XML 45 R31.htm IDEA: XBRL DOCUMENT v3.25.1
Loans (Tables)
 6 Months Ended
Apr. 30, 2025
Text Block [Abstract]  
Summary of Allowance for Credit Losses
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, as at or for the three months ended
  
2025
Apr. 30
 
 
  
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
   
$
91
 
   
$
128
 
   
$
253
 
   
$
472
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
3
 
   
 
(6
)
   
 
(21
)
   
 
(24
)
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(2)
   
 
(35
)
   
 
42
 
   
 
48
 
   
 
55
 
Transfers 
(2)
            
– to 12-month ECL
   
 
38
 
   
 
(35
)
   
 
(3
)
   
 
–
 
– to lifetime ECL performing
   
 
(2
)
   
 
6
 
   
 
(4
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(3
) 
   
 
3
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
4
 
   
 
4
 
   
 
23
 
   
 
31
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(2
)
   
 
(2
)
Recoveries
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(9
)
   
 
(9
)
Foreign exchange and other
   
 
(3
) 
   
 
–
 
   
 
(7
) 
   
 
(10
) 
Balance at end of period
   
$
92
 
   
$
132
 
   
$
258
 
   
$
482
 
Personal
            
Balance at beginning of period
   
$
228
 
   
$
680
 
   
$
187
 
   
$
1,095
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
9
 
   
 
(14
)
   
 
(7
)
   
 
(12
)
Changes in model
   
 
5
 
   
 
21
 
   
 
–
 
   
 
26
 
Net remeasurement 
(2)
   
 
(198
)
   
 
171
 
   
 
148
 
   
 
121
 
Transfers 
(2)
            
– to 12-month ECL
   
 
211
 
   
 
(208
)
   
 
(3
)
   
 
–
 
– to lifetime ECL performing
   
 
(10
)
   
 
14
 
   
 
(4
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
(1
)
   
 
(17
)
   
 
18
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
16
 
   
 
(33
)
   
 
152
 
   
 
135
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(149
)
   
 
(149
)
Recoveries
   
 
–
 
   
 
–
 
   
 
24
 
   
 
24
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(2
)
   
 
(2
)
Foreign exchange and other
   
 
(2
)
   
 
–
 
   
 
(6
)
   
 
(8
)
Balance at end of period
   
$
242
 
   
$
647
 
   
$
206
 
   
$
1,095
 
Credit card
            
Balance at beginning of period
   
$
277
 
   
$
683
 
   
$
–
 
   
$
960
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
9
 
   
 
(10
)
   
 
–
 
   
 
(1
)
Changes in model
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Net remeasurement 
(2)
   
 
(225
)
   
 
351
 
   
 
92
 
   
 
218
 
Transfers 
(2)
            
– to 12-month ECL
   
 
250
 
   
 
(250
)
   
 
–
 
   
 
–
 
– to lifetime ECL performing
   
 
(19
)
   
 
19
 
   
 
–
 
   
 
–
 
– to lifetime ECL credit-impaired
   
 
(1
)
   
 
(91
)
   
 
92
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
14
 
   
 
19
 
   
 
184
 
   
 
217
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(221
)
   
 
(221
)
Recoveries
   
 
–
 
   
 
–
 
   
 
37
 
   
 
37
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Foreign exchange and other
   
 
–
 
   
 
–
 
   
 
–
 
   
 
–
 
Balance at end of period
   
$
291
 
   
$
702
 
   
$
–
 
   
$
993
 
Business and government
            
Balance at beginning of period
   
$
320
 
   
$
1,057
 
   
$
472
 
   
$
1,849
 
Provision for (reversal of) credit losses
            
Originations net of repayments and other derecognitions 
(1)
   
 
7
 
   
 
(23
)
   
 
(12
)
   
 
(28
)
Changes in model
   
 
1
 
   
 
2
 
   
 
–
 
   
 
3
 
Net remeasurement 
(2)
   
 
3
 
   
 
139
 
   
 
105
 
   
 
247
 
Transfers 
(2)
            
– to 12-month ECL
   
 
30
 
   
 
(29
)
   
 
(1
)
   
 
–
 
– to lifetime ECL performing
   
 
(15
)
   
 
16
 
   
 
(1
)
   
 
–
 
– to lifetime ECL credit-impaired
   
 
–
 
   
 
(13
)
   
 
13
 
   
 
–
 
Total provision for (reversal of) credit losses 
(3)
   
 
26
 
   
 
92
 
   
 
104
 
   
 
222
 
Write-offs
   
 
–
 
   
 
–
 
   
 
(85
)
   
 
(85
)
Recoveries
   
 
–
 
   
 
–
 
   
 
3
 
   
 
3
 
Interest income on impaired loans
   
 
–
 
   
 
–
 
   
 
(24
)
   
 
(24
)
Foreign exchange and other
   
 
(13
)
   
 
(46
)
   
 
(21
)
   
 
(80
)
Balance at end of period
   
$
333
 
   
$
1,103
 
   
$
449
 
   
$
1,885
 
Total ECL allowance 
(4)
   
$
958
 
   
$
2,584
 
   
$
913
 
   
$
4,455
 
Comprises:
            
Loans
   
$
   844
 
   
$
  2,443
 
   
$
   904
 
   
$
  4,191
 
Undrawn credit facilities and other off-balance sheet exposures 
(5)
   
 
114
 
   
 
141
 
   
 
9
 
   
 
264
 
(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 April 30, 2025, January 31, 2025 and April 30, 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   2025
Jan. 31		     2024
Apr. 30		  
    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
   $ 89     $ 126     $ 234     $ 449     $ 88     $ 165     $ 250     $ 503  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     4       (5 )      (15 )      (16 )      4       (4 )      (12 )      (12 ) 
Changes in model
     –       –       –       –       –       4       11       15  
Net remeasurement 
(2)
     (38 )      36       41       39       (18 )      6       13       1  
Transfers 
(2)
                
– to 12-month ECL
     36       (35 )      (1 )      –       19       (19 )      –       –  
– to lifetime ECL performing
     (2 )      7       (5 )      –       (2 )      3       (1 )      –  
– to lifetime ECL credit-impaired
     –       (2 )      2       –       –       (3 )      3       –  
Total provision for (reversal of) credit losses 
(3)
     –       1       22       23       3       (13 )      14       4  
Write-offs
     –       –       (2 )      (2 )      –       –       (4 )      (4 ) 
Recoveries
     –       –       3       3       –       –       –       –  
Interest income on impaired loans
     –       –       (8 )      (8 )      –       –       (6 )      (6 ) 
Foreign exchange and other
     2       1       4       7       1       (1 )      2       2  
Balance at end of period
   $ 91     $ 128     $ 253     $ 472     $ 92     $ 151     $ 256     $ 499  
Personal
                
Balance at beginning of period
   $ 247     $ 546     $ 190     $ 983     $ 176     $ 735     $ 187     $ 1,098  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     7       (5 )      (7 )      (5 )      7       (15 )      (9 )      (17 ) 
Changes in model
     (20 )      76       –       56       –       –       –       –  
Net remeasurement 
(2)
       (119 )     187       112       180       (137 )      155       110       128  
Transfers 
(2)
                
– to 12-month ECL
     128       (126 )      (2 )      –       144       (144 )      –       –  
– to lifetime ECL performing
     (15 )      23       (8 )      –       (16 )      17       (1 )      –  
– to lifetime ECL credit-impaired
     (1 )      (19 )      20       –       –       (24 )      24       –  
Total provision for (reversal of) credit losses 
(3)
     (20 )      136       115       231       (2 )      (11 )      124       111  
Write-offs
     –       –       (138 )      (138 )      –       –       (132 )      (132 ) 
Recoveries
     –       –       17       17       –       –       15       15  
Interest income on impaired loans
     –       –       (2 )      (2 )      –       –       (2 )      (2 ) 
Foreign exchange and other
     1       (2 )      5       4       1       –       4       5  
Balance at end of period
   $ 228     $ 680     $ 187     $ 1,095     $ 175     $ 724     $ 196     $ 1,095  
Credit card
                
Balance at beginning of period
   $ 295     $ 660     $ –     $ 955     $ 194     $ 580     $ –     $ 774  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     10       (5 )      –       5       6       (5 )      –       1  
Changes in model
     (26 )      32       –       6       –       –       –       –  
Net remeasurement 
(2)
     (213 )      264       112       163       (94 )      161       96       163  
Transfers 
(2)
                
– to 12-month ECL
     232       (232 )      –       –       93       (93 )      –       –  
– to lifetime ECL performing
     (21 )      21       –       –       (15 )      15       –       –  
– to lifetime ECL credit-impaired
     –       (57 )      57       –       –       (50 )      50       –  
Total provision for (reversal of) credit losses 
(3)
     (18 )      23       169       174       (10 )      28       146       164  
Write-offs
     –       –       (204 )      (204 )      –       –       (177 )      (177 ) 
Recoveries
     –       –       35       35       –       –       31       31  
Interest income on impaired loans
     –       –       –       –       –       –       –       –  
Foreign exchange and other
     –       –       –       –       –       –       –       –  
Balance at end of period
   $ 277     $ 683     $ –     $ 960     $ 184     $ 608     $ –     $ 792  
Business and government
                
Balance at beginning of period
   $ 265     $ 1,061     $ 401     $ 1,727     $ 258     $ 912     $ 637     $ 1,807  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
     14       (22 )      (21 )      (29 )      9       (2 )      (10 )      (3 ) 
Changes in model
     –       –       –       –       –       –       –       –  
Net remeasurement 
(2)
     (8 )      79       103       174       21       64       153       238  
Transfers 
(2)
                
– to 12-month ECL
     47       (45 )      (2 )      –       33       (30 )      (3 )      –  
– to lifetime ECL performing
     (7 )      9       (2 )      –       (13 )      14       (1 )      –  
– to lifetime ECL credit-impaired
     –       (62 )      62       –       –       (24 )      24       –  
Total provision for (reversal of) credit losses 
(3)
     46       (41 )      140       145       50       22       163       235  
Write-offs
     –       –       (77 )      (77 )      –       –       (385 )      (385 ) 
Recoveries
     –       –       14       14       –       –       31       31  
Interest income on impaired loans
     –       –       (23 )      (23 )      –       –       (21 )      (21 ) 
Foreign exchange and other
     9       37       17       63       4       19       10       33  
Balance at end of period
   $ 320     $ 1,057     $ 472     $ 1,849     $ 312     $ 953     $ 435     $ 1,700  
Total ECL allowance 
(4)
   $ 916     $ 2,548     $    912     $   4,376     $    763     $   2,436     $    887     $   4,086  
Comprises:
                
Loans
   $ 805     $   2,396     $ 903     $ 4,104     $ 667     $ 2,346     $ 885     $ 3,898  
Undrawn credit facilities and other off-balance sheet exposures 
(5)
     111       152       9       272       96       90       2       188  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, as at or for the six months ended
 
2025
Apr. 30
 
 
2024
Apr. 30
 
 
 
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
  
$
89
 
  
$
126
 
  
$
234
 
  
$
449
 
   $ 90     $ 142     $ 224     $ 456  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
7
 
  
 
(11
)
  
 
(36
)
  
 
(40
) 
     8       (6 )      (21 )      (19 ) 
Changes in model
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       4       11       15  
Net remeasurement 
(2)
  
 
(73
)
  
 
78
 
  
 
89
 
  
 
94
 
     (38 )      44       56       62  
Transfers 
(2)
                
– to 12-month ECL
  
 
74
 
  
 
(70
) 
  
 
(4
) 
  
 
–
 
     36       (35 )      (1 )      –  
– to lifetime ECL performing
  
 
(4
) 
  
 
13
 
  
 
(9
)
  
 
–
 
     (4 )      6       (2 )      –  
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(5
)
  
 
5
 
  
 
–
 
     –       (4 )      4       –  
Total provision for (reversal of) credit losses 
(3)
  
 
4
 
  
 
5
 
  
 
45
 
  
 
54
 
     2       9       47       58  
Write-offs
  
 
–
 
  
 
–
 
  
 
(4
)
  
 
(4
)
     –       –       (7 )      (7 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
3
 
  
 
3
 
     –       –       4       4  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(17
)
  
 
(17
)
     –       –       (12 )      (12 ) 
Foreign exchange and other
  
 
(1
)
  
 
1
 
  
 
(3
)
  
 
(3
)
     –       –       –       –  
Balance at end of period
  
$
92
 
  
$
132
 
  
$
258
 
  
$
482
 
   $ 92     $ 151     $ 256     $ 499  
Personal
                
Balance at beginning of period
  
$
247
 
  
$
546
 
  
$
190
 
  
$
983
 
   $ 174     $ 709     $ 181     $ 1,064  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
16
 
  
 
(19
)
  
 
(14
)
  
 
(17
)
     15       (29 )      (20 )      (34 ) 
Changes in model
  
 
(15
)
  
 
97
 
  
 
–
 
  
 
82
 
     –       –       –       –  
Net remeasurement 
(2)
  
 
(317
)
  
 
358
 
  
 
260
 
  
 
301
 
     (265 )      338       218       291  
Transfers 
(2)
                
– to 12-month ECL
  
 
   339
 
  
 
(334
)
  
 
(5
)
  
 
–
 
     284       (284 )      –       –  
– to lifetime ECL performing
  
 
(25
)
  
 
37
 
  
 
(12
)
  
 
–
 
     (34 )      36       (2 )      –  
– to lifetime ECL credit-impaired
  
 
(2
)
  
 
(36
)
  
 
38
 
  
 
–
 
     –       (47 )      47       –  
Total provision for (reversal of) credit losses 
(3)
  
 
(4
)
  
 
103
 
  
 
267
 
  
 
366
 
     –       14       243       257  
Write-offs
  
 
–
 
  
 
–
 
  
 
(287
)
  
 
(287
)
     –       –       (258 )      (258 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
41
 
  
 
41
 
     –       –       32       32  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(4
)
  
 
(4
)
     –       –       (3 )      (3 ) 
Foreign exchange and other
  
 
(1
)
  
 
(2
)
  
 
(1
)
  
 
(4
)
     1       1       1       3  
Balance at end of period
  
$
242
 
  
$
647
 
  
$
206
 
  
$
1,095
 
   $ 175     $ 724     $ 196     $ 1,095  
Credit card
                
Balance at beginning of period
  
$
295
 
  
$
660
 
  
$
–
 
  
$
955
 
   $ 181     $ 591     $ –     $ 772  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
19
 
  
 
(15
)
  
 
–
 
  
 
4
 
     12       (24 )      –       (12 ) 
Changes in model
  
 
(26
)
  
 
32
 
  
 
–
 
  
 
6
 
     –       –       –       –  
Net remeasurement 
(2)
  
 
(438
)
  
 
615
 
  
 
204
 
  
 
381
 
     (188 )      326       173       311  
Transfers 
(2)
                
– to 12-month ECL
  
 
482
 
  
 
(482
)
  
 
–
 
  
 
–
 
     212       (212 )      –       –  
– to lifetime ECL performing
  
 
(40
)
  
 
40
 
  
 
–
 
  
 
–
 
     (33 )      33       –       –  
– to lifetime ECL credit-impaired
  
 
(1
)
  
 
(148
)
  
 
149
 
  
 
–
 
     –       (106 )      106       –  
Total provision for (reversal of) credit losses 
(3)
  
 
(4
)
  
 
42
 
  
 
353
 
  
 
391
 
     3       17       279       299  
Write-offs
  
 
–
 
  
 
–
 
  
 
(425
)
  
 
(425
)
     –       –       (337 )      (337 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
72
 
  
 
72
 
     –       –       58       58  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Foreign exchange and other
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
     –       –       –       –  
Balance at end of period
  
$
291
 
  
$
702
 
  
$
–
 
  
$
993
 
   $ 184     $ 608     $ –     $ 792  
Business and government
                
Balance at beginning of period
  
$
265
 
  
$
1,061
 
  
$
401
 
  
$
1,727
 
   $ 294     $ 864     $ 667     $ 1,825  
Provision for (reversal of) credit losses
                
Originations net of repayments and other derecognitions 
(1)
  
 
21
 
  
 
(45
)
  
 
(33
)
  
 
(57
)
     12       (22 )      (21 )      (31 ) 
Changes in model
  
 
1
 
  
 
2
 
  
 
–
 
  
 
3
 
     12       29       –       41  
Net remeasurement 
(2)
  
 
(5
)
  
 
218
 
  
 
208
 
  
 
421
 
     (64 )      275       264       475  
Transfers 
(2)
                
– to 12-month ECL
  
 
77
 
  
 
(74
)
  
 
(3
)
  
 
–
 
     84       (79 )      (5 )      –  
– to lifetime ECL performing
  
 
(22
)
  
 
25
 
  
 
(3
)
  
 
–
 
     (22 )      25       (3 )      –  
– to lifetime ECL credit-impaired
  
 
–
 
  
 
(75
)
  
 
75
 
  
 
–
 
     –       (135 )      135       –  
Total provision for (reversal of) credit losses 
(3)
  
 
72
 
  
 
51
 
  
 
244
 
  
 
367
 
     22       93       370       485  
Write-offs
  
 
–
 
  
 
–
 
  
 
(162
)
  
 
(162
)
     –       –       (607 )      (607 ) 
Recoveries
  
 
–
 
  
 
–
 
  
 
17
 
  
 
17
 
     –       –       49       49  
Interest income on impaired loans
  
 
–
 
  
 
–
 
  
 
(47
)
  
 
(47
)
     –       –       (44 )      (44 ) 
Foreign exchange and other
  
 
(4
)
  
 
(9
)
  
 
(4
)
  
 
(17
)
     (4 )      (4 )      –       (8 ) 
Balance at end of period
  
$
333
 
  
$
1,103
 
  
$
449
 
  
$
1,885
 
   $ 312     $ 953     $ 435     $ 1,700  
Total ECL allowance 
(4)
  
$
958
 
  
$
2,584
 
  
$
913
 
  
$
4,455
 
   $ 763     $ 2,436     $ 887     $ 4,086  
Comprises:
                
Loans
  
$
  844
 
  
$
  2,443
 
  
$
   904
 
  
$
  4,191
 
   $    667     $   2,346     $    885     $   3,898  
Undrawn credit facilities and other off-balance sheet exposures 
(5)
  
 
114
 
  
 
141
 
  
 
9
 
  
 
264
 
     96       90       2       188  
Summary of Base Case Forecasts for Select Forward Looking Information Variables Used to Estimate our Expected Credit Losses
 
 
Base case
 
 
Upside case
 
 
Downside case
 
As at April 30, 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)
  
 
0.8
 % 
  
 
2.0
 % 
  
 
2.0
 % 
  
 
2.7
 % 
  
 
(0.3
)%
   
 
1.1
 % 
United States
  
 
1.7
 % 
  
 
2.0
 % 
  
 
3.2
 % 
  
 
2.9
 % 
  
 
0.6
 % 
   
 
0.9
 % 
Unemployment rate
             
Canada 
(2)
  
 
6.9
 % 
  
 
6.2
 % 
  
 
6.2
 % 
  
 
5.5
 % 
  
 
8.0
 % 
   
 
7.0
 % 
United States
  
 
4.5
 % 
  
 
4.1
 % 
  
 
3.8
 % 
  
 
3.4
 % 
  
 
4.9
 % 
   
 
4.6
 % 
Canadian Housing Price Index year-over-year growth 
(2)
  
 
1.5
 % 
  
 
3.0
 % 
  
 
4.7
 % 
  
 
5.7
 % 
  
 
(2.7
)%
   
 
1.4
 % 
Canadian household debt service ratio
  
 
14.6
 % 
  
 
14.7
 % 
  
 
14.1
 % 
  
 
14.3
 % 
  
 
15.2
 % 
   
 
15.1
 % 
West Texas Intermediate Oil Price (US$)
  
$
73
    
  
$
74
    
  
$
82
    
  
$
100
    
  
$
60
    
   
$
60
    
As at January 31, 2025                                                 
Real 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.
Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades
The
following tables provide the gross carrying amount of loans, and the contractual amounts 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
Apr. 30
             2024
Oct. 31		  
 
  
 
Stage 1
 
   
 
Stage 2
 
   
 
Stage 3
 
(2)
 
  
 
Total
 
      Stage 1        Stage 2        Stage 3  
(2)
 		     Total  
Residential mortgages
                     
– Exceptionally low
  
$
170,148
 
   
$
101
 
   
$
–
 
  
$
170,249
 
    $ 160,515      $ 6,130      $ –     $ 166,645  
– Very low
  
 
85,720
 
   
 
544
 
   
 
–
 
  
 
86,264
 
      81,198        5,926        –       87,124  
– Low
  
 
11,239
 
   
 
2,396
 
   
 
–
 
  
 
13,635
 
      10,329        3,638        –       13,967  
– Medium
  
 
1,100
 
   
 
6,535
 
   
 
–
 
  
 
7,635
 
      851        6,534        –       7,385  
– High
  
 
7
 
   
 
1,577
 
   
 
–
 
  
 
1,584
 
      7        1,561        –       1,568  
– Default
  
 
–
 
   
 
–
 
   
 
945
 
  
 
945
 
      –        –        790       790  
– Not rated
  
 
2,737
 
   
 
174
 
   
 
214
 
  
 
3,125
 
      2,757        232        204       3,193  
Gross residential mortgages 
(3)(4)
  
 
270,951
 
   
 
11,327
 
   
 
1,159
 
  
 
283,437
 
      255,657        24,021        994       280,672  
ECL allowance
  
 
92
 
   
 
132
 
   
 
258
 
  
 
482
 
      89        126        234       449  
Net residential mortgages
  
 
270,859
 
   
 
11,195
 
   
 
901
 
  
 
282,955
 
      255,568        23,895        760       280,223  
Personal
                     
– Exceptionally low
  
 
17,968
 
   
 
75
 
   
 
–
 
  
 
18,043
 
      16,689        83        –       16,772  
– Very low
  
 
10,896
 
   
 
46
 
   
 
–
 
  
 
10,942
 
      9,685        12        –       9,697  
– Low
  
 
6,981
 
   
 
1,379
 
   
 
–
 
  
 
8,360
 
      10,498        1,374        –       11,872  
– Medium
  
 
4,954
 
   
 
1,825
 
   
 
–
 
  
 
6,779
 
      3,848        1,822        –       5,670  
– High
  
 
520
 
   
 
1,158
 
   
 
–
 
  
 
1,678
 
      465        1,102        –       1,567  
– Default
  
 
–
 
   
 
–
 
   
 
273
 
  
 
273
 
      –        –        260       260  
– Not rated
  
 
724
 
   
 
24
 
   
 
33
 
  
 
781
 
      782        29        32       843  
Gross personal 
(4)
  
 
42,043
 
   
 
4,507
 
   
 
306
 
  
 
46,856
 
      41,967        4,422        292       46,681  
ECL allowance
  
 
217
 
   
 
605
 
   
 
206
 
  
 
1,028
 
      221        531        190       942  
Net personal
  
 
41,826
 
   
 
3,902
 
   
 
100
 
  
 
45,828
 
      41,746        3,891        102       45,739  
Credit card
                     
– Exceptionally low
  
 
6,923
 
   
 
–
 
   
 
–
 
  
 
6,923
 
      7,185        –        –       7,185  
– Very low
  
 
474
 
   
 
–
 
   
 
–
 
  
 
474
 
      502        –        –       502  
– Low
  
 
6,495
 
   
 
442
 
   
 
–
 
  
 
6,937
 
      6,800        4        –       6,804  
– Medium
  
 
4,431
 
   
 
1,286
 
   
 
–
 
  
 
5,717
 
      3,853        1,512        –       5,365  
– High
  
 
6
 
   
 
555
 
   
 
–
 
  
 
561
 
      2        522        –       524  
– Default
  
 
–
 
   
 
–
 
   
 
–
 
  
 
–
 
      –        –        –       –  
– Not rated
  
 
166
 
   
 
6
 
   
 
–
 
  
 
172
 
      165        6        –       171  
Gross credit card
  
 
18,495
 
   
 
2,289
 
   
 
–
 
  
 
20,784
 
      18,507        2,044        –       20,551  
ECL allowance
  
 
262
 
   
 
634
 
   
 
–
 
  
 
896
 
      279        623        –       902  
Net credit card
  
 
18,233
 
   
 
1,655
 
   
 
–
 
  
 
19,888
 
      18,228        1,421        –       19,649  
Business and government
                     
– Investment grade
  
 
109,140
 
   
 
666
 
   
 
–
 
  
 
109,806
 
      101,809        722        –       102,531  
– Non-investment grade
  
 
99,499
 
   
 
9,404
 
   
 
–
 
  
 
108,903
 
      97,131        9,000        –       106,131  
– Watchlist
  
 
49
 
   
 
3,914
 
   
 
–
 
  
 
3,963
 
      25        3,745        –       3,770  
– Default
  
 
–
 
   
 
–
 
   
 
1,830
 
  
 
1,830
 
      –        –        1,628       1,628  
– Not rated
  
 
237
 
   
 
14
 
   
 
–
 
  
 
251
 
      230        15        –       245  
Gross business and government 
(3)(5)
  
 
208,925
 
   
 
13,998
 
   
 
1,830
 
  
 
224,753
 
      199,195        13,482        1,628       214,305  
ECL allowance
  
 
273
 
   
 
1,072
 
   
 
440
 
  
 
1,785
 
      211        1,021        392       1,624  
Net business and government
  
 
208,652
 
   
 
12,926
 
   
 
1,390
 
  
 
222,968
 
      198,984        12,461        1,236       212,681  
Total net amount of loans
  
$
  539,570
 
   
$
  29,678
 
   
$
  2,391
 
  
$
  571,639
 
    $   514,526      $   41,668      $   2,098     $   558,292  
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $18 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 $15 million were recognized as at April 30, 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 April 30, 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 $5 million (October 31, 2024: $8 million) which were included in Other assets on our interim consolidated balance sheet.
(3)
Includes $3 million (October 31, 2024: $3 million) of residential mortgages and $614 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
Apr. 30
                             
2024
Oct. 31
  
    
Stage 1
     
Stage 2
     
Stage 3
     
Total
      Stage 1      Stage 2      Stage 3      Total  
Retail
                       
– Exceptionally low
  
$
169,816
 
   
$
128
 
   
$
–
 
   
$
169,944
 
    $ 164,577      $ 117      $ –      $ 164,694  
– Very low
  
 
15,407
 
   
 
84
 
   
 
–
 
   
 
15,491
 
      15,112        4        –        15,116  
– Low
  
 
15,411
 
   
 
1,547
 
   
 
–
 
   
 
16,958
 
      14,988        984        –        15,972  
– Medium
  
 
2,574
 
   
 
1,224
 
   
 
–
 
   
 
3,798
 
      2,263        1,280        –        3,543  
– High
  
 
377
 
   
 
560
 
   
 
–
 
   
 
937
 
      325        539        –        864  
– Default
  
 
–
 
   
 
–
 
   
 
44
 
   
 
44
 
      –        –        43        43  
– Not rated
  
 
605
 
   
 
8
 
   
 
–
 
   
 
613
 
      565        9        –        574  
Gross retail
  
 
204,190
 
   
 
3,551
 
   
 
44
 
   
 
207,785
 
      197,830        2,933        43        200,806  
ECL allowance
  
 
54
 
   
 
110
 
   
 
–
 
   
 
164
 
      42        52        –        94  
Net retail
  
 
204,136
 
   
 
3,441
 
   
 
44
 
   
 
207,621
 
      197,788        2,881        43        200,712  
Business and government
                       
– Investment grade
  
 
166,228
 
   
 
574
 
   
 
–
 
   
 
166,802
 
      156,560        571        –        157,131  
– Non-investment grade
  
 
69,247
 
   
 
3,389
 
   
 
–
 
   
 
72,636
 
      66,788        3,018        –        69,806  
– Watch list
  
 
17
 
   
 
887
 
   
 
–
 
   
 
904
 
      28        878        –        906  
– Default
  
 
–
 
   
 
–
 
   
 
244
 
   
 
244
 
      –        –        123        123  
– Not rated
  
 
872
 
   
 
38
 
   
 
–
 
   
 
910
 
      1,117        91        –        1,208  
Gross business and government
  
 
236,364
 
   
 
4,888
 
   
 
244
 
   
 
241,496
 
      224,493        4,558        123        229,174  
ECL allowance
  
 
60
 
   
 
31
 
   
 
9
 
   
 
100
 
      54        40        9        103  
Net business and government
  
 
236,304
 
   
 
4,857
 
   
 
235
 
   
 
241,396
 
      224,439        4,518        114        229,071  
Total net undrawn credit facilities and other
off-balance
sheet exposures
  
$
  440,440
 
   
$
  8,298
 
   
$
  279
 
   
$
  449,017
 
    $   422,227      $   7,399      $   157      $   429,783