Scotiabank reports fourth quarter and 2025 results
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Scotiabank's 2025 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis (MD&A) are available at www.scotiabank.com along with the supplementary financial information and regulatory capital disclosure reports, which include fourth quarter financial information. All amounts are in Canadian dollars and are based on our audited annual consolidated financial statements and accompanying MD&A for the year ended
Additional information related to the Bank, including the Bank's Annual Information Form, can be found on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the |
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Fiscal 2025 Highlights on a Reported Basis |
Fourth Quarter 2025 Highlights on a Reported Basis
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• Net income of
• Earnings per share (diluted) of • Return on equity(1) of 9.7%, compared to 10.2% |
• Net income of
• Earnings per share (diluted) of • Return on equity of 11.0%, compared to 8.3% |
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Fiscal 2025 Highlights on an Adjusted Basis
(
2
)
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Fourth Quarter 2025 Highlights on an Adjusted Basis
(2)
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• Net income of
• Earnings per share (diluted) of • Return on equity of 11.8%, compared to 11.3% |
• Net income of
• Earnings per share (diluted) of • Return on equity of 12.5%, compared to 10.6% |
Fiscal 2025 Performance versus Medium-Term Financial Objectives
The following table provides a summary of our 2025 performance against our medium-term financial objectives:
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Medium-Term Objectives |
Fiscal 2025 Results |
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Reported |
Adjusted(2) |
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Diluted earnings per share growth of 7%+ |
(3.4) % |
9.6 % |
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Return on equity of 14%+ |
9.7 % |
11.8 % |
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Achieve positive operating leverage(1) |
Negative 2.2% |
Positive 3.0% |
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Maintain strong capital ratios |
CET1 capital ratio(3) of 13.2% |
N/A |
Reported net income for the fourth quarter ended
This quarter's net income included adjusting items of
Adjusted net income(2) was
Adjusted net income(2) for the fourth quarter ended
"2025 was a very positive year for the Bank," said
Canadian Banking delivered adjusted earnings(2) of
International Banking generated adjusted earnings(2) of
Global Wealth Management adjusted earnings(2) were
Global Banking and Markets reported earnings of
"We are making clear progress towards achieving our key priorities, including being disciplined in our capital allocation, prioritizing value over volume, earning primary clients, and seeking out ways to work better, faster, safer, and at a lower cost," continued
The Bank reported a Common Equity Tier 1 (CET1) capital ratio(3) of 13.2%, up from 13.1% last year and continued to maintain strong liquidity metrics.
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(1) |
Refer to page 136 of the Management's Discussion & Analysis in the Bank's 2025 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto. |
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(2) |
Refer to Non-GAAP Measures section starting on page 21. |
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(3) |
The regulatory capital ratios are based on Basel III requirements as determined in accordance with OSFI Guideline - Capital Adequacy Requirements (November 2023). |
Financial Highlights
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As at and for the three months ended |
As at and for the year ended |
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(Unaudited) |
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2025 |
2025 |
2024 |
2025 |
2024 |
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Operating results ($ millions) |
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Net interest income |
5,586 |
5,493 |
4,923 |
21,522 |
19,252 |
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Non-interest income |
4,217 |
3,993 |
3,603 |
16,219 |
14,418 |
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Total revenue |
9,803 |
9,486 |
8,526 |
37,741 |
33,670 |
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Provision for credit losses |
1,113 |
1,041 |
1,030 |
4,714 |
4,051 |
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Non-interest expenses |
5,828 |
5,089 |
5,296 |
22,518 |
19,695 |
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Income tax expense |
656 |
829 |
511 |
2,751 |
2,032 |
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Net income |
2,206 |
2,527 |
1,689 |
7,758 |
7,892 |
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Net income attributable to common shareholders |
2,104 |
2,313 |
1,521 |
7,283 |
7,286 |
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Operating performance |
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Basic earnings per share ($) |
1.70 |
1.84 |
1.23 |
5.84 |
5.94 |
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Diluted earnings per share ($) |
1.65 |
1.84 |
1.22 |
5.67 |
5.87 |
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Return on equity (%)(1) |
11.0 |
12.2 |
8.3 |
9.7 |
10.2 |
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Return on tangible common equity (%)(2) |
13.5 |
15.0 |
10.1 |
11.9 |
12.6 |
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Productivity ratio (%)(1) |
59.4 |
53.7 |
62.1 |
59.7 |
58.5 |
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Operating leverage (%)(1) |
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(2.2) |
1.5 |
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Net interest margin (%)(2) |
2.40 |
2.36 |
2.15 |
2.33 |
2.16 |
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Financial position information ($ millions) |
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Cash and deposits with financial institutions |
65,967 |
69,701 |
63,860 |
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Trading assets |
152,223 |
136,485 |
129,727 |
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Loans |
771,045 |
761,560 |
760,829 |
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Total assets |
1,460,042 |
1,414,686 |
1,412,027 |
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Deposits |
966,279 |
946,842 |
943,849 |
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Common equity |
76,927 |
75,258 |
73,590 |
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Preferred shares and other equity instruments |
9,939 |
8,544 |
8,779 |
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Assets under administration(1) |
868,347 |
825,070 |
771,454 |
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Assets under management(1) |
432,375 |
407,017 |
373,030 |
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Capital and liquidity measures |
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Common Equity Tier 1 (CET1) capital ratio (%)(3) |
13.2 |
13.3 |
13.1 |
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Tier 1 capital ratio (%)(3) |
15.3 |
15.2 |
15.0 |
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Total capital ratio (%)(3) |
17.1 |
16.9 |
16.7 |
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Total loss absorbing capacity (TLAC) ratio (%)(4) |
29.1 |
29.0 |
29.7 |
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Leverage ratio (%)(5) |
4.5 |
4.5 |
4.4 |
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TLAC Leverage ratio (%)(4) |
8.5 |
8.6 |
8.8 |
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Risk-weighted assets ($ millions)(3) |
474,453 |
463,484 |
463,992 |
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Liquidity coverage ratio (LCR) (%)(6) |
128 |
126 |
131 |
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Net stable funding ratio (NSFR) (%)(6) |
116 |
120 |
119 |
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Credit quality |
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Net impaired loans ($ millions) |
4,903 |
4,656 |
4,685 |
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Allowance for credit losses ($ millions)(7) |
7,654 |
7,386 |
6,736 |
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Gross impaired loans as a % of loans and acceptances(1) |
0.93 |
0.90 |
0.88 |
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Net impaired loans as a % of loans and acceptances(1) |
0.63 |
0.61 |
0.61 |
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Provision for credit losses as a % of average net loans and acceptances (annualized)(1)(8) |
0.58 |
0.55 |
0.54 |
0.62 |
0.53 |
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Provision for credit losses on impaired loans as a % of average net loans |
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and acceptances (annualized)(1)(8) |
0.54 |
0.51 |
0.55 |
0.54 |
0.52 |
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Net write-offs as a % of average net loans and acceptances (annualized)(1) |
0.51 |
0.50 |
0.51 |
0.50 |
0.46 |
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Adjusted results(2) |
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Adjusted net income ($ millions) |
2,558 |
2,518 |
2,119 |
9,510 |
8,627 |
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Adjusted diluted earnings per share ($) |
1.93 |
1.88 |
1.57 |
7.09 |
6.47 |
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Adjusted return on equity (%) |
12.5 |
12.4 |
10.6 |
11.8 |
11.3 |
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Adjusted return on tangible common equity (%) |
15.2 |
15.1 |
12.8 |
14.3 |
13.7 |
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Adjusted productivity ratio (%) |
54.3 |
53.7 |
56.1 |
54.5 |
56.1 |
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Adjusted operating leverage (%) |
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3.0 |
2.3 |
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Common share information |
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Closing share price ($)(TSX) |
91.99 |
77.09 |
71.69 |
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Shares outstanding (millions) |
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Average – Basic |
1,239 |
1,244 |
1,238 |
1,244 |
1,226 |
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Average – Diluted |
1,245 |
1,245 |
1,243 |
1,248 |
1,232 |
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End of period |
1,236 |
1,242 |
1,244 |
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Dividends paid per share ($) |
1.10 |
1.10 |
1.06 |
4.32 |
4.24 |
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Dividend yield (%)(1) |
5.2 |
6.0 |
6.3 |
5.6 |
6.5 |
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Market capitalization ($ millions) (TSX) |
113,728 |
95,781 |
89,214 |
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Book value per common share ($)(1) |
62.22 |
60.57 |
59.14 |
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Market value to book value multiple(1) |
1.5 |
1.3 |
1.2 |
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Price to earnings multiple (trailing 4 quarters)(1) |
15.8 |
14.4 |
12.0 |
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Other information |
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Employees (full-time equivalent) |
86,431 |
87,317 |
88,488 |
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Branches and offices |
2,128 |
2,135 |
2,236 |
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(1) Refer to page 136 of the Management's Discussion & Analysis in the Bank's 2025 Annual Report, available on www.sedarplus.ca, for an explanation of the composition of the measure. Such explanation is incorporated by reference hereto. |
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(2) Refer to Non-GAAP Measures section starting on page 21. |
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(3) The regulatory capital ratios are based on Basel III requirements as determined in accordance with the Office of the Superintendent |
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(4) This measure has been disclosed in this document in accordance with OSFI Guideline – Total Loss Absorbing Capacity. |
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(5) The leverage ratios are based on Basel III requirements as determined in accordance with OSFI Guideline – Leverage Requirements. |
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(6) The LCR and NSFR are calculated in accordance with OSFI Guideline – Liquidity Adequacy Requirements (LAR). |
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(7) Includes allowance for credit losses on all financial assets - loans, acceptances, off-balance sheet exposures, debt securities, and deposits with financial institutions. |
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(8) Includes provision for credit losses on certain financial assets - loans, acceptances, and off-balance sheet exposures. |
Impact of Foreign Currency Translation
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Average exchange rate |
% Change |
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For the three months ended |
2025 |
2025 |
2024 |
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vs. |
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vs. |
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0.721 |
0.728 |
0.732 |
(1.0) |
% |
(1.5) |
% |
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Mexican Peso/Canadian dollar |
13.365 |
13.862 |
14.257 |
(3.6) |
% |
(6.3) |
% |
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Peruvian Sol/Canadian dollar |
2.512 |
2.624 |
2.748 |
(4.3) |
% |
(8.6) |
% |
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Colombian Peso/Canadian dollar |
2,843.332 |
2,997.961 |
3,056.235 |
(5.2) |
% |
(7.0) |
% |
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Chilean Peso/Canadian dollar |
691.582 |
687.720 |
681.854 |
0.6 |
% |
1.4 |
% |
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Average exchange rate |
% Change |
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For the year ended |
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2025 |
2024 |
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vs. |
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0.714 |
0.735 |
(2.9) |
% |
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Mexican Peso/Canadian dollar |
13.950 |
13.091 |
6.6 |
% |
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Peruvian Sol/Canadian dollar |
2.593 |
2.757 |
(5.9) |
% |
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Colombian Peso/Canadian dollar |
2,964.017 |
2,943.081 |
0.7 |
% |
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Chilean Peso/Canadian dollar |
685.697 |
682.082 |
0.5 |
% |
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For the three months ended |
For the year ended |
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Impact on net income(1)($ millions except EPS) |
vs. |
vs. |
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vs. |
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Net interest income |
$ |
85 |
$ |
50 |
$ |
(11) |
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Non-interest income(2) |
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39 |
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(19) |
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(70) |
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Total revenue |
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124 |
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31 |
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(81) |
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Non-interest expenses |
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(86) |
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(49) |
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(45) |
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Other items (net of tax)(2) |
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(24) |
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(5) |
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41 |
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Net income |
$ |
14 |
$ |
(23) |
$ |
(85) |
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Earnings per share (diluted) |
$ |
0.01 |
$ |
(0.02) |
$ |
(0.07) |
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Impact by business line ($ millions) |
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Canadian Banking |
$ |
2 |
$ |
– |
$ |
4 |
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International Banking(2) |
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8 |
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(8) |
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1 |
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Global Wealth Management |
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3 |
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2 |
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(2) |
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Global Banking and Markets |
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3 |
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2 |
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24 |
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Other(2) |
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(2) |
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(19) |
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(112) |
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Net income |
$ |
14 |
$ |
(23) |
$ |
(85) |
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(1) Includes the impact of all currencies. |
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(2) Includes the impact of foreign currency hedges. |
Group Financial Performance
Net income
Q4 2025 vs Q4 2024
Net income was
Q4 2025 vs Q3 2025
Net income was
Total revenue
Q4 2025 vs Q4 2024
Revenues were
Net interest income was
Non-interest income was
Q4 2025 vs Q3 2025
Revenues were
Net interest income increased
Non-interest income increased
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was
Provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Q4 2025 vs Q3 2025
The provision for credit losses was
Provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were
The productivity ratio was 59.4% compared to 62.1%. The adjusted productivity ratio was 54.3% compared to 56.1%. Year-to-date operating leverage was negative 2.2% and positive 3.0% on adjusted basis.
Q4 2025 vs Q3 2025
Non-interest expenses were up
The productivity ratio was 59.4% compared to 53.7%. The adjusted productivity ratio was 54.3% compared to 53.7%.
Provision for income taxes
Q4 2025 vs Q4 2024
The effective tax rate was 22.9% compared to 23.2%. On an adjusted basis the effective tax rate was 23.6% compared to 21.8% due primarily to lower income in lower tax jurisdictions and the implementation of the GMT.
Q4 2025 vs Q3 2025
The effective tax rate was 22.9% compared to 24.7% and on an adjusted basis the effective tax rate was 23.6% compared to 25.0% due primarily to higher income in lower tax jurisdictions and withholding taxes paid in the prior quarter.
Capital Ratios
The Bank continues to maintain strong, high quality capital levels which position it well for future business growth and opportunities. The CET1 ratio as at
The Bank's Tier 1 capital ratio was 15.3% as at
The Bank's Total capital ratio was 17.1% as at
The TLAC ratio was 29.1% as at
The TLAC Leverage ratio was 8.5%, a decrease of approximately 30 basis points from 2024, primarily due to increased leverage exposures partly offset by higher available TLAC.
The Bank's capital, leverage and TLAC ratios continue to be in excess of OSFI's minimum capital ratio requirements for 2025. In 2026, the Bank will continue to maintain strong capital ratios, continuing to optimize capital deployment in line with its strategic plans.
Business Segment Review
Effective the first quarter of 2025, the Bank made voluntary changes to its allocation methodology impacting business segment presentation. The new methodology includes updates related to the Bank's funds transfer pricing (FTP), head office expense allocations, and allocations between business segments. Prior period results and ratios for each segment have been revised to conform with the current period's methodology. Further details on the changes are as follows:
- FTP methodology was updated, primarily related to the allocation of substantially all liquidity costs to the business lines from the Other segment, reflecting the Bank's strategic objective to maintain higher liquidity ratios.
- Periodically, the Bank updates its allocation methodologies. This includes a comprehensive update to the allocation of head office expenses across countries within International Banking, updates to the allocation of clients and associated revenue, expenses, and balances between International Banking, Global Banking and Markets, and Global Wealth Management to align with the strategy, as well as updates to the allocation of head office expenses and income taxes from the Other segment to the business segments.
- To be consistent with the reporting of its recent minority investment in KeyCorp, the Bank has also made changes to the reporting of certain minority investments in International Banking (
Bank of Xi 'an Co. Ltd.) and Global Wealth Management (Bank of Beijing Scotia Asset Management ), which are now reported in the Other segment.
Canadian Banking
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For the three months ended |
For the year ended |
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(Unaudited) ($ millions) |
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|
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|
|
|
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(Taxable equivalent basis)(1) |
2025 |
|
2025 |
|
2024(2) |
|
2025 |
|
2024(2) |
||||||
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Reported Results |
|
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Net interest income |
$ |
2,672 |
|
$ |
2,641 |
|
$ |
2,635 |
|
$ |
10,484 |
|
$ |
10,185 |
|
|
Non-interest income(3) |
|
735 |
|
|
730 |
|
|
684 |
|
|
2,941 |
|
|
2,848 |
|
|
Total revenue |
|
3,407 |
|
|
3,371 |
|
|
3,319 |
|
|
13,425 |
|
|
13,033 |
|
|
Provision for credit losses |
|
494 |
|
|
456 |
|
|
450 |
|
|
2,293 |
|
|
1,691 |
|
|
Non-interest expenses |
|
1,617 |
|
|
1,596 |
|
|
1,578 |
|
|
6,405 |
|
|
6,125 |
|
|
Income tax expense |
|
355 |
|
|
361 |
|
|
357 |
|
|
1,302 |
|
|
1,440 |
|
|
Net income |
$ |
941 |
|
$ |
958 |
|
$ |
934 |
|
$ |
3,425 |
|
$ |
3,777 |
|
|
Net income attributable to equity holders of the Bank |
$ |
941 |
|
$ |
958 |
|
$ |
934 |
|
$ |
3,425 |
|
$ |
3,777 |
|
|
Other financial data and measures |
|
|
|
|
|
|
|
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|
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Return on equity(4) |
|
17.8 |
% |
|
18.4 |
% |
|
17.5 |
% |
|
16.3 |
% |
|
18.3 |
|
|
Net interest margin(4) |
|
2.30 |
% |
|
2.29 |
% |
|
2.32 |
% |
|
2.29 |
% |
|
2.38 |
|
|
Effective tax rate(5) |
|
27.4 |
% |
|
27.3 |
% |
|
27.7 |
% |
|
27.5 |
% |
|
27.6 |
|
|
Average assets ($ billions) |
$ |
466 |
|
$ |
463 |
|
$ |
457 |
|
$ |
463 |
|
$ |
449 |
|
|
Average liabilities ($ billions) |
$ |
379 |
|
$ |
381 |
|
$ |
385 |
|
$ |
382 |
|
$ |
389 |
|
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(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders. |
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(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
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(3) Includes net income from investments in associated corporations for the three months ended |
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(4) Refer to Non-GAAP Measures starting on page 21. |
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(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure. |
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For the three months ended |
For the year ended |
||||||||||||
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(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis) |
2025 |
|
2025 |
|
2024(1) |
|
2025 |
|
2024(1) |
||||||
|
Adjusted Results(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
2,672 |
|
$ |
2,641 |
|
$ |
2,635 |
|
$ |
10,484 |
|
$ |
10,185 |
|
|
Non-interest income |
|
735 |
|
|
730 |
|
|
684 |
|
|
2,941 |
|
|
2,848 |
|
|
Total revenue |
|
3,407 |
|
|
3,371 |
|
|
3,319 |
|
|
13,425 |
|
|
13,033 |
|
|
Provision for credit losses |
|
494 |
|
|
456 |
|
|
450 |
|
|
2,293 |
|
|
1,691 |
|
|
Non-interest expenses(3) |
|
1,616 |
|
|
1,595 |
|
|
1,577 |
|
|
6,401 |
|
|
6,121 |
|
|
Income tax expense |
|
355 |
|
|
361 |
|
|
357 |
|
|
1,303 |
|
|
1,441 |
|
|
Net income |
$ |
942 |
|
$ |
959 |
|
$ |
935 |
|
$ |
3,428 |
|
$ |
3,780 |
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
(2) Refer to Non-GAAP Measures starting on page 21 for the reconciliation of reported and adjusted results. |
|
(3) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended |
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was
Q4 2025 vs Q3 2025
Net income attributable to equity holders was
Total revenue
Q4 2025 vs Q4 2024
Revenues were
Net interest income was
Non-interest income was
Q4 2025 vs Q3 2025
Revenues were
Net interest income was
Non-interest income was
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Q4 2025 vs Q3 2025
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were
Q4 2025 vs Q3 2025
Non-interest expenses were
Provision for income taxes
The effective tax rate was 27.4% compared to 27.7% in the prior year and 27.3% in the prior quarter.
Average assets
Q4 2025 vs Q4 2024
Average assets were
Q4 2025 vs Q3 2025
Average assets were
Average liabilities
Q4 2025 vs Q4 2024
Average liabilities were
Q4 2025 vs Q3 2025
Average liabilities were
International Banking
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis)(1) |
2025 |
|
2025 |
|
2024(2) |
|
2025 |
|
2024(2) |
|
||||||
|
Reported Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
2,273 |
|
$ |
2,245 |
|
$ |
2,147 |
|
$ |
8,866 |
|
$ |
8,867 |
|
|
|
Non-interest income(3) |
|
778 |
|
|
758 |
|
|
712 |
|
|
3,177 |
|
|
2,999 |
|
|
|
Total revenue |
|
3,051 |
|
|
3,003 |
|
|
2,859 |
|
|
12,043 |
|
|
11,866 |
|
|
|
Provision for credit losses |
|
595 |
|
|
562 |
|
|
556 |
|
|
2,309 |
|
|
2,285 |
|
|
|
Non-interest expenses |
|
1,577 |
|
|
1,511 |
|
|
1,491 |
|
|
6,164 |
|
|
6,170 |
|
|
|
Income tax expense |
|
201 |
|
|
219 |
|
|
168 |
|
|
781 |
|
|
705 |
|
|
|
Net income |
$ |
678 |
|
$ |
711 |
|
$ |
644 |
|
$ |
2,789 |
|
$ |
2,706 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
44 |
|
$ |
41 |
|
$ |
44 |
|
$ |
158 |
|
$ |
125 |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
634 |
|
$ |
670 |
|
$ |
600 |
|
$ |
2,631 |
|
$ |
2,581 |
|
|
|
Other financial data and measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity(4) |
|
13.9 |
% |
|
14.9 |
% |
|
12.7 |
% |
|
14.6 |
% |
|
13.5 |
% |
|
|
Net interest margin(4) |
|
4.54 |
% |
|
4.54 |
% |
|
4.42 |
% |
|
4.50 |
% |
|
4.41 |
% |
|
|
Effective tax rate(5) |
|
22.8 |
% |
|
23.6 |
% |
|
20.6 |
% |
|
21.9 |
% |
|
20.6 |
% |
|
|
Average assets ($ billions) |
$ |
226 |
|
$ |
223 |
|
$ |
224 |
|
$ |
227 |
|
$ |
231 |
|
|
|
Average liabilities ($ billions) |
$ |
178 |
|
$ |
173 |
|
$ |
171 |
|
$ |
175 |
|
$ |
179 |
|
|
|
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders. |
|
(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
(3) Includes net income from investments in associated corporations for the three months ended |
|
(4) Refer to Non-GAAP Measures starting on page 21. |
|
(5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure. |
|
|
|
For the three months ended |
For the year ended |
|
||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis) |
|
2025 |
|
|
2025 |
|
|
2024(1) |
|
|
2025 |
|
|
2024(1) |
|
|
|
Adjusted Results(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
2,273 |
|
$ |
2,245 |
|
$ |
2,147 |
|
$ |
8,866 |
|
$ |
8,867 |
|
|
|
Non-interest income |
|
778 |
|
|
758 |
|
|
712 |
|
|
3,177 |
|
|
2,999 |
|
|
|
Total revenue |
|
3,051 |
|
|
3,003 |
|
|
2,859 |
|
|
12,043 |
|
|
11,866 |
|
|
|
Provision for credit losses |
|
595 |
|
|
562 |
|
|
556 |
|
|
2,309 |
|
|
2,285 |
|
|
|
Non-interest expenses(3) |
|
1,571 |
|
|
1,504 |
|
|
1,482 |
|
|
6,136 |
|
|
6,138 |
|
|
|
Income tax expense |
|
203 |
|
|
221 |
|
|
171 |
|
|
789 |
|
|
714 |
|
|
|
Net income |
$ |
682 |
|
$ |
716 |
|
$ |
650 |
|
$ |
2,809 |
|
$ |
2,729 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
44 |
|
$ |
41 |
|
$ |
44 |
|
$ |
158 |
|
$ |
125 |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
638 |
|
$ |
675 |
|
$ |
606 |
|
$ |
2,651 |
|
$ |
2,604 |
|
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
(2) Refer to Non-GAAP Measures starting on page 21 for the reconciliation of reported and adjusted results. |
|
(3) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended |
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was
Q4 2025 vs Q3 2025
Net income attributable to equity holders was
Financial Performance on a Constant Dollar Basis
International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure (refer to Non-GAAP Measures starting on page 21). Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment. The tables below are computed on a basis that is different than the "Impact of foreign currency translation" table on page 4. Ratios are on a reported basis.
The discussion below on the results of operations is on a constant dollar basis.
Reported results on a constant dollar basis
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis) |
|
2025 |
|
|
2025 |
|
|
2024(1) |
|
|
2025 |
|
|
2024(1) |
|
|
|
Constant dollars – Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
2,273 |
|
$ |
2,293 |
|
$ |
2,227 |
|
$ |
8,866 |
|
$ |
8,856 |
|
|
|
Non-interest income(2) |
|
778 |
|
|
770 |
|
|
728 |
|
|
3,177 |
|
|
2,980 |
|
|
|
Total revenue |
|
3,051 |
|
|
3,063 |
|
|
2,955 |
|
|
12,043 |
|
|
11,836 |
|
|
|
Provision for credit losses |
|
595 |
|
|
574 |
|
|
582 |
|
|
2,309 |
|
|
2,293 |
|
|
|
Non-interest expenses |
|
1,577 |
|
|
1,542 |
|
|
1,544 |
|
|
6,164 |
|
|
6,121 |
|
|
|
Income tax expense |
|
201 |
|
|
223 |
|
|
171 |
|
|
781 |
|
|
704 |
|
|
|
Net income |
$ |
678 |
|
$ |
724 |
|
$ |
658 |
|
$ |
2,789 |
|
$ |
2,718 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
44 |
|
$ |
42 |
|
$ |
44 |
|
$ |
158 |
|
$ |
128 |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
634 |
|
$ |
682 |
|
$ |
614 |
|
$ |
2,631 |
|
$ |
2,590 |
|
|
|
Other financial data and measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets ($ billions) |
$ |
226 |
|
$ |
228 |
|
$ |
230 |
|
$ |
227 |
|
$ |
232 |
|
|
|
Average liabilities ($ billions) |
$ |
178 |
|
$ |
176 |
|
$ |
177 |
|
$ |
175 |
|
$ |
178 |
|
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
(2) This includes net income from investments in associated corporations for the three months ended |
Adjusted results on a constant dollar basis
|
|
|
For the three months ended |
For the year ended |
|
||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis) |
|
2025 |
|
|
2025 |
|
|
2024(1) |
|
|
2025 |
|
|
2024(1) |
|
|
|
Constant dollars – Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
2,273 |
|
$ |
2,293 |
|
$ |
2,227 |
|
$ |
8,866 |
|
$ |
8,856 |
|
|
|
Non-interest income |
|
778 |
|
|
770 |
|
|
728 |
|
|
3,177 |
|
|
2,980 |
|
|
|
Total revenue |
|
3,051 |
|
|
3,063 |
|
|
2,955 |
|
|
12,043 |
|
|
11,836 |
|
|
|
Provision for credit losses |
|
595 |
|
|
574 |
|
|
582 |
|
|
2,309 |
|
|
2,293 |
|
|
|
Non-interest expenses(2) |
|
1,571 |
|
|
1,535 |
|
|
1,536 |
|
|
6,136 |
|
|
6,089 |
|
|
|
Income tax expense |
|
203 |
|
|
225 |
|
|
173 |
|
|
789 |
|
|
713 |
|
|
|
Net income |
$ |
682 |
|
$ |
729 |
|
$ |
664 |
|
$ |
2,809 |
|
$ |
2,741 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
44 |
|
$ |
42 |
|
$ |
44 |
|
$ |
158 |
|
$ |
128 |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
638 |
|
$ |
687 |
|
$ |
620 |
|
$ |
2,651 |
|
$ |
2,613 |
|
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
(2) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended |
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was
Q4 2025 vs Q3 2025
Net income attributable to equity holders was
Total revenue
Q4 2025 vs Q4 2024
Revenues were
Net interest income was
Non-interest income was
Q4 2025 vs Q3 2025
Revenues were
Net interest income was
Non-interest income was
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Q4 2025 vs Q3 2025
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were
Q4 2025 vs Q3 2025
Non-interest expenses were
Provision for income taxes
Q4 2025 vs Q4 2024
The effective tax rate was 22.8% compared to 20.6%. On an adjusted basis, the effective tax rate was 22.9% compared to 20.7%. The increase was due primarily to the impact of GMT and changes in earnings mix.
Q4 2025 vs Q3 2025
The effective tax rate was 22.8% compared to 23.6%. On an adjusted basis, the effective tax rate was 22.9% compared to 23.6%. The decrease was due primarily to higher benefits from inflationary adjustment in the current quarter.
Average assets
Q4 2025 vs Q4 2024
Average assets were
Q4 2025 vs Q3 2025
Average assets were
Average liabilities
Q4 2025 vs Q4 2024
Average liabilities were
Q4 2025 vs Q3 2025
Average liabilities were
Global Wealth Management
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis)(1) |
|
2025 |
|
|
2025 |
|
|
2024(2) |
|
|
2025 |
|
|
2024(2) |
|
|
|
Reported Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
281 |
|
$ |
266 |
|
$ |
207 |
|
$ |
1,025 |
|
$ |
786 |
|
|
|
Non-interest income |
|
1,423 |
|
|
1,338 |
|
|
1,259 |
|
|
5,403 |
|
|
4,803 |
|
|
|
Total revenue |
|
1,704 |
|
|
1,604 |
|
|
1,466 |
|
|
6,428 |
|
|
5,589 |
|
|
|
Provision for credit losses |
|
4 |
|
|
4 |
|
|
5 |
|
|
14 |
|
|
27 |
|
|
|
Non-interest expenses |
|
1,095 |
|
|
1,030 |
|
|
949 |
|
|
4,144 |
|
|
3,655 |
|
|
|
Income tax expense |
|
155 |
|
|
150 |
|
|
130 |
|
|
590 |
|
|
479 |
|
|
|
Net income |
$ |
450 |
|
$ |
420 |
|
$ |
382 |
|
$ |
1,680 |
|
$ |
1,428 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
3 |
|
$ |
3 |
|
$ |
2 |
|
$ |
10 |
|
$ |
10 |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
447 |
|
$ |
417 |
|
$ |
380 |
|
$ |
1,670 |
|
$ |
1,418 |
|
|
|
Other financial data and measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity(3) |
|
16.7 |
% |
|
15.7 |
% |
|
14.8 |
% |
|
16.0 |
% |
|
13.9 |
% |
|
|
Effective tax rate(4) |
|
25.6 |
% |
|
26.4 |
% |
|
25.4 |
% |
|
26.0 |
% |
|
25.1 |
% |
|
|
Assets under administration ($ billions) |
$ |
797 |
|
$ |
754 |
|
$ |
704 |
|
$ |
797 |
|
$ |
704 |
|
|
|
Assets under management ($ billions) |
$ |
432 |
|
$ |
407 |
|
$ |
373 |
|
$ |
432 |
|
$ |
373 |
|
|
|
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders. |
|
|
(2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
|
(3) Refer to Non-GAAP Measures starting on page 21. |
|
|
(4) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure. |
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis) |
2025 |
|
2025 |
|
2024(1) |
|
2025 |
|
2024(1) |
|
||||||
|
Adjusted Results(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
281 |
|
$ |
266 |
|
$ |
207 |
|
$ |
1,025 |
|
$ |
786 |
|
|
|
Non-interest income |
|
1,423 |
|
|
1,338 |
|
|
1,259 |
|
|
5,403 |
|
|
4,803 |
|
|
|
Total revenue |
|
1,704 |
|
|
1,604 |
|
|
1,466 |
|
|
6,428 |
|
|
5,589 |
|
|
|
Provision for credit losses |
|
4 |
|
|
4 |
|
|
5 |
|
|
14 |
|
|
27 |
|
|
|
Non-interest expenses(3) |
|
1,086 |
|
|
1,021 |
|
|
940 |
|
|
4,108 |
|
|
3,619 |
|
|
|
Income tax expense |
|
158 |
|
|
152 |
|
|
133 |
|
|
600 |
|
|
489 |
|
|
|
Net income |
$ |
456 |
|
$ |
427 |
|
$ |
388 |
|
$ |
1,706 |
|
$ |
1,454 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
3 |
|
$ |
3 |
|
$ |
2 |
|
$ |
10 |
|
$ |
10 |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
453 |
|
$ |
424 |
|
$ |
386 |
|
$ |
1,696 |
|
$ |
1,444 |
|
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|
|
(2) Refer to Non-GAAP Measures starting on page 21 for the reconciliation of reported and adjusted results. |
|
|
(3) Includes adjustment for amortization of acquisition-related intangible assets, excluding software for the three months ended |
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was
Q4 2025 vs Q3 2025
Net income attributable to equity holders was
Total revenue
Q4 2025 vs Q4 2024
Revenues were
Net interest income was
Q4 2025 vs Q3 2025
Revenues were
Net interest income was
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit loss was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Q4 2025 vs Q3 2025
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were
Q4 2025 vs Q3 2025
Non-interest expenses were
Provision for income taxes
The effective tax rate was 25.6%, compared to 25.4% in the prior year, and 26.4% in the prior quarter.
Assets under management (AUM) and assets under administration (AUA)
Q4 2025 vs Q4 2024
Assets under management were
Q4 2025 vs Q3 2025
Assets under management were
Global Banking and Markets
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis)(1) |
2025 |
|
2025 |
|
2024(2) |
|
2025 |
|
2024(2) |
|
||||||
|
Reported Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income(3) |
$ |
363 |
|
$ |
350 |
|
$ |
280 |
|
$ |
1,400 |
|
$ |
1,102 |
|
|
|
Non-interest income(3) |
|
1,221 |
|
|
1,180 |
|
- |
992 |
|
|
4,766 |
|
|
3,959 |
|
|
|
Total revenue |
|
1,584 |
|
|
1,530 |
|
- |
1,272 |
|
|
6,166 |
|
|
5,061 |
|
|
|
Provision for credit losses |
|
20 |
|
|
19 |
|
- |
19 |
|
|
97 |
|
|
47 |
|
|
|
Non-interest expenses |
|
900 |
|
|
894 |
|
- |
807 |
|
|
3,563 |
|
|
3,122 |
|
|
|
Income tax expense |
|
145 |
|
|
144 |
|
- |
99 |
|
|
585 |
|
|
414 |
|
|
|
Net income |
$ |
519 |
|
$ |
473 |
|
$ |
347 |
|
$ |
1,921 |
|
$ |
1,478 |
|
|
|
Net income attributable to non-controlling interest in subsidiaries |
$ |
– |
|
$ |
– |
|
$ |
– |
|
$ |
(1) |
|
$ |
– |
|
|
|
Net income attributable to equity holders of the Bank |
$ |
519 |
|
$ |
473 |
|
$ |
347 |
|
$ |
1,922 |
|
$ |
1,478 |
|
|
|
Other financial data and measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on equity(4) |
|
14.1 |
% |
|
12.6 |
% |
- |
9.0 |
% |
|
12.8 |
% |
|
9.6 |
% |
|
|
Net interest margin(4) |
|
1.91 |
% |
|
1.77 |
% |
|
1.62 |
% |
|
1.77 |
% |
|
1.55 |
% |
|
|
Effective tax rate(5) |
|
21.8 |
% |
|
23.4 |
% |
|
22.1 |
% |
|
23.3 |
% |
|
21.9 |
% |
|
|
Average assets ($ billions) |
$ |
531 |
|
$ |
493 |
|
$ |
486 |
|
$ |
509 |
|
$ |
495 |
|
|
|
Average liabilities ($ billions) |
$ |
541 |
|
$ |
513 |
|
$ |
478 |
|
$ |
520 |
|
$ |
475 |
|
|
|
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders. (2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details.
(3) Includes the gross-up of tax-exempt income earned on certain securities reported in either net interest income or non-interest income for the three months ended (4) Refer to Non-GAAP Measures starting on page 21. (5) Refer to Glossary section of the Bank's 2025 Annual Report to Shareholders for the description of the measure. |
Net income
Q4 2025 vs Q4 2024
Net income attributable to equity holders was
Q4 2025 vs Q3 2025
Net income attributable to equity holders was
Total revenue
Q4 2025 vs Q4 2024
Revenues were
Net interest income was
Non-interest income was
Q4 2025 vs Q3 2025
Revenues were
Net interest income was
Non-interest income was
Provision for credit losses
Q4 2025 vs Q4 2024
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Q4 2025 vs Q3 2025
The provision for credit losses was
The provision for credit losses on performing loans was
The provision for credit losses on impaired loans was
Non-interest expenses
Q4 2025 vs Q4 2024
Non-interest expenses were
Q4 2025 vs Q3 2025
Non-interest expenses were
Taxes
Effective tax rate was 21.8% compared to 22.1% in the prior year, and 23.4% in the prior quarter, due primarily to the change in earnings mix across jurisdictions.
Average assets
Q4 2025 vs Q4 2024
Average assets were
Q4 2025 vs Q3 2025
Average assets were
Average liabilities
Q4 2025 vs Q4 2024
Average liabilities were
Q4 2025 vs Q3 2025
Average liabilities were
Other
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|
||||||
|
(Taxable equivalent basis)(1) |
|
2025 |
|
|
2025 |
|
|
2024(2) |
|
|
2025 |
|
|
2024(2) |
|
|
|
Reported Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
(3) |
|
$ |
(9) |
|
$ |
(346) |
|
$ |
(253) |
|
$ |
(1,688) |
|
|
|
Non-interest income(3)(4)(5) |
|
60 |
|
|
(13) |
|
|
(44) |
|
|
(68) |
|
|
(191) |
|
|
|
Total revenue(3) |
|
57 |
|
|
(22) |
|
|
(390) |
|
|
(321) |
|
|
(1,879) |
|
|
|
Provision for credit losses |
|
– |
|
|
– |
|
|
– |
|
|
1 |
|
|
1 |
|
|
|
Non-interest expenses(5) |
|
639 |
|
|
58 |
|
|
471 |
|
|
2,242 |
|
|
623 |
|
|
|
Income tax expense(3) |
|
(200) |
|
|
(45) |
|
|
(243) |
|
|
(507) |
|
|
(1,006) |
|
|
|
Net income (loss) |
$ |
(382) |
|
$ |
(35) |
|
$ |
(618) |
|
$ |
(2,057) |
|
$ |
(1,497) |
|
|
|
Net income (loss) attributable to non-controlling interest in subsidiaries |
$ |
(60) |
|
$ |
36 |
|
$ |
1 |
|
$ |
(198) |
|
$ |
(1) |
|
|
|
Net income (loss) attributable to equity holders |
$ |
(322) |
|
$ |
(71) |
|
$ |
(619) |
|
$ |
(1,859) |
|
$ |
(1,496) |
|
|
|
Other measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets ($ billions) |
$ |
225 |
|
$ |
228 |
|
$ |
216 |
|
$ |
228 |
|
$ |
209 |
|
|
|
Average liabilities ($ billions) |
$ |
250 |
|
$ |
243 |
|
$ |
260 |
|
$ |
254 |
|
$ |
254 |
|
|
|
(1) Results are presented on a taxable equivalent basis. Refer to Business Line Overview section of the Bank's 2025 Annual Report to Shareholders. (2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. (3) Includes the net residual funds transfer pricing, and the elimination of the tax-exempt income gross-up reported in net interest income, non-interest income, and provision for income taxes in the business segments, which are reported on a taxable equivalent basis.
(4) Includes net income from investments in associated corporations for the three months ended (5) Includes elimination of fees paid to Canadian Banking by Canadian Wealth Management for administrative support and other services provided by Canadian Banking to the Global Wealth Management businesses. These are reported as revenues in Canadian Banking and operating expenses in Global Wealth Management. |
|
|
|
For the three months ended |
For the year ended |
|||||||||||||
|
(Unaudited) ($ millions) |
|
|
|
|
|
|
|
|
|
|||||||
|
(Taxable equivalent basis) |
|
2025 |
|
|
2025 |
|
|
2024(1) |
|
|
2025 |
|
|
2024(1) |
||
|
Adjusted Results(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
(3) |
|
$ |
(9) |
|
$ |
(346) |
|
$ |
(253) |
|
$ |
(1,688) |
|
|
|
Non-interest income(3) |
|
24 |
|
|
(5) |
|
|
(44) |
|
|
(78) |
|
|
(48) |
|
|
|
Total revenue |
|
21 |
|
|
(14) |
|
|
(390) |
|
|
(331) |
|
|
(1,736) |
|
|
|
Provision for credit losses |
|
– |
|
|
– |
|
|
– |
|
|
1 |
|
|
1 |
|
|
|
Non-interest expenses(4) |
|
135 |
|
|
81 |
|
|
(22) |
|
|
373 |
|
|
(39) |
|
|
|
Income tax expense |
|
(73) |
|
|
(38) |
|
|
(167) |
|
|
(351) |
|
|
(884) |
|
|
|
Net income (loss) |
$ |
(41) |
|
$ |
(57) |
|
$ |
(201) |
|
$ |
(354) |
|
$ |
(814) |
|
|
|
Net income (loss) attributable to non-controlling interests (NCI) |
$ |
(7) |
|
$ |
(1) |
|
$ |
1 |
|
$ |
(7) |
|
$ |
1 |
|
|
|
Net income (loss) attributable to equity holders |
$ |
(34) |
|
$ |
(56) |
|
$ |
(202) |
|
$ |
(347) |
|
$ |
(815) |
|
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. (2) Refer to Non-GAAP Measures starting on page 21 for the description of the adjustments. |
|
(3) Adjustments for the three months ended |
|
(4) Adjustments for the three months ended |
The Other segment includes Group Treasury, investments in certain associated corporations, and smaller operating segments and corporate items which are not allocated to a business line. Group
Net interest income, non-interest income, and the provision for income taxes in each period include the elimination of tax-exempt income gross-up. This amount is included in the operating segments, which are reported on a taxable equivalent basis.
Net income from associated corporations and the provision for income taxes in each period include the tax normalization adjustments related to the gross-up of income from associated companies. This adjustment normalizes the effective tax rate in the divisions to better present the contribution of the associated companies to the divisional results.
Q4 2025 vs Q4 2024
Net loss attributable to equity holders was
Q4 2025 vs Q3 2025
Net loss attributable to equity holders increased by
Consolidated Statement of Financial Position
|
|
|
As at |
|||||
|
|
|
|
|
|
|||
|
(Unaudited) ($ millions) |
|
2025 |
2025 |
2024 |
|||
|
Assets |
|
|
|
|
|
|
|
|
Cash and deposits with financial institutions |
|
$ |
65,967 |
$ |
69,701 |
$ |
63,860 |
|
Precious metals |
|
|
5,156 |
|
5,832 |
|
2,540 |
|
Trading assets |
|
|
|
|
|
|
|
|
Securities |
|
|
140,844 |
|
125,442 |
|
119,912 |
|
Loans |
|
|
8,487 |
|
8,097 |
|
7,649 |
|
Other |
|
|
2,892 |
|
2,946 |
|
2,166 |
|
|
|
|
152,223 |
|
136,485 |
|
129,727 |
|
Securities purchased under resale agreements and securities borrowed |
|
|
203,008 |
|
185,360 |
|
200,543 |
|
Derivative financial instruments |
|
|
46,531 |
|
43,801 |
|
44,379 |
|
Investment securities |
|
|
149,948 |
|
149,151 |
|
152,832 |
|
Loans |
|
|
|
|
|
|
|
|
Residential mortgages |
|
|
370,191 |
|
360,937 |
|
350,941 |
|
Personal loans |
|
|
110,567 |
|
107,890 |
|
106,379 |
|
Credit cards |
|
|
18,045 |
|
17,472 |
|
17,374 |
|
Business and government |
|
|
279,705 |
|
282,458 |
|
292,671 |
|
|
|
|
778,508 |
|
768,757 |
|
767,365 |
|
Allowance for credit losses |
|
|
7,463 |
|
7,197 |
|
6,536 |
|
|
|
|
771,045 |
|
761,560 |
|
760,829 |
|
Other |
|
|
|
|
|
|
|
|
Customers' liability under acceptances, net of allowance |
|
|
177 |
|
133 |
|
148 |
|
Property and equipment |
|
|
4,881 |
|
4,793 |
|
5,252 |
|
Investments in associates |
|
|
6,317 |
|
6,029 |
|
1,821 |
|
|
|
|
16,169 |
|
16,067 |
|
16,853 |
|
Deferred tax assets |
|
|
3,253 |
|
3,045 |
|
2,942 |
|
Other assets |
|
|
35,367 |
|
32,729 |
|
30,301 |
|
|
|
|
66,164 |
|
62,796 |
|
57,317 |
|
Total assets |
|
$ |
1,460,042 |
$ |
1,414,686 |
$ |
1,412,027 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
Personal |
|
$ |
301,718 |
$ |
301,464 |
$ |
298,821 |
|
Business and government |
|
|
627,667 |
|
605,934 |
|
600,114 |
|
Financial institutions |
|
|
36,894 |
|
39,444 |
|
44,914 |
|
|
|
|
966,279 |
|
946,842 |
|
943,849 |
|
Financial instruments designated at fair value through profit or loss |
|
|
47,165 |
|
43,536 |
|
36,341 |
|
Other |
|
|
|
|
|
|
|
|
Acceptances |
|
|
178 |
|
134 |
|
149 |
|
Obligations related to securities sold short |
|
|
38,104 |
|
34,675 |
|
35,042 |
|
Derivative financial instruments |
|
|
56,031 |
|
52,916 |
|
51,260 |
|
Obligations related to securities sold under repurchase agreements and securities lent |
|
|
189,144 |
|
182,223 |
|
190,449 |
|
Subordinated debentures |
|
|
7,692 |
|
7,604 |
|
7,833 |
|
Other liabilities |
|
|
66,862 |
|
61,273 |
|
63,028 |
|
|
|
|
358,011 |
|
338,825 |
|
347,761 |
|
Total liabilities |
|
|
1,371,455 |
|
1,329,203 |
|
1,327,951 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Common equity |
|
|
|
|
|
|
|
|
Common shares |
|
|
22,067 |
|
22,089 |
|
22,054 |
|
Retained earnings |
|
|
58,916 |
|
58,703 |
|
57,751 |
|
Accumulated other comprehensive income (loss) |
|
|
(3,826) |
|
(5,310) |
|
(6,147) |
|
Other reserves |
|
|
(230) |
|
(224) |
|
(68) |
|
Total common equity |
|
|
76,927 |
|
75,258 |
|
73,590 |
|
Preferred shares and other equity instruments |
|
|
9,939 |
|
8,544 |
|
8,779 |
|
Total equity attributable to equity holders of the Bank |
|
|
86,866 |
|
83,802 |
|
82,369 |
|
Non-controlling interests in subsidiaries |
|
|
1,721 |
|
1,681 |
|
1,707 |
|
Total equity |
|
|
88,587 |
|
85,483 |
|
84,076 |
|
Total liabilities and equity |
|
$ |
1,460,042 |
$ |
1,414,686 |
$ |
1,412,027 |
Consolidated Statement of Income
|
|
|
|
For the three months ended |
For the year ended |
||||||||
|
|
|
|
|
|
|
|
||||||
|
(Unaudited) ($ millions) |
|
2025 |
2025 |
2024 |
2025 |
2024 |
||||||
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
10,975 |
$ |
10,859 |
$ |
11,970 |
$ |
44,293 |
$ |
47,811 |
|
|
Securities |
|
|
1,863 |
|
1,921 |
|
2,213 |
|
7,941 |
|
9,160 |
|
|
Securities purchased under resale agreements and securities borrowed |
|
|
814 |
|
717 |
|
471 |
|
2,808 |
|
1,602 |
|
|
Deposits with financial institutions |
|
|
563 |
|
623 |
|
671 |
|
2,560 |
|
3,086 |
|
|
|
|
|
14,215 |
|
14,120 |
|
15,325 |
|
57,602 |
|
61,659 |
|
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
7,995 |
|
8,075 |
|
9,700 |
|
33,425 |
|
39,480 |
|
|
Subordinated debentures |
|
|
90 |
|
93 |
|
112 |
|
385 |
|
490 |
|
|
Other |
|
|
544 |
|
459 |
|
590 |
|
2,270 |
|
2,437 |
|
|
|
|
|
8,629 |
|
8,627 |
|
10,402 |
|
36,080 |
|
42,407 |
|
|
Net interest income |
|
|
5,586 |
|
5,493 |
|
4,923 |
|
21,522 |
|
19,252 |
|
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Card revenues |
|
|
223 |
|
228 |
|
226 |
|
892 |
|
869 |
|
|
Banking services fees |
|
|
499 |
|
500 |
|
484 |
|
1,997 |
|
1,955 |
|
|
Credit fees |
|
|
318 |
|
314 |
|
282 |
|
1,249 |
|
1,585 |
|
|
Mutual funds |
|
|
681 |
|
641 |
|
623 |
|
2,564 |
|
2,282 |
|
|
Brokerage fees |
|
|
381 |
|
353 |
|
310 |
|
1,436 |
|
1,251 |
|
|
Investment management and trust |
|
|
296 |
|
292 |
|
279 |
|
1,162 |
|
1,096 |
|
|
Underwriting and advisory fees |
|
|
261 |
|
234 |
|
168 |
|
964 |
|
702 |
|
|
Non-trading foreign exchange |
|
|
240 |
|
228 |
|
221 |
|
948 |
|
930 |
|
|
Trading revenues |
|
|
461 |
|
463 |
|
408 |
|
1,984 |
|
1,634 |
|
|
Net gain on sale of investment securities |
|
|
11 |
|
22 |
|
24 |
|
71 |
|
48 |
|
|
Net income from investments in associated corporations |
|
|
179 |
|
157 |
|
41 |
|
608 |
|
198 |
|
|
Insurance service results |
|
|
120 |
|
119 |
|
133 |
|
485 |
|
470 |
|
|
Other fees and commissions |
|
|
452 |
|
388 |
|
362 |
|
1,653 |
|
1,247 |
|
|
Other |
|
|
95 |
|
54 |
|
42 |
|
206 |
|
151 |
|
|
|
|
|
4,217 |
|
3,993 |
|
3,603 |
|
16,219 |
|
14,418 |
|
|
Total revenue |
|
|
9,803 |
|
9,486 |
|
8,526 |
|
37,741 |
|
33,670 |
|
|
Provision for credit losses |
|
|
1,113 |
|
1,041 |
|
1,030 |
|
4,714 |
|
4,051 |
|
|
|
|
|
8,690 |
|
8,445 |
|
7,496 |
|
33,027 |
|
29,619 |
|
|
Non-interest expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
2,812 |
|
2,662 |
|
2,499 |
|
10,824 |
|
9,855 |
|
|
Premises and technology |
|
|
876 |
|
807 |
|
752 |
|
3,297 |
|
2,896 |
|
|
Depreciation and amortization |
|
|
403 |
|
405 |
|
501 |
|
1,604 |
|
1,760 |
|
|
Communications |
|
|
95 |
|
89 |
|
87 |
|
384 |
|
381 |
|
|
Advertising and business development |
|
|
188 |
|
169 |
|
168 |
|
672 |
|
614 |
|
|
Professional |
|
|
234 |
|
212 |
|
225 |
|
880 |
|
793 |
|
|
Business and capital taxes |
|
|
176 |
|
177 |
|
161 |
|
708 |
|
682 |
|
|
Other |
|
|
1,044 |
|
568 |
|
903 |
|
4,149 |
|
2,714 |
|
|
|
|
|
5,828 |
|
5,089 |
|
5,296 |
|
22,518 |
|
19,695 |
|
|
Income before taxes |
|
|
2,862 |
|
3,356 |
|
2,200 |
|
10,509 |
|
9,924 |
|
|
Income tax expense |
|
|
656 |
|
829 |
|
511 |
|
2,751 |
|
2,032 |
|
|
Net income |
|
$ |
2,206 |
$ |
2,527 |
$ |
1,689 |
$ |
7,758 |
$ |
7,892 |
|
|
Net income attributable to non-controlling interests in subsidiaries |
|
|
(13) |
|
80 |
|
47 |
|
(31) |
|
134 |
|
|
Net income attributable to equity holders of the Bank |
|
$ |
2,219 |
$ |
2,447 |
$ |
1,642 |
$ |
7,789 |
$ |
7,758 |
|
|
Preferred shareholders and other equity instrument holders |
|
|
115 |
|
134 |
|
121 |
|
506 |
|
472 |
|
|
Common shareholders |
|
$ |
2,104 |
$ |
2,313 |
$ |
1,521 |
$ |
7,283 |
$ |
7,286 |
|
|
Earnings per common share (in dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.70 |
$ |
1.84 |
$ |
1.23 |
$ |
5.84 |
$ |
5.94 |
|
|
Diluted |
|
|
1.65 |
|
1.84 |
|
1.22 |
|
5.67 |
|
5.87 |
|
|
Dividends paid per common share (in dollars) |
|
|
1.10 |
|
1.10 |
|
1.06 |
|
4.32 |
|
4.24 |
|
|
(1) Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of |
Consolidated Statement of Comprehensive Income
|
|
For the three months ended |
For the year ended |
||||||||
|
|
|
|
|
|
|
|||||
|
(Unaudited) ($ millions) |
2025 |
2025 |
2024 |
2025 |
2024 |
|||||
|
Net income |
$ |
2,206 |
$ |
2,527 |
$ |
1,689 |
$ |
7,758 |
$ |
7,892 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
Items that will be reclassified subsequently to net income |
|
|
|
|
|
|
|
|
|
|
|
Net change in unrealized foreign currency translation gains (losses): |
|
|
|
|
|
|
|
|
|
|
|
Net unrealized foreign currency translation gains (losses) |
|
1,404 |
|
479 |
|
(698) |
|
1,681 |
|
(2,511) |
|
Net gains (losses) on hedges of net investments in foreign operations |
|
(668) |
|
(410) |
|
268 |
|
(1,222) |
|
886 |
|
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
Net unrealized foreign currency translation gains (losses) |
|
22 |
|
15 |
|
6 |
|
20 |
|
2 |
|
Net gains (losses) on hedges of net investments in foreign operations |
|
(186) |
|
(114) |
|
73 |
|
(341) |
|
238 |
|
|
|
900 |
|
168 |
|
(509) |
|
780 |
|
(1,865) |
|
Net change in fair value due to change in debt instruments measured at fair |
|
|
|
|
|
|
|
|
|
|
|
value through other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) in fair value |
|
1,105 |
|
(692) |
|
160 |
|
1,717 |
|
2,977 |
|
Reclassification of net (gains) losses to net income |
|
(773) |
|
935 |
|
(212) |
|
(1,001) |
|
(2,126) |
|
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) in fair value |
|
302 |
|
(191) |
|
43 |
|
454 |
|
806 |
|
Reclassification of net (gains) losses to net income |
|
(209) |
|
246 |
|
(56) |
|
(273) |
|
(567) |
|
|
|
239 |
|
188 |
|
(39) |
|
535 |
|
612 |
|
Net change in gains (losses) on derivative instruments designated as cash |
|
|
|
|
|
|
|
|
|
|
|
flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on derivative instruments designated as cash flow hedges |
|
1,523 |
|
96 |
|
1,494 |
|
3,937 |
|
5,195 |
|
Reclassification of net (gains) losses to net income |
|
(825) |
|
(572) |
|
(652) |
|
(2,493) |
|
(2,000) |
|
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) on derivative instruments designated as cash flow hedges |
|
469 |
|
2 |
|
328 |
|
1,197 |
|
1,363 |
|
Reclassification of net (gains) losses to net income |
|
(283) |
|
(117) |
|
(143) |
|
(806) |
|
(511) |
|
|
|
512 |
|
(361) |
|
657 |
|
1,053 |
|
2,343 |
|
Net changes in finance income/(expense) from insurance contracts: |
|
|
|
|
|
|
|
|
|
|
|
Net finance income/(expense) from insurance contracts |
|
17 |
|
– |
|
(3) |
|
20 |
|
2 |
|
Income tax expense (benefit) |
|
1 |
|
– |
|
– |
|
1 |
|
1 |
|
|
|
16 |
|
– |
|
(3) |
|
19 |
|
1 |
|
Other comprehensive income (loss) from investments in associates |
|
85 |
|
43 |
|
1 |
|
176 |
|
(1) |
|
Items that will not be reclassified subsequently to net income |
|
|
|
|
|
|
|
|
|
|
|
Net change in remeasurement of employee benefit plan asset and liability: |
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains (losses) on employee benefit plans |
|
90 |
|
270 |
|
(74) |
|
365 |
|
(195) |
|
Income tax expense (benefit) |
|
25 |
|
65 |
|
(20) |
|
99 |
|
(59) |
|
|
|
65 |
|
205 |
|
(54) |
|
266 |
|
(136) |
|
Net change in fair value due to change in equity instruments designated at fair |
|
|
|
|
|
|
|
|
|
|
|
value through other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
Net gains (losses) in fair value |
|
17 |
|
20 |
|
138 |
|
90 |
|
444 |
|
Income tax expense (benefit) |
|
5 |
|
(2) |
|
47 |
|
29 |
|
106 |
|
|
|
12 |
|
22 |
|
91 |
|
61 |
|
338 |
|
Net change in fair value due to change in own credit risk on financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
designated under the fair value option: |
|
|
|
|
|
|
|
|
|
|
|
Change in fair value due to change in own credit risk on financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
designated under the fair value option |
|
(379) |
|
(562) |
|
(46) |
|
(693) |
|
(804) |
|
Income tax expense (benefit) |
|
(106) |
|
(156) |
|
(13) |
|
(193) |
|
(223) |
|
|
|
(273) |
|
(406) |
|
(33) |
|
(500) |
|
(581) |
|
Other comprehensive income (loss) from investments in associates |
|
– |
|
– |
|
– |
|
7 |
|
1 |
|
Other comprehensive income (loss) |
|
1,556 |
|
(141) |
|
111 |
|
2,397 |
|
712 |
|
Comprehensive income (loss) |
$ |
3,762 |
$ |
2,386 |
$ |
1,800 |
$ |
10,155 |
$ |
8,604 |
|
Comprehensive income (loss) attributable to non-controlling interests |
|
59 |
|
58 |
|
7 |
|
45 |
|
62 |
|
Comprehensive income (loss) attributable to equity holders of the Bank |
|
3,703 |
|
2,328 |
|
1,793 |
|
10,110 |
|
8,542 |
|
Preferred shareholders and other equity instrument holders |
|
115 |
|
134 |
|
121 |
|
506 |
|
472 |
|
Common shareholders |
$ |
3,588 |
$ |
2,194 |
$ |
1,672 |
$ |
9,604 |
$ |
8,070 |
Consolidated Statement of Changes in Equity
|
|
|
|
For the year ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
Total |
Non- |
|
||||||||||||
|
|
|
|
Foreign |
Debt |
Equity |
Cash |
|
|
Total |
shares and |
attributable |
controlling |
|
||||||||||||||
|
|
Common |
Retained |
currency |
instruments |
instruments |
flow |
|
Other |
common |
other equity |
to equity |
interests in |
|
||||||||||||||
|
(Unaudited) ($ millions) |
shares |
earnings(1) |
translation |
FVOCI |
FVOCI |
hedges |
Other(2) |
reserves |
equity |
instruments |
holders |
subsidiaries |
Total |
||||||||||||||
|
Balance as at |
$ |
22,054 |
$ |
57,751 |
$ |
(3,559) |
$ |
(491) |
$ |
339 |
$ |
(2,197) |
$ |
(239) |
$ |
(68) |
$ |
73,590 |
$ |
8,779 |
$ |
82,369 |
$ |
1,707 |
$ |
84,076 |
|
|
Net income |
|
– |
|
7,283 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
7,283 |
|
506 |
|
7,789 |
|
(31) |
|
7,758 |
|
|
Other comprehensive income (loss) |
|
– |
|
– |
|
708 |
|
533 |
|
59 |
|
1,057 |
|
(36) |
|
– |
|
2,321 |
|
– |
|
2,321 |
|
76 |
|
2,397 |
|
|
Total comprehensive income |
$ |
– |
$ |
7,283 |
$ |
708 |
$ |
533 |
$ |
59 |
$ |
1,057 |
$ |
(36) |
$ |
– |
$ |
9,604 |
$ |
506 |
$ |
10,110 |
$ |
45 |
$ |
10,155 |
|
|
Shares/instruments issued |
|
210 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(14) |
|
196 |
|
2,848 |
|
3,044 |
|
– |
|
3,044 |
|
|
Shares repurchased/redeemed |
|
(197) |
|
(716) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(913) |
|
(1,688) |
|
(2,601) |
|
– |
|
(2,601) |
|
|
Dividends and distributions paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
– |
|
(5,369) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(5,369) |
|
(506) |
|
(5,875) |
|
(82) |
|
(5,957) |
|
|
Share-based payments(3) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
15 |
|
15 |
|
– |
|
15 |
|
– |
|
15 |
|
|
Foreign currency loss on redemption |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Additional Tier 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Notes(4) |
|
– |
|
(22) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(22) |
|
– |
|
(22) |
|
– |
|
(22) |
|
|
Other |
|
– |
|
(11) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(163) |
|
(174) |
|
– |
|
(174) |
|
51 |
|
(123) |
|
|
Balance as at |
$ |
22,067 |
$ |
58,916 |
$ |
(2,851) |
$ |
42 |
$ |
398 |
$ |
(1,140) |
$ |
(275) |
$ |
(230) |
$ |
76,927 |
$ |
9,939 |
$ |
86,866 |
$ |
1,721 |
$ |
88,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred |
Total |
Non- |
|
||||||||||||
|
|
|
|
Foreign |
Debt |
Equity |
Cash |
|
|
Total |
shares and |
attributable |
controlling |
|
||||||||||||||
|
|
Common |
Retained |
currency |
instruments |
instruments |
flow |
|
Other |
common |
other equity |
to equity |
interests in |
|
||||||||||||||
|
(Unaudited) ($ millions) |
shares |
earnings(1) |
translation |
FVOCI |
FVOCI |
hedges |
Other(2) |
reserves |
equity |
instruments |
holders |
subsidiaries |
Total |
||||||||||||||
|
Balance as at |
$ |
20,109 |
$ |
55,673 |
$ |
(1,755) |
$ |
(1,104) |
$ |
14 |
$ |
(4,545) |
$ |
459 |
$ |
(84) |
$ |
68,767 |
$ |
8,075 |
$ |
76,842 |
$ |
1,729 |
$ |
78,571 |
|
|
Net income |
|
– |
|
7,286 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
7,286 |
|
472 |
|
7,758 |
|
134 |
|
7,892 |
|
|
Other comprehensive income (loss) |
|
– |
|
– |
|
(1,804) |
|
613 |
|
325 |
|
2,348 |
|
(698) |
|
– |
|
784 |
|
– |
|
784 |
|
(72) |
|
712 |
|
|
Total comprehensive income |
$ |
– |
$ |
7,286 |
$ |
(1,804) |
$ |
613 |
$ |
325 |
$ |
2,348 |
$ |
(698) |
$ |
– |
$ |
8,070 |
$ |
472 |
$ |
8,542 |
$ |
62 |
$ |
8,604 |
|
|
Shares/instruments issued |
|
1,945 |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(4) |
|
1,941 |
|
1,004 |
|
2,945 |
|
– |
|
2,945 |
|
|
Shares repurchased/redeemed |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(300) |
|
(300) |
|
– |
|
(300) |
|
|
Dividends and distributions paid |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
– |
|
(5,198) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
(5,198) |
|
(472) |
|
(5,670) |
|
(88) |
|
(5,758) |
|
|
Share-based payments(3) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
– |
|
13 |
|
13 |
|
– |
|
13 |
|
– |
|
13 |
|
|
Other |
|
– |
|
(10) |
|
– |
|
– |
|
– |
|
– |
|
– |
|
7 |
|
(3) |
|
– |
|
(3) |
|
4 |
|
1 |
|
|
Balance as at |
$ |
22,054 |
$ |
57,751 |
$ |
(3,559) |
$ |
(491) |
$ |
339 |
$ |
(2,197) |
$ |
(239) |
$ |
(68) |
$ |
73,590 |
$ |
8,779 |
$ |
82,369 |
$ |
1,707 |
$ |
84,076 |
|
|
(1) Includes undistributed retained earnings of |
|
(2) Includes Share from associates, Employee benefits, Own credit risk, and Insurance contracts. (3) Represents amounts on account of share-based payments (refer to Note 25 of the consolidated financial statements in the 2025 Annual Report to Shareholders). (4) Refer to Note 23 (b) of the consolidated financial statements in the 2025 Annual Report to Shareholders for further details on the redemption of the equity instrument. |
Consolidated Statement of Cash Flows
|
(Unaudited) ($ millions) |
For the three months ended |
For the year ended |
||||||
|
|
|
|
|
|
||||
|
Sources (uses) of cash flows |
2025 |
2024 |
2025 |
2024 |
||||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
$ |
2,206 |
$ |
1,689 |
$ |
7,758 |
$ |
7,892 |
|
Adjustment for: |
|
|
|
|
|
|
|
|
|
Net interest income |
|
(5,586) |
|
(4,923) |
|
(21,522) |
|
(19,252) |
|
Depreciation and amortization |
|
403 |
|
501 |
|
1,604 |
|
1,760 |
|
Provision for credit losses |
|
1,113 |
|
1,030 |
|
4,714 |
|
4,051 |
|
Impairment on investments in associates |
|
– |
|
343 |
|
– |
|
343 |
|
Equity-settled share-based payment expense |
|
2 |
|
2 |
|
15 |
|
13 |
|
Net gain on sale of investment securities |
|
(11) |
|
(24) |
|
(71) |
|
(48) |
|
Net (gain)/loss on divestitures |
|
12 |
|
– |
|
1,386 |
|
136 |
|
Net income from investments in associated corporations |
|
(179) |
|
(41) |
|
(608) |
|
(198) |
|
Income tax expense |
|
656 |
|
511 |
|
2,751 |
|
2,032 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Trading assets |
|
(14,396) |
|
4,448 |
|
(20,462) |
|
(11,370) |
|
Securities purchased under resale agreements and securities borrowed |
|
(15,590) |
|
(5,459) |
|
(4) |
|
108 |
|
Loans |
|
(3,609) |
|
(4,161) |
|
(6,591) |
|
(17,712) |
|
Deposits |
|
12,928 |
|
(7,570) |
|
19,533 |
|
(816) |
|
Obligations related to securities sold short |
|
3,222 |
|
2,200 |
|
2,721 |
|
(1,690) |
|
Obligations related to securities sold under repurchase agreements and securities lent |
|
4,778 |
|
10,718 |
|
(4,048) |
|
28,753 |
|
Net derivative financial instruments |
|
1,886 |
|
908 |
|
6,490 |
|
4,159 |
|
Other, net |
|
1,380 |
|
3,269 |
|
(5,568) |
|
457 |
|
Interest and dividends received |
|
14,154 |
|
15,286 |
|
58,086 |
|
61,292 |
|
Interest paid |
|
(8,757) |
|
(10,935) |
|
(37,197) |
|
(42,273) |
|
Income tax paid |
|
(801) |
|
(600) |
|
(3,580) |
|
(1,985) |
|
Net cash from/(used in) operating activities |
|
(6,189) |
|
7,192 |
|
5,407 |
|
15,652 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
Interest-bearing deposits with financial institutions |
|
2,999 |
|
(5,261) |
|
(344) |
|
25,557 |
|
Purchase of investment securities |
|
(13,014) |
|
(20,087) |
|
(70,096) |
|
(108,281) |
|
Proceeds from sale and maturity of investment securities |
|
14,980 |
|
19,563 |
|
75,455 |
|
76,794 |
|
Acquisition/divestiture of subsidiaries, associated corporations or business units, |
|
|
|
|
|
|
|
|
|
net of cash acquired |
|
– |
|
– |
|
(2,637) |
|
– |
|
Property and equipment, net of disposals |
|
(150) |
|
(121) |
|
(347) |
|
(489) |
|
Other, net |
|
(155) |
|
(312) |
|
(463) |
|
(1,031) |
|
Net cash from/(used in) investing activities |
|
4,660 |
|
(6,218) |
|
1,568 |
|
(7,450) |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Proceeds from issue of subordinated debentures |
|
– |
|
– |
|
– |
|
1,000 |
|
Redemption of subordinated debentures |
|
– |
|
– |
|
(250) |
|
(3,250) |
|
Proceeds from preferred shares and other equity instruments issued |
|
1,395 |
|
– |
|
2,848 |
|
1,004 |
|
Redemption of preferred shares and other equity instruments |
|
– |
|
– |
|
(1,688) |
|
(300) |
|
Proceeds from common shares issued |
|
116 |
|
505 |
|
210 |
|
1,945 |
|
Common shares purchased for cancellation |
|
(655) |
|
– |
|
(895) |
|
– |
|
Cash dividends and distributions paid |
|
(1,476) |
|
(1,433) |
|
(5,875) |
|
(5,670) |
|
Distributions to non-controlling interests |
|
(19) |
|
(15) |
|
(82) |
|
(88) |
|
Payment of lease liabilities |
|
(73) |
|
(71) |
|
(298) |
|
(303) |
|
Other, net |
|
595 |
|
230 |
|
(278) |
|
(3,176) |
|
Net cash from/(used in) financing activities |
|
(117) |
|
(784) |
|
(6,308) |
|
(8,838) |
|
Effect of exchange rate changes on cash and cash equivalents |
|
182 |
|
(37) |
|
183 |
|
(131) |
|
Net change in cash and cash equivalents |
|
(1,464) |
|
153 |
|
850 |
|
(767) |
|
Cash and cash equivalents at beginning of year(1) |
|
11,720 |
|
9,253 |
|
9,406 |
|
10,173 |
|
Cash and cash equivalents at end of year(1) |
$ |
10,256 |
$ |
9,406 |
$ |
10,256 |
$ |
9,406 |
|
(1) Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5 of the consolidated financial statements in the 2025 Annual Report to Shareholders). |
Non-GAAP Measures
The Bank uses a number of financial measures and ratios to assess its performance, as well as the performance of its operating segments. Some of these financial measures and ratios are presented on a non-GAAP basis and are not calculated in accordance with Generally Accepted Accounting Principles (GAAP), which are based on International Financial Reporting Standards (IFRS) as issued by the
Adjusted results and diluted earnings per share
The following tables present a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results. Management considers both reported and adjusted results and measures useful in assessing underlying ongoing business performance. Adjusted results and measures remove certain specified items from revenue, non-interest expenses, income taxes and non-controlling interests. Presenting results on both a reported basis and adjusted basis allows readers to assess the impact of certain items on results for the periods presented, and to better assess results and trends excluding those items that may not be reflective of ongoing business performance.
Reconciliation of reported and adjusted results
|
|
For the three months ended |
For the year ended |
||||||||
|
|
|
|
|
|
|
|||||
|
($ millions) |
|
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Reported Results |
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
5,586 |
$ |
5,493 |
$ |
4,923 |
$ |
21,522 |
$ |
19,252 |
|
Non-interest income |
|
4,217 |
|
3,993 |
|
3,603 |
|
16,219 |
|
14,418 |
|
Total revenue |
|
9,803 |
|
9,486 |
|
8,526 |
|
37,741 |
|
33,670 |
|
Provision for credit losses |
|
1,113 |
|
1,041 |
|
1,030 |
|
4,714 |
|
4,051 |
|
Non-interest expenses |
|
5,828 |
|
5,089 |
|
5,296 |
|
22,518 |
|
19,695 |
|
Income before taxes |
|
2,862 |
|
3,356 |
|
2,200 |
|
10,509 |
|
9,924 |
|
Income tax expense |
|
656 |
|
829 |
|
511 |
|
2,751 |
|
2,032 |
|
Net income |
$ |
2,206 |
$ |
2,527 |
$ |
1,689 |
$ |
7,758 |
$ |
7,892 |
|
Net income (loss) attributable to non-controlling interests in subsidiaries (NCI) |
|
(13) |
|
80 |
|
47 |
|
(31) |
|
134 |
|
Net income attributable to equity holders |
|
2,219 |
|
2,447 |
|
1,642 |
|
7,789 |
|
7,758 |
|
Net income attributable to preferred shareholders and other equity |
|
|
|
|
|
|
|
|
|
|
|
instrument holders |
|
115 |
|
134 |
|
121 |
|
506 |
|
472 |
|
Net income attributable to common shareholders |
$ |
2,104 |
$ |
2,313 |
$ |
1,521 |
$ |
7,283 |
$ |
7,286 |
|
Adjustments |
|
|
|
|
|
|
|
|
|
|
|
Adjusting items impacting non-interest income and total revenue (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
(a) Divestitures and wind-down of operations |
$ |
(45) |
$ |
– |
$ |
– |
$ |
(36) |
$ |
143 |
|
(d) Amortization of acquisition-related intangible assets |
|
9 |
|
8 |
|
– |
|
26 |
|
– |
|
Total non-interest income adjusting items (Pre-tax) |
|
(36) |
|
8 |
|
– |
|
(10) |
|
143 |
|
Adjusting items impacting non-interest expenses (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
(a) Divestitures and wind-down of operations |
|
57 |
|
(23) |
|
– |
|
1,422 |
|
(7) |
|
(b) Restructuring charge and severance provisions |
|
373 |
|
– |
|
53 |
|
373 |
|
53 |
|
(c) Legal provision |
|
74 |
|
– |
|
– |
|
74 |
|
176 |
|
(d) Amortization of acquisition-related intangible assets |
|
16 |
|
17 |
|
19 |
|
68 |
|
72 |
|
(e) Impairment of non-financial assets |
|
– |
|
– |
|
440 |
|
– |
|
440 |
|
Total non-interest expense adjusting items (Pre-tax) |
|
520 |
|
(6) |
|
512 |
|
1,937 |
|
734 |
|
Total impact of adjusting items on net income before taxes |
|
484 |
|
2 |
|
512 |
|
1,927 |
|
877 |
|
Impact of adjusting items on income tax expense |
|
|
|
|
|
|
|
|
|
|
|
(a) Divestitures and wind-down of operations |
|
(4) |
|
(6) |
|
– |
|
(32) |
|
(46) |
|
(b) Restructuring charge and severance provisions |
|
(103) |
|
– |
|
(15) |
|
(103) |
|
(15) |
|
(c) Legal provision |
|
(20) |
|
– |
|
– |
|
(20) |
|
– |
|
(d) Amortization of acquisition-related intangible assets |
|
(5) |
|
(5) |
|
(6) |
|
(20) |
|
(20) |
|
(e) Impairment of non-financial assets |
|
– |
|
– |
|
(61) |
|
– |
|
(61) |
|
Total impact of adjusting items on income tax expense |
|
(132) |
|
(11) |
|
(82) |
|
(175) |
|
(142) |
|
Total impact of adjusting items on net income |
$ |
352 |
$ |
(9) |
$ |
430 |
$ |
1,752 |
$ |
735 |
|
Impact of adjusting items on NCI |
|
(53) |
|
37 |
|
– |
|
(191) |
|
(2) |
|
Total impact of adjusting items on net income attributable to equity |
|
|
|
|
|
|
|
|
|
|
|
holders |
$ |
299 |
$ |
28 |
$ |
430 |
$ |
1,561 |
$ |
733 |
|
Adjusted Results |
|
|
|
|
|
|
|
|
|
|
|
Adjusted net interest income |
$ |
5,586 |
$ |
5,493 |
$ |
4,923 |
$ |
21,522 |
$ |
19,252 |
|
Adjusted non-interest income |
|
4,181 |
|
4,001 |
|
3,603 |
|
16,209 |
|
14,561 |
|
Adjusted total revenue |
|
9,767 |
|
9,494 |
|
8,526 |
|
37,731 |
|
33,813 |
|
Adjusted provision for credit losses |
|
1,113 |
|
1,041 |
|
1,030 |
|
4,714 |
|
4,051 |
|
Adjusted non-interest expenses |
|
5,308 |
|
5,095 |
|
4,784 |
|
20,581 |
|
18,961 |
|
Adjusted income before taxes |
|
3,346 |
|
3,358 |
|
2,712 |
|
12,436 |
|
10,801 |
|
Adjusted income tax expense |
|
788 |
|
840 |
|
593 |
|
2,926 |
|
2,174 |
|
Adjusted net income |
$ |
2,558 |
$ |
2,518 |
$ |
2,119 |
$ |
9,510 |
$ |
8,627 |
|
Adjusted net income attributable to NCI |
|
40 |
|
43 |
|
47 |
|
160 |
|
136 |
|
Adjusted net income attributable to equity holders |
|
2,518 |
|
2,475 |
|
2,072 |
|
9,350 |
|
8,491 |
|
Adjusted net income attributable to preferred shareholders and other |
|
|
|
|
|
|
|
|
|
|
|
equity instrument holders |
|
115 |
|
134 |
|
121 |
|
506 |
|
472 |
|
Adjusted net income attributable to common shareholders |
$ |
2,403 |
$ |
2,341 |
$ |
1,951 |
$ |
8,844 |
$ |
8,019 |
Reconciliation of reported and adjusted diluted earnings per common share
|
|
For the three months ended |
For the year ended |
|||||||||
|
|
|
|
|
|
|
||||||
|
($ millions) |
2025 |
2025 |
2024 |
2025 |
2024 |
||||||
|
Reported Results |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders |
$ |
2,104 |
$ |
2,313 |
$ |
1,521 |
$ |
7,283 |
$ |
7,286 |
|
|
Foreign currency loss on redemption of Subordinated Additional Tier 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Notes |
|
– |
|
(22) |
|
– |
|
(22) |
|
– |
|
Net income attributable to common shareholders used to calculate basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
$ |
2,104 |
$ |
2,291 |
$ |
1,521 |
$ |
7,261 |
$ |
7,286 |
|
Dilutive impact of share-based payment options and others |
|
(45) |
|
– |
|
(3) |
|
(181) |
|
(49) |
|
|
Net income attributable to common shareholders (diluted) |
|
2,059 |
|
2,291 |
|
1,518 |
|
7,080 |
|
7,237 |
|
|
Weighted average number of diluted common shares outstanding (millions) |
|
1,245 |
|
1,245 |
|
1,243 |
|
1,248 |
|
1,232 |
|
|
Diluted earnings per common share (in dollars) |
$ |
1.65 |
$ |
1.84 |
$ |
1.22 |
$ |
5.67 |
$ |
5.87 |
|
|
Adjusted Results |
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to common shareholders used to calculate basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
$ |
2,104 |
$ |
2,291 |
$ |
1,521 |
$ |
7,261 |
$ |
7,286 |
|
Impact of adjusting items on net income attributable to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders(1) |
|
299 |
|
28 |
|
430 |
|
1,561 |
|
733 |
|
Foreign currency loss on redemption of Subordinated Additional Tier 1 |
|
|
|
|
|
|
|
|
|
|
|
|
Capital Notes |
|
– |
|
22 |
|
– |
|
22 |
|
– |
|
|
Adjusted net income attributable to common shareholders used to |
|
|
|
|
|
|
|
|
|
|
|
|
|
calculate adjusted basic earnings per common share |
|
2,403 |
|
2,341 |
|
1,951 |
|
8,844 |
|
8,019 |
|
Dilutive impact of share-based payment options and others |
|
5 |
|
8 |
|
(3) |
|
7 |
|
(49) |
|
|
Adjusted net income attributable to common shareholders (diluted) |
|
2,408 |
|
2,349 |
|
1,948 |
|
8,851 |
|
7,970 |
|
|
Weighted average number of diluted common shares outstanding (millions) |
|
1,245 |
|
1,249 |
|
1,243 |
|
1,248 |
|
1,232 |
|
|
Adjusted diluted earnings per common share (in dollars) |
$ |
1.93 |
$ |
1.88 |
$ |
1.57 |
$ |
7.09 |
$ |
6.47 |
|
|
Impact of adjustments on diluted earnings per share (in dollars) |
$ |
0.28 |
$ |
0.04 |
$ |
0.35 |
$ |
1.42 |
$ |
0.60 |
|
|
(1) Refer to pages 22-24 for details of adjusting items. |
Impact of Adjustments
|
|
|
For the year ended |
For the three months ended |
||||||||||||||
|
|
|
2025 |
2024 |
|
|
||||||||||||
|
|
($ millions) |
Pre-tax |
After-tax |
Pre-tax |
After-tax |
Pre-tax |
After-tax |
Pre-tax |
After-tax |
||||||||
|
(a) |
Divestitures and wind-down of operations |
$ |
1,386 |
$ |
1,354 |
$ |
136 |
$ |
90 |
$ |
12 |
$ |
8 |
$ |
– |
$ |
– |
|
(b) |
Restructuring charge and severance provisions |
|
373 |
|
270 |
|
53 |
|
38 |
|
373 |
|
270 |
|
53 |
|
38 |
|
(c) |
Legal provision |
|
74 |
|
54 |
|
176 |
|
176 |
|
74 |
|
54 |
|
– |
|
– |
|
(d) |
Amortization of acquisition-related intangible assets |
|
94 |
|
74 |
|
72 |
|
52 |
|
25 |
|
20 |
|
19 |
|
13 |
|
|
Impairment of non-financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(e) Investment in associates |
|
– |
|
– |
|
343 |
|
309 |
|
– |
|
– |
|
343 |
|
309 |
|
|
(e) Intangible assets including software |
|
– |
|
– |
|
97 |
|
70 |
|
– |
|
– |
|
97 |
|
70 |
|
|
Total |
$ |
1,927 |
$ |
1,752 |
$ |
877 |
$ |
735 |
$ |
484 |
$ |
352 |
$ |
512 |
$ |
430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
1.42 |
|
|
$ |
0.60 |
|
|
$ |
0.28 |
|
|
$ |
0.35 |
|
|
CET1 Impact(1) |
|
|
|
(20 bps) |
|
|
|
(9 bps) |
|
|
|
(7 bps) |
|
|
|
(5 bps) |
|
|
(1) Including related impacts on regulatory capital and risk-weighted assets. |
||||||||||||||||
The Bank's fiscal 2025 and 2024 results were adjusted for the following items. These amounts were recorded in the Other operating segment, unless otherwise noted.
a) Divestitures and wind-down of operations
In Q1 2025, the Bank entered into an agreement to sell its banking operations in
In Q2 2025, the Bank completed the sale of
For further details, please refer to Note 35 of the consolidated financial statements in the 2025 Annual Report to Shareholders.
b) Restructuring charge and severance provisions
In Q4 2025, the Bank recorded a restructuring charge and severance provision as well as other related charges of
In Q4 2024, the Bank recorded severance provisions of
c) Legal provision
In Q4 2025, the Bank recognized a legal provision of
In Q3 2024, the Bank recognized a
d) Amortization of acquisition-related intangible assets
These costs relate to the amortization of intangible assets recognized upon the acquisition of businesses, excluding software. The costs are recorded in non-interest expenses - depreciation and amortization for the Canadian Banking, International Banking and Global Wealth Management operating segments, and non-interest income - net income from investments in associated corporations for the Other operating segment.
e) Impairment of non-financial assets
In Q4 2024, the Bank recorded impairment charges of
In addition to the above, the following adjustments also impacted earnings per share calculation.
f) Foreign currency loss on redemption of Subordinated Additional Tier 1 Capital Note
In Q3 2025, the Bank redeemed all outstanding
Reconciliation of reported and adjusted results by business line
|
|
For the three months ended |
|||||||||||
|
|
|
|
Global |
Global |
|
|
||||||
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
||||||
|
($ millions) |
Banking |
Banking |
Management |
Markets |
Other |
Total |
||||||
|
Reported net income (loss) |
$ |
941 |
$ |
678 |
$ |
450 |
$ |
519 |
$ |
(382) |
$ |
2,206 |
|
Net income attributable to non-controlling interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries (NCI) |
|
– |
|
44 |
|
3 |
|
– |
|
(60) |
|
(13) |
|
Reported net income attributable to equity holders |
|
941 |
|
634 |
|
447 |
|
519 |
|
(322) |
|
2,219 |
|
Reported net income attributable to preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other equity instrument holders |
|
– |
|
– |
|
– |
|
– |
|
115 |
|
115 |
|
Reported net income attributable to common shareholders |
$ |
941 |
$ |
634 |
$ |
447 |
$ |
519 |
$ |
(437) |
$ |
2,104 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items impacting non-interest income and |
|
|
|
|
|
|
|
|
|
|
|
|
|
total revenue (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
(45) |
|
(45) |
|
Amortization of acquisition-related intangible assets |
|
– |
|
– |
|
– |
|
– |
|
9 |
|
9 |
|
Total non-interest income adjustments (Pre-tax) |
|
– |
|
– |
|
– |
|
– |
|
(36) |
|
(36) |
|
Adjusting items impacting non-interest expenses (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
57 |
|
57 |
|
Restructuring charge and severance provisions |
|
– |
|
– |
|
– |
|
– |
|
373 |
|
373 |
|
Legal Provision |
|
– |
|
– |
|
– |
|
– |
|
74 |
|
74 |
|
Amortization of acquisition-related intangible assets |
|
1 |
|
6 |
|
9 |
|
– |
|
– |
|
16 |
|
Total non-interest expenses adjustments (Pre-tax) |
|
1 |
|
6 |
|
9 |
|
– |
|
504 |
|
520 |
|
Total impact of adjusting items on net income before taxes |
|
1 |
|
6 |
|
9 |
|
– |
|
468 |
|
484 |
|
Impact of adjusting items on income tax expense |
|
– |
|
(2) |
|
(3) |
|
– |
|
(127) |
|
(132) |
|
Total impact of adjusting items on net income |
|
1 |
|
4 |
|
6 |
|
– |
|
341 |
|
352 |
|
Impact of adjusting items on NCI |
|
– |
|
– |
|
– |
|
– |
|
(53) |
|
(53) |
|
Total impact of adjusting items on net income attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
1 |
|
4 |
|
6 |
|
– |
|
288 |
|
299 |
|
Adjusted net income (loss) |
$ |
942 |
$ |
682 |
$ |
456 |
$ |
519 |
$ |
(41) |
$ |
2,558 |
|
Adjusted net income attributable to equity holders |
$ |
942 |
$ |
638 |
$ |
453 |
$ |
519 |
$ |
(34) |
$ |
2,518 |
|
Adjusted net income attributable to common shareholders |
$ |
942 |
$ |
638 |
$ |
453 |
$ |
519 |
$ |
(149) |
$ |
2,403 |
|
(1) Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. |
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
For the three months ended |
|||||||||||
|
|
|
|
Global |
Global |
|
|
||||||
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
||||||
|
($ millions) |
Banking |
Banking |
Management |
Markets |
Other |
Total |
||||||
|
Reported net income (loss) |
$ |
958 |
$ |
711 |
$ |
420 |
$ |
473 |
$ |
(35) |
$ |
2,527 |
|
Net income attributable to non-controlling interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries (NCI) |
|
– |
|
41 |
|
3 |
|
– |
|
36 |
|
80 |
|
Reported net income attributable to equity holders |
|
958 |
|
670 |
|
417 |
|
473 |
|
(71) |
|
2,447 |
|
Reported net income attributable to preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other equity instrument holders |
|
– |
|
– |
|
– |
|
– |
|
134 |
|
134 |
|
Reported net income attributable to common shareholders |
$ |
958 |
$ |
670 |
$ |
417 |
$ |
473 |
$ |
(205) |
$ |
2,313 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items impacting non-interest income and |
|
|
|
|
|
|
|
|
|
|
|
|
|
total revenue (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets |
|
– |
|
– |
|
– |
|
– |
– |
8 |
|
8 |
|
Adjusting items impacting non-interest expenses (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
(23) |
|
(23) |
|
Amortization of acquisition-related intangible assets |
|
1 |
|
7 |
|
9 |
|
– |
|
– |
|
17 |
|
Total non-interest expenses adjustments (Pre-tax) |
|
1 |
|
7 |
|
9 |
|
– |
|
(23) |
|
(6) |
|
Total impact of adjusting items on net income before taxes |
|
1 |
|
7 |
|
9 |
|
– |
|
(15) |
|
2 |
|
Total Impact of adjusting items on income tax expense |
|
– |
|
(2) |
|
(2) |
|
– |
|
(7) |
|
(11) |
|
Total impact of adjusting items on net income |
|
1 |
|
5 |
|
7 |
|
– |
|
(22) |
|
(9) |
|
Impact of adjusting items on NCI |
|
– |
|
– |
|
– |
|
– |
|
37 |
|
37 |
|
Total impact of adjusting items on net income attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
1 |
|
5 |
|
7 |
|
– |
|
15 |
|
28 |
|
Adjusted net income (loss) |
$ |
959 |
$ |
716 |
$ |
427 |
$ |
473 |
$ |
(57) |
$ |
2,518 |
|
Adjusted net income attributable to equity holders |
$ |
959 |
$ |
675 |
$ |
424 |
$ |
473 |
$ |
(56) |
$ |
2,475 |
|
Adjusted net income attributable to common shareholders |
$ |
959 |
$ |
675 |
$ |
424 |
$ |
473 |
$ |
(190) |
$ |
2,341 |
|
|
||||||||||||
|
(1) Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. |
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
For the three months ended |
|||||||||||
|
|
|
|
Global |
Global |
|
|
||||||
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
||||||
|
($ millions) |
Banking(2) |
Banking(2) |
Management(2) |
Markets(2) |
Other(2) |
Total |
||||||
|
Reported net income (loss) |
$ |
934 |
$ |
644 |
$ |
382 |
$ |
347 |
$ |
(618) |
$ |
1,689 |
|
Net income attributable to non-controlling interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries (NCI) |
|
– |
|
44 |
|
2 |
|
– |
|
1 |
|
47 |
|
Reported net income attributable to equity holders |
|
934 |
|
600 |
|
380 |
|
347 |
|
(619) |
|
1,642 |
|
Reported net income attributable to preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other equity instrument holders |
|
– |
|
– |
|
– |
|
– |
|
121 |
|
121 |
|
Reported net income attributable to common shareholders |
$ |
934 |
$ |
600 |
$ |
380 |
$ |
347 |
$ |
(740) |
$ |
1,521 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items impacting non-interest expenses (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring charge and severance provisions |
|
– |
|
– |
|
– |
|
– |
|
53 |
|
53 |
|
Impairment of non-financial assets |
|
– |
|
– |
|
– |
|
– |
|
440 |
|
440 |
|
Amortization of acquisition-related intangible assets |
|
1 |
|
9 |
|
9 |
|
– |
|
– |
|
19 |
|
Total non-interest expenses adjustments (Pre-tax) |
|
1 |
|
9 |
|
9 |
|
– |
|
493 |
|
512 |
|
Total impact of adjusting items on net income before taxes |
|
1 |
|
9 |
|
9 |
|
– |
|
493 |
|
512 |
|
Total Impact of adjusting items on income tax expense |
|
– |
|
(3) |
|
(3) |
|
– |
|
(76) |
|
(82) |
|
Total impact of adjusting items on net income |
|
1 |
|
6 |
|
6 |
|
– |
|
417 |
|
430 |
|
Total impact of adjusting items on net income attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
1 |
|
6 |
|
6 |
|
– |
|
417 |
|
430 |
|
Adjusted net income (loss) |
$ |
935 |
$ |
650 |
$ |
388 |
$ |
347 |
$ |
(201) |
$ |
2,119 |
|
Adjusted net income attributable to equity holders |
$ |
935 |
$ |
606 |
$ |
386 |
$ |
347 |
$ |
(202) |
$ |
2,072 |
|
Adjusted net income attributable to common shareholders |
$ |
935 |
$ |
606 |
$ |
386 |
$ |
347 |
$ |
(323) |
$ |
1,951 |
|
|
||||||||||||
|
(1) Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. (2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
For the year ended |
|||||||||||
|
|
|
|
Global |
Global |
|
|
||||||
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
||||||
|
($ millions) |
Banking |
Banking |
Management |
Markets |
Other |
Total |
||||||
|
Reported net income (loss) |
$ |
3,425 |
$ |
2,789 |
$ |
1,680 |
$ |
1,921 |
$ |
(2,057) |
$ |
7,758 |
|
Net income attributable to non-controlling interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries (NCI) |
|
– |
|
158 |
|
10 |
|
(1) |
|
(198) |
|
(31) |
|
Reported net income attributable to equity holders |
|
3,425 |
|
2,631 |
|
1,670 |
|
1,922 |
|
(1,859) |
|
7,789 |
|
Reported net income attributable to preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other equity instrument holders |
|
– |
|
– |
|
– |
|
– |
|
506 |
|
506 |
|
Reported net income attributable to common shareholders |
$ |
3,425 |
$ |
2,631 |
$ |
1,670 |
$ |
1,922 |
$ |
(2,365) |
$ |
7,283 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items impacting non-interest income and |
|
|
|
|
|
|
|
|
|
|
|
|
|
total revenue (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
(36) |
|
(36) |
|
Amortization of acquisition-related intangible assets |
|
– |
|
– |
|
– |
|
– |
|
26 |
|
26 |
|
Total non-interest income adjustments (Pre-tax) |
|
– |
|
– |
|
– |
|
– |
|
(10) |
|
(10) |
|
Adjusting items impacting non-interest expenses (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
1,422 |
|
1,422 |
|
Restructuring charge and severance provisions |
|
– |
|
– |
|
– |
|
– |
|
373 |
|
373 |
|
Legal Provision |
|
– |
|
– |
|
– |
|
– |
|
74 |
|
74 |
|
Amortization of acquisition-related intangible assets |
|
4 |
|
28 |
|
36 |
|
– |
|
– |
|
68 |
|
Total non-interest expenses adjustments (Pre-tax) |
|
4 |
|
28 |
|
36 |
|
– |
|
1,869 |
|
1,937 |
|
Total impact of adjusting items on net income before taxes |
|
4 |
|
28 |
|
36 |
|
– |
|
1,859 |
|
1,927 |
|
Impact of adjusting items on income tax expense |
|
(1) |
|
(8) |
|
(10) |
|
– |
|
(156) |
|
(175) |
|
Total impact of adjusting items on net income |
|
3 |
|
20 |
|
26 |
|
– |
|
1,703 |
|
1,752 |
|
Impact of adjusting items on NCI |
|
– |
|
– |
|
– |
|
– |
|
(191) |
|
(191) |
|
Total impact of adjusting items on net income attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
3 |
|
20 |
|
26 |
|
– |
|
1,512 |
|
1,561 |
|
Adjusted net income (loss) |
$ |
3,428 |
$ |
2,809 |
$ |
1,706 |
$ |
1,921 |
$ |
(354) |
$ |
9,510 |
|
Adjusted net income attributable to equity holders |
$ |
3,428 |
$ |
2,651 |
$ |
1,696 |
$ |
1,922 |
$ |
(347) |
$ |
9,350 |
|
Adjusted net income attributable to common shareholders |
$ |
3,428 |
$ |
2,651 |
$ |
1,696 |
$ |
1,922 |
$ |
(853) |
$ |
8,844 |
|
|
||||||||||||
|
(1) Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. |
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
For the year ended October 31, 2024(1) |
|||||||||||
|
|
|
|
Global |
Global |
|
|
||||||
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
||||||
|
($ millions) |
Banking(2) |
Banking(2) |
Management(2) |
Markets(2) |
Other(2) |
Total |
||||||
|
Reported net income (loss) |
$ |
3,777 |
$ |
2,706 |
$ |
1,428 |
$ |
1,478 |
$ |
(1,497) |
$ |
7,892 |
|
Net income attributable to non-controlling interests in |
|
|
|
|
|
|
|
|
|
|
|
|
|
subsidiaries (NCI) |
|
– |
|
125 |
|
10 |
|
– |
|
(1) |
|
134 |
|
Reported net income attributable to equity holders |
|
3,777 |
|
2,581 |
|
1,418 |
|
1,478 |
|
(1,496) |
|
7,758 |
|
Reported net income attributable to preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders and other equity instrument holders |
|
1 |
|
1 |
|
1 |
|
1 |
|
468 |
|
472 |
|
Reported net income attributable to common shareholders |
$ |
3,776 |
$ |
2,580 |
$ |
1,417 |
$ |
1,477 |
$ |
(1,964) |
$ |
7,286 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items impacting non-interest income and |
|
|
|
|
|
|
|
|
|
|
|
|
|
total revenue (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
143 |
|
143 |
|
Adjusting items impacting non-interest expenses (Pre-tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Divestitures and wind-down of operations |
|
– |
|
– |
|
– |
|
– |
|
(7) |
|
(7) |
|
Restructuring charge and severance provisions |
|
– |
|
– |
|
– |
|
– |
|
53 |
|
53 |
|
Legal provision |
|
– |
|
– |
|
– |
|
– |
|
176 |
|
176 |
|
Amortization of acquisition-related intangible assets |
|
4 |
|
32 |
|
36 |
|
– |
|
– |
|
72 |
|
Impairment of non-financial assets |
|
– |
|
– |
|
– |
|
– |
|
440 |
|
440 |
|
Total non-interest expenses adjustments (Pre-tax) |
|
4 |
|
32 |
|
36 |
|
– |
|
662 |
|
734 |
|
Total impact of adjusting items on net income before taxes |
|
4 |
|
32 |
|
36 |
|
– |
|
805 |
|
877 |
|
Total Impact of adjusting items on income tax expense |
|
(1) |
|
(9) |
|
(10) |
|
– |
|
(122) |
|
(142) |
|
Total impact of adjusting items on net income |
|
3 |
|
23 |
|
26 |
|
– |
|
683 |
|
735 |
|
Impact of adjusting items on NCI |
|
– |
|
– |
|
– |
|
– |
|
(2) |
|
(2) |
|
Total impact of adjusting items on net income attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
to equity holders |
|
3 |
|
23 |
|
26 |
|
– |
|
681 |
|
733 |
|
Adjusted net income (loss) |
$ |
3,780 |
$ |
2,729 |
$ |
1,454 |
$ |
1,478 |
$ |
(814) |
$ |
8,627 |
|
Adjusted net income attributable to equity holders |
$ |
3,780 |
$ |
2,604 |
$ |
1,444 |
$ |
1,478 |
$ |
(815) |
$ |
8,491 |
|
Adjusted net income attributable to common shareholders |
$ |
3,779 |
$ |
2,603 |
$ |
1,443 |
$ |
1,477 |
$ |
(1,283) |
$ |
8,019 |
|
|
||||||||||||
|
(1) Refer to Business Segment Review section of the Bank's 2025 Annual Report to Shareholders. (2) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
||||||||||||
|
|
||||||||||||
Reconciliation of International Banking's reported, adjusted and constant dollar results
International Banking business segment results are analyzed on a constant dollar basis which is a non-GAAP measure. Under the constant dollar basis, prior period amounts are recalculated using current period average foreign currency rates. The following table presents the reconciliation between reported, adjusted and constant dollar results for International Banking for prior periods. The Bank believes that constant dollar is useful for readers to understand business performance without the impact of foreign currency translation and is used by management to assess the performance of the business segment.
|
Reported Results |
For the three months ended |
For the year ended |
|||||||||||||||||
|
($ millions) |
July 31, 2025 |
October 31, 2024(1) |
October 31, 2024(1) |
||||||||||||||||
|
|
|
Foreign |
Constant |
|
Foreign |
Constant |
|
Foreign |
Constant |
||||||||||
|
(Taxable equivalent basis) |
Reported |
exchange |
dollar |
Reported |
exchange |
dollar |
Reported |
exchange |
dollar |
||||||||||
|
Net interest income |
$ |
2,245 |
$ |
(48) |
$ |
2,293 |
$ |
2,147 |
$ |
(80) |
$ |
2,227 |
$ |
8,867 |
$ |
11 |
$ |
8,856 |
|
|
Non-interest income |
|
758 |
|
(12) |
|
770 |
|
712 |
|
(16) |
|
728 |
|
2,999 |
|
19 |
|
2,980 |
|
|
Total revenue |
|
3,003 |
|
(60) |
|
3,063 |
|
2,859 |
|
(96) |
|
2,955 |
|
11,866 |
|
30 |
|
11,836 |
|
|
Provision for credit losses |
|
562 |
|
(12) |
|
574 |
|
556 |
|
(26) |
|
582 |
|
2,285 |
|
(8) |
|
2,293 |
|
|
Non-interest expenses |
|
1,511 |
|
(31) |
|
1,542 |
|
1,491 |
|
(53) |
|
1,544 |
|
6,170 |
|
49 |
|
6,121 |
|
|
Income tax expense |
|
219 |
|
(4) |
|
223 |
|
168 |
|
(3) |
|
171 |
|
705 |
|
1 |
|
704 |
|
|
Net income |
$ |
711 |
$ |
(13) |
$ |
724 |
$ |
644 |
$ |
(14) |
$ |
658 |
$ |
2,706 |
$ |
(12) |
$ |
2,718 |
|
|
Net income attributable to non-controlling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest in subsidiaries (NCI) |
$ |
41 |
$ |
(1) |
$ |
42 |
$ |
44 |
$ |
– |
$ |
44 |
$ |
125 |
$ |
(3) |
$ |
128 |
|
|
Net income attributable to equity holders of the Bank |
$ |
670 |
$ |
(12) |
$ |
682 |
$ |
600 |
$ |
(14) |
$ |
614 |
$ |
2,581 |
$ |
(9) |
$ |
2,590 |
|
|
Other measures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average assets ($ billions) |
$ |
223 |
$ |
(5) |
$ |
228 |
$ |
224 |
$ |
(6) |
$ |
230 |
$ |
231 |
$ |
(1) |
$ |
232 |
|
|
Average liabilities ($ billions) |
$ |
173 |
$ |
(3) |
$ |
176 |
$ |
171 |
$ |
(6) |
$ |
177 |
$ |
179 |
$ |
1 |
$ |
178 |
|
|
|
|
||||||||||||||||||
|
Adjusted Results |
For the three months ended |
For the year ended |
|||||||||||||||||
|
($ millions) |
July 31, 2025 |
October 31, 2024(1) |
October 31, 2024(1) |
||||||||||||||||
|
|
|
|
|
Constant |
|
|
Constant |
|
|
Constant |
|||||||||
|
|
|
Foreign |
dollar |
|
Foreign |
dollar |
|
Foreign |
dollar |
||||||||||
|
(Taxable equivalent basis) |
Adjusted |
exchange |
adjusted |
Adjusted |
exchange |
adjusted |
Adjusted |
exchange |
adjusted |
||||||||||
|
Net interest income |
$ |
2,245 |
$ |
(48) |
$ |
2,293 |
$ |
2,147 |
$ |
(80) |
$ |
2,227 |
$ |
8,867 |
$ |
11 |
$ |
8,856 |
|
|
Non-interest income |
|
758 |
|
(12) |
|
770 |
|
712 |
|
(16) |
|
728 |
|
2,999 |
|
19 |
|
2,980 |
|
|
Total revenue |
|
3,003 |
|
(60) |
|
3,063 |
|
2,859 |
|
(96) |
|
2,955 |
|
11,866 |
|
30 |
|
11,836 |
|
|
Provision for credit losses |
|
562 |
|
(12) |
|
574 |
|
556 |
|
(26) |
|
582 |
|
2,285 |
|
(8) |
|
2,293 |
|
|
Non-interest expenses |
|
1,504 |
|
(31) |
|
1,535 |
|
1,482 |
|
(54) |
|
1,536 |
|
6,138 |
|
49 |
|
6,089 |
|
|
Income tax expense |
|
221 |
|
(4) |
|
225 |
|
171 |
|
(2) |
|
173 |
|
714 |
|
1 |
|
713 |
|
|
Net income |
$ |
716 |
$ |
(13) |
$ |
729 |
$ |
650 |
$ |
(14) |
$ |
664 |
$ |
2,729 |
$ |
(12) |
$ |
2,741 |
|
|
Net income attributable to non-controlling |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
interest in subsidiaries (NCI) |
$ |
41 |
$ |
(1) |
$ |
42 |
$ |
44 |
$ |
– |
$ |
44 |
$ |
125 |
$ |
(3) |
$ |
128 |
|
|
Net income attributable to equity holders of the Bank |
$ |
675 |
$ |
(12) |
$ |
687 |
$ |
606 |
$ |
(14) |
$ |
620 |
$ |
2,604 |
$ |
(9) |
$ |
2,613 |
|
|
(1) |
Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
Earning and non-earning assets, core earning assets, core net interest income and net interest margin
Net interest margin
Net interest margin is a non-GAAP ratio that is used to measure the return generated by the Bank's core earning assets, net of the cost of funding. Net interest margin is calculated as core net interest income divided by average core earning assets. Management uses net interest margin to measure profitability and how efficiently the Bank earns income from its core earning assets relative to the cost of funding those assets.
Components of net interest margin are defined below:
Earning assets
Earning assets are defined as income generating assets which include deposits with financial institutions, trading assets, investment securities, investments in associates, securities borrowed or purchased under resale agreements, loans net of allowances, and customers' liability under acceptances. This is a non-GAAP measure.
Non-earning assets
Non-earning assets are defined as cash, precious metals, derivative financial instruments, property and equipment, goodwill and intangible assets, deferred tax assets and other assets. This is a non-GAAP measure.
Core earning assets
Core earning assets are defined as interest-bearing deposits with financial institutions, investment securities and loans, net of allowances. This is a non-GAAP measure. The Bank believes that this measure is useful for readers as it presents the main interest-generating assets and eliminates the impact of trading businesses.
Core net interest income
Core net interest income is defined as net interest income earned from core earning assets. This is a non-GAAP measure.
Average earning assets, average core earning assets and net interest margin by business line
|
Consolidated Bank |
For the three months ended |
For the year ended |
||||||||||||||
|
|
October 31 |
|
July 31 |
|
October 31 |
|
October 31 |
|
October 31 |
|
||||||
|
($ millions) |
2025 |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||||
|
Average total assets – Reported(1) |
$ |
1,486,529 |
|
$ |
1,445,858 |
|
$ |
1,418,795 |
|
$ |
1,465,278 |
|
$ |
1,419,284 |
|
|
|
Less: Non-earning assets |
|
115,239 |
|
|
114,263 |
|
|
106,621 |
|
|
115,718 |
|
|
108,110 |
|
|
|
Average total earning assets(1) |
$ |
1,371,290 |
|
$ |
1,331,595 |
|
$ |
1,312,174 |
|
$ |
1,349,560 |
|
$ |
1,311,174 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets |
|
156,953 |
|
|
148,567 |
|
|
145,195 |
|
|
153,283 |
|
|
146,307 |
|
|
|
Securities purchased under resale agreements and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
securities borrowed |
|
229,014 |
|
|
200,737 |
|
|
196,305 |
|
|
209,261 |
|
|
193,090 |
|
|
|
Other deductions |
|
35,941 |
|
|
36,154 |
|
|
31,292 |
|
|
35,149 |
|
|
53,819 |
|
|
|
Average core earning assets(1) |
$ |
949,382 |
|
$ |
946,137 |
|
$ |
939,382 |
|
$ |
951,867 |
|
$ |
917,958 |
|
|
|
Net interest income – Reported |
$ |
5,586 |
|
$ |
5,493 |
|
$ |
4,923 |
|
$ |
21,522 |
|
$ |
19,252 |
|
|
|
Less: Non-core net interest income |
|
(167) |
|
|
(143) |
|
|
(158) |
|
|
(645) |
|
|
(620) |
|
|
|
Core net interest income |
$ |
5,753 |
|
$ |
5,636 |
|
$ |
5,081 |
|
$ |
22,167 |
|
$ |
19,872 |
|
|
|
Net interest margin |
|
2.40 |
% |
|
2.36 |
% |
|
2.15 |
% |
|
2.33 |
% |
|
2.16 |
% |
|
|
(1) Average balances represent the average of daily balances for the period. |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian Banking |
For the three months ended |
For the year ended |
||||||||||||||
|
|
October 31 |
|
July 31 |
|
October 31 |
|
October 31 |
|
October 31 |
|
||||||
|
($ millions) |
2025 |
|
2025 |
|
2024(1) |
|
2025 |
|
2024(1) |
|
||||||
|
Average total assets – Reported(2) |
$ |
466,194 |
|
$ |
463,108 |
|
$ |
456,806 |
|
$ |
462,670 |
|
$ |
449,469 |
|
|
|
Less: Non-earning assets |
|
4,746 |
|
|
4,681 |
|
|
4,756 |
|
|
4,697 |
|
|
4,393 |
|
|
|
Average total earning assets(2) |
$ |
461,448 |
|
$ |
458,427 |
|
$ |
452,050 |
|
$ |
457,973 |
|
$ |
445,076 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other deductions |
|
182 |
|
|
181 |
|
|
1,187 |
|
|
182 |
|
|
16,380 |
|
|
|
Average core earning assets(2) |
$ |
461,266 |
|
$ |
458,246 |
|
$ |
450,863 |
|
$ |
457,791 |
|
$ |
428,696 |
|
|
|
Net interest income – Reported |
$ |
2,672 |
|
$ |
2,641 |
|
$ |
2,635 |
|
$ |
10,484 |
|
$ |
10,185 |
|
|
|
Less: Non-core net interest income |
|
– |
|
|
– |
|
|
2 |
|
|
– |
|
|
2 |
|
|
|
Core net interest income |
$ |
2,672 |
|
$ |
2,641 |
|
$ |
2,633 |
|
$ |
10,484 |
|
$ |
10,183 |
|
|
|
Net interest margin |
|
2.30 |
% |
|
2.29 |
% |
|
2.32 |
% |
|
2.29 |
% |
|
2.38 |
% |
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
||||||||||||||||
|
(2) Average balances represent the average of daily balances for the period. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International Banking |
For the three months ended |
For the year ended |
||||||||||||||
|
|
October 31 |
|
July 31 |
|
October 31 |
|
October 31 |
|
October 31 |
|
||||||
|
($ millions) |
2025 |
|
2025 |
|
2024(1) |
|
2025 |
|
2024(1) |
|
||||||
|
Average total assets – Reported(2) |
$ |
226,015 |
|
$ |
223,347 |
|
$ |
223,525 |
|
$ |
226,820 |
|
$ |
231,456 |
|
|
|
Less: Non-earning assets |
|
13,134 |
|
|
13,442 |
|
|
14,973 |
|
|
13,843 |
|
|
15,949 |
|
|
|
Average total earning assets(2) |
$ |
212,881 |
|
$ |
209,905 |
|
$ |
208,552 |
|
$ |
212,977 |
|
$ |
215,507 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets |
|
6,142 |
|
|
6,147 |
|
|
5,549 |
|
|
6,283 |
|
|
6,407 |
|
|
|
Securities purchased under resale agreements and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
securities borrowed |
|
2,929 |
|
|
3,699 |
|
|
4,070 |
|
|
3,763 |
|
|
4,063 |
|
|
|
Other deductions |
|
7,378 |
|
|
7,346 |
|
|
6,369 |
|
|
7,184 |
|
|
6,660 |
|
|
|
Average core earning assets(2) |
$ |
196,432 |
|
$ |
192,713 |
|
$ |
192,564 |
|
$ |
195,747 |
|
$ |
198,377 |
|
|
|
Net interest income – Reported |
$ |
2,273 |
|
$ |
2,245 |
|
$ |
2,147 |
|
$ |
8,866 |
|
$ |
8,867 |
|
|
|
Less: Non-core net interest income |
|
23 |
|
|
38 |
|
|
10 |
|
|
66 |
|
|
123 |
|
|
|
Core net interest income |
$ |
2,250 |
|
$ |
2,207 |
|
$ |
2,137 |
|
$ |
8,800 |
|
$ |
8,744 |
|
|
|
Net interest margin |
|
4.54 |
% |
|
4.54 |
% |
|
4.42 |
% |
|
4.50 |
% |
|
4.41 |
% |
|
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
||||||||||||||||
|
(2) Average balances represent the average of daily balances for the period. |
||||||||||||||||
|
|
||||||||||||||||
|
Global Banking and Markets |
For the three months ended |
For the year ended |
|||||||||||||
|
|
October 31 |
|
July 31 |
|
October 31 |
|
October 31 |
|
October 31 |
|
|||||
|
($ millions) |
2025 |
|
2025 |
|
2024(1) |
|
2025 |
|
2024(1) |
|
|||||
|
Average total assets – Reported(2) |
$ |
531,107 |
|
$ |
493,156 |
|
$ |
486,003 |
|
$ |
509,263 |
|
$ |
494,595 |
|
|
Less: Non-earning assets |
|
45,978 |
|
|
45,729 |
|
|
39,675 |
|
|
46,594 |
|
|
39,787 |
|
|
Average total earning assets(2) |
$ |
485,129 |
|
$ |
447,427 |
|
$ |
446,328 |
|
$ |
462,669 |
|
$ |
454,808 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading assets |
|
145,681 |
|
|
135,693 |
|
|
131,137 |
|
|
139,466 |
|
|
132,210 |
|
|
Securities purchased under resale agreements and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
securities borrowed |
|
226,085 |
|
|
197,038 |
|
|
192,235 |
|
|
205,499 |
|
|
189,027 |
|
|
Other deductions |
|
23,058 |
|
|
23,465 |
|
|
21,667 |
|
|
23,080 |
|
|
32,078 |
|
|
Average core earning assets(2) |
$ |
90,305 |
|
$ |
91,231 |
|
$ |
101,289 |
|
$ |
94,624 |
|
$ |
101,493 |
|
|
Net interest income – Reported |
$ |
363 |
|
$ |
350 |
|
$ |
280 |
|
$ |
1,400 |
|
$ |
1,102 |
|
|
Less: Non-core net interest income |
|
(72) |
|
|
(58) |
|
|
(132) |
|
|
(273) |
|
|
(475) |
|
|
Core net interest income |
$ |
435 |
|
$ |
408 |
|
$ |
412 |
|
$ |
1,673 |
|
$ |
1,577 |
|
|
Net interest margin |
|
1.91 |
% |
|
1.77 |
% |
|
1.62 |
% |
|
1.77 |
% |
|
1.55 |
% |
|
(1) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
|||||||||||||||
|
(2) Average balances represent the average of daily balances for the period. |
|||||||||||||||
Return on equity
Return on equity is a profitability measure that presents the net income attributable to common shareholders (annualized) as a percentage of average common shareholders' equity.
Adjusted return on equity is a non-GAAP ratio which represents adjusted net income attributable to common shareholders (annualized) as a percentage of average common shareholders' equity.
Attributed capital and operating segment return on equity
The amount of common equity allocated to each operating segment is referred to as attributed capital. The attribution of capital within each operating segment is intended to approximate a percentage of the Basel III common equity capital requirements based on credit, market and operational risks and leverage inherent within each operating segment. Attributed capital is a non-GAAP measure. The Bank attributes capital to its business lines to approximate 11.5% of the Basel III common equity capital requirements.
Return on equity for the operating segments is calculated as a ratio of net income attributable to common shareholders of the operating segment and the capital attributed. This is a non-GAAP measure. Management uses operating segment return on equity to evaluate the performance of its operating segments.
Adjusted return on equity for the operating segments is calculated as a ratio of adjusted net income attributable to common shareholders of the operating segment and the capital attributed. This is a non-GAAP measure.
Return on equity by operating segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended October 31, 2025 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global |
Global |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
||||||||
|
($ millions) |
|
|
|
|
|
|
|
|
|
|
Banking |
Banking |
Management |
Markets |
Other |
Total |
|||||||||
|
Reported |
|
|
|
|
|
|
|||||||||||||||||||
|
Net income attributable to common shareholders |
$ |
941 |
$ |
634 |
$ |
447 |
$ |
519 |
$ |
(437) |
$ |
2,104 |
|||||||||||||
|
Total average common equity(1) |
20,964 |
18,110 |
10,599 |
14,664 |
11,756 |
76,093 |
|||||||||||||||||||
|
Return on equity |
17.8 % |
13.9 % |
16.7 % |
14.1 % |
nm(2) |
11.0 % |
|||||||||||||||||||
|
Adjusted(3) |
|
|
|
|
|
|
|||||||||||||||||||
|
Net income attributable to common shareholders |
$ |
942 |
$ |
638 |
$ |
453 |
$ |
519 |
$ |
(149) |
$ |
2,403 |
|||||||||||||
|
Return on equity |
17.8 % |
14.0 % |
17.0 % |
14.1 % |
nm(2) |
12.5 % |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended July 31, 2025 |
For the three months ended October 31, 2024 |
||||||||||||||||||||||
|
|
|
|
Global |
Global |
|
|
|
|
Global |
Global |
|
|
|||||||||||||
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
|
|
|||||||||
|
($ millions) |
Banking |
Banking |
Management |
Markets |
Other |
Total |
Banking(4) |
Banking(4) |
Management(4) |
Markets(4) |
Other(4) |
Total |
|||||||||||||
|
Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
shareholders |
$ |
958 |
$ |
670 |
$ |
417 |
$ |
473 |
$ |
(205) |
$ |
2,313 |
$ |
934 |
$ |
600 |
$ |
380 |
$ |
347 |
$ |
(740) |
$ |
1,521 |
|
|
Total average |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
equity(1) |
20,624 |
17,856 |
|
10,552 |
|
14,879 |
11,061 |
74,972 |
21,280 |
18,788 |
10,230 |
15,369 |
7,491 |
73,158 |
|||||||||||
|
Return on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity |
18.4 % |
14.9 % |
15.7 % |
12.6 % |
nm(2) |
12.2 % |
17.5 % |
12.7 % |
14.8 % |
9.0 % |
nm(2) |
8.3 % |
|||||||||||||
|
Adjusted(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
shareholders |
$ |
959 |
$ |
675 |
$ |
424 |
$ |
473 |
$ |
(190) |
$ |
2,341 |
$ |
935 |
$ |
606 |
$ |
386 |
$ |
347 |
$ |
(323) |
$ |
1,951 |
|
|
Return on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity |
18.5 % |
15.0 % |
15.9 % |
12.6 % |
nm(2) |
12.4 % |
17.5 % |
12.8 % |
15.0 % |
9.0 % |
nm(2) |
10.6 % |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended October 31, 2025 |
For the year ended October 31, 2024(3) |
||||||||||||||||||||||
|
|
|
|
|
Global |
Global |
|
|
|
|
Global |
Global |
|
|
||||||||||||
|
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
Canadian |
International |
Wealth |
Banking and |
|
|
|
|
||||||||||
|
($ millions) |
Banking |
Banking |
Management |
Markets |
Other |
Total |
Banking(4) |
Banking(4) |
Management(4) |
Markets(4) |
Other(4) |
Total |
|||||||||||||
|
Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders |
$ |
3,425 |
$ |
2,631 |
$ |
1,670 |
$ |
1,922 |
$ |
(2,365) |
$ |
7,283 |
$ |
3,776 |
$ |
2,580 |
$ |
1,417 |
$ |
1,477 |
$ |
(1,964) |
$ |
7,286 |
|
|
Total average |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
common |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
equity(1) |
21,030 |
18,061 |
10,417 |
14,968 |
10,529 |
75,005 |
20,585 |
19,148 |
10,210 |
15,342 |
5,842 |
71,127 |
|||||||||||||
|
Return on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity |
16.3 % |
14.6 % |
16.0 % |
12.8 % |
|
nm(2) |
9.7 % |
|
18.3 % |
|
13.5 % |
|
13.9 % |
|
9.6 % |
|
nm(2) |
10.2 % |
|||||||
|
Adjusted(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to common |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders |
$ |
3,428 |
$ |
2,651 |
$ |
1,696 |
$ |
1,922 |
$ |
(853) |
$ |
8,844 |
$ |
3,779 |
$ |
2,603 |
$ |
1,443 |
$ |
1,477 |
$ |
(1,283) |
$ |
8,019 |
|
|
Return on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity |
16.3 % |
14.7 % |
16.3 % |
12.8 % |
nm(2) |
11.8 % |
|
18.4 % |
|
13.6 % |
|
14.1 % |
|
9.6 % |
nm(2) |
11.3 % |
|||||||||
|
(1) Average amounts calculated using methods intended to approximate the daily average balances for the period. |
|
(2) Not meaningful. |
|
(3) Refer to table on page 22. |
|
(4) Effective Q1 2025, changes were made to the methodology used to allocate certain income, expenses and balance sheet items between business segments. Prior period results for each segment have been reclassified to conform with the current period's methodology. Refer to page 6 for further details. |
Return on tangible common equity
Return on tangible common equity (ROTCE) is a profitability measure that is calculated by dividing the net income attributable to common shareholders, adjusted for the amortization of intangibles (excluding software), by average tangible common equity. Tangible common equity is defined as common shareholders' equity adjusted for goodwill and intangible assets (excluding software), net of deferred taxes. This is a non-GAAP ratio. Management uses ROTCE to assess the Bank's performance and ability to use its tangible common equity to generate returns.
Adjusted return on tangible common equity represents adjusted net income attributable to common shareholders as a percentage of average tangible common equity. This is a non-GAAP ratio.
|
|
|
For the three months ended |
|
For the year ended |
|
|||||||||||
|
|
October 31 2025 |
|
July 31 2025 |
|
October 31 2024 |
|
October 31 2025 |
|
October 31 2024 |
|
||||||
|
($ millions) |
||||||||||||||||
|
Reported |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common equity - Reported(1) |
$ |
76,093 |
|
$ |
74,972 |
|
$ |
73,158 |
|
$ |
75,005 |
|
$ |
71,127 |
|
|
|
Average goodwill(1)(2) |
|
(9,917) |
|
|
(9,827) |
|
|
(8,984) |
|
|
(9,744) |
|
|
(9,056) |
|
|
|
Average acquisition-related intangibles (net of deferred tax)(1) |
|
(3,558) |
|
|
(3,571) |
|
|
(3,609) |
|
|
(3,577) |
|
|
(3,629) |
|
|
|
Average tangible common equity(1) |
$ |
62,618 |
|
$ |
61,574 |
|
$ |
60,565 |
|
$ |
61,684 |
|
$ |
58,442 |
|
|
|
Net income attributable to common shareholders – reported |
$ |
2,104 |
|
$ |
2,313 |
|
$ |
1,521 |
|
$ |
7,283 |
|
$ |
7,286 |
|
|
|
Amortization of acquisition-related intangible assets (after-tax)(3) |
|
20 |
|
|
20 |
|
|
13 |
|
|
74 |
|
|
52 |
|
|
|
Net income attributable to common shareholders adjusted for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
amortization of acquisition-related intangible assets (after-tax) |
$ |
2,124 |
|
$ |
2,333 |
|
$ |
1,534 |
|
$ |
7,357 |
|
$ |
7,338 |
|
|
|
Return on tangible common equity |
|
13.5 |
% |
|
15.0 |
% |
|
10.1 |
% |
|
11.9 |
% |
|
12.6 |
% |
|
|
Adjusted(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income attributable to common shareholders |
$ |
2,403 |
|
$ |
2,341 |
|
$ |
1,951 |
|
$ |
8,844 |
|
$ |
8,019 |
|
|
|
Return on tangible common equity – adjusted |
|
15.2 |
% |
|
15.1 |
% |
|
12.8 |
% |
|
14.3 |
% |
|
13.7 |
% |
|
|
(1) Average amounts calculated using methods intended to approximate the daily average balances for the period. |
|
(2) Includes imputed goodwill from investments in associates. |
|
(3) Refer to table on page 22. |
Adjusted productivity ratio
Adjusted productivity ratio represents adjusted non-interest expenses as a percentage of adjusted total revenue. This is a non-GAAP ratio. Management uses the productivity ratio as a measure of the Bank's efficiency. A lower ratio indicates improved productivity.
Adjusted operating leverage
This financial metric measures the rate of growth in adjusted total revenue less the rate of growth in adjusted non-interest expenses. This is a non-GAAP ratio.
Management uses operating leverage as a way to assess the degree to which the Bank can increase operating income by increasing revenue.
Trading-related revenue (Taxable equivalent basis)
Trading-related revenue consists of net interest income and non-interest income. Included are unrealized gains and losses on trading security positions held, realized gains and losses from the purchase and sale of securities, fees and commissions from trading securities borrowing and lending activities, and gains and losses on trading derivatives. Underwriting and other advisory fees, which are shown separately in the Consolidated Statement of Income, are excluded. Trading-related revenue includes certain net interest income and non-interest income items on a taxable equivalent basis (TEB). This methodology grosses up tax-exempt income earned on certain securities to an equivalent before tax basis. This is a non-GAAP measure.
Management believes that this basis for measurement of trading-related revenue provides a uniform comparability of net interest income and non-interest income arising from both taxable and non-taxable sources and facilitates a consistent basis of measurement. While other banks also use TEB, their methodology may not be comparable to the Bank's methodology.
Adjusted effective tax rate
The adjusted effective tax rate is calculated by dividing adjusted income tax expense by adjusted income before taxes. This is a non-GAAP ratio.
Basis of preparation
These unaudited consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the
Forward-looking statements
From time to time, our public communications include oral or written forward-looking statements. Statements of this type are included in this document, and may be included in other filings with Canadian securities regulators or the
By their very nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that our assumptions may not be correct and that our financial performance objectives, vision and strategic goals will not be achieved.
We caution readers not to place undue reliance on these statements as a number of risk factors, many of which are beyond our control and effects of which can be difficult to predict, could cause our actual results to differ materially from the expectations, targets, estimates or intentions expressed in such forward-looking statements.
The future outcomes that relate to forward-looking statements may be influenced by many factors, including but not limited to: general economic and market conditions in the countries in which we operate and globally; changes in currency and interest rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the failure of third parties to comply with their obligations to the Bank and its affiliates, including relating to the care and control of information, and other risks arising from the Bank's use of third parties; changes in monetary, fiscal, or economic policy and tax legislation and interpretation; changes in laws and regulations or in supervisory expectations or requirements, including capital, interest rate and liquidity requirements and guidance, and the effect of such changes on funding costs; geopolitical risk (including policies and other changes related to, or affecting, economic or trade matters, including tariffs, countermeasures, tariff mitigation policies and tax-related risks); changes to our credit ratings; the possible effects on our business and the global economy of war, conflicts or terrorist actions and unforeseen consequences arising from such actions; technological changes, including open banking and the use of data and artificial intelligence in our business, and technology resiliency; operational and infrastructure risks; reputational risks; the accuracy and completeness of information the Bank receives on customers and counterparties; the timely development and introduction of new products and services, and the extent to which products or services previously sold by the Bank require the Bank to incur liabilities or absorb losses not contemplated at their origination; our ability to execute our strategic plans, including the successful completion of acquisitions and dispositions, including obtaining regulatory approvals; critical accounting estimates and the effect of changes to accounting standards, rules and interpretations on these estimates; global capital markets activity; the Bank's ability to attract, develop and retain key executives; the evolution of various types of fraud or other criminal behaviour to which the Bank is exposed; anti-money laundering; disruptions or attacks (including cyberattacks) on the Bank's information technology, internet connectivity, network accessibility, or other voice or data communications systems or services, which may result in data breaches, unauthorized access to sensitive information, denial of service and potential incidents of identity theft; increased competition in the geographic and business areas in which we operate, including through internet and mobile banking and non-traditional competitors; exposure related to significant litigation and regulatory matters; environmental, social and governance risks, including climate-related risk, our ability to implement various sustainability-related initiatives (both internally and with our clients and other stakeholders) under expected time frames, and our ability to scale our sustainable-finance products and services; the occurrence of natural and unnatural catastrophic events and claims resulting from such events, including disruptions to public infrastructure, such as transportation, communications, power or water supply; inflationary pressures; global supply-chain disruptions; Canadian housing and household indebtedness; the emergence or continuation of widespread health emergencies or pandemics, including their impact on the local, national or global economies, financial market conditions and the Bank's business, results of operations, financial condition and prospects; and the Bank's anticipation of and success in managing the risks implied by the foregoing. A substantial amount of the Bank's business involves making loans or otherwise committing resources to specific companies, industries or countries. Unforeseen events affecting such borrowers, industries or countries could have a material adverse effect on the Bank's financial results, businesses, financial condition or liquidity. These and other factors may cause the Bank's actual performance to differ materially from that contemplated by forward-looking statements. The Bank cautions that the preceding list is not exhaustive of all possible risk factors and other factors could also adversely affect the Bank's results, for more information, please see the "Risk Management" section of the Bank's 2025 Annual Report, as may be updated by quarterly reports.
Material economic assumptions underlying the forward-looking statements contained in this document are set out in the 2025 Annual Report under the headings "Outlook", as updated by quarterly reports. The "Outlook" and "2026 Priorities" sections are based on the Bank's views and the actual outcome is uncertain. Readers should consider the above-noted factors when reviewing these sections. When relying on forward-looking statements to make decisions with respect to the Bank and its securities, investors and others should carefully consider the preceding factors, other uncertainties and potential events.
Any forward-looking statements contained in this document represent the views of management only as of the date hereof and are presented for the purpose of assisting the Bank's shareholders and analysts in understanding the Bank's financial position, objectives and priorities, and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. Except as required by law, the Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on its behalf.
Additional information relating to the Bank, including the Bank's Annual Information Form, can be located on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the
December 2, 2025
Shareholders Information
Direct Deposit Service
Shareholders may have dividends deposited directly into accounts held at financial institutions which are members of the Canadian Payments Association. To arrange direct deposit service, please write to the transfer agent.
Shareholder Dividend and Share Purchase Plan
Scotiabank's Shareholder Dividend and Share Purchase Plan allows common and preferred shareholders to purchase additional common shares by reinvesting their cash dividend without incurring brokerage or administrative fees. As well, eligible shareholders may invest up to $20,000 each fiscal year to purchase additional common shares of the Bank. All administrative costs of the plan are paid by the Bank. For more information on participation in the plan, please contact the transfer agent.
Dividend Dates for 202 6
Record and payment dates for common and preferred shares, subject to approval by the Board of Directors.
|
Record Date |
Payment Date |
|
January 6, 2026 |
January 28, 2026 |
|
April 7, 2026 |
April 28, 2026 |
|
July 7, 2026 |
July 29, 2026 |
|
October 6, 2026 |
October 28, 2026 |
Annual Meeting Date for Fiscal 202 5
Shareholders are invited to attend the 194th Annual Meeting of Holders of Common Shares, to be held on April 14, 2026, at Scotiabank Centre, Scotia Plaza, 40 King Street West, 2nd Floor,
Duplicated Communication
Some registered holders of
Annual Financial Statements
Shareholders may obtain a hard copy of Scotiabank's 2025 audited annual consolidated financial statements and accompanying Management's Discussion & Analysis on request and without charge by contacting the Investor Relations Department at (416) 775-0798 or investor.relations@scotiabank.com.
Website
For information relating to Scotiabank and its services, visit us at our website: www.scotiabank.com.
Conference Call and Web Broadcast
The quarterly results conference call will take place on Tuesday, December 2, 2025, at 8:15 am ET and is expected to last approximately one hour. Interested parties are invited to access the call live, in listen-only mode, by telephone at 647-495-7514 or toll-free, at 1-888-596-4144 using ID 2333085# (please call shortly before 8:15 am ET). In addition, an audio webcast, with accompanying slide presentation, may be accessed via the Investor Relations page at www.scotiabank.com/investorrelations.
Following discussion of the results by Scotiabank executives, there will be a question and answer session. A telephone replay of the conference call will be available between Tuesday, December 2, 2025, and Tuesday, December 9, 2025, by calling 647-362-9199 or 1-800-770-2030 (
Additional Information
Investors
Financial Analysts, Portfolio Managers and other Institutional Investors requiring financial information, please contact Investor Relations:
Scotiabank
40 Temperance Street
Telephone: (416) 775-0798
E-mail: investor.relations@scotiabank.com
Global
Communications
Scotiabank
40 Temperance Street,
E-mail: corporate.communications@scotiabank.com
Shareholders
For enquiries related to changes in share registration or address, dividend information, lost share certificates, estate transfers, or to advise of duplicate mailings, please contact the Bank's transfer agent:
Computershare Trust Company of
320 Bay Street, 14th Floor
Telephone: 1-877-982-8767
E-mail: service@computershare.com
Co-Transfer Agent (
Telephone: 1-781-575-2000
E-mail: service@computershare.com
Street/Courier address:
C/O Shareholder Services
150 Royall Street
Mailing address:
PO Box 43078,
For other shareholder enquiries, please contact the Corporate Secretary's Department:
Scotiabank
40 Temperance Street
Telephone: (416) 866-3672
E-mail: corporate.secretary@scotiabank.com
Rapport trimestriel disponible en français
Le rapport trimestriel et les états financiers de la Banque sont publiés en français et en anglais et distribués aux actionnaires dans la version de leur choix. Si vous préférez que la documentation vous concernant vous soit adressée en français, veuillez en informer Relations avec les investisseurs, La
SOURCE Scotiabank
