v3.22.4
Loans
 3 Months Ended
Jan. 31, 2023
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
  
2023
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
   
$
57
 
   
$
69
 
   
$
167
 
   
$
293
 
Originations net of repayments and other derecognitions
   
 
3
 
   
 
–
 
   
 
(4
 )   
 
(1
 )
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(1)
   
 
(16
 )   
 
29
 
   
 
12
 
   
 
25
 
Transfers 
(1)
                                    
– to
12-month
ECL
   
 
16
 
   
 
(16
 )   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(2
 )   
 
2
 
   
 
–
 
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(3
 )   
 
3
 
   
 
–
 
Provision for (reversal of) credit losses 
(2)
   
 
1
 
   
 
12
 
   
 
11
 
   
 
24
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(4
)
   
 
(4
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
2
 
   
 
2
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(5
)
   
 
(5
 )
Foreign exchange and other
   
 
–
 
   
 
(1
 )   
 
(1
)
   
 
(2
 )
Balance at end of period
   
$
58
 
   
$
80
 
   
$
170
 
   
$
308
 
Personal
                         
 
         
Balance at beginning of period
   
$
137
 
   
$
656
 
   
$
146
 
   
$
939
 
Originations net of repayments and other derecognitions
   
 
12
 
   
 
(15
 )   
 
(4
)
   
 
(7
 )
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(1)
   
 
(67
 )   
 
81
 
   
 
66
 
   
 
80
 
Transfers
(1)
                         
 
         
– to
12-month
ECL
   
 
74
 
   
 
(74
 )   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(9
 )   
 
9
 
   
 
–
 
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(17
 )   
 
17
 
   
 
–
 
Provision for (reversal of) credit losses 
(2)
   
 
10
 
   
 
(16
 )   
 
79
 
   
 
73
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(86
)
   
 
(86
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
21
 
   
 
21
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(1
)
   
 
(1
 )
Foreign exchange and other
   
 
–
 
   
 
(1
 )   
 
(2
)
   
 
(3
 )
Balance at end of period
   
$
147
 
   
$
639
 
   
$
157
 
   
$
943
 
Credit card
                         
 
         
Balance at beginning of period
   
$
159
 
   
$
709
 
   
$
–
 
   
$
868
 
Originations net of repayments and other derecognitions
   
 
1
 
   
 
(27
 )   
 
–
 
   
 
(26
 )
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(1)
   
 
(175
 )   
 
224
 
   
 
41
 
   
 
90
 
Transfers 
(1)
                         
 
         
– to
12-month
ECL
   
 
173
 
   
 
(173
)
  
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(16
 )   
 
16
 
  
 
–
 
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(64
)
  
 
64
 
   
 
–
 
Provision for (reversal of) credit losses 
(2)
   
 
(17
 )   
 
(24
)
  
 
105
 
   
 
64
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(132
)
   
 
(132
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
27
 
   
 
27
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Foreign exchange and other
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Balance at end of period
   
$
142
 
   
$
685
 
   
$
–
 
   
$
827
 
Business and government
                         
 
         
Balance at beginning of period
   
$
335
 
   
$
490
 
   
$
351
 
   
$
1,176
 
Originations net of repayments and other derecognitions
   
 
7
 
   
 
(3
 )   
 
(4
)
   
 
–
 
Changes in model
   
 
–
     
 
6
 
   
 
–
 
   
 
6
 
Net remeasurement 
(1)(3)
   
 
(54
 )   
 
110
 
   
 
72
 
   
 
128
 
Transfers 
(1)
                         
 
         
– to
12-month
ECL
   
 
35
 
   
 
(35
 )   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(13
 )   
 
26
 
   
 
(13
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(9
 )   
 
9
 
   
 
–
 
Provision for (reversal of) credit losses 
(2)
   
 
(25
 )   
 
95
 
   
 
64
 
   
 
134
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(11
)
   
 
(11
 )
Recoveries
   
 
–
 
   
 
–
 
   
 
8
 
   
 
8
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(4
)
   
 
(4
 )
Foreign exchange and other
   
 
(7
 )   
 
(6
 )   
 
3
 
   
 
(10
 )
Balance at end of period
   
$
303
 
   
$
579
 
   
$
411
 
   
$
1,293
 
Total ECL allowance 
(4)
   
$
650
 
   
$
1,983
 
   
$
738
 
   
$
3,371
 
Comprises:
                         
 
         
Loans
   
$
     563
 
   
$
     1,859
 
   
$
     737
 
   
$
    3,159
 
Undrawn credit facilities and other
off-balance
sheet exposures 
(5)
   
 
87
 
   
 
124
 
   
 
1
 
   
 
212
 
(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)
Includes the impact of a change in the internal risk rating methodology applied at CIBC Bank USA.
(4)
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 $14 million as at January 31, 2023 (October 31, 2022: $15 million; January 31, 2022: $12 million), $12 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (October 31, 2022: $12 million; January 31, 2022: $10 million). The ECL allowances for other financial assets classified at amortized cost were immaterial as at January 31, 2023, October 31, 2022 and January 31, 2022 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   2022
Oct. 31		     2022
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     $ 70     $ 159     $ 284     $ 59     $ 63     $ 158     $ 280  
Originations net of repayments and other derecognitions
     3       (3 )      (8 )      (8 )      4       (4 )      (5 )      (5 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(1)
     (16 )      18       17       19       (19 )      36       15       32  
Transfers 
(1)
                                                                
– to
12-month
ECL
     17       (17 )      –       –       21       (20 )      (1 )      –  
– to lifetime ECL performing
     (2 )      3       (1 )      –       (2 )      3       (1 )      –  
– to lifetime ECL credit-impaired
     (1 )      (3 )      4       –       –       (2 )      2       –  
Provision for (reversal of) credit losses 
(2)
     1       (2 )      12       11       4       13       10       27  
Write-offs
     –       –       (6 )      (6 )      –       –       (4 )      (4 ) 
Recoveries
     –       –       1       1       –       –       1       1  
Interest income on impaired loans
     –       –       (5 )      (5 )      –       –       (4 )      (4 ) 
Foreign exchange and other
     1       1       6       8       1       –       2       3  
Balance at end of period
   $ 57     $ 69     $ 167     $ 293     $ 64     $ 76     $ 163     $ 303  
Personal
                                                                
Balance at beginning of period
   $ 137     $ 639     $ 128     $ 904     $ 150     $ 547     $ 106     $ 803  
Originations net of repayments and other derecognitions
     10       (18 )      (7 )      (15 )      8       (12 )      (1 )      (5 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(1)
     (98 )      138       57       97       (101 )      116       43       58  
Transfers 
(1)
                                                                
– to
12-month
ECL
     97       (97 )      –       –       100       (100 )      –       –  
– to lifetime ECL performing
     (11 )      11       –       –       (10 )      13       (3 )      –  
– to lifetime ECL credit-impaired
     –       (18 )      18       –       –       (10 )      10       –  
Provision for (reversal of) credit losses 
(2)
     (2 )      16       68       82       (3 )      7       49       53  
Write-offs
     –       –       (70 )      (70 )      –       –       (63 )      (63 ) 
Recoveries
     –       –       15       15       –       –       20       20  
Interest income on impaired loans
     –       –       (1 )      (1 )      –       –       (1 )      (1 ) 
Foreign exchange and other
     2       1       6       9       –       –       2       2  
Balance at end of period
   $ 137     $ 656     $ 146     $ 939     $ 147     $ 554     $ 113     $ 814  
Credit card
                                                                
Balance at beginning of period
   $ 146     $ 619     $ –     $ 765     $ 136     $ 517     $ –     $ 653  
Originations net of repayments and other derecognitions
     5       (11 )      –       (6 )      –       (10 )      –       (10 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(1)
     (96 )      251       41       196       (106 )      125       26       45  
Transfers 
(1)
                                                                
– to
12-month
ECL
     115       (115 )      –       –       104       (104 )      –       –  
– to lifetime ECL performing
     (11 )      11       –       –       (7 )      7       –       –  
– to lifetime ECL credit-impaired
     –       (46 )      46       –       –       (25 )      25       –  
Provision for (reversal of) credit losses 
(2)
     13       90       87       190       (9 )      (7 )      51       35  
Write-offs
     –       –       (115 )      (115 )      –       –       (80 )      (80 ) 
Recoveries
     –       –       28       28       –       –       29       29  
Interest income on impaired loans
     –       –       –       –       –       –       –       –  
Foreign exchange and other
     –       –       –       –       –       –       –       –  
Balance at end of period
   $ 159     $ 709     $ –     $ 868     $ 127     $ 510     $ –     $ 637  
Business and government
                                                                
Balance at beginning of period
   $ 239     $ 454     $ 356     $ 1,049     $ 277     $ 449     $ 508     $ 1,234  
Originations net of repayments and other derecognitions
     11       –       (3 )      8       20       (6 )      (8 )      6  
Changes in model
     43       (6 )      –       37       –       8       –       8  
Net remeasurement 
(1)
     35       18       55       108       (66 )      (13 )      25       (54 ) 
Transfers 
(1)
                                                                
– to
12-month
ECL
     9       (9 )      –       –       46       (44 )      (2 )      –  
– to lifetime ECL performing
     (14 )      16       (2 )      –       (4 )      5       (1 )      –  
– to lifetime ECL credit-impaired
     (1 )      (1 )      2       –       –       (2 )      2       –  
Provision for (reversal of) credit losses 
(2)
     83       18       52       153       (4 )      (52 )      16       (40 ) 
Write-offs
     –       –       (75 )      (75 )      –       –       (10 )      (10 ) 
Recoveries
     –       –       6       6       –       –       5       5  
Interest income on impaired loans
     –       –       (4 )      (4 )      –       –       (3 )      (3 ) 
Foreign exchange and other
     13       18       16       47       5       8       5       18  
Balance at end of period
   $ 335     $ 490     $ 351     $ 1,176     $ 278     $ 405     $ 521     $ 1,204  
Total ECL allowance 
(4)
   $ 688     $ 1,924     $ 664     $ 3,276     $ 616     $ 1,545     $ 797     $ 2,958  
Comprises:
                                                                
Loans
   $     600     $     1,809     $     664     $     3,073     $     545     $     1,497     $     796     $     2,838  
Undrawn credit facilities and other
off-balance
sheet exposures 
(5)
     88       115       –       203       71       48       1       120  
See previous page for footnote references.
 
 
Inputs, assumptions and model techniques
Global economic activity is expected to continue to be weak in 2023 and we continue to operate in an uncertain macroeconomic environment. There is inherent uncertainty in estimating the impact that rising interest rates, inflation, supply chain disruptions and geopolitical events, will have on the macroeconomic environment. As a result, a heightened level of judgment in estimating ECLs in respect of all these elements as discussed below, continued to be required this quarter. See Note 5 to our consolidated financial statements in our 2022 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, 2023
 
 
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)
  
 
0.7
 % 
  
 
1.4
 % 
  
 
1.8
 % 
  
 
2.4
 % 
  
 
(1.2
)% 
  
 
0.6
 % 
United States
  
 
0.7
 % 
  
 
1.4
 % 
  
 
1.7
 % 
  
 
2.5
 % 
  
 
(0.8
)% 
  
 
0.2
 % 
Unemployment rate
                                                
Canada 
(2)
  
 
5.7
 % 
  
 
5.9
 % 
  
 
5.4
 % 
  
 
5.6
 % 
  
 
6.6
 % 
  
 
7.1
 % 
United States
  
 
4.1
 % 
  
 
4.2
 % 
  
 
3.8
 % 
  
 
3.6
 % 
  
 
5.8
 % 
  
 
5.2
 % 
Canadian Housing Price Index year-over-year growth 
(2)
  
 
(10.2
)% 
  
 
3.0
 % 
  
 
(1.0
)% 
  
 
7.7
 % 
  
 
(21.5
)% 
  
 
(0.2
)% 
Standard and Poor’s (S&P) 500 Index year-over-year growth rate
  
 
(1.2
)% 
  
 
6.4
 % 
  
 
2.3
 % 
  
 
10.6
 % 
  
 
(12.5
)% 
  
 
(2.0
)% 
Canadian household debt service ratio
  
 
15.4
 % 
  
 
14.5
 % 
  
 
14.9
 % 
  
 
14.0
 % 
  
 
16.2
 % 
  
 
14.7
 % 
West Texas Intermediate Oil Price (US$)
  
$
        87
 
  
$
       81
 
  
$
     110
 
  
$
      107
 
  
$
        75
 
  
$
          60
 
 
 
 
Base case
 
 
Upside case
 
 
Downside case
 
As at October 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 GDP year-over-year growth
                                                 
Canada 
(2)
     0.8  %      1.5  %      3.9  %      2.8  %      (0.6 )%       1.0  % 
United States
     0.7  %      1.3  %      2.9  %      3.0  %      (2.1 )%       0.4  % 
Unemployment rate
                                                 
Canada 
(2)
     5.5  %      5.9  %      4.9  %      5.6  %      6.0  %       6.8  % 
United States
     4.0  %      4.2  %      3.3  %      3.3  %      5.6  %       5.1  % 
Canadian Housing Price Index year-over-year growth 
(2)
     (2.5 )%      1.9  %      10.1  %      6.6  %      (13.1 )%       (5.2 )% 
S&P 500 Index year-over-year growth rate
     (1.4 )%      6.0  %      6.3  %      12.1  %      (13.4 )%       (1.3 )% 
Canadian household debt service ratio
     15.5  %      15.1  %      14.4  %      14.5  %      15.9  %       15.2  % 
West Texas Intermediate Oil Price (US$)
   $         92     $        81     $      119     $       107     $         76      $         56  
(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, 2023 and October 31, 2022, 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 underlying base case projection as at January 31, 2023 is characterized by relatively weak real GDP growth over the projection horizon due to the recently experienced increases in interest rates by central banks in an attempt to ease demand and bring inflation back to target levels, and a modest increase in unemployment rates. Significant judgment continued to be inherent in the forecasting of forward-looking information, including with regard to our base case assumption that interest rates will stay at elevated levels through the remainder of calendar 2023 and then modestly reduce through to the end of 2024, although remaining at higher than pre-pandemic levels. Our base case also assumes that the higher levels of interest rates will result in only modest economic growth, global supply chain and inflationary challenges will ease, governments will respond to future waves of the COVID-19 virus with targeted health measures rather than broader economic closures and that the war in Ukraine will not expand into a broader conflict. We continue to expect that U.S. GDP will experience modest growth over the projection horizon, with a gradual increase in the unemployment rate until the end of calendar 2024.
The downside case forecast assumes a recession and higher unemployment rates in Canada driven by a continuing correction in the housing market and lower consumer spending. The downside case forecast for the U.S. also assumes a recession resulting from aggressive interest rate hikes introduced to combat prolonged high levels of inflation. 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.
While the upside scenario continues to reflect a better economic environment than the base case forecast, weaker economic growth and higher unemployment rates for both Canada and the U.S. are forecasted over the projection horizon relative to our upside forecast from the prior quarter.
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. Assumptions concerning measures used by governments to combat inflation, the economic risks emanating from the war in Ukraine, and the expectation that severe restrictions will no longer need to be imposed by most governments to limit the impact of potential new variants are material to these forecasts. To address the 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, including with respect to the benefit of higher levels of household savings that have accumulated during the pandemic. 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 $247 million lower than the recognized ECL as at January 31, 2023 (October 31, 2022: $248 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 $1,158 million higher than the recognized ECL as at January 31, 2023 (October 31, 2022: $847 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 2022 Annual Report for details on the CIBC risk categories.
Loans
(1)
$ millions, as at
         
2023
Jan. 31
             2022
Oct. 31		  
 
  
 
Stage 1
 
   
 
Stage 2
 
     
Stage 3
 (2)
  
 
Total
 
      Stage 1        Stage 2        Stage 3
 (2)
     Total  
Residential mortgages
                                                                     
– Exceptionally low
  
$
171,504
 
   
$
177
 
   
$
–
 
  
$
171,681
 
    $ 174,749      $ 140      $ –     $ 174,889  
– Very low
  
 
57,279
 
   
 
621
 
   
 
–
 
  
 
57,900
 
      53,795        498        –       54,293  
– Low
  
 
21,915
 
   
 
9,213
 
   
 
–
 
  
 
31,128
 
      24,200        6,816        –       31,016  
– Medium
  
 
165
 
   
 
5,712
 
   
 
–
 
  
 
5,877
 
      261        4,927        –       5,188  
– High
  
 
–
 
   
 
920
 
   
 
–
 
  
 
920
 
      –        906        –       906  
– Default
  
 
–
 
   
 
–
 
   
 
443
 
  
 
443
 
      –        –        374       374  
– Not rated
  
 
2,512
 
   
 
228
 
   
 
220
 
  
 
2,960
 
      2,604        214        222       3,040  
Gross residential mortgages 
(
3
)(
4
)
  
 
253,375
 
   
 
16,871
 
   
 
663
 
  
 
270,909
 
      255,609        13,501        596       269,706  
ECL allowance
  
 
58
 
   
 
80
 
   
 
170
 
  
 
308
 
      57        69        167       293  
Net residential mortgages
  
 
253,317
 
   
 
16,791
 
   
 
493
 
  
 
270,601
 
      255,552        13,432        429       269,413  
Personal
                                                                     
– Exceptionally low
  
 
18,252
 
   
 
2
 
   
 
–
 
  
 
18,254
 
      18,943        1        –       18,944  
– Very low
  
 
4,524
 
   
 
19
 
   
 
–
 
  
 
4,543
 
      6,119        5        –       6,124  
– Low
  
 
12,729
 
   
 
2,925
 
   
 
–
 
  
 
15,654
 
      9,117        4,953        –       14,070  
– Medium
  
 
1,009
 
   
 
3,163
 
   
 
–
 
  
 
4,172
 
      934        3,084        –       4,018  
– High
  
 
231
 
   
 
1,103
 
   
 
–
 
  
 
1,334
 
      266        1,089        –       1,355  
– Default
  
 
–
 
   
 
–
 
   
 
184
 
  
 
184
 
      –        –        175       175  
– Not rated
  
 
642
 
   
 
41
 
   
 
53
 
  
 
736
 
      657        34        52       743  
Gross personal
(
4
)
  
 
37,387
 
   
 
7,253
 
   
 
237
 
  
 
44,877
 
      36,036        9,166        227       45,429  
ECL allowance
  
 
121
 
   
 
618
 
   
 
157
 
  
 
896
 
      115        641        146       902  
Net personal
  
 
37,266
 
   
 
6,635
 
   
 
80
 
  
 
43,981
 
      35,921        8,525        81       44,527  
Credit card
                                                                     
– Exceptionally low
  
 
3,345
 
   
 
–
 
   
 
–
 
  
 
3,345
 
      3,151        –        –       3,151  
– Very low
  
 
1,054
 
   
 
–
 
   
 
–
 
  
 
1,054
 
      1,042        –        –       1,042  
– Low
  
 
7,058
 
   
 
143
 
   
 
–
 
  
 
7,201
 
      6,936        597        –       7,533  
– Medium
  
 
1,082
 
   
 
2,709
 
   
 
–
 
  
 
3,791
 
      992        2,927        –       3,919  
– High
  
 
9
 
   
 
622
 
   
 
–
 
  
 
631
 
      –        682        –       682  
– Default
  
 
–
 
   
 
–
 
   
 
–
 
  
 
–
 
      –        –        –       –  
– Not rated
  
 
142
 
   
 
7
 
   
 
–
 
  
 
149
 
      145        7        –       152  
Gross credit card
  
 
12,690
 
   
 
3,481
 
   
 
–
 
  
 
16,171
 
      12,266        4,213        –       16,479  
ECL allowance
  
 
127
 
   
 
630
 
   
 
–
 
  
 
757
 
      143        641        –       784  
Net credit card
  
 
12,563
 
   
 
2,851
 
   
 
–
 
  
 
15,414
 
      12,123        3,572        –       15,695  
Business and government
                                                                     
– Investment grade
  
 
98,280
 
   
 
625
 
   
 
–
 
  
 
98,905
 
      87,184        404        –       87,588  
– Non-investment grade
  
 
91,258
 
   
 
7,239
 
   
 
–
 
  
 
98,497
 
      101,889        6,457        –       108,346  
– Watchlist
  
 
59
 
   
 
3,751
 
   
 
–
 
  
 
3,810
 
      66        2,971        –       3,037  
– Default
  
 
–
 
   
 
–
 
   
 
1,042
 
  
 
1,042
 
      –        –        920       920  
– Not rated
  
 
238
 
   
 
16
 
   
 
–
 
  
 
254
 
      208        17        –       225  
Gross business and government 
(3)(5)
(6)
  
 
189,835
 
   
 
11,631
 
   
 
1,042
 
  
 
202,508
 
      189,347        9,849        920       200,116  
ECL allowance
  
 
257
 
   
 
531
 
   
 
410
 
  
 
1,198
 
      285        458        351       1,094  
Net business and government
  
 
189,578
 
   
 
11,100
 
   
 
632
 
  
 
201,310
 
      189,062        9,391        569       199,022  
Total net amount of loans
  
$
       492,724
 
   
$
     37,377
 
   
$
     1,205
 
  
$
   531,306
 
    $     492,658      $     34,920      $     1,079     $     528,657  
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $23 million (October 31, 2022: $24 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $14 million were recognized as at January 31, 2023 (October 31, 2022: $15 million), $12 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (October 31, 2022: $12 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, 2023 and October 31, 2022. Financial assets other than loans that are classified a
t
 amortized cost are presented on our interim consolidated balance sheet net of ECL allowances.
(2)
Excludes foreclosed assets of $21 million (October 31, 2022: $24 million) which were included in Other assets on our interim consolidated balance sheet.
(3)
Includes $
2
 million (October 31, 2022: $
4
 million) of residential mortgages and $772 million (October 31, 2022: $963 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 $11,996 million (October 31, 2022: $11,574 million).
(6)
The January 31, 2023 amounts include the impact of a change in the internal risk rating methodology applied at CIBC Bank USA.
 
Undrawn credit facilities and other
off-balance
sheet exposures
$ millions, as at
 
  
 
  
  
 
  
  
 
  
2023
Jan. 31
 
  
  
 
  
  
 
  
  
 
  
2022
Oct. 31
 
  
 
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
  
Stage 1
 
  
Stage 2
 
  
Stage 3
 
  
Total
 
Retail
 
  
  
  
  
  
  
  
– Exceptionally low
  
$
151,285
 
   
$
8
 
   
$
–
 
   
$
151,293
 
    $ 149,286      $ 6      $ –      $ 149,292  
– Very low
  
 
15,758
 
   
 
49
 
   
 
–
 
   
 
15,807
 
      14,461        51        –        14,512  
– Low
  
 
11,585
 
   
 
1,675
 
   
 
–
 
   
 
13,260
 
      10,844        2,412        –        13,256  
– Medium
  
 
833
 
   
 
1,214
 
   
 
–
 
   
 
2,047
 
      522        1,402        –        1,924  
– High
  
 
169
 
   
 
714
 
   
 
–
 
   
 
883
 
      155        682        –        837  
– Default
  
 
–
 
   
 
–
 
   
 
33
 
   
 
33
 
      –        –        39        39  
– Not rated
  
 
488
 
   
 
8
 
   
 
–
 
   
 
496
 
      484        8        –        492  
Gross retail
  
 
180,118
 
   
 
3,668
 
   
 
33
 
   
 
183,819
 
      175,752        4,561        39        180,352  
ECL allowance
  
 
41
 
   
 
76
 
   
 
–
 
   
 
117
 
      38        83        –        121  
Net retail
  
 
180,077
 
   
 
3,592
 
   
 
33
 
   
 
183,702
 
      175,714        4,478        39        180,231  
Business and government
                                                                       
– Investment grade
  
 
127,644
 
   
 
247
 
   
 
–
 
   
 
127,891
 
      119,069        121        –        119,190  
–
Non-investment
grade
  
 
57,349
 
   
 
2,893
 
   
 
–
 
   
 
60,242
 
      64,446        2,540        –        66,986  
– Watch list
  
 
17
 
   
 
922
 
   
 
–
 
   
 
939
 
      15        571        –        586  
– Default
  
 
–
 
   
 
–
 
   
 
80
 
   
 
80
 
      –        –        69        69  
– Not rated
  
 
437
 
   
 
14
 
   
 
–
 
   
 
451
 
      575        26        –        601  
Gross business and government
(1)
  
 
185,447
 
   
 
4,076
 
   
 
80
 
   
 
189,603
 
      184,105        3,258        69        187,432  
ECL allowance
  
 
46
 
   
 
48
 
   
 
1
 
   
 
95
 
      50        32        –        82  
Net business and government 
  
 
185,401
 
   
 
4,028
 
   
 
79
 
   
 
189,508
 
      184,055        3,226        69        187,350  
Total net undrawn credit facilities and other
off-balance
sheet exposures
  
$
    365,478
 
   
$
    7,620
 
   
$
     112
 
   
$
    373,210
 
    $     359,769      $     7,704      $     108      $     367,581  
(1)
The January 31, 2023 amounts include the impact of a change in the internal risk rating methodology applied at CIBC Bank USA.