Royal Bank Of Canada 6-K, filed Dec 1, 2021

About this 6-K

Royal Bank Of Canada (RY)

6-K 2021-12-01 For: 2021-12-01

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Added on July 04, 2026

ROYAL BANK OF CANADA

Date: December 1, 2021

/s/ Nadine Ahn

Nadine Ahn

Chief Financial Officer

Royal Bank Of Canada filed this 6-K on December 1, 2021.

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Exhibit		Description of Exhibit

99.1		Fourth Quarter 2021 Earnings Release



Q4 2021 compared to Q4 2020	• Net income of $3,892 million	é 20%
	• Diluted EPS of $2.68	é 20%
	• ROE of 16.9%	é 90 bps
	• CET1 ratio of 13.7%	é 120 bps

Q4 2021 compared to Q3 2021	• Net income of $3,892 million	ê 9%
	• Diluted EPS of $2.68	ê 10%
	• ROE of 16.9%	ê 270 bps
	• CET1 ratio of 13.7%	é 10 bps


	As at or for the three months ended									For the year ended
(Millions of Canadian dollars, except per share, number of and percentage amounts)	October 31 2021			July 31 2021			October 31 2020			October 31 2021			October 31 2020
Total revenue	$	12,376		$	12,756		$	11,092		$	49,693		$	47,181
Provision for credit losses (PCL)		(227	)		(540	)		427			(753	)		4,351
Insurance policyholder benefits, claims and acquisition expense (PBCAE)		1,032			1,304			461			3,891			3,683
Non-interest expense		6,583			6,420			6,058			25,924			24,758
Income before income taxes		4,988			5,572			4,146			20,631			14,389
Net income	$	3,892		$	4,296		$	3,246		$	16,050		$	11,437
Segments - net income
Personal & Commercial Banking	$	2,033		$	2,113		$	1,502		$	7,847		$	5,087
Wealth Management ⁽¹⁾		558			744			546			2,626			2,154
Insurance		267			234			254			889			831
Investor & Treasury Services		109			88			91			440			536
Capital Markets		920			1,129			840			4,187			2,776
Corporate Support ⁽¹⁾		5			(12	)		13			61			53
Net income	$	3,892		$	4,296		$	3,246		$	16,050		$	11,437
Selected information
Earnings per share (EPS) - basic	$	2.68		$	2.97		$	2.23		$	11.08		$	7.84
- diluted		2.68			2.97			2.23			11.06			7.82
Return on common equity (ROE) ⁽²⁾		16.9	%		19.6	%		16	%		18.6	%		14.2	%
Average common equity ⁽²⁾	$	89,500		$	85,800		$	78,800		$	84,850		$	78,800
Net interest margin (NIM) - on average earning assets, net ⁽³⁾		1.43	%		1.51	%		1.52	%		1.48	%		1.55	%
PCL on loans as a % of average net loans and acceptances		(0.12	)%		(0.28	)%		0.23	%		(0.10	)%		0.63	%
PCL on performing loans as a % of average net loans and acceptances		(0.19	)%		(0.36	)%		0.08	%		(0.20	)%		0.39	%
PCL on impaired loans as a % of average net loans and acceptances		0.07	%		0.08	%		0.15	%		0.10	%		0.24	%
Gross impaired loans (GIL) as a % of loans and acceptances		0.31	%		0.35	%		0.47	%		0.31	%		0.47	%
Liquidity coverage ratio (LCR) ⁽⁴⁾		123	%		125	%		145	%		123	%		145	%
Net stable funding ratio ⁽⁵⁾		116	%		116	%		n.a.			116	%		n.a.
Capital ratios and Leverage ratio ⁽⁶⁾
Common Equity Tier 1 (CET1) ratio		13.7	%		13.6	%		12.5	%		13.7	%		12.5	%
Tier 1 capital ratio		14.9	%		15.0	%		13.5	%		14.9	%		13.5	%
Total capital ratio		16.7	%		16.7	%		15.5	%		16.7	%		15.5	%
Leverage ratio		4.9	%		5.0	%		4.8	%		4.9	%		4.8	%
Selected balance sheet and other information ⁽⁷⁾
Total assets	$	1,706,323		$	1,693,540		$	1,624,548		$	1,706,323		$	1,624,548
Securities, net of applicable allowance		284,724			271,950			275,814			284,724			275,814
Loans, net of allowance for loan losses		717,575			698,041			660,992			717,575			660,992
Derivative related assets		95,541			102,033			113,488			95,541			113,488
Deposits		1,100,831			1,084,878			1,011,885			1,100,831			1,011,885
Common equity		91,983			88,803			80,719			91,983			80,719
Total risk-weighted assets		552,541			543,047			546,242			552,541			546,242
Assets under management (AUM) ⁽³⁾		1,008,700			983,500			843,600			1,008,700			843,600
Assets under administration (AUA) ⁽³⁾, ⁽⁸⁾		6,347,300			6,369,400			5,891,200			6,347,300			5,891,200
Common share information
Shares outstanding (000s) - average basic		1,424,534			1,424,614			1,422,578			1,424,343			1,423,915
- average diluted		1,427,225			1,427,198			1,426,466			1,426,735			1,428,770
- end of period		1,424,525			1,424,463			1,422,473			1,424,525			1,422,473
Dividends declared per common share	$	1.08		$	1.08		$	1.08		$	4.32		$	4.29
Dividend yield ⁽⁹⁾		3.3	%		3.5	%		4.4	%		3.8	%		4.7	%
Dividend payout ratio ⁽³⁾		40	%		36	%		48	%		39	%		55	%
Common share price (RY on TSX) ⁽¹⁰⁾	$	128.82		$	126.18		$	93.16		$	128.82		$	93.16
Market capitalization (TSX) ⁽¹⁰⁾		183,507			179,739			132,518			183,507			132,518
Business information (number of)
Employees (full-time equivalent) (FTE)		85,301			85,887			83,842			85,301			83,842
Bank branches		1,295			1,303			1,329			1,295			1,329
Automated teller machines (ATMs)		4,378			4,374			4,557			4,378			4,557
Period average US$ equivalent of C$1.00 ⁽¹¹⁾	$	0.796		$	0.812		$	0.756		$	0.796		$	0.744
Period-end US$ equivalent of C$1.00	$	0.808		$	0.801		$	0.751		$	0.808		$	0.751


	As at or for the three months ended
	October 31			July 31			October 31
(Millions of Canadian dollars, except percentage amounts and as otherwise noted)	2021			2021			2020
Net interest income	$	3,169		$	3,206		$	3,114
Non-interest income		1,436			1,445			1,259
Total revenue		4,605			4,651			4,373
PCL on performing assets		(342	)		(341	)		135
PCL on impaired assets		134			162			181
PCL		(208	)		(179	)		316
Non-interest expense		2,087			1,998			2,030
Income before income taxes		2,726			2,832			2,027
Net income	$	2,033		$	2,113		$	1,502

Revenue by business
Canadian Banking	$	4,414		$	4,463		$	4,165
Caribbean & U.S. Banking		191			188			208

Selected balances and other information
ROE		32.5	%		33.6	%		26.0	%
NIM		2.42	%		2.52	%		2.59	%
Efficiency ratio ⁽¹⁾		45.3	%		43.0	%		46.4	%
Operating leverage ⁽²⁾		2.5	%		6.3	%		(5.4	)%
Average total assets	$	543,900		$	530,400		$	503,200
Average total earning assets, net		518,900			505,600			478,500
Average loans and acceptances, net		522,200			509,300			482,000
Average deposits		524,300			507,600			481,300
AUA (^3), ⁽⁴⁾		367,700			356,100			292,800
Average AUA		363,500			349,100			297,600
AUM ⁽⁴⁾		5,400			5,400			5,300
PCL on impaired loans as a % of average net loans and acceptances		0.10	%		0.13	%		0.15	%

Other selected information - Canadian Banking
Net income	$	1,970		$	2,024		$	1,474
NIM		2.42	%		2.51	%		2.56	%
Efficiency ratio		43.8	%		41.4	%		44.9	%
Operating leverage		2.7	%		6.1	%		(6.8	)%


Wealth Management
	As at or for the three months ended
	October 31			July 31			October 31
(Millions of Canadian dollars, except number of and percentage amounts and as otherwise noted)	2021			2021			2020
Net interest income	$	675		$	682		$	686
Non-interest income ⁽¹⁾		2,769			2,691			2,375
Total revenue (1)		3,444			3,373			3,061
PCL on performing assets		(7	)		(19	)		51
PCL on impaired assets		12			(2	)		—
PCL		5			(21	)		51
Non-interest expense ⁽¹⁾		2,718			2,434			2,304
Income before income taxes ⁽¹⁾		721			960			706
Net income ⁽¹⁾	$	558		$	744		$	546
Revenue by business
Canadian Wealth Management	$	1,032		$	1,012		$	835
U.S. Wealth Management (including City National) ⁽¹⁾		1,628			1,592			1,532
U.S. Wealth Management (including City National) (US$ millions) ⁽¹⁾		1,296			1,293			1,158
Global Asset Management		711			692			608
International Wealth Management		73			77			86
Selected balances and other information
ROE		13.1	%		18.3	%		13.0	%
NIM		2.06	%		2.25	%		2.50	%
Pre-tax margin ⁽¹⁾, ⁽²⁾		20.9	%		28.5	%		23.1	%
Selected average balance sheet information
Average total assets	$	146,600		$	136,300		$	126,300
Average total earning assets, net		130,000			120,200			109,300
Average loans and acceptances, net		87,000			83,800			81,000
Average deposits		151,500			142,800			132,100
Other information
AUA - total ⁽³⁾		1,322,300			1,292,800			1,100,000
- U.S. Wealth Management (including City National) ⁽³⁾		704,200			690,400			583,800
- U.S. Wealth Management (including City National) (US$ millions) ⁽³⁾		568,800			553,300			438,200
AUM ⁽³⁾		1,000,600			975,600			836,400
Average AUA		1,314,100			1,265,200			1,107,700
Average AUM		997,400			956,300			839,600
PCL on impaired loans as a % of average net loans and acceptances		0.05	%		(0.01	)%		0.00	%
Number of advisors ⁽⁴⁾		5,548			5,522			5,428


	For the three months ended
Estimated impact of U.S. dollar, British pound and Euro translation on key income statement items (Millions of Canadian dollars, except percentage amounts)	Q4 2021 vs Q4 2020			Q4 2021 vs Q3 2021
Increase (decrease):
Total revenue	$	(95	)	$	31
Non-interest expense		(91	)		27
Net income		(4	)		3
Percentage change in average US$ equivalent of C$1.00		5	%		(2	)%
Percentage change in average British pound equivalent of C$1.00		1	%		1	%
Percentage change in average Euro equivalent of C$1.00		7	%		1	%


	As at or for the three months ended
(Millions of Canadian dollars, except percentage amounts)	October 31 2021			July 31 2021			October 31 2020
Non-interest income
Net earned premiums	$	1,569		$	1,094		$	986
Investment income, gains/(losses) on assets supporting insurance policyholder liabilities ⁽¹⁾		(128	)		613			(71	)
Fee income		60			47			43
Total revenue		1,501			1,754			958
PCL		(1	)		-			(1	)
Insurance policyholder benefits and claims ⁽¹⁾		939			1,218			391
Insurance policyholder acquisition expense		93			86			70
Non-interest expense		152			155			151
Income before income taxes		318			295			347
Net income	$	267		$	234		$	254

Revenue by business
Canadian Insurance	$	796		$	1,136		$	299
International Insurance		705			618			659
Selected balances and other information
ROE		42.8	%		39.5	%		42.5	%
Premiums and deposits ⁽²⁾	$	1,795		$	1,321		$	1,129
Fair value changes on investments backing policyholder liabilities ⁽¹⁾		(266	)		475			(235	)


	As at or for the three months ended
(Millions of Canadian dollars, except percentage amounts)	October 31 2021			July 31 2021			October 31 2020
Net interest income	$	155		$	127		$	108
Non-interest income		393			390			413
Total revenue		548			517			521
PCL on performing assets		(1	)		(3	)		(4	)
PCL on impaired assets		-			-			-
PCL		(1	)		(3	)		(4	)
Non-interest expense		412			401			407
Income before income taxes		137			119			118
Net income	$	109		$	88		$	91

Selected balances and other information
ROE		15.2	%		11.1	%		10.1	%
Average deposits	$	233,300		$	221,100		$	187,000
Average client deposits		65,700			64,600			63,300
Average wholesale funding deposits		167,600			156,500			123,700
AUA ⁽¹⁾		4,640,900			4,704,400			4,483,500
Average AUA		4,745,400			4,584,300			4,588,400


Capital Markets

	As at or for the three months ended
(Millions of Canadian dollars, except percentage amounts)	October 31 2021			July 31 2021			October 31 2020
Net interest income ⁽¹⁾	$	1,111		$	1,122		$	1,183
Non-interest income ⁽¹⁾		1,187			1,341			1,092
Total revenue ⁽¹⁾		2,298			2,463			2,275
PCL on performing assets		(11	)		(326	)		(3	)
PCL on impaired assets		(11	)		(11	)		68
PCL		(22	)		(337	)		65
Non-interest expense		1,155			1,363			1,165
Income before income taxes		1,165			1,437			1,045
Net income	$	920		$	1,129		$	840
Revenue by business
Corporate and Investment Banking	$	1,225		$	1,289		$	1,088
Global Markets		1,122			1,232			1,333
Other		(49	)		(58	)		(146	)
Selected balances and other information
ROE		16.1	%		19.7	%		14.4	%
Average total assets	$	717,000		$	685,600		$	709,000
Average trading securities		125,300			120,100			106,700
Average loans and acceptances, net		106,100			98,200			101,500
Average deposits		73,700			74,100			74,400
PCL on impaired loans as a % of average net loans and acceptances		(0.04	)%		(0.07	)%		0.27	%


	As at or for the three months ended
(Millions of Canadian dollars)	October 31 2021			July 31 2021			October 31 2020
Net interest income (loss) ⁽¹⁾	$	(49	)	$	(85	)	$	(81	)
Non-interest income (loss) ^{(1), (2)}		29			83			(15	)
Total revenue ^{(1), (2)}		(20	)		(2	)		(96	)
PCL		-			-			-
Non-interest expense ⁽²⁾		59			69			1
Income (loss) before income taxes ^(1), (2)		(79	)		(71	)		(97	)
Income taxes (recoveries) ^{(1), (2)}		(84	)		(59	)		(110	)
Net income (loss) ⁽²⁾	$	5		$	(12	)	$	13


	As at
(Millions of Canadian dollars)	October 31 2021 ⁽¹⁾			July 31 2021 ⁽²⁾			October 31 2020 ⁽¹⁾

Assets
Cash and due from banks	$	113,846		$	115,407		$	118,888
Interest-bearing deposits with banks		79,638			80,389			39,013

Securities
Trading		139,240			133,894			136,071
Investment, net of applicable allowance		145,484			138,056			139,743
		284,724			271,950			275,814
Assets purchased under reverse repurchase agreements and securities borrowed		307,903			319,896			313,015

Loans
Retail		503,598			491,890			457,976
Wholesale		218,066			210,739			208,655
		721,664			702,629			666,631
Allowance for loan losses		(4,089	)		(4,588	)		(5,639	)
		717,575			698,041			660,992
Segregated fund net assets		2,666			2,526			1,922

Other
Customers’ liability under acceptances		19,798			19,325			18,507
Derivatives		95,541			102,033			113,488
Premises and equipment		7,424			7,576			7,934
Goodwill		10,854			10,925			11,302
Other intangibles		4,471			4,490			4,752
Other assets		61,883			60,982			58,921
		199,971			205,331			214,904
Total assets	$	1,706,323		$	1,693,540		$	1,624,548

Liabilities and equity

Deposits
Personal	$	362,488		$	358,500		$	343,052
Business and government		696,353			680,413			624,311
Bank		41,990			45,965			44,522
		1,100,831			1,084,878			1,011,885
Segregated fund net liabilities		2,666			2,526			1,922

Other
Acceptances		19,873			19,392			18,618
Obligations related to securities sold short		37,841			34,760			29,285
Obligations related to assets sold under repurchase agreements and securities loaned		262,201			271,165			274,231
Derivatives		91,439			97,150			109,927
Insurance claims and policy benefit liabilities		12,816			12,496			12,215
Other liabilities		70,301			65,813			69,831
		494,471			500,776			514,107
Subordinated debentures		9,593			9,050			9,867
Total liabilities		1,607,561			1,597,230			1,537,781
Equity attributable to shareholders
Preferred shares and other equity instruments		6,684			7,416			5,945
Common shares		17,655			17,656			17,499
Retained earnings		71,795			68,951			59,806
Other components of equity		2,533			2,196			3,414
		98,667			96,219			86,664
Non-controlling interests		95			91			103
Total equity		98,762			96,310			86,767
Total liabilities and equity	$	1,706,323		$	1,693,540		$	1,624,548


	For the three months ended									For the year ended
(Millions of Canadian dollars, except per share amounts)	October 31 2021 ⁽¹⁾			July 31 2021 ⁽¹⁾			October 31 2020 ⁽¹⁾			October 31 2021 ⁽²⁾			October 31 2020 ⁽²⁾

Interest and dividend income
Loans	$	5,412		$	5,439		$	5,522		$	21,654		$	23,420
Securities		1,200			1,184			1,335			4,877			6,488
Assets purchased under reverse repurchase agreements and securities borrowed		307			291			550			1,309			4,668
Deposits and other		95			83			56			305			307
		7,014			6,997			7,463			28,145			34,883

Interest expense
Deposits and other		1,270			1,278			1,588			5,448			8,783
Other liabilities		641			625			811			2,516			4,985
Subordinated debentures		42			42			54			179			280
		1,953			1,945			2,453			8,143			14,048
Net interest income		5,061			5,052			5,010			20,002			20,835

Non-interest income
Insurance premiums, investment and fee income		1,501			1,754			958			5,600			5,361
Trading revenue		103			179			224			1,183			1,239
Investment management and custodial fees		1,888			1,830			1,577			7,132			6,101
Mutual fund revenue		1,142			1,095			961			4,251			3,712
Securities brokerage commissions		350			356			320			1,538			1,439
Service charges		475			465			456			1,858			1,842
Underwriting and other advisory fees		655			700			578			2,692			2,319
Foreign exchange revenue, other than trading		239			246			233			1,066			1,012
Card service revenue		247			278			211			1,078			969
Credit fees		418			412			361			1,530			1,321
Net gains on investment securities		20			8			23			145			90
Share of profit in joint ventures and associates		34			47			20			130			77
Other		243			334			160			1,488			864
		7,315			7,704			6,082			29,691			26,346
Total revenue		12,376			12,756			11,092			49,693			47,181
Provision for credit losses		(227	)		(540	)		427			(753	)		4,351
Insurance policyholder benefits, claims and acquisition expense		1,032			1,304			461			3,891			3,683

Non-interest expense
Human resources		3,988			4,111			3,587			16,539			15,252
Equipment		514			492			508			1,986			1,907
Occupancy		393			387			431			1,584			1,660
Communications		279			227			254			931			989
Professional fees		417			329			385			1,351			1,330
Amortization of other intangibles		330			320			330			1,287			1,273
Other		662			554			563			2,246			2,347
		6,583			6,420			6,058			25,924			24,758

Income before income taxes		4,988			5,572			4,146			20,631			14,389
Income taxes		1,096			1,276			900			4,581			2,952
Net income	$	3,892		$	4,296		$	3,246		$	16,050		$	11,437

Net income attributable to:
Shareholders	$	3,887		$	4,292		$	3,247		$	16,038		$	11,432
Non-controlling interests		5			4			(1	)		12			5
	$	3,892		$	4,296		$	3,246		$	16,050		$	11,437
Basic earnings per share (in dollars)	$	2.68		$	2.97		$	2.23		$	11.08		$	7.84
Diluted earnings per share (in dollars)		2.68			2.97			2.23			11.06			7.82
Dividends per common share (in dollars)		1.08			1.08			1.08			4.32			4.29


	For the three months ended October 31, 2021 (1)
															Other components of equity
(Millions of Canadian dollars)	Preferred shares and other equity instruments			Common shares		Treasury - preferred shares and other equity instruments			Treasury - common shares			Retained earnings			FVOCI securities and loans			Foreign currency translation			Cash flow hedges			Total other components of equity		Equity attributable to shareholders			Non-controlling interests			Total equity
Balance at beginning of period	$	7,473		$	17,713	$	(57	)	$	(57	)	$	68,951		$	107		$	2,389		$	(300	)	$	2,196	$	96,219		$	91		$	96,310
Changes in equity
Issues of share capital and other equity instruments		-			15		-			-			-			-			-			-			-		15			-			15
Common shares purchased for cancellation		-			-		-			-			-			-			-			-			-		-			-			-
Redemption of preferred shares and other equity instruments		(750	)		-		-			-			-			-			-			-			-		(750	)		-			(750	)
Sales of treasury shares and other equity instruments		-			-		205			994			-			-			-			-			-		1,199			-			1,199
Purchases of treasury shares and other equity instruments		-			-		(187	)		(1,010	)		-			-			-			-			-		(1,197	)		-			(1,197	)
Share-based compensation awards		-			-		-			-			(2	)		-			-			-			-		(2	)		-			(2	)
Dividends on common shares		-			-		-			-			(1,540	)		-			-			-			-		(1,540	)		-			(1,540	)
Dividends on preferred shares and distributions on other equity instruments		-			-		-			-			(68	)		-			-			-			-		(68	)		-			(68	)
Other		-			-		-			-			4			-			-			-			-		4			-			4
Net income		-			-		-			-			3,887			-			-			-			-		3,887			5			3,892
Total other comprehensive income (loss), net of taxes		-			-		-			-			563			(195	)		(334	)		866			337		900			(1	)		899
Balance at end of period	$	6,723		$	17,728	$	(39	)	$	(73	)	$	71,795		$	(88	)	$	2,055		$	566		$	2,533	$	98,667		$	95		$	98,762



	For the three months ended October 31, 2020 (1)
															Other components of equity
(Millions of Canadian dollars)	Preferred shares and other equity instruments			Common shares		Treasury - preferred shares and other equity instruments			Treasury - common shares			Retained earnings			FVOCI securities and loans			Foreign currency translation			Cash flow hedges			Total other components of equity			Equity attributable to shareholders			Non-controlling interests			Total equity
Balance at beginning of period	$	7,448		$	17,610	$	(1	)	$	(129	)	$	57,805		$	(123	)	$	4,866		$	(1,208	)	$	3,535		$	86,268		$	106		$	86,374
Changes in equity
Issues of share capital and other equity instruments		-			18		-			-			(1	)		-			-			-			-			17			-			17
Common shares purchased for cancellation		-			-		-			-			-			-			-			-			-			-			-			-
Redemption of preferred shares and other equity instruments		(1,500	)		-		-			-			-			-			-			-			-			(1,500	)		-			(1,500	)
Sales of treasury shares and other equity instruments		-			-		22			658			-			-			-			-			-			680			-			680
Purchases of treasury shares and other equity instruments
instruments		-			-		(24	)		(658	)		-			-			-			-			-			(682	)		-			(682	)
Share-based compensation awards		-			-		-			-			(2	)		-			-			-			-			(2	)		-			(2	)
Dividends on common shares		-			-		-			-			(1,539	)		-			-			-			-			(1,539	)		-			(1,539	)
Dividends on preferred shares and distributions on other equity instruments		-			-		-			-			(74	)		-			-			-			-			(74	)		(2	)		(76	)
Other		-			-		-			-			20			-			-			-			-			20			1			21
Net income		-			-		-			-			3,247			-			-			-			-			3,247			(1	)		3,246
Total other comprehensive income (loss), net of taxes		-			-		-			-			350			(16	)		(234	)		129			(121	)		229			(1	)		228
Balance at end of period	$	5,948		$	17,628	$	(3	)	$	(129	)	$	59,806		$	(139	)	$	4,632		$	(1,079	)	$	3,414		$	86,664		$	103		$	86,767


	For the year ended October 31, 2021 (1)
																Other components of equity
(Millions of Canadian dollars)	Preferred shares and other equity instruments			Common shares			Treasury - preferred shares and other equity instruments			Treasury - common shares			Retained earnings			FVOCI securities and loans			Foreign currency translation			Cash flow hedges			Total other components of equity			Equity attributable to shareholders			Non-controlling interests			Total equity
Balance at beginning of period	$	5,948		$	17,628		$	(3	)	$	(129	)	$	59,806		$	(139	)	$	4,632		$	(1,079	)	$	3,414		$	86,664		$	103		$	86,767
Changes in equity
Issues of share capital and other equity instruments		2,250			100			-			-			(5	)		-			-			-			-			2,345			-			2,345
Common shares purchased for cancellation		-			-			-			-			-			-			-			-			-			-			-			-
Redemption of preferred shares and other equity instruments		(1,475	)		-			-			-			-			-			-			-			-			(1,475	)		-			(1,475	)
Sales of treasury shares and other equity instruments		-			-			647			4,116			-			-			-			-			-			4,763			-			4,763
Purchases of treasury shares and other equity instruments		-			-			(683	)		(4,060	)		-			-			-			-			-			(4,743	)		-			(4,743	)
Share-based compensation awards		-			-			-			-			(6	)		-			-			-			-			(6	)		-			(6	)
Dividends on common shares		-			-			-			-			(6,158	)		-			-			-			-			(6,158	)		-			(6,158	)
Dividends on preferred shares and distributions on other equity instruments		-			-			-			-			(257	)		-			-			-			-			(257	)		(3	)		(260	)
Other		-			-			-			-			33			-			-			-			-			33			(10	)		23
Net income		-			-			-			-			16,038			-			-			-			-			16,038			12			16,050
Total other comprehensive income (loss), net of taxes		-			-			-			-			2,344			51			(2,577	)		1,645			(881	)		1,463			(7	)		1,456
Balance at end of period	$	6,723		$	17,728		$	(39	)	$	(73	)	$	71,795		$	(88	)	$	2,055		$	566		$	2,533		$	98,667		$	95		$	98,762

	For the year ended October 31, 2020 (1)
																Other components of equity
(Millions of Canadian dollars)	Preferred shares and other equity instruments			Common shares			Treasury - preferred shares and other equity instruments			Treasury - common shares			Retained earnings			FVOCI securities and loans			Foreign currency translation			Cash flow hedges			Total other components of equity			Equity attributable to shareholders			Non-controlling interests			Total equity
Balance at beginning of period	$	5,706		$	17,645		$	1		$	(58	)	$	55,874		$	33		$	4,221		$	(6	)	$	4,248		$	83,416		$	102		$	83,518
Changes in equity
Issues of share capital and other equity instruments		1,750			80			-			-			(5	)		-			-			-			-			1,825			-			1,825
Common shares purchased for cancellation		-			(97	)		-			-			(717	)		-			-			-			-			(814	)		-			(814	)
Redemption of preferred shares and other equity instruments		(1,508	)		-			-			-			-			-			-			-			-			(1,508	)		-			(1,508	)
Sales of treasury shares and other equity instruments		-			-			110			4,668			-			-			-			-			-			4,778			-			4,778
Purchases of treasury shares and other equity instruments		-			-			(114	)		(4,739	)		-			-			-			-			-			(4,853	)		-			(4,853	)
Share-based compensation awards		-			-			-			-			(3	)		-			-			-			-			(3	)		-			(3	)
Dividends on common shares		-			-			-			-			(6,111	)		-			-			-			-			(6,111	)		-			(6,111	)
Dividends on preferred shares and distributions on other equity instruments		-			-			-			-			(268	)		-			-			-			-			(268	)		(6	)		(274	)
Other		-			-			-			-			(93	)		-			-			-			-			(93	)		-			(93	)
Net income		-			-			-			-			11,432			-			-			-			-			11,432			5			11,437
Total other comprehensive income (loss), net of taxes		-			-			-			-			(303	)		(172	)		411			(1,073	)		(834	)		(1,137	)		2			(1,135	)
Balance at end of period	$	5,948		$	17,628		$	(3	)	$	(129	)	$	59,806		$	(139	)	$	4,632		$	(1,079	)	$	3,414		$	86,664		$	103		$	86,767