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Loans
 3 Months Ended
Jan. 31, 2025
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
2025
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
   
$
89
  
$
126
   
$
234
   
$
449
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
4
  
(5
)
   
(15
)
   
(16
)
Changes in model
   
–
  
–
   
–
   
–
Net remeasurement 
(2)
   
(38
)
   
36
   
41
   
39
Transfers 
(2)
            
– to 12-month ECL
   
36
   
(35
)
   
(1
)
   
–
– to lifetime ECL performing
   
(2
)
   
7
   
(5
)
   
–
– to lifetime ECL credit-impaired
   
–
   
(2
)
   
2
   
–
Total provision for (reversal of) credit losses 
(3)
   
–
   
1
   
22
   
23
Write-offs
   
–
   
–
   
(2
)
   
(2
)
Recoveries
   
–
   
–
   
3
   
3
Interest income on impaired loans
   
–
   
–
   
(8
)
   
(8
)
Foreign exchange and other
   
2
   
1
   
4
   
7
Balance at end of period
   
$
91
   
$
128
   
$
253
   
$
472
Personal
            
Balance at beginning of period
   
$
247
   
$
546
   
$
190
   
$
983
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
7
   
(5
) 
   
(7
)
   
(5
)
Changes in model
   
(20
) 
   
76
   
–
   
56
Net remeasurement 
(2)
   
(119
)
   
187
   
112
   
180
Transfers 
(2)
            
– to 12-month ECL
   
128
   
(126
)
   
(2
)
   
–
– to lifetime ECL performing
   
(15
)
   
23
   
(8
)
   
–
– to lifetime ECL credit-impaired
   
(1
)
   
(19
)
   
20
   
–
Total provision for (reversal of) credit losses 
(3)
   
(20
)
   
136
   
115
   
231
Write-offs
   
–
   
–
   
(138
)
   
(138
)
Recoveries
   
–
   
–
   
17
   
17
Interest income on impaired loans
   
–
   
–
   
(2
) 
   
(2
) 
Foreign exchange and other
   
1
   
(2
)
   
5
   
4
Balance at end of period
   
$
228
   
$
680
   
$
187
   
$
1,095
Credit card
            
Balance at beginning of period
   
$
295
   
$
660
   
$
–
   
$
955
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
10
   
(5
)
   
–
   
5
Changes in model
   
(26
)
   
32
   
–
   
6
Net remeasurement 
(2)
   
(213
)
   
264
   
112
   
163
Transfers 
(2)
            
– to 12-month ECL
   
232
   
(232
)
   
–
   
–
– to lifetime ECL performing
   
(21
)
   
21
   
–
   
–
– to lifetime ECL credit-impaired
   
–
   
(57
)
   
57
   
–
Total provision for (reversal of) credit losses 
(3)
   
(18
)
   
23
   
169
   
174
Write-offs
   
–
   
–
   
(204
)
   
(204
)
Recoveries
   
–
   
–
   
35
   
35
Interest income on impaired loans
   
–
   
–
   
–
   
–
Foreign exchange and other
   
–
   
–
   
–
   
–
Balance at end of period
   
$
277
   
$
683
   
$
–
   
$
960
Business and government
            
Balance at beginning of period
   
$
265
   
$
1,061
   
$
401
   
$
1,727
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
14
   
(22
)
   
(21
)
   
(29
)
Changes in model
   
–
   
–
   
–
   
–
Net remeasurement 
(2)
   
(8
)
   
79
   
103
   
174
Transfers 
(2)
            
– to 12-month ECL
   
47
   
(45
)
   
(2
)
   
–
– to lifetime ECL performing
   
(7
)
   
9
   
(2
)
   
–
– to lifetime ECL credit-impaired
   
–
   
(62
)
   
62
   
–
Total provision for (reversal of) credit losses 
(3)
   
46
  
(41
)
   
140
   
145
Write-offs
   
–
  
–
   
(77
)
   
(77
)
Recoveries
   
–
  
–
   
14
   
14
Interest income on impaired loans
   
–
  
–
   
(23
)
   
(23
)
Foreign exchange and other
   
9
  
37
   
17
   
63
Balance at end of period
   
$
320
  
$
1,057
   
$
472
   
$
1,849
Total ECL allowance
 
(4)
   
$
916
  
$
2,548
   
$
912
   
$
4,376
Comprises:
            
Loans
   
$
  805
  
$
  2,396
   
$
  903
   
$
  4,104
Undrawn credit facilities and other off-balance sheet exposures 
(5)
   
111
  
152
   
9
   
272
(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 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 interim consolidated statement of income.
(4)
See Note 5 to the interim consolidated financial statements 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 January 31, 2025, October 31, 2024 and January 31, 2024 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our interim consolidated balance sheet net of ECL allowances.
(5)
Included in Other liabilities on our interim consolidated balance sheet.
 
$ millions, as at or for the three months ended   2024
Oct. 31		     2024
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
   $ 91     $ 153     $ 258     $ 502     $ 90     $ 142     $ 224     $ 456  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     4       (8 )      (20 )      (24 )      4       (2 )      (9 )      (7 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(2)
     (36 )      6       12       (18 )      (20 )      38       43       61  
Transfers 
(2)
                
– to 12-month ECL
     33       (32 )      (1 )      –       17       (16 )      (1 )      –  
– to lifetime ECL performing
     (3 )      9       (6 )      –       (2 )      3       (1 )      –  
– to lifetime ECL credit-impaired
     –       (2 )      2       –       –       (1 )      1       –  
Total provision for (reversal of) credit losses 
(3)
     (2 )      (27 )      (13 )      (42 )      (1 )      22       33       54  
Write-offs
     –       –       (3 )      (3 )      –       –       (3 )      (3 ) 
Recoveries
     –       –       –       –       –       –       4       4  
Interest income on impaired loans
     –       –       (9 )      (9 )      –       –       (6 )      (6 ) 
Foreign exchange and other
     –       –       1       1       (1 )      1       (2 )      (2 ) 
Balance at end of period
   $ 89     $ 126     $ 234     $ 449     $ 88     $ 165     $ 250     $ 503  
Personal
                
Balance at beginning of period
   $ 179     $ 712     $ 193     $ 1,084     $ 174     $ 709     $ 181     $ 1,064  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     9       (15 )      (12 )      (18 )      8       (14 )      (11 )      (17 ) 
Changes in model
     54       (127 )      (6 )      (79 )      –       –       –       –  
Net remeasurement 
(2)
       (146 )     144       127       125       (128 )      183       108       163  
Transfers 
(2)
                
– to 12-month ECL
     164       (162 )      (2 )      –       140       (140 )      –       –  
– to lifetime ECL performing
     (11 )      18       (7 )      –       (18 )      19       (1 )      –  
– to lifetime ECL credit-impaired
     –       (24 )      24       –       –       (23 )      23       –  
Total provision for (reversal of) credit losses 
(3)
     70       (166 )      124       28       2       25       119       146  
Write-offs
     –       –       (141 )      (141 )      –       –       (126 )      (126 ) 
Recoveries
     –       –       15       15       –       –       17       17  
Interest income on impaired loans
     –       –       (2 )      (2 )      –       –       (1 )      (1 ) 
Foreign exchange and other
     (2 )      –       1       (1 )      –       1       (3 )      (2 ) 
Balance at end of period
   $ 247     $ 546     $ 190     $ 983     $ 176     $ 735     $ 187     $ 1,098  
Credit card
                
Balance at beginning of period
   $ 193     $ 648     $ –     $ 841     $ 181     $ 591     $ –     $ 772  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     5       (4 )      –       1       6       (19 )      –       (13 ) 
Changes in model
     86       (34 )      –       52       –       –       –       –  
Net remeasurement 
(2)
     (153 )      273       110       230       (94 )      165       77       148  
Transfers 
(2)
                
– to 12-month ECL
     183       (183 )      –       –       119       (119 )      –       –  
– to lifetime ECL performing
     (19 )      19       –       –       (18 )      18       –       –  
– to lifetime ECL credit-impaired
     –       (59 )      59       –       –       (56 )      56       –  
Total provision for (reversal of) credit losses 
(3)
     102       12       169       283       13       (11 )      133       135  
Write-offs
     –       –       (204)       (204 )      –       –       (160 )      (160 ) 
Recoveries
     –       –       35       35       –       –       27       27  
Interest income on impaired loans
     –       –       –       –       –       –       –       –  
Foreign exchange and other
     –       –       –       –       –       –       –       –  
Balance at end of period
   $ 295     $ 660     $ –     $ 955     $ 194     $ 580     $ –     $ 774  
Business and government
                
Balance at beginning of period
   $ 311     $ 991     $ 389     $ 1,691     $ 294     $ 864     $ 667     $ 1,825  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     8       (28 )      (18 )      (38 )      3       (20 )      (11 )      (28 ) 
Changes in model
     (40 )      17       –       (23 )      12       29       –       41  
Net remeasurement 
(2)
     (87 )      165       133       211       (85 )      211       111       237  
Transfers 
(2)
                
– to 12-month ECL
     76       (72 )      (4 )      –       51       (49 )      (2 )      –  
– to lifetime ECL performing
     (8 )      11       (3 )      –       (9 )      11       (2 )      –  
– to lifetime ECL credit-impaired
     –       (29 )      29       –       –       (111 )      111       –  
Total provision for (reversal of) credit losses 
(3)
     (51 )      64       137       150       (28 )      71       207       250  
Write-offs
     –       –       (125 )      (125 )      –       –       (222 )      (222 ) 
Recoveries
     –       –       10       10       –       –       18       18  
Interest income on impaired loans
     –       –       (20 )      (20 )      –       –       (23 )      (23 ) 
Foreign exchange and other
     5       6       10       21       (8 )      (23 )      (10 )      (41 ) 
Balance at end of period
   $ 265     $ 1,061     $ 401     $ 1,727     $ 258     $ 912     $ 637     $ 1,807  
Total ECL allowance
 
(4)
   $ 896     $ 2,393     $ 825     $ 4,114     $ 716     $ 2,392     $ 1,074     $ 4,182  
Comprises:
                
Loans
   $ 800     $   2,301     $    816     $   3,917     $    631     $   2,316     $   1,073     $   4,020  
Undrawn credit facilities and other off-balance sheet exposures
(5)
     96       92       9       197       85       76       1       162  
See previous page for footnote references.
 
Inputs, assumptions and model techniques
We continue to operate in an uncertain macroeconomic environment. There is inherent uncertainty in forecasting forward-looking information and estimating the impact that the macroeconomic environment, including the level and duration of potential tariffs that could be imposed by the U.S. government, fiscal and monetary policies that may be enacted in response to tariffs, the expectation for lower interest rates even in the absence of a trade war, the easing of inflationary pressures, and geopolitical events will have on the level of ECL allowance and period-over-period volatility of the provision for credit losses. As a result, a heightened level of judgment in estimating ECLs in respect of all these elements, as discussed below, continued to be required. See Note 5 to our consolidated financial statements in our 2024 Annual Report and Note 2 to our interim consolidated financial statements for additional 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, 2025
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)
  
1.8
 % 
  
2.1
 % 
  
2.4
 % 
  
2.6
 % 
  
0.4
 % 
  
1.3
 % 
United States
  
2.2
 % 
  
2.0
 % 
  
2.9
 % 
  
2.8
 % 
  
0.5
 % 
  
1.0
 % 
Unemployment rate
            
Canada 
(2)
  
6.6
 % 
  
5.9
 % 
  
6.2
 % 
  
5.4
 % 
  
7.4
 % 
  
6.8
 % 
United States
  
4.3
 % 
  
4.0
 % 
  
3.6
 % 
  
3.4
 % 
  
4.9
 % 
  
4.6
 % 
Canadian Housing Price Index year-over-year growth 
(2)
  
3.9
 % 
  
3.0
 % 
  
6.4
 % 
  
5.2
 % 
  
0.3
 % 
  
0.3
 % 
Canadian household debt service ratio
  
14.7
 % 
  
14.8
 % 
  
14.5
 % 
  
14.6
 % 
  
15.3
 % 
  
15.2
 % 
West Texas Intermediate Oil Price (US$)
  
$
74
 
$
74
 
$
89
 
$
96
 
$
56
 
$
63
As at October 31, 2024                                                
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 year-over-year 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  
(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.
As required, the forward-looking information used to estimate ECLs reflects our expectations and uncertainties as at January 31, 2025, and October 31, 2024, respectively, and does not reflect changes in expectations that may have subsequently arisen. The base case, upside case and downside case amounts shown represent the average value of the forecasts over the respective projection horizons.
Our underlying base case projection as at January 31, 2025 continues to be characterized by modest real GDP growth in Canada, and slightly stronger growth in the U.S. which has generally been more resilient to higher interest rates. Our base case projection for Canada as at January 31, 2025 assumes that any tariffs will be short term and have limited impact on growth and unemployment. Our base case also assumes that interest rates will continue to decline until the middle of calendar 2025, but remain at higher than pre-pandemic levels.
Our downside case forecast assumes slower growth in Canada due to increasing economic uncertainty. Our downside case forecast as at January 31, 2025 is generally consistent with a more pronounced and longer lasting trade dispute between Canada and the United States, including higher unemployment rates in Canada and lower consumer spending. The downside case forecast for the U.S. assumes slow growth for the remainder of calendar 2025. The downside forecasts also reflect slower recoveries thereafter to lower levels of sustained economic activity and unemployment rates persistently above where they stood pre-pandemic. The upside scenario continues to reflect a better economic environment than the base case forecast.
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. To address the significant uncertainties inherent in the current environment, we continue to utilize management overlays with respect to the impact of certain forward-looking information and credit metrics that are not expected to be as indicative of the credit condition of the portfolios as the historical experience in our models would have otherwise suggested. The use of management overlays requires the application of significant judgment that impacts the amount of ECL allowances recognized.
If we were to only use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $465 million lower than the recognized ECL as at January 31, 2025 (October 31, 2024: $246 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 $951 million higher than the recognized ECL as at January 31, 2025 (October 31, 2024: $737 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 our risk management probability of default (PD) bands for retail exposures, and based on our internal risk ratings for business and government exposures. Refer to the “Credit risk” section of our 2024 Annual Report for details on the CIBC risk categories.
Loans
(1)
$ millions, as at
2025
Jan. 31
2024
Oct. 31
Stage 1
Stage 2
Stage 3
 
(2)
 
Total
Stage 1
Stage 2
Stage 3
 
(2)
 
Total
Residential mortgages
– Exceptionally low
  
$
  165,700
  
$
2,082
  
$
–
 
$
167,782
   $ 160,515      $ 6,130      $ –     $ 166,645  
– Very low
  
85,019
  
2,806
  
–
 
87,825
     81,198        5,926        –       87,124  
– Low
  
10,894
  
2,746
  
–
 
13,640
     10,329        3,638        –       13,967  
– Medium
  
1,147
  
6,536
  
–
 
7,683
     851        6,534        –       7,385  
– High
  
6
  
1,519
  
–
 
1,525
     7        1,561        –       1,568  
– Default
  
–
  
–
  
888
 
888
     –        –        790       790  
– Not rated
  
2,877
  
223
  
232
 
3,332
     2,757        232        204       3,193  
Gross residential mortgages
(3)(4)
  
265,643
  
15,912
  
1,120
 
282,675
     255,657        24,021        994       280,672  
ECL allowance
  
91
  
128
  
253
 
472
     89        126        234       449  
Net residential mortgages
  
265,552
  
15,784
  
867
 
282,203
     255,568        23,895        760       280,223  
Personal
                     
– Exceptionally low
  
16,348
  
188
  
–
 
16,536
     16,689        83        –       16,772  
– Very low
  
9,794
  
181
  
–
 
9,975
     9,685        12        –       9,697  
– Low
  
9,924
  
1,824
  
–
 
11,748
     10,498        1,374        –       11,872  
– Medium
  
3,357
  
2,167
  
–
 
5,524
     3,848        1,822        –       5,670  
– High
  
426
  
1,157
  
–
 
1,583
     465        1,102        –       1,567  
– Default
  
–
  
–
  
265
 
265
     –        –        260       260  
– Not rated
  
786
  
29
  
36
 
851
     782        29        32       843  
Gross personal
(4)
  
40,635
  
5,546
  
301
 
46,482
     41,967        4,422        292       46,681  
ECL allowance
  
204
  
628
  
187
 
1,019
     221        531        190       942  
Net personal
  
40,431
  
4,918
  
114
 
45,463
     41,746        3,891        102       45,739  
Credit card
                     
– Exceptionally low
  
6,428
  
–
  
–
 
6,428
     7,185        –        –       7,185  
– Very low
  
477
  
–
  
–
 
477
     502        –        –       502  
– Low
  
6,945
  
86
  
–
 
7,031
     6,800        4        –       6,804  
– Medium
  
3,383
  
2,121
  
–
 
5,504
     3,853        1,512        –       5,365  
– High
  
2
  
558
  
–
 
560
     2        522        –       524  
– Default
  
–
  
–
  
–
 
–
     –        –        –       –  
– Not rated
  
174
  
8
  
–
 
182
     165        6        –       171  
Gross credit card
  
17,409
  
2,773
  
–
 
20,182
     18,507        2,044        –       20,551  
ECL allowance
  
246
  
615
  
–
 
861
     279        623        –       902  
Net credit card
  
17,163
  
2,158
  
–
 
19,321
     18,228        1,421        –       19,649  
Business and government
                     
– Investment grade
  
107,092
  
561
  
–
 
107,653
     101,809        722        –       102,531  
– Non-investment grade
  
100,410
  
8,575
  
–
 
108,985
     97,131        9,000        –       106,131  
– Watchlist
  
26
  
3,987
  
–
 
4,013
     25        3,745        –       3,770  
– Default
  
–
  
–
  
1,841
 
1,841
     –        –        1,628       1,628  
– Not rated
  
376
  
16
  
–
 
392
     230        15        –       245  
Gross business and government
(3)(5)
  
207,904
  
13,139
  
1,841
 
222,884
     199,195        13,482        1,628       214,305  
ECL allowance
  
264
  
1,025
  
463
 
1,752
     211        1,021        392       1,624  
Net business and government
  
207,640
  
12,114
  
1,378
 
221,132
     198,984        12,461        1,236       212,681  
Total net amount of loans
  
$
530,786
  
$
  34,974
  
$
  2,359
 
$
  568,119
   $   514,526      $   41,668      $   2,098     $   558,292  
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $20 million (October 31, 2024: $19 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 January 31, 2025 (October 31, 2024: $17 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, 2025 and October 31, 2024. Financial assets other than loans that are classified at amortized cost are presented on our interim consolidated balance sheet net of ECL allowances.
(2)
Excludes foreclosed assets of $2 million (October 31, 2024: $8 million) which were included in Other assets on our interim consolidated balance sheet.
(3)
Includes $1 million (October 31, 2024: $3 million) of residential mortgages and $713 million (October 31, 2024: $221 million) of business and government loans that are measured and designated 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 million (October 31, 2024: $6 million).
 
Undrawn credit facilities and other off-balance sheet exposures
$ millions, as at
2025
Jan. 31
2024
Oct. 31
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Retail
– Exceptionally low
  
$
165,728
  
$
445
  
$
–
  
$
166,173
   $ 164,577      $ 117      $ –      $ 164,694  
– Very low
  
15,061
  
298
  
–
  
15,359
     15,112        4        –        15,116  
– Low
  
15,495
  
1,365
  
–
  
16,860
     14,988        984        –        15,972  
– Medium
  
2,100
  
1,647
  
–
  
3,747
     2,263        1,280        –        3,543  
– High
  
319
  
551
  
–
  
870
     325        539        –        864  
– Default
  
–
  
–
  
45
  
45
     –        –        43        43  
– Not rated
  
582
  
7
  
–
  
589
     565        9        –        574  
Gross retail
  
199,285
  
4,313
  
45
  
203,643
     197,830        2,933        43        200,806  
ECL allowance
  
55
  
120
  
–
  
175
     42        52        –        94  
Net retail
  
199,230
  
4,193
  
45
  
203,468
     197,788        2,881        43        200,712  
Business and government
                       
– Investment grade
  
164,733
  
591
  
–
  
165,324
     156,560        571        –        157,131  
– Non-investment grade
  
70,837
  
3,022
  
–
  
73,859
     66,788        3,018        –        69,806  
– Watch list
  
20
  
890
  
–
  
910
     28        878        –        906  
– Default
  
–
  
–
  
205
  
205
     –        –        123        123  
– Not rated
  
1,005
  
42
  
–
  
1,047
     1,117        91        –        1,208  
Gross business and government
  
236,595
  
4,545
  
205
  
241,345
     224,493        4,558        123        229,174  
ECL allowance
  
56
  
32
  
9
  
97
     54        40        9        103  
Net business and government
  
236,539
  
4,513
  
196
  
241,248
     224,439        4,518        114        229,071  
Total net undrawn credit facilities and other off-balance sheet exposures
  
$
  435,769
  
$
  8,706
  
$
  241
  
$
  444,716
   $   422,227      $   7,399      $   157      $   429,783