Cover Page
Cover Page | 3 Months Ended |
Jan. 31, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ |
Entity Central Index Key | 0001045520 |
Current Fiscal Year End Date | --10-31 |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | |
ASSETS | |||
Cash and non-interest-bearing deposits with banks | [1] | $ 42,986 | $ 43,531 |
Interest-bearing deposits with banks | 20,307 | 18,987 | |
Securities (Note 5) | 150,493 | 149,046 | |
Cash collateral on securities borrowed | 11,557 | 8,547 | |
Securities purchased under resale agreements | 64,396 | 65,595 | |
Loans (Note 6) | |||
Residential mortgages | 226,594 | 221,165 | |
Personal | 41,971 | 42,222 | |
Credit card | 10,709 | 11,389 | |
Business and government | 134,863 | 135,546 | |
Allowance for credit losses | (3,484) | (3,540) | |
Total loans | 410,653 | 406,782 | |
Other | |||
Derivative instruments | 34,165 | 32,730 | |
Customers' liability under acceptances | 10,322 | 9,606 | |
Property and equipment | 2,932 | 2,997 | |
Goodwill | 5,084 | 5,253 | |
Software and other intangible assets | 1,942 | 1,961 | |
Investments in equity-accounted associates and joint ventures | 658 | 658 | |
Deferred tax assets | 519 | 650 | |
Other assets | 26,894 | 23,208 | |
Other miscellaneous assets | 82,516 | 77,063 | |
Total assets | 782,908 | 769,551 | |
Deposits (Note 7) | |||
Personal | 206,090 | 202,152 | |
Business and government | 310,445 | 311,426 | |
Bank | 18,666 | 17,011 | |
Secured borrowings | 38,726 | 40,151 | |
Deposits | 573,927 | 570,740 | |
Obligations related to securities sold short | 19,476 | 15,963 | |
Cash collateral on securities lent | 1,745 | 1,824 | |
Obligations related to securities sold under repurchase agreements | 76,522 | 71,653 | |
Other | |||
Derivative instruments | 32,158 | 30,508 | |
Acceptances | 10,380 | 9,649 | |
Deferred tax liabilities | 35 | 33 | |
Other liabilities | 22,043 | 22,134 | |
Other miscellaneous liabilities | 64,616 | 62,324 | |
Subordinated indebtedness | 4,693 | 5,712 | |
Equity | |||
Contributed surplus | 119 | 117 | |
Retained earnings | 23,060 | 22,119 | |
Accumulated other comprehensive income (AOCI) | 1,007 | 1,435 | |
Total shareholders' equity | 41,752 | 41,154 | |
Non-controlling interests | 177 | 181 | |
Total equity | 41,929 | 41,335 | |
Total liabilities and equities | 782,908 | 769,551 | |
Preferred shares and other equity instruments [member] | |||
Equity | |||
Issued shares (Note 9) | 3,575 | 3,575 | |
Total equity | 3,575 | 3,575 | |
Common shares [member] | |||
Equity | |||
Issued shares (Note 9) | 13,991 | 13,908 | |
Total equity | $ 13,991 | $ 13,908 | |
[1] | Includes restricted cash of $493 million (October 31, 2020: $463 million; January 31, 2020: $493 million) and interest-bearing demand deposits with Bank of Canada. |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | |||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | ||
Interest income (Note 14) | ||||
Loans | [1] | $ 3,071 | $ 3,099 | $ 3,986 |
Securities | [1] | 569 | 572 | 730 |
Securities borrowed or purchased under resale agreements | [1] | 90 | 87 | 364 |
Deposits with banks | [1] | 41 | 42 | 102 |
Interest income | [1] | 3,771 | 3,800 | 5,182 |
Interest expense (Note 14) | ||||
Deposits | 755 | 822 | 1,983 | |
Securities sold short | 56 | 59 | 75 | |
Securities lent or sold under repurchase agreements | 71 | 71 | 295 | |
Subordinated indebtedness | 35 | 36 | 46 | |
Other | 15 | 20 | 22 | |
Interest expense | 932 | 1,008 | 2,421 | |
Net interest income | 2,839 | 2,792 | 2,761 | |
Non-interest income | ||||
Underwriting and advisory fees | 134 | 103 | 126 | |
Deposit and payment fees | 195 | 186 | 222 | |
Credit fees | 287 | 265 | 254 | |
Card fees | 123 | 105 | 122 | |
Investment management and custodial fees | 373 | 357 | 350 | |
Mutual fund fees | 424 | 402 | 409 | |
Insurance fees, net of claims | 97 | 95 | 102 | |
Commissions on securities transactions | 103 | 83 | 81 | |
Gains (losses) from financial instruments measured/designated at fair value through profit or loss (FVTPL), net | 213 | 86 | 265 | |
Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net | 36 | 4 | 11 | |
Foreign exchange other than trading (FXOTT) | 69 | 45 | 58 | |
Income from equity-accounted associates and joint ventures | 16 | 12 | 18 | |
Other | 54 | 65 | 76 | |
Non-interest income | 2,124 | 1,808 | 2,094 | |
Total revenue | 4,963 | 4,600 | 4,855 | |
Provision for credit losses (Note 6) | 147 | 291 | 261 | |
Non-interest expenses | ||||
Employee compensation and benefits | 1,564 | 1,371 | 1,897 | |
Occupancy costs | 193 | 321 | 206 | |
Computer, software and office equipment | 467 | 516 | 470 | |
Communications | 79 | 72 | 75 | |
Advertising and business development | 45 | 71 | 77 | |
Professional fees | 47 | 53 | 50 | |
Business and capital taxes | 31 | 30 | 36 | |
Other | 300 | 457 | 254 | |
Non-interest expenses | 2,726 | 2,891 | 3,065 | |
Income before income taxes | 2,090 | 1,418 | 1,529 | |
Income taxes | 465 | 402 | 317 | |
Net income | 1,625 | 1,016 | 1,212 | |
Net income (loss) attributable to non-controlling interests | 4 | 1 | 7 | |
Preferred shareholders and other equity instrument holders | 30 | 30 | 31 | |
Common shareholders | 1,591 | 985 | 1,174 | |
Net income attributable to equity shareholders | $ 1,621 | $ 1,015 | $ 1,205 | |
Earnings per share (in dollars) (Note 12) | ||||
Basic | $ 3.56 | $ 2.21 | $ 2.64 | |
Diluted | 3.55 | 2.20 | 2.63 | |
Dividends per common share (in dollars) | $ 1.46 | $ 1.46 | $ 1.44 | |
[1] | Interest income included $3.4 billion for the quarter ended January 31, 2021 (October 31, 2020: $3.4 billion; January 31, 2020: $4.7 billion) calculated based on the effective interest rate method. |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Billions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Profit or loss [abstract] | |||
Interest income calculated based on effective interest method | $ 3.4 | $ 3.4 | $ 4.7 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | |||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | ||
Statement of comprehensive income [abstract] | ||||
Net income | $ 1,625 | $ 1,016 | $ 1,212 | |
Net foreign currency translation adjustments | ||||
Net gains (losses) on investments in foreign operations | (1,417) | (187) | 162 | |
Net gains (losses) on hedges of investments in foreign operations | 798 | 103 | (85) | |
Other comprehensive income, net of tax, exchange differences on translation | (619) | (84) | 77 | |
Net change in debt securities measured at FVOCI | ||||
Net gains (losses) on securities measured at FVOCI | 56 | 5 | 44 | |
Net (gains) losses reclassified to net income | (26) | (5) | (6) | |
Other comprehensive income, net of tax, debt securities | 30 | 38 | ||
Net change in cash flow hedges | ||||
Net gains (losses) on derivatives designated as cash flow hedges | 124 | 32 | (11) | |
Net (gains) losses reclassified to net income | (148) | (62) | 14 | |
Other comprehensive income, net of tax, cash flow hedges | (24) | (30) | 3 | |
OCI, net of income tax, that is not subject to subsequent reclassification to net income | ||||
Net gains (losses) on post-employment defined benefit plans | 199 | 147 | (105) | |
Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk | (35) | (8) | (22) | |
Net gains (losses) on equity securities designated at FVOCI | 24 | 25 | 36 | |
OCI, net of income tax, that will not be reclassified to profit or loss, net of tax | 188 | 164 | (91) | |
Total OCI | [1] | (425) | 50 | 27 |
Comprehensive income | 1,200 | 1,066 | 1,239 | |
Comprehensive income (loss) attributable to non-controlling interests | 4 | 1 | 7 | |
Preferred shareholders and other equity instrument holders | 30 | 30 | 31 | |
Common shareholders | 1,166 | 1,035 | 1,201 | |
Comprehensive income attributable to equity shareholders | 1,196 | 1,065 | 1,232 | |
Net foreign currency translation adjustments | ||||
Income tax (expense) benefit, Net gains (losses) on investments in foreign operations | 11 | 1 | (1) | |
Income tax (expense) benefit, Net gains (losses) on hedges of investments in foreign operations | (15) | (3) | ||
Income tax (expense) benefit relating to exchange differences on translation of other comprehensive income | (4) | (2) | (1) | |
Net change in debt securities measured at FVOCI | ||||
Income tax (expense) benefit, Net gains (losses) on securities measured at FVOCI | (25) | (7) | (12) | |
Income tax (expense) benefit, Net (gains) losses reclassified to net income | 9 | 1 | 2 | |
Income tax (expense) benefit relating to debt securities of other comprehensive income | (16) | (6) | (10) | |
Net change in cash flow hedges | ||||
Income tax (expense) benefit, Net gains (losses) on derivatives designated as cash flow hedges | (45) | (12) | 4 | |
Income tax (expense) benefit, Net (gains) losses reclassified to net income | 53 | 22 | (5) | |
Income tax (expense) benefit relating to cash flow hedges of other comprehensive income | 8 | 10 | (1) | |
Not subject to subsequent reclassification to net income | ||||
Income tax (expense) benefit, Net gains (losses) on post-employment defined benefit plans | (71) | (42) | 36 | |
Income tax (expense) benefit, Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk | 13 | 4 | 8 | |
Income tax (expense) benefit, Net gains (losses) on equity securities designated at FVOCI | (8) | (9) | (13) | |
Income tax (expense) benefit, Net gains (losses) not subject to subsequent reclassification to net income | (66) | (47) | 31 | |
Income tax (expense) benefit relating to components of other comprehensive income | $ (78) | $ (45) | $ 19 | |
[1] | Includes $6 million of losses for the quarter ended January 31, 2021 (October 31, 2020: $1 million of losses; January 31, 2020: $4 million of losses), relating to our investments in equity-accounted associates and joint ventures. |
Consolidated statement of com_2
Consolidated statement of comprehensive income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Gains (losses) on investments in equity-accounted associates and joint ventures included in OCI | $ (6) | $ (1) | $ (4) |
Consolidated statement of chang
Consolidated statement of changes in equity - CAD ($) $ in Millions | Total | Issue of preferred shares and limited recourse capital notes [member] | Common shares [member] | Additional paid-in capital [member] | Retained earnings [member] | Retained earnings [member]Issue of preferred shares and limited recourse capital notes [member] | Retained earnings [member]Common shares [member] | AOCI, net of tax [member] | AOCI, net of tax [member]Net foreign currency translation adjustments [member] | AOCI, net of tax [member]Net gains (losses) on cash flow hedges [member] | AOCI, net of tax [member]Reserve of remeasurements of defined benefit plans [member] | AOCI, net of tax [member]Reserve of change in fair value of financial liability attributable to change in credit risk of liability [member] | AOCI, net of tax [member]Reserve of equity securities designated at fair value of other comprehensive income [member] | AOCI, net of tax [member]Financial assets at fair value through OCI [member] | Non-controlling interests [member] |
Balance at beginning of period (Previously stated [member]) at Oct. 31, 2019 | $ 20,972 | ||||||||||||||
Balance at beginning of period (Impact of adopting IFRS [member]) at Oct. 31, 2019 | 127 | ||||||||||||||
Balance at beginning of period at Oct. 31, 2019 | $ 2,825 | $ 13,591 | $ 125 | 21,099 | $ 993 | $ 113 | $ (363) | $ 16 | $ 45 | $ 77 | $ 186 | ||||
Net income attributable to equity shareholders | $ 1,205 | 1,205 | |||||||||||||
Net income (loss) attributable to non-controlling interests | 7 | 7 | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | 36 | ||||||||||||||
Net change in securities measured at FVOCI | 38 | ||||||||||||||
Net change in foreign currency translation adjustments | 77 | ||||||||||||||
Net change in cash flow hedges | 3 | 3 | |||||||||||||
Net change in post-employment defined benefit plans | (105) | (105) | |||||||||||||
Net change attributable to changes in credit risk | (22) | (22) | |||||||||||||
Dividends and distributions | $ (31) | $ (641) | (2) | ||||||||||||
Premium on purchase of common shares for cancellation | (119) | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (29) | ||||||||||||||
Issue of equity | 123 | ||||||||||||||
Compensation expense arising from equity-settled share-based awards | 3 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 29 | ||||||||||||||
Purchase of common shares for cancellation, Amount | (46) | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (4) | ||||||||||||||
Treasury shares | 1 | ||||||||||||||
Other | (1) | 1 | |||||||||||||
Balance at end of period at Jan. 31, 2020 | 39,230 | 2,825 | 13,669 | 123 | 21,543 | $ 879 | 1,070 | 116 | (468) | (6) | 52 | 115 | 191 | ||
Balance at beginning of period at Jul. 31, 2020 | 2,825 | 13,800 | 122 | 21,726 | 1,257 | 304 | (430) | (32) | 39 | 309 | 179 | ||||
Net income attributable to equity shareholders | 1,015 | 1,015 | |||||||||||||
Net income (loss) attributable to non-controlling interests | 1 | 1 | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | 25 | ||||||||||||||
Net change in foreign currency translation adjustments | (84) | ||||||||||||||
Net change in cash flow hedges | (30) | (30) | |||||||||||||
Net change in post-employment defined benefit plans | 147 | 147 | |||||||||||||
Net change attributable to changes in credit risk | (8) | (8) | |||||||||||||
Dividends and distributions | (30) | (652) | (2) | ||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (62) | ||||||||||||||
Issue of equity | 750 | 89 | |||||||||||||
Compensation expense arising from equity-settled share-based awards | 3 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 62 | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (8) | ||||||||||||||
Treasury shares | 19 | ||||||||||||||
Other | (2) | 3 | |||||||||||||
Balance at end of period at Oct. 31, 2020 | 41,335 | 3,575 | 13,908 | 117 | 22,119 | 1,435 | 1,173 | 274 | (283) | (40) | 2 | 309 | 181 | ||
Net income attributable to equity shareholders | 1,621 | 1,621 | |||||||||||||
Net income (loss) attributable to non-controlling interests | 4 | 4 | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | 24 | ||||||||||||||
Net change in securities measured at FVOCI | 30 | ||||||||||||||
Net change in foreign currency translation adjustments | (619) | ||||||||||||||
Net change in cash flow hedges | (24) | (24) | |||||||||||||
Net change in post-employment defined benefit plans | 199 | 199 | |||||||||||||
Net change attributable to changes in credit risk | (35) | (35) | |||||||||||||
Dividends and distributions | $ (30) | $ (653) | |||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (3) | ||||||||||||||
Issue of equity | 99 | ||||||||||||||
Compensation expense arising from equity-settled share-based awards | 6 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 3 | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (5) | ||||||||||||||
Treasury shares | (16) | ||||||||||||||
Other | 1 | (8) | |||||||||||||
Balance at end of period at Jan. 31, 2021 | $ 41,929 | $ 3,575 | $ 13,991 | $ 119 | $ 23,060 | $ 1,007 | $ 554 | $ 250 | $ (84) | $ (75) | $ 23 | $ 339 | $ 177 |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | ||||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |||
Cash flows provided by (used in) operating activities | |||||
Net income | $ 1,625 | $ 1,016 | $ 1,212 | ||
Adjustments to reconcile net income to cash flows provided by (used in) operating activities: | |||||
Provision for credit losses | 147 | 291 | 261 | ||
Amortization and impairment | [1] | 237 | 536 | 246 | |
Stock options and restricted shares expense | 6 | 3 | 3 | ||
Deferred income taxes | 43 | (16) | (93) | ||
Losses (gains) from debt securities measured at FVOCI and amortized cost | (36) | (4) | (11) | ||
Net losses (gains) on disposal of property and equipment | 1 | ||||
Other non-cash items, net | 82 | 14 | (68) | ||
Net changes in operating assets and liabilities | |||||
Interest-bearing deposits with banks | (1,320) | 64 | (2,458) | ||
Loans, net of repayments | (4,177) | (2,256) | (4,116) | ||
Deposits, net of withdrawals | 1,628 | 3,775 | 12,718 | ||
Obligations related to securities sold short | 3,513 | (263) | 1,791 | ||
Accrued interest receivable | 132 | (179) | 151 | ||
Accrued interest payable | (159) | 109 | (112) | ||
Derivative assets | (1,440) | 10,715 | (1,356) | ||
Derivative liabilities | 1,688 | (12,386) | 252 | ||
Securities measured at FVTPL | (3,864) | (1,868) | (9,009) | ||
Other assets and liabilities measured/designated at FVTPL | 1,727 | 975 | (1,050) | ||
Current income taxes | 62 | (221) | 1,242 | ||
Cash collateral on securities lent | (79) | 260 | (200) | ||
Obligations related to securities sold under repurchase agreements | 4,869 | 6,678 | 5,339 | ||
Cash collateral on securities borrowed | (3,010) | (1,335) | (2,964) | ||
Securities purchased under resale agreements | 1,199 | (10,747) | (807) | ||
Other, net | (4,096) | 1,845 | (297) | ||
Cash flows provided by (used in) operating activities | (1,223) | (2,994) | 675 | ||
Cash flows provided by (used in) financing activities | |||||
Redemption/repurchase/maturity of subordinated indebtedness | (1,008) | (33) | |||
Issue of preferred shares and limited recourse capital notes, net of issuance cost | 747 | ||||
Issue of common shares for cash | 62 | 4 | 83 | ||
Purchase of common shares for cancellation | (165) | ||||
Net sale (purchase) of treasury shares | (16) | 19 | 1 | ||
Dividends and distributions paid | (651) | (650) | (636) | ||
Repayment of lease liabilities | (74) | (78) | (75) | ||
Cash flows provided by (used in) financing activities | (1,687) | 9 | (792) | ||
Cash flows provided by (used in) investing activities | |||||
Purchase of securities measured/designated at FVOCI and amortized cost | (9,954) | (10,056) | (9,821) | ||
Proceeds from sale of securities measured/designated at FVOCI and amortized cost | 6,812 | 2,346 | 3,757 | ||
Proceeds from maturity of debt securities measured at FVOCI and amortized cost | 5,676 | 4,968 | 7,145 | ||
Net sale (purchase) of property and equipment | (71) | (100) | (62) | ||
Cash flows provided by (used in) investing activities | 2,463 | (2,842) | 1,019 | ||
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks | (98) | (13) | 12 | ||
Net increase (decrease) in cash and non-interest-bearing deposits with banks during the period | (545) | (5,840) | 914 | ||
Cash and non-interest-bearing deposits with banks at beginning of period | 43,531 | [2] | 49,371 | 3,840 | |
Cash and non-interest-bearing deposits with banks at end of period | [2] | 42,986 | 43,531 | 4,754 | |
Cash interest paid | 1,091 | 899 | 2,533 | ||
Cash interest received | 3,659 | 3,401 | 5,139 | ||
Cash dividends received | 244 | 220 | 194 | ||
Cash income taxes paid (received) | $ 360 | $ 639 | $ (832) | ||
[1] | Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets. | ||||
[2] | Includes restricted cash of $493 million (October 31, 2020: $463 million; January 31, 2020: $493 million) and interest-bearing demand deposits with Bank of Canada. |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 |
Statement of cash flows [abstract] | |||
Restricted cash | $ 493 | $ 463 | $ 493 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 3 Months Ended |
Jan. 31, 2021 | |
Text block [abstract] | |
IFRS 7 Disclosure | Management of risk Our approach to management of risk has not changed significantly from that described on pages 43 to 82 of our 2020 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 and functional group-level 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 SBUs and functional groups own the risks and are accountable and responsible for identifying and assessing risks inherent in their activities in accordance with the CIBC risk appetite. In addition, they establish and maintain controls to mitigate such risks. The first line of defence may include governance groups within the relevant area to facilitate the control framework and other risk-related processes. Control groups provide subject matter expertise to the business lines and/or implement and maintain enterprise-wide control programs and activities. While control groups collaborate with the lines of business 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 or rely on subject matter expertise of other groups (e.g., third parties or control groups) to better inform their independent assessments, as appropriate. (iii) As the third line of defence, CIBC’s internal audit function provides reasonable assurance to senior management and the Audit Committee of the Board of Directors (the Board) 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. Other sources of credit risk consist of our trading activities, which include our over-the-counter Exposure to credit risk $ millions, as at 2021 Jan. 31 2020 Oct. 31 Business and government portfolios – advanced internal ratings-based approach (AIRB) Drawn $ 245,009 $ 248,265 Undrawn commitments 61,775 59,379 Repo-style transactions 218,474 202,809 Other off-balance 75,326 75,399 OTC derivatives 17,779 18,850 Gross exposure at default (EAD) on business and government portfolios 618,363 604,702 Less: Collateral held for repo-style transactions 201,608 187,832 Net EAD on business and government portfolios 416,755 416,870 Retail portfolios – AIRB approach Drawn 270,023 265,097 Undrawn commitments 88,511 87,294 Other off-balance 272 306 Gross EAD on retail portfolios 358,806 352,697 Standardized portfolios (1) 80,252 79,350 Securitization exposures – AIRB approach 10,146 12,276 Gross EAD $ 1,067,567 $ 1,049,025 Net EAD $ 865,959 $ 861,193 (1) Includes $69.4 billion relating to business and government loans (October 31, 2020: $69.7 billion), $6.1 billion (October 31, 2020: $6.2 billion) relating to retail portfolios, and $4.8 billion (October 31, 2020: $3.5 billion) relating to securitization exposures. Our business and government loans under the standardized approach consist of $44.3 billion (October 31, 2020: $45.7 billion) to corporates, $23.8 billion (October 31, 2020: $22.7 billion) to sovereigns, and $1.3 billion (October 31, 2020: $1.3 billion) to banks. Trading credit exposure We have trading credit exposure (also called counterparty credit exposure) that arises from our OTC derivatives and our repo-style transactions. The nature of our derivatives exposure and how it is mitigated is described in Note 13 to the consolidated financial statements included in our 2020 Annual Report. Our repo-style transactions consist of our securities bought or sold under repurchase agreements, and our securities borrowing and lending activity. The following table shows the rating profile of OTC derivative mark-to-market $ billions, as at 2021 Jan. 31 2020 Oct. 31 Exposure (1) Investment grade $ 7.78 76.4 % $ 7.46 74.9 % Non-investment 2.25 22.1 2.40 24.1 Watch list 0.12 1.2 0.07 0.7 Default 0.03 0.3 0.03 0.3 $ 10.18 100.0 % $ 9.96 100.0 % (1) MTM of OTC derivative contracts is after the impact of master netting agreements, but before any collateral. Market risk Market risk is the risk of economic or financial loss in our trading and non-trading The trading book consists of positions in financial instruments and commodities held to meet the near-term needs of our clients. The non-trading Trading activities We hold positions in traded financial contracts to meet client investment and risk management needs. Trading revenue (net interest income or non-interest Value-at-risk Our value-at-risk The following three tables show VaR, stressed VaR and incremental risk charge (IRC) for our trading activities based on risk type under an internal models approach. Average total VaR for the three months ended January 31, 2021 was up $0.5 million from the prior quarter, driven primarily by an increase in credit spread risk, partially offset by an increase in diversification benefit and a decrease in commodity risk. Average stressed total VaR for the three months ended January 31, 2021 was up $8.9 million from the prior quarter, driven by increases in interest rate, equity and foreign exchange risks. Positioning in the trading book is the primary cause of the increase in risk. During this quarter, our stressed VaR window is from February 25, 2008 to February 20, 2009. This historical period exhibited not only increased volatility in interest rates but also increased volatility in equity prices, combined with a reduction in the level of interest rates, and an increase in credit spreads. Average IRC for the three months ended January 31, 2021 was up $8.7 million from the prior quarter, partially due to an increase in fixed income inventory. VaR by risk type – trading portfolio $ millions, as at or for the three months ended 2021 Jan. 31 2020 Oct. 31 2020 Jan. 31 High Low As at Average As at Average As at Average Interest rate risk $ 9.3 $ 4.6 $ 5.2 $ 6.6 $ 7.3 $ 6.5 $ 8.8 $ 6.5 Credit spread risk 11.4 5.8 8.8 8.0 7.0 5.7 3.0 1.9 Equity risk 5.2 2.3 3.7 3.4 3.7 3.4 3.1 2.3 Foreign exchange risk 2.6 0.9 1.4 1.7 2.0 1.8 2.4 2.5 Commodity risk 6.1 1.0 3.2 3.1 2.4 3.4 1.3 2.9 Debt specific risk 4.6 2.2 4.1 3.2 3.0 3.2 1.9 1.9 Diversification effect (1) n/m n/m (19.4 ) (18.2 ) (12.1 ) (16.7 ) (12.8 ) (12.2 ) Total VaR (one-day $ 13.9 $ 5.1 $ 7.0 $ 7.8 $ 13.3 $ 7.3 $ 7.7 $ 5.8 (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. Stressed VaR by risk type – trading portfolio $ millions, as at or for the three months ended 2021 Jan. 31 2020 Oct. 31 2020 Jan. 31 High Low As at Average As at Average As at Average Interest rate risk $ 33.9 $ 13.0 $ 25.7 $ 24.4 $ 33.7 $ 19.2 $ 23.0 $ 27.8 Credit spread risk 12.6 7.8 10.2 9.8 7.1 10.9 8.8 10.0 Equity risk 14.0 5.1 13.6 8.9 6.9 4.0 3.0 2.2 Foreign exchange risk 26.5 1.9 15.7 10.7 9.1 6.7 12.0 11.1 Commodity risk 3.7 1.3 2.0 2.3 3.0 3.3 4.4 6.5 Debt specific risk 7.0 4.4 6.3 5.8 6.1 4.9 5.1 5.0 Diversification effect (1) n/m n/m (43.5 ) (34.8 ) (35.7 ) (30.8 ) (32.4 ) (43.6 ) Stressed total VaR (one-day $ 39.9 $ 15.3 $ 30.0 $ 27.1 $ 30.2 $ 18.2 $ 23.9 $ 19.0 (1) Stressed 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. Incremental risk charge – trading portfolio $ millions, as at or for the three months ended 2021 Jan. 31 2020 Oct. 31 2020 Jan. 31 High Low As at Average As at Average As at Average Default risk $ 134.1 $ 85.9 $ 130.5 $ 113.1 $ 102.6 $ 95.4 $ 153.4 $ 157.6 Migration risk 79.5 45.0 50.5 59.1 72.7 68.1 79.0 70.2 IRC (one-year (1) $ 197.4 $ 144.6 $ 181.0 $ 172.2 $ 175.3 $ 163.5 $ 232.4 $ 227.8 (1) High and low IRC are not equal to the sum of the constituent parts, because the highs and lows of the constituent parts may occur on different days. Non-trading Structural interest rate risk (SIRR) SIRR primarily consists of the risk arising due to mismatches in assets and liabilities, which do not arise from trading and trading-related businesses. The objective of SIRR management is to lock in product margins 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 re-pricing 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 The following table shows the potential before-tax impact of an immediate and sustained 100 basis points increase and 25 basis points decrease in interest rates on projected 12-month net interest income and economic value of equity for our structural balance sheet, assuming no subsequent hedging. While an immediate and sustained shock of 100 basis points is typically applied, and notwithstanding the possibility of negative rates, due to the low interest rate environment in both Canada and the U.S. at the end of the quarter, an immediate downward shock of 25 basis points was applied while maintaining a floor on market and client interest rates at zero. Amounts related to the quarter ended January 31, 2020 have been revised to reflect the impact of a 25 basis point decrease in all interest rates. Structural interest rate sensitivity – measures $ millions (pre-tax), 2021 2020 2020 CAD (1) USD CAD (1) USD CAD (1) USD 100 basis point increase in interest rates Increase (decrease) in net interest income $ 384 $ 42 $ 317 $ 92 $ 240 $ 49 Increase (decrease) in present value of shareholders’ equity (564 ) (365 ) (556 ) (348 ) (494 ) (299 ) 25 basis point decrease in interest rates Increase (decrease) in net interest income (122 ) (66 ) (119 ) (42 ) (60) (10) Increase (decrease) in present value of shareholders’ equity 77 40 57 49 95 58 (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- off-balance Encumbered and unencumbered liquid assets from on- off-balance $ millions, as at Bank owned Securities received Total liquid Encumbered Unencumbered (1) 2021 Cash and deposits with banks $ 63,293 $ – $ 63,293 $ 204 $ 63,089 Jan. 31 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 105,645 94,159 199,804 119,303 80,501 Other debt securities 4,961 5,330 10,291 3,054 7,237 Equities 34,903 19,897 54,800 23,728 31,072 Canadian government guaranteed National Housing Act mortgage-backed securities 40,276 686 40,962 13,774 27,188 Other liquid assets (2) 15,019 1,914 16,933 7,470 9,463 $ 264,097 $ 121,986 $ 386,083 $ 167,533 $ 218,550 2020 Cash and deposits with banks $ 62,518 $ – $ 62,518 $ 133 $ 62,385 Oct. 31 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 112,403 92,202 204,605 108,425 96,180 Other debt securities 4,798 4,288 9,086 2,603 6,483 Equities 27,169 15,924 43,093 21,449 21,644 Canadian government guaranteed National Housing Act mortgage-backed securities 40,592 895 41,487 13,084 28,403 Other liquid assets (2) 10,909 2,109 13,018 5,441 7,577 $ 258,389 $ 115,418 $ 373,807 $ 151,135 $ 222,672 (1) Unencumbered liquid assets are defined as on-balance off-balance (2) Includes cash pledged as collateral for derivatives transactions, select asset-backed securities and precious metals. Asset encumbrance In the course of CIBC’s day-to-day participate in clearing 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 CIBC funds its operations with client-sourced deposits, supplemented with a wide range of wholesale funding. CIBC’s principal approach aims to fund its consolidated balance sheet with deposits primarily raised from personal and commercial banking channels. CIBC maintains 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. CIBC continuously evaluates 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 $ millions, as at January 31, 2021 Less than 1–3 months 3–6 months 6–9 months 9–12 months 1–2 years 2–5 years Over No Total Assets Cash and non-interest-bearing (1) $ 42,986 $ – $ – $ – $ – $ – $ – $ – $ – $ 42,986 Interest-bearing deposits with banks 20,307 – – – – – – – – 20,307 Securities 3,702 6,072 4,810 3,325 6,583 17,662 40,416 32,078 35,845 150,493 Cash collateral on securities borrowed 11,557 – – – – – – – – 11,557 Securities purchased under resale agreements 35,447 17,733 6,897 2,597 1,722 – – – – 64,396 Loans Residential mortgages 2,059 4,021 12,291 13,125 10,882 48,367 128,056 7,793 – 226,594 Personal 794 835 1,172 1,147 1,100 469 3,377 3,511 29,566 41,971 Credit card 225 450 675 675 675 2,699 5,310 – – 10,709 Business and government 15,234 5,973 8,695 5,551 6,257 28,004 41,439 15,436 8,274 134,863 Allowance for credit losses – – – – – – – – (3,484 ) (3,484 ) Derivative instruments 2,898 3,473 3,057 2,255 2,636 3,438 6,436 9,972 – 34,165 Customers’ liability under acceptances 9,083 1,201 33 4 – 1 – – – 10,322 Other assets – – – – – – – – 38,029 38,029 $ 144,292 $ 39,758 $ 37,630 $ 28,679 $ 29,855 $ 100,640 $ 225,034 $ 68,790 $ 108,230 $ 782,908 October 31, 2020 (2) $ 141,033 $ 32,738 $ 41,413 $ 32,267 $ 28,499 $ 101,338 $ 224,276 $ 69,248 $ 98,739 $ 769,551 Liabilities Deposits (3) $ 28,557 $ 26,815 $ 46,158 $ 24,608 $ 25,384 $ 31,017 $ 51,613 $ 11,238 $ 328,537 $ 573,927 Obligations related to securities sold short 19,476 – – – – – – – – 19,476 Cash collateral on securities lent 1,745 – – – – – – – – 1,745 Obligations related to securities sold under repurchase agreements 42,622 28,180 2,994 474 407 1,845 – – – 76,522 Derivative instruments 3,159 4,270 3,435 2,869 2,256 2,456 5,418 8,295 – 32,158 Acceptances 9,141 1,201 33 4 – 1 – – – 10,380 Other liabilities 24 52 74 79 74 315 646 512 20,302 22,078 Subordinated indebtedness – – – – – – – 4,693 – 4,693 Equity – – – – – – – – 41,929 41,929 $ 104,724 $ 60,518 $ 52,694 $ 28,034 $ 28,121 $ 35,634 $ 57,677 $ 24,738 $ 390,768 $ 782,908 October 31, 2020 $ 98,552 $ 40,528 $ 58,834 $ 43,919 $ 26,555 $ 33,273 $ 58,938 $ 26,416 $ 382,536 $ 769,551 (1) Cash includes interest-bearing demand deposits with Bank of Canada. (2) Restated from amounts previously presented. (3) Comprises $206.1 billion (October 31, 2020: $202.2 billion) of personal deposits; $349.1 billion (October 31, 2020: $351.6 billion) of business and government deposits and secured borrowings; and $18.7 billion (October 31, 2020: $17.0 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 January 31, 2021 Less than 1–3 months 3–6 months 6–9 months 9–12 months 1–2 years 2–5 years Over 5 years No (1) Total Unutilized credit commitments $ 761 $ 10,387 $ 4,461 $ 3,891 $ 6,085 $ 21,867 $ 49,204 $ 2,144 $ 176,479 $ 275,279 Securities lending (2) 40,394 2,794 2,954 – – – – – – 46,142 Standby and performance letters of credit 2,397 1,409 3,461 2,619 3,282 514 678 42 – 14,402 Backstop liquidity facilities – 179 1,442 10 9,848 252 18 – – 11,749 Documentary and commercial letters of credit 38 62 19 7 10 1 12 – – 149 Other 141 – – – – – – – – 141 $ 43,731 $ 14,831 $ 12,337 $ 6,527 $ 19,225 $ 22,634 $ 49,912 $ 2,186 $ 176,479 $ 347,862 October 31, 2020 $ 39,474 $ 24,451 $ 11,188 $ 8,798 $ 6,427 $ 20,638 $ 51,245 $ 1,714 $ 173,157 $ 337,092 (1) Includes $134.2 billion (October 31, 2020: $131.3 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion. (2) Excludes securities lending of $1.7 billion (October 31, 2020: $1.8 billion) for cash because it is reported on the interim consolidated balance sheet. Other contractual obligations The following table provides the contractual maturities of other contractual obligations affecting our funding needs: $ millions, as at January 31, 2021 Less than 1 month 1–3 months 3–6 months 6–9 months 9–12 months 1–2 years 2–5 years Over Total Purchase obligations (1) $ 79 $ 186 $ 218 $ 167 $ 146 $ 448 $ 471 $ 269 $ 1,984 Future lease commitments – 4 11 13 13 51 90 1,307 1,489 Underwriting commitments 495 – – – – – – – 495 Investment commitments – – – 2 4 2 6 214 228 Pension contributions (2) 17 33 49 50 – – – – 149 $ 591 $ 223 $ 278 $ 232 $ 163 $ 501 $ 567 $ 1,790 $ 4,345 October 31, 2020 $ 211 $ 243 $ 231 $ 239 $ 204 $ 488 $ 795 $ 1,625 $ 4,036 (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) 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 next annual period ending October 31, 202 1 Loans contractually past due but not impaired This comprises loans where repayment of principal or payment of interest is contractually in arrears. The following table provides an aging analysis of the contractually past due loans. Most risk rated business and government loans that were contractually past due at the time relief was provided pursuant to payment deferral programs were presented in the aging category that applied at the time deferrals were granted during the period of the deferral. Other business and government loans, credit cards, personal loans and residential mortgages that were subject to a payment deferral program were generally presented in the aging category that applied as at March 31, 2020 during the period of the deferral, which approximated the time when the majority of the deferrals were granted, except that Canadian residential mortgages and certain secured personal loans that were less than 29 days past due at that time were treated as current. Loans that have exited a deferral program generally continue to age based on the status that was applied at the beginning of the program to the extent a payment has not been made. $ millions, as at 2021 2020 Less than 31 to 90 days Over 90 days Total Total Residential mortgages $ 3,281 $ 1,112 $ 1 $ 4,394 $ 4,510 Personal 685 194 – 879 830 Credit card 436 164 178 778 806 Business and government 2,056 302 – 2,358 2,135 $ 6,458 $ 1,772 $ 179 $ 8,409 $ 8,281 |
Changes in accounting policies
Changes in accounting policies | 3 Months Ended |
Jan. 31, 2021 | |
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Changes in accounting policies | Note 1. Changes in accounting policies (a) Current period changes in accounting policies Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Various interest rate and other indices that are deemed to be “benchmarks” (including LIBOR) are the subject of international regulatory guidance and proposals for reform. Regulators in various jurisdictions have pushed for the transition from Interbank Offered Rates (IBORs) to alternative benchmark rates (alternative rates), based upon risk free rates determined using actual market transactions. The U.K.’s Financial Conduct Authority (FCA) originally announced in July 2017 that it would not compel banks to submit LIBOR rates after December 2021. In November 2020, the FCA and the ICE Benchmark Administrator (IBA) announced a consultation process that may lead to an 18 month extension to June 30, 2023 for most USD LIBOR tenors with an expectation that originations of new USD LIBOR-linked products would cease after the end of 2021. We are closely monitoring the consultation process. In response to interest rate benchmark reform, the IASB issued “Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16” (Phase 2 amendments) in August 2020. These amendments address issues that affect financial reporting once an existing rate is replaced with an alternative rate and concludes the IASB’s amendments to financial reporting standards due to the effects of interest rate benchmark reform. While the Phase 2 amendments are effective for annual periods beginning on or after January 1, 2021, we elected to early adopt the Phase 2 amendments effective November 1, 2020. Only the amendments to IAS 39 “Financial Instruments: Recognition and Measurement” (IAS 39), IFRS 7 “Financial Instruments: Disclosures”, IFRS 4 “Insurance Contracts”, and IFRS 16 “Leases” apply to us because we elected to continue to apply the hedge accounting requirements of IAS 39 upon the adoption of IFRS 9 “Financial Instruments” (IFRS 9). The Phase 2 amendments permit modifications of financial assets, financial liabilities and lessee lease liabilities required as a direct consequence of IBOR reform, and made on an economically equivalent basis to be accounted for by updating the effective interest rate (EIR) prospectively. The amendments also provide temporary relief that allows for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain qualifying conditions, including the amendment of the hedge designation and documentation to reflect the new rate, and permits new hedging relationships that are in the scope of the Phase 2 amendments. The IASB had previously issued “Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7” (Phase 1 amendments) in September 2019. The Phase 1 amendments provide relief for specific hedge accounting requirements to address uncertainties in the period before the interest rate benchmark reform, and provide specific disclosure requirements for the affected hedging relationships. We adopted the Phase 1 amendments effective November 1, 2019 and the disclosure can be found in Note 1 to the consolidated financial statements included in our 2020 Annual Report. As IBORs are widely referenced by large volumes of derivative, loan and cash products, the transition presents a number of risks to us, and the industry as a whole. These transition risks include market risk (in the eventuality that new basis risks emerge), model risk, operational risk (as processes are changed or newly introduced), legal risk (as contracts are revised) and conduct risk (in ensuring clients are adequately informed/prepared). In response to the proposed reforms to interest rate benchmarks, we have established an Enterprise IBOR Transition Program (Program), which is supported by a formal governance structure and dedicated working groups that include stakeholders from frontline businesses as well as functional groups such as Treasury, Technology and Operations, Risk Management, Legal and Finance, to manage and coordinate all aspects of the transition, including the identification and mitigation of the risks. An Interbank Offered Rate (IBOR) Steering Committee has been established with responsibility for oversight and execution of the Program. The IBOR Steering Committee manages the impact of the transition risks through appropriate mitigating actions. We also continue to engage with industry associations to incorporate recent developments into our project plan. The Program provides regular updates to the senior management, including the Executive Committee. As a part of the Program, we are in the process of preparing to transition existing IBOR based contracts to those that reference the new alternative rates, and are developing supporting business processes to support the transition. We have adhered to the International Swaps and Derivatives Association (ISDA) 2020 IBOR Fallbacks Protocol to facilitate the transition of the contractual rate for derivatives with counterparties who have also adhered to the ISDA Protocol. Such transition will be effective on the occurrence of certain prescribed trigger events. We have continued to develop contract remediation plans for our LIBOR referencing products and have continued to make information available to clients, advising them on developments. We currently consider exposures that are indexed to USD LIBOR and GBP LIBOR with a maturity date beyond December 31, 2021 to be significant exposures that are potentially subject to the transition to an alternative benchmark rate. The following table presents the approximate notional amounts of our derivatives and the gross outstanding balances of our non-derivative financial assets and financial liabilities that are indexed to USD LIBOR, GBP LIBOR and other benchmark rates with a maturity date beyond December 31, 2021, that are expected to be affected by IBOR reform. Notional/gross outstanding amounts (1)(2)(3) $ billions, as at November 1, 2020 USD LIBOR GBP LIBOR Others ( 4 Maturing after December 31, 2021 and Maturing after Maturing after December 31, 2021 Non-derivative financial assets Securities $ 4.0 $ 1.9 $ – $ – Loans 18.6 21.2 2.4 – 22.6 23.1 2.4 – Non-derivative financial liabilities Secured borrowing deposits and subordinated indebtedness – 0.1 1.1 – Other deposits 0.8 1.0 – – 0.8 1.1 1.1 – Derivatives 276.4 463.3 70.4 33.3 (1) Excludes financial instruments which reference rates in multi-rate jurisdictions, including Canadian Dollar Offered Rate (CDOR), Euro Interbank Offered Rate (EURIBOR) and Australian Bank Bill Swap Rate. While financial instruments referencing 6-month and 12-month CDOR will be discontinued on May 17, 2021, we do not hold material positions referencing these tenors as of November 1, 2020. Other tenors of CDOR are expected to continue. (2) The table excludes undrawn loan commitments. As at November 1, 2020, total outstanding undrawn loan commitments that are potentially subject to the transition with a maturity date beyond December 31, 2021 are be billion which can be drawn in USD LIBOR and $1.0 billion which can be drawn in GBP LIBOR. (3) For cross currency swaps for which both legs reference benchmark rates that are subject to transition, the relevant notional amount for each leg has been included in the table above. ( 4 Includes exposures indexed to JPY LIBOR, CHF LIBOR and EUR LIBOR. Conceptual Framework for Financial Reporting (Conceptual Framework) The Conceptual Framework sets out the fundamental concepts that underlie the preparation and presentation of financial statements and serves to guide the IASB in developing IFRS standards. The Conceptual Framework is effective for annual periods beginning on or after January 1, 2020. As a result, CIBC adopted the Conceptual Framework as at November 1, 2020. There was no impact to our consolidated financial statements and no changes in our accounting policies as a result of adopting the Conceptual Framework. (b) Future accounting policy changes For details on future accounting policy changes, refer to Note 32 to the consolidated financial statements included in our 2020 Annual Report. We are continuing to evaluate the impact of standards that are effective for us after fiscal 2021. |
Impact of COVID-19
Impact of COVID-19 | 3 Months Ended |
Jan. 31, 2021 | |
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Impact of COVID-19 | Note 2. Impact of COVID-19 The COVID-19 pandemic continues to have a significant adverse impact globally. The overall economy continues to operate below pre-pandemic levels in Canada, the U.S. and other regions where we operate, with continuing uncertainty related to economic growth and unemployment, which ultimately will only be resolved with the dissemination of an effective vaccine for COVID-19. As a result, we continue to operate in an uncertain macroeconomic environment. Impact on estimates and assumptions As disclosed in our 2020 Annual Report, the preparation of the consolidated financial statements in accordance with IFRS requires management to make estimates and assumptions that affect the recognized and measured amounts of assets, liabilities, net income, comprehensive income and related disclosures. Significant estimates and assumptions are made in the areas of the valuation of financial instruments, allowance for credit losses, the evaluation of whether to consolidate structured entities, asset impairment, income taxes, provisions and contingent liabilities, post-employment and other long-term benefit plan assumptions and valuation of self-managed loyalty points programs. Further, the COVID-19 pandemic continues to give rise to heightened uncertainty as it relates to accounting estimates and assumptions and increases the need to apply judgment in evaluating the economic and market environment and its impact on significant estimates. This particularly impacts estimates and assumptions relating to allowance for credit losses. During the quarter, improvements in our economic outlook resulted in a relatively moderate reduction in our Stage 1 and Stage 2 performing ECLs relative to prior quarter. Significant judgment was inherent in the forecasting of forward-looking information, including with regard to our base case assumption that effective mass vaccinations will be underway in many countries over the spring and summer and that the vaccination programs will be able to effectively respond to the emerging variants, allowing for stronger global recovery in the latter half of the year. Changes in the judgments and estimates related to IFRS 9 can have a significant impact on the level of ECL allowance recognized and the period-over-period volatility of the provision for credit losses. Actual results could differ from these estimates and assumptions. See Note 6 to our consolidated financial statements in our 2020 Annual Report, and Note 6 to our interim consolidated financial statements for more information concerning the high level of judgment inherent in the estimation of ECL allowance, including the impact of COVID-19. |
Fair value measurement
Fair value measurement | 3 Months Ended |
Jan. 31, 2021 | |
Text block [abstract] | |
Fair value measurement | Note 3. Fair value measurement Fair value of financial instruments Carrying value $ millions, as at Amortized Mandatorily Designated Fair value Total Fair value Fair value 2021 Financial assets Jan. 31 Cash and deposits with banks $ 62,577 $ 716 $ – $ – $ 63,293 $ 63,293 $ – Securities 31,993 66,462 95 51,943 150,493 151,147 654 Cash collateral on securities borrowed 11,557 – – – 11,557 11,557 – Securities purchased under resale agreements 56,686 7,710 – – 64,396 64,396 – Loans Residential mortgages 226,216 42 – – 226,258 227,963 1,705 Personal 41,164 – – – 41,164 41,215 51 Credit card 10,050 – – – 10,050 10,050 – Business and government 109,498 23,277 406 – 133,181 133,370 189 Derivative instruments – 34,165 – – 34,165 34,165 – Customers’ liability under acceptances 10,322 – – – 10,322 10,322 – Other assets 17,276 – – – 17,276 17,276 – Financial liabilities Deposits Personal $ 202,701 $ – $ 3,389 $ – $ 206,090 $ 206,293 $ 203 Business and government 298,982 – 11,463 – 310,445 311,528 1,083 Bank 18,666 – – – 18,666 18,666 – Secured borrowings 37,986 – 740 – 38,726 39,139 413 Derivative instruments – 32,158 – – 32,158 32,158 – Acceptances 10,380 – – – 10,380 10,380 – Obligations related to securities sold short – 19,476 – – 19,476 19,476 – Cash collateral on securities lent 1,745 – – – 1,745 1,745 – Obligations related to securities sold under repurchase agreements (1) 59,493 – 17,029 – 76,522 76,522 – Other liabilities 15,541 130 12 – 15,683 15,683 – Subordinated indebtedness 4,693 – – – 4,693 5,013 320 2020 Financial assets Oct. 31 Cash and deposits with banks $ 61,570 $ 948 $ – $ – $ 62,518 $ 62,518 $ – Securities 31,800 62,576 117 54,553 149,046 149,599 553 Cash collateral on securities borrowed 8,547 – – – 8,547 8,547 – Securities purchased under resale agreements 58,090 7,505 – – 65,595 65,595 – Loans Residential mortgages 220,739 63 – – 220,802 222,920 2,118 Personal 41,390 – – – 41,390 41,452 62 Credit card 10,722 – – – 10,722 10,722 – Business and government 110,220 23,291 357 – 133,868 134,097 229 Derivative instruments – 32,730 – – 32,730 32,730 – Customers’ liability under acceptances 9,606 – – – 9,606 9,606 – Other assets 15,940 – – – 15,940 15,940 – Financial liabilities Deposits Personal $ 199,593 $ – $ 2,559 $ – $ 202,152 $ 202,345 $ 193 Business and government 301,546 – 9,880 – 311,426 312,279 853 Bank 17,011 – – – 17,011 17,011 – Secured borrowings 39,560 – 591 – 40,151 40,586 435 Derivative instruments – 30,508 – – 30,508 30,508 – Acceptances 9,649 – – – 9,649 9,649 – Obligations related to securities sold short – 15,963 – – 15,963 15,963 – Cash collateral on securities lent 1,824 – – – 1,824 1,824 – Obligations related to securities sold under (1) 54,617 – 17,036 – 71,653 71,653 – Other liabilities 15,282 133 9 – 15,424 15,424 – Subordinated indebtedness 5,712 – – – 5,712 5,993 281 (1) The table below presents the level in the fair value hierarchy into which the fair values of financial instruments, that are carried at fair value on the interim consolidated balance sheet, are categorized: Level 1 Level 2 Level 3 Quoted market price Valuation technique – Valuation technique – non-observable Total Total $ millions, as at 2021 2020 2021 2020 2021 2020 2021 2020 Financial assets Deposits with banks $ – $ – $ 716 $ 948 $ – $ – $ 716 $ 948 Securities mandatorily measured and designated at FVTPL Government issued or guaranteed 2,190 3,917 23,197 (1) 25,091 (1) – – 25,387 29,008 Corporate equity 35,167 27,919 50 47 19 16 35,236 27,982 Corporate debt – – 3,230 3,525 30 25 3,260 3,550 Mortgage- and asset-backed – – 2,572 (2) 2,018 (2) 102 135 2,674 2,153 37,357 31,836 29,049 30,681 151 176 66,557 62,693 Loans mandatorily measured and designated at FVTPL Business and government – – 22,804 23,022 879 (3) 626 (3) 23,683 23,648 Residential mortgages – – 42 63 – – 42 63 – – 22,846 23,085 879 626 23,725 23,711 Debt securities measured at FVOCI Government issued or guaranteed 3,176 3,912 39,363 41,269 – – 42,539 45,181 Corporate debt – – 6,347 6,224 – – 6,347 6,224 Mortgage- and asset-backed – – 2,448 2,563 – – 2,448 2,563 3,176 3,912 48,158 50,056 – – 51,334 53,968 Equity securities designated at FVOCI Corporate equity 47 41 293 304 269 240 609 585 Securities purchased under resale agreements measured at FVTPL – – 7,710 7,505 – – 7,710 7,505 Derivative instruments Interest rate – 4 11,664 12,793 45 48 11,709 12,845 Foreign exchange – – 13,861 11,462 – – 13,861 11,462 Credit – – 3 8 101 98 104 106 Equity 4,259 3,153 1,677 1,791 61 212 5,997 5,156 Precious metal – – 302 283 – – 302 283 Other commodity 160 271 2,032 2,607 – – 2,192 2,878 4,419 3,428 29,539 28,944 207 358 34,165 32,730 Total financial assets $ 44,999 $ 39,217 $ 138,311 $ 141,523 $ 1,506 $ 1,400 $ 184,816 $ 182,140 Financial liabilities Deposits and other liabilities (4) $ – $ – $ (15,367 ) $ (13,176 ) $ (367 ) $ 4 $ (15,734 ) $ (13,172 ) Obligations related to securities sold short (7,140 ) (5,363 ) (12,336 ) (10,600 ) – – (19,476 ) (15,963 ) Obligations related to securities sold under repurchase agreements – – (17,029 ) (17,036 ) – – (17,029 ) (17,036 ) Derivative instruments Interest rate – – (8,931 ) (9,964 ) (74 ) (28 ) (9,005 ) (9,992 ) Foreign exchange – – (13,021 ) (10,883 ) – – (13,021 ) (10,883 ) Credit – – (45 ) (41 ) (113 ) (107 ) (158 ) (148 ) Equity (3,739 ) (3,537 ) (4,714 ) (3,288 ) (137 ) (163 ) (8,590 ) (6,988 ) Precious metal (2 ) – (250 ) (366 ) – – (252 ) (366 ) Other commodity (221 ) (325 ) (911 ) (1,806 ) – – (1,132 ) (2,131 ) (3,962 ) (3,862 ) (27,872 ) (26,348 ) (324 ) (298 ) (32,158 ) (30,508 ) Total financial liabilities $ (11,102 ) $ (9,225 ) $ (72,604 ) $ (67,160 ) $ (691 ) $ (294 ) $ (84,397 ) $ (76,679 ) (1) Includes $54 million related to securities designated at FVTPL (October 31, 2020: $57 million). (2) Includes $41 million related to asset-backed securities designated at FVTPL (October 31, 2020: $60 million). (3) Includes $406 million related to loans designated at FVTPL (October 31, 2020: $357 million). (4) Comprises deposits designated at FVTPL of $15,328 million (October 31, 2020: $13,419 million), net bifurcated embedded derivative liabilities of $264 million (net bifurcated embedded derivative assets of $389 million as at October 31, 2020), other liabilities designated at FVTPL of $12 million (October 31, 2020: $9 million), and other financial liabilities measured at fair value of $130 million (October 31, 2020: $133 million). Transfers between levels in the fair value hierarchy are deemed to have occurred at the beginning of the year in which the transfer occurred. Transfers between levels can occur as a result of additional or new information regarding valuation inputs and changes in their observability. During the quarter, we transferred $19 million of securities mandatorily measured at FVTPL (for the quarter ended October 31, 2020: $953 million) and $128 million of securities sold short (for the quarter ended October 31, 2020: $1,178 million) from Level 1 to Level 2 due to changes in the observability of the inputs used to value these securities. In addition, transfers between Level 2 and Level 3 were made during the quarters ended January 31, 2021, October 31, 2020 and January 31, 2020 The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value utilizing non-observable Net gains (losses) (1) $ millions, for the three months ended Opening Realized (2) Unrealized (2)(3) Net unrealized (4) Transfer Transfer Purchases/ Sales/ Closing Jan. 31, 2021 Securities mandatorily measured at FVTPL Corporate equity $ 16 $ – $ 3 $ – $ – $ – $ – $ – $ 19 Corporate debt 25 – 5 – – – – – 30 Mortgage- and asset-backed 135 – – – – – – (33 ) 102 Loans mandatorily measured and designated at FVTPL Business and government 626 – – (25 ) – – 278 – 879 Debt securities measured at FVOCI Corporate debt – – – – – – – – – Equity securities designated at FVOCI Corporate equity 240 – – 19 – – 17 (7 ) 269 Derivative instruments Interest rate 48 – (4 ) – – – – 1 45 Credit 98 (6 ) 9 – – – – – 101 Equity 212 – 15 – – – – (166 ) 61 Total assets $ 1,400 $ (6 ) $ 28 $ (6 ) $ – $ – $ 295 $ (205 ) $ 1,506 Deposits and other liabilities (5) $ 4 $ – $ (387 ) $ – $ (2 ) $ (5 ) $ (2 ) $ 25 $ (367 ) Derivative instruments Interest rate (28 ) – (47 ) – – – – 1 (74 ) Credit (107 ) 6 (8 ) – – – – (4 ) (113 ) Equity (163 ) – (44 ) – – – – 70 (137 ) Total liabilities $ (294 ) $ 6 $ (486 ) $ – $ (2 ) $ (5 ) $ (2 ) $ 92 $ (691 ) Oct. 31, 2020 Securities mandatorily measured at FVTPL Corporate equity $ 7 $ – $ (1 ) $ – $ – $ – $ 10 $ – $ 16 Corporate debt 26 – (1 ) – – – – – 25 Mortgage- and asset-backed 137 – – – – – – (2 ) 135 Loans mandatorily measured and designated at FVTPL Business and government 869 – – (2 ) – – 244 (485 ) 626 Equity securities designated at FVOCI Corporate equity 275 – – 36 – – 20 (91 ) 240 Derivative instruments Interest rate 41 – 12 – – – 2 (7 ) 48 Credit 100 (1 ) (1 ) – – – – – 98 Equity 245 – (32 ) – – – – (1 ) 212 Total assets $ 1,700 $ (1 ) $ (23 ) $ 34 $ – $ – $ 276 $ (586 ) $ 1,400 Deposits and other liabilities (5) $ 15 $ – $ (18 ) $ – $ 2 $ (1 ) $ (3 ) $ 9 $ 4 Derivative instruments Interest rate (5 ) – (24 ) – – – – 1 (28 ) Credit (108 ) 1 – – – – – – (107 ) Equity (156 ) – (8 ) – – – – 1 (163 ) Total liabilities $ (254 ) $ 1 $ (50 ) $ – $ 2 $ (1) $ (3 ) $ 11 $ (294 ) Jan. 31, 2020 Securities mandatorily measured at FVTPL Corporate equity $ 7 $ – $ – $ – $ 7 $ – $ – $ – $ 14 Corporate debt 23 – – – – – – – 23 Mortgage- and asset-backed 173 – – – – – – (13 ) 160 Loans mandatorily measured at FVTPL Business and government 831 – – 4 – – – (329 ) 506 Debt securities measured at FVOCI Corporate debt – – – 3 20 – – – 23 Equity securities designated at FVOCI Corporate equity 291 – – 49 (7 ) – 10 (60 ) 283 Derivative instruments Interest rate 56 – 3 – – – 1 (13 ) 47 Credit 104 (1 ) 1 – – – – – 104 Equity 252 – 12 – – – 44 (42 ) 266 Total assets $ 1,737 $ (1 ) $ 16 $ 56 $ 20 $ – $ 55 $ (457 ) $ 1,426 Deposits and other liabilities (5) $ (601 ) $ – $ (52 ) $ – $ (37 ) $ 31 $ (102 ) $ 114 $ (647 ) Derivative instruments Interest rate (1 ) – (2 ) – – – – 3 – Credit (112 ) 1 (1 ) – – – – – (112 ) Equity (155 ) – 21 – – – (10 ) 23 (121 ) Total liabilities $ (869 ) $ 1 $ (34 ) $ – $ (37 ) $ 31 $ (112 ) $ 140 $ (880 ) (1) Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition. (2) Includes foreign currency gains and losses related to debt securities measured at FVOCI. (3) Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period. (4) Foreign exchange translation on loans mandatorily measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI. (5) Includes deposits designated at FVTPL of $136 million (October 31, 2020: $137 million; January 31, 2020: $135 million) and net bifurcated embedded derivative liabilities of $ 231 million as at October 31, 2020 and net bifurcated embedded derivative liabilities of Financial instruments designated at FVTPL (fair value option) A net gain of $19 million, net of hedges for the three months ended January 31, 2021 (a net gain of $5 million and a net gain The fair value of a FVO liability reflects the credit risk relating to that liability. For those FVO liabilities for which we believe changes in our credit risk would impact the fair value from the note holders’ perspective, the related fair value changes were recognized in OCI. |
Significant transactions
Significant transactions | 3 Months Ended |
Jan. 31, 2021 | |
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Significant transactions | Note 4. Significant transactions Sale of FirstCaribbean International Bank Limited On November 8, 2019, we announced that we had entered into a definitive agreement to sell 66.73% of the outstanding shares of FirstCaribbean International Bank Limited (CIBC FirstCaribbean) to GNB Financial Group Limited ( GNB ) , subject to regulatory approvals, as discussed in Note 4 to the consolidated financial statements included in our 2020 Annual Report. As a result of the lengthy regulatory review process, the worsening impact of the COVID-19 concerning the likelihood and timing of a potential transaction, we discontinued the application of held for sale accounting of CIBC FirstCaribbean in the fourth quarter of 2020 and recorded a goodwill impairment charge of million based on current market conditions rather than the agreement with GNB. On February 3, 2021, we announced that the proposed sale of CIBC FirstCaribbean to GNB did not receive approval from CIBC FirstCaribbean’s regulators and that the transaction will not proceed. |
Securities
Securities | 3 Months Ended |
Jan. 31, 2021 | |
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Securities | Note 5. Securities Securities $ millions, as at 2021 2020 Carrying amount Debt securities measured at FVOCI $ 51,334 $ 53,968 Equity securities designated at FVOCI 609 585 Securities measured at amortized cost (1) 31,993 31,800 Securities mandatorily measured and designated at FVTPL 66,557 62,693 $ 150,493 $ 149,046 (1) There were no sales of securities measured at amortized cost during the quarter (October 31, 2020: nil). Fair value of debt securities measured and equity securities designated at FVOCI $ millions, as at 2021 2020 Amortized (1) Gross Gross Fair value Amortized (1) Gross Gross Fair value Securities issued or guaranteed by: Canadian federal government $ 10,319 $ 46 $ – $ 10,365 $ 11,379 $ 32 $ (2 ) $ 11,409 Other Canadian governments 13,354 182 – 13,536 15,187 128 – 15,315 U.S. Treasury and agencies 12,295 51 – 12,346 12,533 63 – 12,596 Other foreign governments 6,259 36 (3 ) 6,292 5,825 38 (2 ) 5,861 Mortgage-backed securities 2,054 49 (1 ) 2,102 2,320 49 (1 ) 2,368 Asset-backed securities 348 – (2 ) 346 197 – (2 ) 195 Corporate debt 6,322 26 (1 ) 6,347 6,194 31 (1 ) 6,224 50,951 390 (7 ) 51,334 53,635 341 (8 ) 53,968 Corporate public equity (2) 28 20 – 48 30 15 (3 ) 42 Corporate private equity 544 55 (38 ) 561 546 43 (46 ) 543 572 75 (38 ) 609 576 58 (49 ) 585 $ 51,523 $ 465 $ (45 ) $ 51,943 $ 54,211 $ 399 $ (57 ) $ 54,553 (1) Net of allowance for credit losses for debt securities measured at FVOCI of $ 20 22 (2) Includes restricted stock. The fair value of equity securities designated at FVOCI that were disposed of during the quarter was $7 million ($88 million and nil for the three months ended October 31, 2020 and January 31, 2020, respectively). Net realized cumulative after-tax Dividend income recognized on equity securities designated at FVOCI that were still held as at January 31, 2021 was $1 million ($1 million and $4 million for the three months ended October 31, 2020 and January 31, 2020, respectively). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at January 31, 2021 was nil ($2 million and nil for the three months ended October 31, 2020 and January 31, 2020, respectively). Allowance for credit losses The following table provides a reconciliation of the opening balance to the closing balance of the expected credit loss (ECL) allowance for debt securities measured at FVOCI: Stage 1 Stage 2 Stage 3 $ millions, as at or for the three months ended Collective provision 12-month Collective provision Collective and credit-impaired Total 2021 Debt securities measured at FVOCI Jan. 31 Balance at beginning of period $ 18 $ 4 $ – $ 22 Provision for (reversal of) credit losses (1) (1 ) (1 ) – (2 ) Write-offs – – – – Foreign exchange and other – – – – Balance at end of period $ 17 $ 3 $ – $ 20 2020 Debt securities measured at FVOCI Oct. 31 Balance at beginning of period $ 19 $ 5 $ – $ 24 Provision for (reversal of) credit losses (1) – (1 ) – (1 ) Write-offs – – – – Foreign exchange and other (1 ) – – (1 ) Balance at end of period $ 18 $ 4 $ – $ 22 2020 Debt securities measured at FVOCI Jan. 31 Balance at beginning of period $ 14 $ 3 $ 6 $ 23 Provision for (reversal of) credit losses (1) (1 ) – – (1 ) Write-offs – – – – Foreign exchange and other 1 (1 ) – – Balance at end of period $ 14 $ 2 $ 6 $ 22 (1) Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. |
Loans
Loans | 3 Months Ended |
Jan. 31, 2021 | |
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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 2021 Jan. 31 Stage 1 Stage 2 Stage 3 Collective 12-month ECL performing Collective ECL performing Collective and credit-impaired Total Residential mortgages Balance at beginning of period $ 51 $ 161 $ 151 $ 363 Originations net of repayments and other derecognitions 4 (6 ) (4 ) (6 ) Changes in model – – – – Net remeasurement (1) (32 ) 7 22 (3 ) Transfers (1) – to 12-month 33 (27 ) (6 ) – – to lifetime ECL performing (3 ) 10 (7 ) – – to lifetime ECL credit-impaired – (5 ) 5 – Provision for (reversal of) credit losses (2) 2 (21 ) 10 (9 ) Write-offs – – (6 ) (6 ) Recoveries – – 1 1 Interest income on impaired loans – – (4 ) (4 ) Foreign exchange and other (1 ) (4 ) (4 ) (9 ) Balance at end of period $ 52 $ 136 $ 148 $ 336 Personal Balance at beginning of period $ 204 $ 546 $ 113 $ 863 Originations net of repayments and other derecognitions 11 (15 ) (2 ) (6 ) Changes in model 1 1 – 2 Net remeasurement (1) (110 ) 84 61 35 Transfers (1) – to 12-month 87 (84 ) (3 ) – – to lifetime ECL performing (11 ) 16 (5 ) – – to lifetime ECL credit-impaired – (13 ) 13 – Provision for (reversal of) credit losses (2) (22 ) (11 ) 64 31 Write-offs – – (74 ) (74 ) Recoveries – – 17 17 Interest income on impaired loans – – (1 ) (1 ) Foreign exchange and other (1 ) – (1 ) (2 ) Balance at end of period $ 181 $ 535 $ 118 $ 834 Credit card Balance at beginning of period $ 136 $ 572 $ – $ 708 Originations net of repayments and other derecognitions (1 ) (26 ) – (27 ) Changes in model – – – – Net remeasurement (1) (88 ) 117 23 52 Transfers (1) – to 12-month 79 (79 ) – – – to lifetime ECL performing (10 ) 10 – – – to lifetime ECL credit-impaired – (20 ) 20 – Provision for (reversal of) credit losses (2) (20 ) 2 43 25 Write-offs – – (70 ) (70 ) Recoveries – – 27 27 Interest income on impaired loans – – – – Foreign exchange and other – – – – Balance at end of period $ 116 $ 574 $ – $ 690 Business and government Balance at beginning of period $ 453 $ 683 $ 652 $ 1,788 Originations net of repayments and other derecognitions 17 (23 ) (5 ) (11 ) Changes in model – – – – Net remeasurement (1) (62 ) 55 118 111 Transfers (1) – to 12-month 81 (75 ) (6 ) – – to lifetime ECL performing (12 ) 14 (2 ) – – to lifetime ECL credit-impaired (2 ) (12 ) 14 – Provision for (reversal of) credit losses ( 2 22 (41 ) 119 100 Write-offs – – (70 ) (70 ) Recoveries – – 3 3 Interest income on impaired loans – – (6 ) (6 ) Foreign exchange and other (13 ) (19 ) (12 ) (44 ) Balance at end of period $ 462 $ 623 $ 686 $ 1,771 Total ECL allowance ( 3 $ 811 $ 1,868 $ 952 $ 3,631 Comprises: Loans $ 724 $ 1,808 $ 952 $ 3,484 Undrawn credit facilities and other off-balance ( 4 87 60 – 147 (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) 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 $ million; January $ million; January ). The ECL allowances for other financial (4) Included in Other liabilities on our interim consolidated balance sheet. (5) Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank. $ millions, as at or for the three months ended 2020 2020 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Collective 12-month Collective Collective and credit-impaired Total Collective 12-month Collective Collective and lifetime ECL credit-impaired (5) Total Residential mortgages Balance at beginning of period $ 48 $ 88 $ 165 $ 301 $ 28 $ 43 $ 140 $ 211 Originations net of repayments and other derecognitions 4 (4 ) (3 ) (3 ) 1 (3 ) (5 ) (7 ) Changes in model – 25 – 25 (1 ) – – (1 ) Net remeasurement (1) (15 ) 58 5 48 (12 ) 7 22 17 Transfers (1) – to 12-month 22 (17 ) (5 ) – 12 (10 ) (2 ) – – to lifetime ECL performing (8 ) 14 (6 ) – (1 ) 5 (4 ) – – to lifetime ECL credit-impaired – (3 ) 3 – – (2 ) 2 – Provision for (reversal of) credit losses (2) 3 73 (6 ) 70 (1 ) (3 ) 13 9 Write-offs – – (5 ) (5 ) – – (3 ) (3 ) Recoveries – – 2 2 – – 1 1 Interest income on impaired loans – – (5 ) (5 ) – – (5 ) (5 ) Foreign exchange and other – – – – 1 – – 1 Balance at end of period $ 51 $ 161 $ 151 $ 363 $ 28 $ 40 $ 146 $ 214 Personal Balance at beginning of period $ 169 $ 558 $ 131 $ 858 $ 174 $ 271 $ 128 $ 573 Originations net of repayments and other derecognitions 17 (13 ) (2 ) 2 9 (13 ) (3 ) (7 ) Changes in model 22 81 – 103 11 (7 ) – 4 Net remeasurement (1) (83 ) (1 ) 37 (47 ) (71 ) 90 64 83 Transfers (1) – to 12-month 114 (110 ) (4 ) – 67 (65 ) (2 ) – – to lifetime ECL performing (35 ) 42 (7 ) – (8 ) 11 (3 ) – – to lifetime ECL credit-impaired – (11 ) 11 – – (19 ) 19 – Provision for (reversal of) credit losses (2) 35 (12 ) 35 58 8 (3 ) 75 80 Write-offs – – (67 ) (67 ) – – (100 ) (100 ) Recoveries – – 16 16 – – 20 20 Interest income on impaired loans – – (1 ) (1 ) – – (1 ) (1 ) Foreign exchange and other – – (1 ) (1 ) – – (1 ) (1 ) Balance at end of period $ 204 $ 546 $ 113 $ 863 $ 182 $ 268 $ 121 $ 571 Credit card Balance at beginning of period $ 144 $ 566 $ – $ 710 $ 145 $ 340 $ – $ 485 Originations net of repayments and other derecognitions – (14 ) – (14 ) – (17 ) – (17 ) Changes in model – – – – 13 5 – 18 Net remeasurement (1) (97 ) 146 12 61 (77 ) 156 40 119 Transfers (1) – to 12-month 95 (95 ) – – 87 (87 ) – – – to lifetime ECL performing (6 ) 6 – – (9 ) 9 – – – to lifetime ECL credit-impaired – (37 ) 37 – – (58 ) 58 – Provision for (reversal of) credit losses (2) (8 ) 6 49 47 14 8 98 120 Write-offs – – (77 ) (77 ) – – (126 ) (126 ) Recoveries – – 28 28 – – 28 28 Interest income on impaired loans – – – – – – – – Foreign exchange and other – – – – – (1 ) – (1 ) Balance at end of period $ 136 $ 572 $ – $ 708 $ 159 $ 347 $ – $ 506 Business and government Balance at beginning of period $ 568 $ 558 $ 614 $ 1,740 $ 239 $ 158 $ 378 $ 775 Originations net of repayments and other derecognitions 12 (28 ) (5 ) (21 ) 7 (5 ) (5 ) (3 ) Changes in model – – – – – 4 (1 ) 3 Net remeasurement (1) (140 ) 240 37 137 (29 ) 22 59 52 Transfers (1) – to 12-month 48 (45 ) (3 ) – 24 (22 ) (2 ) – – to lifetime ECL performing (15 ) 18 (3 ) – (11 ) 12 (1 ) – – to lifetime ECL credit-impaired (17 ) (57 ) 74 – – (8 ) 8 – Provision for (reversal of) credit losses (2) (112 ) 128 100 116 (9 ) 3 58 52 Write-offs – – (54 ) (54 ) – – (40 ) (40 ) Recoveries – – 1 1 – – 3 3 Interest income on impaired loans – – (7 ) (7 ) – – (5 ) (5 ) Foreign exchange and other (3 ) (3 ) (2 ) (8 ) 1 2 (1 ) 2 Balance at end of period $ 453 $ 683 $ 652 $ 1,788 $ 231 $ 163 $ 393 $ 787 Total ECL allowance (3) $ 844 $ 1,962 $ 916 $ 3,722 $ 600 $ 818 $ 660 $ 2,078 Comprises: Loans $ 735 $ 1,891 $ 914 $ 3,540 $ 537 $ 753 $ 658 $ 1,948 Undrawn credit facilities and other off-balance (4) 109 71 2 182 63 65 2 130 See previous page for footnote references. Inputs, assumptions and model techniques The uncertainties inherent in the COVID-19 The forecasting of forward-looking information and the determination of scenario weightings in the COVID-19 COVID-19 Base case Upside case Downside case As at January 31, 2021 Average Average (1) Average value over the next Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 4.0 % 3.9 % 6.0 % 4.4 % 2.5 % 2.1 % United States 4.1 % 3.2 % 5.8 % 4.5 % 1.8 % 1.9 % Unemployment rate Canada (2) 7.8 % 6.1 % 7.3 % 5.7 % 8.6 % 7.4 % United States 5.9 % 4.1 % 4.5 % 3.4 % 7.4 % 5.8 % Canadian Housing Price Index growth (2) 1.5 % 3.2 % 12.2 % 10.2 % (9.9 )% 0.3 % S&P 500 Index growth rate 5.0 % 5.0 % 13.0 % 10.8 % (5.5 )% (2.9 )% West Texas Intermediate Oil Price (US$) $ 50 $ 55 $ 54 $ 62 $ 41 $ 46 Base case Upside case Downside case As at October 31, 2020 Average Average (1) Average Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 1.6 % 3.8 % 3.6 % 4.6 % 0.03 % 2.0 % United States 1.7 % 3.5 % 3.0 % 4.2 % (0.6 )% 1.7 % Unemployment rate Canada (2) 8.7 % 6.7 % 7.4 % 5.9 % 9.5 % 8.4 % United States 7.4 % 4.7 % 5.1 % 3.5 % 9.2 % 7.3 % Canadian Housing Price Index growth (2) 2.4 % 3.0 % 11.2 % 10.4 % (6.9 )% (0.8 )% S&P 500 Index growth rate 5.6 % 4.8 % 11.2 % 7.7 % (3.5 )% (5.3 )% West Texas Intermediate Oil Price (US$) $ 42 $ 53 $ 51 $ 60 $ 34 $ 39 (1) The remaining forecast period is generally two years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. As required, the forward-looking information used to estimate expected credit losses reflects our expectations as at January 31, 2021 and October 31, 2020 , pre-COVID-19 levels just before the end of calendar year 2021. While vaccination of targeted groups have commenced across much of the world, uncertainty remains about how quickly a large enough majority of the population can be effectively immunized to reduce subsequent rates of infection, including in response to emerging variants of the virus. The downside case forecast still reflects a recovery from the severe low experienced in the second calendar quarter of 2020, but to a much lower level of sustained economic activity. Meanwhile, the upside scenario continues to reflect a quicker recovery with the pre-pandemic activity reached in the third calendar quarter of 2021. While there has been a modest overall improvement in our outlook over the past quarter, the improvement is not as significant as implied by the annualized forecasts above as a result of the current quarter’s forecast being less impacted by the more significant downturn experienced in 2020. The graphs below compare the actual and forecasted base case real GDP levels in Canada and the U.S. on a calendar quarter basis to the forecasts from the fourth quarter of 2020: 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, particularly in light of the COVID-19 vaccination If we were to only use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $309 million lower than the recognized ECL as at January 31, 2021 (October 31, 2020: $204 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 $682 million higher than the recognized ECL as at January 31, 2021 (October 31, 2020: $938 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 default (PD) under IFRS 9 to our risk management PD bands for retail exposures, and based on our internal risk ratings for business and government exposures. Refer to the “Credit risk” section of our 2020 Annual Report for details on the CIBC risk categories. Loans (1) $ millions, as at 2021 2020 Stage 1 Stage 2 Stage 3 (2) Total Stage 1 Stage 2 Stage 3 (2) Total Residential mortgages – Exceptionally low $ 150,641 $ 6 $ – $ 150,647 $ 146,139 $ 2 $ – $ 146,141 – Very low 47,164 1,670 – 48,834 45,678 1,166 – 46,844 – Low 12,311 5,609 – 17,920 12,491 6,042 – 18,533 – Medium 278 4,567 – 4,845 232 4,924 – 5,156 – High 1 1,021 – 1,022 – 1,054 – 1,054 – Default – – 620 620 – – 654 654 – Not rated 1,814 727 165 2,706 1,810 818 155 2,783 Gross residential mortgages ( 3 4 212,209 13,600 785 226,594 206,350 14,006 809 221,165 ECL allowance 52 136 148 336 51 161 151 363 Net residential mortgages 212,157 13,464 637 226,258 206,299 13,845 658 220,802 Personal – Exceptionally low 22,955 – – 22,955 23,302 – – 23,302 – Very low 1,644 150 – 1,794 1,618 157 – 1,775 – Low 8,919 2,354 – 11,273 8,662 2,497 – 11,159 – Medium 1,406 2,571 – 3,977 1,265 2,768 – 4,033 – High 303 816 – 1,119 331 769 – 1,100 – Default – – 150 150 – – 140 140 – Not rated 523 136 44 703 513 159 41 713 Gross personal ( 4 35,750 6,027 194 41,971 35,691 6,350 181 42,222 ECL allowance 159 530 118 807 179 540 113 832 Net personal 35,591 5,497 76 41,164 35,512 5,810 68 41,390 Credit card – Exceptionally low 2,949 – – 2,949 3,285 – – 3,285 – Very low 1,341 – – 1,341 1,388 – – 1,388 – Low 2,244 – – 2,244 2,340 – – 2,340 – Medium 1,722 1,833 – 3,555 1,778 1,973 – 3,751 – High – 477 – 477 – 472 – 472 – Default – – – – – – – – – Not rated 143 – – 143 135 18 – 153 Gross credit card 8,399 2,310 – 10,709 8,926 2,463 – 11,389 ECL allowance 106 553 – 659 125 542 – 667 Net credit card 8,293 1,757 – 10,050 8,801 1,921 – 10,722 Business and government (5) – Investment grade 51,909 253 – 52,162 50,691 307 – 50,998 – Non-investment 81,511 5,654 – 87,165 80,471 7,319 – 87,790 – Watchlist 476 3,633 – 4,109 447 4,291 – 4,738 – Default – – 1,476 1,476 – – 1,359 1,359 – Not rated 216 57 – 273 218 49 – 267 Gross business and government (3)(6) 134,112 9,597 1,476 145,185 131,827 11,966 1,359 145,152 ECL allowance 407 589 686 1,682 380 648 650 1,678 Net business and government 133,705 9,008 790 143,503 131,447 11,318 709 143,474 Total net amount of loans $ 389,746 $ 29,726 $ 1,503 $ 420,975 $ 382,059 $ 32,894 $ 1,435 $ 416,388 (1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $20 million (October 31, 2020: $22 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of (2) Excludes foreclosed assets of $26 million (October 31, 2020: $23 million) which were included in Other assets on our interim consolidated balance sheet. ( 3 Includes $42 million (October 31, 2020: $63 million) of residential mortgages and $ ( 4) The int e (5) Certain prior period amounts were restated. (6) Includes customers’ liability under acceptances of $10,322 million (October 31, 2020: $9,606 million). Undrawn credit facilities and other off-balance $ millions, as at 2021 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail – Exceptionally low $ 127,758 $ 5 $ – $ 127,763 $ 124,690 $ 8 $ – $ 124,698 – Very low 7,233 139 – 7,372 6,632 137 – 6,769 – Low 8,720 316 – 9,036 8,703 416 – 9,119 – Medium 892 580 – 1,472 909 692 – 1,601 – High 64 439 – 503 263 503 – 766 – Default – – 25 25 – – 28 28 – Not rated 400 19 – 419 411 23 – 434 Gross retail 145,067 1,498 25 146,590 141,608 1,779 28 143,415 ECL allowance 32 26 – 58 36 36 – 72 Net retail 145,035 1,472 25 146,532 141,572 1,743 28 143,343 Business and government (1) – Investment grade 91,590 19 – 91,609 89,883 149 – 90,032 – Non-investment 57,993 3,029 – 61,022 55,910 3,679 – 59,589 – Watchlist 46 1,410 – 1,456 91 1,665 – 1,756 – Default – – 201 201 – – 129 129 – Not rated 674 27 – 701 795 41 – 836 Gross business and government 150,303 4,485 201 154,989 14 5,534 129 152,342 ECL allowance 55 34 – 89 73 35 2 110 Net business and government 150,248 4,451 201 154,900 14 5,499 127 152,232 Total net undrawn credit facilities and other off-balance $ 295,283 $ 5,923 $ 226 $ 301,432 $ 288,178 $ 7,242 $ 155 $ 295,575 (1) Certain prior period amounts were restated. |
Deposits
Deposits | 3 Months Ended |
Jan. 31, 2021 | |
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Deposits | Note 7. Deposits (1)(2) $ millions, as at 2021 2020 Payable on (3) Payable after notice (4) Payable on a (5)(6) Total Total Personal $ 14,510 $ 138,108 $ 53,472 $ 206,090 $ 202,152 Business and government (7) 88,248 78,197 144,000 310,445 311,426 Bank 9,042 432 9,192 18,666 17,011 Secured borrowings (8) – – 38,726 38,726 40,151 $ 111,800 $ 216,737 $ 245,390 $ 573,927 $ 570,740 Comprised of: Held at amortized cost $ 558,599 $ 557,321 Designated at fair value 15,328 13,419 $ 573,927 $ 570,740 Total deposits include (9) : Non-interest-bearing Canada $ 76,280 $ 71,122 U.S. 13,339 13,833 Other international 5,461 5,798 Interest-bearing deposits Canada 385,250 389,439 U.S. 68,385 66,399 Other international 25,212 24,149 $ 573,927 $ 570,740 (1) Includes deposits of $191.4 billion (October 31, 2020: $185.2 billion) denominated in U.S. dollars and deposits of $30.7 billion (October 31, 2020: $30.2 billion) denominated in other foreign currencies. (2) Net of purchased notes of $3,280 million (October 31, 2020: $3,063 million). (3) Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts. (4) Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts. (5) Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments. (6) Includes $22,622 million (October 31, 2020: $19,925 million) of deposits which are subject to the bank recapitalization (bail-in) non-viable. (7) Includes $302 million (October 31, 2020: $303 million) of Notes issued to CIBC Capital Trust. (8) Comprises liabilities issued by, or as a result of, activities associated with the securitization of residential mortgages, covered bond programme, and consolidated securitization vehicles. (9) Classification is based on geographical location of the CIBC office. |
Subordinated indebtedness
Subordinated indebtedness | 3 Months Ended |
Jan. 31, 2021 | |
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Subordinated indebtedness | Note 8. Subordinated indebtedness O |
Share capital
Share capital | 3 Months Ended |
Jan. 31, 2021 | |
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Share capital | Note 9. Share capital Common shares $ millions, except number of shares, for the three months ended 2021 2020 2020 Number Amount Number Amount Number Amount Balance at beginning of period 447,085,329 $ 13,908 446,008,888 $ 13,800 445,341,675 $ 13,591 Issuance pursuant to: Equity-settled share-based compensation plans (1) 294,626 29 236,999 24 474,948 51 Shareholder investment plan 294,164 32 329,447 33 334,004 36 Employee share purchase plan 346,076 38 323,052 32 324,279 36 448,020,195 $ 14,007 446,898,386 $ 13,889 446,474,906 $ 13,714 Purchase of common shares for cancellation – – – – (1,497,800 ) (46 ) Treasury shares (170,590 ) (16 ) 186,943 19 4,427 1 Balance at end of period 447,849,605 $ 13,991 447,085,329 $ 13,908 444,981,533 $ 13,669 (1) Includes the settlement of contingent consideration related to prior acquisitions. Regulatory capital and leverage ratios Our capital ratios and leverage ratio are presented in the table below: $ millions, as at 2021 2020 Common Equity Tier 1 (CET1) capital (1) $ 31,438 $ 30,876 Tier 1 capital A 35,284 34,775 Total capital 40,355 40,969 Total risk-weighted assets (RWA) 256,119 254,871 CET1 ratio 12.3 % 12.1 % Tier 1 capital ratio 13.8 % 13.6 % Total capital ratio 15.8 % 16.1 % Leverage ratio exposure (2) B $ 756,688 $ 741,760 Leverage ratio A/B 4.7 % 4.7 % (1) Includes the impact of the ECL transitional arrangement announced by OSFI on March 27, 2020. The transitional arrangement results in a portion of ECL allowances that would otherwise be included in Tier 2 capital qualifying for inclusion in CET1 capital. The amount is subject to certain adjustments and limitations until fiscal 2022. (2) Includes the impact of regulatory flexibility provided by OSFI in respect of exposures arising from central bank reserves and sovereign-issued securities that qualify as high quality liquid assets. The treatment specified by OSFI permits these items to be excluded from the leverage ratio exposure measure. Our regulatory capital requirements are determined in accordance with guidelines issued by OSFI, which are based upon the capital standards developed by the Basel Committee on Banking Supervision. CIBC has been designated by OSFI as a domestic systemically important bank (D-SIB) D-SIBs During the quarter ended January 31, 2021, we have complied with OSFI’s regulatory capital requirements. |
Post-employment benefits
Post-employment benefits | 3 Months Ended |
Jan. 31, 2021 | |
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Post-employment benefits | Note 10. Post-employment benefits The following tables provide details on the post-employment benefit expense recognized in the interim consolidated statement of income and on the remeasurements recognized in the interim consolidated statement of comprehensive income: Defined benefit plan expense $ millions, for the three months ended 2021 2020 2020 2021 2020 2020 Pension plans Other Current service cost $ 71 $ 70 $ 68 $ 2 $ 4 $ 3 Past service cost (1) – 12 (32 ) – (76 ) (1 ) Net interest (income) expense (4 ) (2 ) (3 ) 4 5 5 Special termination benefits (1) – 1 9 – – – Plan administration costs 2 1 2 – – – Net defined benefit plan expense recognized in net income $ 69 $ 82 $ 44 $ 6 $ (67 ) $ 7 (1) Includes amounts related to the restructuring charge, and gains related to plan amendments recognized in 2020. Defined contribution plan expense $ millions, for the three months ended 2021 2020 2020 Defined contribution pension plans $ 11 $ 7 $ 9 Government pension plans (1) 36 31 35 Total defined contribution plan expense $ 47 $ 38 $ 44 (1) Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act. Remeasurement of employee defined benefit plans (1) $ millions, for the three months ended 2021 2020 2020 2021 2020 2020 Pension plans Other post-employment plans Net actuarial gains (losses) on defined benefit obligation $ 60 $ 458 $ (428 ) $ 3 $ 42 $ (29 ) Net actuarial gains (losses) on plan assets 207 (312 ) 315 – – – Changes in asset ceiling excluding interest income – 1 1 – – – Net remeasurement gains (losses) recognized in OCI $ 267 $ 147 $ (112 ) $ 3 $ 42 $ (29 ) (1) The Canadian post-employment defined benefit plans are remeasured on a quarterly basis for changes in the discount rate and for actual asset returns. All other Canadian plans’ actuarial assumptions and foreign plans’ actuarial assumptions are updated at least annually. |
Income taxes
Income taxes | 3 Months Ended |
Jan. 31, 2021 | |
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Income taxes | Note 11. Income taxes Enron In prior years, the Canada Revenue Agency (CRA) issued reassessments disallowing the deduction of Enron settlement payments and related legal expenses (the “Enron expenses”). In January 2019, CIBC entered into a settlement agreement (the “Agreement”) with the CRA that provides certainty with respect to the portion of the Enron expenses deductible in Canada. The Agreement resulted in the recognition of a net $38 million tax recovery in the first quarter of 2019. This recovery was determined after taking into account taxable refund interest in Canada and also the portion of the Enron expenses that are expected to be deductible in the United States (the “U.S. deduction”). The U.S. deduction has not been agreed to by the Internal Revenue Service. It is possible that adjustments may be required to the amount of tax benefits recognized in the U.S. Dividend Received Deduction The CRA has reassessed CIBC approximately $1,115 million of additional income tax by denying the tax deductibility of certain 2011 to 2015 Canadian corporate dividends on the basis that they were part of a “dividend rental arrangement”. The dividends that were subject to the reassessments are similar to those prospectively addressed by the rules in the 2015 and 2018 Canadian federal budgets. It is possible that subsequent years may be reassessed for similar activities. CIBC is confident that its tax filing positions were appropriate and intends to defend itself vigorously. Accordingly, no amounts have been accrued in the interim consolidated financial statements. |
Earnings per share
Earnings per share | 3 Months Ended |
Jan. 31, 2021 | |
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Earnings per share | Note 12. Earnings per share $ millions, except number of shares and per share amounts, for the three months ended 2021 2020 2020 Basic earnings per share Net income attributable to equity shareholders $ 1,621 $ 1,015 $ 1,205 Less: Preferred share dividends and distributions on other equity instruments 30 30 31 Net income attributable to common shareholders $ 1,591 $ 985 $ 1,174 Weighted-average common shares outstanding (thousands) 447,281 446,321 445,248 Basic earnings per share $ 3.56 $ 2.21 $ 2.64 Diluted earnings per share Net income attributable to common shareholders $ 1,591 $ 985 $ 1,174 Weighted-average common shares outstanding (thousands) 447,281 446,321 445,248 Add: Stock options potentially exercisable (1) 502 389 639 Add: Equity-settled consideration (thousands) 146 167 144 Weighted-average diluted common shares outstanding (thousands) 447,929 446,877 446,031 Diluted earnings per share $ 3.55 $ 2.20 $ 2.63 (1) Excludes average options outstanding of 3,840,348 (October 31, 2020: 3,816,293; January 31, 2020: 2,382,904) with a weighted-average exercise price of $112.71 (October 31, 2020: $111.50; January 31, 2020: $114.21) for the quarter ended January 31, 2021, as the options’ exercise prices were greater than the average market price of CIBC’s common shares. |
Contingent liabilities and prov
Contingent liabilities and provisions | 3 Months Ended |
Jan. 31, 2021 | |
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Contingent liabilities and provisions | Note 13. Contingent liabilities and provisions Legal proceedings and other contingencies In the ordinary course of its business, CIBC is a party to a number of legal proceedings, including regulatory investigations, in which claims for substantial monetary damages are asserted against CIBC and its subsidiaries. Legal provisions are established if, in the opinion of management, it is both probable that an outflow of economic benefits will be required to resolve the matter, and a reliable estimate can be made of the amount of the obligation. If the reliable estimate of probable loss involves a range of potential outcomes within which a specific amount appears to be a better estimate, that amount is accrued. If no specific amount within the range of potential outcomes appears to be a better estimate than any other amount, the mid-point While there is inherent difficulty in predicting the outcome of legal proceedings, based on current knowledge and in consultation with legal counsel, we do not expect the outcome of these matters, individually or in aggregate, to have a material adverse effect on our interim consolidated financial statements. However, the outcome of these matters, individually or in aggregate, may be material to our operating results for a particular reporting period. We regularly assess the adequacy of CIBC’s litigation accruals and make the necessary adjustments to incorporate new information as it becomes available. The provisions disclosed in Note 22 to the consolidated financial statements included in our 2020 Annual Report included all of CIBC’s accruals for legal matters as at that date, including amounts related to the significant legal proceedings described in that note and to other legal matters. CIBC considers losses to be reasonably possible when they are neither probable nor remote. It is reasonably possible that CIBC may incur losses in addition to the amounts recorded when the loss accrued is the mid-point CIBC believes the estimate of the aggregate range of reasonably possible losses, in excess of the amounts accrued, for its significant legal proceedings, where it is possible to make such an estimate, is from nil to approximately $1.0 billion as at January 31, 2021. This estimated aggregate range of reasonably possible losses is based upon currently available information for those significant proceedings in which CIBC is involved, taking into account CIBC’s best estimate of such losses for those cases for which an estimate can be made. CIBC’s estimate involves significant judgment, given the varying stages of the proceedings and the existence of multiple defendants in many of such proceedings whose share of the liability has yet to be determined. The range does not include potential punitive damages and interest. The matters underlying the estimated range as at January 31, 2021, consist of the significant legal matters disclosed in Note 22 to the consolidated financial statements included in our 2020 Annual Report as updated below. The matters underlying the estimated range will change from time to time, and actual losses may vary significantly from the current estimate. For certain matters, CIBC does not believe that an estimate can currently be made as many of them are in preliminary stages and certain matters have no specific amount claimed. Consequently, these matters are not included in the range. The following developments related to our significant legal proceedings occurred since the issuance of our 2020 annual consolidated financial statements: • Credit card class actions - Interchange fees litigation CIBC will contribute towards a proposed settlement. • Pilon v. Amex Bank of Canada, et al • Simplii privacy class actions Bannister Steinman , • Order Execution Only class actions Frayce Michaud • Pope v. CIBC and CIBC Trust Other than the items described above, there are no significant developments in the matters identified in Note 22 to the consolidated financial statements included in our 2020 Annual Report, and no new significant legal proceedings have arisen since the issuance of our 2020 annual consolidated financial statements. |
Interest income and expense
Interest income and expense | 3 Months Ended |
Jan. 31, 2021 | |
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Interest income and expense | Note 14. Interest income and expense The table below provides the consolidated interest income and expense by accounting categories. $ millions, for the three months ended 2021 2020 2020 Interest Interest Interest Interest Interest Interest Measured at amortized cost (1) $ 3,256 $ 814 $ 3,280 $ 888 $ 4,435 $ 2,326 Debt securities measured at FVOCI (1) 98 n/a 107 n/a 240 n/a Other (2) 417 118 413 120 507 95 Total $ 3,771 $ 932 $ 3,800 $ 1,008 $ 5,182 $ 2,421 (1) Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate method. (2) Includes interest income and expense and dividend income for financial instruments that are mandatorily measured and designated at FVTPL and equity securities designated at FVOCI. n/a Not applicable. |
Segmented information
Segmented information | 3 Months Ended |
Jan. 31, 2021 | |
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Segmented information | Note 15. Segmented information CIBC has four strategic business units ( ) Canadian Personal and Business Banking provides personal and business clients across Canada with financial advice, products and services through banking centre, digital, mobile and remote channels. Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth U.S. Commercial Banking and Wealth Management delivers commercial banking and private wealth services across the U.S., as well as personal and small business banking services in four U.S. Midwestern markets and focuses on middle-market and mid-corporate high-net-worth Capital Markets provides integrated global markets products and services, investment banking advisory and execution, corporate banking solutions and top-ranked Corporate and Other includes the following functional groups – Technology, Infrastructure and Innovation, Risk Management, People, Culture and Brand, Finance and Enterprise Strategy, as well as other support groups. The expenses of these functional and support groups are generally allocated to the business lines within the SBUs. The majority of the functional and support costs of CIBC Bank USA are recognized directly in the U.S. Commercial Banking and Wealth Management SBU. Corporate and Other also includes the results of CIBC FirstCaribbean and other strategic investments, as well as other income statement and balance sheet items not directly attributable to the business lines. Changes made to our business segments The following changes were made in the first quarter of 2021: • Simplii Financial and CIBC • The financial results associated with U.S. treasury activities in U.S. Commercial Banking and Wealth Management are now included within Treasury in Corporate and Other. In addition, the transfer pricing methodology between U.S. Commercial Banking and Wealth Management and Treasury in Corporate and Other has been enhanced. Both changes align the treatment of U.S. Commercial Banking and Wealth Management with our other SBUs, and allow for better management of interest rate and liquidity risks. These changes impacted the results of our SBUs. Prior period amounts were revised accordingly. There was no impact on consolidated net income resulting from these changes. $ millions, for the three months ended Canadian Canadian U.S. Capital Corporate CIBC Total 2021 Net interest income (1) $ 1,483 $ 298 $ 374 $ 682 $ 2 $ 2,839 Jan. 31 Non-interest (2) 542 790 187 492 113 2,124 Total revenue (1) 2,025 1,088 561 1,174 115 4,963 Provision for credit losses 54 33 45 5 10 147 Amortization and impairment (3) 53 7 28 2 147 237 Other non-interest 1,033 565 252 520 119 2,489 Income (loss) before income taxes 885 483 236 647 (161 ) 2,090 Income taxes (1) 233 129 48 154 (99 ) 465 Net income (loss) $ 652 $ 354 $ 188 $ 493 $ (62 ) $ 1,625 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 4 $ 4 Equity shareholders 652 354 188 493 (66 ) 1,621 Average assets (4) $ 261,542 $ 65,774 $ 47,501 $ 250,418 $ 174,713 $ 799,948 2020 Net interest income (1) $ 1,486 $ 294 $ 356 $ 652 $ 4 $ 2,792 Oct. 31 (5) Non-interest (2) 511 734 163 282 118 1,808 Total revenue (1) 1,997 1,028 519 934 122 4,600 Provision for credit losses 121 25 82 17 46 291 Amortization and impairment (3) 58 8 29 3 438 536 Other non-interest 1,018 532 238 455 112 2,355 Income (loss) before income taxes 800 463 170 459 (474 ) 1,418 Income taxes (1) 210 123 35 149 (115 ) 402 Net income (loss) $ 590 $ 340 $ 135 $ 310 $ (359) $ 1,016 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 1 $ 1 Equity shareholders 590 340 135 310 (360 ) 1,015 Average assets (4) $ 256,054 $ 65,018 $ 48,510 $ 239,272 $ 170,079 $ 778,933 2020 Net interest income (1) $ 1,505 $ 315 $ 342 $ 498 $ 101 $ 2,761 Jan. 31 (5) Non-interest (2) 574 740 159 508 113 2,094 Total revenue (1) 2,079 1,055 501 1,006 214 4,855 Provision for (reversal of) credit losses 211 35 15 (6 ) 6 261 Amortization and impairment (3) 57 7 32 3 147 246 Other non-interest 1,029 554 266 489 481 2,819 Income (loss) before income taxes 782 459 188 520 (420 ) 1,529 Income taxes (1) 207 123 23 142 (178 ) 317 Net income (loss) $ 575 $ 336 $ 165 $ 378 $ (242) $ 1,212 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 7 $ 7 Equity shareholders 575 336 165 378 (249 ) 1,205 Average assets (4) $ 251,596 $ 65,257 $ 44,811 $ 213,172 $ 104,695 $ 679,531 (1) Capital Markets net interest income and income taxes include a taxable equivalent basis (TEB) adjustment of $54 million for the three months ended January 31, 2021 (October 31, 2020: $37 million; January 31, 2020: $49 million) with an equivalent offset in Corporate and Other. (2) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Manufacturer / Customer Segment / Distributor Management Model. (3) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets. The three months ended October 31, 2020 includes goodwill impairment. (4) Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. (5) Certain prior period information has been revised. See the “Changes made to our business segments” section for additional details. |
Changes in accounting policies
Changes in accounting policies (Policies) | 3 Months Ended |
Jan. 31, 2021 | |
Statement [LineItems] | |
Current period changes in accounting policies | (a) Current period changes in accounting policies Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Various interest rate and other indices that are deemed to be “benchmarks” (including LIBOR) are the subject of international regulatory guidance and proposals for reform. Regulators in various jurisdictions have pushed for the transition from Interbank Offered Rates (IBORs) to alternative benchmark rates (alternative rates), based upon risk free rates determined using actual market transactions. The U.K.’s Financial Conduct Authority (FCA) originally announced in July 2017 that it would not compel banks to submit LIBOR rates after December 2021. In November 2020, the FCA and the ICE Benchmark Administrator (IBA) announced a consultation process that may lead to an 18 month extension to June 30, 2023 for most USD LIBOR tenors with an expectation that originations of new USD LIBOR-linked products would cease after the end of 2021. We are closely monitoring the consultation process. In response to interest rate benchmark reform, the IASB issued “Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and IFRS 16” (Phase 2 amendments) in August 2020. These amendments address issues that affect financial reporting once an existing rate is replaced with an alternative rate and concludes the IASB’s amendments to financial reporting standards due to the effects of interest rate benchmark reform. While the Phase 2 amendments are effective for annual periods beginning on or after January 1, 2021, we elected to early adopt the Phase 2 amendments effective November 1, 2020. Only the amendments to IAS 39 “Financial Instruments: Recognition and Measurement” (IAS 39), IFRS 7 “Financial Instruments: Disclosures”, IFRS 4 “Insurance Contracts”, and IFRS 16 “Leases” apply to us because we elected to continue to apply the hedge accounting requirements of IAS 39 upon the adoption of IFRS 9 “Financial Instruments” (IFRS 9). The Phase 2 amendments permit modifications of financial assets, financial liabilities and lessee lease liabilities required as a direct consequence of IBOR reform, and made on an economically equivalent basis to be accounted for by updating the effective interest rate (EIR) prospectively. The amendments also provide temporary relief that allows for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain qualifying conditions, including the amendment of the hedge designation and documentation to reflect the new rate, and permits new hedging relationships that are in the scope of the Phase 2 amendments. The IASB had previously issued “Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7” (Phase 1 amendments) in September 2019. The Phase 1 amendments provide relief for specific hedge accounting requirements to address uncertainties in the period before the interest rate benchmark reform, and provide specific disclosure requirements for the affected hedging relationships. We adopted the Phase 1 amendments effective November 1, 2019 and the disclosure can be found in Note 1 to the consolidated financial statements included in our 2020 Annual Report. As IBORs are widely referenced by large volumes of derivative, loan and cash products, the transition presents a number of risks to us, and the industry as a whole. These transition risks include market risk (in the eventuality that new basis risks emerge), model risk, operational risk (as processes are changed or newly introduced), legal risk (as contracts are revised) and conduct risk (in ensuring clients are adequately informed/prepared). In response to the proposed reforms to interest rate benchmarks, we have established an Enterprise IBOR Transition Program (Program), which is supported by a formal governance structure and dedicated working groups that include stakeholders from frontline businesses as well as functional groups such as Treasury, Technology and Operations, Risk Management, Legal and Finance, to manage and coordinate all aspects of the transition, including the identification and mitigation of the risks. An Interbank Offered Rate (IBOR) Steering Committee has been established with responsibility for oversight and execution of the Program. The IBOR Steering Committee manages the impact of the transition risks through appropriate mitigating actions. We also continue to engage with industry associations to incorporate recent developments into our project plan. The Program provides regular updates to the senior management, including the Executive Committee. As a part of the Program, we are in the process of preparing to transition existing IBOR based contracts to those that reference the new alternative rates, and are developing supporting business processes to support the transition. We have adhered to the International Swaps and Derivatives Association (ISDA) 2020 IBOR Fallbacks Protocol to facilitate the transition of the contractual rate for derivatives with counterparties who have also adhered to the ISDA Protocol. Such transition will be effective on the occurrence of certain prescribed trigger events. We have continued to develop contract remediation plans for our LIBOR referencing products and have continued to make information available to clients, advising them on developments. We currently consider exposures that are indexed to USD LIBOR and GBP LIBOR with a maturity date beyond December 31, 2021 to be significant exposures that are potentially subject to the transition to an alternative benchmark rate. The following table presents the approximate notional amounts of our derivatives and the gross outstanding balances of our non-derivative financial assets and financial liabilities that are indexed to USD LIBOR, GBP LIBOR and other benchmark rates with a maturity date beyond December 31, 2021, that are expected to be affected by IBOR reform. Notional/gross outstanding amounts (1)(2)(3) $ billions, as at November 1, 2020 USD LIBOR GBP LIBOR Others ( 4 Maturing after December 31, 2021 and Maturing after Maturing after December 31, 2021 Non-derivative financial assets Securities $ 4.0 $ 1.9 $ – $ – Loans 18.6 21.2 2.4 – 22.6 23.1 2.4 – Non-derivative financial liabilities Secured borrowing deposits and subordinated indebtedness – 0.1 1.1 – Other deposits 0.8 1.0 – – 0.8 1.1 1.1 – Derivatives 276.4 463.3 70.4 33.3 (1) Excludes financial instruments which reference rates in multi-rate jurisdictions, including Canadian Dollar Offered Rate (CDOR), Euro Interbank Offered Rate (EURIBOR) and Australian Bank Bill Swap Rate. While financial instruments referencing 6-month and 12-month CDOR will be discontinued on May 17, 2021, we do not hold material positions referencing these tenors as of November 1, 2020. Other tenors of CDOR are expected to continue. (2) The table excludes undrawn loan commitments. As at November 1, 2020, total outstanding undrawn loan commitments that are potentially subject to the transition with a maturity date beyond December 31, 2021 are be billion which can be drawn in USD LIBOR and $1.0 billion which can be drawn in GBP LIBOR. (3) For cross currency swaps for which both legs reference benchmark rates that are subject to transition, the relevant notional amount for each leg has been included in the table above. ( 4 Includes exposures indexed to JPY LIBOR, CHF LIBOR and EUR LIBOR. |
Future accounting policy changes | (b) Future accounting policy changes For details on future accounting policy changes, refer to Note 32 to the consolidated financial statements included in our 2020 Annual Report. We are continuing to evaluate the impact of standards that are effective for us after fiscal 2021. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Text block [abstract] | |
Summary of Exposure to Credit Risk | Exposure to credit risk $ millions, as at 2021 Jan. 31 2020 Oct. 31 Business and government portfolios – advanced internal ratings-based approach (AIRB) Drawn $ 245,009 $ 248,265 Undrawn commitments 61,775 59,379 Repo-style transactions 218,474 202,809 Other off-balance 75,326 75,399 OTC derivatives 17,779 18,850 Gross exposure at default (EAD) on business and government portfolios 618,363 604,702 Less: Collateral held for repo-style transactions 201,608 187,832 Net EAD on business and government portfolios 416,755 416,870 Retail portfolios – AIRB approach Drawn 270,023 265,097 Undrawn commitments 88,511 87,294 Other off-balance 272 306 Gross EAD on retail portfolios 358,806 352,697 Standardized portfolios (1) 80,252 79,350 Securitization exposures – AIRB approach 10,146 12,276 Gross EAD $ 1,067,567 $ 1,049,025 Net EAD $ 865,959 $ 861,193 (1) Includes $69.4 billion relating to business and government loans (October 31, 2020: $69.7 billion), $6.1 billion (October 31, 2020: $6.2 billion) relating to retail portfolios, and $4.8 billion (October 31, 2020: $3.5 billion) relating to securitization exposures. Our business and government loans under the standardized approach consist of $44.3 billion (October 31, 2020: $45.7 billion) to corporates, $23.8 billion (October 31, 2020: $22.7 billion) to sovereigns, and $1.3 billion (October 31, 2020: $1.3 billion) to banks. |
Summary of Risk Measurement | The following table shows the rating profile of OTC derivative mark-to-market $ billions, as at 2021 Jan. 31 2020 Oct. 31 Exposure (1) Investment grade $ 7.78 76.4 % $ 7.46 74.9 % Non-investment 2.25 22.1 2.40 24.1 Watch list 0.12 1.2 0.07 0.7 Default 0.03 0.3 0.03 0.3 $ 10.18 100.0 % $ 9.96 100.0 % (1) MTM of OTC derivative contracts is after the impact of master netting agreements, but before any collateral. |
Summary of Market Risks by Type of Risks | VaR by risk type – trading portfolio $ millions, as at or for the three months ended 2021 Jan. 31 2020 Oct. 31 2020 Jan. 31 High Low As at Average As at Average As at Average Interest rate risk $ 9.3 $ 4.6 $ 5.2 $ 6.6 $ 7.3 $ 6.5 $ 8.8 $ 6.5 Credit spread risk 11.4 5.8 8.8 8.0 7.0 5.7 3.0 1.9 Equity risk 5.2 2.3 3.7 3.4 3.7 3.4 3.1 2.3 Foreign exchange risk 2.6 0.9 1.4 1.7 2.0 1.8 2.4 2.5 Commodity risk 6.1 1.0 3.2 3.1 2.4 3.4 1.3 2.9 Debt specific risk 4.6 2.2 4.1 3.2 3.0 3.2 1.9 1.9 Diversification effect (1) n/m n/m (19.4 ) (18.2 ) (12.1 ) (16.7 ) (12.8 ) (12.2 ) Total VaR (one-day $ 13.9 $ 5.1 $ 7.0 $ 7.8 $ 13.3 $ 7.3 $ 7.7 $ 5.8 (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. |
Summary of Stressed Value at Risk by Trading Activities | Stressed VaR by risk type – trading portfolio $ millions, as at or for the three months ended 2021 Jan. 31 2020 Oct. 31 2020 Jan. 31 High Low As at Average As at Average As at Average Interest rate risk $ 33.9 $ 13.0 $ 25.7 $ 24.4 $ 33.7 $ 19.2 $ 23.0 $ 27.8 Credit spread risk 12.6 7.8 10.2 9.8 7.1 10.9 8.8 10.0 Equity risk 14.0 5.1 13.6 8.9 6.9 4.0 3.0 2.2 Foreign exchange risk 26.5 1.9 15.7 10.7 9.1 6.7 12.0 11.1 Commodity risk 3.7 1.3 2.0 2.3 3.0 3.3 4.4 6.5 Debt specific risk 7.0 4.4 6.3 5.8 6.1 4.9 5.1 5.0 Diversification effect (1) n/m n/m (43.5 ) (34.8 ) (35.7 ) (30.8 ) (32.4 ) (43.6 ) Stressed total VaR (one-day $ 39.9 $ 15.3 $ 30.0 $ 27.1 $ 30.2 $ 18.2 $ 23.9 $ 19.0 (1) Stressed 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. |
Summary of Incremental Risk Charge by Trading Activities | Incremental risk charge – trading portfolio $ millions, as at or for the three months ended 2021 Jan. 31 2020 Oct. 31 2020 Jan. 31 High Low As at Average As at Average As at Average Default risk $ 134.1 $ 85.9 $ 130.5 $ 113.1 $ 102.6 $ 95.4 $ 153.4 $ 157.6 Migration risk 79.5 45.0 50.5 59.1 72.7 68.1 79.0 70.2 IRC (one-year (1) $ 197.4 $ 144.6 $ 181.0 $ 172.2 $ 175.3 $ 163.5 $ 232.4 $ 227.8 (1) High and low IRC are not equal to the sum of the constituent parts, because the highs and lows of the constituent parts may occur on different days. |
Summary of Structural Interest Rate Sensitivity - Measures | Structural interest rate sensitivity – measures $ millions (pre-tax), 2021 2020 2020 CAD (1) USD CAD (1) USD CAD (1) USD 100 basis point increase in interest rates Increase (decrease) in net interest income $ 384 $ 42 $ 317 $ 92 $ 240 $ 49 Increase (decrease) in present value of shareholders’ equity (564 ) (365 ) (556 ) (348 ) (494 ) (299 ) 25 basis point decrease in interest rates Increase (decrease) in net interest income (122 ) (66 ) (119 ) (42 ) (60) (10) Increase (decrease) in present value of shareholders’ equity 77 40 57 49 95 58 (1) Includes CAD and other currency exposures. |
Summary of Encumbered and Unencumbered Assets from On- and Off-Balance Sheet Sources | Encumbered and unencumbered liquid assets from on- off-balance $ millions, as at Bank owned Securities received Total liquid Encumbered Unencumbered (1) 2021 Cash and deposits with banks $ 63,293 $ – $ 63,293 $ 204 $ 63,089 Jan. 31 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 105,645 94,159 199,804 119,303 80,501 Other debt securities 4,961 5,330 10,291 3,054 7,237 Equities 34,903 19,897 54,800 23,728 31,072 Canadian government guaranteed National Housing Act mortgage-backed securities 40,276 686 40,962 13,774 27,188 Other liquid assets (2) 15,019 1,914 16,933 7,470 9,463 $ 264,097 $ 121,986 $ 386,083 $ 167,533 $ 218,550 2020 Cash and deposits with banks $ 62,518 $ – $ 62,518 $ 133 $ 62,385 Oct. 31 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 112,403 92,202 204,605 108,425 96,180 Other debt securities 4,798 4,288 9,086 2,603 6,483 Equities 27,169 15,924 43,093 21,449 21,644 Canadian government guaranteed National Housing Act mortgage-backed securities 40,592 895 41,487 13,084 28,403 Other liquid assets (2) 10,909 2,109 13,018 5,441 7,577 $ 258,389 $ 115,418 $ 373,807 $ 151,135 $ 222,672 (1) Unencumbered liquid assets are defined as on-balance off-balance (2) Includes cash pledged as collateral for derivatives transactions, select asset-backed securities and precious metals. |
Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values | The following table provides the contractual maturity profile of our on-balance $ millions, as at January 31, 2021 Less than 1–3 months 3–6 months 6–9 months 9–12 months 1–2 years 2–5 years Over No Total Assets Cash and non-interest-bearing (1) $ 42,986 $ – $ – $ – $ – $ – $ – $ – $ – $ 42,986 Interest-bearing deposits with banks 20,307 – – – – – – – – 20,307 Securities 3,702 6,072 4,810 3,325 6,583 17,662 40,416 32,078 35,845 150,493 Cash collateral on securities borrowed 11,557 – – – – – – – – 11,557 Securities purchased under resale agreements 35,447 17,733 6,897 2,597 1,722 – – – – 64,396 Loans Residential mortgages 2,059 4,021 12,291 13,125 10,882 48,367 128,056 7,793 – 226,594 Personal 794 835 1,172 1,147 1,100 469 3,377 3,511 29,566 41,971 Credit card 225 450 675 675 675 2,699 5,310 – – 10,709 Business and government 15,234 5,973 8,695 5,551 6,257 28,004 41,439 15,436 8,274 134,863 Allowance for credit losses – – – – – – – – (3,484 ) (3,484 ) Derivative instruments 2,898 3,473 3,057 2,255 2,636 3,438 6,436 9,972 – 34,165 Customers’ liability under acceptances 9,083 1,201 33 4 – 1 – – – 10,322 Other assets – – – – – – – – 38,029 38,029 $ 144,292 $ 39,758 $ 37,630 $ 28,679 $ 29,855 $ 100,640 $ 225,034 $ 68,790 $ 108,230 $ 782,908 October 31, 2020 (2) $ 141,033 $ 32,738 $ 41,413 $ 32,267 $ 28,499 $ 101,338 $ 224,276 $ 69,248 $ 98,739 $ 769,551 Liabilities Deposits (3) $ 28,557 $ 26,815 $ 46,158 $ 24,608 $ 25,384 $ 31,017 $ 51,613 $ 11,238 $ 328,537 $ 573,927 Obligations related to securities sold short 19,476 – – – – – – – – 19,476 Cash collateral on securities lent 1,745 – – – – – – – – 1,745 Obligations related to securities sold under repurchase agreements 42,622 28,180 2,994 474 407 1,845 – – – 76,522 Derivative instruments 3,159 4,270 3,435 2,869 2,256 2,456 5,418 8,295 – 32,158 Acceptances 9,141 1,201 33 4 – 1 – – – 10,380 Other liabilities 24 52 74 79 74 315 646 512 20,302 22,078 Subordinated indebtedness – – – – – – – 4,693 – 4,693 Equity – – – – – – – – 41,929 41,929 $ 104,724 $ 60,518 $ 52,694 $ 28,034 $ 28,121 $ 35,634 $ 57,677 $ 24,738 $ 390,768 $ 782,908 October 31, 2020 $ 98,552 $ 40,528 $ 58,834 $ 43,919 $ 26,555 $ 33,273 $ 58,938 $ 26,416 $ 382,536 $ 769,551 (1) Cash includes interest-bearing demand deposits with Bank of Canada. (2) Restated from amounts previously presented. (3) Comprises $206.1 billion (October 31, 2020: $202.2 billion) of personal deposits; $349.1 billion (October 31, 2020: $351.6 billion) of business and government deposits and secured borrowings; and $18.7 billion (October 31, 2020: $17.0 billion) of bank deposits. |
Summary of Off-Balance Sheet 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 January 31, 2021 Less than 1–3 months 3–6 months 6–9 months 9–12 months 1–2 years 2–5 years Over 5 years No (1) Total Unutilized credit commitments $ 761 $ 10,387 $ 4,461 $ 3,891 $ 6,085 $ 21,867 $ 49,204 $ 2,144 $ 176,479 $ 275,279 Securities lending (2) 40,394 2,794 2,954 – – – – – – 46,142 Standby and performance letters of credit 2,397 1,409 3,461 2,619 3,282 514 678 42 – 14,402 Backstop liquidity facilities – 179 1,442 10 9,848 252 18 – – 11,749 Documentary and commercial letters of credit 38 62 19 7 10 1 12 – – 149 Other 141 – – – – – – – – 141 $ 43,731 $ 14,831 $ 12,337 $ 6,527 $ 19,225 $ 22,634 $ 49,912 $ 2,186 $ 176,479 $ 347,862 October 31, 2020 $ 39,474 $ 24,451 $ 11,188 $ 8,798 $ 6,427 $ 20,638 $ 51,245 $ 1,714 $ 173,157 $ 337,092 (1) Includes $134.2 billion (October 31, 2020: $131.3 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion. (2) Excludes securities lending of $1.7 billion (October 31, 2020: $1.8 billion) for cash because it is reported on the interim consolidated balance sheet. |
Summary of Contractual Maturities of Other Contractual Obligations Affecting Our Funding Needs | The following table provides the contractual maturities of other contractual obligations affecting our funding needs: $ millions, as at January 31, 2021 Less than 1 month 1–3 months 3–6 months 6–9 months 9–12 months 1–2 years 2–5 years Over Total Purchase obligations (1) $ 79 $ 186 $ 218 $ 167 $ 146 $ 448 $ 471 $ 269 $ 1,984 Future lease commitments – 4 11 13 13 51 90 1,307 1,489 Underwriting commitments 495 – – – – – – – 495 Investment commitments – – – 2 4 2 6 214 228 Pension contributions (2) 17 33 49 50 – – – – 149 $ 591 $ 223 $ 278 $ 232 $ 163 $ 501 $ 567 $ 1,790 $ 4,345 October 31, 2020 $ 211 $ 243 $ 231 $ 239 $ 204 $ 488 $ 795 $ 1,625 $ 4,036 (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) 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 next annual period ending October 31, 202 1 |
Schedule of Loans Past Due But Not Impaired | $ millions, as at 2021 2020 Less than 31 to 90 days Over 90 days Total Total Residential mortgages $ 3,281 $ 1,112 $ 1 $ 4,394 $ 4,510 Personal 685 194 – 879 830 Credit card 436 164 178 778 806 Business and government 2,056 302 – 2,358 2,135 $ 6,458 $ 1,772 $ 179 $ 8,409 $ 8,281 |
Changes in accounting policie_2
Changes in accounting policies (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Text block [abstract] | |
Disclosure of Detailed Information about Derivatives and Non Derivative Financial Assets and Liabilities | Notional/gross outstanding amounts (1)(2)(3) $ billions, as at November 1, 2020 USD LIBOR GBP LIBOR Others ( 4 Maturing after December 31, 2021 and Maturing after Maturing after December 31, 2021 Non-derivative financial assets Securities $ 4.0 $ 1.9 $ – $ – Loans 18.6 21.2 2.4 – 22.6 23.1 2.4 – Non-derivative financial liabilities Secured borrowing deposits and subordinated indebtedness – 0.1 1.1 – Other deposits 0.8 1.0 – – 0.8 1.1 1.1 – Derivatives 276.4 463.3 70.4 33.3 (1) Excludes financial instruments which reference rates in multi-rate jurisdictions, including Canadian Dollar Offered Rate (CDOR), Euro Interbank Offered Rate (EURIBOR) and Australian Bank Bill Swap Rate. While financial instruments referencing 6-month and 12-month CDOR will be discontinued on May 17, 2021, we do not hold material positions referencing these tenors as of November 1, 2020. Other tenors of CDOR are expected to continue. (2) The table excludes undrawn loan commitments. As at November 1, 2020, total outstanding undrawn loan commitments that are potentially subject to the transition with a maturity date beyond December 31, 2021 are be billion which can be drawn in USD LIBOR and $1.0 billion which can be drawn in GBP LIBOR. (3) For cross currency swaps for which both legs reference benchmark rates that are subject to transition, the relevant notional amount for each leg has been included in the table above. ( 4 Includes exposures indexed to JPY LIBOR, CHF LIBOR and EUR LIBOR. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Statement [LineItems] | |
Summary of Fair Value of Financial Instruments | Fair value of financial instruments Carrying value $ millions, as at Amortized Mandatorily Designated Fair value Total Fair value Fair value 2021 Financial assets Jan. 31 Cash and deposits with banks $ 62,577 $ 716 $ – $ – $ 63,293 $ 63,293 $ – Securities 31,993 66,462 95 51,943 150,493 151,147 654 Cash collateral on securities borrowed 11,557 – – – 11,557 11,557 – Securities purchased under resale agreements 56,686 7,710 – – 64,396 64,396 – Loans Residential mortgages 226,216 42 – – 226,258 227,963 1,705 Personal 41,164 – – – 41,164 41,215 51 Credit card 10,050 – – – 10,050 10,050 – Business and government 109,498 23,277 406 – 133,181 133,370 189 Derivative instruments – 34,165 – – 34,165 34,165 – Customers’ liability under acceptances 10,322 – – – 10,322 10,322 – Other assets 17,276 – – – 17,276 17,276 – Financial liabilities Deposits Personal $ 202,701 $ – $ 3,389 $ – $ 206,090 $ 206,293 $ 203 Business and government 298,982 – 11,463 – 310,445 311,528 1,083 Bank 18,666 – – – 18,666 18,666 – Secured borrowings 37,986 – 740 – 38,726 39,139 413 Derivative instruments – 32,158 – – 32,158 32,158 – Acceptances 10,380 – – – 10,380 10,380 – Obligations related to securities sold short – 19,476 – – 19,476 19,476 – Cash collateral on securities lent 1,745 – – – 1,745 1,745 – Obligations related to securities sold under repurchase agreements (1) 59,493 – 17,029 – 76,522 76,522 – Other liabilities 15,541 130 12 – 15,683 15,683 – Subordinated indebtedness 4,693 – – – 4,693 5,013 320 2020 Financial assets Oct. 31 Cash and deposits with banks $ 61,570 $ 948 $ – $ – $ 62,518 $ 62,518 $ – Securities 31,800 62,576 117 54,553 149,046 149,599 553 Cash collateral on securities borrowed 8,547 – – – 8,547 8,547 – Securities purchased under resale agreements 58,090 7,505 – – 65,595 65,595 – Loans Residential mortgages 220,739 63 – – 220,802 222,920 2,118 Personal 41,390 – – – 41,390 41,452 62 Credit card 10,722 – – – 10,722 10,722 – Business and government 110,220 23,291 357 – 133,868 134,097 229 Derivative instruments – 32,730 – – 32,730 32,730 – Customers’ liability under acceptances 9,606 – – – 9,606 9,606 – Other assets 15,940 – – – 15,940 15,940 – Financial liabilities Deposits Personal $ 199,593 $ – $ 2,559 $ – $ 202,152 $ 202,345 $ 193 Business and government 301,546 – 9,880 – 311,426 312,279 853 Bank 17,011 – – – 17,011 17,011 – Secured borrowings 39,560 – 591 – 40,151 40,586 435 Derivative instruments – 30,508 – – 30,508 30,508 – Acceptances 9,649 – – – 9,649 9,649 – Obligations related to securities sold short – 15,963 – – 15,963 15,963 – Cash collateral on securities lent 1,824 – – – 1,824 1,824 – Obligations related to securities sold under (1) 54,617 – 17,036 – 71,653 71,653 – Other liabilities 15,282 133 9 – 15,424 15,424 – Subordinated indebtedness 5,712 – – – 5,712 5,993 281 (1) |
Changes in Fair Value of Financial Assets and Liabilities in Level 3 | The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value utilizing non-observable Net gains (losses) (1) $ millions, for the three months ended Opening Realized (2) Unrealized (2)(3) Net unrealized (4) Transfer Transfer Purchases/ Sales/ Closing Jan. 31, 2021 Securities mandatorily measured at FVTPL Corporate equity $ 16 $ – $ 3 $ – $ – $ – $ – $ – $ 19 Corporate debt 25 – 5 – – – – – 30 Mortgage- and asset-backed 135 – – – – – – (33 ) 102 Loans mandatorily measured and designated at FVTPL Business and government 626 – – (25 ) – – 278 – 879 Debt securities measured at FVOCI Corporate debt – – – – – – – – – Equity securities designated at FVOCI Corporate equity 240 – – 19 – – 17 (7 ) 269 Derivative instruments Interest rate 48 – (4 ) – – – – 1 45 Credit 98 (6 ) 9 – – – – – 101 Equity 212 – 15 – – – – (166 ) 61 Total assets $ 1,400 $ (6 ) $ 28 $ (6 ) $ – $ – $ 295 $ (205 ) $ 1,506 Deposits and other liabilities (5) $ 4 $ – $ (387 ) $ – $ (2 ) $ (5 ) $ (2 ) $ 25 $ (367 ) Derivative instruments Interest rate (28 ) – (47 ) – – – – 1 (74 ) Credit (107 ) 6 (8 ) – – – – (4 ) (113 ) Equity (163 ) – (44 ) – – – – 70 (137 ) Total liabilities $ (294 ) $ 6 $ (486 ) $ – $ (2 ) $ (5 ) $ (2 ) $ 92 $ (691 ) Oct. 31, 2020 Securities mandatorily measured at FVTPL Corporate equity $ 7 $ – $ (1 ) $ – $ – $ – $ 10 $ – $ 16 Corporate debt 26 – (1 ) – – – – – 25 Mortgage- and asset-backed 137 – – – – – – (2 ) 135 Loans mandatorily measured and designated at FVTPL Business and government 869 – – (2 ) – – 244 (485 ) 626 Equity securities designated at FVOCI Corporate equity 275 – – 36 – – 20 (91 ) 240 Derivative instruments Interest rate 41 – 12 – – – 2 (7 ) 48 Credit 100 (1 ) (1 ) – – – – – 98 Equity 245 – (32 ) – – – – (1 ) 212 Total assets $ 1,700 $ (1 ) $ (23 ) $ 34 $ – $ – $ 276 $ (586 ) $ 1,400 Deposits and other liabilities (5) $ 15 $ – $ (18 ) $ – $ 2 $ (1 ) $ (3 ) $ 9 $ 4 Derivative instruments Interest rate (5 ) – (24 ) – – – – 1 (28 ) Credit (108 ) 1 – – – – – – (107 ) Equity (156 ) – (8 ) – – – – 1 (163 ) Total liabilities $ (254 ) $ 1 $ (50 ) $ – $ 2 $ (1) $ (3 ) $ 11 $ (294 ) Jan. 31, 2020 Securities mandatorily measured at FVTPL Corporate equity $ 7 $ – $ – $ – $ 7 $ – $ – $ – $ 14 Corporate debt 23 – – – – – – – 23 Mortgage- and asset-backed 173 – – – – – – (13 ) 160 Loans mandatorily measured at FVTPL Business and government 831 – – 4 – – – (329 ) 506 Debt securities measured at FVOCI Corporate debt – – – 3 20 – – – 23 Equity securities designated at FVOCI Corporate equity 291 – – 49 (7 ) – 10 (60 ) 283 Derivative instruments Interest rate 56 – 3 – – – 1 (13 ) 47 Credit 104 (1 ) 1 – – – – – 104 Equity 252 – 12 – – – 44 (42 ) 266 Total assets $ 1,737 $ (1 ) $ 16 $ 56 $ 20 $ – $ 55 $ (457 ) $ 1,426 Deposits and other liabilities (5) $ (601 ) $ – $ (52 ) $ – $ (37 ) $ 31 $ (102 ) $ 114 $ (647 ) Derivative instruments Interest rate (1 ) – (2 ) – – – – 3 – Credit (112 ) 1 (1 ) – – – – – (112 ) Equity (155 ) – 21 – – – (10 ) 23 (121 ) Total liabilities $ (869 ) $ 1 $ (34 ) $ – $ (37 ) $ 31 $ (112 ) $ 140 $ (880 ) (1) Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition. (2) Includes foreign currency gains and losses related to debt securities measured at FVOCI. (3) Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period. (4) Foreign exchange translation on loans mandatorily measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI. (5) Includes deposits designated at FVTPL of $136 million (October 31, 2020: $137 million; January 31, 2020: $135 million) and net bifurcated embedded derivative liabilities of $ 231 million as at October 31, 2020 and net bifurcated embedded derivative liabilities of |
At fair value [member] | |
Statement [LineItems] | |
Summary of Fair Value of Financial Instruments | The table below presents the level in the fair value hierarchy into which the fair values of financial instruments, that are carried at fair value on the interim consolidated balance sheet, are categorized: Level 1 Level 2 Level 3 Quoted market price Valuation technique – Valuation technique – non-observable Total Total $ millions, as at 2021 2020 2021 2020 2021 2020 2021 2020 Financial assets Deposits with banks $ – $ – $ 716 $ 948 $ – $ – $ 716 $ 948 Securities mandatorily measured and designated at FVTPL Government issued or guaranteed 2,190 3,917 23,197 (1) 25,091 (1) – – 25,387 29,008 Corporate equity 35,167 27,919 50 47 19 16 35,236 27,982 Corporate debt – – 3,230 3,525 30 25 3,260 3,550 Mortgage- and asset-backed – – 2,572 (2) 2,018 (2) 102 135 2,674 2,153 37,357 31,836 29,049 30,681 151 176 66,557 62,693 Loans mandatorily measured and designated at FVTPL Business and government – – 22,804 23,022 879 (3) 626 (3) 23,683 23,648 Residential mortgages – – 42 63 – – 42 63 – – 22,846 23,085 879 626 23,725 23,711 Debt securities measured at FVOCI Government issued or guaranteed 3,176 3,912 39,363 41,269 – – 42,539 45,181 Corporate debt – – 6,347 6,224 – – 6,347 6,224 Mortgage- and asset-backed – – 2,448 2,563 – – 2,448 2,563 3,176 3,912 48,158 50,056 – – 51,334 53,968 Equity securities designated at FVOCI Corporate equity 47 41 293 304 269 240 609 585 Securities purchased under resale agreements measured at FVTPL – – 7,710 7,505 – – 7,710 7,505 Derivative instruments Interest rate – 4 11,664 12,793 45 48 11,709 12,845 Foreign exchange – – 13,861 11,462 – – 13,861 11,462 Credit – – 3 8 101 98 104 106 Equity 4,259 3,153 1,677 1,791 61 212 5,997 5,156 Precious metal – – 302 283 – – 302 283 Other commodity 160 271 2,032 2,607 – – 2,192 2,878 4,419 3,428 29,539 28,944 207 358 34,165 32,730 Total financial assets $ 44,999 $ 39,217 $ 138,311 $ 141,523 $ 1,506 $ 1,400 $ 184,816 $ 182,140 Financial liabilities Deposits and other liabilities (4) $ – $ – $ (15,367 ) $ (13,176 ) $ (367 ) $ 4 $ (15,734 ) $ (13,172 ) Obligations related to securities sold short (7,140 ) (5,363 ) (12,336 ) (10,600 ) – – (19,476 ) (15,963 ) Obligations related to securities sold under repurchase agreements – – (17,029 ) (17,036 ) – – (17,029 ) (17,036 ) Derivative instruments Interest rate – – (8,931 ) (9,964 ) (74 ) (28 ) (9,005 ) (9,992 ) Foreign exchange – – (13,021 ) (10,883 ) – – (13,021 ) (10,883 ) Credit – – (45 ) (41 ) (113 ) (107 ) (158 ) (148 ) Equity (3,739 ) (3,537 ) (4,714 ) (3,288 ) (137 ) (163 ) (8,590 ) (6,988 ) Precious metal (2 ) – (250 ) (366 ) – – (252 ) (366 ) Other commodity (221 ) (325 ) (911 ) (1,806 ) – – (1,132 ) (2,131 ) (3,962 ) (3,862 ) (27,872 ) (26,348 ) (324 ) (298 ) (32,158 ) (30,508 ) Total financial liabilities $ (11,102 ) $ (9,225 ) $ (72,604 ) $ (67,160 ) $ (691 ) $ (294 ) $ (84,397 ) $ (76,679 ) (1) Includes $54 million related to securities designated at FVTPL (October 31, 2020: $57 million). (2) Includes $41 million related to asset-backed securities designated at FVTPL (October 31, 2020: $60 million). (3) Includes $406 million related to loans designated at FVTPL (October 31, 2020: $357 million). (4) Comprises deposits designated at FVTPL of $15,328 million (October 31, 2020: $13,419 million), net bifurcated embedded derivative liabilities of $264 million (net bifurcated embedded derivative assets of $389 million as at October 31, 2020), other liabilities designated at FVTPL of $12 million (October 31, 2020: $9 million), and other financial liabilities measured at fair value of $130 million (October 31, 2020: $133 million). |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Text block [abstract] | |
Summary of Securities | $ millions, as at 2021 2020 Carrying amount Debt securities measured at FVOCI $ 51,334 $ 53,968 Equity securities designated at FVOCI 609 585 Securities measured at amortized cost (1) 31,993 31,800 Securities mandatorily measured and designated at FVTPL 66,557 62,693 $ 150,493 $ 149,046 (1) There were no sales of securities measured at amortized cost during the quarter (October 31, 2020: nil). |
Fair Value of Debt Securities Measured and Equity Securities Designated at FVOCI | Fair value of debt securities measured and equity securities designated at FVOCI $ millions, as at 2021 2020 Amortized (1) Gross Gross Fair value Amortized (1) Gross Gross Fair value Securities issued or guaranteed by: Canadian federal government $ 10,319 $ 46 $ – $ 10,365 $ 11,379 $ 32 $ (2 ) $ 11,409 Other Canadian governments 13,354 182 – 13,536 15,187 128 – 15,315 U.S. Treasury and agencies 12,295 51 – 12,346 12,533 63 – 12,596 Other foreign governments 6,259 36 (3 ) 6,292 5,825 38 (2 ) 5,861 Mortgage-backed securities 2,054 49 (1 ) 2,102 2,320 49 (1 ) 2,368 Asset-backed securities 348 – (2 ) 346 197 – (2 ) 195 Corporate debt 6,322 26 (1 ) 6,347 6,194 31 (1 ) 6,224 50,951 390 (7 ) 51,334 53,635 341 (8 ) 53,968 Corporate public equity (2) 28 20 – 48 30 15 (3 ) 42 Corporate private equity 544 55 (38 ) 561 546 43 (46 ) 543 572 75 (38 ) 609 576 58 (49 ) 585 $ 51,523 $ 465 $ (45 ) $ 51,943 $ 54,211 $ 399 $ (57 ) $ 54,553 (1) Net of allowance for credit losses for debt securities measured at FVOCI of $ 20 22 (2) Includes restricted stock. |
Summary of Allowance for Losses measured at FVOCI | The following table provides a reconciliation of the opening balance to the closing balance of the expected credit loss (ECL) allowance for debt securities measured at FVOCI: Stage 1 Stage 2 Stage 3 $ millions, as at or for the three months ended Collective provision 12-month Collective provision Collective and credit-impaired Total 2021 Debt securities measured at FVOCI Jan. 31 Balance at beginning of period $ 18 $ 4 $ – $ 22 Provision for (reversal of) credit losses (1) (1 ) (1 ) – (2 ) Write-offs – – – – Foreign exchange and other – – – – Balance at end of period $ 17 $ 3 $ – $ 20 2020 Debt securities measured at FVOCI Oct. 31 Balance at beginning of period $ 19 $ 5 $ – $ 24 Provision for (reversal of) credit losses (1) – (1 ) – (1 ) Write-offs – – – – Foreign exchange and other (1 ) – – (1 ) Balance at end of period $ 18 $ 4 $ – $ 22 2020 Debt securities measured at FVOCI Jan. 31 Balance at beginning of period $ 14 $ 3 $ 6 $ 23 Provision for (reversal of) credit losses (1) (1 ) – – (1 ) Write-offs – – – – Foreign exchange and other 1 (1 ) – – Balance at end of period $ 14 $ 2 $ 6 $ 22 (1) Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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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 2021 Jan. 31 Stage 1 Stage 2 Stage 3 Collective 12-month ECL performing Collective ECL performing Collective and credit-impaired Total Residential mortgages Balance at beginning of period $ 51 $ 161 $ 151 $ 363 Originations net of repayments and other derecognitions 4 (6 ) (4 ) (6 ) Changes in model – – – – Net remeasurement (1) (32 ) 7 22 (3 ) Transfers (1) – to 12-month 33 (27 ) (6 ) – – to lifetime ECL performing (3 ) 10 (7 ) – – to lifetime ECL credit-impaired – (5 ) 5 – Provision for (reversal of) credit losses (2) 2 (21 ) 10 (9 ) Write-offs – – (6 ) (6 ) Recoveries – – 1 1 Interest income on impaired loans – – (4 ) (4 ) Foreign exchange and other (1 ) (4 ) (4 ) (9 ) Balance at end of period $ 52 $ 136 $ 148 $ 336 Personal Balance at beginning of period $ 204 $ 546 $ 113 $ 863 Originations net of repayments and other derecognitions 11 (15 ) (2 ) (6 ) Changes in model 1 1 – 2 Net remeasurement (1) (110 ) 84 61 35 Transfers (1) – to 12-month 87 (84 ) (3 ) – – to lifetime ECL performing (11 ) 16 (5 ) – – to lifetime ECL credit-impaired – (13 ) 13 – Provision for (reversal of) credit losses (2) (22 ) (11 ) 64 31 Write-offs – – (74 ) (74 ) Recoveries – – 17 17 Interest income on impaired loans – – (1 ) (1 ) Foreign exchange and other (1 ) – (1 ) (2 ) Balance at end of period $ 181 $ 535 $ 118 $ 834 Credit card Balance at beginning of period $ 136 $ 572 $ – $ 708 Originations net of repayments and other derecognitions (1 ) (26 ) – (27 ) Changes in model – – – – Net remeasurement (1) (88 ) 117 23 52 Transfers (1) – to 12-month 79 (79 ) – – – to lifetime ECL performing (10 ) 10 – – – to lifetime ECL credit-impaired – (20 ) 20 – Provision for (reversal of) credit losses (2) (20 ) 2 43 25 Write-offs – – (70 ) (70 ) Recoveries – – 27 27 Interest income on impaired loans – – – – Foreign exchange and other – – – – Balance at end of period $ 116 $ 574 $ – $ 690 Business and government Balance at beginning of period $ 453 $ 683 $ 652 $ 1,788 Originations net of repayments and other derecognitions 17 (23 ) (5 ) (11 ) Changes in model – – – – Net remeasurement (1) (62 ) 55 118 111 Transfers (1) – to 12-month 81 (75 ) (6 ) – – to lifetime ECL performing (12 ) 14 (2 ) – – to lifetime ECL credit-impaired (2 ) (12 ) 14 – Provision for (reversal of) credit losses ( 2 22 (41 ) 119 100 Write-offs – – (70 ) (70 ) Recoveries – – 3 3 Interest income on impaired loans – – (6 ) (6 ) Foreign exchange and other (13 ) (19 ) (12 ) (44 ) Balance at end of period $ 462 $ 623 $ 686 $ 1,771 Total ECL allowance ( 3 $ 811 $ 1,868 $ 952 $ 3,631 Comprises: Loans $ 724 $ 1,808 $ 952 $ 3,484 Undrawn credit facilities and other off-balance ( 4 87 60 – 147 (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) 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 $ million; January $ million; January ). The ECL allowances for other financial (4) Included in Other liabilities on our interim consolidated balance sheet. (5) Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank. $ millions, as at or for the three months ended 2020 2020 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Collective 12-month Collective Collective and credit-impaired Total Collective 12-month Collective Collective and lifetime ECL credit-impaired (5) Total Residential mortgages Balance at beginning of period $ 48 $ 88 $ 165 $ 301 $ 28 $ 43 $ 140 $ 211 Originations net of repayments and other derecognitions 4 (4 ) (3 ) (3 ) 1 (3 ) (5 ) (7 ) Changes in model – 25 – 25 (1 ) – – (1 ) Net remeasurement (1) (15 ) 58 5 48 (12 ) 7 22 17 Transfers (1) – to 12-month 22 (17 ) (5 ) – 12 (10 ) (2 ) – – to lifetime ECL performing (8 ) 14 (6 ) – (1 ) 5 (4 ) – – to lifetime ECL credit-impaired – (3 ) 3 – – (2 ) 2 – Provision for (reversal of) credit losses (2) 3 73 (6 ) 70 (1 ) (3 ) 13 9 Write-offs – – (5 ) (5 ) – – (3 ) (3 ) Recoveries – – 2 2 – – 1 1 Interest income on impaired loans – – (5 ) (5 ) – – (5 ) (5 ) Foreign exchange and other – – – – 1 – – 1 Balance at end of period $ 51 $ 161 $ 151 $ 363 $ 28 $ 40 $ 146 $ 214 Personal Balance at beginning of period $ 169 $ 558 $ 131 $ 858 $ 174 $ 271 $ 128 $ 573 Originations net of repayments and other derecognitions 17 (13 ) (2 ) 2 9 (13 ) (3 ) (7 ) Changes in model 22 81 – 103 11 (7 ) – 4 Net remeasurement (1) (83 ) (1 ) 37 (47 ) (71 ) 90 64 83 Transfers (1) – to 12-month 114 (110 ) (4 ) – 67 (65 ) (2 ) – – to lifetime ECL performing (35 ) 42 (7 ) – (8 ) 11 (3 ) – – to lifetime ECL credit-impaired – (11 ) 11 – – (19 ) 19 – Provision for (reversal of) credit losses (2) 35 (12 ) 35 58 8 (3 ) 75 80 Write-offs – – (67 ) (67 ) – – (100 ) (100 ) Recoveries – – 16 16 – – 20 20 Interest income on impaired loans – – (1 ) (1 ) – – (1 ) (1 ) Foreign exchange and other – – (1 ) (1 ) – – (1 ) (1 ) Balance at end of period $ 204 $ 546 $ 113 $ 863 $ 182 $ 268 $ 121 $ 571 Credit card Balance at beginning of period $ 144 $ 566 $ – $ 710 $ 145 $ 340 $ – $ 485 Originations net of repayments and other derecognitions – (14 ) – (14 ) – (17 ) – (17 ) Changes in model – – – – 13 5 – 18 Net remeasurement (1) (97 ) 146 12 61 (77 ) 156 40 119 Transfers (1) – to 12-month 95 (95 ) – – 87 (87 ) – – – to lifetime ECL performing (6 ) 6 – – (9 ) 9 – – – to lifetime ECL credit-impaired – (37 ) 37 – – (58 ) 58 – Provision for (reversal of) credit losses (2) (8 ) 6 49 47 14 8 98 120 Write-offs – – (77 ) (77 ) – – (126 ) (126 ) Recoveries – – 28 28 – – 28 28 Interest income on impaired loans – – – – – – – – Foreign exchange and other – – – – – (1 ) – (1 ) Balance at end of period $ 136 $ 572 $ – $ 708 $ 159 $ 347 $ – $ 506 Business and government Balance at beginning of period $ 568 $ 558 $ 614 $ 1,740 $ 239 $ 158 $ 378 $ 775 Originations net of repayments and other derecognitions 12 (28 ) (5 ) (21 ) 7 (5 ) (5 ) (3 ) Changes in model – – – – – 4 (1 ) 3 Net remeasurement (1) (140 ) 240 37 137 (29 ) 22 59 52 Transfers (1) – to 12-month 48 (45 ) (3 ) – 24 (22 ) (2 ) – – to lifetime ECL performing (15 ) 18 (3 ) – (11 ) 12 (1 ) – – to lifetime ECL credit-impaired (17 ) (57 ) 74 – – (8 ) 8 – Provision for (reversal of) credit losses (2) (112 ) 128 100 116 (9 ) 3 58 52 Write-offs – – (54 ) (54 ) – – (40 ) (40 ) Recoveries – – 1 1 – – 3 3 Interest income on impaired loans – – (7 ) (7 ) – – (5 ) (5 ) Foreign exchange and other (3 ) (3 ) (2 ) (8 ) 1 2 (1 ) 2 Balance at end of period $ 453 $ 683 $ 652 $ 1,788 $ 231 $ 163 $ 393 $ 787 Total ECL allowance (3) $ 844 $ 1,962 $ 916 $ 3,722 $ 600 $ 818 $ 660 $ 2,078 Comprises: Loans $ 735 $ 1,891 $ 914 $ 3,540 $ 537 $ 753 $ 658 $ 1,948 Undrawn credit facilities and other off-balance (4) 109 71 2 182 63 65 2 130 See previous page for footnote references. |
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 January 31, 2021 Average Average (1) Average value over the next Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 4.0 % 3.9 % 6.0 % 4.4 % 2.5 % 2.1 % United States 4.1 % 3.2 % 5.8 % 4.5 % 1.8 % 1.9 % Unemployment rate Canada (2) 7.8 % 6.1 % 7.3 % 5.7 % 8.6 % 7.4 % United States 5.9 % 4.1 % 4.5 % 3.4 % 7.4 % 5.8 % Canadian Housing Price Index growth (2) 1.5 % 3.2 % 12.2 % 10.2 % (9.9 )% 0.3 % S&P 500 Index growth rate 5.0 % 5.0 % 13.0 % 10.8 % (5.5 )% (2.9 )% West Texas Intermediate Oil Price (US$) $ 50 $ 55 $ 54 $ 62 $ 41 $ 46 Base case Upside case Downside case As at October 31, 2020 Average Average (1) Average Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 1.6 % 3.8 % 3.6 % 4.6 % 0.03 % 2.0 % United States 1.7 % 3.5 % 3.0 % 4.2 % (0.6 )% 1.7 % Unemployment rate Canada (2) 8.7 % 6.7 % 7.4 % 5.9 % 9.5 % 8.4 % United States 7.4 % 4.7 % 5.1 % 3.5 % 9.2 % 7.3 % Canadian Housing Price Index growth (2) 2.4 % 3.0 % 11.2 % 10.4 % (6.9 )% (0.8 )% S&P 500 Index growth rate 5.6 % 4.8 % 11.2 % 7.7 % (3.5 )% (5.3 )% West Texas Intermediate Oil Price (US$) $ 42 $ 53 $ 51 $ 60 $ 34 $ 39 (1) The remaining forecast period is generally two 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 | Loans (1) $ millions, as at 2021 2020 Stage 1 Stage 2 Stage 3 (2) Total Stage 1 Stage 2 Stage 3 (2) Total Residential mortgages – Exceptionally low $ 150,641 $ 6 $ – $ 150,647 $ 146,139 $ 2 $ – $ 146,141 – Very low 47,164 1,670 – 48,834 45,678 1,166 – 46,844 – Low 12,311 5,609 – 17,920 12,491 6,042 – 18,533 – Medium 278 4,567 – 4,845 232 4,924 – 5,156 – High 1 1,021 – 1,022 – 1,054 – 1,054 – Default – – 620 620 – – 654 654 – Not rated 1,814 727 165 2,706 1,810 818 155 2,783 Gross residential mortgages ( 3 4 212,209 13,600 785 226,594 206,350 14,006 809 221,165 ECL allowance 52 136 148 336 51 161 151 363 Net residential mortgages 212,157 13,464 637 226,258 206,299 13,845 658 220,802 Personal – Exceptionally low 22,955 – – 22,955 23,302 – – 23,302 – Very low 1,644 150 – 1,794 1,618 157 – 1,775 – Low 8,919 2,354 – 11,273 8,662 2,497 – 11,159 – Medium 1,406 2,571 – 3,977 1,265 2,768 – 4,033 – High 303 816 – 1,119 331 769 – 1,100 – Default – – 150 150 – – 140 140 – Not rated 523 136 44 703 513 159 41 713 Gross personal ( 4 35,750 6,027 194 41,971 35,691 6,350 181 42,222 ECL allowance 159 530 118 807 179 540 113 832 Net personal 35,591 5,497 76 41,164 35,512 5,810 68 41,390 Credit card – Exceptionally low 2,949 – – 2,949 3,285 – – 3,285 – Very low 1,341 – – 1,341 1,388 – – 1,388 – Low 2,244 – – 2,244 2,340 – – 2,340 – Medium 1,722 1,833 – 3,555 1,778 1,973 – 3,751 – High – 477 – 477 – 472 – 472 – Default – – – – – – – – – Not rated 143 – – 143 135 18 – 153 Gross credit card 8,399 2,310 – 10,709 8,926 2,463 – 11,389 ECL allowance 106 553 – 659 125 542 – 667 Net credit card 8,293 1,757 – 10,050 8,801 1,921 – 10,722 Business and government (5) – Investment grade 51,909 253 – 52,162 50,691 307 – 50,998 – Non-investment 81,511 5,654 – 87,165 80,471 7,319 – 87,790 – Watchlist 476 3,633 – 4,109 447 4,291 – 4,738 – Default – – 1,476 1,476 – – 1,359 1,359 – Not rated 216 57 – 273 218 49 – 267 Gross business and government (3)(6) 134,112 9,597 1,476 145,185 131,827 11,966 1,359 145,152 ECL allowance 407 589 686 1,682 380 648 650 1,678 Net business and government 133,705 9,008 790 143,503 131,447 11,318 709 143,474 Total net amount of loans $ 389,746 $ 29,726 $ 1,503 $ 420,975 $ 382,059 $ 32,894 $ 1,435 $ 416,388 (1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $20 million (October 31, 2020: $22 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of (2) Excludes foreclosed assets of $26 million (October 31, 2020: $23 million) which were included in Other assets on our interim consolidated balance sheet. ( 3 Includes $42 million (October 31, 2020: $63 million) of residential mortgages and $ ( 4) The int e (5) Certain prior period amounts were restated. (6) Includes customers’ liability under acceptances of $10,322 million (October 31, 2020: $9,606 million). Undrawn credit facilities and other off-balance $ millions, as at 2021 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail – Exceptionally low $ 127,758 $ 5 $ – $ 127,763 $ 124,690 $ 8 $ – $ 124,698 – Very low 7,233 139 – 7,372 6,632 137 – 6,769 – Low 8,720 316 – 9,036 8,703 416 – 9,119 – Medium 892 580 – 1,472 909 692 – 1,601 – High 64 439 – 503 263 503 – 766 – Default – – 25 25 – – 28 28 – Not rated 400 19 – 419 411 23 – 434 Gross retail 145,067 1,498 25 146,590 141,608 1,779 28 143,415 ECL allowance 32 26 – 58 36 36 – 72 Net retail 145,035 1,472 25 146,532 141,572 1,743 28 143,343 Business and government (1) – Investment grade 91,590 19 – 91,609 89,883 149 – 90,032 – Non-investment 57,993 3,029 – 61,022 55,910 3,679 – 59,589 – Watchlist 46 1,410 – 1,456 91 1,665 – 1,756 – Default – – 201 201 – – 129 129 – Not rated 674 27 – 701 795 41 – 836 Gross business and government 150,303 4,485 201 154,989 14 5,534 129 152,342 ECL allowance 55 34 – 89 73 35 2 110 Net business and government 150,248 4,451 201 154,900 14 5,499 127 152,232 Total net undrawn credit facilities and other off-balance $ 295,283 $ 5,923 $ 226 $ 301,432 $ 288,178 $ 7,242 $ 155 $ 295,575 (1) Certain prior period amounts were restated. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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Summary of Deposits and Components | $ millions, as at 2021 2020 Payable on (3) Payable after notice (4) Payable on a (5)(6) Total Total Personal $ 14,510 $ 138,108 $ 53,472 $ 206,090 $ 202,152 Business and government (7) 88,248 78,197 144,000 310,445 311,426 Bank 9,042 432 9,192 18,666 17,011 Secured borrowings (8) – – 38,726 38,726 40,151 $ 111,800 $ 216,737 $ 245,390 $ 573,927 $ 570,740 Comprised of: Held at amortized cost $ 558,599 $ 557,321 Designated at fair value 15,328 13,419 $ 573,927 $ 570,740 Total deposits include (9) : Non-interest-bearing Canada $ 76,280 $ 71,122 U.S. 13,339 13,833 Other international 5,461 5,798 Interest-bearing deposits Canada 385,250 389,439 U.S. 68,385 66,399 Other international 25,212 24,149 $ 573,927 $ 570,740 (1) Includes deposits of $191.4 billion (October 31, 2020: $185.2 billion) denominated in U.S. dollars and deposits of $30.7 billion (October 31, 2020: $30.2 billion) denominated in other foreign currencies. (2) Net of purchased notes of $3,280 million (October 31, 2020: $3,063 million). (3) Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts. (4) Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts. (5) Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments. (6) Includes $22,622 million (October 31, 2020: $19,925 million) of deposits which are subject to the bank recapitalization (bail-in) non-viable. (7) Includes $302 million (October 31, 2020: $303 million) of Notes issued to CIBC Capital Trust. (8) Comprises liabilities issued by, or as a result of, activities associated with the securitization of residential mortgages, covered bond programme, and consolidated securitization vehicles. (9) Classification is based on geographical location of the CIBC office. |
Share capital (Tables)
Share capital (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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Schedule of Common Shares Issued | Common shares $ millions, except number of shares, for the three months ended 2021 2020 2020 Number Amount Number Amount Number Amount Balance at beginning of period 447,085,329 $ 13,908 446,008,888 $ 13,800 445,341,675 $ 13,591 Issuance pursuant to: Equity-settled share-based compensation plans (1) 294,626 29 236,999 24 474,948 51 Shareholder investment plan 294,164 32 329,447 33 334,004 36 Employee share purchase plan 346,076 38 323,052 32 324,279 36 448,020,195 $ 14,007 446,898,386 $ 13,889 446,474,906 $ 13,714 Purchase of common shares for cancellation – – – – (1,497,800 ) (46 ) Treasury shares (170,590 ) (16 ) 186,943 19 4,427 1 Balance at end of period 447,849,605 $ 13,991 447,085,329 $ 13,908 444,981,533 $ 13,669 (1) Includes the settlement of contingent consideration related to prior acquisitions. |
Schedule of Regulatory Capital and Ratios | Our capital ratios and leverage ratio are presented in the table below: $ millions, as at 2021 2020 Common Equity Tier 1 (CET1) capital (1) $ 31,438 $ 30,876 Tier 1 capital A 35,284 34,775 Total capital 40,355 40,969 Total risk-weighted assets (RWA) 256,119 254,871 CET1 ratio 12.3 % 12.1 % Tier 1 capital ratio 13.8 % 13.6 % Total capital ratio 15.8 % 16.1 % Leverage ratio exposure (2) B $ 756,688 $ 741,760 Leverage ratio A/B 4.7 % 4.7 % (1) Includes the impact of the ECL transitional arrangement announced by OSFI on March 27, 2020. The transitional arrangement results in a portion of ECL allowances that would otherwise be included in Tier 2 capital qualifying for inclusion in CET1 capital. The amount is subject to certain adjustments and limitations until fiscal 2022. (2) Includes the impact of regulatory flexibility provided by OSFI in respect of exposures arising from central bank reserves and sovereign-issued securities that qualify as high quality liquid assets. The treatment specified by OSFI permits these items to be excluded from the leverage ratio exposure measure. |
Post-employment benefits (Table
Post-employment benefits (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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Summary of Defined Benefit Plan Expense | The following tables provide details on the post-employment benefit expense recognized in the interim consolidated statement of income and on the remeasurements recognized in the interim consolidated statement of comprehensive income: Defined benefit plan expense $ millions, for the three months ended 2021 2020 2020 2021 2020 2020 Pension plans Other Current service cost $ 71 $ 70 $ 68 $ 2 $ 4 $ 3 Past service cost (1) – 12 (32 ) – (76 ) (1 ) Net interest (income) expense (4 ) (2 ) (3 ) 4 5 5 Special termination benefits (1) – 1 9 – – – Plan administration costs 2 1 2 – – – Net defined benefit plan expense recognized in net income $ 69 $ 82 $ 44 $ 6 $ (67 ) $ 7 (1) Includes amounts related to the restructuring charge, and gains related to plan amendments recognized in 2020. |
Summary of Defined Contributions Plan Expense | Defined contribution plan expense $ millions, for the three months ended 2021 2020 2020 Defined contribution pension plans $ 11 $ 7 $ 9 Government pension plans (1) 36 31 35 Total defined contribution plan expense $ 47 $ 38 $ 44 (1) Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act. |
Summary of Defined Benefit Plan Expense | Remeasurement of employee defined benefit plans (1) $ millions, for the three months ended 2021 2020 2020 2021 2020 2020 Pension plans Other post-employment plans Net actuarial gains (losses) on defined benefit obligation $ 60 $ 458 $ (428 ) $ 3 $ 42 $ (29 ) Net actuarial gains (losses) on plan assets 207 (312 ) 315 – – – Changes in asset ceiling excluding interest income – 1 1 – – – Net remeasurement gains (losses) recognized in OCI $ 267 $ 147 $ (112 ) $ 3 $ 42 $ (29 ) (1) The Canadian post-employment defined benefit plans are remeasured on a quarterly basis for changes in the discount rate and for actual asset returns. All other Canadian plans’ actuarial assumptions and foreign plans’ actuarial assumptions are updated at least annually. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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Summary of Earnings Per Share | $ millions, except number of shares and per share amounts, for the three months ended 2021 2020 2020 Basic earnings per share Net income attributable to equity shareholders $ 1,621 $ 1,015 $ 1,205 Less: Preferred share dividends and distributions on other equity instruments 30 30 31 Net income attributable to common shareholders $ 1,591 $ 985 $ 1,174 Weighted-average common shares outstanding (thousands) 447,281 446,321 445,248 Basic earnings per share $ 3.56 $ 2.21 $ 2.64 Diluted earnings per share Net income attributable to common shareholders $ 1,591 $ 985 $ 1,174 Weighted-average common shares outstanding (thousands) 447,281 446,321 445,248 Add: Stock options potentially exercisable (1) 502 389 639 Add: Equity-settled consideration (thousands) 146 167 144 Weighted-average diluted common shares outstanding (thousands) 447,929 446,877 446,031 Diluted earnings per share $ 3.55 $ 2.20 $ 2.63 (1) Excludes average options outstanding of 3,840,348 (October 31, 2020: 3,816,293; January 31, 2020: 2,382,904) with a weighted-average exercise price of $112.71 (October 31, 2020: $111.50; January 31, 2020: $114.21) for the quarter ended January 31, 2021, as the options’ exercise prices were greater than the average market price of CIBC’s common shares. |
Interest income and expense (Ta
Interest income and expense (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
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Summary of Consolidated Interest Income and Expense for Both Product and Accounting Categories | The table below provides the consolidated interest income and expense by accounting categories. $ millions, for the three months ended 2021 2020 2020 Interest Interest Interest Interest Interest Interest Measured at amortized cost (1) $ 3,256 $ 814 $ 3,280 $ 888 $ 4,435 $ 2,326 Debt securities measured at FVOCI (1) 98 n/a 107 n/a 240 n/a Other (2) 417 118 413 120 507 95 Total $ 3,771 $ 932 $ 3,800 $ 1,008 $ 5,182 $ 2,421 (1) Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate method. (2) Includes interest income and expense and dividend income for financial instruments that are mandatorily measured and designated at FVTPL and equity securities designated at FVOCI. n/a Not applicable. |
Segmented information (Tables)
Segmented information (Tables) | 3 Months Ended |
Jan. 31, 2021 | |
Text block [abstract] | |
Detailed Report of Segments and Geographic Areas | $ millions, for the three months ended Canadian Canadian U.S. Capital Corporate CIBC Total 2021 Net interest income (1) $ 1,483 $ 298 $ 374 $ 682 $ 2 $ 2,839 Jan. 31 Non-interest (2) 542 790 187 492 113 2,124 Total revenue (1) 2,025 1,088 561 1,174 115 4,963 Provision for credit losses 54 33 45 5 10 147 Amortization and impairment (3) 53 7 28 2 147 237 Other non-interest 1,033 565 252 520 119 2,489 Income (loss) before income taxes 885 483 236 647 (161 ) 2,090 Income taxes (1) 233 129 48 154 (99 ) 465 Net income (loss) $ 652 $ 354 $ 188 $ 493 $ (62 ) $ 1,625 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 4 $ 4 Equity shareholders 652 354 188 493 (66 ) 1,621 Average assets (4) $ 261,542 $ 65,774 $ 47,501 $ 250,418 $ 174,713 $ 799,948 2020 Net interest income (1) $ 1,486 $ 294 $ 356 $ 652 $ 4 $ 2,792 Oct. 31 (5) Non-interest (2) 511 734 163 282 118 1,808 Total revenue (1) 1,997 1,028 519 934 122 4,600 Provision for credit losses 121 25 82 17 46 291 Amortization and impairment (3) 58 8 29 3 438 536 Other non-interest 1,018 532 238 455 112 2,355 Income (loss) before income taxes 800 463 170 459 (474 ) 1,418 Income taxes (1) 210 123 35 149 (115 ) 402 Net income (loss) $ 590 $ 340 $ 135 $ 310 $ (359) $ 1,016 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 1 $ 1 Equity shareholders 590 340 135 310 (360 ) 1,015 Average assets (4) $ 256,054 $ 65,018 $ 48,510 $ 239,272 $ 170,079 $ 778,933 2020 Net interest income (1) $ 1,505 $ 315 $ 342 $ 498 $ 101 $ 2,761 Jan. 31 (5) Non-interest (2) 574 740 159 508 113 2,094 Total revenue (1) 2,079 1,055 501 1,006 214 4,855 Provision for (reversal of) credit losses 211 35 15 (6 ) 6 261 Amortization and impairment (3) 57 7 32 3 147 246 Other non-interest 1,029 554 266 489 481 2,819 Income (loss) before income taxes 782 459 188 520 (420 ) 1,529 Income taxes (1) 207 123 23 142 (178 ) 317 Net income (loss) $ 575 $ 336 $ 165 $ 378 $ (242) $ 1,212 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 7 $ 7 Equity shareholders 575 336 165 378 (249 ) 1,205 Average assets (4) $ 251,596 $ 65,257 $ 44,811 $ 213,172 $ 104,695 $ 679,531 (1) Capital Markets net interest income and income taxes include a taxable equivalent basis (TEB) adjustment of $54 million for the three months ended January 31, 2021 (October 31, 2020: $37 million; January 31, 2020: $49 million) with an equivalent offset in Corporate and Other. (2) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Manufacturer / Customer Segment / Distributor Management Model. (3) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets. The three months ended October 31, 2020 includes goodwill impairment. (4) Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. (5) Certain prior period information has been revised. See the “Changes made to our business segments” section for additional details. |
IFRS 7 - Disclosure - Credit Ri
IFRS 7 - Disclosure - Credit Risk - Summary of Exposure to Credit Risk (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 865,959 | $ 861,193 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 10,180 | 9,960 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,755 | 416,870 |
Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 245,009 | 248,265 |
Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 61,775 | 59,379 |
Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 218,474 | 202,809 |
Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 75,326 | 75,399 |
Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,779 | 18,850 |
Business and government portfolios [member] | Repo style transaction collateral [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 201,608 | 187,832 |
Retail portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 270,023 | 265,097 |
Retail portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 88,511 | 87,294 |
Retail portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 272 | 306 |
Standardized portfolios [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 80,252 | 79,350 |
Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 10,146 | 12,276 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,067,567 | 1,049,025 |
Gross carrying amount [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 618,363 | 604,702 |
Gross carrying amount [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 358,806 | $ 352,697 |
IFRS 7 - Disclosure - Credit _2
IFRS 7 - Disclosure - Credit Risk - Summary of Exposure to Credit Risk (Parenthetical) (Detail) - CAD ($) $ in Billions | Jan. 31, 2021 | Oct. 31, 2020 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | $ 69.4 | $ 69.7 |
Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | 6.1 | 6.2 |
Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | 4.8 | 3.5 |
Standardized approach risk [member] | Business and government portfolios [member] | Corporates [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | 44.3 | 45.7 |
Standardized approach risk [member] | Business and government portfolios [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | 23.8 | 22.7 |
Standardized approach risk [member] | Business and government portfolios [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | $ 1.3 | $ 1.3 |
IFRS 7 - Disclosure - Credit _3
IFRS 7 - Disclosure - Credit Risk - Summary of Rating Profile of OTC Derivative Mark to Market (MTM) Receivables (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 865,959 | $ 861,193 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 10,180 | $ 9,960 |
Exposure percentage | 100.00% | 100.00% |
Investment grade [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 7,770 | $ 7,450 |
Exposure percentage | 76.30% | 74.80% |
Non investment grade [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 2,250 | $ 2,400 |
Exposure percentage | 22.10% | 24.10% |
Watch list [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 150 | $ 100 |
Exposure percentage | 1.50% | 1.00% |
Default [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 10 | $ 10 |
Exposure percentage | 0.10% | 0.10% |
IFRS 7 - Disclosure - Credit _4
IFRS 7 - Disclosure - Credit Risk - Summary of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Credit Risk [line items] | ||
Past due loans | $ 8,409 | $ 8,281 |
Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 4,394 | 4,510 |
Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 879 | 830 |
Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 778 | 806 |
Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 2,358 | $ 2,135 |
Current [member] | ||
Credit Risk [line items] | ||
Past due loans | 6,458 | |
Current [member] | Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 3,281 | |
Current [member] | Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 685 | |
Current [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 436 | |
Current [member] | Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 2,056 | |
Later than one months and not later than three months [member] | ||
Credit Risk [line items] | ||
Past due loans | 1,772 | |
Later than one months and not later than three months [member] | Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 1,112 | |
Later than one months and not later than three months [member] | Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 194 | |
Later than one months and not later than three months [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 164 | |
Later than one months and not later than three months [member] | Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 302 | |
Later than three months [member] | ||
Credit Risk [line items] | ||
Past due loans | 179 | |
Later than three months [member] | Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 1 | |
Later than three months [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | $ 178 |
IFRS 7 - Disclosure - Market Ri
IFRS 7 - Disclosure - Market Risk - Summary of Market Risks by Type of Risks (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Market Risk [line items] | |||
Total VaR (one-day measure) | $ 7 | $ 13.3 | $ 7.7 |
Interest rate risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 5.2 | 7.3 | 8.8 |
Credit risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 8.8 | 7 | 3 |
Equity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 3.7 | 3.7 | 3.1 |
Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 1.4 | 2 | 2.4 |
Commodity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 3.2 | 2.4 | 1.3 |
Debt specific risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 4.1 | 3 | 1.9 |
Risk diversification effect [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | (19.4) | (12.1) | (12.8) |
High risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 13.9 | ||
High risk [member] | Interest rate risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 9.3 | ||
High risk [member] | Credit risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 11.4 | ||
High risk [member] | Equity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 5.2 | ||
High risk [member] | Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 2.6 | ||
High risk [member] | Commodity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 6.1 | ||
High risk [member] | Debt specific risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 4.6 | ||
Low risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 5.1 | ||
Low risk [member] | Interest rate risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 4.6 | ||
Low risk [member] | Credit risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 5.8 | ||
Low risk [member] | Equity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 2.3 | ||
Low risk [member] | Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 0.9 | ||
Low risk [member] | Commodity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 1 | ||
Low risk [member] | Debt specific risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 2.2 | ||
Average risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 7.8 | 7.3 | 5.8 |
Average risk [member] | Interest rate risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 6.6 | 6.5 | 6.5 |
Average risk [member] | Credit risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 8 | 5.7 | 1.9 |
Average risk [member] | Equity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 3.4 | 3.4 | 2.3 |
Average risk [member] | Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 1.7 | 1.8 | 2.5 |
Average risk [member] | Commodity price risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 3.1 | 3.4 | 2.9 |
Average risk [member] | Debt specific risk [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | 3.2 | 3.2 | 1.9 |
Average risk [member] | Risk diversification effect [member] | |||
Market Risk [line items] | |||
Total VaR (one-day measure) | $ (18.2) | $ (16.7) | $ (12.2) |
IFRS 7 - Disclosure - Market _2
IFRS 7 - Disclosure - Market Risk - Additional Information (Detail) - Market risk [member] $ in Millions | 3 Months Ended |
Jan. 31, 2021CAD ($) | |
Disclosure of Risk Management [line items] | |
Increase (decrease) in average total VaR | $ 0.5 |
Increase (decrease) in average stressed total VaR | 8.9 |
Increase (decrease) in average IRC | $ 8.7 |
Value at Risk [member] | |
Disclosure of Risk Management [line items] | |
Statistical technique percentage of confidence level to measure potential overnight loss | 99.00% |
IFRS 7 - Disclosure - Market _3
IFRS 7 - Disclosure - Market Risk - Summary of Stressed Value At Risk by Trading Activities (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | $ 30 | $ 30.2 | $ 23.9 |
Interest rate risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 25.7 | 33.7 | 23 |
Credit risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 10.2 | 7.1 | 8.8 |
Equity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 13.6 | 6.9 | 3 |
Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 15.7 | 9.1 | 12 |
Commodity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 2 | 3 | 4.4 |
Debt specific risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 6.3 | 6.1 | 5.1 |
Risk diversification effect [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | (43.5) | (35.7) | (32.4) |
High risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 39.9 | ||
High risk [member] | Interest rate risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 33.9 | ||
High risk [member] | Credit risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 12.6 | ||
High risk [member] | Equity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 14 | ||
High risk [member] | Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 26.5 | ||
High risk [member] | Commodity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 3.7 | ||
High risk [member] | Debt specific risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 7 | ||
Low risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 15.3 | ||
Low risk [member] | Interest rate risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 13 | ||
Low risk [member] | Credit risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 7.8 | ||
Low risk [member] | Equity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 5.1 | ||
Low risk [member] | Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 1.9 | ||
Low risk [member] | Commodity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 1.3 | ||
Low risk [member] | Debt specific risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 4.4 | ||
Average risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 27.1 | 18.2 | 19 |
Average risk [member] | Interest rate risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 24.4 | 19.2 | 27.8 |
Average risk [member] | Credit risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 9.8 | 10.9 | 10 |
Average risk [member] | Equity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 8.9 | 4 | 2.2 |
Average risk [member] | Foreign exchange risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 10.7 | 6.7 | 11.1 |
Average risk [member] | Commodity price risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 2.3 | 3.3 | 6.5 |
Average risk [member] | Debt specific risk [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | 5.8 | 4.9 | 5 |
Average risk [member] | Risk diversification effect [member] | |||
Market Risk [line items] | |||
Stressed total VaR (one-day measure) | $ (34.8) | $ (30.8) | $ (43.6) |
IFRS 7 - Disclosure - Market _4
IFRS 7 - Disclosure - Market Risk - Summary of Incremental Risk Charge by Trading Activities (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Market Risk [line items] | |||
IRC (one-year measure) | $ 181 | $ 175.3 | $ 232.4 |
Default risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 130.5 | 102.6 | 153.4 |
Migration risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 50.5 | 72.7 | 79 |
High risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 197.4 | ||
High risk [member] | Default risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 134.1 | ||
High risk [member] | Migration risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 79.5 | ||
Low risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 144.6 | ||
Low risk [member] | Default risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 85.9 | ||
Low risk [member] | Migration risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 45 | ||
Average risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 172.2 | 163.5 | 227.8 |
Average risk [member] | Default risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | 113.1 | 95.4 | 157.6 |
Average risk [member] | Migration risk [member] | |||
Market Risk [line items] | |||
IRC (one-year measure) | $ 59.1 | $ 68.1 | $ 70.2 |
IFRS 7 - Disclosure - Market _5
IFRS 7 - Disclosure - Market Risk - Summary of Structural Interest Rate Sensitivity - Measures (Detail) $ in Millions, $ in Millions | 3 Months Ended | |||||
Jan. 31, 2021CAD ($) | Jan. 31, 2021USD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2020USD ($) | Jan. 31, 2020CAD ($) | Jan. 31, 2020USD ($) | |
Canadian currency [member] | 100 basis point increase in interest rate [member] | ||||||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||||||
Increase (decrease) in net interest income | $ 384 | $ 317 | $ 240 | |||
Increase (decrease) in present value of shareholders' equity | (564) | (556) | (494) | |||
Canadian currency [member] | 25 basis point decrease in interest rates [member] | ||||||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||||||
Increase (decrease) in net interest income | (122) | (119) | (60) | |||
Increase (decrease) in present value of shareholders' equity | $ 77 | $ 57 | $ 95 | |||
Denominated in U.S. dollars [member] | 100 basis point increase in interest rate [member] | ||||||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||||||
Increase (decrease) in net interest income | $ 42 | $ 92 | $ 49 | |||
Increase (decrease) in present value of shareholders' equity | (365) | (348) | (299) | |||
Denominated in U.S. dollars [member] | 25 basis point decrease in interest rates [member] | ||||||
Disclosure foreign currency sensitivity analysis effect on equity [line items] | ||||||
Increase (decrease) in net interest income | (66) | (42) | (10) | |||
Increase (decrease) in present value of shareholders' equity | $ 40 | $ 49 | $ 58 |
IFRS 7 - Disclosure - Liquidity
IFRS 7 - Disclosure - Liquidity Risk - Summary of Encumbered and Unencumbered Assets from On- and Off-Balance Sheet Sources (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | $ 386,083 | $ 373,807 |
Encumbered liquid assets | 167,533 | 151,135 |
Unencumbered liquid assets | 218,550 | 222,672 |
Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 63,293 | 62,518 |
Encumbered liquid assets | 204 | 133 |
Unencumbered liquid assets | 63,089 | 62,385 |
Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 199,804 | 204,605 |
Encumbered liquid assets | 119,303 | 108,425 |
Unencumbered liquid assets | 80,501 | 96,180 |
Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 10,291 | 9,086 |
Encumbered liquid assets | 3,054 | 2,603 |
Unencumbered liquid assets | 7,237 | 6,483 |
Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 54,800 | 43,093 |
Encumbered liquid assets | 23,728 | 21,449 |
Unencumbered liquid assets | 31,072 | 21,644 |
Canadian government guaranteed National Housing Act mortgage-backed securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 40,962 | 41,487 |
Encumbered liquid assets | 13,774 | 13,084 |
Unencumbered liquid assets | 27,188 | 28,403 |
Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 16,933 | 13,018 |
Encumbered liquid assets | 7,470 | 5,441 |
Unencumbered liquid assets | 9,463 | 7,577 |
Bank owned liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 264,097 | 258,389 |
Bank owned liquid assets [member] | Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 63,293 | 62,518 |
Bank owned liquid assets [member] | Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 105,645 | 112,403 |
Bank owned liquid assets [member] | Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 4,961 | 4,798 |
Bank owned liquid assets [member] | Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 34,903 | 27,169 |
Bank owned liquid assets [member] | Canadian government guaranteed National Housing Act mortgage-backed securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 40,276 | 40,592 |
Bank owned liquid assets [member] | Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 15,019 | 10,909 |
Securities received as collateral [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 121,986 | 115,418 |
Securities received as collateral [member] | Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 0 | |
Securities received as collateral [member] | Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 94,159 | 92,202 |
Securities received as collateral [member] | Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 5,330 | 4,288 |
Securities received as collateral [member] | Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 19,897 | 15,924 |
Securities received as collateral [member] | Canadian government guaranteed National Housing Act mortgage-backed securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 686 | 895 |
Securities received as collateral [member] | Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | $ 1,914 | $ 2,109 |
IFRS 7 - Disclosure - Liquidi_2
IFRS 7 - Disclosure - Liquidity Risk - Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |||
Assets | ||||||||
Cash and non-interest-bearing deposits with banks | $ 42,986 | [1] | $ 43,531 | [1] | $ 49,371 | $ 4,754 | [1] | $ 3,840 |
Interest-bearing deposits with banks | 20,307 | 18,987 | ||||||
Securities | 150,493 | 149,046 | ||||||
Cash collateral on securities borrowed | 11,557 | 8,547 | ||||||
Securities purchased under resale agreements | 64,396 | 65,595 | ||||||
Loans | ||||||||
Residential mortgages | 226,594 | 221,165 | ||||||
Personal | 41,971 | 42,222 | ||||||
Credit card | 10,709 | 11,389 | ||||||
Business and government | 134,863 | 135,546 | ||||||
Allowance for credit losses | (3,484) | (3,540) | (1,948) | |||||
Derivative instruments | 34,165 | 32,730 | ||||||
Customers' liability under acceptances | 10,322 | 9,606 | ||||||
Other assets | 38,029 | |||||||
Total assets | 782,908 | 769,551 | ||||||
Liabilities | ||||||||
Deposits | 573,927 | 570,740 | ||||||
Obligations related to securities sold short | 19,476 | 15,963 | ||||||
Cash collateral on securities lent | 1,745 | 1,824 | ||||||
Obligations related to securities sold under repurchase agreements | 76,522 | 71,653 | ||||||
Derivative instruments | 32,158 | 30,508 | ||||||
Acceptances | 10,380 | 9,649 | ||||||
Other liabilities | 22,078 | |||||||
Subordinated indebtedness | 4,693 | 5,712 | ||||||
Equity | 41,929 | 41,335 | $ 39,230 | |||||
Total liabilities and equities | 782,908 | 769,551 | ||||||
Less than 1 month [member] | ||||||||
Assets | ||||||||
Cash and non-interest-bearing deposits with banks | 42,986 | |||||||
Interest-bearing deposits with banks | 20,307 | |||||||
Securities | 3,702 | |||||||
Cash collateral on securities borrowed | 11,557 | |||||||
Securities purchased under resale agreements | 35,447 | |||||||
Loans | ||||||||
Residential mortgages | 2,059 | |||||||
Personal | 794 | |||||||
Credit card | 225 | |||||||
Business and government | 15,234 | |||||||
Derivative instruments | 2,898 | |||||||
Customers' liability under acceptances | 9,083 | |||||||
Total assets | 144,292 | 141,033 | ||||||
Liabilities | ||||||||
Deposits | 28,557 | |||||||
Obligations related to securities sold short | 19,476 | |||||||
Cash collateral on securities lent | 1,745 | |||||||
Obligations related to securities sold under repurchase agreements | 42,622 | |||||||
Derivative instruments | 3,159 | |||||||
Acceptances | 9,141 | |||||||
Other liabilities | 24 | |||||||
Total liabilities and equities | 104,724 | 98,552 | ||||||
Later than one months and not later than three months [member] | ||||||||
Assets | ||||||||
Securities | 6,072 | |||||||
Securities purchased under resale agreements | 17,733 | |||||||
Loans | ||||||||
Residential mortgages | 4,021 | |||||||
Personal | 835 | |||||||
Credit card | 450 | |||||||
Business and government | 5,973 | |||||||
Derivative instruments | 3,473 | |||||||
Customers' liability under acceptances | 1,201 | |||||||
Total assets | 39,758 | 32,738 | ||||||
Liabilities | ||||||||
Deposits | 26,815 | |||||||
Obligations related to securities sold under repurchase agreements | 28,180 | |||||||
Derivative instruments | 4,270 | |||||||
Acceptances | 1,201 | |||||||
Other liabilities | 52 | |||||||
Total liabilities and equities | 60,518 | 40,528 | ||||||
3 - 6 months [member] | ||||||||
Assets | ||||||||
Securities | 4,810 | |||||||
Securities purchased under resale agreements | 6,897 | |||||||
Loans | ||||||||
Residential mortgages | 12,291 | |||||||
Personal | 1,172 | |||||||
Credit card | 675 | |||||||
Business and government | 8,695 | |||||||
Derivative instruments | 3,057 | |||||||
Customers' liability under acceptances | 33 | |||||||
Total assets | 37,630 | 41,413 | ||||||
Liabilities | ||||||||
Deposits | 46,158 | |||||||
Obligations related to securities sold under repurchase agreements | 2,994 | |||||||
Derivative instruments | 3,435 | |||||||
Acceptances | 33 | |||||||
Other liabilities | 74 | |||||||
Total liabilities and equities | 52,694 | 58,834 | ||||||
6 - 9 months [Member] | ||||||||
Assets | ||||||||
Securities | 3,325 | |||||||
Securities purchased under resale agreements | 2,597 | |||||||
Loans | ||||||||
Residential mortgages | 13,125 | |||||||
Personal | 1,147 | |||||||
Credit card | 675 | |||||||
Business and government | 5,551 | |||||||
Derivative instruments | 2,255 | |||||||
Customers' liability under acceptances | 4 | |||||||
Total assets | 28,679 | 32,267 | ||||||
Liabilities | ||||||||
Deposits | 24,608 | |||||||
Obligations related to securities sold under repurchase agreements | 474 | |||||||
Derivative instruments | 2,869 | |||||||
Acceptances | 4 | |||||||
Other liabilities | 79 | |||||||
Total liabilities and equities | 28,034 | 43,919 | ||||||
9 - 12 months [Member] | ||||||||
Assets | ||||||||
Securities | 6,583 | |||||||
Securities purchased under resale agreements | 1,722 | |||||||
Loans | ||||||||
Residential mortgages | 10,882 | |||||||
Personal | 1,100 | |||||||
Credit card | 675 | |||||||
Business and government | 6,257 | |||||||
Derivative instruments | 2,636 | |||||||
Total assets | 29,855 | 28,499 | ||||||
Liabilities | ||||||||
Deposits | 25,384 | |||||||
Obligations related to securities sold under repurchase agreements | 407 | |||||||
Derivative instruments | 2,256 | |||||||
Other liabilities | 74 | |||||||
Total liabilities and equities | 28,121 | 26,555 | ||||||
1 - 2 years [member] | ||||||||
Assets | ||||||||
Securities | 17,662 | |||||||
Loans | ||||||||
Residential mortgages | 48,367 | |||||||
Personal | 469 | |||||||
Credit card | 2,699 | |||||||
Business and government | 28,004 | |||||||
Derivative instruments | 3,438 | |||||||
Customers' liability under acceptances | 1 | |||||||
Total assets | 100,640 | 101,338 | ||||||
Liabilities | ||||||||
Deposits | 31,017 | |||||||
Obligations related to securities sold under repurchase agreements | 1,845 | |||||||
Derivative instruments | 2,456 | |||||||
Acceptances | 1 | |||||||
Other liabilities | 315 | |||||||
Total liabilities and equities | 35,634 | 33,273 | ||||||
2 - 5 years [member] | ||||||||
Assets | ||||||||
Securities | 40,416 | |||||||
Loans | ||||||||
Residential mortgages | 128,056 | |||||||
Personal | 3,377 | |||||||
Credit card | 5,310 | |||||||
Business and government | 41,439 | |||||||
Derivative instruments | 6,436 | |||||||
Total assets | 225,034 | 224,276 | ||||||
Liabilities | ||||||||
Deposits | 51,613 | |||||||
Derivative instruments | 5,418 | |||||||
Other liabilities | 646 | |||||||
Total liabilities and equities | 57,677 | 58,938 | ||||||
Over five year [member] | ||||||||
Assets | ||||||||
Securities | 32,078 | |||||||
Loans | ||||||||
Residential mortgages | 7,793 | |||||||
Personal | 3,511 | |||||||
Business and government | 15,436 | |||||||
Derivative instruments | 9,972 | |||||||
Total assets | 68,790 | 69,248 | ||||||
Liabilities | ||||||||
Deposits | 11,238 | |||||||
Derivative instruments | 8,295 | |||||||
Other liabilities | 512 | |||||||
Subordinated indebtedness | 4,693 | |||||||
Total liabilities and equities | 24,738 | 26,416 | ||||||
No specific maturity [member] | ||||||||
Assets | ||||||||
Securities | 35,845 | |||||||
Loans | ||||||||
Residential mortgages | 0 | |||||||
Personal | 29,566 | |||||||
Business and government | 8,274 | |||||||
Allowance for credit losses | (3,484) | |||||||
Other assets | 38,029 | |||||||
Total assets | 108,230 | 98,739 | ||||||
Liabilities | ||||||||
Deposits | 328,537 | |||||||
Other liabilities | 20,302 | |||||||
Equity | 41,929 | |||||||
Total liabilities and equities | $ 390,768 | $ 382,536 | ||||||
[1] | Includes restricted cash of $493 million (October 31, 2020: $463 million; January 31, 2020: $493 million) and interest-bearing demand deposits with Bank of Canada. |
IFRS 7 - Disclosure - Liquidi_3
IFRS 7 - Disclosure - Liquidity Risk - Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of contractual obligations [line items] | ||
Deposits | $ 573,927 | $ 570,740 |
Personal [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | 206,090 | 202,152 |
Business And Government Deposits And Secured Borrowings [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | 349,100 | 351,600 |
Bank [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | $ 18,666 | $ 17,011 |
IFRS 7 - Disclosure - Liquidi_4
IFRS 7 - Disclosure - Liquidity Risk - Summary of Credit Related Commitments (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of commitments [line items] | ||
Credit related commitments | $ 347,862 | $ 337,092 |
Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 275,279 | |
Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 46,142 | |
Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 14,402 | |
Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 11,749 | |
Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 149 | |
Other commitments to extend credit [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 141 | |
Less than 1 month [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 43,731 | 39,474 |
Less than 1 month [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 761 | |
Less than 1 month [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 40,394 | |
Less than 1 month [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,397 | |
Less than 1 month [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 38 | |
Less than 1 month [member] | Other commitments to extend credit [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 141 | |
Later than one months and not later than three months [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 14,831 | 24,451 |
Later than one months and not later than three months [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 10,387 | |
Later than one months and not later than three months [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,794 | |
Later than one months and not later than three months [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,409 | |
Later than one months and not later than three months [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 179 | |
Later than one months and not later than three months [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 62 | |
3 - 6 months [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 12,337 | 11,188 |
3 - 6 months [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 4,461 | |
3 - 6 months [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,954 | |
3 - 6 months [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,461 | |
3 - 6 months [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,442 | |
3 - 6 months [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 19 | |
6 - 9 months [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 6,527 | 8,798 |
6 - 9 months [Member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,891 | |
6 - 9 months [Member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,619 | |
6 - 9 months [Member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 10 | |
6 - 9 months [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 7 | |
9 - 12 months [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 19,225 | 6,427 |
9 - 12 months [Member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 6,085 | |
9 - 12 months [Member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,282 | |
9 - 12 months [Member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 9,848 | |
9 - 12 months [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 10 | |
1 - 2 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 22,634 | 20,638 |
1 - 2 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 21,867 | |
1 - 2 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 514 | |
1 - 2 years [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 252 | |
1 - 2 years [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1 | |
2 - 5 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 49,912 | 51,245 |
2 - 5 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 49,204 | |
2 - 5 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 678 | |
2 - 5 years [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 18 | |
2 - 5 years [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 12 | |
Over 5 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,186 | 1,714 |
Over 5 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,144 | |
Over 5 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 42 | |
No specific maturity [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 176,479 | $ 173,157 |
No specific maturity [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | $ 176,479 |
IFRS 7 - Disclosure - Liquidi_5
IFRS 7 - Disclosure - Liquidity Risk - Summary of Credit Related Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of commitments [line items] | ||
Cash collateral on securities lent | $ 1,745 | $ 1,824 |
Personal, home equity, and credit card lines [member] | ||
Disclosure of commitments [line items] | ||
Capital commitment | 134,200 | 131,300 |
Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Cash collateral on securities lent | $ 1,700 | $ 1,800 |
IFRS 7 - Disclosure - Liquidi_6
IFRS 7 - Disclosure - Liquidity Risk - Summary of Contractual Maturities of Other Contractual Obligations Affecting Our Funding Needs (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | $ 4,345 | $ 4,036 |
Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,984 | |
Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,489 | |
Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 228 | |
Underwriting commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 495 | |
Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 149 | |
Less than 1 month [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 591 | 211 |
Less than 1 month [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 79 | |
Less than 1 month [member] | Underwriting commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 495 | |
Less than 1 month [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 17 | |
Later than one months and not later than three months [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 223 | 243 |
Later than one months and not later than three months [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 186 | |
Later than one months and not later than three months [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 4 | |
Later than one months and not later than three months [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 33 | |
3 - 6 months [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 278 | 231 |
3 - 6 months [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 218 | |
3 - 6 months [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 11 | |
3 - 6 months [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 49 | |
6 - 9 months [Member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 232 | 239 |
6 - 9 months [Member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 167 | |
6 - 9 months [Member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 13 | |
6 - 9 months [Member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 2 | |
6 - 9 months [Member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 50 | |
9 - 12 months [Member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 163 | 204 |
9 - 12 months [Member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 146 | |
9 - 12 months [Member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 13 | |
9 - 12 months [Member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 4 | |
1 - 2 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 501 | 488 |
1 - 2 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 448 | |
1 - 2 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 51 | |
1 - 2 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 2 | |
2 - 5 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 567 | 795 |
2 - 5 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 471 | |
2 - 5 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 90 | |
2 - 5 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 6 | |
Over 5 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,790 | $ 1,625 |
Over 5 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 269 | |
Over 5 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,307 | |
Over 5 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | $ 214 |
Changes in accounting policie_3
Changes in accounting policies - Summary of notional amounts of our derivatives (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | |||
Securities | $ 150,493 | $ 149,046 | |
Other deposits | $ 573,927 | $ 570,740 | |
USD LIBOR | Maturing After December 31 2021 Before June 30 2023 [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Securities | $ 4 | ||
Loans | 18.6 | ||
Non-derivative financial assets | 22.6 | ||
Other deposits | 0.8 | ||
Non-derivative financial liabilities | 0.8 | ||
Derivatives | 276.4 | ||
USD LIBOR | Maturing After June 30 2023 [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Securities | 1.9 | ||
Loans | 21.2 | ||
Non-derivative financial assets | 23.1 | ||
Secured borrowing deposits and subordinated indebtedness | 0.1 | ||
Other deposits | 1 | ||
Non-derivative financial liabilities | 1.1 | ||
Derivatives | 463.3 | ||
GBP LIBOR | Maturing After December 31 2021 [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Loans | 2.4 | ||
Non-derivative financial assets | 2.4 | ||
Secured borrowing deposits and subordinated indebtedness | 1.1 | ||
Non-derivative financial liabilities | 1.1 | ||
Derivatives | 70.4 | ||
Others | Maturing After December 31 2021 [Member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Derivatives | $ 33.3 |
Changes in accounting policie_4
Changes in accounting policies - Summary of notional amounts of our derivatives (Parenthetical) (Detail) $ in Billions | Nov. 01, 2020CAD ($) |
Disclosure of detailed information about hedging instruments [line items] | |
Total undrawn Loan Commitments | $ 53.1 |
USD LIBOR [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Total undrawn Loan Commitments | 52.1 |
GBP LIBOR [Member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Total undrawn Loan Commitments | $ 1 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Financial Instruments (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Financial assets | ||
Securities | $ 150,493 | $ 149,046 |
Cash collateral on securities borrowed | 11,557 | 8,547 |
Securities purchased under resale agreements | 64,396 | 65,595 |
Loans | ||
Residential mortgages | 226,594 | 221,165 |
Credit card | 10,709 | 11,389 |
Business and government | 134,863 | 135,546 |
Derivative instruments | 34,165 | 32,730 |
Customers' liability under acceptances | 10,322 | 9,606 |
Deposits | ||
Bank | 18,666 | 17,011 |
Secured borrowings | 38,726 | 40,151 |
Derivative instruments | 32,158 | 30,508 |
Obligations related to securities sold short | 19,476 | 15,963 |
Obligations related to securities sold under repurchase agreements | 76,522 | 71,653 |
Subordinated indebtedness | 4,693 | 5,712 |
Financial assets at amortised cost [member] | ||
Financial assets | ||
Cash and deposits with banks | 62,577 | 61,570 |
Securities | 31,993 | 31,800 |
Cash collateral on securities borrowed | 11,557 | 8,547 |
Securities purchased under resale agreements | 56,686 | 58,090 |
Loans | ||
Residential mortgages | 226,216 | 220,739 |
Personal | 41,164 | 41,390 |
Credit card | 10,050 | 10,722 |
Business and government | 109,498 | 110,220 |
Customers' liability under acceptances | 10,322 | 9,606 |
Other assets | 17,276 | 15,940 |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Financial assets | ||
Cash and deposits with banks | 716 | 948 |
Securities | 66,462 | 62,576 |
Securities purchased under resale agreements | 7,710 | 7,505 |
Loans | ||
Residential mortgages | 42 | 63 |
Business and government | 23,277 | 23,291 |
Derivative instruments | 34,165 | 32,730 |
Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | ||
Financial assets | ||
Securities | 95 | 117 |
Loans | ||
Business and government | 406 | 357 |
Financial assets at fair value through OCI [member] | ||
Financial assets | ||
Securities | 51,943 | 54,553 |
Carrying value [member] | ||
Financial assets | ||
Cash and deposits with banks | 63,293 | 62,518 |
Securities | 150,493 | 149,046 |
Cash collateral on securities borrowed | 11,557 | 8,547 |
Securities purchased under resale agreements | 64,396 | 65,595 |
Loans | ||
Residential mortgages | 226,258 | 220,802 |
Personal | 41,164 | 41,390 |
Credit card | 10,050 | 10,722 |
Business and government | 133,181 | 133,868 |
Derivative instruments | 34,165 | 32,730 |
Customers' liability under acceptances | 10,322 | 9,606 |
Other assets | 17,276 | 15,940 |
Financial liabilities at amortised cost [member] | ||
Deposits | ||
Personal | 202,701 | 199,593 |
Business and government | 298,982 | 301,546 |
Bank | 18,666 | 17,011 |
Secured borrowings | 37,986 | 39,560 |
Acceptances | 10,380 | 9,649 |
Cash collateral on securities lent | 1,745 | 1,824 |
Obligations related to securities sold under repurchase agreements | 59,493 | 54,617 |
Other liabilities | 15,541 | 15,282 |
Subordinated indebtedness | 4,693 | 5,712 |
Financial liabilities at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Deposits | ||
Derivative instruments | 32,158 | 30,508 |
Obligations related to securities sold short | 19,476 | 15,963 |
Other liabilities | 130 | 133 |
Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently [member] | ||
Deposits | ||
Personal | 3,389 | 2,559 |
Business and government | 11,463 | 9,880 |
Secured borrowings | 740 | 591 |
Obligations related to securities sold under repurchase agreements | 17,029 | 17,036 |
Other liabilities | 12 | 9 |
Carrying value [member] | ||
Deposits | ||
Personal | 206,090 | 202,152 |
Business and government | 310,445 | 311,426 |
Bank | 18,666 | 17,011 |
Secured borrowings | 38,726 | 40,151 |
Derivative instruments | 32,158 | 30,508 |
Acceptances | 10,380 | 9,649 |
Obligations related to securities sold short | 19,476 | 15,963 |
Cash collateral on securities lent | 1,745 | 1,824 |
Obligations related to securities sold under repurchase agreements | 76,522 | 71,653 |
Other liabilities | 15,683 | 15,424 |
Subordinated indebtedness | 4,693 | 5,712 |
Financial assets at fair value [member] | ||
Financial assets | ||
Cash and deposits with banks | 63,293 | 62,518 |
Securities | 151,147 | 149,599 |
Cash collateral on securities borrowed | 11,557 | 8,547 |
Securities purchased under resale agreements | 64,396 | 65,595 |
Loans | ||
Residential mortgages | 227,963 | 222,920 |
Personal | 41,215 | 41,452 |
Credit card | 10,050 | 10,722 |
Business and government | 133,370 | 134,097 |
Derivative instruments | 34,165 | 32,730 |
Customers' liability under acceptances | 10,322 | 9,606 |
Other assets | 17,276 | 15,940 |
Financial assets fair value over (under) carrying value [member] | ||
Financial assets | ||
Securities | 654 | 553 |
Loans | ||
Residential mortgages | 1,705 | 2,118 |
Personal | 51 | 62 |
Business and government | 189 | 229 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 206,293 | 202,345 |
Business and government | 311,528 | 312,279 |
Bank | 18,666 | 17,011 |
Secured borrowings | 39,139 | 40,586 |
Derivative instruments | 32,158 | 30,508 |
Acceptances | 10,380 | 9,649 |
Obligations related to securities sold short | 19,476 | 15,963 |
Cash collateral on securities lent | 1,745 | 1,824 |
Obligations related to securities sold under repurchase agreements | 76,522 | 71,653 |
Other liabilities | 15,683 | 15,424 |
Subordinated indebtedness | 5,013 | 5,993 |
Financial liabilities, fair value over (under) carrying value [member] | ||
Deposits | ||
Personal | 203 | 193 |
Business and government | 1,083 | 853 |
Secured borrowings | 413 | 435 |
Subordinated indebtedness | $ 320 | $ 281 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Instruments Carried On Consolidated Balance Sheet at Fair Value (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Deposits with banks | $ 20,307 | $ 18,987 | |||
Securities mandatorily measured and designated at FVTPL | 66,557 | 62,693 | |||
Business and government | 134,863 | 135,546 | |||
Residential mortgages | 226,594 | 221,165 | |||
Debt securities measured at FVOCI | 51,334 | 53,968 | |||
Equity securities designated at FVOCI | 609 | 585 | |||
FVO securities purchased under resale agreements | 64,396 | 65,595 | |||
Derivative instruments | 34,165 | 32,730 | |||
Obligations related to securities sold short | 19,476 | 15,963 | |||
Obligations Related To Securities Sold Under Repurchase Agreements | 76,522 | 71,653 | |||
Derivative instruments | 32,158 | 30,508 | |||
At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Deposits with banks | 716 | 948 | |||
Securities mandatorily measured and designated at FVTPL | 66,557 | 62,693 | |||
Business and government | 23,683 | 23,648 | |||
Residential mortgages | 42 | 63 | |||
Loans mandatorily measured and designated at FVTPL | 23,725 | 23,711 | |||
Debt securities measured at FVOCI | 51,334 | 53,968 | |||
FVO securities purchased under resale agreements | 7,710 | 7,505 | |||
Derivative instruments | 34,165 | 32,730 | |||
Total financial assets | 184,816 | 182,140 | |||
Deposits and other liabilities | (15,734) | (13,172) | |||
Obligations related to securities sold short | (19,476) | (15,963) | |||
Obligations Related To Securities Sold Under Repurchase Agreements | (17,029) | (17,036) | |||
Derivative instruments | (32,158) | (30,508) | |||
Total financial liabilities | (84,397) | (76,679) | |||
Government issued or guaranteed [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 25,387 | 29,008 | |||
Debt securities measured at FVOCI | 42,539 | 45,181 | |||
Corporate equity [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 35,236 | 27,982 | |||
Equity securities designated at FVOCI | 609 | 585 | |||
Corporate debt [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 3,260 | 3,550 | |||
Debt securities measured at FVOCI | 6,347 | 6,224 | |||
Mortgage and asset backed [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 2,674 | 2,153 | |||
Debt securities measured at FVOCI | 2,448 | 2,563 | |||
Interest rate derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 11,709 | 12,845 | |||
Derivative instruments | (9,005) | (9,992) | |||
Foreign exchange derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 13,861 | 11,462 | |||
Derivative instruments | (13,021) | (10,883) | |||
Credit derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 104 | 106 | |||
Derivative instruments | (158) | (148) | |||
Equity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 5,997 | 5,156 | |||
Derivative instruments | (8,590) | (6,988) | |||
Precious metal derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 302 | 283 | |||
Derivative instruments | (252) | (366) | |||
Other commodity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 2,192 | 2,878 | |||
Derivative instruments | (1,132) | (2,131) | |||
Level 1 of fair value hierarchy [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 37,357 | 31,836 | |||
Debt securities measured at FVOCI | 3,176 | 3,912 | |||
Derivative instruments | 4,419 | 3,428 | |||
Total financial assets | 44,999 | 39,217 | |||
Obligations related to securities sold short | (7,140) | (5,363) | |||
Derivative instruments | (3,962) | (3,862) | |||
Total financial liabilities | (11,102) | (9,225) | |||
Level 1 of fair value hierarchy [member] | Government issued or guaranteed [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 2,190 | 3,917 | |||
Debt securities measured at FVOCI | 3,176 | 3,912 | |||
Level 1 of fair value hierarchy [member] | Corporate equity [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 35,167 | 27,919 | |||
Equity securities designated at FVOCI | 47 | 41 | |||
Level 1 of fair value hierarchy [member] | Interest rate derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 4 | ||||
Level 1 of fair value hierarchy [member] | Equity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 4,259 | 3,153 | |||
Derivative instruments | (3,739) | (3,537) | |||
Level 1 of fair value hierarchy [member] | Precious metal derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | (2) | ||||
Level 1 of fair value hierarchy [member] | Other commodity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 160 | 271 | |||
Derivative instruments | (221) | (325) | |||
Level 2 of fair value hierarchy [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Deposits with banks | 716 | 948 | |||
Securities mandatorily measured and designated at FVTPL | 29,049 | 30,681 | |||
Business and government | 22,804 | 23,022 | |||
Residential mortgages | 42 | 63 | |||
Loans mandatorily measured and designated at FVTPL | 22,846 | 23,085 | |||
Debt securities measured at FVOCI | 48,158 | 50,056 | |||
FVO securities purchased under resale agreements | 7,710 | 7,505 | |||
Derivative instruments | 29,539 | 28,944 | |||
Total financial assets | 138,311 | 141,523 | |||
Deposits and other liabilities | (15,367) | (13,176) | |||
Obligations related to securities sold short | (12,336) | (10,600) | |||
Obligations Related To Securities Sold Under Repurchase Agreements | (17,029) | (17,036) | |||
Derivative instruments | (27,872) | (26,348) | |||
Total financial liabilities | (72,604) | (67,160) | |||
Level 2 of fair value hierarchy [member] | Government issued or guaranteed [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 23,197 | 25,091 | |||
Debt securities measured at FVOCI | 39,363 | 41,269 | |||
Level 2 of fair value hierarchy [member] | Corporate equity [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 50 | 47 | |||
Equity securities designated at FVOCI | 293 | 304 | |||
Level 2 of fair value hierarchy [member] | Corporate debt [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 3,230 | 3,525 | |||
Debt securities measured at FVOCI | 6,347 | 6,224 | |||
Level 2 of fair value hierarchy [member] | Mortgage and asset backed [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 2,572 | 2,018 | |||
Debt securities measured at FVOCI | 2,448 | 2,563 | |||
Level 2 of fair value hierarchy [member] | Interest rate derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 11,664 | 12,793 | |||
Derivative instruments | (8,931) | (9,964) | |||
Level 2 of fair value hierarchy [member] | Foreign exchange derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 13,861 | 11,462 | |||
Derivative instruments | (13,021) | (10,883) | |||
Level 2 of fair value hierarchy [member] | Credit derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 3 | 8 | |||
Derivative instruments | (45) | (41) | |||
Level 2 of fair value hierarchy [member] | Equity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 1,677 | 1,791 | |||
Derivative instruments | (4,714) | (3,288) | |||
Level 2 of fair value hierarchy [member] | Precious metal derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 302 | 283 | |||
Derivative instruments | (250) | (366) | |||
Level 2 of fair value hierarchy [member] | Other commodity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 2,032 | 2,607 | |||
Derivative instruments | (911) | (1,806) | |||
Level 3 of fair value hierarchy [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Total financial assets | 1,506 | 1,400 | $ 1,700 | $ 1,426 | $ 1,737 |
Total financial liabilities | (691) | (294) | $ (254) | $ (880) | $ (869) |
Level 3 of fair value hierarchy [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 151 | 176 | |||
Business and government | 879 | 626 | |||
Loans mandatorily measured and designated at FVTPL | 879 | 626 | |||
Derivative instruments | 207 | 358 | |||
Total financial assets | 1,506 | 1,400 | |||
Deposits and other liabilities | (367) | 4 | |||
Derivative instruments | (324) | (298) | |||
Total financial liabilities | (691) | (294) | |||
Level 3 of fair value hierarchy [member] | Corporate equity [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 19 | 16 | |||
Equity securities designated at FVOCI | 269 | 240 | |||
Level 3 of fair value hierarchy [member] | Corporate debt [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 30 | 25 | |||
Level 3 of fair value hierarchy [member] | Mortgage and asset backed [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Securities mandatorily measured and designated at FVTPL | 102 | 135 | |||
Level 3 of fair value hierarchy [member] | Interest rate derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 45 | 48 | |||
Derivative instruments | (74) | (28) | |||
Level 3 of fair value hierarchy [member] | Credit derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 101 | 98 | |||
Derivative instruments | (113) | (107) | |||
Level 3 of fair value hierarchy [member] | Equity derivatives [member] | At fair value [member] | |||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||||
Derivative instruments | 61 | 212 | |||
Derivative instruments | $ (137) | $ (163) |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Instruments Carried On Consolidated Balance Sheet at Fair Value (Parenthetical) (Detail) - At fair value [member] - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||
Securities designated at FVTPL | $ 54 | $ 57 |
Asset-backed securities designated at FVTPL | 41 | 60 |
Loans designated at FVTPL | 406 | 357 |
Deposits designated at FVTPL | 15,328 | 13,419 |
Other liabilities designated at FVTPL | 12 | 9 |
Derivative instrument assets | 389 | |
Derivative instruments | 264 | |
Other financial liabilities measured at fair value | $ 130 | $ 133 |
Fair Value Measurement- Additio
Fair Value Measurement- Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Held for Trading for Trading Purpose [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | $ 19 | $ 953 | |
Level 3 of fair value hierarchy [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Net gain (loss) net of hedges was realized for FVTPL assets and FVTPL liabilities | 19 | 5 | $ 6 |
Obligations related to securities sold short [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | $ 128 | $ 1,178 |
Fair Value Measurement - Change
Fair Value Measurement - Changes in Fair Value of Financial Assets and Liabilities in Level 3 (Detail) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | $ 1,400 | $ 1,700 | $ 1,737 |
Realized | (6) | (1) | (1) |
Unrealized | 28 | (23) | 16 |
Net unrealized gains (losses) included in OCI | (6) | 34 | 56 |
Transfer in to Level 3 | 20 | ||
Purchases/Issuances | 295 | 276 | 55 |
Sales/Settlements | (205) | (586) | (457) |
Closing balance | 1,506 | 1,400 | 1,426 |
Opening balance | (294) | (254) | (869) |
Realized | 6 | 1 | 1 |
Unrealized | (486) | (50) | (34) |
Transfer in to Level 3 | (2) | 2 | (37) |
Transfer out of Level 3 | (5) | (1) | 31 |
Purchases/Issuances | (2) | (3) | (112) |
Sales/Settlements | 92 | 11 | 140 |
Closing balance | (691) | (294) | (880) |
Deposits and other liabilities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 4 | 15 | (601) |
Unrealized | (387) | (18) | (52) |
Transfer in to Level 3 | (2) | 2 | (37) |
Transfer out of Level 3 | (5) | (1) | 31 |
Purchases/Issuances | (2) | (3) | (102) |
Sales/Settlements | 25 | 9 | 114 |
Closing balance | (367) | 4 | (647) |
Interest rate derivatives [member] | Derivative liabilities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | (28) | (5) | (1) |
Unrealized | (47) | (24) | (2) |
Sales/Settlements | 1 | 1 | 3 |
Closing balance | (74) | (28) | |
Interest rate derivatives [member] | Derivative Assets [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 48 | 41 | 56 |
Unrealized | (4) | 12 | 3 |
Purchases/Issuances | 2 | 1 | |
Sales/Settlements | 1 | (7) | (13) |
Closing balance | 45 | 48 | 47 |
Credit derivatives [member] | Derivative liabilities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | (107) | (108) | (112) |
Realized | 6 | 1 | 1 |
Unrealized | (8) | (1) | |
Sales/Settlements | (4) | ||
Closing balance | (113) | (107) | (112) |
Credit derivatives [member] | Derivative Assets [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 98 | 100 | 104 |
Realized | (6) | (1) | (1) |
Unrealized | 9 | (1) | 1 |
Closing balance | 101 | 98 | 104 |
Equity derivatives [member] | Derivative liabilities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | (163) | (156) | (155) |
Unrealized | (44) | (8) | 21 |
Purchases/Issuances | (10) | ||
Sales/Settlements | 70 | 1 | 23 |
Closing balance | (137) | (163) | (121) |
Equity derivatives [member] | Derivative Assets [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 212 | 245 | 252 |
Unrealized | 15 | (32) | 12 |
Purchases/Issuances | 44 | ||
Sales/Settlements | (166) | (1) | (42) |
Closing balance | 61 | 212 | 266 |
Corporate equity [member] | Securities mandatorily measured at FVTPL [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 16 | 7 | 7 |
Unrealized | 3 | (1) | |
Transfer in to Level 3 | 7 | ||
Purchases/Issuances | 10 | ||
Closing balance | 19 | 16 | 14 |
Corporate equity [member] | Equity securities designated at FVOCI [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 240 | 275 | 291 |
Net unrealized gains (losses) included in OCI | 19 | 36 | 49 |
Transfer in to Level 3 | (7) | ||
Purchases/Issuances | 17 | 20 | 10 |
Sales/Settlements | (7) | (91) | (60) |
Closing balance | 269 | 240 | 283 |
Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 135 | 137 | 173 |
Sales/Settlements | (33) | (2) | (13) |
Closing balance | 102 | 135 | 160 |
Corporate debt [member] | Securities mandatorily measured at FVTPL [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 25 | 26 | 23 |
Unrealized | 5 | (1) | |
Closing balance | 30 | 25 | 23 |
Corporate debt [member] | Debt securities measured at FVOCI [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Net unrealized gains (losses) included in OCI | 3 | ||
Transfer in to Level 3 | 20 | ||
Closing balance | 23 | ||
Business and government [member] | Loans mandatorily measured and designated at FVTPL [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Opening balance | 626 | 869 | 831 |
Net unrealized gains (losses) included in OCI | (25) | (2) | 4 |
Purchases/Issuances | 278 | 244 | |
Sales/Settlements | (485) | (329) | |
Closing balance | $ 879 | $ 626 | $ 506 |
Fair Value Measurement - Chan_2
Fair Value Measurement - Changes in Fair Value of Financial Assets and Liabilities in Level 3 (Parenthetical) (Detail) - Level 3 of fair value hierarchy [member] - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Deposits | $ 136 | $ 137 | $ 135 |
Bifurcated embedded derivative liabilities | $ 512 | ||
Bifurcated embedded derivative assets | $ 231 | $ 141 |
Significant Transactions - Addi
Significant Transactions - Additional information (Detail) - FirstCaribbean International Bank Limited [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Nov. 08, 2019 | |
Disclosure of detailed information about business combination [line items] | ||
Percentage of voting equity interests sold | 66.73% | |
Impairment loss recognised in profit or loss, goodwill | $ 220 |
Securities - Summary of Securit
Securities - Summary of Securities (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Debt securities measured at FVOCI | $ 51,334 | $ 53,968 |
Equity securities designated at FVOCI | 609 | 585 |
Securities measured at amortized cost | 31,993 | 31,800 |
Securities mandatorily measured and designated at FVTPL | 66,557 | 62,693 |
Total financial securities | $ 150,493 | $ 149,046 |
Securities - Summary of Secur_2
Securities - Summary of Securities (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Sale of securities measured at amortized cost | $ 0 | $ 0 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value of Debt Securities Measured and Equity Securities Designated at FVOCI (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | |
Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | $ 50,951 | $ 53,635 | |
Gross unrealized gains on FVOCI securities | 390 | 341 | |
Gross unrealized losses on FVOCI securities | (7) | (8) | |
Financial assets measured at fair value through other comprehensive income | 51,334 | 53,968 | |
Equity Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 572 | 576 | |
Gross unrealized gains on FVOCI securities | 75 | 58 | |
Gross unrealized losses on FVOCI securities | (38) | (49) | |
Financial assets measured at fair value through other comprehensive income | 609 | 585 | |
Unrealized gain losses on FVOCI securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 51,523 | 54,211 | |
Gross unrealized gains on FVOCI securities | 465 | 399 | |
Gross unrealized losses on FVOCI securities | (45) | (57) | |
Financial assets measured at fair value through other comprehensive income | 51,943 | 54,553 | |
Unrealized gain losses on FVOCI securities [member] | Canadian federal government [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 10,319 | 11,379 | |
Gross unrealized gains on FVOCI securities | 46 | 32 | |
Gross unrealized losses on FVOCI securities | (2) | ||
Financial assets measured at fair value through other comprehensive income | 10,365 | 11,409 | |
Unrealized gain losses on FVOCI securities [member] | Other Canadian governments [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 13,354 | 15,187 | |
Gross unrealized gains on FVOCI securities | 182 | 128 | |
Financial assets measured at fair value through other comprehensive income | 13,536 | 15,315 | |
Unrealized gain losses on FVOCI securities [member] | U.S. Treasury and agencies [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 12,295 | 12,533 | |
Gross unrealized gains on FVOCI securities | 51 | 63 | |
Financial assets measured at fair value through other comprehensive income | 12,346 | 12,596 | |
Unrealized gain losses on FVOCI securities [member] | Other foreign governments [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 6,259 | 5,825 | |
Gross unrealized gains on FVOCI securities | 36 | 38 | |
Gross unrealized losses on FVOCI securities | (3) | (2) | |
Financial assets measured at fair value through other comprehensive income | 6,292 | 5,861 | |
Unrealized gain losses on FVOCI securities [member] | Mortgage backed securities [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 2,054 | 2,320 | |
Gross unrealized gains on FVOCI securities | 49 | 49 | |
Gross unrealized losses on FVOCI securities | (1) | (1) | |
Financial assets measured at fair value through other comprehensive income | 2,102 | 2,368 | |
Unrealized gain losses on FVOCI securities [member] | Asset backed securities [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 348 | 197 | |
Gross unrealized losses on FVOCI securities | (2) | (2) | |
Financial assets measured at fair value through other comprehensive income | 346 | 195 | |
Unrealized gain losses on FVOCI securities [member] | Corporate debt [member] | Debt Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 6,322 | 6,194 | |
Gross unrealized gains on FVOCI securities | 26 | 31 | |
Gross unrealized losses on FVOCI securities | (1) | (1) | |
Financial assets measured at fair value through other comprehensive income | 6,347 | 6,224 | |
Unrealized gain losses on FVOCI securities [member] | Corporate public equity [member] | Equity Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 28 | 30 | |
Gross unrealized gains on FVOCI securities | [1] | 20 | 15 |
Gross unrealized losses on FVOCI securities | [1] | (3) | |
Financial assets measured at fair value through other comprehensive income | [1] | 48 | 42 |
Unrealized gain losses on FVOCI securities [member] | Corporate private equity [member] | Equity Securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortised cost on FVOCI securities, Total | 544 | 546 | |
Gross unrealized gains on FVOCI securities | 55 | 43 | |
Gross unrealized losses on FVOCI securities | (38) | (46) | |
Financial assets measured at fair value through other comprehensive income | $ 561 | $ 543 | |
[1] | Includes restricted stock. |
Securities - Schedule of Fair_2
Securities - Schedule of Fair Value of Debt Securities Measured and Equity Securities Designated at FVOCI (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2021 | Oct. 31, 2020 | |
Disclosure of financial assets [abstract] | ||
Allowance for credit losses for debt securities measured at FVOCI | $ 20 | $ 22 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of financial assets [line items] | |||
Fair value of equity securities designated at FVOCI that were disposed | $ 7 | $ 88 | |
Net realized cumulative after-tax gains reclassifed from AOCI to retained earnings | 3 | 62 | $ 29 |
Dividend income recognized on equity securities | 1 | 1 | 4 |
Dividend income recognized on equity securities designated at FVOCI that were disposed | $ 0 | $ 2 | $ 0 |
Securities - Summary of Allowan
Securities - Summary of Allowance for Losses measured at FVOCI (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of financial assets [line items] | |||
Balance at beginning of period | $ 3,722 | ||
Balance at end of period | 3,631 | $ 3,722 | $ 2,078 |
Debt securities measured at FVOCI [member] | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 22 | 24 | 23 |
Provision for (reversal of) credit losses | (2) | (1) | (1) |
Foreign exchange and other | (1) | ||
Balance at end of period | 20 | 22 | 22 |
Stage 1 [member] | Debt securities measured at FVOCI [member] | Financial instruments performing [member] | 12-month expected credit losses [member] | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 18 | 19 | 14 |
Provision for (reversal of) credit losses | (1) | (1) | |
Foreign exchange and other | (1) | 1 | |
Balance at end of period | 17 | 18 | 14 |
Stage 2 [member] | Debt securities measured at FVOCI [member] | Financial instruments performing [member] | Lifetime expected credit losses [member] | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 4 | 5 | 3 |
Provision for (reversal of) credit losses | (1) | (1) | |
Foreign exchange and other | (1) | ||
Balance at end of period | 3 | 4 | 2 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 916 | ||
Balance at end of period | $ 952 | $ 916 | 660 |
Stage 3 [member] | Debt securities measured at FVOCI [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of financial assets [line items] | |||
Balance at beginning of period | 6 | ||
Balance at end of period | $ 6 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | $ 3,722 | ||
Balance at end of period | 3,631 | $ 3,722 | $ 2,078 |
Loans | 3,484 | 3,540 | 1,948 |
Undrawn credit facilities and other off-balance sheet exposures | 147 | 182 | 130 |
Residential mortgages [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 363 | 301 | 211 |
Originations net of repayments and other derecognitions | (6) | (3) | (7) |
Changes in model | 25 | (1) | |
Net remeasurement | (3) | 48 | 17 |
Provision for (reversal of) credit losses | (9) | 70 | 9 |
Write-offs | (6) | (5) | (3) |
Recoveries | 1 | 2 | 1 |
Interest income on impaired loans | (4) | (5) | (5) |
Foreign exchange and other | (9) | 1 | |
Balance at end of period | 336 | 363 | 214 |
Personal [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 863 | 858 | 573 |
Originations net of repayments and other derecognitions | (6) | 2 | (7) |
Changes in model | 2 | 103 | 4 |
Net remeasurement | 35 | (47) | 83 |
Provision for (reversal of) credit losses | 31 | 58 | 80 |
Write-offs | (74) | (67) | (100) |
Recoveries | 17 | 16 | 20 |
Interest income on impaired loans | (1) | (1) | (1) |
Foreign exchange and other | (2) | (1) | (1) |
Balance at end of period | 834 | 863 | 571 |
Credit card [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 708 | 710 | 485 |
Originations net of repayments and other derecognitions | (27) | (14) | (17) |
Changes in model | 18 | ||
Net remeasurement | 52 | 61 | 119 |
Provision for (reversal of) credit losses | 25 | 47 | 120 |
Write-offs | (70) | (77) | (126) |
Recoveries | 27 | 28 | 28 |
Foreign exchange and other | (1) | ||
Balance at end of period | 690 | 708 | 506 |
Business and government [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 1,788 | 1,740 | 775 |
Originations net of repayments and other derecognitions | (11) | (21) | (3) |
Changes in model | 3 | ||
Net remeasurement | 111 | 137 | 52 |
Provision for (reversal of) credit losses | 100 | 116 | 52 |
Write-offs | (70) | (54) | (40) |
Recoveries | 3 | 1 | 3 |
Interest income on impaired loans | (6) | (7) | (5) |
Foreign exchange and other | (44) | (8) | 2 |
Balance at end of period | 1,771 | 1,788 | 787 |
Stage 1 [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 844 | ||
Balance at end of period | 811 | 844 | 600 |
Loans | 724 | 735 | 537 |
Undrawn credit facilities and other off-balance sheet exposures | 87 | 109 | 63 |
Stage 1 [member] | Residential mortgages [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 51 | 48 | 28 |
Originations net of repayments and other derecognitions | 4 | 4 | 1 |
Changes in model | (1) | ||
Net remeasurement | (32) | (15) | (12) |
Transfers to 12-month ECL | 33 | 22 | 12 |
Transfers to lifetime ECL performing | (3) | (8) | (1) |
Provision for (reversal of) credit losses | 2 | 3 | (1) |
Foreign exchange and other | (1) | 1 | |
Balance at end of period | 52 | 51 | 28 |
Stage 1 [member] | Personal [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 204 | 169 | 174 |
Originations net of repayments and other derecognitions | 11 | 17 | 9 |
Changes in model | 1 | 22 | 11 |
Net remeasurement | (110) | (83) | (71) |
Transfers to 12-month ECL | 87 | 114 | 67 |
Transfers to lifetime ECL performing | (11) | (35) | (8) |
Provision for (reversal of) credit losses | (22) | 35 | 8 |
Foreign exchange and other | (1) | ||
Balance at end of period | 181 | 204 | 182 |
Stage 1 [member] | Credit card [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 136 | 144 | 145 |
Originations net of repayments and other derecognitions | (1) | ||
Changes in model | 13 | ||
Net remeasurement | (88) | (97) | (77) |
Transfers to 12-month ECL | 79 | 95 | 87 |
Transfers to lifetime ECL performing | (10) | (6) | (9) |
Provision for (reversal of) credit losses | (20) | (8) | 14 |
Balance at end of period | 116 | 136 | 159 |
Stage 1 [member] | Business and government [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 453 | 568 | 239 |
Originations net of repayments and other derecognitions | 17 | 12 | 7 |
Net remeasurement | (62) | (140) | (29) |
Transfers to 12-month ECL | 81 | 48 | 24 |
Transfers to lifetime ECL performing | (12) | (15) | (11) |
Transfers to lifetime ECL credit-impaired | (2) | (17) | |
Provision for (reversal of) credit losses | 22 | (112) | (9) |
Foreign exchange and other | (13) | (3) | 1 |
Balance at end of period | 462 | 453 | 231 |
Stage 2 [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 1,962 | ||
Balance at end of period | 1,868 | 1,962 | 818 |
Loans | 1,808 | 1,891 | 753 |
Undrawn credit facilities and other off-balance sheet exposures | 60 | 71 | 65 |
Stage 2 [member] | Residential mortgages [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 161 | 88 | 43 |
Originations net of repayments and other derecognitions | (6) | (4) | (3) |
Changes in model | 25 | ||
Net remeasurement | 7 | 58 | 7 |
Transfers to 12-month ECL | (27) | (17) | (10) |
Transfers to lifetime ECL performing | 10 | 14 | 5 |
Transfers to lifetime ECL credit-impaired | (5) | (3) | (2) |
Provision for (reversal of) credit losses | (21) | 73 | (3) |
Foreign exchange and other | (4) | ||
Balance at end of period | 136 | 161 | 40 |
Stage 2 [member] | Personal [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 546 | 558 | 271 |
Originations net of repayments and other derecognitions | (15) | (13) | (13) |
Changes in model | 1 | 81 | (7) |
Net remeasurement | 84 | (1) | 90 |
Transfers to 12-month ECL | (84) | (110) | (65) |
Transfers to lifetime ECL performing | 16 | 42 | 11 |
Transfers to lifetime ECL credit-impaired | (13) | (11) | (19) |
Provision for (reversal of) credit losses | (11) | (12) | (3) |
Balance at end of period | 535 | 546 | 268 |
Stage 2 [member] | Credit card [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 572 | 566 | 340 |
Originations net of repayments and other derecognitions | (26) | (14) | (17) |
Changes in model | 5 | ||
Net remeasurement | 117 | 146 | 156 |
Transfers to 12-month ECL | (79) | (95) | (87) |
Transfers to lifetime ECL performing | 10 | 6 | 9 |
Transfers to lifetime ECL credit-impaired | (20) | (37) | (58) |
Provision for (reversal of) credit losses | 2 | 6 | 8 |
Foreign exchange and other | (1) | ||
Balance at end of period | 574 | 572 | 347 |
Stage 2 [member] | Business and government [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 683 | 558 | 158 |
Originations net of repayments and other derecognitions | (23) | (28) | (5) |
Changes in model | 4 | ||
Net remeasurement | 55 | 240 | 22 |
Transfers to 12-month ECL | (75) | (45) | (22) |
Transfers to lifetime ECL performing | 14 | 18 | 12 |
Transfers to lifetime ECL credit-impaired | (12) | (57) | (8) |
Provision for (reversal of) credit losses | (41) | 128 | 3 |
Foreign exchange and other | (19) | (3) | 2 |
Balance at end of period | 623 | 683 | 163 |
Stage 3 [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 916 | ||
Balance at end of period | 952 | 916 | 660 |
Loans | 952 | 914 | 658 |
Undrawn credit facilities and other off-balance sheet exposures | 2 | 2 | |
Stage 3 [member] | Residential mortgages [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 151 | 165 | 140 |
Originations net of repayments and other derecognitions | (4) | (3) | (5) |
Net remeasurement | 22 | 5 | 22 |
Transfers to 12-month ECL | (6) | (5) | (2) |
Transfers to lifetime ECL performing | (7) | (6) | (4) |
Transfers to lifetime ECL credit-impaired | 5 | 3 | 2 |
Provision for (reversal of) credit losses | 10 | (6) | 13 |
Write-offs | (6) | (5) | (3) |
Recoveries | 1 | 2 | 1 |
Interest income on impaired loans | (4) | (5) | (5) |
Foreign exchange and other | (4) | ||
Balance at end of period | 148 | 151 | 146 |
Stage 3 [member] | Personal [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 113 | 131 | 128 |
Originations net of repayments and other derecognitions | (2) | (2) | (3) |
Net remeasurement | 61 | 37 | 64 |
Transfers to 12-month ECL | (3) | (4) | (2) |
Transfers to lifetime ECL performing | (5) | (7) | (3) |
Transfers to lifetime ECL credit-impaired | 13 | 11 | 19 |
Provision for (reversal of) credit losses | 64 | 35 | 75 |
Write-offs | (74) | (67) | (100) |
Recoveries | 17 | 16 | 20 |
Interest income on impaired loans | (1) | (1) | (1) |
Foreign exchange and other | (1) | (1) | (1) |
Balance at end of period | 118 | 113 | 121 |
Stage 3 [member] | Credit card [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Net remeasurement | 23 | 12 | 40 |
Transfers to lifetime ECL credit-impaired | 20 | 37 | 58 |
Provision for (reversal of) credit losses | 43 | 49 | 98 |
Write-offs | (70) | (77) | (126) |
Recoveries | 27 | 28 | 28 |
Stage 3 [member] | Business and government [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Balance at beginning of period | 652 | 614 | 378 |
Originations net of repayments and other derecognitions | (5) | (5) | (5) |
Changes in model | (1) | ||
Net remeasurement | 118 | 37 | 59 |
Transfers to 12-month ECL | (6) | (3) | (2) |
Transfers to lifetime ECL performing | (2) | (3) | (1) |
Transfers to lifetime ECL credit-impaired | 14 | 74 | 8 |
Provision for (reversal of) credit losses | 119 | 100 | 58 |
Write-offs | (70) | (54) | (40) |
Recoveries | 3 | 1 | 3 |
Interest income on impaired loans | (6) | (7) | (5) |
Foreign exchange and other | (12) | (2) | (1) |
Balance at end of period | $ 686 | $ 652 | $ 393 |
Loans - Summary of Allowance _2
Loans - Summary of Allowance for Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||
Expected credit loss allowance on debt securities classified at amortized cost | $ 16 | $ 0 | $ 2 | $ 16 |
Stage 3 [member] | Financial assets at amortised cost, class [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Expected credit loss allowance on debt securities classified at amortized cost | $ 13 | $ 0 | $ 0 |
Loans - Additional Information
Loans - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | Oct. 31, 2020 | |
Downside Scenario [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
ECL expected value | $ 682 | $ 938 | |
Probability weighting percentage | 100.00% | ||
Base Scenario [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
ECL expected value | $ (309) | $ (204) | |
Probability weighting percentage | 100.00% | 100.00% |
Loans - Summary of Base Case Fo
Loans - Summary of Base Case Forecasts for Select Forward Looking Information Variables Used to Estimate our Expected Credit Losses (Detail) - Average Value [member] - CAD ($) | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Oct. 31, 2020 | |
Base case [member] | Within 1 year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian Real GDP year-over-year growth | 4.00% | 1.60% |
United States Real GDP year-over-year growth | 4.10% | 1.70% |
Canadian unemployment rate | 7.80% | 8.70% |
United States unemployment rate | 5.90% | 7.40% |
Canadian Housing Price Index growth | 1.50% | 2.40% |
S&P 500 Index growth rate | 5.00% | 5.60% |
West Texas Intermediate Oil Price | $ 50 | $ 42 |
Base case [member] | Later than one year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian Real GDP year-over-year growth | 3.90% | 3.80% |
United States Real GDP year-over-year growth | 3.20% | 3.50% |
Canadian unemployment rate | 6.10% | 6.70% |
United States unemployment rate | 4.10% | 4.70% |
Canadian Housing Price Index growth | 3.20% | 3.00% |
S&P 500 Index growth rate | 5.00% | 4.80% |
West Texas Intermediate Oil Price | $ 55 | $ 53 |
Upside case [member] | Within 1 year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian Real GDP year-over-year growth | 6.00% | 3.60% |
United States Real GDP year-over-year growth | 5.80% | 3.00% |
Canadian unemployment rate | 7.30% | 7.40% |
United States unemployment rate | 4.50% | 5.10% |
Canadian Housing Price Index growth | 12.20% | 11.20% |
S&P 500 Index growth rate | 13.00% | 11.20% |
West Texas Intermediate Oil Price | $ 54 | $ 51 |
Upside case [member] | Later than one year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian Real GDP year-over-year growth | 4.40% | 4.60% |
United States Real GDP year-over-year growth | 4.50% | 4.20% |
Canadian unemployment rate | 5.70% | 5.90% |
United States unemployment rate | 3.40% | 3.50% |
Canadian Housing Price Index growth | 10.20% | 10.40% |
S&P 500 Index growth rate | 10.80% | 7.70% |
West Texas Intermediate Oil Price | $ 62 | $ 60 |
Downside case [member] | Within 1 year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian Real GDP year-over-year growth | 2.50% | 0.03% |
United States Real GDP year-over-year growth | 1.80% | (0.60%) |
Canadian unemployment rate | 8.60% | 9.50% |
United States unemployment rate | 7.40% | 9.20% |
Canadian Housing Price Index growth | (9.90%) | (6.90%) |
S&P 500 Index growth rate | (5.50%) | (3.50%) |
West Texas Intermediate Oil Price | $ 41 | $ 34 |
Downside case [member] | Later than one year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian Real GDP year-over-year growth | 2.10% | 2.00% |
United States Real GDP year-over-year growth | 1.90% | 1.70% |
Canadian unemployment rate | 7.40% | 8.40% |
United States unemployment rate | 5.80% | 7.30% |
Canadian Housing Price Index growth | 0.30% | (0.80%) |
S&P 500 Index growth rate | (2.90%) | (5.30%) |
West Texas Intermediate Oil Price | $ 46 | $ 39 |
Loans - Summary of Carrying Amo
Loans - Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | $ 226,594 | $ 221,165 | |
ECL allowance | 3,484 | 3,540 | $ 1,948 |
Net loans | 420,975 | 416,388 | |
Gross personal | 41,971 | 42,222 | |
Gross credit card | 10,709 | 11,389 | |
Gross business and government | 145,185 | 145,152 | |
Exceptionally Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 150,647 | 146,141 | |
Gross personal | 22,955 | 23,302 | |
Gross credit card | 2,949 | 3,285 | |
Very Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 48,834 | 46,844 | |
Gross personal | 1,794 | 1,775 | |
Gross credit card | 1,341 | 1,388 | |
Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 17,920 | 18,533 | |
Gross personal | 11,273 | 11,159 | |
Gross credit card | 2,244 | 2,340 | |
Medium [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 4,845 | 5,156 | |
Gross personal | 3,977 | 4,033 | |
Gross credit card | 3,555 | 3,751 | |
High [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 1,022 | 1,054 | |
Gross personal | 1,119 | 1,100 | |
Gross credit card | 477 | 472 | |
Default [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 620 | 654 | |
Gross personal | 150 | 140 | |
Gross credit card | 0 | ||
Gross business and government | 1,476 | 1,359 | |
Not Rated [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 2,706 | 2,783 | |
Gross personal | 703 | 713 | |
Gross credit card | 143 | 153 | |
Gross business and government | 273 | 267 | |
Investment grade [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 52,162 | 50,998 | |
Non investment grade [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 87,165 | 87,790 | |
Watch list [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 4,109 | 4,738 | |
Residential mortgages [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 336 | 363 | |
Net loans | 226,258 | 220,802 | |
Personal [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 807 | 832 | |
Net loans | 41,164 | 41,390 | |
Credit card [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 659 | 667 | |
Net loans | 10,050 | 10,722 | |
Business and government [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 1,682 | 1,678 | |
Net loans | 143,503 | 143,474 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 212,209 | 206,350 | |
ECL allowance | 724 | 735 | 537 |
Net loans | 389,746 | 382,059 | |
Gross personal | 35,750 | 35,691 | |
Gross credit card | 8,399 | 8,926 | |
Gross business and government | 134,112 | 131,827 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Exceptionally Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 150,641 | 146,139 | |
Gross personal | 22,955 | 23,302 | |
Gross credit card | 2,949 | 3,285 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Very Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 47,164 | 45,678 | |
Gross personal | 1,644 | 1,618 | |
Gross credit card | 1,341 | 1,388 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 12,311 | 12,491 | |
Gross personal | 8,919 | 8,662 | |
Gross credit card | 2,244 | 2,340 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Medium [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 278 | 232 | |
Gross personal | 1,406 | 1,265 | |
Gross credit card | 1,722 | 1,778 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | High [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 1 | ||
Gross personal | 303 | 331 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Not Rated [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 1,814 | 1,810 | |
Gross personal | 523 | 513 | |
Gross credit card | 143 | 135 | |
Gross business and government | 216 | 218 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Investment grade [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 51,909 | 50,691 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Non investment grade [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 81,511 | 80,471 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Watch list [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 476 | 447 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Residential mortgages [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 52 | 51 | |
Net loans | 212,157 | 206,299 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Personal [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 159 | 179 | |
Net loans | 35,591 | 35,512 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Credit card [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 106 | 125 | |
Net loans | 8,293 | 8,801 | |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Business and government [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 407 | 380 | |
Net loans | 133,705 | 131,447 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 13,600 | 14,006 | |
ECL allowance | 1,808 | 1,891 | 753 |
Net loans | 29,726 | 32,894 | |
Gross personal | 6,027 | 6,350 | |
Gross credit card | 2,310 | 2,463 | |
Gross business and government | 9,597 | 11,966 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Very Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross personal | 150 | 157 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 5,609 | 6,042 | |
Gross personal | 2,354 | 2,497 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Medium [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 4,567 | 4,924 | |
Gross personal | 2,571 | 2,768 | |
Gross credit card | 1,833 | 1,973 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | High [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 1,021 | 1,054 | |
Gross personal | 816 | 769 | |
Gross credit card | 477 | 472 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Not Rated [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 727 | 818 | |
Gross personal | 136 | 159 | |
Gross credit card | 18 | ||
Gross business and government | 57 | 49 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Investment grade [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 253 | 307 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Non investment grade [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 5,654 | 7,319 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Watch list [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross business and government | 3,633 | 4,291 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Residential mortgages [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 136 | 161 | |
Net loans | 13,464 | 13,845 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Residential mortgages [member] | Exceptionally Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 6 | 2 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Residential mortgages [member] | Very Low [Member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 1,670 | 1,166 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Personal [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 530 | 540 | |
Net loans | 5,497 | 5,810 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Credit card [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 553 | 542 | |
Net loans | 1,757 | 1,921 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Business and government [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 589 | 648 | |
Net loans | 9,008 | 11,318 | |
Stage 3 [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
Net loans | 1,503 | 1,435 | |
Gross business and government | 1,476 | 1,359 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 785 | 809 | |
Gross personal | 194 | 181 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Default [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 620 | 654 | |
Gross personal | 150 | 140 | |
Gross business and government | 1,476 | 1,359 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Not Rated [member] | |||
Disclosure of internal credit grades [line items] | |||
Gross residential mortgages | 165 | 155 | |
Gross personal | 44 | 41 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Residential mortgages [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 148 | 151 | |
Net loans | 637 | 658 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Personal [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 118 | 113 | |
Net loans | 76 | 68 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Business and government [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 686 | 650 | |
Net loans | 790 | 709 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | $ 952 | $ 914 | $ 658 |
Loans - Summary of Carrying A_2
Loans - Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Oct. 31, 2020 | |
Disclosure of internal credit grades [line items] | ||||
ECL allowance | $ 20 | $ 22 | $ 22 | |
Residential mortgages | 226,594 | 221,165 | 221,165 | |
Business and government loans | 134,863 | 135,546 | 135,546 | |
Customers' liability under acceptances | 10,322 | 9,606 | 9,606 | |
Expected credit loss allowance on debt securities classified at amortized cost | 16 | 0 | $ 2 | 16 |
Stage 3 [member] | Financial assets at amortised cost, class [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Expected credit loss allowance on debt securities classified at amortized cost | 13 | |||
Financial instruments credit-impaired [member] | Other assets [member] | Stage 3 [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Foreclosed assets | 26 | 23 | 23 | |
Business and government [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Customers' liability under acceptances | 10,322 | 9,606 | 9,606 | |
Stage 3 [member] | Financial assets at amortised cost, class [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Expected credit loss allowance on debt securities classified at amortized cost | 14 | |||
Stage 3 [member] | Financial instruments credit-impaired [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Residential mortgages | 785 | 809 | 809 | |
Financial assets at fair value through net income [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Residential mortgages | 42 | 63 | 63 | |
Business and government loans | $ 23,277 | $ 23,291 | $ 23,291 |
Loans - Summary of Undrawn Cred
Loans - Summary of Undrawn Credit Facilities and Other Off Balance Sheet Exposures (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 |
Disclosure of internal credit grades [line items] | |||
Credit exposure | $ 347,862 | $ 337,092 | |
ECL allowance | 147 | 182 | $ 130 |
Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 301,432 | 295,575 | |
Retail [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 58 | 72 | |
Retail [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 146,590 | 143,415 | |
Retail [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 146,532 | 143,343 | |
Retail [member] | Exceptionally Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 127,763 | 124,698 | |
Retail [member] | Very Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 7,372 | 6,769 | |
Retail [member] | Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 9,036 | 9,119 | |
Retail [member] | Medium [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 1,472 | 1,601 | |
Retail [member] | High [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 503 | 766 | |
Retail [member] | Default [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 25 | 28 | |
Retail [member] | Not Rated [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 419 | 434 | |
Business and government [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 89 | 110 | |
Business and government [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 154,989 | 152,342 | |
Business and government [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 154,900 | 152,232 | |
Business and government [member] | Investment grade [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 91,609 | 90,032 | |
Business and government [member] | Non investment grade [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 61,022 | 59,589 | |
Business and government [member] | Watch list [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 1,456 | 1,756 | |
Business and government [member] | Default [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 201 | 129 | |
Business and government [member] | Not Rated [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 701 | 836 | |
Stage 1 [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 87 | 109 | 63 |
Stage 1 [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 295,283 | 288,178 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 32 | 36 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 145,067 | 141,608 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 145,035 | 141,572 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Exceptionally Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 127,758 | 124,690 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Very Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 7,233 | 6,632 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 8,720 | 8,703 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Medium [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 892 | 909 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | High [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 64 | 263 | |
Stage 1 [member] | 12-month expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Not Rated [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 400 | 411 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 55 | 73 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 150,303 | 14 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 150,248 | 14 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Investment grade [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 91,590 | 89,883 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Non investment grade [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 57,993 | 55,910 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Watch list [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 46 | 91 | |
Stage 1 [member] | 12-month expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Not Rated [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 674 | 795 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 60 | 71 | 65 |
Stage 2 [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 5,923 | 7,242 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 26 | 36 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 1,498 | 1,779 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 1,472 | 1,743 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Exceptionally Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 5 | 8 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Very Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 139 | 137 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Low [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 316 | 416 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Medium [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 580 | 692 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | High [Member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 439 | 503 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Retail [member] | Financial instruments not credit-impaired [member] | Not Rated [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 19 | 23 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 34 | 35 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 4,485 | 5,534 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 4,451 | 5,499 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Investment grade [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 19 | 149 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Non investment grade [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 3,029 | 3,679 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Watch list [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 1,410 | 1,665 | |
Stage 2 [member] | Lifetime expected credit losses [member] | Business and government [member] | Financial instruments not credit-impaired [member] | Not Rated [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 27 | 41 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 226 | 155 | |
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 25 | 28 | |
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 25 | 28 | |
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Default [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 25 | 28 | |
Stage 3 [member] | Business and government [member] | Financial instruments credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | 2 | ||
Stage 3 [member] | Business and government [member] | Financial instruments credit-impaired [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 201 | 129 | |
Stage 3 [member] | Business and government [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | 201 | 127 | |
Stage 3 [member] | Business and government [member] | Financial instruments credit-impaired [member] | Default [member] | Gross credit exposure [member] | |||
Disclosure of internal credit grades [line items] | |||
Credit exposure | $ 201 | 129 | |
Stage 3 [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | |||
Disclosure of internal credit grades [line items] | |||
ECL allowance | $ 2 | $ 2 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits and Components (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line items] | ||
Deposits | $ 573,927 | $ 570,740 |
Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 111,800 | |
Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 216,737 | |
Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 245,390 | |
Financial liabilities at carrying value [member] | ||
Disclosure Of Deposits [Line items] | ||
Held at amortized cost | 558,599 | 557,321 |
Financial liabilities at fair value [member] | ||
Disclosure Of Deposits [Line items] | ||
Designated at fair value | 15,328 | 13,419 |
Personal [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 206,090 | 202,152 |
Personal [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 14,510 | |
Personal [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 138,108 | |
Personal [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 53,472 | |
Business and government [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 310,445 | 311,426 |
Business and government [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 88,248 | |
Business and government [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 78,197 | |
Business and government [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 144,000 | |
Bank [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 18,666 | 17,011 |
Bank [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 9,042 | |
Bank [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 432 | |
Bank [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 9,192 | |
Secured borrowings [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 38,726 | 40,151 |
Secured borrowings [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 38,726 | |
Canada [member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 76,280 | 71,122 |
Canada [member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 385,250 | 389,439 |
USA [member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 13,339 | 13,833 |
USA [member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 68,385 | 66,399 |
Other International [Member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 5,461 | 5,798 |
Other International [Member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | $ 25,212 | $ 24,149 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits and Components (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line items] | ||
Deposit | $ 573,927 | $ 570,740 |
Purchased notes, net | 3,280 | 3,063 |
Notes issued | 310,445 | 311,426 |
Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 245,390 | |
Payable on fixed date [member] | Bank recapitalization (bail-in) conversion regulations [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 22,622 | 19,925 |
Cibc capital trust [member] | ||
Disclosure Of Deposits [Line items] | ||
Notes issued | 302 | 303 |
Denominated in U.S. dollars [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 191,400 | 185,200 |
Denominated in other foreign currencies [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | $ 30,700 | $ 30,200 |
Subordinated Indebtedness - Sch
Subordinated Indebtedness - Schedule of Terms of Subordinated Indebtedness (Detail) $ in Billions | Jan. 26, 2021CAD ($) |
Disclosure of detailed information about borrowings [line items] | |
Carrying value | $ 1 |
Interest rate | 3.42% |
Subordinated indebtedness - Add
Subordinated indebtedness - Additional Information (Detail) $ in Billions | Jan. 26, 2021CAD ($) |
Disclosure Of Subordinated Indebtedness [Line Items] | |
Debentures principal amount | $ 1 |
Interest rate | 3.42% |
Debt instrument variable interest rate spread | 100.00% |
Borrowings maturity | January 26, 2026 |
Debentures terms of interest payment | the Debentures were redeemed at 100% of their principal amount |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | 3 Months Ended |
Jan. 31, 2021 | |
Disclosure of objectives, policies and processes for managing capital [line items] | |
Regulatory capital requirements, domestic Stability Buffer | 1.00% |
Basel III requirement [member] | |
Disclosure of objectives, policies and processes for managing capital [line items] | |
Canada Domestic systemically important bank CET1 surcharge | 1.00% |
Bottom of range [member] | Basel III requirement [member] | |
Disclosure of objectives, policies and processes for managing capital [line items] | |
CET1 ratio | 9.00% |
Tier 1 capital ratio | 10.50% |
Total capital ratio | 12.50% |
Share Capital - Schedule of Com
Share Capital - Schedule of Common Shares Issued (Detail) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021CAD ($)shares | Oct. 31, 2020CAD ($)shares | Jan. 31, 2020CAD ($)shares | |
Disclosure of classes of share capital [line items] | |||
Balance at beginning of period | $ 41,335 | ||
Balance at end of period | $ 41,929 | $ 41,335 | $ 39,230 |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, Number of shares | shares | 447,085,329 | 446,008,888 | 445,341,675 |
Equity-settled share-based compensation plans | shares | 294,626 | 236,999 | 474,948 |
Shareholder investment plan, Number of shares | shares | 294,164 | 329,447 | 334,004 |
Employee share purchase plan, Number of shares | shares | 346,076 | 323,052 | 324,279 |
Number of shares issued, Number of shares | shares | 448,020,195 | 446,898,386 | 446,474,906 |
Purchase of common shares for cancellation, Number of shares | shares | (1,497,800) | ||
Treasury shares, Number of shares | shares | (170,590) | 186,943 | 4,427 |
Ending balance, Number of shares | shares | 447,849,605 | 447,085,329 | 444,981,533 |
Balance at beginning of period | $ 13,908 | $ 13,800 | $ 13,591 |
Equity-settled share-based compensation plans | 29 | 24 | 51 |
Shareholder investment plan, Amount | 32 | 33 | 36 |
Employee share purchase plan, Amount | 38 | 32 | 36 |
Number of shares issued, Amount | 14,007 | 13,889 | 13,714 |
Purchase of common shares for cancellation, Amount | (46) | ||
Treasury shares, Amount | (16) | 19 | 1 |
Balance at end of period | $ 13,991 | $ 13,908 | $ 13,669 |
Share Capital - Schedule of Reg
Share Capital - Schedule of Regulatory Capital and Ratios (Detail) - CAD ($) $ in Millions | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of Basel III captial disclosure [line items] | ||
Common Equity Tier 1 (CET1) capital | $ 31,438 | $ 30,876 |
Tier 1 capital | 35,284 | 34,775 |
Total capital | 40,355 | 40,969 |
Total risk-weighted assets (RWA) | $ 256,119 | $ 254,871 |
CET1 ratio | 12.30% | 12.10% |
Tier 1 capital ratio | 13.80% | 13.60% |
Total capital ratio | 15.80% | 16.10% |
Leverage ratio exposure | $ 756,688 | $ 741,760 |
Leverage ratio | 4.70% | 4.70% |
Post-Employment Benefits - Summ
Post-Employment Benefits - Summary of Defined Benefit Plan Expense (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Pension plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | $ 71 | $ 70 | $ 68 |
Past service cost | 12 | (32) | |
Net interest (income) expense | (4) | (2) | (3) |
Special termination benefits | 1 | 9 | |
Plan administration costs | 2 | 1 | 2 |
Net defined benefit plan expense recognized in net income | 69 | 82 | 44 |
Other post employment benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 2 | 4 | 3 |
Past service cost | (76) | (1) | |
Net interest (income) expense | 4 | 5 | 5 |
Net defined benefit plan expense recognized in net income | $ 6 | $ (67) | $ 7 |
Post-Employment Benefits - Su_2
Post-Employment Benefits - Summary of Defined Contributions Plan Expense (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of defined contribution plans [line items] | |||
Expense recognized in consolidated statement of income | $ 47 | $ 38 | $ 44 |
Defined contribution pension plans [member] | |||
Disclosure of defined contribution plans [line items] | |||
Expense recognized in consolidated statement of income | 11 | 7 | 9 |
Government pension plans [member] | |||
Disclosure of defined contribution plans [line items] | |||
Expense recognized in consolidated statement of income | $ 36 | $ 31 | $ 35 |
Post-Employment Benefits - Su_3
Post-Employment Benefits - Summary of Net Remeasurement Gains (Losses) Recognized in OCI (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Pension plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Net actuarial gains (losses) on defined benefit obligation | $ 60 | $ 458 | $ (428) |
Net actuarial gains (losses) on plan assets | 207 | (312) | 315 |
Changes in asset ceiling excluding interest income | 1 | 1 | |
Net remeasurement gains (losses) recognized in OCI | 267 | 147 | (112) |
Other post employment benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Net actuarial gains (losses) on defined benefit obligation | 3 | 42 | (29) |
Net remeasurement gains (losses) recognized in OCI | $ 3 | $ 42 | $ (29) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 31, 2019 | Oct. 31, 2020 | |
Disclosure Of Income Taxes [Line Items] | ||
Amount of tax recovered | $ 38 | |
Additional income tax by denying the tax deductibility | $ 1,115 |
Earnings per Share - Summary of
Earnings per Share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Basic earnings per share | |||
Net income attributable to equity shareholders | $ 1,621 | $ 1,015 | $ 1,205 |
Less: Preferred share dividends and distributions on other equity instruments | 30 | 30 | 31 |
Net income attributable to common shareholders | $ 1,591 | $ 985 | $ 1,174 |
Weighted-average common shares outstanding (thousands) | 447,281 | 446,321 | 445,248 |
Basic earnings per share | $ 3.56 | $ 2.21 | $ 2.64 |
Diluted earnings per share | |||
Net income attributable to common shareholders | $ 1,591 | $ 985 | $ 1,174 |
Weighted-average common shares outstanding (thousands) | 447,281 | 446,321 | 445,248 |
Add: Stock options potentially exercisable (1) (thousands) | 502 | 389 | 639 |
Add: Equity-settled consideration (thousands) | 146 | 167 | 144 |
Weighted-average diluted common shares outstanding (thousands) | 447,929 | 446,877 | 446,031 |
Diluted earnings per share | $ 3.55 | $ 2.20 | $ 2.63 |
Earnings per Share - Summary _2
Earnings per Share - Summary of Earnings Per Share (Parenthetical) (Detail) - $ / shares | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Earnings per share [abstract] | |||
Outstanding options excluded from calculation of diluted earnings per share | 3,840,348 | 3,816,293 | 2,382,904 |
Weighted average Exercise price of average outstanding share options excluded from the calculation of diluted earnings per share | $ 112.71 | $ 111.50 | $ 114.21 |
Contingent Liabilities and Pr_2
Contingent Liabilities and Provisions - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jan. 31, 2021CAD ($) | |
Legal proceedings contingent liability [member] | Bottom of range [member] | |
Disclosure Of Contingent Assets And Liabilities [Line Items] | |
Estimated financial effect of contingent liabilities | $ 0 |
Legal proceedings contingent liability [member] | Top of range [member] | |
Disclosure Of Contingent Assets And Liabilities [Line Items] | |
Estimated financial effect of contingent liabilities | 1,000 |
Simplii Privacy Class Actions [member] | |
Disclosure Of Contingent Assets And Liabilities [Line Items] | |
Loss Contingency damages Awarded | $ 2 |
Interest income and expense - S
Interest income and expense - Summary of Consolidated Interest Income and Expense for Both Product and Accounting Categories (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | ||
Analysis Of Income And Expense [line items] | ||||
Interest income | [1] | $ 3,771 | $ 3,800 | $ 5,182 |
Interest expense | 932 | 1,008 | 2,421 | |
Amortised cost [member] | ||||
Analysis Of Income And Expense [line items] | ||||
Interest income | 3,256 | 3,280 | 4,435 | |
Interest expense | 814 | 888 | 2,326 | |
Debt securities measured at fair value through other comprehensive income [member] | ||||
Analysis Of Income And Expense [line items] | ||||
Interest income | 98 | 107 | 240 | |
Other [member] | ||||
Analysis Of Income And Expense [line items] | ||||
Interest income | 417 | 413 | 507 | |
Interest expense | $ 118 | $ 120 | $ 95 | |
[1] | Interest income included $3.4 billion for the quarter ended January 31, 2021 (October 31, 2020: $3.4 billion; January 31, 2020: $4.7 billion) calculated based on the effective interest rate method. |
Segmented Information - Detaile
Segmented Information - Detailed Report of Segments and Geographic Areas (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 2,839 | $ 2,792 | $ 2,761 |
Non-interest income | 2,124 | 1,808 | 2,094 |
Revenue | 4,963 | 4,600 | 4,855 |
Provision for (reversal of) credit losses | 147 | 291 | 261 |
Amortization and impairment | 237 | 536 | 246 |
Other non-interest expenses | 2,489 | 2,355 | 2,819 |
Income (loss) before income taxes | 2,090 | 1,418 | 1,529 |
Income taxes | 465 | 402 | 317 |
Net income (loss) | 1,625 | 1,016 | 1,212 |
Non-controlling interests | 4 | 1 | 7 |
Equity shareholders | 1,621 | 1,015 | 1,205 |
Average assets | 799,948 | 778,933 | 679,531 |
Canadian Personal and Small Business Banking [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,483 | 1,486 | 1,505 |
Non-interest income | 542 | 511 | 574 |
Revenue | 2,025 | 1,997 | 2,079 |
Provision for (reversal of) credit losses | 54 | 121 | 211 |
Amortization and impairment | 53 | 58 | 57 |
Other non-interest expenses | 1,033 | 1,018 | 1,029 |
Income (loss) before income taxes | 885 | 800 | 782 |
Income taxes | 233 | 210 | 207 |
Net income (loss) | 652 | 590 | 575 |
Equity shareholders | 652 | 590 | 575 |
Average assets | 261,542 | 256,054 | 251,596 |
Canadian Commercial Banking and Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 298 | 294 | 315 |
Non-interest income | 790 | 734 | 740 |
Revenue | 1,088 | 1,028 | 1,055 |
Provision for (reversal of) credit losses | 33 | 25 | 35 |
Amortization and impairment | 7 | 8 | 7 |
Other non-interest expenses | 565 | 532 | 554 |
Income (loss) before income taxes | 483 | 463 | 459 |
Income taxes | 129 | 123 | 123 |
Net income (loss) | 354 | 340 | 336 |
Equity shareholders | 354 | 340 | 336 |
Average assets | 65,774 | 65,018 | 65,257 |
U.S. Commercial Banking and Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 374 | 356 | 342 |
Non-interest income | 187 | 163 | 159 |
Revenue | 561 | 519 | 501 |
Provision for (reversal of) credit losses | 45 | 82 | 15 |
Amortization and impairment | 28 | 29 | 32 |
Other non-interest expenses | 252 | 238 | 266 |
Income (loss) before income taxes | 236 | 170 | 188 |
Income taxes | 48 | 35 | 23 |
Net income (loss) | 188 | 135 | 165 |
Equity shareholders | 188 | 135 | 165 |
Average assets | 47,501 | 48,510 | 44,811 |
Capital Markets [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 682 | 652 | 498 |
Non-interest income | 492 | 282 | 508 |
Revenue | 1,174 | 934 | 1,006 |
Provision for (reversal of) credit losses | 5 | 17 | (6) |
Amortization and impairment | 2 | 3 | 3 |
Other non-interest expenses | 520 | 455 | 489 |
Income (loss) before income taxes | 647 | 459 | 520 |
Income taxes | 154 | 149 | 142 |
Net income (loss) | 493 | 310 | 378 |
Equity shareholders | 493 | 310 | 378 |
Average assets | 250,418 | 239,272 | 213,172 |
Corporate and Other [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 2 | 4 | 101 |
Non-interest income | 113 | 118 | 113 |
Revenue | 115 | 122 | 214 |
Provision for (reversal of) credit losses | 10 | 46 | 6 |
Amortization and impairment | 147 | 438 | 147 |
Other non-interest expenses | 119 | 112 | 481 |
Income (loss) before income taxes | (161) | (474) | (420) |
Income taxes | (99) | (115) | (178) |
Net income (loss) | (62) | (359) | (242) |
Non-controlling interests | 4 | 1 | 7 |
Equity shareholders | (66) | (360) | (249) |
Average assets | $ 174,713 | $ 170,079 | $ 104,695 |
Segmented Information - Detai_2
Segmented Information - Detailed Report of Segments and Geographic Areas (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | |
Capital markets [member] | |||
Disclosure of operating segments [line items] | |||
Taxable equivalent basis adjustment | $ 54 | $ 37 | $ 49 |