XML 306 R48.htm IDEA: XBRL DOCUMENT v3.19.3
Loans (Tables)
 12 Months Ended
Oct. 31, 2019
Text block [abstract]  
Disclosure of Loans and Receivables
 
$ millions, as at October 31
 
  
 
 
  
 
 
  
 
 
  
 
 
2019
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
2018
 
  
 
Gross
amount
 
 
Stage 3
allowance
 
 
Stages 1
and 2
allowance
 
 
Total
allowance
(3)
 
 
Net
total
 
 
  
 
 
Gross
amount
 
 
Stage 3
allowance
 
 
Stages 1
and 2
allowance
 
 
Total
allowance
 
 
Net
total
 
Residential mortgages
(4)
 
$
208,652
 
 
$
140
 
 
$
71
 
 
$
211
 
 
$
208,441
 
 
 
 
 
 
$
207,749
 
 
$
143
 
 
$
71
 
 
$
214
 
 
$
207,535
 
Personal
 
 
43,651
 
 
 
128
 
 
 
425
 
 
 
553
 
 
 
43,098
 
 
 
 
 
 
 
43,058
 
 
 
109
 
 
 
372
 
 
 
481
 
 
 
42,577
 
Credit card
 
 
12,755
 
 
 
–
 
 
 
420
 
 
 
420
 
 
 
12,335
 
 
 
 
 
 
 
12,673
 
 
 
–
 
 
 
418
 
 
 
418
 
 
 
12,255
 
Business and government
(4)
 
 
125,798
 
 
 
376
 
 
 
355
 
 
 
731
 
 
 
125,067
 
 
 
 
 
 
 
109,555
 
 
 
230
 
 
 
296
 
 
 
526
 
 
 
109,029
 
 
 
$
  390,856
 
 
$
  644
 
 
$
  1,271
 
 
$
  1,915
 
 
$
  388,941
 
 
 
 
 
 
$
  373,035
 
 
$
  482
 
 
$
  1,157
 
 
$
  1,639
 
 
$
  371,396
 
 
(1)
Loans are net of unearned income of $469 million (2018: $421 million).
(2)
Includes gross loans of $69.5 billion (2018: $61.0 billion) denominated in U.S. dollars and $6.7 billion (2018: $4.8 billion) denominated in other foreign currencies.
(3)
Includes ECL allowances for customers’ liability under acceptances.
(4)
Includes $60 million of residential mortgages (2018: $12 million) and $21,182 million of business and government loans (2018: $16,424 million) that are measured at FVTPL.
Summary of Allowance for Credit Losses
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance under IFRS 9:
 
$ millions, as at or for the year ended October 31
  
2019
 
 
  
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
 
 
  
 
 
 
 
  
Collective provision
12-month
ECL
performing
 
 
Collective provision
lifetime ECL
performing
 
 
Collective and
individual provision
lifetime ECL
credit-impaired
 
 
 
(1)
 
 
  
Total
 
Residential mortgages
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
27
 
 
$
44
 
 
$
143
 
 
 
 
 
  
$
214
 
Originations net of repayments and other derecognitions
  
 
4
 
 
 
(11
) 
 
 
(23
) 
 
 
 
 
  
 
(30
) 
Changes in model
  
 
(2
) 
 
 
(6
) 
 
 
(5
) 
 
 
 
 
  
 
(13
) 
Net remeasurement
(2)
  
 
(41
) 
 
 
32
 
 
 
94
 
 
 
 
 
  
 
85
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to
12-month
ECL
  
 
42
 
 
 
(30
) 
 
 
(12
) 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(3
) 
 
 
22
 
 
 
(19
) 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
 
 
(7
) 
 
 
7
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
–
 
 
 
–
 
 
 
42
 
 
 
 
 
  
 
42
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(29
) 
 
 
 
 
  
 
(29
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
2
 
 
 
 
 
  
 
2
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
(17
) 
 
 
 
 
  
 
(17
) 
Foreign exchange and other
  
 
1
 
 
 
(1
) 
 
 
(1
) 
 
 
 
 
  
 
(1
) 
Balance at end of year
  
$
28
 
 
$
43
 
 
$
140
 
 
 
 
 
  
$
211
 
Personal
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
190
 
 
$
199
 
 
$
109
 
 
 
 
 
  
$
498
 
Originations net of repayments and other derecognitions
  
 
45
 
 
 
(50
) 
 
 
–
 
 
 
 
 
  
 
(5
) 
Changes in model
  
 
(14
) 
 
 
30
 
 
 
–
 
 
 
 
 
  
 
16
 
Net remeasurement
(2)
  
 
(194
) 
 
 
283
 
 
 
309
 
 
 
 
 
  
 
398
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to
12-month
ECL
  
 
183
 
 
 
(179
) 
 
 
(4
) 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(37
) 
 
 
51
 
 
 
(14
) 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
 
 
(63
) 
 
 
63
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
(17
) 
 
 
72
 
 
 
354
 
 
 
 
 
  
 
409
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(395
) 
 
 
 
 
  
 
(395
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
62
 
 
 
 
 
  
 
62
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
(5
) 
 
 
 
 
  
 
(5
) 
Foreign exchange and other
  
 
1
 
 
 
–
 
 
 
3
 
 
 
 
 
  
 
4
 
Balance at end of year
  
$
174
 
 
$
271
 
 
$
128
 
 
 
 
 
  
$
573
 
Credit card
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
102
 
 
$
370
 
 
$
–
 
 
 
 
 
  
$
472
 
Originations net of repayments and other derecognitions
  
 
–
 
 
 
(50
) 
 
 
–
 
 
 
 
 
  
 
(50
) 
Changes in model
  
 
36
 
 
 
(48
) 
 
 
–
 
 
 
 
 
  
 
(12
) 
Net remeasurement
(2)
  
 
(190
) 
 
 
477
 
 
 
184
 
 
 
 
 
  
 
471
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to
12-month
ECL
  
 
229
 
 
 
(229
) 
 
 
–
 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(33
) 
 
 
33
 
 
 
–
 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
 
 
(215
) 
 
 
215
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
42
 
 
 
(32
) 
 
 
399
 
 
 
 
 
  
 
409
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(516
) 
 
 
 
 
  
 
(516
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
117
 
 
 
 
 
  
 
117
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
–
 
Foreign exchange and other
  
 
1
 
 
 
2
 
 
 
–
 
 
 
 
 
  
 
3
 
Balance at end of year
  
$
145
 
 
$
340
 
 
$
–
 
 
 
 
 
  
$
485
 
Business and government
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
180
 
 
$
147
 
 
$
230
 
 
 
 
 
  
$
557
 
Originations net of repayments and other derecognitions
  
 
32
 
 
 
(19
) 
 
 
(21
) 
 
 
 
 
  
 
(8
) 
Changes in model
  
 
–
 
 
 
1
 
 
 
3
 
 
 
 
 
  
 
4
 
Net remeasurement
(2)
  
 
(17
) 
 
 
97
 
 
 
350
 
 
 
 
 
  
 
430
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to
12-month
ECL
  
 
71
 
 
 
(64
) 
 
 
(7
) 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(21
) 
 
 
25
 
 
 
(4
) 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
(2
) 
 
 
(29
) 
 
 
31
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
63
 
 
 
11
 
 
 
352
 
 
 
 
 
  
 
426
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(190
) 
 
 
 
 
  
 
(190
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
13
 
 
 
 
 
  
 
13
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
(18
) 
 
 
 
 
  
 
(18
) 
Foreign exchange and other
  
 
(4
) 
 
 
–
 
 
 
(9
) 
 
 
 
 
  
 
(13
) 
Balance at end of year
  
$
239
 
 
$
158
 
 
$
378
 
 
 
 
 
  
$
775
 
Total ECL allowance
(5)
  
$
586
 
 
$
812
 
 
$
646
 
 
 
 
 
  
$
2,044
 
Comprises:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Loans
  
$
    526
 
 
$
    745
 
 
$
    644
 
 
 
 
 
  
$
    1,915
 
Undrawn credit facilities and other
off-balance
sheet exposures
(6)
  
 
60
 
 
 
67
 
 
 
2
 
 
 
 
 
  
 
129
 
 
 
(1)
Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank.
(2)
Transfers represent the amount of the ECL allowance at the beginning of the quarter in which the loan migration occurred. Net remeasurement represents the current period change in ECL allowances for transfers, net write-offs, changes in forecasts of forward-looking information, parameter updates, and partial repayments in the period.
(3)
Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance sheet exposures is presented as Provision for (reversal of) credit losses on our consolidated statement of income.
(4)
We generally continue to pursue collection on the amounts that were written off. The degree of collection efforts varies from one jurisdiction to another, depending on the local regulations and original agreements with customers.
(5)
See Note 4 for the ECL allowance on debt securities measured at FVOCI. The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2019 and were excluded from the table above. Other financial assets classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances.
(6)
Included in
O
ther liabilities on our consolidated balance sheet.
 
$ millions, as at or for the year ended October 31
  
2018
 
 
  
Stage 1
 
 
Stage 2
 
 
Stage 3
 
 
 
 
  
 
 
  
  
Collective provision
12-month ECL
performing
 
 
Collective provision
lifetime ECL
performing
 
 
Collective and
individual provision
lifetime ECL
credit-impaired
 
 
 
(1)
 
 
  
Total
 
Residential mortgages
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
28
 
 
$
43
 
 
$
151
 
 
 
 
 
  
$
222
 
Originations net of repayments and other derecognitions
  
 
7
 
 
 
(6
) 
 
 
(13
) 
 
 
 
 
  
 
(12
) 
Changes in model
  
 
(2
) 
 
 
1
 
 
 
22
 
 
 
 
 
  
 
21
 
Net remeasurement
(2)
  
 
(25
) 
 
 
13
 
 
 
60
 
 
 
 
 
  
 
48
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to 12-month ECL
  
 
20
 
 
 
(16
) 
 
 
(4
) 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(1
) 
 
 
9
 
 
 
(8
) 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
 
 
(2
) 
 
 
2
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
(1
) 
 
 
(1
) 
 
 
59
 
 
 
 
 
  
 
57
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(54
) 
 
 
 
 
  
 
(54
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
–
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
(10
) 
 
 
 
 
  
 
(10
) 
Foreign exchange and other
  
 
–
 
 
 
2
 
 
 
(3
) 
 
 
 
 
  
 
(1
) 
Balance at end of year
  
$
27
 
 
$
44
 
 
$
143
 
 
 
 
 
  
$
214
 
Personal
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
164
 
 
$
202
 
 
$
110
 
 
 
 
 
  
$
476
 
Originations net of repayments and other derecognitions
  
 
34
 
 
 
(22
) 
 
 
(5
) 
 
 
 
 
  
 
7
 
Changes in model
  
 
(2
) 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
(2
) 
Net remeasurement
(2)
  
 
(116
) 
 
 
148
 
 
 
299
 
 
 
 
 
  
 
331
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to 12-month ECL
  
 
151
 
 
 
(148
) 
 
 
(3
) 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(40
) 
 
 
49
 
 
 
(9
) 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
 
 
(31
) 
 
 
31
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
27
 
 
 
(4
) 
 
 
313
 
 
 
 
 
  
 
336
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(368
) 
 
 
 
 
  
 
(368
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
58
 
 
 
 
 
  
 
58
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
(3
) 
 
 
 
 
  
 
(3
) 
Foreign exchange and other
  
 
(1
) 
 
 
1
 
 
 
(1
) 
 
 
 
 
  
 
(1
) 
Balance at end of year
  
$
190
 
 
$
199
 
 
$
109
 
 
 
 
 
  
$
498
 
Credit card
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
101
 
 
$
413
 
 
$
–
 
 
 
 
 
  
$
514
 
Originations net of repayments and other derecognitions
  
 
–
 
 
 
(24
) 
 
 
–
 
 
 
 
 
  
 
(24
) 
Changes in model
  
 
–
 
 
 
2
 
 
 
–
 
 
 
 
 
  
 
2
 
Net remeasurement
(2)
  
 
(143
) 
 
 
370
 
 
 
145
 
 
 
 
 
  
 
372
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to 12-month ECL
  
 
179
 
 
 
(179
) 
 
 
–
 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(35
) 
 
 
35
 
 
 
–
 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
 
 
(247
) 
 
 
247
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
1
 
 
 
(43
) 
 
 
392
 
 
 
 
 
  
 
350
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(512
) 
 
 
 
 
  
 
(512
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
120
 
 
 
 
 
  
 
120
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
–
 
Foreign exchange and other
  
 
–
 
 
 
–
 
 
 
–
 
 
 
 
 
  
 
–
 
Balance at end of year
  
$
102
 
 
$
370
 
 
$
–
 
 
 
 
 
  
$
472
 
Business and government
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Balance at beginning of year
  
$
234
 
 
$
150
 
 
$
204
 
 
 
 
 
  
$
588
 
Originations net of repayments and other derecognitions
  
 
19
 
 
 
(10
) 
 
 
(15
) 
 
 
 
 
  
 
(6
) 
Changes in model
  
 
(11
) 
 
 
(7
) 
 
 
1
 
 
 
 
 
  
 
(17
) 
Net remeasurement
(2)
  
 
(109
) 
 
 
72
 
 
 
187
 
 
 
 
 
  
 
150
 
Transfers
(2)
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
– to 12-month ECL
  
 
66
 
 
 
(60
) 
 
 
(6
) 
 
 
 
 
  
 
–
 
– to lifetime ECL performing
  
 
(21
) 
 
 
25
 
 
 
(4
) 
 
 
 
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
(1
) 
 
 
(24
) 
 
 
25
 
 
 
 
 
  
 
–
 
Provision for (reversal of) credit losses
(3)
  
 
(57
) 
 
 
(4
) 
 
 
188
 
 
 
 
 
  
 
127
 
Write-offs
(4)
  
 
–
 
 
 
–
 
 
 
(116
) 
 
 
 
 
  
 
(116
) 
Recoveries
  
 
–
 
 
 
–
 
 
 
12
 
 
 
 
 
  
 
12
 
Interest income on impaired loans
  
 
–
 
 
 
–
 
 
 
(10
) 
 
 
 
 
  
 
(10
) 
Foreign exchange and other
  
 
3
 
 
 
1
 
 
 
(48
) 
 
 
  
(5)
 
 
  
 
(44
) 
Balance at end of year
  
$
180
 
 
$
147
 
 
$
230
 
 
 
 
 
  
$
557
 
Total ECL allowance
(6)
  
$
499
 
 
$
760
 
 
$
482
 
 
 
 
 
  
$
1,741
 
Comprises:
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Loans
  
$
    450
 
 
$
    707
 
 
$
    482
 
 
 
 
 
  
$
    1,639
 
Undrawn credit facilities and other off-balance sheet exposures
 (7)
  
 
49
 
 
 
53
 
 
 
–
 
 
 
 
 
  
 
102
 
 
(1)
Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank.
(2)
Transfers represent the amount of the ECL allowance at the beginning of the quarter in which the loan migration occurred. Net remeasurement represents the current period change in ECL allowances for transfers, net write-offs, changes in forecasts of forward-looking information, parameter updates, and partial repayments in the period.
(3)
Provision for (reversal of) credit losses for loans and undrawn credit facilities and other
off-balance
sheet exposures is presented as Provision for (reversal of) credit losses on our consolidated statement of income.
(4)
We generally continue to pursue collection on the amounts that were written off. The degree of collection efforts varies from one jurisdiction to another, depending on the local regulations and original agreements with customers.
(5)
Includes ECL of $48 million relating to Barbados loans that were derecognized in the fourth quarter of 2018 as a result of a debt restructuring agreement completed with the Government of Barbados.
(6)
See Note 4 for the ECL allowance on debt securities measured at FVOCI. The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2018 and were excluded from the table above. Other financial assets classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances.
(7)
Included in Other liabilities on our consolidated balance sheet.
Summary of Base Case Forecasts for Select Forward Looking Information Variables Used to Estimate our Expected Credit Losses
The following table provides the base case, upside case and downside case scenario forecasts for select forward-looking information variables used to estimate our ECLs. The base case, upside case and downside case amounts shown represent the average value of the forecasts over the respective projection horizons.
 
 
 
Base case
 
 
Upside case
 
 
Downside case
 
As at October 31, 2019
 
Average
value over
the next
12 months
 
 
Average
value over
the remaining
forecast period
 
 
Average
value over
the next
12 months
 
 
Average
value over
the remaining
forecast period
 
 
Average
value over
the next
12 months
 
 
Average
value over
the remaining
forecast period
 
Canadian GDP year-over-year growth
(1)
 
 
1.5
 % 
 
 
1.8
 % 
 
 
2.3
 % 
 
 
2.5
 % 
 
 
0.6
 % 
 
 
0.8
 % 
Canadian unemployment rate
(1)
 
 
6.1
 % 
 
 
5.9
 % 
 
 
5.5
 % 
 
 
5.5
 % 
 
 
6.4
 % 
 
 
6.5
 % 
Canadian Housing Price Index growth
(1)
 
 
1.6
 % 
 
 
2.2
 % 
 
 
4.8
 % 
 
 
4.0
 % 
 
 
(2.2
)% 
 
 
(0.8
)% 
S&P 500 Index growth rate
 
 
5.0
 % 
 
 
4.7
 % 
 
 
8.2
 % 
 
 
6.6
 % 
 
 
(3.7
)% 
 
 
(10.3
)% 
West Texas Intermediate Oil Price (US$)
 
$
60
   
 
$
60
   
 
$
67
   
 
$
    74
   
 
$
      47
   
 
$
      43
   
 
 
 
Base case
 
 
 
 
 
Upside case
 
 
 
 
 
Downside case
 
As at October 31, 201
8
 
Average
value over
the next
12 months
 
 
Average
value over
the remaining
forecast period
 
 
  
 
 
Average
value over
the forecast
period
 
 
  
 
 
Average
value over
the forecast
period
 
Canadian GDP year-over-year growth 
(1)
 
 
1.9
 % 
 
 
1.4
 % 
 
 
 
 
 
 
2.3
 % 
 
 
 
 
 
 
1.2
 % 
Canadian unemployment rate 
(1)
 
 
5.8
 % 
 
 
6.0
 % 
 
 
 
 
 
 
5.3
 % 
 
 
 
 
 
 
6.4
 % 
Canadian Housing Price Index growth 
(1)
 
 
2.2
 % 
 
 
2.3
 % 
 
 
 
 
 
 
6.4
 % 
 
 
 
 
 
 
(1.2
)% 
S&P 500 Index growth rate
 
 
4.6
 % 
 
 
(1.4
)% 
 
 
 
 
 
 
11.3
 % 
 
 
 
 
 
 
(10.8
)% 
West Texas Intermediate Oil Price (US$)
 
$
67
   
 
$
65
   
 
 
 
 
 
$
      78
   
 
 
 
 
 
$
        52
   
 
(1)
Federal-level
forward-looking forecasts are presented in the table above, which represent the aggregation of the
provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECLs will differ from the federal forecasts presented above.
Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades
The following tables provide the gross carrying amount of loans, and the contractual amounts of undrawn credit facilities and other off-balance sheet exposures based on the application of our 12-month point in time PDs under IFRS 9 to our risk management PD bands for retail exposures, and based on our internal risk ratings for business and government exposures. Refer to “Credit risk” section of the MD&A for details on the CIBC risk categories.
Loans
(1)
 
$ millions, as at October 31
  
 
 
 
  
 
 
 
  
 
 
 
  
2019
 
  
 
 
 
  
 
 
 
  
 
 
 
  
2018
 
 
 
  
Stage 1
 
 
Stage 2
 
  
Stage 3 
(2)(3)(4)
 
  
Total
 
  
Stage 1
 
  
Stage 2
 
  
Stage 3 
(2)(3)(4)
 
  
Total
 
Residential mortgages
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
– Exceptionally low
  
$
142,260
 
  
$
 
 
 
 
–
 
  
$
–
 
  
$
142,260
 
  
$
    141,556
 
  
$
–
 
  
$
–
 
  
$
    141,556
 
– Very low
  
 
37,140
 
  
 
–
 
  
 
–
 
  
 
37,140
 
  
 
40,225
 
  
 
–
 
  
 
–
 
  
 
40,225
 
– Low
  
 
17,315
 
  
 
1,010
 
  
 
–
 
  
 
18,325
 
  
 
15,321
 
  
 
798
 
  
 
–
 
  
 
16,119
 
– Medium
  
 
1,207
 
  
 
5,312
 
  
 
–
 
  
 
6,519
 
  
 
859
 
  
 
4,905
 
  
 
–
 
  
 
5,764
 
– High
  
 
11
 
  
 
1,162
 
  
 
–
 
  
 
1,173
 
  
 
–
 
  
 
996
 
  
 
–
 
  
 
996
 
– Default
  
 
–
 
  
 
–
 
  
 
597
 
  
 
597
 
  
 
–
 
  
 
–
 
  
 
510
 
  
 
510
 
– Not rated
  
 
2,251
 
  
 
233
 
  
 
154
 
  
 
2,638
 
  
 
2,163
 
  
 
249
 
  
 
167
 
  
 
2,579
 
Gross residential mortgages
(5)(6)
  
 
200,184
 
  
 
7,717
 
  
 
751
 
  
 
208,652
 
  
 
200,124
 
  
 
6,948
 
  
 
677
 
  
 
207,749
 
ECL allowance
  
 
28
 
  
 
43
 
  
 
140
 
  
 
211
 
  
 
27
 
  
 
44
 
  
 
143
 
  
 
214
 
Net residential mortgages
  
 
200,156
 
  
 
7,674
 
  
 
611
 
  
 
208,441
 
  
 
200,097
 
  
 
6,904
 
  
 
534
 
  
 
207,535
 
Personal
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
– Exceptionally low
  
 
24,258
 
  
 
–
 
  
 
–
 
  
 
24,258
 
  
 
23,808
 
  
 
–
 
  
 
–
 
  
 
23,808
 
– Very low
  
 
4,321
 
  
 
1,353
 
  
 
–
 
  
 
5,674
 
  
 
3,813
 
  
 
1,374
 
  
 
–
 
  
 
5,187
 
– Low
  
 
4,955
 
  
 
1,582
 
  
 
–
 
  
 
6,537
 
  
 
5,954
 
  
 
702
 
  
 
–
 
  
 
6,656
 
– Medium
  
 
3,703
 
  
 
1,611
 
  
 
–
 
  
 
5,314
 
  
 
4,428
 
  
 
1,151
 
  
 
–
 
  
 
5,579
 
– High
  
 
302
 
  
 
613
 
  
 
–
 
  
 
915
 
  
 
245
 
  
 
691
 
  
 
–
 
  
 
936
 
– Default
  
 
–
 
  
 
–
 
  
 
164
 
  
 
164
 
  
 
–
 
  
 
–
 
  
 
142
 
  
 
142
 
– Not rated
  
 
720
 
  
 
29
 
  
 
40
 
  
 
789
 
  
 
677
 
  
 
33
 
  
 
40
 
  
 
750
 
Gross personal
(6)
  
 
38,259
 
  
 
5,188
 
  
 
204
 
  
 
43,651
 
  
 
38,925
 
  
 
3,951
 
  
 
182
 
  
 
43,058
 
ECL allowance
  
 
160
 
  
 
265
 
  
 
128
 
  
 
553
 
  
 
176
 
  
 
196
 
  
 
109
 
  
 
481
 
Net personal
  
 
38,099
 
  
 
4,923
 
  
 
76
 
  
 
43,098
 
  
 
38,749
 
  
 
3,755
 
  
 
73
 
  
 
42,577
 
Credit card
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
– Exceptionally low
  
 
3,015
 
  
 
–
 
  
 
–
 
  
 
3,015
 
  
 
3,405
 
  
 
–
 
  
 
–
 
  
 
3,405
 
– Very low
  
 
1,142
 
  
 
83
 
  
 
–
 
  
 
1,225
 
  
 
1,747
 
  
 
50
 
  
 
–
 
  
 
1,797
 
– Low
  
 
5,619
 
  
 
274
 
  
 
–
 
  
 
5,893
 
  
 
3,809
 
  
 
710
 
  
 
–
 
  
 
4,519
 
– Medium
  
 
1,344
 
  
 
565
 
  
 
–
 
  
 
1,909
 
  
 
1,011
 
  
 
1,241
 
  
 
–
 
  
 
2,252
 
– High
  
 
10
 
  
 
538
 
  
 
–
 
  
 
548
 
  
 
10
 
  
 
528
 
  
 
–
 
  
 
538
 
– Default
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
– Not rated
  
 
158
 
  
 
7
 
  
 
–
 
  
 
165
 
  
 
162
 
  
 
–
 
  
 
–
 
  
 
162
 
Gross credit card
  
 
11,288
 
  
 
1,467
 
  
 
–
 
  
 
12,755
 
  
 
10,144
 
  
 
2,529
 
  
 
–
 
  
 
12,673
 
ECL allowance
  
 
129
 
  
 
291
 
  
 
–
 
  
 
420
 
  
 
88
 
  
 
330
 
  
 
–
 
  
 
418
 
Net credit card
  
 
11,159
 
  
 
1,176
 
  
 
–
 
  
 
12,335
 
  
 
10,056
 
  
 
2,199
 
  
 
–
 
  
 
12,255
 
Business and government 
(7)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
– Investment grade
  
 
46,800
 
  
 
251
 
  
 
–
 
  
 
47,051
 
  
 
42,993
 
  
 
221
 
  
 
–
 
  
 
43,214
 
– Non-investment grade
  
 
80,780
 
  
 
3,443
 
  
 
–
 
  
 
84,223
 
  
 
69,560
 
  
 
3,819
 
  
 
–
 
  
 
73,379
 
– Watchlist
  
 
374
 
  
 
1,575
 
  
 
–
 
  
 
1,949
 
  
 
279
 
  
 
1,201
 
  
 
–
 
  
 
1,480
 
– Default
  
 
–
 
  
 
–
 
  
 
866
 
  
 
866
 
  
 
–
 
  
 
–
 
  
 
504
 
  
 
504
 
– Not rated
  
 
752
 
  
 
79
 
  
 
45
 
  
 
876
 
  
 
1,040
 
  
 
86
 
  
 
117
 
  
 
1,243
 
Gross business and government
 (5)(8)
  
 
128,706
 
  
 
5,348
 
  
 
911
 
  
 
134,965
 
  
 
113,872
 
  
 
5,327
 
  
 
621
 
  
 
119,820
 
ECL allowance
  
 
209
 
  
 
146
 
  
 
376
 
  
 
731
 
  
 
159
 
  
 
137
 
  
 
230
 
  
 
526
 
Net business and government
  
 
128,497
 
  
 
5,202
 
  
 
535
 
  
 
134,234
 
  
 
113,713
 
  
 
5,190
 
  
 
391
 
  
 
119,294
 
Total net amount of loans
  
$
377,911
 
  
$
18,975
 
  
$
1,222
 
  
$
398,108
 
  
$
362,615
 
  
$
    18,048
 
  
$
    998
 
  
$
381,661
 
 
 
(1)
Other financial assets classified at amortized cost were excluded from the table above as their ECL allowances were immaterial as at October 31, 2019. In addition, the table excludes debt securities measured at FVOCI, for which ECL allowances of $
23
 million (2018: $23 million) were recognized in AOCI.
(2)
Includes purchased credit-impaired loans from the acquisition of The PrivateBank.
(3)
Excludes foreclosed assets of $
25
 million (2018: $14 million) which were included in Other assets on our consolidated balance sheet.
(4)
As at October 31, 2019,
90
% (2018: 89%) of stage 3 impaired loans were either fully or partially collateralized.
(5)
Includes $60 million (2018: $12 million) of residential mortgages and $21,182 million (2018: $16,424 million) of business and government loans that are measured at FVTPL.
(6)
The internal risk rating grades presented for residential mortgages and certain personal loans do not take into account loan guarantees or insurance issued by the Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the significant increase in credit risk of these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements.
(7)
Certain comparative information has been
reclassifie
d
 between internal risk rating categories.
(8)
Includes customers’ liability under acceptances of $9,167 million (2018: $10,265 million).
Undrawn credit facilities and other off-balance sheet exposures
 
 
$ millions, as at October 31
  
 
 
 
  
 
 
 
  
 
 
 
  
2019
 
  
 
 
 
  
 
 
 
  
 
 
 
  
2018
 
 
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Retail
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
– Exceptionally low
  
$
    106,696
 
  
$
    120
 
  
$
    –
 
  
$
    106,816
 
  
$
100,772
 
  
$
–
 
  
$
–
 
  
$
100,772
 
– Very low
  
 
7,341
 
  
 
1,126
 
  
 
–
 
  
 
8,467
 
  
 
10,217
 
  
 
1,014
 
  
 
–
 
  
 
11,231
 
– Low
  
 
10,974
 
  
 
1,357
 
  
 
–
 
  
 
12,331
 
  
 
7,873
 
  
 
1,612
 
  
 
–
 
  
 
9,485
 
– Medium
  
 
1,737
 
  
 
752
 
  
 
–
 
  
 
2,489
 
  
 
1,729
 
  
 
1,188
 
  
 
–
 
  
 
2,917
 
– High
  
 
255
 
  
 
495
 
  
 
–
 
  
 
750
 
  
 
234
 
  
 
417
 
  
 
–
 
  
 
651
 
– Default
  
 
–
 
  
 
–
 
  
 
19
 
  
 
19
 
  
 
–
 
  
 
–
 
  
 
13
 
  
 
13
 
– Not rated
  
 
397
 
  
 
32
 
  
 
–
 
  
 
429
 
  
 
348
 
  
 
33
 
  
 
–
 
  
 
381
 
Gross retail
  
 
127,400
 
  
 
3,882
 
  
 
19
 
  
 
131,301
 
  
 
121,173
 
  
 
4,264
 
  
 
13
 
  
 
125,450
 
ECL allowance
  
 
30
 
  
 
55
 
  
 
–
 
  
 
85
 
  
 
28
 
  
 
43
 
  
 
–
 
  
 
71
 
Net retail
  
 
127,370
 
  
 
3,827
 
  
 
19
 
  
 
131,216
 
  
 
121,145
 
  
 
4,221
 
  
 
13
 
  
 
125,379
 
Business and government 
(1)
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
– Investment grade
  
 
78,906
 
  
 
296
 
  
 
–
 
  
 
79,202
 
  
 
78,678
 
  
 
390
 
  
 
–
 
  
 
79,068
 
–
Non-investment
grade
  
 
52,379
 
  
 
1,282
 
  
 
–
 
  
 
53,661
 
  
 
41,780
 
  
 
1,198
 
  
 
–
 
  
 
42,978
 
– Watchlist
  
 
65
 
  
 
575
 
  
 
–
 
  
 
640
 
  
 
81
 
  
 
404
 
  
 
–
 
  
 
485
 
– Default
  
 
–
 
  
 
–
 
  
 
69
 
  
 
69
 
  
 
–
 
  
 
–
 
  
 
7
 
  
 
7
 
– Not rated
  
 
688
 
  
 
60
 
  
 
–
 
  
 
748
 
  
 
670
 
  
 
49
 
  
 
–
 
  
 
719
 
Gross business and government
  
 
132,038
 
  
 
2,213
 
  
 
69
 
  
 
134,320
 
  
 
121,209
 
  
 
2,041
 
  
 
7
 
  
 
123,257
 
ECL allowance
  
 
30
 
  
 
12
 
  
 
2
 
  
 
44
 
  
 
21
 
  
 
10
 
  
 
–
 
  
 
31
 
Net business and government
  
 
132,008
 
  
 
2,201
 
  
 
67
 
  
 
134,276
 
  
 
121,188
 
  
 
2,031
 
  
 
7
 
  
 
123,226
 
Total net undrawn credit facilities and other
off-balance
sheet exposures
  
$
259,378
 
  
$
    6,028
 
  
$
    86
 
  
$
265,492
 
  
$
    242,333
 
  
$
    6,252
 
  
$
    20
 
  
$
    248,605
 
 
(1)
Certain comparative information has been reclassified between internal risk rating categories.
Schedule of Loans Past Due But Not Impaired
This comprises loans where repayment of principal or payment of interest is contractually in arrears. The following table provides an aging analysis of the contractually past due loans:
 
$ millions, as at October 31
  
Less than
31 days
 
  
31 to
90 days
 
  
Over
90 days
 
  
2019
Total
 
  
2018
Total
 
Residential mortgages
  
$
2,608
 
  
$
862
 
  
$
–
 
  
$
3,470
 
  
$
    3,354
 
Personal
  
 
763
 
  
 
185
 
  
 
–
 
  
 
948
 
  
 
937
 
Credit card
  
 
559
 
  
 
180
 
  
 
99
 
  
 
838
 
  
 
822
 
Business and government
  
 
5
55
 
  
 
177
 
  
 
–
 
  
 
732
 
  
 
683
 
 
  
$
    
4,485
 
  
$
    1,404
 
  
$
    99
 
  
$
5,988
 
  
$
5,796
 
Schedule of Net Interest Income After Provision for Credit Losses
Net interest income after provision for credit losses
 
$ millions, for the year ended October 31
  
2019
 
  
2018
 
  
2017
 
Interest income
  
$
20,697
 
  
$
    17,505
 
  
$
    13,593
 
Interest expense
  
 
10,146
 
  
 
7,440
 
  
 
4,616
 
Net interest income
  
 
    10,551
 
  
 
10,065
 
  
 
8,977
 
Provision for credit losses
  
 
1,286
 
  
 
870
 
  
 
829
 
Net interest income after provision for credit losses
  
$
    9,265
 
  
$
9,195
 
  
$
8,148