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Loans (Tables)
 12 Months Ended
Oct. 31, 2024
Text Block [Abstract]  
Disclosure of Loans and Receivables
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, as at October 31
 
  
 
 
  
 
 
  
 
 
  
 
 
2024
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
2023
 
 
  
 
  
 
Gross
amount
 
 
Stage 3
allowance
 
 
Stages 1
and 2
allowance
 
 
Total
allowance
 (3)
 
 
Net
total
 
 
Allowances
as a % of
gross loans
 
 
  
 
 
Gross
amount
 
 
Stage 3
allowance
 
 
Stages 1
and 2
allowance
 
 
Total
allowance
 (3)
 
 
Net
total
 
 
Allowances
as a % of
gross loans
 
Residential mortgages
(4)
 
$
280,672
 
 
$
234
 
 
$
215
 
 
$
449
 
 
$
280,223
 
 
 
0.2
 % 
 
      
 
$
274,244
 
 
$
224
 
 
$
232
 
 
$
456
 
 
$
273,788
 
 
 
0.2
 % 
Personal
 
 
46,681
 
 
 
190
 
 
 
752
 
 
 
942
 
 
 
45,739
 
 
 
2.0
 
 
      
 
 
45,587
 
 
 
181
 
 
 
836
 
 
 
1,017
 
 
 
44,570
 
 
 
2.2
 
Credit card
 
 
20,551
 
 
 
–
 
 
 
902
 
 
 
902
 
 
 
19,649
 
 
 
4.4
 
 
      
 
 
18,538
 
 
 
–
 
 
 
685
 
 
 
685
 
 
 
17,853
 
 
 
3.7
 
Business and government
(4)
 
 
214,299
 
 
 
392
 
 
 
1,232
 
 
 
1,624
 
 
 
212,675
 
 
 
0.8
 
 
 
 
 
 
 
194,870
 
 
 
667
 
 
 
1,077
 
 
 
1,744
 
 
 
193,126
 
 
 
0.9
 
 
 
$
  562,203
 
 
$
  816
 
 
$
  3,101
 
 
$
  3,917
 
 
$
  558,286
 
 
 
0.7
 % 
 
 
 
 
 
$
  533,239
 
 
$
  1,072
 
 
$
  2,830
 
 
$
  3,902
 
 
$
  529,337
 
 
 
0.7
 % 
 
(1)
Loans are net of unearned income of $
815
million (2023: $
706
million).
(2)
Includes gross loans of $
120.4
billion (2023: $
112.6
billion) denominated in U.S. dollars and $
11.2
billion (2023: $
10.5
billion) denominated in other foreign currencies.
(3)
Includes ECL allowances for customers’ liability under acceptances.
(4)
Includes $
3
million of residential mortgages (2023: $
3
million) and $
221
million of business and government loans (2023: $
270
million) that are measured and designated 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:
 
$ millions, as at or for the year ended October 31         
2024
  
   
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 year
  
$
90
 
  
$
142
 
  
$
224
 
  
$
456
 
Provision for (reversal of) credit losses
        
Originations net of repayments and other derecognitions
(1)
  
 
15
 
  
 
(19
) 
  
 
(55
) 
  
 
(59
) 
Changes in model
  
 
–
 
  
 
4
 
  
 
11
 
  
 
15
 
Net remeasurement
(2)
  
 
(115
) 
  
 
96
 
  
 
95
 
  
 
76
 
Transfers
(2)
        
– to 12-month ECL
  
 
109
 
  
 
(107
) 
  
 
(2
) 
  
 
–
 
– to lifetime ECL performing
  
 
(10
) 
  
 
19
 
  
 
(9
) 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(8
) 
  
 
8
 
  
 
–
 
Total provision for (reversal of) credit losses
(3)
  
 
(1
) 
  
 
(15
) 
  
 
48
 
  
 
32
 
Write-offs
(4)
  
 
–
 
  
 
–
 
  
 
(18
) 
  
 
(18
) 
Recoveries
  
 
–
 
  
 
–
 
  
 
7
 
  
 
7
 
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(30
) 
  
 
(30
) 
Foreign exchange and other
  
 
–
 
  
 
(1
) 
  
 
3
 
  
 
2
 
Balance at end of year
  
$
89
 
  
$
126
 
  
$
234
 
  
$
449
 
Personal
        
Balance at beginning of year
  
$
174
 
  
$
709
 
  
$
181
 
  
$
1,064
 
Provision for (reversal of) credit losses
        
Originations net of repayments and other derecognitions
(1)
  
 
32
 
  
 
(58
) 
  
 
(42
) 
  
 
(68
) 
Changes in model
  
 
54
 
  
 
(127
) 
  
 
(6
)
 
 
 
(79
)
Net remeasurement
(2)
  
 
(544
) 
  
 
631
 
  
 
466
 
  
 
553
 
Transfers
(2)
        
– to 12-month ECL
  
 
591
 
  
 
(588
) 
  
 
(3
) 
  
 
–
 
– to lifetime ECL performing
  
 
(63
) 
  
 
74
 
  
 
(11
) 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(96
) 
  
 
96
 
  
 
–
 
Total provision for (reversal of) credit losses
(3)
  
 
70
 
  
 
(164
) 
  
 
500
 
  
 
406
 
Write-offs
(4)
  
 
–
 
  
 
–
 
  
 
(545
) 
  
 
(545
) 
Recoveries
  
 
–
 
  
 
–
 
  
 
62
 
  
 
62
 
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(7
) 
  
 
(7
) 
Foreign exchange and other
  
 
3
 
  
 
1
 
  
 
(1
) 
  
 
3
 
Balance at end of year
  
$
247
 
  
$
546
 
  
$
190
 
  
$
983
 
Credit card
        
Balance at beginning of year
  
$
181
 
  
$
591
 
  
$
–
 
  
$
772
 
Provision for (reversal of) credit losses
        
Originations net of repayments and other derecognitions
(1)
  
 
22
 
  
 
(30
) 
  
 
–
 
  
 
(8
) 
Changes in model
  
 
86
 
  
 
(34
) 
  
 
–
 
  
 
52
 
Net remeasurement
(2)
  
 
(413
) 
  
 
771
 
  
 
394
 
  
 
752
 
Transfers
(2)
        
– to 12-month ECL
  
 
491
 
  
 
(491
) 
  
 
–
 
  
 
–
 
– to lifetime ECL performing
  
 
(72
) 
  
 
72
 
  
 
–
 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(219
) 
  
 
219
 
  
 
–
 
Total provision for (reversal of) credit losses
(3)
  
 
114
 
  
 
69
 
  
 
613
 
  
 
796
 
Write-offs
(4)
  
 
–
 
  
 
–
 
  
 
(739
) 
  
 
(739
) 
Recoveries
  
 
–
 
  
 
–
 
  
 
126
 
  
 
126
 
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Foreign exchange and other
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Balance at end of year
  
$
295
 
  
$
660
 
  
$
–
 
  
$
955
 
Business and government
        
Balance at beginning of year
  
$
294
 
  
$
864
 
  
$
667
 
  
$
1,825
 
Provision for (reversal of) credit losses
        
Originations net of repayments and other derecognitions
(1)
  
 
22
 
  
 
(82
) 
  
 
(48
) 
  
 
(108
) 
Changes in model
  
 
(28
) 
  
 
46
 
  
 
–
 
  
 
18
 
Net remeasurement
(2)
  
 
(194
) 
  
 
569
 
  
 
482
 
  
 
857
 
Transfers
(2)
        
– to 12-month ECL
  
 
215
 
  
 
(201
) 
  
 
(14
) 
  
 
–
 
– to lifetime ECL performing
  
 
(39
) 
  
 
47
 
  
 
(8
) 
  
 
–
 
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(187
) 
  
 
187
 
  
 
–
 
Total provision for (reversal of) credit losses
(3)
  
 
(24
) 
  
 
192
 
  
 
599
 
  
 
767
 
Write-offs
(4)
  
 
–
 
  
 
–
 
  
 
(874
) 
  
 
(874
) 
Recoveries
  
 
–
 
  
 
–
 
  
 
77
 
  
 
77
 
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(84
) 
  
 
(84
) 
Foreign exchange and other
  
 
(5
) 
  
 
5
 
  
 
16
 
  
 
16
 
Balance at end of year
  
$
265
 
  
$
1,061
 
  
$
401
 
  
$
1,727
 
Total ECL allowance
(5)
  
$
896
 
  
$
2,393
 
  
$
825
 
  
$
4,114
 
Comprises:
        
Loans
  
$
   800
 
  
$
  2,301
 
  
$
   816
 
  
$
  3,917
 
Undrawn credit facilities and other off-balance sheet exposures
(6)
  
 
96
 
  
 
92
 
  
 
9
 
  
 
197
 
 
(1)
Excludes the disposal and write-off of impaired loans.
(2)
Transfers represent stage movements of ECL allowances before net remeasurement. 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 year.
(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 and amortized cost. The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2024 and October 31, 2023 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.
(6)
Included in Other liabilities on our consolidated balance sheet.
(7)
Includes the impact of a change in the internal risk rating methodology applied in the first quarter of 2023 at CIBC Bank USA.
 
 
$ millions, as at or for the year
ended
October 31
            2023  
     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 year
    $ 57     $ 69     $ 167        $ 293  
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions
(1)
      13       (9 )      (32 )         (28 ) 
Changes in model
      4       5       12          21  
Net remeasurement
(
2
)
      (62 )      159       122          219  
Transfers
(
2
)
            
– to 12-month ECL
      97       (96 )      (1 )         –  
– to lifetime ECL performing
      (18 )      22       (4 )         –  
– to lifetime ECL credit-impaired
      –       (7 )      7                –  
Total provision for (reversal of) credit losses
(3)
      34       74       104          212  
Write-offs
(
4
)
      –       –       (33 )         (33 ) 
Recoveries
      –       –       5          5  
Interest income on impaired loans
      –       –       (17 )         (17 ) 
Foreign exchange and other
      (1 )      (1 )      (2 )               (4 ) 
Balance at end of year
    $ 90     $ 142     $ 224              $ 456  
Personal
            
Balance at beginning of year
    $ 137     $ 656     $ 146        $ 939  
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions
(1)
      43       (62 )      (31 )         (50 ) 
Changes in model
      (1 )      –       –          (1 ) 
Net remeasurement
(
2
)
      (421 )      591       373          543  
Transfers
(
2
)
            
– to 12-month ECL
      468       (465 )      (3 )         –  
– to lifetime ECL performing
      (53 )      63       (10 )         –  
– to lifetime ECL credit-impaired
      –       (73 )      73                –  
Total provision for (reversal of) credit losses
(3)
      36       54       402          492  
Write-offs
(
4
)
      –       –       (428 )         (428 ) 
Recoveries
      –       –       65          65  
Interest income on impaired loans
      –       –       (5 )         (5 ) 
Foreign exchange and other
      1       (1 )      1                1  
Balance at end of year
    $ 174     $ 709     $ 181              $ 1,064  
Credit card
            
Balance at beginning of year
    $ 159     $ 709     $ –        $ 868  
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions
(1)
      18       (76 )      –          (58 ) 
Changes in model
      –       –       –          –  
Net remeasurement
(
2
)
      (493 )      684       223          414  
Transfers
(
2
)
            
– to 12-month ECL
      553       (553 )      –          –  
– to lifetime ECL performing
      (56 )      56       –          –  
– to lifetime ECL credit-impaired
      –       (229 )      229                –  
Total provision for (reversal of) credit losses
(
3
)
      22       (118 )      452          356  
Write-offs
(
4
)
      –       –       (572 )         (572 ) 
Recoveries
      –       –       120          120  
Interest income on impaired loans
      –       –       –          –  
Foreign exchange and other
      –       –       –                –  
Balance at end of year
    $ 181     $ 591     $ –              $ 772  
Business and government
            
Balance at beginning of year
    $ 335     $ 490     $ 351        $ 1,176  
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions
(1)
      21       (19 )      (33 )         (31 ) 
Changes in model
      (2 )      11       –          9  
Net remeasurement
(
2
)(
7
)
      (230 )      583       619          972  
Transfers
(
2
)
            
– to 12-month ECL
      205       (199 )      (6 )         –  
– to lifetime ECL performing
      (36 )      52       (16 )         –  
– to lifetime ECL credit-impaired
      –       (72 )      72                –  
Total provision for (reversal of) credit losses
(
3
)
      (42 )      356       636          950  
Write-offs
(
4
)
      –       –       (316 )         (316 ) 
Recoveries
      –       –       23          23  
Interest income on impaired loans
      –       –       (47 )         (47 ) 
Foreign exchange and other
      1       18       20                39  
Balance at end of year
    $ 294     $ 864     $ 667              $ 1,825  
Total ECL allowance
(
5
)
    $ 739     $ 2,306     $ 1,072              $ 4,117  
Comprises:
            
Loans
    $    650     $   2,180     $   1,072        $   3,902  
Undrawn credit facilities and other off-balance sheet exposures
(
6
)
      89       126       –                215  
See previous page for foot
no
te references.
 
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 ECL.
 
    Base case     Upside case     Downside case  
As at October 31, 2024
   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)
  
 
1.6
 % 
  
 
2.3
 % 
  
 
2.5
 % 
  
 
2.7
 % 
  
 
0.4
 % 
  
 
1.4
 % 
United States
  
 
2.0
 % 
  
 
2.0
 % 
  
 
3.0
 % 
  
 
2.9
 % 
  
 
0.7
 % 
  
 
0.9
 % 
Unemployment rate
            
Canada
(2)
  
 
6.6
 % 
  
 
5.9
 % 
  
 
5.7
 % 
  
 
5.2
 % 
  
 
7.2
 % 
  
 
6.8
 % 
United States
  
 
4.5
 % 
  
 
4.0
 % 
  
 
3.7
 % 
  
 
3.3
 % 
  
 
5.1
 % 
  
 
4.7
 % 
Canadian Housing Price Index growth
(2)
  
 
2.6
 % 
  
 
2.5
 % 
  
 
7.1
 % 
  
 
4.0
 % 
  
 
(2.3
)% 
  
 
0.9
 % 
Canadian household debt service ratio
  
 
  14.8
 % 
  
 
  14.8
 % 
  
 
  14.4
 % 
  
 
  14.7
 % 
  
 
  15.3
 % 
  
 
  15.2
 % 
West Texas Intermediate Oil Price (US$)
  
$
78
 
  
$
74
 
  
$
88
 
  
$
100
 
  
$
60
 
  
$
61
 
As at October 31, 2023
  
Real GDP year-over-year growth
            
Canada
(2)
     0.6  %      1.9  %      2.0  %      2.7  %      (0.7 )%      1.3  % 
United States
     0.9  %      1.7  %      3.0  %      3.1  %      (0.8 )%      0.9  % 
Unemployment rate
            
Canada
(2)
     6.1  %      5.8  %      5.3  %      5.4  %      7.1  %      6.9  % 
United States
     4.1  %      4.0  %      3.2  %      3.2  %      5.4  %      4.9  % 
Canadian Housing Price Index growth
(2)
     0.8  %      3.0  %      4.4  %      5.4  %      (7.8 )%      0.4  % 
Canadian household debt service ratio
     15.5  %      14.8  %      14.9  %      14.5  %      16.1  %      15.0  % 
West Texas Intermediate Oil Price (US$)
   $ 84     $ 76     $ 97     $ 110     $ 70     $ 58  
 
(1)
The remaining forecast period is generally four years.
(2)
National-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 ECL will differ from the national 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 o
f u
ndrawn credit facilities and other off-balance sheet exposures based on our risk management PD bands for retail exposures, and based on our internal risk ratings for business and government exposures. Refer to the “Credit risk” section of the MD&A for details on the CIBC risk categories.
Loans
(1)
 
$ millions, as at October 31
                       
2024
                          2023  
    
Stage 1
    
Stage 2
    
Stage 3
 (2)(3)
    
Total
     Stage 1     Stage 2     Stage 3
 (2)(3)
     Total  
Residential mortgages
                
– Exceptionally low
  
$
160,515
 
  
$
6,130
 
  
$
–
 
  
$
166,645
 
   $   150,022     $   14,999     $ –     $   165,021  
– Very low
  
 
81,198
 
  
 
5,926
 
  
 
–
 
  
 
87,124
 
     74,149       9,107       –       83,256  
– Low
  
 
10,329
 
  
 
3,638
 
  
 
–
 
  
 
13,967
 
     10,817       5,112       –       15,929  
– Medium
  
 
851
 
  
 
6,534
 
  
 
–
 
  
 
7,385
 
     322       4,980       –       5,302  
– High
  
 
7
 
  
 
1,561
 
  
 
–
 
  
 
1,568
 
     –       1,100       –       1,100  
– Default
  
 
–
 
  
 
–
 
  
 
790
 
  
 
790
 
     –       –       585       585  
– Not rated
  
 
2,757
 
  
 
232
 
  
 
204
 
  
 
3,193
 
     2,630       219       202       3,051  
Gross residential mortgages
(4)(5)
  
 
255,657
 
  
 
24,021
 
  
 
994
 
  
 
280,672
 
     237,940       35,517       787       274,244  
ECL allowance
  
 
89
 
  
 
126
 
  
 
234
 
  
 
449
 
     90       142       224       456  
Net residential mortgages
  
 
255,568
 
  
 
23,895
 
  
 
760
 
  
 
280,223
 
     237,850       35,375       563       273,788  
Personal
                
– Exceptionally low
  
 
16,689
 
  
 
83
 
  
 
–
 
  
 
16,772
 
     18,785       3       –       18,788  
– Very low
  
 
9,685
 
  
 
12
 
  
 
–
 
  
 
9,697
 
     4,389       12       –       4,401  
– Low
  
 
10,498
 
  
 
1,374
 
  
 
–
 
  
 
11,872
 
     11,031       4,311       –       15,342  
– Medium
  
 
3,848
 
  
 
1,822
 
  
 
–
 
  
 
5,670
 
     1,165       3,062       –       4,227  
– High
  
 
465
 
  
 
1,102
 
  
 
–
 
  
 
1,567
 
     211       1,624       –       1,835  
– Default
  
 
–
 
  
 
–
 
  
 
260
 
  
 
260
 
     –       –       214       214  
– Not rated
  
 
782
 
  
 
29
 
  
 
32
 
  
 
843
 
     723       24       33       780  
Gross personal
(5)
  
 
41,967
 
  
 
4,422
 
  
 
292
 
  
 
46,681
 
     36,304       9,036       247       45,587  
ECL allowance
  
 
221
 
  
 
531
 
  
 
190
 
  
 
942
 
     141       695       181       1,017  
Net personal
  
 
41,746
 
  
 
3,891
 
  
 
102
 
  
 
45,739
 
     36,163       8,341       66       44,570  
Credit card
                
– Exceptionally low
  
 
7,185
 
  
 
–
 
  
 
–
 
  
 
7,185
 
     4,279       –       –       4,279  
– Very low
  
 
502
 
  
 
–
 
  
 
–
 
  
 
502
 
     1,061       –       –       1,061  
– Low
  
 
6,800
 
  
 
4
 
  
 
–
 
  
 
6,804
 
     6,642       35       –       6,677  
– Medium
  
 
3,853
 
  
 
1,512
 
  
 
–
 
  
 
5,365
 
     2,626       2,953       –       5,579  
– High
  
 
2
 
  
 
522
 
  
 
–
 
  
 
524
 
     6       777       –       783  
– Default
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
– Not rated
  
 
165
 
  
 
6
 
  
 
–
 
  
 
171
 
     153       6       –       159  
Gross credit card
  
 
18,507
 
  
 
2,044
 
  
 
–
 
  
 
20,551
 
     14,767       3,771       –       18,538  
ECL allowance
  
 
279
 
  
 
623
 
  
 
–
 
  
 
902
 
     166       519       –       685  
Net credit card
  
 
18,228
 
  
 
1,421
 
  
 
–
 
  
 
19,649
 
     14,601       3,252       –       17,853  
Business and government
                
– Investment grade
  
 
101,809
 
  
 
722
 
  
 
–
 
  
 
102,531
 
     99,322       512       –       99,834  
– Non-investment grade
  
 
97,131
 
  
 
9,000
 
  
 
–
 
  
 
106,131
 
     91,920       7,190       –       99,110  
– Watch list
  
 
25
 
  
 
3,745
 
  
 
–
 
  
 
3,770
 
     101       4,478       –       4,579  
– Default
  
 
–
 
  
 
–
 
  
 
1,628
 
  
 
1,628
 
     –       –       1,956       1,956  
– Not rated
  
 
230
 
  
 
15
 
  
 
–
 
  
 
245
 
     192       15       –       207  
Gross business and government
(4)(6)
  
 
199,195
 
  
 
13,482
 
  
 
1,628
 
  
 
214,305
 
     191,535       12,195       1,956       205,686  
ECL allowance
  
 
211
 
  
 
1,021
 
  
 
392
 
  
 
1,624
 
     253       824       667       1,744  
Net business and government
  
 
198,984
 
  
 
12,461
 
  
 
1,236
 
  
 
212,681
 
     191,282       11,371       1,289       203,942  
Total net amount of loans
  
$
  514,526
 
  
$
  41,668
 
  
$
  2,098
 
  
$
  558,292
 
   $ 479,896     $ 58,339     $   1,918     $ 540,153  
 
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $
19
million (2023: $
22
million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $
17
million were recognized as at October 31, 202
4
 (2023: $
20
million). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at October 31, 202
4
 and October 31, 202
3
. 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 $
8
million (2023: $
13
million), which were included in Other assets on our consolidated balance sheet.
(3)
As at October 31, 202
4
,
93
% (2023:
93
%) of stage 3 impaired loans were either fully or partially collateralized.
(4)
Includes $
3
million (2023: $
3
million) of residential mortgages and $
221
million (2023: $
270
million) of business and government loans that are measured and designated at FVTPL.
(5)
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 SICR has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements.
(6)
Includes customers’ liability under acceptances of $6 million (2023: $10,816 million). 
 
Undrawn credit facilities and other off-balance sheet exposures
 
$ millions, as at October 31
                           
2024
                              2023  
     
Stage 1
     
Stage 2
     
Stage 3
     
Total
      Stage 1      Stage 2      Stage 3      Total  
Retail
                        
– Exceptionally low
   
$
164,577
 
   
$
117
 
   
$
–
 
   
$
164,694
 
    $ 159,254      $ 7      $ –      $ 159,261  
– Very low
   
 
15,112
 
   
 
4
 
   
 
–
 
   
 
15,116
 
      15,367        26        –        15,393  
– Low
   
 
14,988
 
   
 
984
 
   
 
–
 
   
 
15,972
 
      10,723        1,405        –        12,128  
– Medium
   
 
2,263
 
   
 
1,280
 
   
 
–
 
   
 
3,543
 
      1,256        986        –        2,242  
– High
   
 
325
 
   
 
539
 
   
 
–
 
   
 
864
 
      118        763        –        881  
– Default
   
 
–
 
   
 
–
 
   
 
43
 
   
 
43
 
      –        –        37        37  
– Not rated
   
 
565
 
   
 
9
 
   
 
–
 
   
 
574
 
      506        6        –        512  
Gross retail
  
 
197,830
 
   
 
2,933
 
   
 
43
 
   
 
200,806
 
      187,224        3,193        37        190,454  
ECL allowance
   
 
42
 
   
 
52
 
   
 
–
 
   
 
94
 
      48        86        –        134  
Net retail
   
 
197,788
 
   
 
2,881
 
   
 
43
 
   
 
200,712
 
      187,176        3,107        37        190,320  
Business and government
                        
– Investment grade
   
 
156,560
 
   
 
571
 
   
 
–
 
   
 
157,131
 
      147,206        361        –        147,567  
– Non-investment grade
   
 
66,788
 
   
 
3,018
 
   
 
–
 
   
 
69,806
 
      56,707        2,097        –        58,804  
– Watch list
   
 
28
 
   
 
878
 
   
 
–
 
   
 
906
 
      7        1,000        –        1,007  
– Default
   
 
–
 
   
 
–
 
   
 
123
 
   
 
123
 
      –        –        161        161  
– Not rated
   
 
1,117
 
   
 
91
 
   
 
–
 
   
 
1,208
 
      614        30        –        644  
Gross business and government
   
 
224,493
 
   
 
4,558
 
   
 
123
 
   
 
229,174
 
      204,534        3,488        161        208,183  
ECL allowance
   
 
54
 
   
 
40
 
   
 
9
 
   
 
103
 
      41        40        –        81  
Net business and government
   
 
224,439
 
   
 
4,518
 
   
 
114
 
   
 
229,071
 
      204,493        3,448        161        208,102  
Total net undrawn credit facilities and other off-balance sheet exposures
   
$
  422,227
 
   
$
  7,399
 
   
$
  157
 
   
$
  429,783
 
    $   391,669      $   6,555      $   198      $   398,422  
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
  
2024
 
  
2023
 
Interest income
   
$
  52,185
 
    $   45,019  
Interest expense
   
 
38,490
 
      32,194  
Net interest income
   
 
13,695
 
      12,825  
Provision for credit losses
   
 
2,001
 
      2,010  
Net interest income after provision for credit losses
   
$
11,694
 
    $ 10,815