trading securities | 6 | – | – | 5 | – | – | – | (6) | 5 | – | ||||||||||||||||||||||
| FVTPL Securities | ||||||||||||||||||||||||||||||||
| Corporate debt | 33 | 2 | – | 1 | – | – | – | – | 36 | 2 | ||||||||||||||||||||||
| Corporate equity | 5,202 | (120) | (110) | 342 | (57) | – | – | – | 5,257 | (68) | ||||||||||||||||||||||
| Total FVTPL securities | 5,235 | (118) | (110) | 343 | (57) | – | – | – | 5,293 | (66) | ||||||||||||||||||||||
| FVOCI Securities | ||||||||||||||||||||||||||||||||
| Corporate equity | 163 | – | – | 26 | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Total FVOCI securities | 163 | – | – | 26 | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Business and Government Loans | 321 | (11) | (7) | 50 | – | – | 29 | – | 382 | (11) | ||||||||||||||||||||||
| Other Assets | 1,841 | (1) | – | 7 | (7) | (405) | – | – | 1,435 | (1) | ||||||||||||||||||||||
| Derivative Assets | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | 42 | – | – | – | – | (42) | – | – | – | – | ||||||||||||||||||||||
| Commodity contracts | 5 | 4 | – | – | – | – | – | – | 9 | 4 | ||||||||||||||||||||||
| Equity contracts | 13 | (2) | – | – | – | – | 3 | – | 14 | (2) | ||||||||||||||||||||||
| Credit default swaps | – | – | – | – | – | – | 1 | – | 1 | – | ||||||||||||||||||||||
| Total derivative assets | 60 | 2 | – | – | – | (42) | 4 | – | 24 | 2 | ||||||||||||||||||||||
| Other Liabilities | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Derivative Liabilities | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Commodity contracts | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Equity contracts | 2 | – | – | – | – | – | 1 | (2) | 1 | – | ||||||||||||||||||||||
| Credit default swaps | 1 | – | – | – | – | (1) | – | – | – | – | ||||||||||||||||||||||
| Total derivative liabilities | 3 | – | – | – | – | (1) | 1 | (2) | 1 | – | ||||||||||||||||||||||
| Change in fair value | Movements | Transfers | ||||||||||||||||||||||||||||||
| Change in | ||||||||||||||||||||||||||||||||
| unrealized gains | ||||||||||||||||||||||||||||||||
| Included | (losses) recorded | |||||||||||||||||||||||||||||||
| Fair Value | in other | Transfers | Transfers | Fair Value | in income | |||||||||||||||||||||||||||
| For the six months ended April 30, 2025 | as at October 31, | Included in | comprehensive | Issuances/ | Maturities/ | into | out of | as at April 30, | for instruments | |||||||||||||||||||||||
| (Canadian $ in millions) | 2024 | earnings | income (1) | Purchases | Sales | Settlement | Level 3 | Level 3 | 2025 | still held (2) | ||||||||||||||||||||||
| Trading Securities | ||||||||||||||||||||||||||||||||
NHA MBS and U.S. agency MBS and CMO |
$ | – | $ | – | $ | – | $ | 5 | $ | – | $ | – | $ | – | $ | – | $ | 5 | $ | – | ||||||||||||
| Corporate equity | 4 | – | – | 2 | – | – | – | (6) | – | – | ||||||||||||||||||||||
| Total trading securities | 4 | – | – | 7 | – | – | – | (6) | 5 | – | ||||||||||||||||||||||
| FVTPL Securities | ||||||||||||||||||||||||||||||||
| Corporate debt | 35 | 1 | – | 2 | – | – | – | (2) | 36 | 1 | ||||||||||||||||||||||
| Corporate equity | 4,899 | (96) | (21) | 614 | (139) | – | – | – | 5,257 | 16 | ||||||||||||||||||||||
| Total FVTPL securities | 4,934 | (95) | (21) | 616 | (139) | – | – | (2) | 5,293 | 17 | ||||||||||||||||||||||
| FVOCI Securities | ||||||||||||||||||||||||||||||||
| Corporate equity | 177 | – | (15) | 27 | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Total FVOCI securities | 177 | – | (15) | 27 | – | – | – | – | 189 | na | ||||||||||||||||||||||
| Business and Government Loans | 302 | 2 | (1) | 56 | – | (6) | 29 | – | 382 | 2 | ||||||||||||||||||||||
| Other Assets | 1,717 | (56) | – | 201 | (7) | (420) | – | – | 1,435 | (52) | ||||||||||||||||||||||
| Derivative Assets | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | 10 | – | – | 32 | – | (42) | – | – | – | – | ||||||||||||||||||||||
| Commodity contracts | 2 | 7 | – | – | – | – | – | – | 9 | 7 | ||||||||||||||||||||||
| Equity contracts | – | (2) | – | – | – | – | 16 | – | 14 | (2) | ||||||||||||||||||||||
| Credit default swaps | – | – | – | – | – | – | 1 | – | 1 | – | ||||||||||||||||||||||
| Total derivative assets | 12 | 5 | – | 32 | – | (42) | 17 | – | 24 | 5 | ||||||||||||||||||||||
| Other Liabilities | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Derivative Liabilities | ||||||||||||||||||||||||||||||||
| Foreign exchange contracts | – | – | – | – | – | – | – | – | – | – | ||||||||||||||||||||||
| Commodity contracts | 4 | (4) | – | – | – | – | – | – | – | (4) | ||||||||||||||||||||||
| Equity contracts | 2 | – | – | – | – | – | 1 | (2) | 1 | – | ||||||||||||||||||||||
| Credit default swaps | 1 | – | – | – | – | (1) | – | – | – | – | ||||||||||||||||||||||
| Total derivative liabilities | 7 | (4) | – | – | – | (1) | 1 | (2) | 1 | (4) | ||||||||||||||||||||||
| (Canadian $ in millions, except as noted) | April 30, 2026 | October 31, 2025 | ||||||
| CET1 Capital | $ | 57,838 | $ | 58,286 | ||||
| Tier 1 Capital | 65,410 | 65,890 | ||||||
| Total Capital | 74,844 | 75,562 | ||||||
| TLAC | 128,639 | 129,957 | ||||||
| Risk-Weighted Assets | 443,711 | 437,945 | ||||||
| Leverage Exposures | 1,528,717 | 1,521,813 | ||||||
| CET1 Ratio | 13.0 | % | 13.3 | % | ||||
| Tier 1 Capital Ratio | 14.7 | % | 15.0 | % | ||||
| Total Capital Ratio | 16.9 | % | 17.3 | % | ||||
| TLAC Ratio | 29.0 | % | 29.7 | % | ||||
| Leverage Ratio | 4.3 | % | 4.3 | % | ||||
| TLAC Leverage Ratio | 8.4 | % | 8.5 | % | ||||
| For stock options granted during the six months ended | April 30, 2026 | April 30, 2025 | ||||||
| Expected dividend yield | 2.5% - 2.6% |
3.6 | % | |||||
| Expected share price volatility | 18.5% - 18.6% |
16.7 | % | |||||
| Risk-free rate of return | 3.0 | % | 2.8 | % | ||||
| Expected period until exercise (in years) | 6.5 - 7.0 |
6.5 - 7.0 |
||||||
| Exercise price ($) | 181.30 | 141.00 | ||||||
| (Canadian $ in millions) | ||||||||||||||
Pension plans |
Other employee future benefit plans |
|||||||||||||
| For the three months ended | April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | ||||||||||
| Current service cost | $ | 44 | $ | 45 | $ | 1 | $ | 1 | ||||||
Net interest (income) expense (1) |
(14) | (14) | 9 | 10 | ||||||||||
| Impact of plan amendments | – | – | – | – | ||||||||||
| Administrative expenses | 3 | 2 | – | – | ||||||||||
| Benefits expense | 33 | 33 | 10 | 11 | ||||||||||
Government pension plans expense (2) |
113 | 113 | – | – | ||||||||||
| Defined contribution expense | 67 | 69 | – | – | ||||||||||
Total pension and other employee future benefit expenses |
||||||||||||||
| recognized in our Consolidated Statement of Income | $ | 213 | $ | 215 | $ | 10 | $ | 11 | ||||||
| (Canadian $ in millions) | ||||||||||||||
| Pension benefit plans | Other employee future benefit plans |
|||||||||||||
| For the six months ended | April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | ||||||||||
| Current service cost | $ | 88 | $ | 89 | $ | 3 | $ | 3 | ||||||
Net interest (income) expense (1) |
(28) | (26) | 17 | 19 | ||||||||||
| Impact of plan amendments | – | (19) | – | – | ||||||||||
| Administrative expenses | 5 | 7 | – | – | ||||||||||
| Benefits expense | 65 | 51 | 20 | 22 | ||||||||||
Government pension plans expense (2) |
225 | 214 | – | – | ||||||||||
| Defined contribution expense | 183 | 178 | – | – | ||||||||||
| Total pension and other employee future benefit expenses (recovery) | ||||||||||||||
| recognized in our Consolidated Statement of Income | $ | 473 | $ | 443 | $ | 20 | $ | 22 | ||||||
| (Canadian $ in millions, except as noted) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| Net income attributable to bank shareholders | $ | 2,626 | $ | 1,960 | $ | 5,116 | $ | 4,094 | ||||||
| Dividends on preferred shares and distributions on other equity instruments | (139) | (142) | (220) | (207) | ||||||||||
| Net income available to common shareholders | $ | 2,487 | $ | 1,818 | $ | 4,896 | $ | 3,887 | ||||||
| Weighted-average number of common shares outstanding (in thousands) | 702,670 | 725,402 | 705,583 | 727,518 | ||||||||||
| Basic earnings per common share (Canadian $) | $ | 3.54 | $ | 2.51 | $ | 6.94 | $ | 5.34 | ||||||
| (Canadian $ in millions, except as noted) | For the three months ended | For the six months ended | ||||||||||||
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |||||||||||
| Net income available to common shareholders | $ | 2,487 | $ | 1,818 | $ | 4,896 | $ | 3,887 | ||||||
| Weighted-average number of common shares outstanding (in thousands) | 702,670 | 725,402 | 705,583 | 727,518 | ||||||||||
Dilutive impact of stock options (1) |
||||||||||||||
Stock options potentially exercisable |
4,956 | 5,893 | 5,134 | 6,072 | ||||||||||
| Common shares potentially repurchased | (3,040) | (4,855) | (3,360) | (4,989) | ||||||||||
| Weighted-average number of diluted common shares outstanding (in thousands) | 704,586 | 726,440 | 707,357 | 728,601 | ||||||||||
| Diluted earnings per common share (Canadian $) | $ | 3.53 | $ | 2.50 | $ | 6.92 | $ | 5.34 | ||||||
| (Canadian $ in millions) | ||||||||||||||||||||
| Canadian | Wealth |
Capital |
Corporate | |||||||||||||||||
| For the three months ended April 30, 2026 | P&C | U.S. Banking (1) |
Management |
Markets (1) |
Services (1) (2) |
Total | ||||||||||||||
Net interest income |
$ | 2,425 | $ | 2,217 | $ | 301 | $ | 510 | $ | (185) | $ | 5,268 | ||||||||
| Non-interest revenue | 672 | 642 | 1,229 | 1,604 | 152 | 4,299 | ||||||||||||||
| Total Revenue | 3,097 | 2,859 | 1,530 | 2,114 | (33) | 9,567 | ||||||||||||||
| Provision for credit losses on impaired loans | 477 | 237 | 1 | 15 | 4 | 734 | ||||||||||||||
| Provision for (recovery of) credit losses on performing loans | 42 | (53) | 6 | 14 | (4) | 5 | ||||||||||||||
Total provision for credit losses |
519 | 184 | 7 | 29 | – | 739 | ||||||||||||||
| Depreciation and amortization | 178 | 222 | 67 | 78 | – | 545 | ||||||||||||||
| Non-interest expense | 1,180 | 1,445 | 901 | 1,140 | 119 | 4,785 | ||||||||||||||
| Income (loss) before taxes and non-controlling interest in subsidiaries | 1,220 | 1,008 | 555 | 867 | (152) | 3,498 | ||||||||||||||
| Provision for (recovery of) income taxes | 336 | 218 | 127 | 229 | (42) | 868 | ||||||||||||||
| Reported net income (loss) | $ | 884 | $ | 790 | $ | 428 | $ | 638 | $ | (110) | $ | 2,630 | ||||||||
| Non-controlling interest in subsidiaries | $ | – | $ | 4 | $ | – | $ | – | $ | – | $ | 4 | ||||||||
| Net income (loss) attributable to bank shareholders | $ | 884 | $ | 786 | $ | 428 | $ | 638 | $ | (110) | $ | 2,626 | ||||||||
Average assets (3) |
$ | 347,502 | $ | 244,279 | $ | 57,484 | $ | 596,933 | $ | 277,978 | $ | 1,524,176 | ||||||||
| Canadian | Wealth |
Capital |
Corporate | |||||||||||||||||
| For the three months ended April 30, 2025 | P&C | U.S. Banking (1) |
Management |
Markets (1) |
Services (1) (2) |
Total | ||||||||||||||
Net interest income |
$ | 2,359 | $ | 2,240 | $ | 251 | $ | 474 | $ | (227) | $ | 5,097 | ||||||||
| Non-interest revenue | 594 | 574 | 1,012 | 1,305 | 97 | 3,582 | ||||||||||||||
| Total Revenue | 2,953 | 2,814 | 1,263 | 1,779 | (130) | 8,679 | ||||||||||||||
| Provision for credit losses on impaired loans | 476 | 248 | 1 | 28 | 12 | 765 | ||||||||||||||
| Provision for (recovery of) credit losses on performing loans | 132 | 91 | 2 | 73 | (9) | 289 | ||||||||||||||
Total provision for (recovery of) credit losses |
608 | 339 | 3 | 101 | 3 | 1,054 | ||||||||||||||
| Depreciation and amortization | 157 | 256 | 52 | 79 | – | 544 | ||||||||||||||
| Non-interest expense | 1,134 | 1,458 | 782 | 1,017 | 84 | 4,475 | ||||||||||||||
| Income (loss) before taxes and non-controlling interest in subsidiaries | 1,054 | 761 | 426 | 582 | (217) | 2,606 | ||||||||||||||
Provision for (recovery of) income taxes |
290 | 160 | 106 | 148 | (60) | 644 | ||||||||||||||
| Reported net income (loss) | $ | 764 | $ | 601 | $ | 320 | $ | 434 | $ | (157) | $ | 1,962 | ||||||||
| Non-controlling interest in subsidiaries | $ | – | $ | 5 | $ | – | $ | – | $ | (3) | $ | 2 | ||||||||
| Net income (loss) attributable to bank shareholders | $ | 764 | $ | 596 | $ | 320 | $ | 434 | $ | (154) | $ | 1,960 | ||||||||
Average assets (3) |
$ | 343,799 | $ | 261,552 | $ | 53,082 | $ | 564,033 | $ | 281,217 | $ | 1,503,683 | ||||||||
| (Canadian $ in millions) | ||||||||||||||||||||
| Canadian | Corporate | |||||||||||||||||||
| For the six months ended April 30, 2026 | P&C | U.S. Banking (1) |
BMO WM | BMO CM (1) |
Services (1) (2) |
Total | ||||||||||||||
| Net interest income | $ | 4,948 | $ | 4,484 | $ | 591 | $ | 1,210 | $ | (322) | $ | 10,911 | ||||||||
| Non-interest revenue | 1,407 | 1,271 | 2,439 | 3,116 | 247 | 8,480 | ||||||||||||||
| Total Revenue | 6,355 | 5,755 | 3,030 | 4,326 | (75) | 19,391 | ||||||||||||||
| Provision for credit losses on impaired loans | 974 | 439 | 3 | 44 | 13 | 1,473 | ||||||||||||||
Provision for (recovery of) credit losses on performing loans |
60 | (36) | 2 | (7) | (7) | 12 | ||||||||||||||
| Total provision for credit losses | 1,034 | 403 | 5 | 37 | 6 | 1,485 | ||||||||||||||
| Depreciation and amortization | 351 | 452 | 130 | 159 | – | 1,092 | ||||||||||||||
| Non-interest expense | 2,444 | 2,949 | 1,868 | 2,383 | 347 | 9,991 | ||||||||||||||
| Income (loss) before taxes and non-controlling interest in subsidiaries | 2,526 | 1,951 | 1,027 | 1,747 | (428) | 6,823 | ||||||||||||||
| Provision for (recovery of) income taxes | 694 | 419 | 247 | 452 | (108) | 1,704 | ||||||||||||||
| Reported net income (loss) | $ | 1,832 | $ | 1,532 | $ | 780 | $ | 1,295 | $ | (320) | $ | 5,119 | ||||||||
| Non-controlling interest in subsidiaries | $ | – | $ | 2 | $ | – | $ | – | $ | 1 | $ | 3 | ||||||||
| Net income (loss) attributable to bank shareholders | $ | 1,832 | $ | 1,530 | $ | 780 | $ | 1,295 | $ | (321) | $ | 5,116 | ||||||||
| Average assets (3) | $ | 346,933 | $ | 244,240 | $ | 56,813 | $ | 595,325 | $ | 274,849 | $ | 1,518,160 | ||||||||
| Canadian | Corporate | |||||||||||||||||||
| For the six months ended April 30, 2025 | P&C | U.S. Banking (1) |
BMO WM | BMO CM (1) |
Services (1) (2) |
Total | ||||||||||||||
| Net interest income | $ | 4,744 | $ | 4,562 | $ | 489 | $ | 1,173 | $ | (473) | $ | 10,495 | ||||||||
| Non-interest revenue | 1,252 | 1,216 | 2,094 | 2,679 | 209 | 7,450 | ||||||||||||||
| Total Revenue | 5,996 | 5,778 | 2,583 | 3,852 | (264) | 17,945 | ||||||||||||||
| Provision for credit losses on impaired loans | 967 | 560 | 2 | 63 | 32 | 1,624 | ||||||||||||||
Provision for (recovery of) credit losses on performing loans |
183 | 193 | 1 | 84 | (20) | 441 | ||||||||||||||
| Total provision for credit losses | 1,150 | 753 | 3 | 147 | 12 | 2,065 | ||||||||||||||
| Depreciation and amortization | 310 | 508 | 107 | 164 | – | 1,089 | ||||||||||||||
| Non-interest expense | 2,274 | 2,958 | 1,610 | 2,183 | 332 | 9,357 | ||||||||||||||
| Income (loss) before taxes and non-controlling interest in subsidiaries | 2,262 | 1,559 | 863 | 1,358 | (608) | 5,434 | ||||||||||||||
| Provision for (recovery of) income taxes | 621 | 323 | 215 | 335 | (160) | 1,334 | ||||||||||||||
| Reported net income (loss) | $ | 1,641 | $ | 1,236 | $ | 648 | $ | 1,023 | $ | (448) | $ | 4,100 | ||||||||
| Non-controlling interest in subsidiaries | $ | – | $ | 5 | $ | – | $ | – | $ | 1 | $ | 6 | ||||||||
| Net income (loss) attributable to bank shareholders | $ | 1,641 | $ | 1,231 | $ | 648 | $ | 1,023 | $ | (449) | $ | 4,094 | ||||||||
| Average assets (3) | $ | 342,623 | $ | 263,649 | $ | 52,812 | $ | 571,616 | $ | 282,046 | $ | 1,512,746 | ||||||||
| (Canadian $ in millions) | |||||
| November 1, 2025 | |||||
Customer relationship intangible assets |
$ | 375 | |||
| Other assets | 89 | ||||
| Total assets | 464 | ||||
Deferred tax liabilities |
99 | ||||
Other liabilities |
30 | ||||
Total liabilities |
129 | ||||
Goodwill |
319 | ||||
Purchase price |
$ | 654 | |||
| As at | |||||
| April 30, 2026 | |||||
| (in millions of Canadian dollars) | |||||
Subordinated Debt |
8,336 | ||||
|
Total Equity
|
|||||
Preferred Shares(1) and Other Equity Instruments(2) |
7,706 | ||||
Common Shares |
23,537 | ||||
Contributed Surplus |
390 | ||||
Retained Earnings |
48,053 | ||||
Accumulated Other Comprehensive Income |
5,884 | ||||
Total Shareholders’ Equity |
85,570 | ||||
Non-controlling Interest in Subsidiaries |
47 | ||||
Total Equity |
85,617 | ||||
Total Capitalization |
93,953 | ||||