XML 29 R16.htm IDEA: XBRL DOCUMENT v3.22.0.1
Loans
 3 Months Ended
Jan. 31, 2022
Text block [abstract]  
Loans
Note 6.    Loans
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance:
 
$ millions, as at or for the three months ended   
2022
Jan. 31
  
    
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
     
Total
  
Residential mortgages
                                    
Balance at beginning of period
   
$
      59
 
   
$
         63
 
   
$
    158
 
   
$
       280
 
Originations net of repayments and other derecognitions
   
 
4
 
   
 
(4
 )   
 
(5
 )   
 
(5
 )
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement
(1)
   
 
(19
 )   
 
36
 
   
 
15
 
   
 
32
 
Transfers
(1)
                                    
– to
12-month
ECL
   
 
21
 
   
 
(20
 )   
 
(1
 )   
 
–
 
– to lifetime ECL performing
   
 
(2
 )   
 
3
 
   
 
(1
 )   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(2
 )   
 
2
 
   
 
–
 
Provision for (reversal of) credit losses
(2)
   
 
4
 
   
 
13
 
   
 
10
 
   
 
27
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(4
 )   
 
(4
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
1
 
   
 
1
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(4
 )   
 
(4
 )
Foreign exchange and other
   
 
1
 
   
 
–
 
   
 
2
 
   
 
3
 
Balance at end of period
   
$
64
 
   
$
76
 
   
$
163
 
   
$
303
 
Personal
                                    
Balance at beginning of period
   
$
150
 
   
$
547
 
   
$
106
 
   
$
803
 
Originations net of repayments and other derecognitions
   
 
8
 
   
 
(12
 )   
 
(1
 )   
 
(5
 )
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement
(1)
   
 
(101
 )   
 
116
 
   
 
43
 
   
 
58
 
Transfers
(1)
                                    
– to
12-month
ECL
   
 
100
 
   
 
(100
 )   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(10
 )   
 
13
 
   
 
(3
 )   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(10
 )   
 
10
 
   
 
–
 
Provision for (reversal of) credit losses
(2)
   
 
(3
 )   
 
7
 
   
 
49
 
   
 
53
 
Write-offs
 
   
 
–
 
   
 
–
 
   
 
(63
 )   
 
(63
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
20
 
   
 
20
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(1
 )   
 
(1
 )
Foreign exchange and other
   
 
–
 
   
 
–
 
   
 
2
 
   
 
2
 
Balance at end of period
   
$
147
 
   
$
554
 
   
$
113
 
   
$
814
 
Credit card
                                    
Balance at beginning of period
   
$
136
 
   
$
517
 
   
$
–
 
   
$
653
 
Originations net of repayments and other derecognitions
   
 
–
 
   
 
(10
 )   
 
–
 
   
 
(10
 )
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement
(1)
   
 
(106
 )   
 
125
 
   
 
26
 
   
 
45
 
Transfers
(1)
                                    
– to
12-month
ECL
   
 
104
 
   
 
(104
 )   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(7
 )   
 
7
 
   
 
–
 
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(25
 )   
 
25
 
   
 
–
 
Provision for (reversal of) credit losses
(2)
   
 
(9
 )   
 
(7
 )   
 
51
 
   
 
35
 
Write-offs
 
   
 
–
 
   
 
–
 
   
 
(80
 )   
 
(80
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
29
 
   
 
29
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Foreign exchange and other
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Balance at end of period
   
$
127
 
   
$
510
 
   
$
–
 
   
$
637
 
Business and government
                                    
Balance at beginning of period
   
$
277
 
   
$
449
 
   
$
508
 
   
$
1,234
 
Originations net of repayments and other derecognitions
   
 
20
 
   
 
(6
 )   
 
(8
 )   
 
6
 
Changes in model
   
 
–
 
   
 
8
 
   
 
–
 
   
 
8
 
Net remeasurement
(1)
   
 
(66
 )   
 
(13
 )   
 
25
 
   
 
(54
 )
Transfers
(1)
                                    
– to
12-month
ECL
   
 
46
 
   
 
(44
 )   
 
(2
 )   
 
–
 
– to lifetime ECL performing
   
 
(4
 )   
 
5
 
   
 
(1
 )   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(2
 )   
 
2
 
   
 
–
 
Provision for (reversal of) credit losses
(2)
   
 
(4
 )   
 
(52
 )   
 
16
 
   
 
(40
 )
Write-offs
  
 
–
 
   
 
–
 
   
 
(10
 )   
 
(10
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
5
 
   
 
5
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(3
 )   
 
(3
 )
Foreign exchange and other
   
 
5
 
   
 
8
 
   
 
5
 
   
 
18
 
Balance at end of period
   
$
278
 
   
$
405
 
   
$
521
 
   
$
1,204
 
Total ECL allowance
(3)
   
$
616
 
   
$
1,545
 
   
$
797
 
   
$
2,958
 
Comprises:
                                    
Loans
   
$
545
 
   
$
1,497
 
   
$
796
 
   
$
2,838
 
Undrawn credit facilities and other
off-balance
sheet exposures
(
4
)
   
 
71
 
   
 
48
 
   
 
1
 
   
 
120
 
(1)
Transfers represent stage movements of prior period ECL allowances to the current period stage classification. 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.
(2)
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 interim consolidated statement of income.
(3)
See Note 5 for the ECL allowance on debt securities measured at FVOCI. The table above excludes the ECL allowance on debt securities classified at amortized cost of $12 million as at January 31, 2022 (October 31, 2021: $15 million; January 31, 2021: $16 million), $10 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (October 31, 2021: $13 million; January 31, 2021: $13 million). The ECL allowances for other financial ass
e
ts classified at amortized cost were immaterial as at January 31, 2022 and October 31, 2021 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances.
(4)
Included in Other liabilities on our interim consolidated balance sheet.
$ millions, as at or for the three months ended   2021
Oct. 31		     2021
Jan. 31		  
    Stage 1     Stage 2     Stage 3           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
     Total     Collective
provision
12-month

ECL
performing		     Collective
provision
lifetime
ECL
performing		     Collective and
individual
provision
lifetime ECL
credit-impaired
     Total  
Residential mortgages
                                                                
Balance at beginning of period
   $ 55     $ 86     $ 158     $ 299     $ 51     $ 161     $ 151     $ 363  
Originations net of repayments and other derecognitions
     3       (2 )      (5 )      (4 )      4       (6 )      (4 )      (6 ) 
Changes in model
     5       2       2       9       –       –       –       –  
Net remeasurement
(1)
     (18 )      (9 )      15       (12 )      (32 )      7       22       (3 ) 
Transfers
(1)
                                                                
– to
12-month
ECL
     16       (15 )      (1 )      –       33       (27 )      (6 )      –  
– to lifetime ECL performing
     (2 )      4       (2 )      –       (3 )      10       (7 )      –  
– to lifetime ECL credit-impaired
     –       (3 )      3       –       –       (5 )      5       –  
Provision for (reversal of) credit losses
(2)
     4       (23 )      12       (7 )      2       (21 )      10       (9 ) 
Write-offs
     –       –       (8 )      (8 )      –       –       (6 )      (6 ) 
Recoveries
     –       –       1       1       –       –       1       1  
Interest income on impaired loans
     –       –       (4 )      (4 )      –       –       (4 )      (4 ) 
Foreign exchange and other
     –       –       (1 )      (1 )      (1 )      (4 )      (4 )      (9 ) 
Balance at end of period
   $ 59     $ 63     $ 158     $ 280     $ 52     $ 136     $ 148     $ 336  
Personal
                                                                
Balance at beginning of period
   $ 161     $ 566     $ 109     $ 836     $ 204     $ 546     $ 113     $ 863  
Originations net of repayments and other derecognitions
     8       (11 )      (2 )      (5 )      11       (15 )      (2 )      (6 ) 
Changes in model
     (12 )      33       (1 )      20       1       1       –       2  
Net remeasurement
(1)
     (55 )      18       31       (6 )      (110 )      84       61       35  
Transfers
(1)
                                                                
– to
12-month
ECL
     64       (64 )      –       –       87       (84 )      (3 )      –  
– to lifetime ECL performing
     (15 )      17       (2 )      –       (11 )      16       (5 )      –  
– to lifetime ECL credit-impaired
     (1 )      (12 )      13       –       –       (13 )      13       –  
Provision for (reversal of) credit losses
(2)
     (11 )      (19 )      39       9       (22 )      (11 )      64       31  
Write-offs
     –       –       (55 )      (55 )      –       –       (74 )      (74 ) 
Recoveries
     –       –       16       16       –       –       17       17  
Interest income on impaired loans
     –       –       (1 )      (1 )      –       –       (1 )      (1 ) 
Foreign exchange and other
     –       –       (2 )      (2 )      (1 )      –       (1 )      (2 ) 
Balance at end of period
   $ 150     $ 547     $ 106     $ 803     $ 181     $ 535     $ 118     $ 834  
Credit card
                                                                
Balance at beginning of period
   $ 163     $ 382     $ –     $ 545     $ 136     $ 572     $ –     $ 708  
Originations net of repayments and other derecognitions
     1       (10 )      –       (9 )      (1 )      (26 )      –       (27 ) 
Changes in model
     (14 )      123       –       109       –       –       –       –  
Net remeasurement
(1)
     (49 )      89       17       57       (88 )      117       23       52  
Transfers
(1)
                                                                
– to
12-month
ECL
     45       (45 )      –       –       79       (79 )      –       –  
– to lifetime ECL performing
     (9 )      9       –       –       (10 )      10       –       –  
– to lifetime ECL credit-impaired
     (1 )      (31 )      32       –       –       (20 )      20       –  
Provision for (reversal of) credit losses
(2)
     (27 )      135       49       157       (20 )      2       43       25  
Write-offs
     –       –       (78 )      (78 )      –       –       (70 )      (70 ) 
Recoveries
     –       –       29       29       –       –       27       27  
Interest income on impaired loans
     –       –       –       –       –       –       –       –  
Foreign exchange and other
     –       –       –       –       –       –       –       –  
Balance at end of period
   $ 136     $ 517     $ –     $ 653     $ 116     $ 574     $ –     $ 690  
Business and government
                                                                
Balance at beginning of period
   $ 280     $ 543     $ 543     $ 1,366     $ 453     $ 683     $ 652     $ 1,788  
Originations net of repayments and other derecognitions
     7       (3 )      (3 )      1       17       (23 )      (5 )      (11 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement
(1)
     (34 )      (66 )      18       (82 )      (62 )      55       118       111  
Transfers
(1)
                                                                
– to
12-month
ECL
     35       (32 )      (3 )      –       81       (75 )      (6 )      –  
– to lifetime ECL performing
     (10 )      12       (2 )      –       (12 )      14       (2 )      –  
– to lifetime ECL credit-impaired
     –       (2 )      2       –       (2 )      (12 )      14       –  
Provision for (reversal of) credit losses
(2)
     (2 )      (91 )      12       (81 )      22       (41 )      119       100  
Write-offs
     –       –       (44 )      (44 )      –       –       (70 )      (70 ) 
Recoveries
     –       –       3       3       –       –       3       3  
Interest income on impaired loans
     –       –       (3 )      (3 )      –       –       (6 )      (6 ) 
Foreign exchange and other
     (1 )      (3 )      (3 )      (7 )      (13 )      (19 )      (12 )      (44 ) 
Balance at end of period
   $ 277     $ 449     $ 508     $ 1,234     $ 462     $ 623     $ 686     $ 1,771  
Total ECL allowance
(
3
)
   $ 622     $ 1,576     $ 772     $ 2,970     $ 811     $ 1,868     $ 952     $ 3,631  
Comprises:
                                                                
Loans
   $     551     $     1,526     $     772     $     2,849     $     724     $     1,808     $     952     $     3,484  
Undrawn credit facilities and other
off-balance
sheet exposures
(4)
     71       50       –       121       87       60       –       147  
See previous page for footnote references.
 
Inputs, assumptions and model techniques
The uncertainties inherent in the continued recovery from the
COVID-19
pandemic continued to require the application of a heightened level of judgment in estimating ECLs, including with respect to the forecasting of forward-looking information and the determination of scenario weightings. See Note 6 to our consolidated financial statements in our 2021 Annual Report for more information concerning the significant estimates and credit judgment inherent in the estimation of ECL allowances.
The following tables provide the base case, upside case and downside case scenario forecasts for select forward-looking information variables used to estimate our ECL.

 
     Base case     Upside case     Downside case  
As at January 31, 2022     

 		 Average
value over
the next
12 months

 
 		     

 		 Average
value over
the remaining
forecast period

 
 
(1)
 		    

 		 Average
value over
the next
12 months

 
 		     

 		 Average
value over
the remaining
forecast period


 
(1)
 		    

 		 Average
value over
the next
12 months		  
 
 
 		     

 		 Average
value over
the remaining
forecast period		  
 
 
 
(1)
 
Real gross domestic product (GDP) year-over-
year growth

                                                    
Canada
(2)
   
 
3.5
 % 
   
 
2.4
 % 
  
 
4.8
 % 
   
 
2.9
 % 
  
 
2.5
 % 
   
 
1.8
 % 
United States
   
 
3.9
 % 
   
 
2.5
 % 
  
 
5.0
 % 
   
 
3.1
 % 
  
 
2.1
 % 
   
 
1.3
 % 
Unemployment rate
                                                    
Canada
(2)
   
 
5.9
 % 
   
 
5.9
 % 
  
 
5.2
 % 
   
 
5.5
 % 
  
 
6.7
 % 
   
 
6.6
 % 
United States
   
 
3.7
 % 
   
 
3.8
 % 
  
 
3.5
 % 
   
 
3.3
 % 
  
 
5.2
 % 
   
 
4.7
 % 
Canadian Housing Price Index growth
(2)
   
 
5.1
 % 
   
 
2.6
 % 
  
 
10.3
 % 
   
 
4.7
 % 
  
 
2.6
 % 
   
 
(0.3
 )
% 
Standard and Poor’s (S&P) 500 Index growth rate
   
 
2.8
 % 
   
 
4.6
 % 
  
 
7.2
 % 
   
 
6.9
 % 
  
 
(4.1
 )
% 
   
 
(4.9
 )
% 
Canadian household debt service ratio
   
 
13.8
 % 
   
 
14.5
 % 
  
 
13.3
 % 
   
 
14.3
 % 
  
 
14.3
 % 
   
 
14.8
 % 
West Texas Intermediate Oil Price (US$)
   
$
       73
  
   
$
       66
  
  
$
       78
  
   
$
       81
  
  
$
       62
  
   
$
       54
  
 
     Base case     Upside case     Downside case  
As at October 31, 2021     

 		 Average
value over
the next
12 months

 
 		     

 		 Average
value over
the remaining
forecast period
 
 
 
(1)
 		    

 		 Average
value over
the next
12 months

 
 		     

 		 Average
value over
the remaining
forecast period		  
 
 
 
(1)
 		    

 		 Average
value over
the next
12 months		  
 
 
 		     

 		 Average
value over
the remaining
forecast period		  
 
 
 
(1)
 
Real GDP year-over-year growth
                                                    
Canada
(2)
      4.2  %       2.4  %      5.6  %       2.8  %      3.1  %       1.6  % 
United States
      4.7  %       2.2  %      5.8  %       3.3  %      2.8  %       1.3  % 
Unemployment rate
                                                    
Canada
(2)
      6.4  %       5.9  %      6.0  %       5.5  %      7.3  %       6.8  % 
United States
      4.4  %       3.9  %      3.8  %       3.4  %      6.0  %       5.0  % 
Canadian Housing Price Index growth
(2)
      6.1  %       2.8  %      10.7  %       6.3  %      2.2  %       (2.2 )% 
S&P 500 Index growth rate
      6.1  %       4.6  %      10.3  %       8.6  %      (0.6 )%       (1.7 )% 
Canadian household debt service ratio
      13.6  %       14.4  %      13.0  %       14.2  %      14.1  %       14.7  % 
West Texas Intermediate Oil Price (US$)
    $     69      $     64     $     74      $     81     $     56      $     54  
(1)
The remaining forecast period is generally four years.
(2)
National-level forward-looking forecasts are presented in the tables 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 ECL will differ from the national forecasts presented above.
As required, the forward-looking information used to estimate ECLs reflects our expectations as at January 31, 2022 and October 31, 2021, respectively, and does not reflect changes in expectation as a result of economic forecasts that may have subsequently emerged. The base case, upside case and downside case amounts shown represent the average value of the forecasts over the respective projection horizons. Our economic forecasts are made in the context of the continuing recovery underway. While our underlying base case projection as at January 31, 2022 is characterized by a slightly weaker economic recovery in the very near term relative to our prior expectation, as the epidemiology of COVID-19 continues to evolve with the more contagious Omicron variant and the expectation for interest rate hikes to occur earlier than previously anticipated, the base case represents a slight improvement in our outlook over the next year and beyond. Our base case continues to assume that effective mass vaccinations will further progress over calendar 2022 and that the vaccination programs will be able to effectively respond to the new and emerging variants and that governments will respond to future infections of the virus with targeted health measures rather than broader economic closures. As a result, our base case assumes that the absolute level of Canadian GDP will return to the
pre-COVID-19
levels in the first half of calendar 2022 and that the unemployment rate will sustainably reach
pre-pandemic
levels in the latter half of calendar 2022. While U.S. GDP has reached pre-pandemic levels, our base case assumes that the U.S. GDP growth rate for the near term is slightly slower than our previous expectations.
The downside case forecast allows for a slowdown in economic activity and a rise in the unemployment rate in the near term, if governments have to respond to rising virus cases with stricter measures than assumed under the base case. It also reflects a slower recovery thereafter to a lower level of sustained economic activity and an unemployment rate persistently above where it stood pre-pandemic. However, because the unemployment rate is starting from a lower level than in the prior quarter’s forecast as a result of the strong employment growth towards the end of calendar 2021, the near-term forecasts for unemployment rate in the downside scenario represent an improvement relative to the prior quarter. Meanwhile, the upside scenario continues to reflect a quicker recovery, with the pre-pandemic level of activity reached in early calendar 2022 and continuing at a higher trend level than the base case thereafter.
As indicated above, forecasting forward-looking information for multiple scenarios and determining the probability weighting of the scenarios involves a high degree of management judgment, particularly in light of the
COVID-19
pandemic. Although the severity of the virus appears to be diminishing where vaccination rates are high, it remains a threat as hospitalization rates are still elevated and uncertainties remain regarding the pace of global vaccination efforts and the need for booster doses. Assumptions concerning the degree to which vaccinations will contain existing and potential new variants such that severe restrictions will no longer need to be imposed by governments to limit the impact of subsequent waves of infection are material to these forecasts.

If we were to only use
our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $240 million lower than the recognized ECL as at January 31, 2022 (October 31, 2021: $249
million). If we were to only use our downside case scenario for the measurement of ECL for our performing loans, our ECL allowance would be 
$339 million higher than the recognized ECL as at January 31, 2022 (October 31, 2021: $414 million). This sensitivity is isolated to the measurement of ECL and therefore did not consider changes in the
migration of
 
exposures between 
stage 1 and stage 2 from the determination of the significant increase in credit risk that would have resulted in a 100% base case scenario or a 100% downside case scenario. As a result, our ECL allowance on performing loans could exceed the amount implied by the 100% downside case scenario from the migration of additional exposures from stage 1 to stage 2. Actual credit losses could differ materially from those reflected in our estimates.
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
probability of defaults (PD) under IFRS 9 to our risk management PD bands within each respective stage for retail exposures, and based on our internal risk ratings for business and government exposures. Refer to the “Credit risk” section of our 2021 Annual Report for details on the CIBC risk categories.
Loans
(1)
 
$ millions, as at
  
  
 
  
2022
Jan. 31
 
  
  
 
  
2021
Oct. 31
 
 
  
 
Stage 1
 
  
 
Stage 2
 
  
 
Stage 3
 
(2)
 
  
 
Total
 
  
 
Stage 1
 
  
 
Stage 2
 
  
 
Stage 3
 
(2)
 
  
 
Total
 
Residential mortgages
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
– Exceptionally low
   
$
    166,131
 
   
$
    164
 
   
$
    –
 
  
$
    166,295
 
    $ 162,307      $ 94      $ –     $ 162,401  
– Very low
   
 
50,271
 
   
 
1,253
 
   
 
–
 
  
 
51,524
 
      49,958        640        –       50,598  
– Low
   
 
19,281
 
   
 
10,906
 
   
 
–
 
  
 
30,187
 
      22,912        6,547        –       29,459  
– Medium
   
 
269
 
   
 
4,749
 
   
 
–
 
  
 
5,018
 
      364        4,671        –       5,035  
– High
   
 
–
 
   
 
824
 
   
 
–
 
  
 
824
 
      –        840        –       840  
– Default
   
 
–
 
   
 
–
 
   
 
432
 
  
 
432
 
      –        –        443       443  
– Not rated
   
 
2,344
 
   
 
277
 
   
 
208
 
  
 
2,829
 
      2,160        395        195       2,750  
Gross residential mortgages
(3)(4)
   
 
238,296
 
   
 
18,173
 
   
 
640
 
  
 
257,109
 
      237,701        13,187        638       251,526  
ECL allowance
   
 
64
 
   
 
76
 
   
 
163
 
  
 
303
 
      59        63        158       280  
Net residential mortgages
   
 
238,232
 
   
 
18,097
 
   
 
477
 
  
 
256,806
 
      237,642        13,124        480       251,246  
Personal
                                                                      
– Exceptionally low
   
 
18,532
 
   
 
–
 
   
 
–
 
  
 
18,532
 
      18,608        1        –       18,609  
– Very low
   
 
5,364
 
   
 
4
 
   
 
–
 
  
 
5,368
 
      5,179        4        –       5,183  
– Low
   
 
8,790
 
   
 
4,270
 
   
 
–
 
  
 
13,060
 
      8,091        4,389        –       12,480  
– Medium
   
 
982
 
   
 
2,800
 
   
 
–
 
  
 
3,782
 
      990        2,773        –       3,763  
– High
   
 
256
 
   
 
872
 
   
 
–
 
  
 
1,128
 
      252        803        –       1,055  
– Default
   
 
–
 
   
 
–
 
   
 
116
 
  
 
116
 
      –        –        109       109  
– Not rated
   
 
581
 
   
 
54
 
   
 
58
 
  
 
693
 
      585        60        53       698  
Gross personal
(
4
)
   
 
34,505
 
   
 
8,000
 
   
 
174
 
  
 
42,679
 
      33,705        8,030        162       41,897  
ECL allowance
   
 
124
 
   
 
545
 
   
 
113
 
  
 
782
 
      125        537        106       768  
Net personal
   
 
34,381
 
   
 
7,455
 
   
 
61
 
  
 
41,897
 
      33,580        7,493        56       41,129  
Credit card
                                                                      
– Exceptionally low
   
 
1,983
 
   
 
–
 
   
 
–
 
  
 
1,983
 
      2,065        –        –       2,065  
– Very low
   
 
718
 
   
 
–
 
   
 
–
 
  
 
718
 
      715        –        –       715  
– Low
   
 
4,703
 
   
 
315
 
   
 
–
 
  
 
5,018
 
      4,653        347        –       5,000  
– Medium
   
 
628
 
   
 
2,175
 
   
 
–
 
  
 
2,803
 
      593        2,195        –       2,788  
– High
   
 
–
 
   
 
465
 
   
 
–
 
  
 
465
 
      –        435        –       435  
– Default
   
 
–
 
   
 
–
 
   
 
–
 
  
 
–
 
      –        –        –       –  
– Not rated
   
 
128
 
   
 
7
 
   
 
–
 
  
 
135
 
      123        8        –       131  
Gross credit card
   
 
8,160
 
   
 
2,962
 
   
 
–
 
  
 
11,122
 
      8,149        2,985        –       11,134  
ECL allowance
   
 
119
 
   
 
491
 
   
 
–
 
  
 
610
 
      127        498        –       625  
Net credit card
   
 
8,041
 
   
 
2,471
 
   
 
–
 
  
 
10,512
 
      8,022        2,487        –       10,509  
Business and government
                                                                      
– Investment grade
   
 
72,561
 
   
 
563
 
   
 
–
 
  
 
73,124
 
      65,963        562        –       66,525  
– Non-investment grade
   
 
93,524
 
   
 
4,716
 
   
 
–
 
  
 
98,240
 
      85,764        4,599        –       90,363  
– Watchlist
   
 
81
 
   
 
2,623
 
   
 
–
 
  
 
2,704
 
      67        2,985        –       3,052  
– Default
   
 
–
 
   
 
–
 
   
 
1,086
 
  
 
1,086
 
      –        –        1,033       1,033  
– Not rated
   
 
144
 
   
 
17
 
   
 
–
 
  
 
161
 
      174        24        –       198  
Gross business and government
(
3
)(
5
)
   
 
166,310
 
   
 
7,919
 
   
 
1,086
 
  
 
175,315
 
      151,968        8,170        1,033       161,171  
ECL allowance
   
 
238
 
   
 
385
 
   
 
520
 
  
 
1,143
 
      240        428        508       1,176  
Net business and government
   
 
166,072
 
   
 
7,534
 
   
 
566
 
  
 
174,172
 
      151,728        7,742        525       159,995  
Total net amount of loans
   
$
 
 
446,726
 
   
$
 
 
 
 
35,557
 
   
$
    1,104
 
  
$
 
 
 
483,387
 
    $     430,972      $     30,846      $     1,061     $   
 
 
462,879		  
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $23
 
million (October 31, 2021: $19
 
million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $12
 
million were recognized as at January 31, 2022 (October 31, 2021: $15 million), $10
 
million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (October 31, 2021: $13 million). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at January 31, 202
2
 and October 31, 2021. Financial assets other than loans that are classified as amortized cost are presented on our
 
consolidated balance sheet net of ECL allowances.
(2)
Excludes foreclosed assets of $16 million (October 31, 2021: $18 million) which were included in Other assets on our interim consolidated balance sheet.
(3)
Includes $10 million (October 31, 2021: $16 million) of residential mortgages and $27,079 million (October 31, 2021: $25,651 million) of business and government loans that are measured at FVTPL.
(4)
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 determination of whether a significant increase in credit risk has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements.
(
5
)
Includes customers’ liability under acceptances of $10,618 million (October 31, 2021: $10,958 million).
 
Undrawn credit faciliti
e
s and other
off-balance
sheet exposures
 
$ millions, as at
  
  
 
  
  
 
  
  
 
  
2022
Jan. 31
 
  
  
 
  
  
 
  
  
 
  
2021
Oct. 31
 
  
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Retail
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
– Exceptionally low
   
$
 
 
 
132,385
 
   
$
     10
 
   
$
    –
 
   
$
 
 
 
132,395
 
    $ 130,212      $ 12      $ –      $ 130,224  
– Very low
   
 
13,117
 
   
 
54
 
   
 
–
 
   
 
13,171
 
      12,868        59        –        12,927  
– Low
   
 
8,198
 
   
 
1,815
 
   
 
–
 
   
 
10,013
 
      7,937        1,811        –        9,748  
– Medium
   
 
751
 
   
 
896
 
   
 
–
 
   
 
1,647
 
      740        896        –        1,636  
– High
   
 
96
 
   
 
494
 
   
 
–
 
   
 
590
 
      73        495        –        568  
– Default
   
 
–
 
   
 
–
 
   
 
38
 
   
 
38
 
      –        –        34        34  
– Not rated
   
 
379
 
   
 
7
 
   
 
–
 
   
 
386
 
      375        8        –        383  
Gross retail
   
 
154,926
 
   
 
3,276
 
   
 
38
 
   
 
158,240
 
      152,205        3,281        34        155,520  
ECL allowance
   
 
31
 
   
 
28
 
   
 
–
 
   
 
59
 
      34        29        –        63  
Net retail
   
 
154,895
 
   
 
3,248
 
   
 
38
 
   
 
158,181
 
      152,171        3,252        34        155,457  
Business and government
                                                                        
– Investment grade
   
 
108,038
 
   
 
633
 
   
 
–
 
   
 
108,671
 
      111,877        524        –        112,401  
– Non-investment grade
   
 
62,281
 
   
 
1,828
 
   
 
–
 
   
 
64,109
 
      58,652        1,714        –        60,366  
– Watch
 
list
   
 
19
 
   
 
677
 
   
 
–
 
   
 
696
 
      19        734        –        753  
– Default
   
 
–
 
   
 
–
 
   
 
95
 
   
 
95
 
      –        –        91        91  
– Not rated
   
 
440
 
   
 
18
 
   
 
–
 
   
 
458
 
      346        9        –        355  
Gross business and government
   
 
170,778
 
   
 
3,156
 
   
 
95
 
   
 
174,029
 
      170,894        2,981        91        173,966  
ECL allowance
   
 
40
 
   
 
20
 
   
 
1
 
   
 
61
 
      37        21        –        58  
Net business and government
   
 
170,738
 
   
 
3,136
 
   
 
94
 
   
 
173,968
 
      170,857        2,960        91        173,908  
Total net undrawn credit facilities and other
off-balance sheet exposures

   
$
325,633
 
   
$
    6,384
 
   
$
    132
 
   
$
332,149
 
    $     323,028      $     6,212      $     125      $     329,365