Consolidated Financial Statements

Consolidated Statement of Changes in Equity

For the Year Ended October 31 (Canadian $ in millions) 2018   2017   2016

(1) Fiscal 2017 and prior years represent available-for-sale securities (Note 1 PDF).

na – not applicable due to IFRS 9 adoption.

The accompanying notes are an integral part of these consolidated financial statements.

Preferred Shares (Note 16 PDF)

         
Balance at beginning of year $ 4,240 $ 3,840 $ 3,240
Issued during the year   400   900   600
Redeemed during the year   (300)   (500)  
Balance at End of Year   4,340   4,240   3,840

Common Shares (Note 16 PDF)

           
Balance at beginning of year   13,032   12,539   12,313
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 16 PDF)     448   90
Issued under the Stock Option Plan (Note 16 PDF)   99   146   136
Repurchased for cancellation (Note 16 PDF)   (202)   (101)  
Balance at End of Year   12,929   13,032   12,539

Contributed Surplus

           
Balance at beginning of year   307   294   299
Stock option expense, net of options exercised (Note 20 PDF)   (12)   6   (14)
Other   5   7   9
Balance at End of Year   300   307   294

Retained Earnings

           
Balance at beginning of year   23,709   21,205   18,930
Impact from adopting IFRS 9 (Note 28 PDF)   99   na   na
Net income attributable to bank shareholders   5,450   5,348   4,622
Dividends            
– Preferred shares (Note 16 PDF)   (184)   (184)   (150)
– Common shares (Note 16 PDF)   (2,424)   (2,312)   (2,191)
Share issue expense   (5)   (9)   (6)
Common shares repurchased for cancellation (Note 16 PDF)   (789)   (339)  
Balance at End of Year   25,856   23,709   21,205

Accumulated Other Comprehensive Income (Loss) on Fair Value through OCI Securities, net of taxes (1)

           
Balance at beginning of year   56   48   (75)
Impact from adopting IFRS 9 (Note 28 PDF)   (55)   na   na
Unrealized gains (losses) on fair value through OCI debt securities arising during the year   (251)   na   na
Unrealized gains on available-for-sale securities arising during the year   na   95   151
Reclassification to earnings of (gains) in the year   (65)   (87)   (28)
Balance at End of Year   (315)   56   48

Accumulated Other Comprehensive Income (Loss) on Cash Flow Hedges, net of taxes

           
Balance at beginning of year   (182)   596   612
(Losses) on derivatives designated as cash flow hedges arising during the year   (1,228)   (839)   (26)
Reclassification to earnings of losses on derivatives designated as cash flow hedges in the year   336   61   10
Balance at End of Year   (1,074)   (182)   596

Accumulated Other Comprehensive Income on Translation of Net Foreign Operations, net of taxes

           
Balance at beginning of year   3,465   4,327   4,073
Unrealized gains (losses) on translation of net foreign operations   417   (885)   213
Unrealized gains (losses) on hedges of net foreign operations   (155)   23   41
Balance at End of Year   3,727   3,465   4,327

Accumulated Other Comprehensive Income (Loss) on Pension and Other Employee Future Benefit Plans, net of taxes

           
Balance at beginning of year   (92)   (512)   (90)
Gains (losses) on remeasurement of pension and other employee future benefit plans   261   420   (422)
Balance at End of Year   169   (92)   (512)

Accumulated Other Comprehensive Loss on Own Credit Risk on Financial Liabilities Designated at Fair Value, net of taxes

           
Balance at beginning of year   (181)   (33)   120
(Losses) on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1 PDF)   (24)   (148)   (153)
Balance at End of Year   (205)   (181)   (33)

Total Accumulated Other Comprehensive Income

  2,302   3,066   4,426

Total Shareholders’ Equity

$ 45,727 $ 44,354 $ 42,304

Non-controlling Interest in Subsidiaries

           
Balance at beginning of year     24   491
Net income attributable to non-controlling interest     2   9
Dividends to non-controlling interest       (10)
Redemption/purchase of non-controlling interest     (25)   (450)
Other     (1)   (16)
Balance at End of Year       24

Total Equity

$ 45,727 $ 44,354 $ 42,328