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IFRS 7 Disclosure | 6 Months Ended
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Apr. 30, 2025
Text Block [Abstract] |
IFRS 7 Disclosure | Management of risk Our approach to management of risk has not changed significantly from that described on pages 45 to 84 of our 2024 Annual Report. Risk overview CIBC faces a wide variety of risks across all of its areas of business. Identifying and understanding risks and their impact allows CIBC to frame its risk appetite and risk management practices. Defining acceptable levels of risk, and establishing sound principles, policies and practices for managing risks, is fundamental to achieving consistent and sustainable long-term performance, while remaining within our risk appetite. Our risk appetite defines tolerance levels for various risks. This is the foundation for our risk management culture and our risk management framework. Our risk management framework includes:
• |  | CIBC, SBU, functional group-level and regional risk appetite statements;
• |  | Risk frameworks, policies, procedures and limits to align activities with our risk appetite;
• |  | Regular risk reports to identify and communicate risk levels;
• |  | An independent control framework to identify and test the design and operating effectiveness of our key controls;
• |  | Stress testing to consider the potential impact of changes in the business environment on capital, liquidity and earnings;
• |  | Proactive consideration of risk mitigation options in order to optimize results; and
• |  | Oversight through our risk-focused committees and governance structure.
Managing risk is a shared responsibility at CIBC. Business units and risk management professionals work in collaboration to ensure that business strategies and activities are consistent with our risk appetite. CIBC’s approach to enterprise-wide risk management aligns with the three lines of defence model:
(i) | As the first line of defence, CIBC’s Management, in SBUs and functional groups own the risks and are accountable and responsible for identifying and assessing risks inherent in its activities in accordance with the CIBC risk appetite. In addition, Management establishes and maintains controls to mitigate such risks. Management may include Governance Groups within the business to facilitate the Control Framework, Operational Risk Framework and other risk-related processes. A Governance Group refers to a group within Business Unit Management (first line of defence) whose focus is to support Management in meeting their governance, risk and control activities. A Governance Group is considered the first line of defence, in conjunction with Business Unit Management. Control Groups, which typically reside within centralized functions, provide subject matter expertise to Business Unit Management and/or implement/maintain enterprise-wide control programs and activities. While Control Groups collaborate with Business Unit Management in identifying and managing risk, they also challenge risk decisions and risk mitigation strategies.
(ii) | The second line of defence is independent from the first line of defence and provides an enterprise-wide view of specific risk types, guidance and effective challenge to risk and control activities. Risk Management is the primary second line of defence. Risk Management may leverage subject matter expertise of other groups (e.g., third parties or Control Groups) to inform their independent assessments, as appropriate.
(iii) | As the third line of defence, CIBC’s Internal Audit is responsible for providing reasonable assurance to senior management and the Audit Committee of the Board on the effectiveness of CIBC’s governance practices, risk management processes, and Internal Control as a part of its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter.
A strong risk culture and communication between the three lines of defence are important characteristics of effective risk management. Credit risk Credit risk is the risk of financial loss due to a borrower or counterparty failing to meet its obligations in accordance with contractual terms. Credit risk arises out of the lending businesses in each of our SBUs and in International banking, which is included in Corporate and Other. Other sources of credit risk consist of our trading activities, which include our over-the-counter (OTC) derivatives, debt securities, and our repo-style transaction activity. In addition to losses on the default of a borrower or counterparty, unrealized gains or losses may occur due to changes in the credit spread of the counterparty, which could impact the carrying or fair value of our assets. Exposure to credit risk The following table provides our exposure to credit risk by portfolios based upon how we manage the business and the associated risks. Gross credit exposure amounts presented in the table below represent our estimate of exposure at default (EAD), which is net of derivative master netting agreements and credit valuation adjustment (CVA), but is before allowance for credit losses or credit risk mitigation for internal ratings-based (IRB) approaches. Gross credit exposure amounts relating to our business and government portfolios are reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. Non-trading equity exposures are not included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting.
$ millions, as at |  |  |  |  | 2025 Apr. 30 |  |  |  |  |  | 2024 Oct. 31 |
|  |  | IRB approach | (1) |  |  | Standardized approach |  |  |  | Total |  |  |  | IRB approach | (1) |  |  | Standardized approach |  |  |  | Total |
Business and government portfolios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drawn |  | $ | 401,816 |  |  | $ | 16,785 |  |  | $ | 418,601 |  |  | $ | 386,836 |  |  | $ | 15,817 |  |  | $ | 402,653 |
Undrawn commitments |  |  | 63,389 |  |  |  | 1,059 |  |  |  | 64,448 |  |  |  | 62,778 |  |  |  | 1,183 |  |  |  | 63,961 |
Repo-style transactions |  |  | 475,812 |  |  |  | – |  |  |  | 475,812 |  |  |  | 408,201 |  |  |  | 1 |  |  |  | 408,202 |
Other off-balance sheet |  |  | 18,042 |  |  |  | 536 |  |  |  | 18,578 |  |  |  | 17,078 |  |  |  | 487 |  |  |  | 17,565 |
OTC derivatives |  |  | 20,691 |  |  |  | 125 |  |  |  | 20,816 |  |  |  | 18,806 |  |  |  | 126 |  |  |  | 18,932 |
Gross EAD on business and government portfolios |  |  | 979,750 |  |  |  | 18,505 |  |  |  | 998,255 |  |  |  | 893,699 |  |  |  | 17,614 |  |  |  | 911,313 |
Less: Collateral held for repo-style transactions |  |  | 453,951 |  |  |  | – |  |  |  | 453,951 |  |  |  | 388,767 |  |  |  | – |  |  |  | 388,767 |
Net EAD on business and government portfolios |  |  | 525,799 |  |  |  | 18,505 |  |  |  | 544,304 |  |  |  | 504,932 |  |  |  | 17,614 |  |  |  | 522,546 |
Retail portfolios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Drawn |  |  | 334,724 |  |  |  | 6,979 |  |  |  | 341,703 |  |  |  | 331,821 |  |  |  | 6,976 |  |  |  | 338,797 |
Undrawn commitments |  |  | 110,255 |  |  |  | 4,128 |  |  |  | 114,383 |  |  |  | 104,906 |  |  |  | 3,982 |  |  |  | 108,888 |
Other off-balance sheet |  |  | 481 |  |  |  | 124 |  |  |  | 605 |  |  |  | 444 |  |  |  | 114 |  |  |  | 558 |
Gross EAD on retail portfolios |  |  | 445,460 |  |  |  | 11,231 |  |  |  | 456,691 |  |  |  | 437,171 |  |  |  | 11,072 |  |  |  | 448,243 |
Securitization exposures (2) |  |  | 35,564 |  |  |  | 24,013 |  |  |  | 59,577 |  |  |  | 30,901 |  |  |  | 21,251 |  |  |  | 52,152 |
Gross EAD (3) |  | $ | 1,460,774 |  |  | $ | 53,749 |  |  | $ | 1,514,523 |  |  | $ | 1,361,771 |  |  | $ | 49,937 |  |  | $ | 1,411,708 |
Net EAD (3) |  | $ | 1,006,823 |  |  | $ | 53,749 |  |  | $ | 1,060,572 |  |  | $ | 973,004 |  |  | $ | 49,937 |  |  | $ | 1,022,941 |
(1) | Includes exposures subject to the supervisory slotting approach.
(2) | OSFI guidelines define a hierarchy of approaches for treating securitization exposures in our banking book. Depending on the underlying characteristics, exposures are eligible for either the standardized approach or the IRB approach. The external ratings-based approach (SEC-ERBA), which is inclusive of the internal assessment approach (SEC-IAA), includes exposures that qualify for the IRB approach, as well as exposures under the standardized approach.
(3) | Excludes exposures arising from derivative and repo-style transactions which are cleared through qualified central counterparties (QCCPs) as well as credit risk exposures arising from other assets that are subject to the credit risk framework, including other balance sheet assets which are risk-weighted at 100%, significant investments in the capital of non-financial institutions which are risk-weighted at 1250%, settlement risk, and amounts below the thresholds for deduction which are risk-weighted at 250%. Non-trading equity exposures are also excluded and are subject to a range of risk-weightings dependent on the nature of the security.
Loans contractually past due but not impaired The following table provides an aging analysis of loans that are not impaired, where repayment of principal or payment of interest is contractually in arrears. Loans less than 30 days past due are excluded as such loans are not generally indicative of the borrowers’ ability to meet their payment obligations.
$ millions, as at |  |  |  |  |  |  |  | 2025 Apr. 30 |  |  | 2024 Oct. 31 |
|  | 31 to 90 days |  |  | Over 90 days |  |  | Total |  |  | Total |
Residential mortgages |  | $ | 1,184 |  |  | $ | – |  |  | $ | 1,184 |  |  | $ | 1,216 |
Personal |  |  | 229 |  |  |  | – |  |  |  | 229 |  |  |  | 261 |
Credit card |  |  | 238 |  |  |  | 173 |  |  |  | 411 |  |  |  | 392 |
Business and government |  |  | 170 |  |  |  | – |  |  |  | 170 |  |  |  | 226 |
|  | $ | 1,821 |  |  | $ | 173 |  |  | $ | 1,994 |  |  | $ | 2,095 |
Market risk Market risk is the risk of economic and/or financial loss in our trading and non-trading portfolios from adverse changes in underlying market factors, including interest rates, foreign exchange rates, equity market prices, commodity prices, credit spreads, and customer behaviour for retail products. Market risk arises in CIBC’s trading and treasury activities, and encompasses all market-related positioning and market-making activity. The trading portfolio consists of positions in financial instruments and commodities held to meet the near-term needs of our clients. The non-trading portfolio consists of positions in various currencies that related to asset/liability management (ALM) and investment activities. Trading activities We hold positions in traded financial contracts to meet client investment and risk management needs. Trading re venu e (net interest income and non-interest income) is generated from these transactions. Trading instruments are recorded at fair value and include debt and equity securities, as well as interest rate, foreign exchange, equity, commodity, and credit derivative products. Value-at-Risk Our Value-at-Risk (VaR) methodology is a statistical technique that measures the potential overnight loss at a 99% confidence level. We use a full revaluation historical simulation methodology to compute VaR and other risk measures. The following table shows VaR for our trading activities based on risk type.
|  | As at or for the three months ended |  |  |  |  |  | As at or for the six months ended |
$ millions |  |  |  |  |  |  |  |  |  |  | 2025 Apr. 30 |  |  |  |  |  | 2025 Jan. 31 |  |  |  |  |  | 2024 Apr. 30 |  |  |  |  |  | 2025 Apr. 30 |  |  | 2024 Apr. 30 |
|  | High |  |  | Low |  |  | As at |  |  | Average |  |  | As at |  |  | Average |  |  | As at |  |  | Average |  |  |  |  |  | Average |  |  | Average |
Interest rate risk |  | $ | 10.2 |  |  | $ | 4.1 |  |  | $ | 6.6 |  |  | $ | 7.0 |  |  | $ | 7.0 |  |  | $ | 8.9 |  |  | $ | 11.7 |  |  | $ | 10.6 |  |  |  |  |  |  | $ | 7.9 |  |  | $ | 9.0 |
Credit spread risk |  |  | 2.9 |  |  |  | 1.2 |  |  |  | 1.4 |  |  |  | 1.6 |  |  |  | 1.3 |  |  |  | 2.1 |  |  |  | 2.4 |  |  |  | 2.4 |  |  |  |  |  |  |  | 1.9 |  |  |  | 2.4 |
Equity risk |  |  | 15.9 |  |  |  | 8.4 |  |  |  | 10.0 |  |  |  | 12.2 |  |  |  | 8.9 |  |  |  | 7.9 |  |  |  | 4.9 |  |  |  | 6.4 |  |  |  |  |  |  |  | 10.0 |  |  |  | 6.0 |
Foreign exchange risk |  |  | 3.0 |  |  |  | 0.5 |  |  |  | 1.1 |  |  |  | 1.1 |  |  |  | 1.3 |  |  |  | 1.6 |  |  |  | 2.7 |  |  |  | 1.5 |  |  |  |  |  |  |  | 1.3 |  |  |  | 1.2 |
Commodity risk |  |  | 9.0 |  |  |  | 2.0 |  |  |  | 2.3 |  |  |  | 5.0 |  |  |  | 5.9 |  |  |  | 2.8 |  |  |  | 3.1 |  |  |  | 2.4 |  |  |  |  |  |  |  | 3.9 |  |  |  | 2.5 |
Diversification effect (1) |  |  | n/m |  |  |  | n/m |  |  |  | (10.8 | ) |  |  | (13.1 | ) |  |  | (13.3 | ) |  |  | (12.4 | ) |  |  | (9.8 | ) |  |  | (10.3 | ) |  |  |  |  |  |  | (12.7 | ) |  |  | (9.9 | )
Total VaR (one-day measure) |  | $ | 16.1 |  |  | $ | 10.6 |  |  | $ | 10.6 |  |  | $ | 13.8 |  |  | $ | 11.1 |  |  | $ | 10.9 |  |  | $ | 15.0 |  |  | $ | 13.0 |  |  |  |  |  |  | $ | 12.3 |  |  | $ | 11.2 |
(1) | Total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect.
n/m | Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.
Non-trading activities Structural interest rate risk (SIRR) SIRR primarily consists of the risk arising due to mismatches in the timing of the repricing of assets and liabilities, which do not arise from trading and trading-related businesses. The objective of SIRR management is to lock in product spreads and deliver stable and predictable net interest income over time, while managing the risk to the economic value of our assets arising from changes in interest rates. SIRR results from differences in the maturities or repricing dates of assets and liabilities, both on- and off-balance sheet, as well as from embedded optionality in retail products, and other product features that could affect the expected timing of cash flows, such as options to pre-pay loans or redeem term deposits prior to contractual maturity. A number of assumptions affecting cash flows, product repricing and the administration of rates underlie the models used to measure SIRR. The key assumptions pertain to the expected funding profile of mortgage rate commitments, fixed rate loan prepayment behaviour, term deposit redemption behaviour, the treatment of non-maturity deposits and equity. Assumptions rely on empirical data, based on historical client behaviour, balance sheet composition and product pricing with the consideration of possible forward-looking changes. All models and assumptions used to measure SIRR are subject to independent oversight by Risk Management. A variety of cash instruments and derivatives, primarily interest rate swaps, are used to manage these risks. The following table shows the potential before-tax impact of an immediate and sustained 100 basis point increase and 100 basis point decrease in interest rates on projected 12-month net interest income and the economic value of equity (EVE) for our structural balance sheet, assuming no subsequent hedging management actions or changes in business mix or changes in product margins. Structural interest rate sensitivity – measures
$ millions (pre-tax), as at |  |  |  |  | 2025 Apr. 30 |  |  |  |  |  |  |  |  | 2025 Jan. 31 |  |  |  |  |  |  |  |  | 2024 Apr. 30 |  |  |  |
|  |  | CAD | (1) |  |  | USD |  |  |  | Total |  |  |  | CAD | (1) |  |  | USD |  |  |  | Total |  |  |  | CAD | (1) |  |  | USD |  |  |  | Total |
100 basis point increase in interest rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in net interest income |  | $ | 84 |  |  | $ | 37 |  |  | $ | 121 |  |  | $ | 109 |  |  | $ | 41 |  |  | $ | 150 |  |  | $ | 216 |  |  | $ | 89 |  |  | $ | 305 |
Increase (decrease) in EVE |  |  | (1,055 | ) |  |  | (457 | ) |  |  | (1,512 | ) |  |  | (1,061 | ) |  |  | (454 | ) |  |  | (1,515 | ) |  |  | (820 | ) |  |  | (367 | ) |  |  | (1,187 | )
100 basis point decrease in interest rates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in net interest income |  |  | (148 | ) |  |  | (41 | ) |  |  | (189 | ) |  |  | (174 | ) |  |  | (44 | ) |  |  | (218 | ) |  |  | (273 | ) |  |  | (88 | ) |  |  | (361 | )
Increase (decrease) in EVE |  |  | 903 |  |  |  | 463 |  |  |  | 1,366 |  |  |  | 975 |  |  |  | 464 |  |  |  | 1,439 |  |  |  | 724 |  |  |  | 380 |  |  |  | 1,104 |
(1) | Includes CAD and other currency exposures.
Liquidity risk Liquidity risk is the risk of having insufficient cash or its equivalent in a timely and cost-effective manner to meet financial obligations as they come due. Common sources of liquidity risk inherent in banking services include unanticipated withdrawals of deposits, the inability to replace maturing debt, credit and liquidity commitments, and additional pledging or other collateral requirements. Liquid assets Available liquid assets include unencumbered cash and marketable securities from on- and off-balance sheet sources that can be used to access funding in a timely fashion. Encumbered liquid assets, composed of assets pledged as collateral and those assets that are deemed restricted due to legal, operational, or other purposes, are not considered as sources of available liquidity when measuring liquidity risk. The asset mix is supported by concentration monitoring on issuers, tenors and product types to ensure that bank-wide liquid asset portfolios contain a mix of assets that have appropriate liquidity, including in times of stress. Encumbered and unencumbered liquid assets from on- and off-balance sheet sources are summarized as follows:
$ millions, as at |  |  | Bank owned liquid assets |  |  |  | Securities received as collateral |  |  |  | Total liquid assets |  |  |  | Encumbered liquid assets |  |  |  | Unencumbered liquid assets | (1)
2025 |  | Cash and deposits with banks |  | $ | 49,586 |  |  | $ | – |  |  | $ | 49,586 |  |  | $ | 482 |  |  | $ | 49,104 |
Apr. 30 |  | Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks |  |  | 186,105 |  |  |  | 120,301 |  |  |  | 306,406 |  |  |  | 179,119 |  |  |  | 127,287 |
|  | Other debt securities |  |  | 5,947 |  |  |  | 13,934 |  |  |  | 19,881 |  |  |  | 5,863 |  |  |  | 14,018 |
|  | Equities |  |  | 64,770 |  |  |  | 30,245 |  |  |  | 95,015 |  |  |  | 59,146 |  |  |  | 35,869 |
|  | Canadian government guaranteed National Housing Act mortgage-backed securities |  |  | 32,431 |  |  |  | 5,264 |  |  |  | 37,695 |  |  |  | 23,557 |  |  |  | 14,138 |
|  | Other liquid assets (2) |  |  | 21,881 |  |  |  | 5,875 |  |  |  | 27,756 |  |  |  | 10,147 |  |  |  | 17,609 |
|  |  |  | $ | 360,720 |  |  | $ | 175,619 |  |  | $ | 536,339 |  |  | $ | 278,314 |  |  | $ | 258,025 |
2024 |  | Cash and deposits with banks |  | $ | 48,064 |  |  | $ | – |  |  | $ | 48,064 |  |  | $ | 560 |  |  | $ | 47,504 |
Oct. 31 |  | Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks |  |  | 178,324 |  |  |  | 108,499 |  |  |  | 286,823 |  |  |  | 146,992 |  |  |  | 139,831 |
|  | Other debt securities |  |  | 6,093 |  |  |  | 11,328 |  |  |  | 17,421 |  |  |  | 3,696 |  |  |  | 13,725 |
|  | Equities |  |  | 58,102 |  |  |  | 33,424 |  |  |  | 91,526 |  |  |  | 54,269 |  |  |  | 37,257 |
|  | Canadian government guaranteed National Housing Act mortgage-backed securities |  |  | 35,155 |  |  |  | 2,038 |  |  |  | 37,193 |  |  |  | 20,263 |  |  |  | 16,930 |
|  | Other liquid assets (2) |  |  | 16,021 |  |  |  | 2,849 |  |  |  | 18,870 |  |  |  | 8,971 |  |  |  | 9,899 |
|  |  |  | $ | 341,759 |  |  | $ | 158,138 |  |  | $ | 499,897 |  |  | $ | 234,751 |  |  | $ | 265,146 |
(1) | Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral received less encumbered liquid assets.
(2) | Includes cash pledged as collateral for derivatives transactions, select asset-backed securities and precious metals.
Asset encumbrance In the course of our day-to-day operations, securities and other assets are pledged to secure obligations, participate in clearing and settlement systems and for other collateral management purposes. Restrictions on the flow of funds Our subsidiaries are not subject to significant restrictions that would prevent transfers of funds, dividends or capital distributions. However, certain subsidiaries have different capital and liquidity requirements, established by applicable banking and securities regulators. We monitor and manage our capital and liquidity requirements across these entities to ensure that resources are used efficiently and entities are in compliance with local regulatory and policy requirements. Funding We fund our operations with client-sourced deposits, supplemented with a wide range of wholesale funding. Our principal approach aims to fund our consolidated balance sheet with deposits primarily raised from personal and commercial banking channels. We maintain a foundation of relationship-based core deposits, whose stability is regularly evaluated through internally developed statistical assessments. We routinely access a range of short-term and long-term secured and unsecured funding sources diversified by geography, depositor type, instrument, currency and maturity. We raise long-term funding from existing programs including covered bonds, asset securitizations and unsecured debt. We continuously evaluate opportunities to diversify into new funding products and investor segments in an effort to maximize funding flexibility and minimize concentration and financing costs. We regularly monitor wholesale funding levels and concentrations to internal limits consistent with our desired liquidity risk profile. GALCO and RMC review and approve CIBC’s funding plan, which incorporates projected asset and liability growth, funding maturities, and output from our liquidity position forecasting. Assets and liabilities The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values. Contractual analysis is not representative of our liquidity risk exposure, however, this information serves to inform our management of liquidity risk, and provide input when modelling a behavioural balance sheet.
$ millions, as at April 30, 2025 |  | Less than 1 month |  |  | 1–3 months |  |  | 3–6 months |  |  | 6–9 months |  |  | 9–12 months |  |  | 1–2 years |  |  | 2–5 years |  |  | Over 5 years |  |  | No specified maturity |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and non-interest-bearing deposits with banks (1) |  | $ | 14,011 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | 14,011 |
Interest-bearing deposits with banks |  |  | 35,575 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 35,575 |
Securities |  |  | 7,129 |  |  |  | 17,567 |  |  |  | 9,998 |  |  |  | 11,089 |  |  |  | 9,531 |  |  |  | 29,605 |  |  |  | 63,991 |  |  |  | 52,208 |  |  |  | 68,723 |  |  |  | 269,841 |
Cash collateral on securities borrowed |  |  | 18,945 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 18,945 |
Securities purchased under resale agreements |  |  | 49,354 |  |  |  | 19,259 |  |  |  | 14,810 |  |  |  | 4,136 |  |  |  | 2,474 |  |  |  | 1,221 |  |  |  | 7 |  |  |  | – |  |  |  | – |  |  |  | 91,261 |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgages |  |  | 5,290 |  |  |  | 11,046 |  |  |  | 21,240 |  |  |  | 15,842 |  |  |  | 27,887 |  |  |  | 90,285 |  |  |  | 101,839 |  |  |  | 10,008 |  |  |  | – |  |  |  | 283,437 |
Personal |  |  | 969 |  |  |  | 581 |  |  |  | 1,011 |  |  |  | 635 |  |  |  | 971 |  |  |  | 665 |  |  |  | 4,745 |  |  |  | 5,134 |  |  |  | 32,145 |  |  |  | 46,856 |
Credit card |  |  | 436 |  |  |  | 873 |  |  |  | 1,309 |  |  |  | 1,309 |  |  |  | 1,309 |  |  |  | 5,238 |  |  |  | 10,310 |  |  |  | – |  |  |  | – |  |  |  | 20,784 |
Business and government (2) |  |  | 4,718 |  |  |  | 6,334 |  |  |  | 13,523 |  |  |  | 15,393 |  |  |  | 14,378 |  |  |  | 57,116 |  |  |  | 78,410 |  |  |  | 22,092 |  |  |  | 12,789 |  |  |  | 224,753 |
Allowance for credit losses |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | (4,191 | ) |  |  | (4,191 | )
Derivative instruments |  |  | 2,717 |  |  |  | 6,622 |  |  |  | 3,068 |  |  |  | 4,022 |  |  |  | 2,458 |  |  |  | 5,815 |  |  |  | 7,721 |  |  |  | 6,067 |  |  |  | – |  |  |  | 38,490 |
Other assets |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 50,381 |  |  |  | 50,381 |
|  | $ | 139,144 |  |  | $ | 62,282 |  |  | $ | 64,959 |  |  | $ | 52,426 |  |  | $ | 59,008 |  |  | $ | 189,945 |  |  | $ | 267,023 |  |  | $ | 95,509 |  |  | $ | 159,847 |  |  | $ | 1,090,143 |
October 31, 2024 |  | $ | 130,008 |  |  | $ | 45,680 |  |  | $ | 57,993 |  |  | $ | 52,094 |  |  | $ | 61,184 |  |  | $ | 186,218 |  |  | $ | 260,975 |  |  | $ | 101,546 |  |  | $ | 146,287 |  |  | $ | 1,041,985 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits (3) |  | $ | 44,568 |  |  | $ | 42,098 |  |  | $ | 60,055 |  |  | $ | 48,992 |  |  | $ | 52,330 |  |  | $ | 51,068 |  |  | $ | 65,194 |  |  | $ | 24,072 |  |  | $ | 396,250 |  |  | $ | 784,627 |
Obligations related to securities sold short |  |  | 20,093 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 20,093 |
Cash collateral on securities lent |  |  | 6,715 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 6,715 |
Obligations related to securities sold under repurchase agreements |  |  | 122,041 |  |  |  | 8,279 |  |  |  | 660 |  |  |  | 678 |  |  |  | – |  |  |  | 620 |  |  |  | 1,001 |  |  |  | – |  |  |  | – |  |  |  | 133,279 |
Derivative instruments |  |  | 7,844 |  |  |  | 6,240 |  |  |  | 2,489 |  |  |  | 3,867 |  |  |  | 2,356 |  |  |  | 6,581 |  |  |  | 4,723 |  |  |  | 9,839 |  |  |  | 6 |  |  |  | 43,945 |
Other liabilities (2) |  |  | 34 |  |  |  | 47 |  |  |  | 68 |  |  |  | 69 |  |  |  | 69 |  |  |  | 264 |  |  |  | 587 |  |  |  | 810 |  |  |  | 28,816 |  |  |  | 30,764 |
Subordinated indebtedness |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 34 |  |  |  | 8,740 |  |  |  | – |  |  |  | 8,774 |
Equity |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 61,946 |  |  |  | 61,946 |
|  | $ | 201,295 |  |  | $ | 56,664 |  |  | $ | 63,272 |  |  | $ | 53,606 |  |  | $ | 54,755 |  |  | $ | 58,533 |  |  | $ | 71,539 |  |  | $ | 43,461 |  |  | $ | 487,018 |  |  | $ | 1,090,143 |
October 31, 2024 |  | $ | 188,502 |  |  | $ | 48,833 |  |  | $ | 75,616 |  |  | $ | 49,168 |  |  | $ | 46,158 |  |  | $ | 55,388 |  |  | $ | 73,705 |  |  | $ | 39,445 |  |  | $ | 465,170 |  |  | $ | 1,041,985 |
(1) | Cash includes interest-bearing demand deposits with Bank of Canada.
(2) | Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.
(3) | Comprises $255.5 billion (October 31, 2024: $252.9 billion) of personal deposits; $501.7 billion (October 31, 2024: $492.0 billion) of business and government deposits and secured borrowings; and $27.4 billion (October 31, 2024: $20.0 billion) of bank deposits.
Credit-related commitments The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity requirements.
$ millions, as at April 30, 2025 |  |  | Less than 1 month |  |  |  | 1–3 months |  |  |  | 3–6 months |  |  |  | 6–9 months |  |  |  | 9–12 months |  |  |  | 1–2 years |  |  |  | 2–5 years |  |  |  | Over 5 years |  |  |  | No specified maturity | (1) |  |  | Total |
Unutilized credit commitments |  | $ | 2,895 |  |  | $ | 9,807 |  |  | $ | 6,618 |  |  | $ | 5,400 |  |  | $ | 7,503 |  |  | $ | 24,263 |  |  | $ | 85,476 |  |  | $ | 3,544 |  |  | $ | 253,155 |  |  | $ | 398,661 |
Standby and performance letters of credit |  |  | 5,318 |  |  |  | 3,645 |  |  |  | 3,608 |  |  |  | 5,827 |  |  |  | 3,886 |  |  |  | 503 |  |  |  | 783 |  |  |  | 189 |  |  |  | – |  |  |  | 23,759 |
Backstop liquidity facilities |  |  | 157 |  |  |  | 216 |  |  |  | 259 |  |  |  | 25,469 |  |  |  | 207 |  |  |  | 120 |  |  |  | 243 |  |  |  | – |  |  |  | – |  |  |  | 26,671 |
Documentary and commercial letters of credit |  |  | 48 |  |  |  | 47 |  |  |  | 57 |  |  |  | 14 |  |  |  | 10 |  |  |  | – |  |  |  | 14 |  |  |  | – |  |  |  | – |  |  |  | 190 |
Other (2) |  |  | 1,292 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 54 |  |  |  | 1,346 |
|  | $ | 9,710 |  |  | $ | 13,715 |  |  | $ | 10,542 |  |  | $ | 36,710 |  |  | $ | 11,606 |  |  | $ | 24,886 |  |  | $ | 86,516 |  |  | $ | 3,733 |  |  | $ | 253,209 |  |  | $ | 450,627 |
October 31, 2024 |  | $ | 18,455 |  |  | $ | 35,462 |  |  | $ | 8,910 |  |  | $ | 11,720 |  |  | $ | 12,084 |  |  | $ | 26,766 |  |  | $ | 77,636 |  |  | $ | 3,562 |  |  | $ | 245,816 |  |  | $ | 440,411 |
(1) | Includes $195.7 billion (October 31, 2024: $189.6 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.
(2) | Includes forward-dated securities financing trades.
Other off-balance sheet contractual obligations The following table provides the contractual maturities of other off-balance sheet contractual obligations affecting our funding needs:
$ millions, as at April 30, 2025 |  | Less than 1 month |  |  | 1–3 months |  |  | 3–6 months |  |  | 6–9 months |  |  | 9–12 months |  |  | 1–2 years |  |  | 2–5 years |  |  | Over 5 years |  |  | Total |
Purchase obligations (1) |  | $ | 118 |  |  | $ | 212 |  |  | $ | 267 |  |  | $ | 275 |  |  | $ | 207 |  |  | $ | 643 |  |  | $ | 740 |  |  | $ | 255 |  |  | $ | 2,717 |
Future lease commitments (2) |  |  | – |  |  |  | – |  |  |  | 2 |  |  |  | 5 |  |  |  | 6 |  |  |  | 31 |  |  |  | 95 |  |  |  | 434 |  |  |  | 573 |
Investment commitments |  |  | – |  |  |  | – |  |  |  | 1 |  |  |  | 1 |  |  |  | 12 |  |  |  | 10 |  |  |  | 47 |  |  |  | 488 |  |  |  | 559 |
Underwriting commitments |  |  | 514 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 514 |
Pension contributions (3) |  |  | 14 |  |  |  | 28 |  |  |  | 41 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 83 |
|  | $ | 646 |  |  | $ | 240 |  |  | $ | 311 |  |  | $ | 281 |  |  | $ | 225 |  |  | $ | 684 |  |  | $ | 882 |  |  | $ | 1,177 |  |  | $ | 4,446 |
October 31, 2024 (2) |  | $ | 607 |  |  | $ | 263 |  |  | $ | 292 |  |  | $ | 321 |  |  | $ | 279 |  |  | $ | 737 |  |  | $ | 850 |  |  | $ | 1,203 |  |  | $ | 4,552 |
(1) | Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed, minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases of debt and equity instruments that settle within standard market time frames.
(2) | Excludes lease obligations that are accounted for under IFRS 16, which are recognized on the interim consolidated balance sheet, and operating and tax expenses relating to lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for which we have not yet recognized a lease liability and right-of-use asset.
(3) | Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum funding contributions are included only for the remaining annual period ending October 31, 2025 as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability.

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