Cover Page
Cover Page | 6 Months Ended |
Apr. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
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 | Apr. 30, 2021 | Oct. 31, 2020 | |
ASSETS | |||
Cash and non-interest-bearing deposits with banks | $ 26,924 | [1] | $ 43,531 |
Interest-bearing deposits with banks | 20,273 | 18,987 | |
Securities (Note 5) | 155,122 | 149,046 | |
Cash collateral on securities borrowed | 11,573 | 8,547 | |
Securities purchased under resale agreements | 63,106 | 65,595 | |
Loans (Note 6) | |||
Residential mortgages | 234,747 | 221,165 | |
Personal | 42,371 | 42,222 | |
Credit card | 10,633 | 11,389 | |
Business and government | 136,567 | 135,546 | |
Allowance for credit losses | (3,200) | (3,540) | |
Total loans | 421,118 | 406,782 | |
Other | |||
Derivative instruments | 35,313 | 32,730 | |
Customers' liability under acceptances | 11,002 | 9,606 | |
Property and equipment | 2,826 | 2,997 | |
Goodwill | 4,928 | 5,253 | |
Software and other intangible assets | 1,944 | 1,961 | |
Investments in equity-accounted associates and joint ventures | 641 | 658 | |
Deferred tax assets | 433 | 650 | |
Other assets | 27,675 | 23,208 | |
Other miscellaneous assets | 84,762 | 77,063 | |
Total assets | 782,878 | 769,551 | |
Deposits (Note 7) | |||
Personal | 207,028 | 202,152 | |
Business and government | 313,201 | 311,426 | |
Bank | 17,140 | 17,011 | |
Secured borrowings | 39,194 | 40,151 | |
Deposits | 576,563 | 570,740 | |
Obligations related to securities sold short | 20,269 | 15,963 | |
Cash collateral on securities lent | 3,205 | 1,824 | |
Obligations related to securities sold under repurchase agreements | 66,120 | 71,653 | |
Other | |||
Derivative instruments | 34,121 | 30,508 | |
Acceptances | 11,071 | 9,649 | |
Deferred tax liabilities | 35 | 33 | |
Other liabilities | 23,161 | 22,134 | |
Other miscellaneous liabilities | 68,388 | 62,324 | |
Subordinated indebtedness | 5,653 | 5,712 | |
Equity | |||
Contributed surplus | 119 | 117 | |
Retained earnings | 24,003 | 22,119 | |
Accumulated other comprehensive income (AOCI) | 683 | 1,435 | |
Total shareholders' equity | 42,510 | 41,154 | |
Non-controlling interests | 170 | 181 | |
Total equity | 42,680 | 41,335 | |
Total liabilities and equities | 782,878 | 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) | 14,130 | 13,908 | |
Total equity | $ 14,130 | $ 13,908 | |
[1] | Includes restricted cash of $492 million (January 31, 2021: $493 million; April 30, 2020: $698 million) and interest-bearing demand deposits with Bank of Canada. |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Interest income (Note 14) | ||||||
Loans | [1] | $ 2,934 | $ 3,071 | $ 3,658 | $ 6,005 | $ 7,644 |
Securities | [1] | 529 | 569 | 698 | 1,098 | 1,428 |
Securities borrowed or purchased under resale agreements | [1] | 79 | 90 | 278 | 169 | 642 |
Deposits with banks | [1] | 31 | 41 | 68 | 72 | 170 |
Interest income | [1] | 3,573 | 3,771 | 4,702 | 7,344 | 9,884 |
Interest expense (Note 14) | ||||||
Deposits | 666 | 755 | 1,608 | 1,421 | 3,591 | |
Securities sold short | 62 | 56 | 63 | 118 | 138 | |
Securities lent or sold under repurchase agreements | 55 | 71 | 207 | 126 | 502 | |
Subordinated indebtedness | 28 | 35 | 44 | 63 | 90 | |
Other | 15 | 15 | 18 | 30 | 40 | |
Interest expense | 826 | 932 | 1,940 | 1,758 | 4,361 | |
Net interest income | 2,747 | 2,839 | 2,762 | 5,586 | 5,523 | |
Non-interest income | ||||||
Underwriting and advisory fees | 231 | 134 | 116 | 365 | 242 | |
Deposit and payment fees | 187 | 195 | 197 | 382 | 419 | |
Credit fees | 278 | 287 | 240 | 565 | 494 | |
Card fees | 104 | 123 | 85 | 227 | 207 | |
Investment management and custodial fees | 390 | 373 | 339 | 763 | 689 | |
Mutual fund fees | 427 | 424 | 384 | 851 | 793 | |
Insurance fees, net of claims | 81 | 97 | 95 | 178 | 197 | |
Commissions on securities transactions | 120 | 103 | 110 | 223 | 191 | |
Gains (losses) from financial instruments measured/designated at fair value through profit or loss (FVTPL), net | 178 | 213 | 73 | 391 | 338 | |
Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net | 22 | 36 | (16) | 58 | (5) | |
Foreign exchange other than trading (FXOTT) | 78 | 69 | 68 | 147 | 126 | |
Income from equity-accounted associates and joint ventures | 16 | 16 | 24 | 32 | 42 | |
Other | 73 | 54 | 101 | 127 | 177 | |
Non-interest income | 2,185 | 2,124 | 1,816 | 4,309 | 3,910 | |
Total revenue | 4,932 | 4,963 | 4,578 | 9,895 | 9,433 | |
Provision for credit losses (Note 6) | 32 | 147 | 1,412 | 179 | 1,673 | |
Non-interest expenses | ||||||
Employee compensation and benefits | 1,598 | 1,564 | 1,479 | 3,162 | 3,376 | |
Occupancy costs | 194 | 193 | 215 | 387 | 421 | |
Computer, software and office equipment | 507 | 467 | 479 | 974 | 949 | |
Communications | 87 | 79 | 82 | 166 | 157 | |
Advertising and business development | 50 | 45 | 72 | 95 | 149 | |
Professional fees | 57 | 47 | 49 | 104 | 99 | |
Business and capital taxes | 27 | 31 | 29 | 58 | 65 | |
Other | 236 | 300 | 299 | 536 | 553 | |
Non-interest expenses | 2,756 | 2,726 | 2,704 | 5,482 | 5,769 | |
Income before income taxes | 2,144 | 2,090 | 462 | 4,234 | 1,991 | |
Income taxes | 493 | 465 | 70 | 958 | 387 | |
Net income | 1,651 | 1,625 | 392 | 3,276 | 1,604 | |
Net income (loss) attributable to non-controlling interests | 4 | 4 | (8) | 8 | (1) | |
Preferred shareholders and other equity instrument holders | 51 | 30 | 30 | 81 | 61 | |
Common shareholders | 1,596 | 1,591 | 370 | 3,187 | 1,544 | |
Net income attributable to equity shareholders | $ 1,647 | $ 1,621 | $ 400 | $ 3,268 | $ 1,605 | |
Earnings per share (in dollars) (Note 12) | ||||||
Basic | $ 3.56 | $ 3.56 | $ 0.83 | $ 7.12 | $ 3.47 | |
Diluted | 3.55 | 3.55 | 0.83 | 7.10 | 3.46 | |
Dividends per common share (in dollars) | $ 1.46 | $ 1.46 | $ 1.46 | $ 2.92 | $ 2.90 | |
[1] | Interest income included $3.2 billion for the quarter ended April 30, 2021 (January 31, 2021: $3.4 billion; April 30, 2020: $4.2 billion) and $6.5 billion for the six months ended April 30, 2021 (April 30, 2020: $8.9 billion) calculated based on the effective interest rate method. |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Billions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Profit or loss [abstract] | |||||
Interest income calculated based on effective interest method | $ 3.2 | $ 3.4 | $ 4.2 | $ 6.5 | $ 8.9 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Statement of comprehensive income [abstract] | ||||||
Net income | $ 1,651 | $ 1,625 | $ 392 | $ 3,276 | $ 1,604 | |
Net foreign currency translation adjustments | ||||||
Net gains (losses) on investments in foreign operations | (1,438) | (1,417) | 1,795 | (2,855) | 1,957 | |
Net gains (losses) on hedges of investments in foreign operations | 843 | 798 | (990) | 1,641 | (1,075) | |
Other comprehensive income, net of tax, exchange differences on translation | (595) | (619) | 805 | (1,214) | 882 | |
Net change in debt securities measured at FVOCI | ||||||
Net gains (losses) on securities measured at FVOCI | (72) | 56 | 47 | (16) | 91 | |
Net (gains) losses reclassified to net income | (16) | (26) | (4) | (42) | (10) | |
Other comprehensive income, net of tax, debt securities | (88) | 30 | 43 | (58) | 81 | |
Net change in cash flow hedges | ||||||
Net gains (losses) on derivatives designated as cash flow hedges | 30 | 124 | 43 | 154 | 32 | |
Net (gains) losses reclassified to net income | (38) | (148) | 150 | (186) | 164 | |
Other comprehensive income, net of tax, cash flow hedges | (8) | (24) | 193 | (32) | 196 | |
OCI, net of income tax, that is not subject to subsequent reclassification to net income | ||||||
Net gains (losses) on post-employment defined benefit plans | 327 | 199 | 248 | 526 | 143 | |
Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk | 20 | (35) | 37 | (15) | 15 | |
Net gains (losses) on equity securities designated at FVOCI | 21 | 24 | (38) | 45 | (2) | |
OCI, net of income tax, that will not be reclassified to profit or loss, net of tax | 368 | 188 | 247 | 556 | 156 | |
Total OCI | [1] | (323) | (425) | 1,288 | (748) | 1,315 |
Comprehensive income | 1,328 | 1,200 | 1,680 | 2,528 | 2,919 | |
Comprehensive income (loss) attributable to non-controlling interests | 4 | 4 | (8) | 8 | (1) | |
Preferred shareholders and other equity instrument holders | 51 | 30 | 30 | 81 | 61 | |
Common shareholders | 1,273 | 1,166 | 1,658 | 2,439 | 2,859 | |
Comprehensive income attributable to equity shareholders | 1,324 | 1,196 | 1,688 | 2,520 | 2,920 | |
Net foreign currency translation adjustments | ||||||
Income tax (expense) benefit, Net gains (losses) on investments in foreign operations | 42 | 11 | (14) | 53 | (15) | |
Income tax (expense) benefit, Net gains (losses) on hedges of investments in foreign operations | (46) | (15) | 22 | (61) | 22 | |
Income tax (expense) benefit relating to exchange differences on translation of other comprehensive income | (4) | (4) | 8 | (8) | 7 | |
Net change in debt securities measured at FVOCI | ||||||
Income tax (expense) benefit, Net gains (losses) on securities measured at FVOCI | 12 | (25) | 1 | (13) | (11) | |
Income tax (expense) benefit, Net (gains) losses reclassified to net income | 6 | 9 | 2 | 15 | 4 | |
Income tax (expense) benefit relating to debt securities of other comprehensive income | 18 | (16) | 3 | 2 | (7) | |
Net change in cash flow hedges | ||||||
Income tax (expense) benefit, Net gains (losses) on derivatives designated as cash flow hedges | (10) | (45) | (15) | (55) | (11) | |
Income tax (expense) benefit, Net (gains) losses reclassified to net income | 13 | 53 | (54) | 66 | (59) | |
Income tax (expense) benefit relating to cash flow hedges of other comprehensive income | 3 | 8 | (69) | 11 | (70) | |
Not subject to subsequent reclassification to net income | ||||||
Income tax (expense) benefit, Net gains (losses) on post-employment defined benefit plans | (117) | (71) | (88) | (188) | (52) | |
Income tax (expense) benefit, Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk | (8) | 13 | (14) | 5 | (6) | |
Income tax (expense) benefit, Net gains (losses) on equity securities designated at FVOCI | (7) | (8) | 13 | (15) | 0 | |
Income tax (expense) benefit, Net gains (losses) not subject to subsequent reclassification to net income | (132) | (66) | (89) | (198) | (58) | |
Income tax (expense) benefit relating to components of other comprehensive income | $ (115) | $ (78) | $ (147) | $ (193) | $ (128) | |
[1] | Includes $25 million of losses for the quarter ended April 30, 2021 (January 31, 2021: $6 million of losses; April 30, 2020: $28 million of gains) and $31 million of losses for the six months ended April 30, 2021 (April 30, 2020: $24 million of gains), relating to our investments in equity-accounted associates and joint ventures. |
Consolidated statement of com_2
Consolidated statement of comprehensive income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of comprehensive income [abstract] | |||||
Gains (losses) on investments in equity-accounted associates and joint ventures included in OCI | $ (25) | $ (6) | $ 28 | $ (31) | $ 24 |
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 | 148 | ||||||||||||||
Balance at beginning of period at Oct. 31, 2019 | $ 2,825 | $ 13,591 | $ 125 | 21,120 | $ 993 | $ 113 | $ (363) | $ 16 | $ 45 | $ 77 | $ 186 | ||||
Net income attributable to equity shareholders | $ 1,605 | 1,605 | |||||||||||||
Net income (loss) attributable to non-controlling interests | (1) | (1) | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | (2) | ||||||||||||||
Net change in securities measured at FVOCI | 81 | ||||||||||||||
Net change in foreign currency translation adjustments | 882 | ||||||||||||||
Net change in cash flow hedges | 196 | 196 | |||||||||||||
Net change in post-employment defined benefit plans | 143 | 143 | |||||||||||||
Net change attributable to changes in credit risk | 15 | 15 | |||||||||||||
Dividends and distributions | $ (61) | $ (1,290) | (11) | ||||||||||||
Premium on purchase of common shares for cancellation | (166) | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (31) | ||||||||||||||
Issue of equity | 201 | ||||||||||||||
Compensation expense arising from equity-settled share-based awards | 7 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 31 | ||||||||||||||
Purchase of common shares for cancellation, Amount | (68) | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (11) | ||||||||||||||
Treasury shares | (2) | ||||||||||||||
Other | (2) | (1) | 10 | ||||||||||||
Balance at end of period at Apr. 30, 2020 | 40,253 | 2,825 | 13,722 | 119 | 21,238 | $ 2,165 | 1,875 | 309 | (220) | 31 | 12 | 158 | 184 | ||
Balance at beginning of period (Previously stated [member]) at Jan. 31, 2020 | 21,543 | ||||||||||||||
Balance at beginning of period (Impact of adopting IFRS [member]) at Jan. 31, 2020 | 21 | ||||||||||||||
Balance at beginning of period at Jan. 31, 2020 | 2,825 | 13,669 | 123 | 21,564 | 1,070 | 116 | (468) | (6) | 52 | 115 | 191 | ||||
Net income attributable to equity shareholders | 400 | 400 | |||||||||||||
Net income (loss) attributable to non-controlling interests | (8) | (8) | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | (38) | ||||||||||||||
Net change in securities measured at FVOCI | 43 | ||||||||||||||
Net change in foreign currency translation adjustments | 805 | ||||||||||||||
Net change in cash flow hedges | 193 | 193 | |||||||||||||
Net change in post-employment defined benefit plans | 248 | 248 | |||||||||||||
Net change attributable to changes in credit risk | 37 | 37 | |||||||||||||
Dividends and distributions | (30) | (649) | (9) | ||||||||||||
Premium on purchase of common shares for cancellation | (47) | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (2) | ||||||||||||||
Issue of equity | 78 | ||||||||||||||
Compensation expense arising from equity-settled share-based awards | 4 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 2 | ||||||||||||||
Purchase of common shares for cancellation, Amount | (22) | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (7) | ||||||||||||||
Treasury shares | (3) | ||||||||||||||
Other | (1) | (2) | 10 | ||||||||||||
Balance at end of period at Apr. 30, 2020 | 40,253 | 2,825 | 13,722 | 119 | 21,238 | 2,165 | 1,875 | 309 | (220) | 31 | 12 | 158 | 184 | ||
Balance at beginning of period at Oct. 31, 2020 | 41,335 | 3,575 | 13,908 | 117 | 22,119 | 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) | 0 | ||||||||||||
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 | ||
Balance at beginning of period at Oct. 31, 2020 | 41,335 | 3,575 | 13,908 | 117 | 22,119 | 1,173 | 274 | (283) | (40) | 2 | 309 | 181 | |||
Net income attributable to equity shareholders | 3,268 | 3,268 | |||||||||||||
Net income (loss) attributable to non-controlling interests | 8 | 8 | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | 45 | ||||||||||||||
Net change in securities measured at FVOCI | (58) | ||||||||||||||
Net change in foreign currency translation adjustments | (1,214) | ||||||||||||||
Net change in cash flow hedges | (32) | (32) | |||||||||||||
Net change in post-employment defined benefit plans | 526 | 526 | |||||||||||||
Net change attributable to changes in credit risk | (15) | (15) | |||||||||||||
Dividends and distributions | (81) | (1,308) | (2) | ||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (4) | ||||||||||||||
Issue of equity | 235 | ||||||||||||||
Compensation expense arising from equity-settled share-based awards | 14 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 4 | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (23) | ||||||||||||||
Treasury shares | (13) | ||||||||||||||
Other | 11 | 1 | (17) | ||||||||||||
Balance at end of period at Apr. 30, 2021 | 42,680 | 3,575 | 14,130 | 119 | 24,003 | 683 | (41) | 242 | 243 | (55) | 43 | 251 | 170 | ||
Balance at beginning of period at Jan. 31, 2021 | 41,929 | 3,575 | 13,991 | 119 | 23,060 | 1,007 | 554 | 250 | (84) | (75) | 23 | 339 | 177 | ||
Net income attributable to equity shareholders | 1,647 | 1,647 | |||||||||||||
Net income (loss) attributable to non-controlling interests | 4 | 4 | |||||||||||||
Net gains (losses) on equity securities designated at FVOCI | 21 | ||||||||||||||
Net change in securities measured at FVOCI | (88) | ||||||||||||||
Net change in foreign currency translation adjustments | (595) | ||||||||||||||
Net change in cash flow hedges | (8) | (8) | |||||||||||||
Net change in post-employment defined benefit plans | 327 | 327 | |||||||||||||
Net change attributable to changes in credit risk | 20 | 20 | |||||||||||||
Dividends and distributions | $ (51) | $ (655) | (2) | ||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | (1) | ||||||||||||||
Issue of equity | 136 | ||||||||||||||
Compensation expense arising from equity-settled share-based awards | 8 | ||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 1 | ||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (18) | ||||||||||||||
Treasury shares | 3 | ||||||||||||||
Other | 10 | 1 | (9) | ||||||||||||
Balance at end of period at Apr. 30, 2021 | $ 42,680 | $ 3,575 | $ 14,130 | $ 119 | $ 24,003 | $ 683 | $ (41) | $ 242 | $ 243 | $ (55) | $ 43 | $ 251 | $ 170 |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |||
Cash flows provided by (used in) operating activities | |||||||
Net income | $ 1,651 | $ 1,625 | $ 392 | $ 3,276 | $ 1,604 | ||
Adjustments to reconcile net income to cash flows provided by (used in) operating activities: | |||||||
Provision for credit losses | 32 | 147 | 1,412 | 179 | 1,673 | ||
Amortization and impairment | [1] | 249 | 237 | 280 | 486 | 526 | |
Stock options and restricted shares expense | 8 | 6 | 4 | 14 | 7 | ||
Deferred income taxes | (29) | 43 | (67) | 14 | (160) | ||
Losses (gains) from debt securities measured at FVOCI and amortized cost | (22) | (36) | 16 | (58) | 5 | ||
Net losses (gains) on disposal of property and equipment | 3 | 4 | |||||
Other non-cash items, net | 430 | 82 | (624) | 512 | (692) | ||
Net changes in operating assets and liabilities | |||||||
Interest-bearing deposits with banks | 34 | (1,320) | (1,726) | (1,286) | (4,184) | ||
Loans, net of repayments | (11,056) | (4,177) | (18,853) | (15,233) | (22,969) | ||
Deposits, net of withdrawals | 1,479 | 1,628 | 43,555 | 3,107 | 56,273 | ||
Obligations related to securities sold short | 793 | 3,513 | (2,487) | 4,306 | (696) | ||
Accrued interest receivable | 7 | 132 | (98) | 139 | 53 | ||
Accrued interest payable | (125) | (159) | 3 | (284) | (109) | ||
Derivative assets | (1,159) | (1,440) | (15,084) | (2,599) | (16,440) | ||
Derivative liabilities | 1,952 | 1,688 | 15,675 | 3,640 | 15,927 | ||
Securities measured at FVTPL | (6,288) | (3,864) | 5,859 | (10,152) | (3,150) | ||
Other assets and liabilities measured/designated at FVTPL | 1,833 | 1,727 | 879 | 3,560 | (171) | ||
Current income taxes | 154 | 62 | (26) | 216 | 1,216 | ||
Cash collateral on securities lent | 1,460 | (79) | (50) | 1,381 | (250) | ||
Obligations related to securities sold under repurchase agreements | (10,402) | 4,869 | 22,637 | (5,533) | 27,976 | ||
Cash collateral on securities borrowed | (16) | (3,010) | 896 | (3,026) | (2,068) | ||
Securities purchased under resale agreements | 1,290 | 1,199 | (8,414) | 2,489 | (9,221) | ||
Other, net | [2] | (35) | (3,983) | (21) | (4,018) | (215) | |
Cash flows provided by (used in) operating activities | (17,760) | (1,110) | 44,161 | (18,870) | 44,939 | ||
Cash flows provided by (used in) financing activities | |||||||
Issue of subordinated indebtedness | 1,000 | 1,000 | |||||
Redemption/repurchase/maturity of subordinated indebtedness | (1,008) | (1,008) | 0 | ||||
Issue of common shares for cash | 85 | 62 | 35 | 147 | 118 | ||
Purchase of common shares for cancellation | (69) | (234) | |||||
Net sale (purchase) of treasury shares | 3 | (16) | (3) | (13) | (2) | ||
Dividends and distributions paid | (673) | (651) | (643) | (1,324) | (1,279) | ||
Repayment of lease liabilities | (74) | (74) | (77) | (148) | (152) | ||
Cash flows provided by (used in) financing activities | 341 | (1,687) | (757) | (1,346) | (1,549) | ||
Cash flows provided by (used in) investing activities | |||||||
Purchase of securities measured/designated at FVOCI and amortized cost | (12,052) | (9,954) | (17,997) | (22,006) | (27,818) | ||
Proceeds from sale of securities measured/designated at FVOCI and amortized cost | 7,379 | 6,812 | 1,621 | 14,191 | 5,378 | ||
Proceeds from maturity of debt securities measured at FVOCI and amortized cost | 6,301 | 5,676 | 6,028 | 11,977 | 13,173 | ||
Net sale (purchase) of property and equipment | [2] | (175) | (184) | (171) | (359) | (336) | |
Cash flows provided by (used in) investing activities | 1,453 | 2,350 | (10,519) | 3,803 | (9,603) | ||
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks | (96) | (98) | 129 | (194) | 141 | ||
Net increase (decrease) in cash and non-interest-bearing deposits with banks during the period | (16,062) | (545) | 33,014 | (16,607) | 33,928 | ||
Cash and non-interest-bearing deposits with banks at beginning of period | 42,986 | [3] | 43,531 | 4,754 | 43,531 | 3,840 | |
Cash and non-interest-bearing deposits with banks at end of period | [3] | 26,924 | 42,986 | 37,768 | 26,924 | 37,768 | |
Cash interest paid | 951 | 1,091 | 1,937 | 2,042 | 4,470 | ||
Cash interest received | 3,323 | 3,659 | 4,384 | 6,982 | 9,523 | ||
Cash dividends received | 257 | 244 | 220 | 501 | 414 | ||
Cash income taxes paid (received) | $ 368 | $ 360 | $ 163 | $ 728 | $ (669) | ||
[1] | Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets. | ||||||
[2] | Restated from amounts previously presented. | ||||||
[3] | Includes restricted cash of $492 million (January 31, 2021: $493 million; April 30, 2020: $698 million) and interest-bearing demand deposits with Bank of Canada. |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 |
Statement of cash flows [abstract] | |||
Restricted cash | $ 492 | $ 493 | $ 698 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 6 Months Ended |
Apr. 30, 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) on the effectiveness of CIBC’s governance practices, risk management processes, and internal controls as a part of its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter. A strong risk culture and communication between the three lines of defence are important characteristics of effective risk management. We continuously monitor our risk profile against our defined risk appetite and related limits, taking action as needed to maintain an appropriate balance of risk and return. Monitoring our risk profile includes forward-looking analysis of sensitivity to local and global market factors, economic conditions, and geo-political Regular and transparent risk reporting and discussion at senior management committees facilitates communication of risks and discussion of risk management strategies across the organization. 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 Apr. 30 2020 Oct. 31 Business and government portfolios – advanced internal ratings-based approach (AIRB) Drawn $ 231,091 $ 248,265 Undrawn commitments 64,009 59,379 Repo-style transactions 221,772 202,809 Other off-balance 78,971 75,399 OTC derivatives 17,521 18,850 Gross exposure at default (EAD) on business and government portfolios 613,364 604,702 Less: Collateral held for repo-style transactions 204,935 187,832 Net EAD on business and government portfolios 408,429 416,870 Retail portfolios – AIRB approach Drawn 279,121 265,097 Undrawn commitments 92,093 87,294 Other off-balance 335 306 Gross EAD on retail portfolios 371,549 352,697 Standardized portfolios (1) 79,639 79,350 Securitization exposures – AIRB approach 10,396 12,276 Gross EAD $ 1,074,948 $ 1,049,025 Net EAD $ 870,013 $ 861,193 (1) Includes $69.0 billion relating to business and government loans (October 31, 2020: $69.7 billion), $5.9 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 $43.3 billion (October 31, 2020: $45.7 billion) to corporates, $24.1 billion (October 31, 2020: $22.7 billion) to sovereigns, and $1.6 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 Apr. 30 2020 Oct. 31 (1) Exposure (2) Investment grade $ 8.67 77.0 % $ 7.45 74.8 % Non-investment 2.48 22.0 2.40 24.1 Watch list 0.10 0.9 0.10 1.0 Default 0.01 0.1 0.01 0.1 $ 11.26 100.0 % $ 9.96 100.0 % (1) Restated from amounts previously presented. (2) MTM of OTC derivative contracts is after the impact of master netting agreements, but before any collateral. 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. 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 (1) 31 to Over Total Total Residential mortgages $ 672 $ – $ 672 $ 1,152 Personal 159 – 159 222 Credit card 125 78 203 321 Business and government 301 – 301 281 $ 1,257 $ 78 $ 1,335 $ 1,976 (1) Excludes loans past due less than 30 days as such loans are not indicative of an impairment in creditor ability to repay. 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 April 30, 2021 was down $1.0 million from the prior quarter, driven primarily by an increase in diversification benefit and a decrease in foreign exchange risk, partially offset by an increase interest rate and credit spread risks. Average stressed total VaR for the three months ended April 30, 2021 was down million from the prior quarter, driven by a decrease in foreign exchange risk. For the periods presented, our Stressed VaR windows were in the 2008-2009 Global Financial Crisis period. 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 April 30, 2021 was up $27.0 million from the prior quarter, partially due to an increase in inventory of corporate bonds. VaR by risk type – trading portfolio As at or for the three months ended As at or for the six $ millions 2021 2021 2020 2021 2020 High Low As at Average As at Average As at Average Average Average Interest rate risk $ 12.0 $ 4.1 $ 10.3 $ 7.5 $ 5.2 $ 6.6 $ 7.4 $ 5.3 $ 7.1 $ 5.9 Credit spread risk 11.8 6.1 9.4 8.9 8.8 8.0 8.7 6.4 8.5 4.1 Equity risk 5.3 3.0 3.3 3.7 3.7 3.4 4.7 5.0 3.5 3.7 Foreign exchange risk 1.7 0.7 1.1 1.2 1.4 1.7 1.7 1.4 1.4 2.0 Commodity risk 5.2 1.1 1.1 3.1 3.2 3.1 7.9 2.6 3.1 2.8 Debt specific risk 5.7 2.1 3.5 3.5 4.1 3.2 2.5 2.2 3.3 2.1 Diversification effect (1) n/m n/m (21.5 ) (21.1 ) (19.4 ) (18.2 ) (19.8 ) (11.0 ) (19.6 ) (11.7 ) Total VaR (one-day $ 10.0 $ 4.6 $ 7.2 $ 6.8 $ 7.0 $ 7.8 $ 13.1 $ 11.9 $ 7.3 $ 8.9 (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 As at or for the three months ended As at or for the six $ millions 2021 2021 2020 2021 2020 High Low As at Average As at Average As at Average Average Average Interest rate risk $ 39.8 $ 13.6 $ 31.3 $ 23.7 $ 25.7 $ 24.4 $ 18.2 $ 17.7 $ 24.0 $ 22.7 Credit spread risk 12.1 5.7 6.8 8.9 10.2 9.8 9.2 10.1 9.3 10.1 Equity risk 14.8 2.5 6.4 8.1 13.6 8.9 3.7 7.2 8.5 4.7 Foreign exchange risk 12.1 0.2 2.1 2.4 15.7 10.7 11.8 6.7 6.5 8.9 Commodity risk 11.1 1.5 2.6 3.1 2.0 2.3 3.6 4.4 2.7 5.4 Debt specific risk 6.8 4.1 5.5 5.2 6.3 5.8 4.6 5.4 5.5 5.2 Diversification effect (1) n/m n/m (27.5 ) (25.2 ) (43.5 ) (34.8 ) (28.8 ) (29.8 ) (29.9 ) (36.7 ) Stressed total VaR (one-day $ 40.0 $ 17.6 $ 27.2 $ 26.2 $ 30.0 $ 27.1 $ 22.3 $ 21.7 $ 26.6 $ 20.3 (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 As at or for the three months ended As at or for the six months ended $ millions 2021 2021 2020 2021 2020 High Low As at Average As at Average As at Average Average Average Default risk $ 208.8 $ 113.5 $ 152.3 $ 144.2 $ 130.5 $ 113.1 $ 128.9 $ 146.9 $ 128.9 $ 152.2 Migration risk 74.9 43.5 67.5 55.0 50.5 59.1 79.7 82.3 57.0 76.3 IRC (one-year (1) $ 266.4 $ 164.3 $ 219.8 $ 199.2 $ 181.0 $ 172.2 $ 208.6 $ 229.2 $ 185.9 $ 228.5 (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- off-balance pre-pay re-pricing non-maturity The following table shows the potential before-tax 12-month Structural interest rate sensitivity – measures $ millions (pre-tax), 2021 2021 2020 CAD (1) USD CAD (1) USD CAD (1) USD 100 basis point increase in interest rates Increase (decrease) in net interest income $ 362 $ 77 $ 384 $ 42 $ 296 $ 47 Increase (decrease) in present value of shareholders’ equity (608 ) (288 ) (564 ) (365 ) (579 ) (257 ) 25 basis point decrease in interest rates Increase (decrease) in net interest income (148 ) (50 ) (122 ) (66 ) (92 ) (70 ) Increase (decrease) in present value of shareholders’ equity 83 27 77 40 107 (12 ) (1) Includes CAD and other currency exposures. Liquidity ris k 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. CIBC’s approach to liquidity risk management supports our business strategy, aligns with our risk appetite and adheres to regulatory expectations. Our management strategies, objectives and practices are regularly reviewed to align with changes to the liquidity environment, including regulatory, business and/or market developments. Liquidity risk remains within CIBC’s risk appetite. 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 $ 47,197 $ – $ 47,197 $ 283 $ 46,914 Apr. 30 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 109,774 99,748 209,522 126,679 82,843 Other debt securities 4,779 3,969 8,748 2,401 6,347 Equities 36,398 20,191 56,589 23,667 32,922 Canadian government guaranteed National Housing Act mortgage-backed securities 37,459 317 37,776 13,577 24,199 Other liquid assets (2) 14,409 3,164 17,573 8,013 9,560 $ 250,016 $ 127,389 $ 377,405 $ 174,620 $ 202,785 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 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 April 30, 2021 Less than 1–3 months 3–6 months 6–9 months 9–12 1–2 years 2–5 years Over No Total Assets Cash and non-interest-bearing (1) $ 26,924 $ – $ – $ – $ – $ – $ – $ – $ – $ 26,924 Interest-bearing deposits with banks 20,273 – – – – – – – – 20,273 Securities 3,936 4,605 5,353 5,118 5,010 17,231 45,282 31,337 37,250 155,122 Cash collateral on securities borrowed 11,573 – – – – – – – – 11,573 Securities purchased under resale agreements 33,633 18,345 6,273 2,191 2,652 12 – – – 63,106 Loans Residential mortgages 1,825 4,714 11,214 10,898 9,583 46,977 141,895 7,641 – 234,747 Personal 1,171 832 1,112 1,051 1,251 500 3,498 3,874 29,082 42,371 Credit card 223 447 670 670 670 2,679 5,274 – – 10,633 Business and government 18,864 6,566 5,682 6,230 8,696 24,331 41,967 15,999 8,232 136,567 Allowance for credit losses – – – – – – – – (3,200 ) (3,200 ) Derivative instruments 2,078 4,225 3,603 3,902 1,636 4,355 7,313 8,201 – 35,313 Customers’ liability under acceptances 9,795 1,171 20 – 16 – – – – 11,002 Other assets – – – – – – – – 38,447 38,447 $ 130,295 $ 40,905 $ 33,927 $ 30,060 $ 29,514 $ 96,085 $ 245,229 $ 67,052 $ 109,811 $ 782,878 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) $ 29,851 $ 37,172 $ 35,218 $ 27,150 $ 23,102 $ 32,181 $ 47,244 $ 13,743 $ 330,902 $ 576,563 Obligations related to securities sold short 20,269 – – – – – – – – 20,269 Cash collateral on securities lent 3,205 – – – – – – – – 3,205 Obligations related to securities sold under repurchase agreements 47,141 14,725 1,285 407 2,217 345 – – – 66,120 Derivative instruments 3,271 4,834 4,342 3,168 1,574 2,951 6,182 7,799 – 34,121 Acceptances 9,864 1,171 20 – 16 – – – – 11,071 Other liabilities 24 51 78 73 73 305 609 471 21,512 23,196 Subordinated indebtedness – – – – – – – 5,653 – 5,653 Equity – – – – – – – – 42,680 42,680 $ 113,625 $ 57,953 $ 40,943 $ 30,798 $ 26,982 $ 35,782 $ 54,035 $ 27,666 $ 395,094 $ 782,878 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 $207.0 billion (October 31, 2020: $202.2 billion) of personal deposits; $352.5 billion (October 31, 2020: $351.6 billion) of business and government deposits and secured borrowings; and $17.1 billion (October 31, 2020: $17.0 billion) of bank deposits. The changes in the contractual maturity profile were primarily due to the natural migration of maturities and also reflect the impact of our regular business activities. Credit-related commitments The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity requirements. $ millions, as at April 30, 2021 Less than 1–3 3–6 6–9 9–12 1–2 years 2–5 years Over No (1) Total Unutilized credit commitments $ 1,182 $ 11,857 $ 3,578 $ 6,001 $ 5,125 $ 24,173 $ 45,924 $ 3,325 $ 181,930 $ 283,095 Securities lending (2) 40,200 3,919 4,977 – – – – – – 49,096 Standby and performance letters of credit 2,782 2,606 2,500 3,030 2,578 575 667 66 – 14,804 Backstop liquidity facilities 369 136 672 10,071 241 181 36 – – 11,706 Documentary and commercial letters of credit 46 83 34 14 3 5 9 – – 194 Other 1,160 – – – – – – – – 1,160 $ 45,739 $ 18,601 $ 11,761 $ 19,116 $ 7,947 $ 24,934 $ 46,636 $ 3,391 $ 181,930 $ 360,055 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 $136.7 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 $3.2 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 April 30, 2021 Less than 1–3 3–6 6–9 9–12 1–2 years 2–5 Over Total Purchase obligations (1) $ 90 $ 251 $ 181 $ 156 $ 118 $ 428 $ 423 $ 318 $ 1,965 Future lease commitments – 1 7 10 11 52 92 1,316 1,489 Investment commitments – 2 2 1 – – 5 265 275 Underwriting commitments 210 – – – – – – – 210 Pension contributions (2) 135 – – – – – – – 135 $ 435 $ 254 $ 190 $ 167 $ 129 $ 480 $ 520 $ 1,899 $ 4,074 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, 2021 as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability. |
Changes in accounting policies
Changes in accounting policies | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
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 March 2021, the FCA and the ICE Benchmark Administrator (IBA) announced the dates for the cessation or loss of representativeness of various LIBOR rates including that GBP, EUR, CHF and JPY LIBORs will cease on December 31, 2021 and that most USD LIBOR tenors will cease on June 30, 2023. This announcement results in a fixed spread between the LIBOR rate and the alternative rate for a given tenor which will apply on the cessation of the relevant LIBOR rates. The extension for most USD LIBOR tenors until June 30, 2023 would allow many legacy contracts to mature before the cessation date, however, originations of new USD LIBOR-linked products would cease after the end of 2021. 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 amortized cost financial assets and financial liabilities, and lessee lease liabilities that are made as a direct consequence of IBOR reform, and on an economically equivalent basis to be accounted for by updating the effective interest rate prospectively with no immediate gain or loss recognition. 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 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, and the Board of Directors. As a part of the Program, we have begun to transition existing IBOR based contracts to those that reference the new alternative rates, and are developing business processes to support the transition. We have started to remediate our non-USD LIBOR referenced contracts by incorporating appropriate fallback language, and have ceased the issuance of certain new GBP LIBOR products that mature after the end of 2021 based upon the guidelines provided by the regulators. 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. The following table presents the approximate notional amounts of our derivatives and the gross outstanding balances of our non-derivative Notional/gross outstanding amounts (1)(2)(3) $ billions, as at November 1, 2020 USD LIBOR GBP LIBOR Others (4) Maturing after Maturing after (5) Maturing after Non-derivative Securities $ 4.0 $ 1.9 $ – $ – Loans 18.6 21.2 2.4 – 22.6 23.1 2.4 – Non-derivative 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 the 6-month 12-month (2) The table excludes undrawn loan commitments. As at November 1, 2020, the (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. (5) As at April 30, 2021, our USD LIBOR exposure excluding undrawn commitments, with a maturity date beyond June 30, 2023 was approximately $614.9 billion. In addition, undrawn loan commitments which can potentially be drawn in USD LIBOR with a maturity date beyond June 30, 2023 were approximately $31.1 billion. 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 | 6 Months Ended |
Apr. 30, 2021 | |
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Impact of COVID-19 | Note 2. Impact of COVID-19 Although global economic activity has accelerated this year, the COVID-19 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 During the six months ended April 30, 2021, improvements in our economic outlook resulted in a relatively moderate reduction in our stage 1 and stage 2 performing expected credit losses (ECLs). Significant judgment was inherent in the forecasting of forward-looking information, including with regard to our base case assumption that the vaccinations programs will continue on a mass scale in many countries over the spring and summer and that the vaccinations 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 | 6 Months Ended |
Apr. 30, 2021 | |
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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 Fair value 2021 Financial assets Apr. 30 Cash and deposits with banks $ 46,543 $ 654 $ – $ – $ 47,197 $ 47,197 $ – Securities 32,848 72,772 73 49,429 155,122 155,577 455 Cash collateral on securities borrowed 11,573 – – – 11,573 11,573 – Securities purchased under resale agreements 56,934 6,172 – – 63,106 63,106 – Loans Residential mortgages 234,368 29 – – 234,397 235,236 839 Personal 41,631 – – – 41,631 41,663 32 Credit card 10,048 – – – 10,048 10,048 – Business and government 111,535 23,116 391 – 135,042 135,157 115 Derivative instruments – 35,313 – – 35,313 35,313 – Customers’ liability under acceptances 11,002 – – – 11,002 11,002 – Other assets 19,006 – – – 19,006 19,006 – Financial liabilities Deposits Personal $ 200,688 $ – $ 6,340 $ – $ 207,028 $ 207,180 $ 152 Business and government 302,623 – 10,578 – 313,201 314,165 964 Bank 17,140 – – – 17,140 17,140 – Secured borrowings 38,225 – 969 – 39,194 39,543 349 Derivative instruments – 34,121 – – 34,121 34,121 – Acceptances 11,071 – – – 11,071 11,071 – Obligations related to securities sold short – 20,269 – – 20,269 20,269 – Cash collateral on securities lent 3,205 – – – 3,205 3,205 – Obligations related to securities sold under repurchase agreements (1) 64,195 – 1,925 – 66,120 66,120 – Other liabilities 16,395 119 26 – 16,540 16,540 – Subordinated indebtedness 5,653 – – – 5,653 5,952 299 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 repurchase agreements (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) Includes obligations related to securities sold under repurchase agreements supported by bearer deposit notes that are pledged as collateral under the Bank of Canada Term Repo Facility. 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 market inputs Total Total $ millions, as at 2021 2020 2021 2020 Oct. 31 2021 2020 2021 2020 Financial assets Deposits with banks $ – $ – $ 654 $ 948 $ – $ – $ 654 $ 948 Securities mandatorily measured and designated at FVTPL Government issued or guaranteed 5,950 3,917 23,750 (1) 25,091 (1) – – 29,700 29,008 Corporate equity 36,508 27,919 48 47 7 16 36,563 27,982 Corporate debt – – 4,288 3,525 – 25 4,288 3,550 Mortgage- and asset-backed – – 2,150 (2) 2,018 (2) 144 135 2,294 2,153 42,458 31,836 30,236 30,681 151 176 72,845 62,693 Loans mandatorily measured and designated at FVTPL Business and government – – 22,511 23,022 996 (3) 626 (3) 23,507 23,648 Residential mortgages – – 29 63 – – 29 63 – – 22,540 23,085 996 626 23,536 23,711 Debt securities measured at FVOCI Government issued or guaranteed 2,765 3,912 36,785 41,269 – – 39,550 45,181 Corporate debt – – 6,917 6,224 – – 6,917 6,224 Mortgage- and asset-backed – – 2,277 2,563 – – 2,277 2,563 2,765 3,912 45,979 50,056 – – 48,744 53,968 Equity securities designated at FVOCI Corporate equity 93 41 304 304 288 240 685 585 Securities purchased under resale agreements measured at FVTPL – – 6,172 7,505 – – 6,172 7,505 Derivative instruments Interest rate – 4 9,781 12,793 38 48 9,819 12,845 Foreign exchange – – 14,248 11,462 8 – 14,256 11,462 Credit – – 3 8 57 98 60 106 Equity 5,352 3,153 2,197 1,791 66 212 7,615 5,156 Precious metal – – 245 283 – – 245 283 Other commodity 362 271 2,956 2,607 – – 3,318 2,878 5,714 3,428 29,430 28,944 169 358 35,313 32,730 Total financial assets $ 51,030 $ 39,217 $ 135,315 $ 141,523 $ 1,604 $ 1,400 $ 187,949 $ 182,140 Financial liabilities Deposits and other liabilities (4) $ – $ – $ (17,431 ) $ (13,176 ) $ (601 ) $ 4 $ (18,032 ) $ (13,172 ) Obligations related to securities sold short (9,092 ) (5,363 ) (11,177 ) (10,600 ) – – (20,269 ) (15,963 ) Obligations related to securities sold under repurchase agreements – – (1,925 ) (17,036 ) – – (1,925 ) (17,036 ) Derivative instruments Interest rate – – (8,032 ) (9,964 ) (218 ) (28 ) (8,250 ) (9,992 ) Foreign exchange – – (13,890 ) (10,883 ) – – (13,890 ) (10,883 ) Credit – – (42 ) (41 ) (62 ) (107 ) (104 ) (148 ) Equity (4,177 ) (3,537 ) (5,952 ) (3,288 ) (184 ) (163 ) (10,313 ) (6,988 ) Precious metal – – (249 ) (366 ) – – (249 ) (366 ) Other commodity (395 ) (325 ) (920 ) (1,806 ) – – (1,315 ) (2,131 ) (4,572 ) (3,862 ) (29,085 ) (26,348 ) (464 ) (298 ) (34,121 ) (30,508 ) Total financial liabilities $ (13,664 ) $ (9,225 ) $ (59,618 ) $ (67,160 ) $ (1,065 ) $ (294 ) $ (74,347 ) $ (76,679 ) (1) Includes $50 million related to securities designated at FVTPL (October 31, 2020: $57 million). (2) Includes $23 million related to asset-backed securities designated at FVTPL (October 31, 2020: $60 million). (3) Includes $391 million related to loans designated at FVTPL (October 31, 2020: $357 million). (4) Comprises deposits designated at FVTPL of $17,109 million (October 31, 2020: $13,419 million), net bifurcated embedded derivative liabilities of million (net bifurcated embedded derivative assets of million as at October 31, 2020), other liabilities designated at FVTPL of Transfers between levels in the fair value hierarchy are deemed to have occurred at the beginning of the quarter 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 ended April 30, 2021, we transferred million of securities mandatorily measured at FVTPL from Level 1 to Level 2 and $21 million from Level 2 to Level 1, and $578 million of securities sold short from Level 1 to Level 2 and $69 million from Level 2 to Level 1, due to changes in observability in the inputs used to value these securities (for the quarter ended January 31, 2021, $19 million of securities mandatorily measured at FVTPL and $128 million of securities sold short were transferred from Level 1 to Level 2 and nil from Level 2 to Level 1 Level 1) 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) included in income (1) $ millions, for the three months end e Opening Realized (2) Unrealized (2)(3) Net unrealized (4) Transfer Transfer Purchases/ Sales/ Closing Apr. 30, 2021 Securities mandatorily measured and designated at FVTPL Corporate equity $ 19 $ – $ (6 ) $ – $ – $ – $ 23 $ (29 ) $ 7 Corporate debt 30 – 8 – – – – (38 ) – Mortgage- and asset-backed 102 – – – – – 44 (2 ) 144 Loans mandatorily measured and designated at FVTPL Business and government 879 – (1 ) (33 ) – – 180 (29 ) 996 Debt securities measured at FVOCI Corporate debt – – – – – – – – – Equity securities designated at FVOCI Corporate equity 269 – – 17 – – 10 (8 ) 288 Derivative instruments Interest rate 45 – (8 ) – – – 1 – 38 Foreign exchange – – 16 – (8 ) – – – 8 Credit 101 (6 ) (38 ) – – – – – 57 Equity 61 – – – – (1 ) 6 – 66 Total assets $ 1,506 $ (6 ) $ (29 ) $ (16 ) $ (8 ) $ (1 ) $ 264 $ (106 ) $ 1,604 Deposits and other liabilities (5) $ (367 ) $ 6 $ (257 ) $ – $ (13 ) $ (3 ) $ (38 ) $ 71 $ (601 ) Derivative instruments Interest rate (74 ) – (90 ) – (28 ) – (29 ) 3 (218 ) Credit (113 ) 6 44 – – – – 1 (62 ) Equity (137 ) – (62 ) – – 8 (15 ) 22 (184 ) Total liabilities $ (691 ) $ 12 $ (365 ) $ – $ (41 ) $ 5 $ (82 ) $ 97 $ (1,065 ) Jan. 31, 2021 Securities mandatorily measured and designated 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 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 ) Apr. 30, 2020 Securities mandatorily measured and designated Corporate equity $ 14 $ – $ (7 ) $ – $ – $ – $ – $ – $ 7 Corporate debt 23 – 2 – – – – – 25 Mortgage- and asset-backed 160 – – – – – 118 – 278 Loans mandatorily measured at FVTPL Business and government 506 – – 17 – – 574 (179 ) 918 Debt securities measured at FVOCI Corporate debt 23 – – (6 ) – – 1 – 18 Equity securities designated at FVOCI Corporate equity 283 – – (44 ) – – 10 (6 ) 243 Derivative instruments Interest rate 47 – 21 – – – – 8 76 Credit 104 (4 ) 5 – – – – – 105 Equity 266 – (36 ) – – – 1 (10 ) 221 Total assets $ 1,426 $ (4 ) $ (15 ) $ (33) $ – $ – $ 704 $ (187 ) $ 1,891 Deposits and other liabilities (5) $ (647 ) $ – $ 679 $ – $ (6) $ 29 $ 53 $ 49 $ 157 Derivative instruments Interest rate – – – – – – – – – Credit (112 ) 4 (5 ) – – – – – (113 ) Equity (121 ) – 34 – – – (29 ) 5 (111 ) Total liabilities $ (880 ) $ 4 $ 708 $ – $ (6 ) $ 29 $ 24 $ 54 $ (67 ) (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 $13 million (January 31, 2021: $136 million; April 30, 2020: $146 million), net bifurcated embedded derivative liabilities of million as at April 30, 2020) and other liabilities designated at FVTPL of Net gains (losses) (1) $ millions, for the six months ended Opening Realized (2) Unrealized (2)(3) Net unrealized (4) Transfer Transfer Purchases/ Sales/ Closing Apr. 30, 2021 Securities mandatorily measured and designated Corporate equity $ 16 $ – $ (3 ) $ – $ – $ – $ 23 $ (29 ) $ 7 Corporate debt 25 – 13 – – – – (38 ) – Mortgage- and asset-backed 135 – – – – – 44 (35 ) 144 Loans mandatorily measured and designated at FVTPL Business and government 626 – (1 ) (58 ) – – 458 (29 ) 996 Debt securities measured at FVOCI Corporate debt – – – – – – – – – Equity securities designated at FVOCI Corporate equity 240 – – 36 – – 27 (15 ) 288 Derivative instruments Interest rate 48 – (12 ) – – – 1 1 38 Foreign exchange – – 16 – (8 ) – – – 8 Credit 98 (12 ) (29 ) – – – – – 57 Equity 212 – 15 – – (1 ) 6 (166 ) 66 Total assets $ 1,400 $ (12 ) $ (1 ) $ (22 ) $ (8 ) $ (1 ) $ 559 $ (311 ) $ 1,604 Deposits and other liabilities (5) $ 4 $ 6 $ (644 ) $ – $ (15 ) $ (8 ) $ (40 ) $ 96 $ (601 ) Derivative instruments Interest rate (28 ) – (137 ) – (28 ) – (29 ) 4 (218 ) Foreign exchange – – – – – – – – – Credit (107 ) 12 36 – – – – (3 ) (62 ) Equity (163 ) – (106 ) – – 8 (15 ) 92 (184 ) Total liabilities $ (294 ) $ 18 $ (851 ) $ – $ (43 ) $ – $ (84 ) $ 189 $ (1,065 ) Apr. 30, 2020 Securities mandatorily measured and designated Corporate equity $ 7 $ – $ (7 ) $ – $ 7 $ – $ – $ – $ 7 Corporate debt 23 – 2 – – – – – 25 Mortgage- and asset-backed 173 – – – – – 118 (13 ) 278 Loans mandatorily measured at FVTPL Business and government 831 – – 21 – – 574 (508 ) 918 Debt securities measured at FVOCI Corporate debt – – – (3 ) 20 – 1 – 18 Equity securities designated at FVOCI Corporate equity 291 – – 5 – – 20 (73 ) 243 Derivative instruments Interest rate 56 – 24 – – – 1 (5 ) 76 Credit 104 (5 ) 6 – – – – – 105 Equity 252 – (24 ) – – – 45 (52 ) 221 Total assets $ 1,737 $ (5) $ 1 $ 23 $ 27 $ – $ 759 $ (651) $ 1,891 Deposits and other liabilities (5) $ (601 ) $ – $ 627 $ – $ (43) $ 60 $ (49 ) $ 163 $ 157 Derivative instruments Interest rate (1 ) – (2 ) – – – – 3 – Credit (112 ) 5 (6 ) – – – – – (113 ) Equity (155 ) – 55 – – – (39 ) 28 (111 ) Total liabilities $ (869 ) $ 5 $ 674 $ – $ (43 ) $ 60 $ (88 ) $ 194 $ (67 ) (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 these 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 $ million), net bifurcated embedded derivative liabilities of $ million (April 30, 2020: net bifurcated embedded derivative assets of $ million) and other liabilities designated at FVTPL of million (April 30, 2020: Financial instruments designated at FVTPL (fair value option) A net gain of $14 million, net of hedges for the three months ended April 30, 2021 (a net gain of $19 million and a net gain of $36 million for the three months ended January 31, 2021 and April 30, 2020, respectively), which is included in the interim consolidated statement of income under Gains (losses) from financial instruments measured/designated at FVTPL, net was recognized for FVO assets and FVO liabilities. A net gain of $33 million, net of hedges for the six months ended April 30, 2021 was recognized for FVO assets and FVO liabilities (a net gain of $42 million for the six months ended April 30, 2020). 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 | 6 Months Ended |
Apr. 30, 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 |
Securities
Securities | 6 Months Ended |
Apr. 30, 2021 | |
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Securities | Note 5. Securities Securities $ millions, as at 2021 2020 Carrying amount Debt securities measured at FVOCI $ 48,744 $ 53,968 Equity securities designated at FVOCI 685 585 Securities measured at amortized cost (1) 32,848 31,800 Securities mandatorily measured and designated at FVTPL 72,845 62,693 $ 155,122 $ 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 $ 9,498 $ 38 $ (1 ) $ 9,535 $ 11,379 $ 32 $ (2 ) $ 11,409 Other Canadian governments 12,998 143 (1 ) 13,140 15,187 128 – 15,315 U.S. Treasury and agencies 10,884 40 (1 ) 10,923 12,533 63 – 12,596 Other foreign governments 5,922 33 (3 ) 5,952 5,825 38 (2 ) 5,861 Mortgage-backed securities 1,845 38 – 1,883 2,320 49 (1 ) 2,368 Asset-backed securities 395 – (1 ) 394 197 – (2 ) 195 Corporate debt 6,898 21 (2 ) 6,917 6,194 31 (1 ) 6,224 48,440 313 (9 ) 48,744 53,635 341 (8 ) 53,968 Corporate public equity (2) 67 28 – 95 30 15 (3 ) 42 Corporate private equity 556 68 (34 ) 590 546 43 (46 ) 543 623 96 (34 ) 685 576 58 (49 ) 585 $ 49,063 $ 409 $ (43 ) $ 49,429 $ 54,211 $ 399 $ (57 ) $ 54,5 53 (1) Net of allowance for credit losses for debt securities measured at FVOCI of $18 million (October 31, 2020: $22 million). (2) Includes restricted stock. The fair value of equity securities designated at FVOCI that were disposed of during the three months ended April 30, 2021 was nil ($7 million and nil for the three months ended January 31, 2021 and April 30, 2020, respectively) and $7 million for the six months ended April 30, 2021 (April 30, 2020: nil). Net realized cumulative after-tax Dividend income recognized on equity securities designated at FVOCI that were still held as at April 30, 2021 was $1 million ($1 million and $1 million for the three months ended January 31, 2021 and April 30, 2020, respectively) and $2 million for the six months ended April 30, 2021 (April 30, 2020: $5 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at April 30, 2021 was nil (nil and nil for the three months ended January 31, 2021 and April 30, 2020, respectively) and nil for the six months ended April 30, 2021 (April 30, 2020: nil). Allowance for credit losses The following table provides a reconciliation of the opening balance to the closing balance of the 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 Total 2021 Debt securities measured at FVOCI Apr. 30 Balance at beginning of period $ 17 $ 3 $ – $ 20 Provision for (reversal of) credit losses (1) (2 ) 1 – (1 ) Write-offs – – – – Foreign exchange and other (1 ) – – (1 ) Balance at end of period $ 14 $ 4 $ – $ 18 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 Apr. 30 Balance at beginning of period $ 14 $ 2 $ 6 $ 22 Provision for (reversal of) credit losses (1)(2) 5 4 – 9 Write-offs – – – – Foreign exchange and other – – 1 1 Balance at end of period $ 19 $ 6 $ 7 $ 32 (1) Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. (2) Excludes stage 3 provisions for credit loss of $13 million for the three months ended April 30, 2020 for originated credit-impaired amortized cost securities that are recognized in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. Stage 1 Stage 2 Stage 3 $ millions, as at or for the six months ended Collective provision 12-month Collective provision Collective and Total 2021 Debt securities measured at FVOCI Apr. 30 Balance at beginning of period $ 18 $ 4 $ – $ 22 Provision for (reversal of) credit losses (1) (3 ) – – (3 ) Write-offs – – – – Foreign exchange and other (1 ) – – (1 ) Balance at end of period $ 14 $ 4 $ – $ 18 2020 Debt securities measured at FVOCI Apr. 30 Balance at beginning of period $ 14 $ 3 $ 6 $ 23 Provision for (reversal of) credit losses (1)(2) 4 4 – 8 Write-offs – – – – Foreign exchange and other 1 (1 ) 1 1 Balance at end of period $ 19 $ 6 $ 7 $ 32 (1) Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. (2) Excludes stage 3 provisions for credit loss of $13 million for the six months ended April 30, 2020 for originated credit-impaired amortized cost securities that are recognized in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. |
Loans
Loans | 6 Months Ended |
Apr. 30, 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 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 $ 52 $ 136 $ 148 $ 336 Originations net of repayments and other derecognitions 6 (2 ) (3 ) 1 Changes in model – – 16 16 Net remeasurement (1) (25 ) 13 28 16 Transfers (1) – to 12-month 31 (26 ) (5 ) – – to lifetime ECL performing (2 ) 7 (5 ) – – to lifetime ECL credit-impaired – (6 ) 6 – Provision for (reversal of) credit losses (2) 10 (14 ) 37 33 Write-offs – – (6 ) (6 ) Recoveries – – 1 1 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other (2 ) (3 ) (4 ) (9 ) Balance at end of period $ 60 $ 119 $ 171 $ 350 Personal Balance at beginning of period $ 181 $ 535 $ 118 $ 834 Originations net of repayments and other derecognitions 11 (14 ) (2 ) (5 ) Changes in model (4 ) – (1 ) (5 ) Net remeasurement (1) (98 ) 49 46 (3 ) Transfers (1) – to 12-month 75 (73 ) (2 ) – – to lifetime ECL performing (8 ) 13 (5 ) – – to lifetime ECL credit-impaired – (15 ) 15 – Provision for (reversal of) credit losses (2) (24 ) (40 ) 51 (13 ) Write-offs – – (70 ) (70 ) Recoveries – – 18 18 Interest income on impaired loans – – (1 ) (1 ) Foreign exchange and other (2 ) – (1 ) (3 ) Balance at end of period $ 155 $ 495 $ 115 $ 765 Credit card Balance at beginning of period $ 116 $ 574 $ – $ 690 Originations net of repayments and other derecognitions – (18 ) – (18 ) Changes in model – – – – Net remeasurement (1) (45 ) 104 26 85 Transfers (1) – to 12-month 98 (98 ) – – – to lifetime ECL performing (6 ) 6 – – – to lifetime ECL credit-impaired – (117 ) 117 – Provision for (reversal of) credit losses (2) 47 (123 ) 143 67 Write-offs – – (174 ) (174 ) Recoveries – – 31 31 Interest income on impaired loans – – – – Foreign exchange and other – – – – Balance at end of period $ 163 $ 451 $ – $ 614 Business and government Balance at beginning of period $ 462 $ 623 $ 686 $ 1,771 Originations net of repayments and other derecognitions 5 (2 ) (3 ) – Changes in model – – – – Net remeasurement (1) (103 ) 34 14 (55 ) Transfers (1) – to 12-month 42 (36 ) (6 ) – – to lifetime ECL performing (22 ) 27 (5 ) – – to lifetime ECL credit-impaired (2 ) (13 ) 15 – Provision for (reversal of) credit losses (2) (80 ) 10 15 (55 ) Write-offs – – (66 ) (66 ) Recoveries – – 5 5 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other (12 ) (14 ) (15 ) (41 ) Balance at end of period $ 370 $ 619 $ 620 $ 1,609 Total ECL allowance (3) $ 748 $ 1,684 $ 906 $ 3,338 Comprises: Loans $ 665 $ 1,629 $ 906 $ 3,200 Undrawn credit facilities and other off-balance (4) 83 55 – 138 (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 (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 $15 million as at April 30, 2021 (January 31, 2021: $16 million; April 30, 2020: $15 million), $13 million of which was a stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (January 31, 2021: $13 million; April 30, 2020: $13 million). The ECL allowances for other financial assets classified at amortized cost were immaterial as at April 30, 2021 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our interim consolidated balance sheet net of ECL allowances. (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 2021 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 credit-impaired (5) Total Residential mortgages Balance at beginning of period $ 51 $ 161 $ 151 $ 363 $ 28 $ 40 $ 146 $ 214 Originations net of repayments and other derecognitions 4 (6 ) (4 ) (6 ) 2 (2 ) (5 ) (5 ) Changes in model – – – – (1 ) 2 – 1 Net remeasurement (1) (32 ) 7 22 (3 ) 23 35 25 83 Transfers (1) – to 12-month 33 (27 ) (6 ) – 8 (6 ) (2 ) – – to lifetime ECL performing (3 ) 10 (7 ) – (10 ) 14 (4 ) – – to lifetime ECL credit-impaired – (5 ) 5 – – (2 ) 2 – Provision for (reversal of) credit losses (2) 2 (21 ) 10 (9 ) 22 41 16 79 Write-offs – – (6 ) (6 ) – – (3 ) (3 ) Recoveries – – 1 1 – – 1 1 Interest income on impaired loans – – (4 ) (4 ) – – (4 ) (4 ) Foreign exchange and other (1 ) (4 ) (4 ) (9 ) – 1 2 3 Balance at end of period $ 52 $ 136 $ 148 $ 336 $ 50 $ 82 $ 158 $ 290 Personal Balance at beginning of period $ 204 $ 546 $ 113 $ 863 $ 182 $ 268 $ 121 $ 571 Originations net of repayments and other derecognitions 11 (15 ) (2 ) (6 ) 8 (9 ) (4 ) (5 ) Changes in model 1 1 – 2 (44 ) 79 – 35 Net remeasurement (1) (110 ) 84 61 35 31 168 81 280 Transfers (1) – to 12-month 87 (84 ) (3 ) – 43 (42 ) (1 ) – – to lifetime ECL performing (11 ) 16 (5 ) – (35 ) 40 (5 ) – – to lifetime ECL credit-impaired – (13 ) 13 – – (20 ) 20 – Provision for (reversal of) credit losses (2) (22 ) (11 ) 64 31 3 216 91 310 Write-offs – – (74 ) (74 ) – – (97 ) (97 ) Recoveries – – 17 17 – – 15 15 Interest income on impaired loans – – (1 ) (1 ) – – (2 ) (2 ) Foreign exchange and other (1 ) – (1 ) (2 ) – – 2 2 Balance at end of period $ 181 $ 535 $ 118 $ 834 $ 185 $ 484 $ 130 $ 799 Credit card Balance at beginning of period $ 136 $ 572 $ – $ 708 $ 159 $ 347 $ – $ 506 Originations net of repayments and other derecognitions (1 ) (26 ) – (27 ) (2 ) (28 ) – (30 ) Changes in model – – – – (19 ) 54 – 35 Net remeasurement (1) (88 ) 117 23 52 (7 ) 264 43 300 Transfers (1) – to 12-month 79 (79 ) – – 45 (45 ) – – – to lifetime ECL performing (10 ) 10 – – (31 ) 31 – – – to lifetime ECL credit-impaired – (20 ) 20 – – (59 ) 59 – Provision for (reversal of) credit losses (2) (20 ) 2 43 25 (14 ) 217 102 305 Write-offs – – (70 ) (70 ) – – (128 ) (128 ) Recoveries – – 27 27 – – 26 26 Interest income on impaired loans – – – – – – – – Foreign exchange and other – – – – – 1 – 1 Balance at end of period $ 116 $ 574 $ – $ 690 $ 145 $ 565 $ – $ 710 Business and government Balance at beginning of period $ 453 $ 683 $ 652 $ 1,788 $ 231 $ 163 $ 393 $ 787 Originations net of repayments and other derecognitions 17 (23 ) (5 ) (11 ) 24 (1 ) (5 ) 18 Changes in model – – – – 14 (5 ) – 9 Net remeasurement (1) (62 ) 55 118 111 314 246 131 691 Transfers (1) – to 12-month 81 (75 ) (6 ) – 13 (11 ) (2 ) – – to lifetime ECL performing (12 ) 14 (2 ) – (131 ) 133 (2 ) – – to lifetime ECL credit-impaired (2 ) (12 ) 14 – – (12 ) 12 – Provision for (reversal of) credit losses (2) 22 (41 ) 119 100 234 350 134 718 Write-offs – – (70 ) (70 ) – – (16 ) (16 ) Recoveries – – 3 3 – – 3 3 Interest income on impaired loans – – (6 ) (6 ) – – (3 ) (3 ) Foreign exchange and other (13 ) (19 ) (12 ) (44 ) 9 4 10 23 Balance at end of period $ 462 $ 623 $ 686 $ 1,771 $ 474 $ 517 $ 521 $ 1,512 Total ECL allowance (3) $ 811 $ 1,868 $ 952 $ 3,631 $ 854 $ 1,648 $ 809 $ 3,311 Comprises: Loans $ 724 $ 1,808 $ 952 $ 3,484 $ 704 $ 1,553 $ 807 $ 3,064 Undrawn credit facilities and other off-balance (4) 87 60 – 147 150 95 2 247 See previous page for footnote references. $ millions, as at or for the six months ended 2021 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 credit-impaired (5) Total Residential mortgages Balance at beginning of period $ 51 $ 161 $ 151 $ 363 $ 28 $ 43 $ 140 $ 211 Originations net of repayments and other derecognitions 10 (8 ) (7 ) (5 ) 3 (5 ) (10 ) (12 ) Changes in model – – 16 16 (2 ) 2 – – Net remeasurement (1) (57 ) 20 50 13 11 42 47 100 Transfers (1) – to 12-month 64 (53 ) (11 ) – 20 (16 ) (4 ) – – to lifetime ECL performing (5 ) 17 (12 ) – (11 ) 19 (8 ) – – to lifetime ECL credit-impaired – (11 ) 11 – – (4 ) 4 – Provision for (reversal of) credit losses (2) 12 (35 ) 47 24 21 38 29 88 Write-offs – – (12 ) (12 ) – – (6 ) (6 ) Recoveries – – 2 2 – – 2 2 Interest income on impaired loans – – (9 ) (9 ) – – (9 ) (9 ) Foreign exchange and other (3 ) (7 ) (8 ) (18 ) 1 1 2 4 Balance at end of period $ 60 $ 119 $ 171 $ 350 $ 50 $ 82 $ 158 $ 290 Personal Balance at beginning of period $ 204 $ 546 $ 113 $ 863 $ 174 $ 271 $ 128 $ 573 Originations net of repayments and other derecognitions 22 (29 ) (4 ) (11 ) 17 (22 ) (7 ) (12 ) Changes in model (3 ) 1 (1 ) (3 ) (33 ) 72 – 39 Net remeasurement (1) (208 ) 133 107 32 (40 ) 258 145 363 Transfers (1) – to 12-month 162 (157 ) (5 ) – 110 (107 ) (3 ) – – to lifetime ECL performing (19 ) 29 (10 ) – (43 ) 51 (8 ) – – to lifetime ECL credit-impaired – (28 ) 28 – – (39 ) 39 – Provision for (reversal of) credit losses (2) (46 ) (51 ) 115 18 11 213 166 390 Write-offs – – (144 ) (144 ) – – (197 ) (197 ) Recoveries – – 35 35 – – 35 35 Interest income on impaired loans – – (2 ) (2 ) – – (3 ) (3 ) Foreign exchange and other (3 ) – (2 ) (5 ) – – 1 1 Balance at end of period $ 155 $ 495 $ 115 $ 765 $ 185 $ 484 $ 130 $ 799 Credit card Balance at beginning of period $ 136 $ 572 $ – $ 708 $ 145 $ 340 $ – $ 485 Originations net of repayments and other derecognitions (1 ) (44 ) – (45 ) (2 ) (45 ) – (47 ) Changes in model – – – – (6 ) 59 – 53 Net remeasurement (1) (133 ) 221 49 137 (84 ) 420 83 419 Transfers (1) – to 12-month 177 (177 ) – – 132 (132 ) – – – to lifetime ECL performing (16 ) 16 – – (40 ) 40 – – – to lifetime ECL credit-impaired – (137 ) 137 – – (117 ) 117 – Provision for (reversal of) credit losses (2) 27 (121 ) 186 92 – 225 200 425 Write-offs – – (244 ) (244 ) – – (254 ) (254 ) Recoveries – – 58 58 – – 54 54 Interest income on impaired loans – – – – – – – – Foreign exchange and other – – – – – – – – Balance at end of period $ 163 $ 451 $ – $ 614 $ 145 $ 565 $ – $ 710 Business and government Balance at beginning of period $ 453 $ 683 $ 652 $ 1,788 $ 239 $ 158 $ 378 $ 775 Originations net of repayments and other derecognitions 22 (25 ) (8 ) (11 ) 31 (6 ) (10 ) 15 Changes in model – – – – 14 (1 ) (1 ) 12 Net remeasurement (1) (165 ) 89 132 56 285 268 190 743 Transfers (1) – to 12-month 123 (111 ) (12 ) – 37 (33 ) (4 ) – – to lifetime ECL performing (34 ) 41 (7 ) – (142 ) 145 (3 ) – – to lifetime ECL credit-impaired (4 ) (25 ) 29 – – (20 ) 20 – Provision for (reversal of) credit losses (2) (58 ) (31 ) 134 45 225 353 192 770 Write-offs – – (136 ) (136 ) – – (56 ) (56 ) Recoveries – – 8 8 – – 6 6 Interest income on impaired loans – – (11 ) (11 ) – – (8 ) (8 ) Foreign exchange and other (25 ) (33 ) (27 ) (85 ) 10 6 9 25 Balance at end of period $ 370 $ 619 $ 620 $ 1,609 $ 474 $ 517 $ 521 $ 1,512 Total ECL allowance (3) $ 748 $ 1,684 $ 906 $ 3,338 $ 854 $ 1,648 $ 809 $ 3,311 Comprises: Loans $ 665 $ 1,629 $ 906 $ 3,200 $ 704 $ 1,553 $ 807 $ 3,064 Undrawn credit facilities and other off-balance (4) 83 55 – 138 150 95 2 247 See previous page for footnote references. Inputs, assumptions and model techniques The uncertainties inherent in the COVID-19 pandemic have increased the level of judgment applied in estimating ECLs. See Note 6 to our consolidated financial statements in our 2020 Annual Report for more information concerning the significant estimates and credit judgment inherent in the estimation of ECL allowances. The forecasting of forward-looking information and the determination of scenario weightings in the COVID-19 pandemic continued to require a heightened application of judgment in a number of areas as our forecast reflects numerous assumptions and uncertainties regarding the economic impact of the COVID-19 pandemic. The following tables provide the base case, upside case and downside case scenario forecasts for select forward-looking information variables used to estimate our ECL. Base case Upside case Downside case As at April 30, 2021 Average value over the next Average (1) Average value over the next Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 5.3 % 2.5 % 7.0 % 3.3 % 3.4 % 1.7 % United States 5.6 % 2.8 % 7.2 % 3.9 % 2.2 % 1.0 % Unemployment rate Canada (2) 7.2 % 6.1 % 6.7 % 5.4 % 8.4 % 7.0 % United States 4.9 % 4.0 % 4.4 % 3.3 % 7.1 % 6.3 % Canadian Housing Price Index growth (2) 4.7 % 4.0 % 8.5 % 5.6 % (2.8 ) % 1.4 % Standard and Poor’s (S&P) 500 Index growth rate 5.0 % 5.0 % 10.7 % 8.8 % (7.2 ) % (5.8 ) % West Texas Intermediate Oil Price (US$) $ 59 $ 61 $ 70 $ 75 $ 46 $ 48 Base case Upside case Downside case As at January 31, 2021 Average Average (1) Average 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 to four years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. As required, the forward-looking information used to estimate ECLs reflects our expectations as at April 30, 2021, January 31, 2021 and October 31, 2020, respectively, and does not reflect changes in expectation as a result of economic forecasts that may have subsequently emerged. The base case, upside case and downside case amounts shown represent the average value of the forecasts over the respective projection horizons. Our economic forecasts are made in the context of the recovery currently underway from the severe downturn experienced in the second calendar quarter of 2020. As at April 30, 2021, our underlying base case projection for Canada is characterized by a deceleration in economic activity and a brief rise in the unemployment rate in the second calendar quarter of 2021 due to temporary restrictions on activity in response to the current wave of infections and the new variants, followed by faster growth in the second half of 2021 as our outlook assumes that effective mass vaccinations will be underway over the spring and summer and that the vaccination programs will be able to effectively respond to the emerging variants. Our base case projection assumes that economic activity will return to pre-COVID-19 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 While there has been a modest overall improvement in our outlook over the past six months, the improvement relative to the October 31, 2020 forecast is not as significant as implied by the annualized forecasts above as a result of the current period’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 first quarter of 2021 for the forecasted periods through 2022: 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 COVID-19 If we were to only use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $262 million lower than the recognized ECL as at April 30, 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 $615 million higher than the recognized ECL as at April 30, 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 12-month point-in-time 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 $ 159,840 $ 4 $ – $ 159,844 $ 146,139 $ 2 $ – $ 146,141 – Very low 46,632 1,939 – 48,571 45,678 1,166 – 46,844 – Low 10,724 6,253 – 16,977 12,491 6,042 – 18,533 – Medium 190 5,039 – 5,229 232 4,924 – 5,156 – High 122 793 – 915 – 1,054 – 1,054 – Default – – 590 590 – – 654 654 – Not rated 1,890 562 169 2,621 1,810 818 155 2,783 Gross residential mortgages (3)(4) 219,398 14,590 759 234,747 206,350 14,006 809 221,165 ECL allowance 60 119 171 350 51 161 151 363 Net residential mortgages 219,338 14,471 588 234,397 206,299 13,845 658 220,802 Personal – Exceptionally low 21,020 – – 21,020 23,302 – – 23,302 – Very low 3,974 151 – 4,125 1,618 157 – 1,775 – Low 8,993 2,305 – 11,298 8,662 2,497 – 11,159 – Medium 1,559 2,447 – 4,006 1,265 2,768 – 4,033 – High 280 826 – 1,106 331 769 – 1,100 – Default – – 138 138 – – 140 140 – Not rated 529 103 46 678 513 159 41 713 Gross personal (4) 36,355 5,832 184 42,371 35,691 6,350 181 42,222 ECL allowance 134 491 115 740 179 540 113 832 Net personal 36,221 5,341 69 41,631 35,512 5,810 68 41,390 Credit card – Exceptionally low 3,279 – – 3,279 3,285 – – 3,285 – Very low 1,344 – – 1,344 1,388 – – 1,388 – Low 2,199 – – 2,199 2,340 – – 2,340 – Medium 2,022 1,327 – 3,349 1,778 1,973 – 3,751 – High – 333 – 333 – 472 – 472 – Default – – – – – – – – – Not rated 116 13 – 129 135 18 – 153 Gross credit card 8,960 1,673 – 10,633 8,926 2,463 – 11,389 ECL allowance 153 432 – 585 125 542 – 667 Net credit card 8,807 1,241 – 10,048 8,801 1,921 – 10,722 Business and government (5) – Investment grade 56,264 407 – 56,671 50,691 307 – 50,998 – Non-investment grade 81,132 5,059 – 86,191 80,471 7,319 – 87,790 – Watchlist 164 2,949 – 3,113 447 4,291 – 4,738 – Default – – 1,391 1,391 – – 1,359 1,359 – Not rated 159 44 – 203 218 49 – 267 Gross business and government (3)(6) 137,719 8,459 1,391 147,569 131,827 11,966 1,359 145,152 ECL allowance 318 587 620 1,525 380 648 650 1,678 Net business and government 137,401 7,872 771 146,044 131,447 11,318 709 143,474 Total net amount of loans $ 401,767 $ 28,925 $ 1,428 $ 432,120 $ 382,059 $ 32,894 $ 1,435 $ 416,388 (1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $18 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 $15 million were recognized as at April 30, 2021 (October 31, 2020: $16 million), $13 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (October 31, 2020: $14 million). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at April 30, 2021 and October 31, 2020. Financial assets other than loans that are classified as amortized cost are presented on our interim consolidated balance sheet net of ECL allowances. (2) Excludes foreclosed assets of $22 million (October 31, 2020: $23 million) which were included in Other assets on our interim consolidated balance sheet. (3) Includes $29 million (October 31, 2020: $63 million) of residential mortgages and $23,116 million (October 31, 2020: $23,291 million) of business and government loans that are measured at FVTPL. (4) The internal risk rating grades presented for residential mortgages and certain personal loans do not take into account loan guarantees or insurance issued by the Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the determination of whether a significant increase in credit risk has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements. (5) Certain prior period amounts were restated. (6) Includes customers’ liability under acceptances of $11,002 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 $ 132,460 $ 4 $ – $ 132,464 $ 124,690 $ 8 $ – $ 124,698 – Very low 7,354 137 – 7,491 6,632 137 – 6,769 – Low 8,712 497 – 9,209 8,703 416 – 9,119 – Medium 906 597 – 1,503 909 692 – 1,601 – High 96 435 – 531 263 503 – 766 – Default – – 30 30 – – 28 28 – Not rated 393 13 – 406 411 23 – 434 Gross retail 149,921 1,683 30 151,634 141,608 1,779 28 143,415 ECL allowance 31 23 – 54 36 36 – 72 Net retail 149,890 1,660 30 151,580 141,572 1,743 28 143,343 Business and government (1) – Investment grade 97,809 117 – 97,926 89,883 149 – 90,032 – Non-investment grade 56,261 2,144 – 58,405 55,910 3,679 – 59,589 – Watchlist 15 1,118 – 1,133 91 1,665 – 1,756 – Default – – 119 119 – – 129 129 – Not rated 556 26 – 582 795 41 – 836 Gross business and government 154,641 3,405 119 158,165 146,679 5,534 129 152,342 ECL allowance 52 32 – 84 73 35 2 110 Net business and government 154,589 3,373 119 158,081 146,606 5,499 127 152,232 Total net undrawn credit facilities and other off-balance $ 304,479 $ 5,033 $ 149 $ 309,661 $ 288,178 $ 7,242 $ 155 $ 295,575 (1) Certain prior period amounts were restated. |
Deposits
Deposits | 6 Months Ended |
Apr. 30, 2021 | |
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Deposits | Note 7. Deposits (1)(2) $ millions, as at 2021 2020 Payable on (3) Payable (4) Payable on a (5)(6) Total Total Personal $ 15,493 $ 139,262 $ 52,273 $ 207,028 $ 202,152 Business and government (7) 90,153 76,422 146,626 313,201 311,426 Bank 9,095 477 7,568 17,140 17,011 Secured borrowings (8) – – 39,194 39,194 40,151 $ 114,741 $ 216,161 $ 245,661 $ 576,563 $ 570,740 Comprised of: Held at amortized cost $ 559,454 $ 557,321 Designated at fair value 17,109 13,419 $ 576,563 $ 570,740 Total deposits include (9) Non-interest-bearing Canada $ 80,976 $ 71,122 U.S. 13,779 13,833 Other international 5,098 5,798 Interest-bearing deposits Canada 380,765 389,439 U.S. 71,960 66,399 Other international 23,985 24,149 $ 576,563 $ 570,740 (1) Includes deposits of $195.6 billion (October 31, 2020: $185.2 billion) denominated in U.S. dollars and deposits of $30.9 billion (October 31, 2020: $30.2 billion) denominated in other foreign currencies. (2) Net of purchased notes of $3.7 billion (October 31, 2020: $3.1 billion). (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 $23.9 billion (October 31, 2020: $19.9 billion) of deposits which are subject to the bank recapitalization (bail-in) non-viable. (7) Includes $301 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 | 6 Months Ended |
Apr. 30, 2021 | |
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Subordinated indebtedness | Note 8. Subordinated indebtedness On January 26, 2021, we redeemed all $1.0 billion of our 3.42% Debentures due January 26, 2026. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, plus accrued and unpaid interest thereon. On April 19, 2021, we issued $1.0 billion principal amount of 1.96% Debentures due April 21, 2031 (subordinated indebtedness). The Debentures bear interest at a fixed rate of 1.96% per annum (paid semi-annually) until April 21, 2026, and at three-month CDOR plus 0.56% per annum (paid quarterly) thereafter until maturity on April 21, 2031. |
Share capital
Share capital | 6 Months Ended |
Apr. 30, 2021 | |
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Share capital | Note 9. Share capital Common shares For the three For the six $ millions, except number of shares 2021 2021 2020 2021 2020 Number Amount Number Amount Number Amount Number Amount Number Amount Balance at beginning of period 447,849,605 $ 13,991 447,085,329 $ 13,908 444,981,533 $ 13,669 447,085,329 $ 13,908 445,341,675 $ 13,591 Issuance pursuant to: Equity-settled share-based compensation plans (1) 643,481 66 294,626 29 71,409 8 938,107 95 546,357 59 Shareholder investment plan 259,931 33 294,164 32 454,791 36 554,095 65 788,795 72 Employee share purchase plan 309,137 37 346,076 38 376,684 34 655,213 75 700,963 70 449,062,154 $ 14,127 448,020,195 $ 14,007 445,884,417 $ 13,747 449,232,744 $ 14,143 447,377,790 $ 13,792 Purchase of common shares for cancellation 0 0 – – (710,800 ) (22 ) 0 0 (2,208,600 ) (68 ) Treasury shares 30,972 3 (170,590 ) (16 ) (40,261 ) (3 ) (139,618 ) (13 ) (35,834 ) (2 ) Balance at end of period 449,093,126 $ 14,130 447,849,605 $ 13,991 445,133,356 $ 13,722 449,093,126 $ 14,130 445,133,356 $ 13,722 (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) $ 31,915 $ 30,876 Tier 1 capital A 35,759 34,775 Total capital 41,826 40,969 Total risk-weighted assets (RWA) 257,997 254,871 CET1 ratio 12.4 % 12.1 % Tier 1 capital ratio 13.9 % 13.6 % Total capital ratio 16.2 % 16.1 % Leverage ratio exposure (2) B $ 767,391 $ 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 April 30, 2021, we have complied with OSFI’s regulatory capital requirements. |
Post-employment benefits
Post-employment benefits | 6 Months Ended |
Apr. 30, 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 For the three For the six $ millions 2021 2021 2020 2021 2021 2020 2021 2020 2021 2020 Pension plans Other post-employment plans Pension plans Other post-employment plans Current service cost $ 70 $ 71 $ 70 $ 2 $ 2 $ 4 $ 141 $ 138 $ 4 $ 7 Past service cost (1) – – – – – – – (32 ) – (1 ) Net interest (income) expense (4 ) (4 ) (2 ) 4 4 5 (8 ) (5 ) 8 10 Special termination benefits (1) – – – – – – – 9 – – Plan administration costs 2 2 2 – – – 4 4 – – Net defined benefit plan expense recognized in net income $ 68 $ 69 $ 70 $ 6 $ 6 $ 9 $ 137 $ 114 $ 12 $ 16 (1) Includes amounts related to the restructuring recognized in 2020. Defined contribution plan expense For the three For the six $ millions 2021 2021 2020 2021 2020 Defined contribution pension plans $ 13 $ 11 $ 8 $ 24 $ 17 Government pension plans (1) 38 36 37 74 72 Total defined contribution plan expense $ 51 $ 47 $ 45 $ 98 $ 89 (1) Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act. Remeasurement of employee defined benefit plans (1) For the three For the six $ millions 2021 2021 2020 2021 2021 Jan. 31 2020 2021 2020 2021 2020 Pension plans Other Pension plans Other post-employment plans Net actuarial gains (losses) on defined benefit obligation $ 674 $ 60 $ 487 $ 37 $ 3 $ 30 $ 734 $ 59 $ 40 $ 1 Net actuarial gains (losses) on plan assets (267 ) 207 (178 ) – – – (60 ) 137 – – Changes in asset ceiling excluding interest income – – (3 ) – – – – (2 ) – – Net remeasurement gains (losses) recognized in OCI $ 407 $ 267 $ 306 $ 37 $ 3 $ 30 $ 674 $ 194 $ 40 $ 1 (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 | 6 Months Ended |
Apr. 30, 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”. In addition, the CRA has proposed to reassess $305 million for 2016. The dividends that were subject to the reassessments and proposed reassessment for 2016 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 | 6 Months Ended |
Apr. 30, 2021 | |
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Earnings per share | Note 12. Earnings per share For the three months ended For the six months ended $ millions, except number of shares and per share amounts 2021 2021 2020 2021 2020 Basic earnings per share Net income attributable to equity shareholders $ 1,647 $ 1,621 $ 400 $ 3,268 $ 1,605 Less: Preferred share dividends and distributions on other equity instruments 51 30 30 81 61 Net income attributable to common shareholders $ 1,596 $ 1,591 $ 370 $ 3,187 $ 1,544 Weighted-average common shares outstanding (thousands) 448,455 447,281 444,739 447,859 444,997 Basic earnings per share $ 3.56 $ 3.56 $ 0.83 $ 7.12 $ 3.47 Diluted earnings per share Net income attributable to common shareholders $ 1,596 $ 1,591 $ 370 $ 3,187 $ 1,544 Weighted-average common shares outstanding (thousands) 448,455 447,281 444,739 447,859 444,997 Add: Stock options potentially exercisable (1) 796 502 302 628 439 Add: Equity-settled consideration (thousands) 94 146 147 134 174 Weighted-average diluted common shares outstanding (thousands) 449,345 447,929 445,188 448,621 445,610 Diluted earnings per share $ 3.55 $ 3.55 $ 0.83 $ 7.10 $ 3.46 (1) Excludes average options outstanding of nil (January 31, 2021: 3,840,348; April 30, 2020: 4,839,980) with a weighted-average exercise price of nil (January 31, 2021: $112.71; April 30, 2020: $ |
Contingent liabilities and prov
Contingent liabilities and provisions | 6 Months Ended |
Apr. 30, 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 $1.2 billion as at April 30, 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 April 30, 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 • 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 • Fresco v. Canadian Imperial Bank of Commerce : • Salko v. CIBC Investor Services Inc. et al: T • The RRSP of J.T.G v. Her Majesty The Queen Income Tax Act $139 million and the Part XI.1 reassessment totalled approximately $ 144 million, in each case including all taxes, penalties and interest. In April 2021, the Tax Court of Canada released a decision allowing the appeal in part of the assessment under Part I and dismissing the appeal of the reassessment under Part XI.1. The RRSP has appealed this decision to the Federal Court of Appeal. To the extent there is a shortfall in the RRSP’s ability to satisfy any of the Part XI.1 reassessment that may be upheld by the courts, CIBC Trust may be liable to pay a portion of that reassessment. 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 | 6 Months Ended |
Apr. 30, 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. For the three months ended For the six months ended $ millions 2021 2021 2020 2021 2020 Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Measured at amortized cost (1) $ 3,098 $ 703 $ 3,256 $ 814 $ 3,998 $ 1,858 $ 6,354 $ 1,517 $ 8,433 $ 4,184 Debt securities measured at FVOCI (1) 83 n/a 98 n/a 206 n/a 181 n/a 446 n/a Other (2) 392 123 417 118 498 82 809 241 1,005 177 Total $ 3,573 $ 826 $ 3,771 $ 932 $ 4,702 $ 1,940 $ 7,344 $ 1,758 $ 9,884 $ 4,361 (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 | 6 Months Ended |
Apr. 30, 2021 | |
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Segmented information | Note 15. Segmented information CIBC has four strategic business units (SBUs) – Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. These SBUs are supported by Corporate and Other. 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 provides 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 Investor’s Edge, previously reported in Canadian Personal and Business Banking, are now part of the newly-created Direct Financial Services line of business in Capital Markets, along with certain other direct payment services that were previously in Capital Markets. This change was made to align with the mandates of the relevant SBUs. • 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 2021 Net interest income (1) $ 1,425 $ 305 $ 351 $ 662 $ 4 $ 2,747 Apr. 30 Non-interest (2) 516 830 181 532 126 2,185 Total revenue (1) 1,941 1,135 532 1,194 130 4,932 Provision for (reversal of) credit losses 65 (18 ) (12 ) (11 ) 8 32 Amortization and impairment (3) 53 7 27 3 159 249 Other non-interest 1,005 601 244 535 122 2,507 Income (loss) before income taxes 818 545 273 667 (159 ) 2,144 Income taxes (1) 215 146 57 172 (97 ) 493 Net income (loss) $ 603 $ 399 $ 216 $ 495 $ (62 ) $ 1,651 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 4 $ 4 Equity shareholders 603 399 216 495 (66 ) 1,647 Average assets (4) $ 266,763 $ 67,969 $ 46,364 $ 250,627 $ 163,650 $ 795,373 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) $ 1,432 $ 321 $ 370 $ 568 $ 71 $ 2,762 Apr. 30 (5) Non-interest (2) 504 704 141 399 68 1,816 Total revenue (1) 1,936 1,025 511 967 139 4,578 Provision for credit losses 640 186 230 236 120 1,412 Amortization and impairment (3) 57 7 34 2 180 280 Other non-interest 1,017 552 257 490 108 2,424 Income (loss) before income taxes 222 280 (10 ) 239 (269 ) 462 Income taxes (1) 59 74 (25 ) 62 (100 ) 70 Net income (loss) $ 163 $ 206 $ 15 $ 177 $ (169 ) $ 392 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ (8 ) $ (8 ) Equity shareholders 163 206 15 177 (161 ) 400 Average assets (4) $ 251,898 $ 66,931 $ 49,182 $ 235,064 $ 122,626 $ 725,701 (1) Capital Markets net interest income and income taxes includes a taxable equivalent basis (TEB) adjustment of $51 million for the three months ended April 30, 2021 (January 31, 2021: $54 million; April 30, 2020: $46 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 (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. $ millions, for the six months ended Canadian Canadian U.S. Capital Corporate CIBC 2021 Net interest income (1) $ 2,908 $ 603 $ 725 $ 1,344 $ 6 $ 5,586 Apr. 30 Non-interest (2) 1,058 1,620 368 1,024 239 4,309 Total revenue (1) 3,966 2,223 1,093 2,368 245 9,895 Provision for (reversal of) credit losses 119 15 33 (6 ) 18 179 Amortization and impairment (3) 106 14 55 5 306 486 Other non-interest 2,038 1,166 496 1,055 241 4,996 Income (loss) before income taxes 1,703 1,028 509 1,314 (320 ) 4,234 Income taxes (1) 448 275 105 326 (196 ) 958 Net income (loss) $ 1,255 $ 753 $ 404 $ 988 $ (124 ) $ 3,276 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 8 $ 8 Equity shareholders 1,255 753 404 988 (132 ) 3,268 Average assets (4) $ 264,109 $ 66,853 $ 46,942 $ 250,521 $ 169,273 $ 797,698 2020 Net interest income (1) $ 2,937 $ 636 $ 712 $ 1,066 $ 172 $ 5,523 Apr. 30 (5) Non-interest (2) 1,078 1,444 300 907 181 3,910 Total revenue (1) 4,015 2,080 1,012 1,973 353 9,433 Provision for credit losses 851 221 245 230 126 1,673 Amortization and impairment (3) 114 14 66 5 327 526 Other non-interest 2,046 1,106 523 979 589 5,243 Income (loss) before income taxes 1,004 739 178 759 (689 ) 1,991 Income taxes (1) 266 197 (2 ) 204 (278 ) 387 Net income (loss) $ 738 $ 542 $ 180 $ 555 $ (411 ) $ 1,604 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ (1 ) $ (1 ) Equity shareholders 738 542 180 555 (410 ) 1,605 Average assets (4) $ 251,745 $ 66,085 $ 46,972 $ 223,998 $ 113,562 $ 702,362 (1) Capital Markets net interest income and income taxes includes a TEB adjustment of $105 million, for the six months ended April 30, 2021 (April 30, 2020: $95 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 (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) | 6 Months Ended |
Apr. 30, 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 March 2021, the FCA and the ICE Benchmark Administrator (IBA) announced the dates for the cessation or loss of representativeness of various LIBOR rates including that GBP, EUR, CHF and JPY LIBORs will cease on December 31, 2021 and that most USD LIBOR tenors will cease on June 30, 2023. This announcement results in a fixed spread between the LIBOR rate and the alternative rate for a given tenor which will apply on the cessation of the relevant LIBOR rates. The extension for most USD LIBOR tenors until June 30, 2023 would allow many legacy contracts to mature before the cessation date, however, originations of new USD LIBOR-linked products would cease after the end of 2021. 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 amortized cost financial assets and financial liabilities, and lessee lease liabilities that are made as a direct consequence of IBOR reform, and on an economically equivalent basis to be accounted for by updating the effective interest rate prospectively with no immediate gain or loss recognition. 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 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, and the Board of Directors. As a part of the Program, we have begun to transition existing IBOR based contracts to those that reference the new alternative rates, and are developing business processes to support the transition. We have started to remediate our non-USD LIBOR referenced contracts by incorporating appropriate fallback language, and have ceased the issuance of certain new GBP LIBOR products that mature after the end of 2021 based upon the guidelines provided by the regulators. 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. The following table presents the approximate notional amounts of our derivatives and the gross outstanding balances of our non-derivative Notional/gross outstanding amounts (1)(2)(3) $ billions, as at November 1, 2020 USD LIBOR GBP LIBOR Others (4) Maturing after Maturing after (5) Maturing after Non-derivative Securities $ 4.0 $ 1.9 $ – $ – Loans 18.6 21.2 2.4 – 22.6 23.1 2.4 – Non-derivative 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 the 6-month 12-month (2) The table excludes undrawn loan commitments. As at November 1, 2020, the (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. (5) As at April 30, 2021, our USD LIBOR exposure excluding undrawn commitments, with a maturity date beyond June 30, 2023 was approximately $614.9 billion. In addition, undrawn loan commitments which can potentially be drawn in USD LIBOR with a maturity date beyond June 30, 2023 were approximately $31.1 billion. 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. |
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) | 6 Months Ended |
Apr. 30, 2021 | |
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Summary of Exposure to Credit Risk | Exposure to credit risk $ millions, as at 2021 Apr. 30 2020 Oct. 31 Business and government portfolios – advanced internal ratings-based approach (AIRB) Drawn $ 231,091 $ 248,265 Undrawn commitments 64,009 59,379 Repo-style transactions 221,772 202,809 Other off-balance 78,971 75,399 OTC derivatives 17,521 18,850 Gross exposure at default (EAD) on business and government portfolios 613,364 604,702 Less: Collateral held for repo-style transactions 204,935 187,832 Net EAD on business and government portfolios 408,429 416,870 Retail portfolios – AIRB approach Drawn 279,121 265,097 Undrawn commitments 92,093 87,294 Other off-balance 335 306 Gross EAD on retail portfolios 371,549 352,697 Standardized portfolios (1) 79,639 79,350 Securitization exposures – AIRB approach 10,396 12,276 Gross EAD $ 1,074,948 $ 1,049,025 Net EAD $ 870,013 $ 861,193 (1) Includes $69.0 billion relating to business and government loans (October 31, 2020: $69.7 billion), $5.9 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 $43.3 billion (October 31, 2020: $45.7 billion) to corporates, $24.1 billion (October 31, 2020: $22.7 billion) to sovereigns, and $1.6 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 Apr. 30 2020 Oct. 31 (1) Exposure (2) Investment grade $ 8.67 77.0 % $ 7.45 74.8 % Non-investment 2.48 22.0 2.40 24.1 Watch list 0.10 0.9 0.10 1.0 Default 0.01 0.1 0.01 0.1 $ 11.26 100.0 % $ 9.96 100.0 % (1) Restated from amounts previously presented. (2) 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 As at or for the three months ended As at or for the six $ millions 2021 2021 2020 2021 2020 High Low As at Average As at Average As at Average Average Average Interest rate risk $ 12.0 $ 4.1 $ 10.3 $ 7.5 $ 5.2 $ 6.6 $ 7.4 $ 5.3 $ 7.1 $ 5.9 Credit spread risk 11.8 6.1 9.4 8.9 8.8 8.0 8.7 6.4 8.5 4.1 Equity risk 5.3 3.0 3.3 3.7 3.7 3.4 4.7 5.0 3.5 3.7 Foreign exchange risk 1.7 0.7 1.1 1.2 1.4 1.7 1.7 1.4 1.4 2.0 Commodity risk 5.2 1.1 1.1 3.1 3.2 3.1 7.9 2.6 3.1 2.8 Debt specific risk 5.7 2.1 3.5 3.5 4.1 3.2 2.5 2.2 3.3 2.1 Diversification effect (1) n/m n/m (21.5 ) (21.1 ) (19.4 ) (18.2 ) (19.8 ) (11.0 ) (19.6 ) (11.7 ) Total VaR (one-day $ 10.0 $ 4.6 $ 7.2 $ 6.8 $ 7.0 $ 7.8 $ 13.1 $ 11.9 $ 7.3 $ 8.9 (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 As at or for the three months ended As at or for the six $ millions 2021 2021 2020 2021 2020 High Low As at Average As at Average As at Average Average Average Interest rate risk $ 39.8 $ 13.6 $ 31.3 $ 23.7 $ 25.7 $ 24.4 $ 18.2 $ 17.7 $ 24.0 $ 22.7 Credit spread risk 12.1 5.7 6.8 8.9 10.2 9.8 9.2 10.1 9.3 10.1 Equity risk 14.8 2.5 6.4 8.1 13.6 8.9 3.7 7.2 8.5 4.7 Foreign exchange risk 12.1 0.2 2.1 2.4 15.7 10.7 11.8 6.7 6.5 8.9 Commodity risk 11.1 1.5 2.6 3.1 2.0 2.3 3.6 4.4 2.7 5.4 Debt specific risk 6.8 4.1 5.5 5.2 6.3 5.8 4.6 5.4 5.5 5.2 Diversification effect (1) n/m n/m (27.5 ) (25.2 ) (43.5 ) (34.8 ) (28.8 ) (29.8 ) (29.9 ) (36.7 ) Stressed total VaR (one-day $ 40.0 $ 17.6 $ 27.2 $ 26.2 $ 30.0 $ 27.1 $ 22.3 $ 21.7 $ 26.6 $ 20.3 (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 As at or for the three months ended As at or for the six months ended $ millions 2021 2021 2020 2021 2020 High Low As at Average As at Average As at Average Average Average Default risk $ 208.8 $ 113.5 $ 152.3 $ 144.2 $ 130.5 $ 113.1 $ 128.9 $ 146.9 $ 128.9 $ 152.2 Migration risk 74.9 43.5 67.5 55.0 50.5 59.1 79.7 82.3 57.0 76.3 IRC (one-year (1) $ 266.4 $ 164.3 $ 219.8 $ 199.2 $ 181.0 $ 172.2 $ 208.6 $ 229.2 $ 185.9 $ 228.5 (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 2021 2020 CAD (1) USD CAD (1) USD CAD (1) USD 100 basis point increase in interest rates Increase (decrease) in net interest income $ 362 $ 77 $ 384 $ 42 $ 296 $ 47 Increase (decrease) in present value of shareholders’ equity (608 ) (288 ) (564 ) (365 ) (579 ) (257 ) 25 basis point decrease in interest rates Increase (decrease) in net interest income (148 ) (50 ) (122 ) (66 ) (92 ) (70 ) Increase (decrease) in present value of shareholders’ equity 83 27 77 40 107 (12 ) (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 $ 47,197 $ – $ 47,197 $ 283 $ 46,914 Apr. 30 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 109,774 99,748 209,522 126,679 82,843 Other debt securities 4,779 3,969 8,748 2,401 6,347 Equities 36,398 20,191 56,589 23,667 32,922 Canadian government guaranteed National Housing Act mortgage-backed securities 37,459 317 37,776 13,577 24,199 Other liquid assets (2) 14,409 3,164 17,573 8,013 9,560 $ 250,016 $ 127,389 $ 377,405 $ 174,620 $ 202,785 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 April 30, 2021 Less than 1–3 months 3–6 months 6–9 months 9–12 1–2 years 2–5 years Over No Total Assets Cash and non-interest-bearing (1) $ 26,924 $ – $ – $ – $ – $ – $ – $ – $ – $ 26,924 Interest-bearing deposits with banks 20,273 – – – – – – – – 20,273 Securities 3,936 4,605 5,353 5,118 5,010 17,231 45,282 31,337 37,250 155,122 Cash collateral on securities borrowed 11,573 – – – – – – – – 11,573 Securities purchased under resale agreements 33,633 18,345 6,273 2,191 2,652 12 – – – 63,106 Loans Residential mortgages 1,825 4,714 11,214 10,898 9,583 46,977 141,895 7,641 – 234,747 Personal 1,171 832 1,112 1,051 1,251 500 3,498 3,874 29,082 42,371 Credit card 223 447 670 670 670 2,679 5,274 – – 10,633 Business and government 18,864 6,566 5,682 6,230 8,696 24,331 41,967 15,999 8,232 136,567 Allowance for credit losses – – – – – – – – (3,200 ) (3,200 ) Derivative instruments 2,078 4,225 3,603 3,902 1,636 4,355 7,313 8,201 – 35,313 Customers’ liability under acceptances 9,795 1,171 20 – 16 – – – – 11,002 Other assets – – – – – – – – 38,447 38,447 $ 130,295 $ 40,905 $ 33,927 $ 30,060 $ 29,514 $ 96,085 $ 245,229 $ 67,052 $ 109,811 $ 782,878 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) $ 29,851 $ 37,172 $ 35,218 $ 27,150 $ 23,102 $ 32,181 $ 47,244 $ 13,743 $ 330,902 $ 576,563 Obligations related to securities sold short 20,269 – – – – – – – – 20,269 Cash collateral on securities lent 3,205 – – – – – – – – 3,205 Obligations related to securities sold under repurchase agreements 47,141 14,725 1,285 407 2,217 345 – – – 66,120 Derivative instruments 3,271 4,834 4,342 3,168 1,574 2,951 6,182 7,799 – 34,121 Acceptances 9,864 1,171 20 – 16 – – – – 11,071 Other liabilities 24 51 78 73 73 305 609 471 21,512 23,196 Subordinated indebtedness – – – – – – – 5,653 – 5,653 Equity – – – – – – – – 42,680 42,680 $ 113,625 $ 57,953 $ 40,943 $ 30,798 $ 26,982 $ 35,782 $ 54,035 $ 27,666 $ 395,094 $ 782,878 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 $207.0 billion (October 31, 2020: $202.2 billion) of personal deposits; $352.5 billion (October 31, 2020: $351.6 billion) of business and government deposits and secured borrowings; and $17.1 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 April 30, 2021 Less than 1–3 3–6 6–9 9–12 1–2 years 2–5 years Over No (1) Total Unutilized credit commitments $ 1,182 $ 11,857 $ 3,578 $ 6,001 $ 5,125 $ 24,173 $ 45,924 $ 3,325 $ 181,930 $ 283,095 Securities lending (2) 40,200 3,919 4,977 – – – – – – 49,096 Standby and performance letters of credit 2,782 2,606 2,500 3,030 2,578 575 667 66 – 14,804 Backstop liquidity facilities 369 136 672 10,071 241 181 36 – – 11,706 Documentary and commercial letters of credit 46 83 34 14 3 5 9 – – 194 Other 1,160 – – – – – – – – 1,160 $ 45,739 $ 18,601 $ 11,761 $ 19,116 $ 7,947 $ 24,934 $ 46,636 $ 3,391 $ 181,930 $ 360,055 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 $136.7 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 $3.2 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 April 30, 2021 Less than 1–3 3–6 6–9 9–12 1–2 years 2–5 Over Total Purchase obligations (1) $ 90 $ 251 $ 181 $ 156 $ 118 $ 428 $ 423 $ 318 $ 1,965 Future lease commitments – 1 7 10 11 52 92 1,316 1,489 Investment commitments – 2 2 1 – – 5 265 275 Underwriting commitments 210 – – – – – – – 210 Pension contributions (2) 135 – – – – – – – 135 $ 435 $ 254 $ 190 $ 167 $ 129 $ 480 $ 520 $ 1,899 $ 4,074 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, 2021 as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability. |
Schedule of Loans Past Due But Not Impaired | $ millions, as at 2021 2020 (1) 31 to Over Total Total Residential mortgages $ 672 $ – $ 672 $ 1,152 Personal 159 – 159 222 Credit card 125 78 203 321 Business and government 301 – 301 281 $ 1,257 $ 78 $ 1,335 $ 1,976 (1) Excludes loans past due less than 30 days as such loans are not indicative of an impairment in creditor ability to repay. |
Changes in accounting policie_2
Changes in accounting policies (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Disclosure of Detailed Information about Derivatives and Non Derivative Financial Assets and Liabilities | The following table presents the approximate notional amounts of our derivatives and the gross outstanding balances of our non-derivative Notional/gross outstanding amounts (1)(2)(3) $ billions, as at November 1, 2020 USD LIBOR GBP LIBOR Others (4) Maturing after Maturing after (5) Maturing after Non-derivative Securities $ 4.0 $ 1.9 $ – $ – Loans 18.6 21.2 2.4 – 22.6 23.1 2.4 – Non-derivative 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 the 6-month 12-month (2) The table excludes undrawn loan commitments. As at November 1, 2020, the (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. (5) As at April 30, 2021, our USD LIBOR exposure excluding undrawn commitments, with a maturity date beyond June 30, 2023 was approximately $614.9 billion. In addition, undrawn loan commitments which can potentially be drawn in USD LIBOR with a maturity date beyond June 30, 2023 were approximately $31.1 billion. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 6 Months Ended |
Apr. 30, 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 Fair value 2021 Financial assets Apr. 30 Cash and deposits with banks $ 46,543 $ 654 $ – $ – $ 47,197 $ 47,197 $ – Securities 32,848 72,772 73 49,429 155,122 155,577 455 Cash collateral on securities borrowed 11,573 – – – 11,573 11,573 – Securities purchased under resale agreements 56,934 6,172 – – 63,106 63,106 – Loans Residential mortgages 234,368 29 – – 234,397 235,236 839 Personal 41,631 – – – 41,631 41,663 32 Credit card 10,048 – – – 10,048 10,048 – Business and government 111,535 23,116 391 – 135,042 135,157 115 Derivative instruments – 35,313 – – 35,313 35,313 – Customers’ liability under acceptances 11,002 – – – 11,002 11,002 – Other assets 19,006 – – – 19,006 19,006 – Financial liabilities Deposits Personal $ 200,688 $ – $ 6,340 $ – $ 207,028 $ 207,180 $ 152 Business and government 302,623 – 10,578 – 313,201 314,165 964 Bank 17,140 – – – 17,140 17,140 – Secured borrowings 38,225 – 969 – 39,194 39,543 349 Derivative instruments – 34,121 – – 34,121 34,121 – Acceptances 11,071 – – – 11,071 11,071 – Obligations related to securities sold short – 20,269 – – 20,269 20,269 – Cash collateral on securities lent 3,205 – – – 3,205 3,205 – Obligations related to securities sold under repurchase agreements (1) 64,195 – 1,925 – 66,120 66,120 – Other liabilities 16,395 119 26 – 16,540 16,540 – Subordinated indebtedness 5,653 – – – 5,653 5,952 299 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 repurchase agreements (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) Includes obligations related to securities sold under repurchase agreements supported by bearer deposit notes that are pledged as collateral under the Bank of Canada Term Repo Facility. |
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) included in income (1) $ millions, for the three months end e Opening Realized (2) Unrealized (2)(3) Net unrealized (4) Transfer Transfer Purchases/ Sales/ Closing Apr. 30, 2021 Securities mandatorily measured and designated at FVTPL Corporate equity $ 19 $ – $ (6 ) $ – $ – $ – $ 23 $ (29 ) $ 7 Corporate debt 30 – 8 – – – – (38 ) – Mortgage- and asset-backed 102 – – – – – 44 (2 ) 144 Loans mandatorily measured and designated at FVTPL Business and government 879 – (1 ) (33 ) – – 180 (29 ) 996 Debt securities measured at FVOCI Corporate debt – – – – – – – – – Equity securities designated at FVOCI Corporate equity 269 – – 17 – – 10 (8 ) 288 Derivative instruments Interest rate 45 – (8 ) – – – 1 – 38 Foreign exchange – – 16 – (8 ) – – – 8 Credit 101 (6 ) (38 ) – – – – – 57 Equity 61 – – – – (1 ) 6 – 66 Total assets $ 1,506 $ (6 ) $ (29 ) $ (16 ) $ (8 ) $ (1 ) $ 264 $ (106 ) $ 1,604 Deposits and other liabilities (5) $ (367 ) $ 6 $ (257 ) $ – $ (13 ) $ (3 ) $ (38 ) $ 71 $ (601 ) Derivative instruments Interest rate (74 ) – (90 ) – (28 ) – (29 ) 3 (218 ) Credit (113 ) 6 44 – – – – 1 (62 ) Equity (137 ) – (62 ) – – 8 (15 ) 22 (184 ) Total liabilities $ (691 ) $ 12 $ (365 ) $ – $ (41 ) $ 5 $ (82 ) $ 97 $ (1,065 ) Jan. 31, 2021 Securities mandatorily measured and designated 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 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 ) Apr. 30, 2020 Securities mandatorily measured and designated Corporate equity $ 14 $ – $ (7 ) $ – $ – $ – $ – $ – $ 7 Corporate debt 23 – 2 – – – – – 25 Mortgage- and asset-backed 160 – – – – – 118 – 278 Loans mandatorily measured at FVTPL Business and government 506 – – 17 – – 574 (179 ) 918 Debt securities measured at FVOCI Corporate debt 23 – – (6 ) – – 1 – 18 Equity securities designated at FVOCI Corporate equity 283 – – (44 ) – – 10 (6 ) 243 Derivative instruments Interest rate 47 – 21 – – – – 8 76 Credit 104 (4 ) 5 – – – – – 105 Equity 266 – (36 ) – – – 1 (10 ) 221 Total assets $ 1,426 $ (4 ) $ (15 ) $ (33) $ – $ – $ 704 $ (187 ) $ 1,891 Deposits and other liabilities (5) $ (647 ) $ – $ 679 $ – $ (6) $ 29 $ 53 $ 49 $ 157 Derivative instruments Interest rate – – – – – – – – – Credit (112 ) 4 (5 ) – – – – – (113 ) Equity (121 ) – 34 – – – (29 ) 5 (111 ) Total liabilities $ (880 ) $ 4 $ 708 $ – $ (6 ) $ 29 $ 24 $ 54 $ (67 ) (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 $13 million (January 31, 2021: $136 million; April 30, 2020: $146 million), net bifurcated embedded derivative liabilities of million as at April 30, 2020) and other liabilities designated at FVTPL of Net gains (losses) (1) $ millions, for the six months ended Opening Realized (2) Unrealized (2)(3) Net unrealized (4) Transfer Transfer Purchases/ Sales/ Closing Apr. 30, 2021 Securities mandatorily measured and designated Corporate equity $ 16 $ – $ (3 ) $ – $ – $ – $ 23 $ (29 ) $ 7 Corporate debt 25 – 13 – – – – (38 ) – Mortgage- and asset-backed 135 – – – – – 44 (35 ) 144 Loans mandatorily measured and designated at FVTPL Business and government 626 – (1 ) (58 ) – – 458 (29 ) 996 Debt securities measured at FVOCI Corporate debt – – – – – – – – – Equity securities designated at FVOCI Corporate equity 240 – – 36 – – 27 (15 ) 288 Derivative instruments Interest rate 48 – (12 ) – – – 1 1 38 Foreign exchange – – 16 – (8 ) – – – 8 Credit 98 (12 ) (29 ) – – – – – 57 Equity 212 – 15 – – (1 ) 6 (166 ) 66 Total assets $ 1,400 $ (12 ) $ (1 ) $ (22 ) $ (8 ) $ (1 ) $ 559 $ (311 ) $ 1,604 Deposits and other liabilities (5) $ 4 $ 6 $ (644 ) $ – $ (15 ) $ (8 ) $ (40 ) $ 96 $ (601 ) Derivative instruments Interest rate (28 ) – (137 ) – (28 ) – (29 ) 4 (218 ) Foreign exchange – – – – – – – – – Credit (107 ) 12 36 – – – – (3 ) (62 ) Equity (163 ) – (106 ) – – 8 (15 ) 92 (184 ) Total liabilities $ (294 ) $ 18 $ (851 ) $ – $ (43 ) $ – $ (84 ) $ 189 $ (1,065 ) Apr. 30, 2020 Securities mandatorily measured and designated Corporate equity $ 7 $ – $ (7 ) $ – $ 7 $ – $ – $ – $ 7 Corporate debt 23 – 2 – – – – – 25 Mortgage- and asset-backed 173 – – – – – 118 (13 ) 278 Loans mandatorily measured at FVTPL Business and government 831 – – 21 – – 574 (508 ) 918 Debt securities measured at FVOCI Corporate debt – – – (3 ) 20 – 1 – 18 Equity securities designated at FVOCI Corporate equity 291 – – 5 – – 20 (73 ) 243 Derivative instruments Interest rate 56 – 24 – – – 1 (5 ) 76 Credit 104 (5 ) 6 – – – – – 105 Equity 252 – (24 ) – – – 45 (52 ) 221 Total assets $ 1,737 $ (5) $ 1 $ 23 $ 27 $ – $ 759 $ (651) $ 1,891 Deposits and other liabilities (5) $ (601 ) $ – $ 627 $ – $ (43) $ 60 $ (49 ) $ 163 $ 157 Derivative instruments Interest rate (1 ) – (2 ) – – – – 3 – Credit (112 ) 5 (6 ) – – – – – (113 ) Equity (155 ) – 55 – – – (39 ) 28 (111 ) Total liabilities $ (869 ) $ 5 $ 674 $ – $ (43 ) $ 60 $ (88 ) $ 194 $ (67 ) (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 these 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 $ million), net bifurcated embedded derivative liabilities of $ million (April 30, 2020: net bifurcated embedded derivative assets of $ million) and other liabilities designated at FVTPL of million (April 30, 2020: |
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 market inputs Total Total $ millions, as at 2021 2020 2021 2020 Oct. 31 2021 2020 2021 2020 Financial assets Deposits with banks $ – $ – $ 654 $ 948 $ – $ – $ 654 $ 948 Securities mandatorily measured and designated at FVTPL Government issued or guaranteed 5,950 3,917 23,750 (1) 25,091 (1) – – 29,700 29,008 Corporate equity 36,508 27,919 48 47 7 16 36,563 27,982 Corporate debt – – 4,288 3,525 – 25 4,288 3,550 Mortgage- and asset-backed – – 2,150 (2) 2,018 (2) 144 135 2,294 2,153 42,458 31,836 30,236 30,681 151 176 72,845 62,693 Loans mandatorily measured and designated at FVTPL Business and government – – 22,511 23,022 996 (3) 626 (3) 23,507 23,648 Residential mortgages – – 29 63 – – 29 63 – – 22,540 23,085 996 626 23,536 23,711 Debt securities measured at FVOCI Government issued or guaranteed 2,765 3,912 36,785 41,269 – – 39,550 45,181 Corporate debt – – 6,917 6,224 – – 6,917 6,224 Mortgage- and asset-backed – – 2,277 2,563 – – 2,277 2,563 2,765 3,912 45,979 50,056 – – 48,744 53,968 Equity securities designated at FVOCI Corporate equity 93 41 304 304 288 240 685 585 Securities purchased under resale agreements measured at FVTPL – – 6,172 7,505 – – 6,172 7,505 Derivative instruments Interest rate – 4 9,781 12,793 38 48 9,819 12,845 Foreign exchange – – 14,248 11,462 8 – 14,256 11,462 Credit – – 3 8 57 98 60 106 Equity 5,352 3,153 2,197 1,791 66 212 7,615 5,156 Precious metal – – 245 283 – – 245 283 Other commodity 362 271 2,956 2,607 – – 3,318 2,878 5,714 3,428 29,430 28,944 169 358 35,313 32,730 Total financial assets $ 51,030 $ 39,217 $ 135,315 $ 141,523 $ 1,604 $ 1,400 $ 187,949 $ 182,140 Financial liabilities Deposits and other liabilities (4) $ – $ – $ (17,431 ) $ (13,176 ) $ (601 ) $ 4 $ (18,032 ) $ (13,172 ) Obligations related to securities sold short (9,092 ) (5,363 ) (11,177 ) (10,600 ) – – (20,269 ) (15,963 ) Obligations related to securities sold under repurchase agreements – – (1,925 ) (17,036 ) – – (1,925 ) (17,036 ) Derivative instruments Interest rate – – (8,032 ) (9,964 ) (218 ) (28 ) (8,250 ) (9,992 ) Foreign exchange – – (13,890 ) (10,883 ) – – (13,890 ) (10,883 ) Credit – – (42 ) (41 ) (62 ) (107 ) (104 ) (148 ) Equity (4,177 ) (3,537 ) (5,952 ) (3,288 ) (184 ) (163 ) (10,313 ) (6,988 ) Precious metal – – (249 ) (366 ) – – (249 ) (366 ) Other commodity (395 ) (325 ) (920 ) (1,806 ) – – (1,315 ) (2,131 ) (4,572 ) (3,862 ) (29,085 ) (26,348 ) (464 ) (298 ) (34,121 ) (30,508 ) Total financial liabilities $ (13,664 ) $ (9,225 ) $ (59,618 ) $ (67,160 ) $ (1,065 ) $ (294 ) $ (74,347 ) $ (76,679 ) (1) Includes $50 million related to securities designated at FVTPL (October 31, 2020: $57 million). (2) Includes $23 million related to asset-backed securities designated at FVTPL (October 31, 2020: $60 million). (3) Includes $391 million related to loans designated at FVTPL (October 31, 2020: $357 million). (4) Comprises deposits designated at FVTPL of $17,109 million (October 31, 2020: $13,419 million), net bifurcated embedded derivative liabilities of million (net bifurcated embedded derivative assets of million as at October 31, 2020), other liabilities designated at FVTPL of |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Summary of Securities | $ millions, as at 2021 2020 Carrying amount Debt securities measured at FVOCI $ 48,744 $ 53,968 Equity securities designated at FVOCI 685 585 Securities measured at amortized cost (1) 32,848 31,800 Securities mandatorily measured and designated at FVTPL 72,845 62,693 $ 155,122 $ 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 $ 9,498 $ 38 $ (1 ) $ 9,535 $ 11,379 $ 32 $ (2 ) $ 11,409 Other Canadian governments 12,998 143 (1 ) 13,140 15,187 128 – 15,315 U.S. Treasury and agencies 10,884 40 (1 ) 10,923 12,533 63 – 12,596 Other foreign governments 5,922 33 (3 ) 5,952 5,825 38 (2 ) 5,861 Mortgage-backed securities 1,845 38 – 1,883 2,320 49 (1 ) 2,368 Asset-backed securities 395 – (1 ) 394 197 – (2 ) 195 Corporate debt 6,898 21 (2 ) 6,917 6,194 31 (1 ) 6,224 48,440 313 (9 ) 48,744 53,635 341 (8 ) 53,968 Corporate public equity (2) 67 28 – 95 30 15 (3 ) 42 Corporate private equity 556 68 (34 ) 590 546 43 (46 ) 543 623 96 (34 ) 685 576 58 (49 ) 585 $ 49,063 $ 409 $ (43 ) $ 49,429 $ 54,211 $ 399 $ (57 ) $ 54,5 53 (1) Net of allowance for credit losses for debt securities measured at FVOCI of $18 million (October 31, 2020: $22 million). (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 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 Total 2021 Debt securities measured at FVOCI Apr. 30 Balance at beginning of period $ 17 $ 3 $ – $ 20 Provision for (reversal of) credit losses (1) (2 ) 1 – (1 ) Write-offs – – – – Foreign exchange and other (1 ) – – (1 ) Balance at end of period $ 14 $ 4 $ – $ 18 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 Apr. 30 Balance at beginning of period $ 14 $ 2 $ 6 $ 22 Provision for (reversal of) credit losses (1)(2) 5 4 – 9 Write-offs – – – – Foreign exchange and other – – 1 1 Balance at end of period $ 19 $ 6 $ 7 $ 32 (1) Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. (2) Excludes stage 3 provisions for credit loss of $13 million for the three months ended April 30, 2020 for originated credit-impaired amortized cost securities that are recognized in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. Stage 1 Stage 2 Stage 3 $ millions, as at or for the six months ended Collective provision 12-month Collective provision Collective and Total 2021 Debt securities measured at FVOCI Apr. 30 Balance at beginning of period $ 18 $ 4 $ – $ 22 Provision for (reversal of) credit losses (1) (3 ) – – (3 ) Write-offs – – – – Foreign exchange and other (1 ) – – (1 ) Balance at end of period $ 14 $ 4 $ – $ 18 2020 Debt securities measured at FVOCI Apr. 30 Balance at beginning of period $ 14 $ 3 $ 6 $ 23 Provision for (reversal of) credit losses (1)(2) 4 4 – 8 Write-offs – – – – Foreign exchange and other 1 (1 ) 1 1 Balance at end of period $ 19 $ 6 $ 7 $ 32 (1) Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. (2) Excludes stage 3 provisions for credit loss of $13 million for the six months ended April 30, 2020 for originated credit-impaired amortized cost securities that are recognized in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Summary of 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 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 $ 52 $ 136 $ 148 $ 336 Originations net of repayments and other derecognitions 6 (2 ) (3 ) 1 Changes in model – – 16 16 Net remeasurement (1) (25 ) 13 28 16 Transfers (1) – to 12-month 31 (26 ) (5 ) – – to lifetime ECL performing (2 ) 7 (5 ) – – to lifetime ECL credit-impaired – (6 ) 6 – Provision for (reversal of) credit losses (2) 10 (14 ) 37 33 Write-offs – – (6 ) (6 ) Recoveries – – 1 1 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other (2 ) (3 ) (4 ) (9 ) Balance at end of period $ 60 $ 119 $ 171 $ 350 Personal Balance at beginning of period $ 181 $ 535 $ 118 $ 834 Originations net of repayments and other derecognitions 11 (14 ) (2 ) (5 ) Changes in model (4 ) – (1 ) (5 ) Net remeasurement (1) (98 ) 49 46 (3 ) Transfers (1) – to 12-month 75 (73 ) (2 ) – – to lifetime ECL performing (8 ) 13 (5 ) – – to lifetime ECL credit-impaired – (15 ) 15 – Provision for (reversal of) credit losses (2) (24 ) (40 ) 51 (13 ) Write-offs – – (70 ) (70 ) Recoveries – – 18 18 Interest income on impaired loans – – (1 ) (1 ) Foreign exchange and other (2 ) – (1 ) (3 ) Balance at end of period $ 155 $ 495 $ 115 $ 765 Credit card Balance at beginning of period $ 116 $ 574 $ – $ 690 Originations net of repayments and other derecognitions – (18 ) – (18 ) Changes in model – – – – Net remeasurement (1) (45 ) 104 26 85 Transfers (1) – to 12-month 98 (98 ) – – – to lifetime ECL performing (6 ) 6 – – – to lifetime ECL credit-impaired – (117 ) 117 – Provision for (reversal of) credit losses (2) 47 (123 ) 143 67 Write-offs – – (174 ) (174 ) Recoveries – – 31 31 Interest income on impaired loans – – – – Foreign exchange and other – – – – Balance at end of period $ 163 $ 451 $ – $ 614 Business and government Balance at beginning of period $ 462 $ 623 $ 686 $ 1,771 Originations net of repayments and other derecognitions 5 (2 ) (3 ) – Changes in model – – – – Net remeasurement (1) (103 ) 34 14 (55 ) Transfers (1) – to 12-month 42 (36 ) (6 ) – – to lifetime ECL performing (22 ) 27 (5 ) – – to lifetime ECL credit-impaired (2 ) (13 ) 15 – Provision for (reversal of) credit losses (2) (80 ) 10 15 (55 ) Write-offs – – (66 ) (66 ) Recoveries – – 5 5 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other (12 ) (14 ) (15 ) (41 ) Balance at end of period $ 370 $ 619 $ 620 $ 1,609 Total ECL allowance (3) $ 748 $ 1,684 $ 906 $ 3,338 Comprises: Loans $ 665 $ 1,629 $ 906 $ 3,200 Undrawn credit facilities and other off-balance (4) 83 55 – 138 (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 (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 $15 million as at April 30, 2021 (January 31, 2021: $16 million; April 30, 2020: $15 million), $13 million of which was a stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (January 31, 2021: $13 million; April 30, 2020: $13 million). The ECL allowances for other financial assets classified at amortized cost were immaterial as at April 30, 2021 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our interim consolidated balance sheet net of ECL allowances. (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 2021 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 credit-impaired (5) Total Residential mortgages Balance at beginning of period $ 51 $ 161 $ 151 $ 363 $ 28 $ 40 $ 146 $ 214 Originations net of repayments and other derecognitions 4 (6 ) (4 ) (6 ) 2 (2 ) (5 ) (5 ) Changes in model – – – – (1 ) 2 – 1 Net remeasurement (1) (32 ) 7 22 (3 ) 23 35 25 83 Transfers (1) – to 12-month 33 (27 ) (6 ) – 8 (6 ) (2 ) – – to lifetime ECL performing (3 ) 10 (7 ) – (10 ) 14 (4 ) – – to lifetime ECL credit-impaired – (5 ) 5 – – (2 ) 2 – Provision for (reversal of) credit losses (2) 2 (21 ) 10 (9 ) 22 41 16 79 Write-offs – – (6 ) (6 ) – – (3 ) (3 ) Recoveries – – 1 1 – – 1 1 Interest income on impaired loans – – (4 ) (4 ) – – (4 ) (4 ) Foreign exchange and other (1 ) (4 ) (4 ) (9 ) – 1 2 3 Balance at end of period $ 52 $ 136 $ 148 $ 336 $ 50 $ 82 $ 158 $ 290 Personal Balance at beginning of period $ 204 $ 546 $ 113 $ 863 $ 182 $ 268 $ 121 $ 571 Originations net of repayments and other derecognitions 11 (15 ) (2 ) (6 ) 8 (9 ) (4 ) (5 ) Changes in model 1 1 – 2 (44 ) 79 – 35 Net remeasurement (1) (110 ) 84 61 35 31 168 81 280 Transfers (1) – to 12-month 87 (84 ) (3 ) – 43 (42 ) (1 ) – – to lifetime ECL performing (11 ) 16 (5 ) – (35 ) 40 (5 ) – – to lifetime ECL credit-impaired – (13 ) 13 – – (20 ) 20 – Provision for (reversal of) credit losses (2) (22 ) (11 ) 64 31 3 216 91 310 Write-offs – – (74 ) (74 ) – – (97 ) (97 ) Recoveries – – 17 17 – – 15 15 Interest income on impaired loans – – (1 ) (1 ) – – (2 ) (2 ) Foreign exchange and other (1 ) – (1 ) (2 ) – – 2 2 Balance at end of period $ 181 $ 535 $ 118 $ 834 $ 185 $ 484 $ 130 $ 799 Credit card Balance at beginning of period $ 136 $ 572 $ – $ 708 $ 159 $ 347 $ – $ 506 Originations net of repayments and other derecognitions (1 ) (26 ) – (27 ) (2 ) (28 ) – (30 ) Changes in model – – – – (19 ) 54 – 35 Net remeasurement (1) (88 ) 117 23 52 (7 ) 264 43 300 Transfers (1) – to 12-month 79 (79 ) – – 45 (45 ) – – – to lifetime ECL performing (10 ) 10 – – (31 ) 31 – – – to lifetime ECL credit-impaired – (20 ) 20 – – (59 ) 59 – Provision for (reversal of) credit losses (2) (20 ) 2 43 25 (14 ) 217 102 305 Write-offs – – (70 ) (70 ) – – (128 ) (128 ) Recoveries – – 27 27 – – 26 26 Interest income on impaired loans – – – – – – – – Foreign exchange and other – – – – – 1 – 1 Balance at end of period $ 116 $ 574 $ – $ 690 $ 145 $ 565 $ – $ 710 Business and government Balance at beginning of period $ 453 $ 683 $ 652 $ 1,788 $ 231 $ 163 $ 393 $ 787 Originations net of repayments and other derecognitions 17 (23 ) (5 ) (11 ) 24 (1 ) (5 ) 18 Changes in model – – – – 14 (5 ) – 9 Net remeasurement (1) (62 ) 55 118 111 314 246 131 691 Transfers (1) – to 12-month 81 (75 ) (6 ) – 13 (11 ) (2 ) – – to lifetime ECL performing (12 ) 14 (2 ) – (131 ) 133 (2 ) – – to lifetime ECL credit-impaired (2 ) (12 ) 14 – – (12 ) 12 – Provision for (reversal of) credit losses (2) 22 (41 ) 119 100 234 350 134 718 Write-offs – – (70 ) (70 ) – – (16 ) (16 ) Recoveries – – 3 3 – – 3 3 Interest income on impaired loans – – (6 ) (6 ) – – (3 ) (3 ) Foreign exchange and other (13 ) (19 ) (12 ) (44 ) 9 4 10 23 Balance at end of period $ 462 $ 623 $ 686 $ 1,771 $ 474 $ 517 $ 521 $ 1,512 Total ECL allowance (3) $ 811 $ 1,868 $ 952 $ 3,631 $ 854 $ 1,648 $ 809 $ 3,311 Comprises: Loans $ 724 $ 1,808 $ 952 $ 3,484 $ 704 $ 1,553 $ 807 $ 3,064 Undrawn credit facilities and other off-balance (4) 87 60 – 147 150 95 2 247 See previous page for footnote references. $ millions, as at or for the six months ended 2021 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 credit-impaired (5) Total Residential mortgages Balance at beginning of period $ 51 $ 161 $ 151 $ 363 $ 28 $ 43 $ 140 $ 211 Originations net of repayments and other derecognitions 10 (8 ) (7 ) (5 ) 3 (5 ) (10 ) (12 ) Changes in model – – 16 16 (2 ) 2 – – Net remeasurement (1) (57 ) 20 50 13 11 42 47 100 Transfers (1) – to 12-month 64 (53 ) (11 ) – 20 (16 ) (4 ) – – to lifetime ECL performing (5 ) 17 (12 ) – (11 ) 19 (8 ) – – to lifetime ECL credit-impaired – (11 ) 11 – – (4 ) 4 – Provision for (reversal of) credit losses (2) 12 (35 ) 47 24 21 38 29 88 Write-offs – – (12 ) (12 ) – – (6 ) (6 ) Recoveries – – 2 2 – – 2 2 Interest income on impaired loans – – (9 ) (9 ) – – (9 ) (9 ) Foreign exchange and other (3 ) (7 ) (8 ) (18 ) 1 1 2 4 Balance at end of period $ 60 $ 119 $ 171 $ 350 $ 50 $ 82 $ 158 $ 290 Personal Balance at beginning of period $ 204 $ 546 $ 113 $ 863 $ 174 $ 271 $ 128 $ 573 Originations net of repayments and other derecognitions 22 (29 ) (4 ) (11 ) 17 (22 ) (7 ) (12 ) Changes in model (3 ) 1 (1 ) (3 ) (33 ) 72 – 39 Net remeasurement (1) (208 ) 133 107 32 (40 ) 258 145 363 Transfers (1) – to 12-month 162 (157 ) (5 ) – 110 (107 ) (3 ) – – to lifetime ECL performing (19 ) 29 (10 ) – (43 ) 51 (8 ) – – to lifetime ECL credit-impaired – (28 ) 28 – – (39 ) 39 – Provision for (reversal of) credit losses (2) (46 ) (51 ) 115 18 11 213 166 390 Write-offs – – (144 ) (144 ) – – (197 ) (197 ) Recoveries – – 35 35 – – 35 35 Interest income on impaired loans – – (2 ) (2 ) – – (3 ) (3 ) Foreign exchange and other (3 ) – (2 ) (5 ) – – 1 1 Balance at end of period $ 155 $ 495 $ 115 $ 765 $ 185 $ 484 $ 130 $ 799 Credit card Balance at beginning of period $ 136 $ 572 $ – $ 708 $ 145 $ 340 $ – $ 485 Originations net of repayments and other derecognitions (1 ) (44 ) – (45 ) (2 ) (45 ) – (47 ) Changes in model – – – – (6 ) 59 – 53 Net remeasurement (1) (133 ) 221 49 137 (84 ) 420 83 419 Transfers (1) – to 12-month 177 (177 ) – – 132 (132 ) – – – to lifetime ECL performing (16 ) 16 – – (40 ) 40 – – – to lifetime ECL credit-impaired – (137 ) 137 – – (117 ) 117 – Provision for (reversal of) credit losses (2) 27 (121 ) 186 92 – 225 200 425 Write-offs – – (244 ) (244 ) – – (254 ) (254 ) Recoveries – – 58 58 – – 54 54 Interest income on impaired loans – – – – – – – – Foreign exchange and other – – – – – – – – Balance at end of period $ 163 $ 451 $ – $ 614 $ 145 $ 565 $ – $ 710 Business and government Balance at beginning of period $ 453 $ 683 $ 652 $ 1,788 $ 239 $ 158 $ 378 $ 775 Originations net of repayments and other derecognitions 22 (25 ) (8 ) (11 ) 31 (6 ) (10 ) 15 Changes in model – – – – 14 (1 ) (1 ) 12 Net remeasurement (1) (165 ) 89 132 56 285 268 190 743 Transfers (1) – to 12-month 123 (111 ) (12 ) – 37 (33 ) (4 ) – – to lifetime ECL performing (34 ) 41 (7 ) – (142 ) 145 (3 ) – – to lifetime ECL credit-impaired (4 ) (25 ) 29 – – (20 ) 20 – Provision for (reversal of) credit losses (2) (58 ) (31 ) 134 45 225 353 192 770 Write-offs – – (136 ) (136 ) – – (56 ) (56 ) Recoveries – – 8 8 – – 6 6 Interest income on impaired loans – – (11 ) (11 ) – – (8 ) (8 ) Foreign exchange and other (25 ) (33 ) (27 ) (85 ) 10 6 9 25 Balance at end of period $ 370 $ 619 $ 620 $ 1,609 $ 474 $ 517 $ 521 $ 1,512 Total ECL allowance (3) $ 748 $ 1,684 $ 906 $ 3,338 $ 854 $ 1,648 $ 809 $ 3,311 Comprises: Loans $ 665 $ 1,629 $ 906 $ 3,200 $ 704 $ 1,553 $ 807 $ 3,064 Undrawn credit facilities and other off-balance (4) 83 55 – 138 150 95 2 247 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 April 30, 2021 Average value over the next Average (1) Average value over the next Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 5.3 % 2.5 % 7.0 % 3.3 % 3.4 % 1.7 % United States 5.6 % 2.8 % 7.2 % 3.9 % 2.2 % 1.0 % Unemployment rate Canada (2) 7.2 % 6.1 % 6.7 % 5.4 % 8.4 % 7.0 % United States 4.9 % 4.0 % 4.4 % 3.3 % 7.1 % 6.3 % Canadian Housing Price Index growth (2) 4.7 % 4.0 % 8.5 % 5.6 % (2.8 ) % 1.4 % Standard and Poor’s (S&P) 500 Index growth rate 5.0 % 5.0 % 10.7 % 8.8 % (7.2 ) % (5.8 ) % West Texas Intermediate Oil Price (US$) $ 59 $ 61 $ 70 $ 75 $ 46 $ 48 Base case Upside case Downside case As at January 31, 2021 Average Average (1) Average 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 to four years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. |
Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades | 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 $ 159,840 $ 4 $ – $ 159,844 $ 146,139 $ 2 $ – $ 146,141 – Very low 46,632 1,939 – 48,571 45,678 1,166 – 46,844 – Low 10,724 6,253 – 16,977 12,491 6,042 – 18,533 – Medium 190 5,039 – 5,229 232 4,924 – 5,156 – High 122 793 – 915 – 1,054 – 1,054 – Default – – 590 590 – – 654 654 – Not rated 1,890 562 169 2,621 1,810 818 155 2,783 Gross residential mortgages (3)(4) 219,398 14,590 759 234,747 206,350 14,006 809 221,165 ECL allowance 60 119 171 350 51 161 151 363 Net residential mortgages 219,338 14,471 588 234,397 206,299 13,845 658 220,802 Personal – Exceptionally low 21,020 – – 21,020 23,302 – – 23,302 – Very low 3,974 151 – 4,125 1,618 157 – 1,775 – Low 8,993 2,305 – 11,298 8,662 2,497 – 11,159 – Medium 1,559 2,447 – 4,006 1,265 2,768 – 4,033 – High 280 826 – 1,106 331 769 – 1,100 – Default – – 138 138 – – 140 140 – Not rated 529 103 46 678 513 159 41 713 Gross personal (4) 36,355 5,832 184 42,371 35,691 6,350 181 42,222 ECL allowance 134 491 115 740 179 540 113 832 Net personal 36,221 5,341 69 41,631 35,512 5,810 68 41,390 Credit card – Exceptionally low 3,279 – – 3,279 3,285 – – 3,285 – Very low 1,344 – – 1,344 1,388 – – 1,388 – Low 2,199 – – 2,199 2,340 – – 2,340 – Medium 2,022 1,327 – 3,349 1,778 1,973 – 3,751 – High – 333 – 333 – 472 – 472 – Default – – – – – – – – – Not rated 116 13 – 129 135 18 – 153 Gross credit card 8,960 1,673 – 10,633 8,926 2,463 – 11,389 ECL allowance 153 432 – 585 125 542 – 667 Net credit card 8,807 1,241 – 10,048 8,801 1,921 – 10,722 Business and government (5) – Investment grade 56,264 407 – 56,671 50,691 307 – 50,998 – Non-investment grade 81,132 5,059 – 86,191 80,471 7,319 – 87,790 – Watchlist 164 2,949 – 3,113 447 4,291 – 4,738 – Default – – 1,391 1,391 – – 1,359 1,359 – Not rated 159 44 – 203 218 49 – 267 Gross business and government (3)(6) 137,719 8,459 1,391 147,569 131,827 11,966 1,359 145,152 ECL allowance 318 587 620 1,525 380 648 650 1,678 Net business and government 137,401 7,872 771 146,044 131,447 11,318 709 143,474 Total net amount of loans $ 401,767 $ 28,925 $ 1,428 $ 432,120 $ 382,059 $ 32,894 $ 1,435 $ 416,388 (1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $18 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 $15 million were recognized as at April 30, 2021 (October 31, 2020: $16 million), $13 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (October 31, 2020: $14 million). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at April 30, 2021 and October 31, 2020. Financial assets other than loans that are classified as amortized cost are presented on our interim consolidated balance sheet net of ECL allowances. (2) Excludes foreclosed assets of $22 million (October 31, 2020: $23 million) which were included in Other assets on our interim consolidated balance sheet. (3) Includes $29 million (October 31, 2020: $63 million) of residential mortgages and $23,116 million (October 31, 2020: $23,291 million) of business and government loans that are measured at FVTPL. (4) The internal risk rating grades presented for residential mortgages and certain personal loans do not take into account loan guarantees or insurance issued by the Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the determination of whether a significant increase in credit risk has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements. (5) Certain prior period amounts were restated. (6) Includes customers’ liability under acceptances of $11,002 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 $ 132,460 $ 4 $ – $ 132,464 $ 124,690 $ 8 $ – $ 124,698 – Very low 7,354 137 – 7,491 6,632 137 – 6,769 – Low 8,712 497 – 9,209 8,703 416 – 9,119 – Medium 906 597 – 1,503 909 692 – 1,601 – High 96 435 – 531 263 503 – 766 – Default – – 30 30 – – 28 28 – Not rated 393 13 – 406 411 23 – 434 Gross retail 149,921 1,683 30 151,634 141,608 1,779 28 143,415 ECL allowance 31 23 – 54 36 36 – 72 Net retail 149,890 1,660 30 151,580 141,572 1,743 28 143,343 Business and government (1) – Investment grade 97,809 117 – 97,926 89,883 149 – 90,032 – Non-investment grade 56,261 2,144 – 58,405 55,910 3,679 – 59,589 – Watchlist 15 1,118 – 1,133 91 1,665 – 1,756 – Default – – 119 119 – – 129 129 – Not rated 556 26 – 582 795 41 – 836 Gross business and government 154,641 3,405 119 158,165 146,679 5,534 129 152,342 ECL allowance 52 32 – 84 73 35 2 110 Net business and government 154,589 3,373 119 158,081 146,606 5,499 127 152,232 Total net undrawn credit facilities and other off-balance $ 304,479 $ 5,033 $ 149 $ 309,661 $ 288,178 $ 7,242 $ 155 $ 295,575 (1) Certain prior period amounts were restated. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Summary of Deposits and Components | $ millions, as at 2021 2020 Payable on (3) Payable (4) Payable on a (5)(6) Total Total Personal $ 15,493 $ 139,262 $ 52,273 $ 207,028 $ 202,152 Business and government (7) 90,153 76,422 146,626 313,201 311,426 Bank 9,095 477 7,568 17,140 17,011 Secured borrowings (8) – – 39,194 39,194 40,151 $ 114,741 $ 216,161 $ 245,661 $ 576,563 $ 570,740 Comprised of: Held at amortized cost $ 559,454 $ 557,321 Designated at fair value 17,109 13,419 $ 576,563 $ 570,740 Total deposits include (9) Non-interest-bearing Canada $ 80,976 $ 71,122 U.S. 13,779 13,833 Other international 5,098 5,798 Interest-bearing deposits Canada 380,765 389,439 U.S. 71,960 66,399 Other international 23,985 24,149 $ 576,563 $ 570,740 (1) Includes deposits of $195.6 billion (October 31, 2020: $185.2 billion) denominated in U.S. dollars and deposits of $30.9 billion (October 31, 2020: $30.2 billion) denominated in other foreign currencies. (2) Net of purchased notes of $3.7 billion (October 31, 2020: $3.1 billion). (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 $23.9 billion (October 31, 2020: $19.9 billion) of deposits which are subject to the bank recapitalization (bail-in) non-viable. (7) Includes $301 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) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Schedule of Common Shares Issued | Common shares For the three For the six $ millions, except number of shares 2021 2021 2020 2021 2020 Number Amount Number Amount Number Amount Number Amount Number Amount Balance at beginning of period 447,849,605 $ 13,991 447,085,329 $ 13,908 444,981,533 $ 13,669 447,085,329 $ 13,908 445,341,675 $ 13,591 Issuance pursuant to: Equity-settled share-based compensation plans (1) 643,481 66 294,626 29 71,409 8 938,107 95 546,357 59 Shareholder investment plan 259,931 33 294,164 32 454,791 36 554,095 65 788,795 72 Employee share purchase plan 309,137 37 346,076 38 376,684 34 655,213 75 700,963 70 449,062,154 $ 14,127 448,020,195 $ 14,007 445,884,417 $ 13,747 449,232,744 $ 14,143 447,377,790 $ 13,792 Purchase of common shares for cancellation 0 0 – – (710,800 ) (22 ) 0 0 (2,208,600 ) (68 ) Treasury shares 30,972 3 (170,590 ) (16 ) (40,261 ) (3 ) (139,618 ) (13 ) (35,834 ) (2 ) Balance at end of period 449,093,126 $ 14,130 447,849,605 $ 13,991 445,133,356 $ 13,722 449,093,126 $ 14,130 445,133,356 $ 13,722 (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) $ 31,915 $ 30,876 Tier 1 capital A 35,759 34,775 Total capital 41,826 40,969 Total risk-weighted assets (RWA) 257,997 254,871 CET1 ratio 12.4 % 12.1 % Tier 1 capital ratio 13.9 % 13.6 % Total capital ratio 16.2 % 16.1 % Leverage ratio exposure (2) B $ 767,391 $ 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) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Summary of Defined Benefit Plan Expense | Defined benefit plan expense For the three For the six $ millions 2021 2021 2020 2021 2021 2020 2021 2020 2021 2020 Pension plans Other post-employment plans Pension plans Other post-employment plans Current service cost $ 70 $ 71 $ 70 $ 2 $ 2 $ 4 $ 141 $ 138 $ 4 $ 7 Past service cost (1) – – – – – – – (32 ) – (1 ) Net interest (income) expense (4 ) (4 ) (2 ) 4 4 5 (8 ) (5 ) 8 10 Special termination benefits (1) – – – – – – – 9 – – Plan administration costs 2 2 2 – – – 4 4 – – Net defined benefit plan expense recognized in net income $ 68 $ 69 $ 70 $ 6 $ 6 $ 9 $ 137 $ 114 $ 12 $ 16 (1) Includes amounts related to the restructuring recognized in 2020. |
Summary of Defined Contributions Plan Expense | Defined contribution plan expense For the three For the six $ millions 2021 2021 2020 2021 2020 Defined contribution pension plans $ 13 $ 11 $ 8 $ 24 $ 17 Government pension plans (1) 38 36 37 74 72 Total defined contribution plan expense $ 51 $ 47 $ 45 $ 98 $ 89 (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) For the three For the six $ millions 2021 2021 2020 2021 2021 Jan. 31 2020 2021 2020 2021 2020 Pension plans Other Pension plans Other post-employment plans Net actuarial gains (losses) on defined benefit obligation $ 674 $ 60 $ 487 $ 37 $ 3 $ 30 $ 734 $ 59 $ 40 $ 1 Net actuarial gains (losses) on plan assets (267 ) 207 (178 ) – – – (60 ) 137 – – Changes in asset ceiling excluding interest income – – (3 ) – – – – (2 ) – – Net remeasurement gains (losses) recognized in OCI $ 407 $ 267 $ 306 $ 37 $ 3 $ 30 $ 674 $ 194 $ 40 $ 1 (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) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Summary of Earnings Per Share | For the three months ended For the six months ended $ millions, except number of shares and per share amounts 2021 2021 2020 2021 2020 Basic earnings per share Net income attributable to equity shareholders $ 1,647 $ 1,621 $ 400 $ 3,268 $ 1,605 Less: Preferred share dividends and distributions on other equity instruments 51 30 30 81 61 Net income attributable to common shareholders $ 1,596 $ 1,591 $ 370 $ 3,187 $ 1,544 Weighted-average common shares outstanding (thousands) 448,455 447,281 444,739 447,859 444,997 Basic earnings per share $ 3.56 $ 3.56 $ 0.83 $ 7.12 $ 3.47 Diluted earnings per share Net income attributable to common shareholders $ 1,596 $ 1,591 $ 370 $ 3,187 $ 1,544 Weighted-average common shares outstanding (thousands) 448,455 447,281 444,739 447,859 444,997 Add: Stock options potentially exercisable (1) 796 502 302 628 439 Add: Equity-settled consideration (thousands) 94 146 147 134 174 Weighted-average diluted common shares outstanding (thousands) 449,345 447,929 445,188 448,621 445,610 Diluted earnings per share $ 3.55 $ 3.55 $ 0.83 $ 7.10 $ 3.46 (1) Excludes average options outstanding of nil (January 31, 2021: 3,840,348; April 30, 2020: 4,839,980) with a weighted-average exercise price of nil (January 31, 2021: $112.71; April 30, 2020: $ |
Interest income and expense (Ta
Interest income and expense (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
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. For the three months ended For the six months ended $ millions 2021 2021 2020 2021 2020 Interest Interest Interest Interest Interest Interest Interest Interest Interest Interest Measured at amortized cost (1) $ 3,098 $ 703 $ 3,256 $ 814 $ 3,998 $ 1,858 $ 6,354 $ 1,517 $ 8,433 $ 4,184 Debt securities measured at FVOCI (1) 83 n/a 98 n/a 206 n/a 181 n/a 446 n/a Other (2) 392 123 417 118 498 82 809 241 1,005 177 Total $ 3,573 $ 826 $ 3,771 $ 932 $ 4,702 $ 1,940 $ 7,344 $ 1,758 $ 9,884 $ 4,361 (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) | 6 Months Ended |
Apr. 30, 2021 | |
Text block [abstract] | |
Detailed Report of Segments and Geographic Areas | $ millions, for the three months ended Canadian Canadian U.S. Capital Corporate CIBC 2021 Net interest income (1) $ 1,425 $ 305 $ 351 $ 662 $ 4 $ 2,747 Apr. 30 Non-interest (2) 516 830 181 532 126 2,185 Total revenue (1) 1,941 1,135 532 1,194 130 4,932 Provision for (reversal of) credit losses 65 (18 ) (12 ) (11 ) 8 32 Amortization and impairment (3) 53 7 27 3 159 249 Other non-interest 1,005 601 244 535 122 2,507 Income (loss) before income taxes 818 545 273 667 (159 ) 2,144 Income taxes (1) 215 146 57 172 (97 ) 493 Net income (loss) $ 603 $ 399 $ 216 $ 495 $ (62 ) $ 1,651 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 4 $ 4 Equity shareholders 603 399 216 495 (66 ) 1,647 Average assets (4) $ 266,763 $ 67,969 $ 46,364 $ 250,627 $ 163,650 $ 795,373 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) $ 1,432 $ 321 $ 370 $ 568 $ 71 $ 2,762 Apr. 30 (5) Non-interest (2) 504 704 141 399 68 1,816 Total revenue (1) 1,936 1,025 511 967 139 4,578 Provision for credit losses 640 186 230 236 120 1,412 Amortization and impairment (3) 57 7 34 2 180 280 Other non-interest 1,017 552 257 490 108 2,424 Income (loss) before income taxes 222 280 (10 ) 239 (269 ) 462 Income taxes (1) 59 74 (25 ) 62 (100 ) 70 Net income (loss) $ 163 $ 206 $ 15 $ 177 $ (169 ) $ 392 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ (8 ) $ (8 ) Equity shareholders 163 206 15 177 (161 ) 400 Average assets (4) $ 251,898 $ 66,931 $ 49,182 $ 235,064 $ 122,626 $ 725,701 (1) Capital Markets net interest income and income taxes includes a taxable equivalent basis (TEB) adjustment of $51 million for the three months ended April 30, 2021 (January 31, 2021: $54 million; April 30, 2020: $46 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 (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. |
Breakdown of revenue from reporting segments | $ millions, for the six months ended Canadian Canadian U.S. Capital Corporate CIBC 2021 Net interest income (1) $ 2,908 $ 603 $ 725 $ 1,344 $ 6 $ 5,586 Apr. 30 Non-interest (2) 1,058 1,620 368 1,024 239 4,309 Total revenue (1) 3,966 2,223 1,093 2,368 245 9,895 Provision for (reversal of) credit losses 119 15 33 (6 ) 18 179 Amortization and impairment (3) 106 14 55 5 306 486 Other non-interest 2,038 1,166 496 1,055 241 4,996 Income (loss) before income taxes 1,703 1,028 509 1,314 (320 ) 4,234 Income taxes (1) 448 275 105 326 (196 ) 958 Net income (loss) $ 1,255 $ 753 $ 404 $ 988 $ (124 ) $ 3,276 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 8 $ 8 Equity shareholders 1,255 753 404 988 (132 ) 3,268 Average assets (4) $ 264,109 $ 66,853 $ 46,942 $ 250,521 $ 169,273 $ 797,698 2020 Net interest income (1) $ 2,937 $ 636 $ 712 $ 1,066 $ 172 $ 5,523 Apr. 30 (5) Non-interest (2) 1,078 1,444 300 907 181 3,910 Total revenue (1) 4,015 2,080 1,012 1,973 353 9,433 Provision for credit losses 851 221 245 230 126 1,673 Amortization and impairment (3) 114 14 66 5 327 526 Other non-interest 2,046 1,106 523 979 589 5,243 Income (loss) before income taxes 1,004 739 178 759 (689 ) 1,991 Income taxes (1) 266 197 (2 ) 204 (278 ) 387 Net income (loss) $ 738 $ 542 $ 180 $ 555 $ (411 ) $ 1,604 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ (1 ) $ (1 ) Equity shareholders 738 542 180 555 (410 ) 1,605 Average assets (4) $ 251,745 $ 66,085 $ 46,972 $ 223,998 $ 113,562 $ 702,362 (1) Capital Markets net interest income and income taxes includes a TEB adjustment of $105 million, for the six months ended April 30, 2021 (April 30, 2020: $95 million) with an equivalent offset in Corporate and Other. (2) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Manufacturer / Customer Segment / Distributor Management Model. (3) Comprises amortization and impairment of buildings, right-of-use (4) Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. (5) Certain prior period information has been revised. See the “Changes made to our business segments” section for additional details. |
IFRS 7 - Disclosure - Credit Ri
IFRS 7 - Disclosure - Credit Risk - Summary of Exposure to Credit Risk (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 870,013 | $ 861,193 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 11,260 | 9,960 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 408,429 | 416,870 |
Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 231,091 | 248,265 |
Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 64,009 | 59,379 |
Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 221,772 | 202,809 |
Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 78,971 | 75,399 |
Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,521 | 18,850 |
Business and government portfolios [member] | Repo style transaction collateral [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 204,935 | 187,832 |
Retail portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 279,121 | 265,097 |
Retail portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 92,093 | 87,294 |
Retail portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 335 | 306 |
Standardized portfolios [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 79,639 | 79,350 |
Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 10,396 | 12,276 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,074,948 | 1,049,025 |
Gross carrying amount [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 613,364 | 604,702 |
Gross carrying amount [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 371,549 | $ 352,697 |
IFRS 7 - Disclosure - Credit _2
IFRS 7 - Disclosure - Credit Risk - Summary of Exposure to Credit Risk (Parenthetical) (Detail) - CAD ($) $ in Billions | Apr. 30, 2021 | Oct. 31, 2020 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | $ 69 | $ 69.7 |
Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | 5.9 | 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 | 43.3 | 45.7 |
Standardized approach risk [member] | Business and government portfolios [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | 24.1 | 22.7 |
Standardized approach risk [member] | Business and government portfolios [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to credit risk | $ 1.6 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 870,013 | $ 861,193 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 11,260 | $ 9,960 |
Exposure percentage | 100.00% | 100.00% |
Investment grade [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 8,670 | $ 7,450 |
Exposure percentage | 77.00% | 74.80% |
Non investment grade [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 2,480 | $ 2,400 |
Exposure percentage | 22.00% | 24.10% |
Watch list [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 100 | $ 100 |
Exposure percentage | 0.90% | 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Credit Risk [line items] | ||
Past due loans | $ 1,335 | $ 1,976 |
Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 672 | 1,152 |
Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 159 | 222 |
Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 203 | 321 |
Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 301 | $ 281 |
Later than one months and not later than three months [member] | ||
Credit Risk [line items] | ||
Past due loans | 1,257 | |
Later than one months and not later than three months [member] | Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 672 | |
Later than one months and not later than three months [member] | Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 159 | |
Later than one months and not later than three months [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 125 | |
Later than one months and not later than three months [member] | Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 301 | |
Later than three months [member] | ||
Credit Risk [line items] | ||
Past due loans | 78 | |
Later than three months [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | $ 78 |
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 | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Market Risk [line items] | |||||
Total VaR (one-day measure) | $ 7.2 | $ 7 | $ 13.1 | ||
Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 10.3 | 5.2 | 7.4 | ||
Credit risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 9.4 | 8.8 | 8.7 | ||
Equity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 3.3 | 3.7 | 4.7 | ||
Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 1.1 | 1.4 | 1.7 | ||
Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 1.1 | 3.2 | 7.9 | ||
Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 3.5 | 4.1 | 2.5 | ||
Risk diversification effect [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | (21.5) | (19.4) | (19.8) | ||
High [Member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 10 | ||||
High [Member] | Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 12 | ||||
High [Member] | Credit risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 11.8 | ||||
High [Member] | Equity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 5.3 | ||||
High [Member] | Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 1.7 | ||||
High [Member] | Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 5.2 | ||||
High [Member] | Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 5.7 | ||||
Low [Member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 4.6 | ||||
Low [Member] | Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 4.1 | ||||
Low [Member] | Credit risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 6.1 | ||||
Low [Member] | Equity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 3 | ||||
Low [Member] | Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 0.7 | ||||
Low [Member] | Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 1.1 | ||||
Low [Member] | Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 2.1 | ||||
Average risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 6.8 | 7.8 | 11.9 | $ 7.3 | $ 8.9 |
Average risk [member] | Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 7.5 | 6.6 | 5.3 | 7.1 | 5.9 |
Average risk [member] | Credit risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 8.9 | 8 | 6.4 | 8.5 | 4.1 |
Average risk [member] | Equity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 3.7 | 3.4 | 5 | 3.5 | 3.7 |
Average risk [member] | Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 1.2 | 1.7 | 1.4 | 1.4 | 2 |
Average risk [member] | Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 3.1 | 3.1 | 2.6 | 3.1 | 2.8 |
Average risk [member] | Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | 3.5 | 3.2 | 2.2 | 3.3 | 2.1 |
Average risk [member] | Risk diversification effect [member] | |||||
Market Risk [line items] | |||||
Total VaR (one-day measure) | $ (21.1) | $ (18.2) | $ (11) | $ (19.6) | $ (11.7) |
IFRS 7 - Disclosure - Market _2
IFRS 7 - Disclosure - Market Risk - Additional Information (Detail) - Market risk [member] $ in Millions | 3 Months Ended |
Apr. 30, 2021CAD ($) | |
Disclosure of Risk Management [line items] | |
Increase (decrease) in average total VaR | $ (1) |
Increase (decrease) in average stressed total VaR | (0.9) |
Increase (decrease) in average IRC | $ 27 |
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 | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | $ 27.2 | $ 30 | $ 22.3 | ||
Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 31.3 | 25.7 | 18.2 | ||
Credit risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 6.8 | 10.2 | 9.2 | ||
Equity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 6.4 | 13.6 | 3.7 | ||
Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 2.1 | 15.7 | 11.8 | ||
Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 2.6 | 2 | 3.6 | ||
Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 5.5 | 6.3 | 4.6 | ||
Risk diversification effect [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | (27.5) | (43.5) | (28.8) | ||
High [Member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 40 | ||||
High [Member] | Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 39.8 | ||||
High [Member] | Credit risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 12.1 | ||||
High [Member] | Equity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 14.8 | ||||
High [Member] | Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 12.1 | ||||
High [Member] | Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 11.1 | ||||
High [Member] | Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 6.8 | ||||
Low [Member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 17.6 | ||||
Low [Member] | Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 13.6 | ||||
Low [Member] | Credit risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 5.7 | ||||
Low [Member] | Equity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 2.5 | ||||
Low [Member] | Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 0.2 | ||||
Low [Member] | Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 1.5 | ||||
Low [Member] | Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 4.1 | ||||
Average risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 26.2 | 27.1 | 21.7 | $ 26.6 | $ 20.3 |
Average risk [member] | Interest rate risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 23.7 | 24.4 | 17.7 | 24 | 22.7 |
Average risk [member] | Credit risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 8.9 | 9.8 | 10.1 | 9.3 | 10.1 |
Average risk [member] | Equity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 8.1 | 8.9 | 7.2 | 8.5 | 4.7 |
Average risk [member] | Foreign exchange risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 2.4 | 10.7 | 6.7 | 6.5 | 8.9 |
Average risk [member] | Commodity price risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 3.1 | 2.3 | 4.4 | 2.7 | 5.4 |
Average risk [member] | Debt specific risk [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | 5.2 | 5.8 | 5.4 | 5.5 | 5.2 |
Average risk [member] | Risk diversification effect [member] | |||||
Market Risk [line items] | |||||
Stressed total VaR (one-day measure) | $ (25.2) | $ (34.8) | $ (29.8) | $ (29.9) | $ (36.7) |
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 | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Market Risk [line items] | |||||
IRC (one-year measure) | $ 219.8 | $ 181 | $ 208.6 | ||
Default risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 152.3 | 130.5 | 128.9 | ||
Migration risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 67.5 | 50.5 | 79.7 | ||
High [Member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 266.4 | ||||
High [Member] | Default risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 208.8 | ||||
High [Member] | Migration risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 74.9 | ||||
Low [Member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 164.3 | ||||
Low [Member] | Default risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 113.5 | ||||
Low [Member] | Migration risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 43.5 | ||||
Average risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 199.2 | 172.2 | 229.2 | $ 185.9 | $ 228.5 |
Average risk [member] | Default risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | 144.2 | 113.1 | 146.9 | 128.9 | 152.2 |
Average risk [member] | Migration risk [member] | |||||
Market Risk [line items] | |||||
IRC (one-year measure) | $ 55 | $ 59.1 | $ 82.3 | $ 57 | $ 76.3 |
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 | |||||
Apr. 30, 2021CAD ($) | Apr. 30, 2021USD ($) | Jan. 31, 2021CAD ($) | Jan. 31, 2021USD ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2020USD ($) | |
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 | $ 362 | $ 384 | $ 296 | |||
Increase (decrease) in present value of shareholders' equity | (608) | (564) | (579) | |||
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 | (148) | (122) | (92) | |||
Increase (decrease) in present value of shareholders' equity | $ 83 | $ 77 | $ 107 | |||
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 | $ 77 | $ 42 | $ 47 | |||
Increase (decrease) in present value of shareholders' equity | (288) | (365) | (257) | |||
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 | (50) | (66) | (70) | |||
Increase (decrease) in present value of shareholders' equity | $ 27 | $ 40 | $ (12) |
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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | $ 377,405 | $ 373,807 |
Encumbered liquid assets | 174,620 | 151,135 |
Unencumbered liquid assets | 202,785 | 222,672 |
Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 47,197 | 62,518 |
Encumbered liquid assets | 283 | 133 |
Unencumbered liquid assets | 46,914 | 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 | 209,522 | 204,605 |
Encumbered liquid assets | 126,679 | 108,425 |
Unencumbered liquid assets | 82,843 | 96,180 |
Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 8,748 | 9,086 |
Encumbered liquid assets | 2,401 | 2,603 |
Unencumbered liquid assets | 6,347 | 6,483 |
Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 56,589 | 43,093 |
Encumbered liquid assets | 23,667 | 21,449 |
Unencumbered liquid assets | 32,922 | 21,644 |
Canadian government guaranteed National Housing Act mortgage-backed securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 37,776 | 41,487 |
Encumbered liquid assets | 13,577 | 13,084 |
Unencumbered liquid assets | 24,199 | 28,403 |
Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 17,573 | 13,018 |
Encumbered liquid assets | 8,013 | 5,441 |
Unencumbered liquid assets | 9,560 | 7,577 |
Bank owned liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 250,016 | 258,389 |
Bank owned liquid assets [member] | Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 47,197 | 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 | 109,774 | 112,403 |
Bank owned liquid assets [member] | Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 4,779 | 4,798 |
Bank owned liquid assets [member] | Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 36,398 | 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 | 37,459 | 40,592 |
Bank owned liquid assets [member] | Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 14,409 | 10,909 |
Securities received as collateral [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 127,389 | 115,418 |
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 | 99,748 | 92,202 |
Securities received as collateral [member] | Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 3,969 | 4,288 |
Securities received as collateral [member] | Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 20,191 | 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 | 317 | 895 |
Securities received as collateral [member] | Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | $ 3,164 | $ 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 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |||
Assets | |||||||||
Cash and non-interest-bearing deposits with banks | $ 26,924 | [1] | $ 42,986 | [1] | $ 43,531 | $ 37,768 | [1] | $ 4,754 | $ 3,840 |
Interest-bearing deposits with banks | 20,273 | 18,987 | |||||||
Securities | 155,122 | 149,046 | |||||||
Cash collateral on securities borrowed | 11,573 | 8,547 | |||||||
Securities purchased under resale agreements | 63,106 | 65,595 | |||||||
Loans | |||||||||
Residential mortgages | 234,747 | 221,165 | |||||||
Personal | 42,371 | 42,222 | |||||||
Credit card | 10,633 | 11,389 | |||||||
Business and government | 136,567 | 135,546 | |||||||
Allowance for credit losses | (3,200) | (3,484) | (3,540) | (3,064) | |||||
Derivative instruments | 35,313 | 32,730 | |||||||
Customers' liability under acceptances | 11,002 | 9,606 | |||||||
Other assets | 38,447 | ||||||||
Total assets | 782,878 | 769,551 | |||||||
Liabilities | |||||||||
Deposits | 576,563 | 570,740 | |||||||
Obligations related to securities sold short | 20,269 | 15,963 | |||||||
Cash collateral on securities lent | 3,205 | 1,824 | |||||||
Obligations related to securities sold under repurchase agreements | 66,120 | 71,653 | |||||||
Derivative instruments | 34,121 | 30,508 | |||||||
Acceptances | 11,071 | 9,649 | |||||||
Other liabilities | 23,196 | ||||||||
Subordinated indebtedness | 5,653 | 5,712 | |||||||
Equity | 42,680 | $ 41,929 | 41,335 | $ 40,253 | |||||
Total liabilities and equities | 782,878 | 769,551 | |||||||
Less than 1 month [member] | |||||||||
Assets | |||||||||
Cash and non-interest-bearing deposits with banks | 26,924 | ||||||||
Interest-bearing deposits with banks | 20,273 | ||||||||
Securities | 3,936 | ||||||||
Cash collateral on securities borrowed | 11,573 | ||||||||
Securities purchased under resale agreements | 33,633 | ||||||||
Loans | |||||||||
Residential mortgages | 1,825 | ||||||||
Personal | 1,171 | ||||||||
Credit card | 223 | ||||||||
Business and government | 18,864 | ||||||||
Derivative instruments | 2,078 | ||||||||
Customers' liability under acceptances | 9,795 | ||||||||
Total assets | 130,295 | 141,033 | |||||||
Liabilities | |||||||||
Deposits | 29,851 | ||||||||
Obligations related to securities sold short | 20,269 | ||||||||
Cash collateral on securities lent | 3,205 | ||||||||
Obligations related to securities sold under repurchase agreements | 47,141 | ||||||||
Derivative instruments | 3,271 | ||||||||
Acceptances | 9,864 | ||||||||
Other liabilities | 24 | ||||||||
Total liabilities and equities | 113,625 | 98,552 | |||||||
Later than one months and not later than three months [member] | |||||||||
Assets | |||||||||
Securities | 4,605 | ||||||||
Securities purchased under resale agreements | 18,345 | ||||||||
Loans | |||||||||
Residential mortgages | 4,714 | ||||||||
Personal | 832 | ||||||||
Credit card | 447 | ||||||||
Business and government | 6,566 | ||||||||
Derivative instruments | 4,225 | ||||||||
Customers' liability under acceptances | 1,171 | ||||||||
Total assets | 40,905 | 32,738 | |||||||
Liabilities | |||||||||
Deposits | 37,172 | ||||||||
Obligations related to securities sold under repurchase agreements | 14,725 | ||||||||
Derivative instruments | 4,834 | ||||||||
Acceptances | 1,171 | ||||||||
Other liabilities | 51 | ||||||||
Total liabilities and equities | 57,953 | 40,528 | |||||||
3 - 6 months [member] | |||||||||
Assets | |||||||||
Securities | 5,353 | ||||||||
Securities purchased under resale agreements | 6,273 | ||||||||
Loans | |||||||||
Residential mortgages | 11,214 | ||||||||
Personal | 1,112 | ||||||||
Credit card | 670 | ||||||||
Business and government | 5,682 | ||||||||
Derivative instruments | 3,603 | ||||||||
Customers' liability under acceptances | 20 | ||||||||
Total assets | 33,927 | 41,413 | |||||||
Liabilities | |||||||||
Deposits | 35,218 | ||||||||
Obligations related to securities sold under repurchase agreements | 1,285 | ||||||||
Derivative instruments | 4,342 | ||||||||
Acceptances | 20 | ||||||||
Other liabilities | 78 | ||||||||
Total liabilities and equities | 40,943 | 58,834 | |||||||
6 - 9 months [Member] | |||||||||
Assets | |||||||||
Securities | 5,118 | ||||||||
Securities purchased under resale agreements | 2,191 | ||||||||
Loans | |||||||||
Residential mortgages | 10,898 | ||||||||
Personal | 1,051 | ||||||||
Credit card | 670 | ||||||||
Business and government | 6,230 | ||||||||
Derivative instruments | 3,902 | ||||||||
Total assets | 30,060 | 32,267 | |||||||
Liabilities | |||||||||
Deposits | 27,150 | ||||||||
Obligations related to securities sold under repurchase agreements | 407 | ||||||||
Derivative instruments | 3,168 | ||||||||
Other liabilities | 73 | ||||||||
Total liabilities and equities | 30,798 | 43,919 | |||||||
9 - 12 months [Member] | |||||||||
Assets | |||||||||
Securities | 5,010 | ||||||||
Securities purchased under resale agreements | 2,652 | ||||||||
Loans | |||||||||
Residential mortgages | 9,583 | ||||||||
Personal | 1,251 | ||||||||
Credit card | 670 | ||||||||
Business and government | 8,696 | ||||||||
Derivative instruments | 1,636 | ||||||||
Customers' liability under acceptances | 16 | ||||||||
Total assets | 29,514 | 28,499 | |||||||
Liabilities | |||||||||
Deposits | 23,102 | ||||||||
Obligations related to securities sold under repurchase agreements | 2,217 | ||||||||
Derivative instruments | 1,574 | ||||||||
Acceptances | 16 | ||||||||
Other liabilities | 73 | ||||||||
Total liabilities and equities | 26,982 | 26,555 | |||||||
1 - 2 years [member] | |||||||||
Assets | |||||||||
Securities | 17,231 | ||||||||
Securities purchased under resale agreements | 12 | ||||||||
Loans | |||||||||
Residential mortgages | 46,977 | ||||||||
Personal | 500 | ||||||||
Credit card | 2,679 | ||||||||
Business and government | 24,331 | ||||||||
Derivative instruments | 4,355 | ||||||||
Total assets | 96,085 | 101,338 | |||||||
Liabilities | |||||||||
Deposits | 32,181 | ||||||||
Obligations related to securities sold under repurchase agreements | 345 | ||||||||
Derivative instruments | 2,951 | ||||||||
Other liabilities | 305 | ||||||||
Total liabilities and equities | 35,782 | 33,273 | |||||||
2 - 5 years [member] | |||||||||
Assets | |||||||||
Securities | 45,282 | ||||||||
Loans | |||||||||
Residential mortgages | 141,895 | ||||||||
Personal | 3,498 | ||||||||
Credit card | 5,274 | ||||||||
Business and government | 41,967 | ||||||||
Derivative instruments | 7,313 | ||||||||
Total assets | 245,229 | 224,276 | |||||||
Liabilities | |||||||||
Deposits | 47,244 | ||||||||
Derivative instruments | 6,182 | ||||||||
Other liabilities | 609 | ||||||||
Total liabilities and equities | 54,035 | 58,938 | |||||||
Over five year [member] | |||||||||
Assets | |||||||||
Securities | 31,337 | ||||||||
Loans | |||||||||
Residential mortgages | 7,641 | ||||||||
Personal | 3,874 | ||||||||
Business and government | 15,999 | ||||||||
Derivative instruments | 8,201 | ||||||||
Total assets | 67,052 | 69,248 | |||||||
Liabilities | |||||||||
Deposits | 13,743 | ||||||||
Derivative instruments | 7,799 | ||||||||
Other liabilities | 471 | ||||||||
Subordinated indebtedness | 5,653 | ||||||||
Total liabilities and equities | 27,666 | 26,416 | |||||||
No specific maturity [member] | |||||||||
Assets | |||||||||
Securities | 37,250 | ||||||||
Loans | |||||||||
Personal | 29,082 | ||||||||
Business and government | 8,232 | ||||||||
Allowance for credit losses | (3,200) | ||||||||
Other assets | 38,447 | ||||||||
Total assets | 109,811 | 98,739 | |||||||
Liabilities | |||||||||
Deposits | 330,902 | ||||||||
Other liabilities | 21,512 | ||||||||
Equity | 42,680 | ||||||||
Total liabilities and equities | $ 395,094 | $ 382,536 | |||||||
[1] | Includes restricted cash of $492 million (January 31, 2021: $493 million; April 30, 2020: $698 million) and interest-bearing demand deposits with Bank of Canada. |
IFRS 7 - Disclosure - Liquidi_3
IFRS 7 - Disclosure - Liquidity Risk - Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values (Parenthetical) (Detail) - CAD ($) $ in Billions | Apr. 30, 2021 | Oct. 31, 2020 |
Personal [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | $ 207 | $ 202.2 |
Business And Government Deposits And Secured Borrowings [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | 352.5 | 351.6 |
Bank [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | $ 17.1 | $ 17 |
IFRS 7 - Disclosure - Liquidi_4
IFRS 7 - Disclosure - Liquidity Risk - Summary of Credit Related Commitments (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of commitments [line items] | ||
Credit related commitments | $ 360,055 | $ 337,092 |
Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 283,095 | |
Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 49,096 | |
Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 14,804 | |
Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 11,706 | |
Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 194 | |
Other commitments to extend credit [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,160 | |
Less than 1 month [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 45,739 | 39,474 |
Less than 1 month [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,182 | |
Less than 1 month [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 40,200 | |
Less than 1 month [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,782 | |
Less than 1 month [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 369 | |
Less than 1 month [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 46 | |
Less than 1 month [member] | Other commitments to extend credit [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,160 | |
Later than one months and not later than three months [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 18,601 | 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 | 11,857 | |
Later than one months and not later than three months [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,919 | |
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 | 2,606 | |
Later than one months and not later than three months [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 136 | |
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 | 83 | |
3 - 6 months [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 11,761 | 11,188 |
3 - 6 months [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,578 | |
3 - 6 months [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 4,977 | |
3 - 6 months [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,500 | |
3 - 6 months [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 672 | |
3 - 6 months [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 34 | |
6 - 9 months [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 19,116 | 8,798 |
6 - 9 months [Member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 6,001 | |
6 - 9 months [Member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,030 | |
6 - 9 months [Member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 10,071 | |
6 - 9 months [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 14 | |
9 - 12 months [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 7,947 | 6,427 |
9 - 12 months [Member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 5,125 | |
9 - 12 months [Member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,578 | |
9 - 12 months [Member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 241 | |
9 - 12 months [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3 | |
1 - 2 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 24,934 | 20,638 |
1 - 2 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 24,173 | |
1 - 2 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 575 | |
1 - 2 years [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 181 | |
1 - 2 years [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 5 | |
2 - 5 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 46,636 | 51,245 |
2 - 5 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 45,924 | |
2 - 5 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 667 | |
2 - 5 years [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 36 | |
2 - 5 years [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 9 | |
Over 5 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,391 | 1,714 |
Over 5 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,325 | |
Over 5 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 66 | |
No specific maturity [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 181,930 | $ 173,157 |
No specific maturity [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | $ 181,930 |
IFRS 7 - Disclosure - Liquidi_5
IFRS 7 - Disclosure - Liquidity Risk - Summary of Credit Related Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of commitments [line items] | ||
Cash collateral on securities lent | $ 3,205 | $ 1,824 |
Personal, home equity, and credit card lines [member] | ||
Disclosure of commitments [line items] | ||
Capital commitment | 136,700 | 131,300 |
Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Cash collateral on securities lent | $ 3,200 | $ 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | $ 4,074 | $ 4,036 |
Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,965 | |
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 | 275 | |
Underwriting commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 210 | |
Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 135 | |
Less than 1 month [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 435 | 211 |
Less than 1 month [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 90 | |
Less than 1 month [member] | Underwriting commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 210 | |
Less than 1 month [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 135 | |
Later than one months and not later than three months [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 254 | 243 |
Later than one months and not later than three months [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 251 | |
Later than one months and not later than three months [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1 | |
Later than one months and not later than three months [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 2 | |
3 - 6 months [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 190 | 231 |
3 - 6 months [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 181 | |
3 - 6 months [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 7 | |
3 - 6 months [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 2 | |
6 - 9 months [Member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 167 | 239 |
6 - 9 months [Member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 156 | |
6 - 9 months [Member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 10 | |
6 - 9 months [Member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1 | |
9 - 12 months [Member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 129 | 204 |
9 - 12 months [Member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 118 | |
9 - 12 months [Member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 11 | |
1 - 2 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 480 | 488 |
1 - 2 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 428 | |
1 - 2 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 52 | |
2 - 5 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 520 | 795 |
2 - 5 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 423 | |
2 - 5 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 92 | |
2 - 5 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 5 | |
Over 5 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,899 | $ 1,625 |
Over 5 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 318 | |
Over 5 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,316 | |
Over 5 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | $ 265 |
Changes in accounting policie_3
Changes in accounting policies - Summary of notional amounts of our derivatives (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Nov. 01, 2020 | Oct. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | |||
Securities | $ 155,122 | $ 149,046 | |
Other deposits | $ 576,563 | $ 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) - CAD ($) $ in Billions | Apr. 30, 2021 | Nov. 01, 2020 |
Maturing After December 31 2021 [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total undrawn Loan Commitments | $ 53.1 | |
USD LIBOR [Member] | Maturing After December 31 2021 [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total undrawn Loan Commitments | 52.1 | |
USD LIBOR [Member] | Maturing After June 30 2023 [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total undrawn Loan Commitments | $ 614.9 | |
USD LIBOR [Member] | Maturing Beyond June 30, 2023 [Member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Total undrawn Loan Commitments | $ 31.1 | |
GBP LIBOR [Member] | Maturing After December 31 2021 [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 | Apr. 30, 2021 | Oct. 31, 2020 |
Financial assets | ||
Securities | $ 155,122 | $ 149,046 |
Cash collateral on securities borrowed | 11,573 | 8,547 |
Securities purchased under resale agreements | 63,106 | 65,595 |
Loans | ||
Residential mortgages | 234,747 | 221,165 |
Credit card | 10,633 | 11,389 |
Business and government | 136,567 | 135,546 |
Derivative instruments | 35,313 | 32,730 |
Customers' liability under acceptances | 11,002 | 9,606 |
Deposits | ||
Bank | 17,140 | 17,011 |
Secured borrowings | 39,194 | 40,151 |
Derivative instruments | 34,121 | 30,508 |
Obligations related to securities sold short | 20,269 | 15,963 |
Obligations related to securities sold under repurchase agreements | 66,120 | 71,653 |
Subordinated indebtedness | 5,653 | 5,712 |
Financial assets at amortised cost [member] | ||
Financial assets | ||
Cash and deposits with banks | 46,543 | 61,570 |
Securities | 32,848 | 31,800 |
Cash collateral on securities borrowed | 11,573 | 8,547 |
Securities purchased under resale agreements | 56,934 | 58,090 |
Loans | ||
Residential mortgages | 234,368 | 220,739 |
Personal | 41,631 | 41,390 |
Credit card | 10,048 | 10,722 |
Business and government | 111,535 | 110,220 |
Customers' liability under acceptances | 11,002 | 9,606 |
Other assets | 19,006 | 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 | 654 | 948 |
Securities | 72,772 | 62,576 |
Securities purchased under resale agreements | 6,172 | 7,505 |
Loans | ||
Residential mortgages | 29 | 63 |
Business and government | 23,116 | 23,291 |
Derivative instruments | 35,313 | 32,730 |
Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | ||
Financial assets | ||
Securities | 73 | 117 |
Loans | ||
Business and government | 391 | 357 |
Financial assets at fair value through OCI [member] | ||
Financial assets | ||
Securities | 49,429 | 54,553 |
Carrying value [member] | ||
Financial assets | ||
Cash and deposits with banks | 47,197 | 62,518 |
Securities | 155,122 | 149,046 |
Cash collateral on securities borrowed | 11,573 | 8,547 |
Securities purchased under resale agreements | 63,106 | 65,595 |
Loans | ||
Residential mortgages | 234,397 | 220,802 |
Personal | 41,631 | 41,390 |
Credit card | 10,048 | 10,722 |
Business and government | 135,042 | 133,868 |
Derivative instruments | 35,313 | 32,730 |
Customers' liability under acceptances | 11,002 | 9,606 |
Other assets | 19,006 | 15,940 |
Financial liabilities at amortised cost [member] | ||
Deposits | ||
Personal | 200,688 | 199,593 |
Business and government | 302,623 | 301,546 |
Bank | 17,140 | 17,011 |
Secured borrowings | 38,225 | 39,560 |
Acceptances | 11,071 | 9,649 |
Cash collateral on securities lent | 3,205 | 1,824 |
Obligations related to securities sold under repurchase agreements | 64,195 | 54,617 |
Other liabilities | 16,395 | 15,282 |
Subordinated indebtedness | 5,653 | 5,712 |
Financial liabilities at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Deposits | ||
Derivative instruments | 34,121 | 30,508 |
Obligations related to securities sold short | 20,269 | 15,963 |
Other liabilities | 119 | 133 |
Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently [member] | ||
Deposits | ||
Personal | 6,340 | 2,559 |
Business and government | 10,578 | 9,880 |
Secured borrowings | 969 | 591 |
Obligations related to securities sold under repurchase agreements | 1,925 | 17,036 |
Other liabilities | 26 | 9 |
Carrying value [member] | ||
Deposits | ||
Personal | 207,028 | 202,152 |
Business and government | 313,201 | 311,426 |
Bank | 17,140 | 17,011 |
Secured borrowings | 39,194 | 40,151 |
Derivative instruments | 34,121 | 30,508 |
Acceptances | 11,071 | 9,649 |
Obligations related to securities sold short | 20,269 | 15,963 |
Cash collateral on securities lent | 3,205 | 1,824 |
Obligations related to securities sold under repurchase agreements | 66,120 | 71,653 |
Other liabilities | 16,540 | 15,424 |
Subordinated indebtedness | 5,653 | 5,712 |
Financial assets at fair value [member] | ||
Financial assets | ||
Cash and deposits with banks | 47,197 | 62,518 |
Securities | 155,577 | 149,599 |
Cash collateral on securities borrowed | 11,573 | 8,547 |
Securities purchased under resale agreements | 63,106 | 65,595 |
Loans | ||
Residential mortgages | 235,236 | 222,920 |
Personal | 41,663 | 41,452 |
Credit card | 10,048 | 10,722 |
Business and government | 135,157 | 134,097 |
Derivative instruments | 35,313 | 32,730 |
Customers' liability under acceptances | 11,002 | 9,606 |
Other assets | 19,006 | 15,940 |
Financial assets fair value over (under) carrying value [member] | ||
Financial assets | ||
Securities | 455 | 553 |
Loans | ||
Residential mortgages | 839 | 2,118 |
Personal | 32 | 62 |
Business and government | 115 | 229 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 207,180 | 202,345 |
Business and government | 314,165 | 312,279 |
Bank | 17,140 | 17,011 |
Secured borrowings | 39,543 | 40,586 |
Derivative instruments | 34,121 | 30,508 |
Acceptances | 11,071 | 9,649 |
Obligations related to securities sold short | 20,269 | 15,963 |
Cash collateral on securities lent | 3,205 | 1,824 |
Obligations related to securities sold under repurchase agreements | 66,120 | 71,653 |
Other liabilities | 16,540 | 15,424 |
Subordinated indebtedness | 5,952 | 5,993 |
Financial liabilities, fair value over (under) carrying value [member] | ||
Deposits | ||
Personal | 152 | 193 |
Business and government | 964 | 853 |
Secured borrowings | 349 | 435 |
Subordinated indebtedness | $ 299 | $ 281 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Financial Instruments Carried On Consolidated Balance Sheet at Fair Value (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 |
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||||||
Deposits with banks | $ 20,273 | $ 18,987 | ||||
Securities mandatorily measured and designated at FVTPL | 72,845 | 62,693 | ||||
Business and government | 136,567 | 135,546 | ||||
Residential mortgages | 234,747 | 221,165 | ||||
Debt securities measured at FVOCI | 48,744 | 53,968 | ||||
Equity securities designated at FVOCI | 685 | 585 | ||||
FVO securities purchased under resale agreements | 63,106 | 65,595 | ||||
Derivative instruments | 35,313 | 32,730 | ||||
Obligations related to securities sold short | 20,269 | 15,963 | ||||
Obligations Related To Securities Sold Under Repurchase Agreements | 66,120 | 71,653 | ||||
Derivative instruments | 34,121 | 30,508 | ||||
At fair value [member] | ||||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||||||
Deposits with banks | 654 | 948 | ||||
Securities mandatorily measured and designated at FVTPL | 72,845 | 62,693 | ||||
Business and government | 23,507 | 23,648 | ||||
Residential mortgages | 29 | 63 | ||||
Loans mandatorily measured and designated at FVTPL | 23,536 | 23,711 | ||||
Debt securities measured at FVOCI | 48,744 | 53,968 | ||||
FVO securities purchased under resale agreements | 6,172 | 7,505 | ||||
Derivative instruments | 35,313 | 32,730 | ||||
Total financial assets | 187,949 | 182,140 | ||||
Deposits and other liabilities | (18,032) | (13,172) | ||||
Obligations related to securities sold short | (20,269) | (15,963) | ||||
Obligations Related To Securities Sold Under Repurchase Agreements | (1,925) | (17,036) | ||||
Derivative instruments | (34,121) | (30,508) | ||||
Total financial liabilities | (74,347) | (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 | 29,700 | 29,008 | ||||
Debt securities measured at FVOCI | 39,550 | 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 | 36,563 | 27,982 | ||||
Equity securities designated at FVOCI | 685 | 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 | 4,288 | 3,550 | ||||
Debt securities measured at FVOCI | 6,917 | 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 | 2,294 | 2,153 | ||||
Debt securities measured at FVOCI | 2,277 | 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 | 9,819 | 12,845 | ||||
Derivative instruments | (8,250) | (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 | 14,256 | 11,462 | ||||
Derivative instruments | (13,890) | (10,883) | ||||
Credit derivatives [member] | At fair value [member] | ||||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||||||
Derivative instruments | 60 | 106 | ||||
Derivative instruments | (104) | (148) | ||||
Equity derivatives [member] | At fair value [member] | ||||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||||||
Derivative instruments | 7,615 | 5,156 | ||||
Derivative instruments | (10,313) | (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 | 245 | 283 | ||||
Derivative instruments | (249) | (366) | ||||
Other commodity derivatives [member] | At fair value [member] | ||||||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||||||
Derivative instruments | 3,318 | 2,878 | ||||
Derivative instruments | (1,315) | (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 | 42,458 | 31,836 | ||||
Debt securities measured at FVOCI | 2,765 | 3,912 | ||||
Derivative instruments | 5,714 | 3,428 | ||||
Total financial assets | 51,030 | 39,217 | ||||
Obligations related to securities sold short | (9,092) | (5,363) | ||||
Derivative instruments | (4,572) | (3,862) | ||||
Total financial liabilities | (13,664) | (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 | 5,950 | 3,917 | ||||
Debt securities measured at FVOCI | 2,765 | 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 | 36,508 | 27,919 | ||||
Equity securities designated at FVOCI | 93 | 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 | 5,352 | 3,153 | ||||
Derivative instruments | (4,177) | (3,537) | ||||
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 | 362 | 271 | ||||
Derivative instruments | (395) | (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 | 654 | 948 | ||||
Securities mandatorily measured and designated at FVTPL | 30,236 | 30,681 | ||||
Business and government | 22,511 | 23,022 | ||||
Residential mortgages | 29 | 63 | ||||
Loans mandatorily measured and designated at FVTPL | 22,540 | 23,085 | ||||
Debt securities measured at FVOCI | 45,979 | 50,056 | ||||
FVO securities purchased under resale agreements | 6,172 | 7,505 | ||||
Derivative instruments | 29,430 | 28,944 | ||||
Total financial assets | 135,315 | 141,523 | ||||
Deposits and other liabilities | (17,431) | (13,176) | ||||
Obligations related to securities sold short | (11,177) | (10,600) | ||||
Obligations Related To Securities Sold Under Repurchase Agreements | (1,925) | (17,036) | ||||
Derivative instruments | (29,085) | (26,348) | ||||
Total financial liabilities | (59,618) | (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 | 23,750 | 25,091 | ||||
Debt securities measured at FVOCI | 36,785 | 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 | 48 | 47 | ||||
Equity securities designated at FVOCI | 304 | 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 | 4,288 | 3,525 | ||||
Debt securities measured at FVOCI | 6,917 | 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 | 2,150 | 2,018 | ||||
Debt securities measured at FVOCI | 2,277 | 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 | 9,781 | 12,793 | ||||
Derivative instruments | (8,032) | (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 | 14,248 | 11,462 | ||||
Derivative instruments | (13,890) | (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 | (42) | (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 | 2,197 | 1,791 | ||||
Derivative instruments | (5,952) | (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 | 245 | 283 | ||||
Derivative instruments | (249) | (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 | 2,956 | 2,607 | ||||
Derivative instruments | (920) | (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 | 1,604 | $ 1,506 | 1,400 | $ 1,891 | $ 1,426 | $ 1,737 |
Total financial liabilities | (1,065) | $ (691) | (294) | $ (67) | $ (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 | 996 | 626 | ||||
Loans mandatorily measured and designated at FVTPL | 996 | 626 | ||||
Derivative instruments | 169 | 358 | ||||
Total financial assets | 1,604 | 1,400 | ||||
Deposits and other liabilities | (601) | 4 | ||||
Derivative instruments | (464) | (298) | ||||
Total financial liabilities | (1,065) | (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 | 7 | 16 | ||||
Equity securities designated at FVOCI | 288 | 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 | 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 | 144 | 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 | 38 | 48 | ||||
Derivative instruments | (218) | (28) | ||||
Level 3 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 | 8 | |||||
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 | 57 | 98 | ||||
Derivative instruments | (62) | (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 | 66 | 212 | ||||
Derivative instruments | $ (184) | $ (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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||
Securities designated at FVTPL | $ 50 | $ 57 |
Asset-backed securities designated at FVTPL | 23 | 60 |
Loans designated at FVTPL | 391 | 357 |
Deposits designated at FVTPL | 17,109 | 13,419 |
Other liabilities designated at FVTPL | 26 | 9 |
Derivative instrument assets | 389 | |
Derivative instruments | 778 | |
Other financial liabilities measured at fair value | $ 119 | $ 133 |
Fair Value Measurement- Additio
Fair Value Measurement- Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | $ 0 | $ 21 | |||
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 | 76 | $ 2,017 | ||
Obligations related to securities sold short [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | 0 | ||||
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 | $ 14 | 19 | $ 36 | 33 | 42 |
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 | 578 | $ 1,248 | ||
Changes in observability in the inputs [Member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | $ 69 |
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 | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | $ 1,506 | $ 1,400 | $ 1,426 | $ 1,400 | $ 1,737 |
Realized | (6) | (6) | (4) | (12) | (5) |
Unrealized | (29) | 28 | (15) | (1) | 1 |
Net unrealized gains (losses) included in OCI | (16) | (6) | (33) | (22) | 23 |
Transfer in to Level 3 | (8) | (8) | 27 | ||
Transfer out of Level 3 | (1) | (1) | |||
Purchases/Issuances | 264 | 295 | 704 | 559 | 759 |
Sales/Settlements | (106) | (205) | (187) | (311) | (651) |
Closing balance | 1,604 | 1,506 | 1,891 | 1,604 | 1,891 |
Opening balance | (691) | (294) | (880) | (294) | (869) |
Realized | 12 | 6 | 4 | 18 | 5 |
Unrealized | (365) | (486) | 708 | (851) | 674 |
Transfer in to Level 3 | (41) | (2) | (6) | (43) | (43) |
Transfer out of Level 3 | 5 | (5) | 29 | 0 | 60 |
Purchases/Issuances | (82) | (2) | 24 | (84) | (88) |
Sales/Settlements | 97 | 92 | 54 | 189 | 194 |
Closing balance | (1,065) | (691) | (67) | (1,065) | (67) |
Deposits and other liabilities [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | (367) | 4 | (647) | 4 | (601) |
Realized | 6 | 6 | |||
Unrealized | (257) | (387) | 679 | (644) | 627 |
Transfer in to Level 3 | (13) | (2) | (6) | (15) | (43) |
Transfer out of Level 3 | (3) | (5) | 29 | (8) | 60 |
Purchases/Issuances | (38) | (2) | 53 | (40) | (49) |
Sales/Settlements | 71 | 25 | 49 | 96 | 163 |
Closing balance | (601) | (367) | 157 | (601) | 157 |
Interest rate derivatives [member] | Derivative liabilities [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | (74) | (28) | (28) | (1) | |
Unrealized | (90) | (47) | (137) | (2) | |
Transfer in to Level 3 | (28) | (28) | |||
Purchases/Issuances | (29) | (29) | |||
Sales/Settlements | 3 | 1 | 4 | 3 | |
Closing balance | (218) | (74) | (218) | ||
Interest rate derivatives [member] | Derivative Assets [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 45 | 48 | 47 | 48 | 56 |
Unrealized | (8) | (4) | 21 | (12) | 24 |
Purchases/Issuances | 1 | 1 | 1 | ||
Sales/Settlements | 1 | 8 | 1 | (5) | |
Closing balance | 38 | 45 | 76 | 38 | 76 |
Foreign exchange derivatives [member] | Derivative Assets [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Unrealized | 16 | 16 | |||
Transfer in to Level 3 | (8) | (8) | |||
Closing balance | 8 | 8 | |||
Credit derivatives [member] | Derivative liabilities [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | (113) | (107) | (112) | (107) | (112) |
Realized | 6 | 6 | 4 | 12 | 5 |
Unrealized | 44 | (8) | (5) | 36 | (6) |
Sales/Settlements | 1 | (4) | (3) | ||
Closing balance | (62) | (113) | (113) | (62) | (113) |
Credit derivatives [member] | Derivative Assets [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 101 | 98 | 104 | 98 | 104 |
Realized | (6) | (6) | (4) | (12) | (5) |
Unrealized | (38) | 9 | 5 | (29) | 6 |
Closing balance | 57 | 101 | 105 | 57 | 105 |
Equity derivatives [member] | Derivative liabilities [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | (137) | (163) | (121) | (163) | (155) |
Unrealized | (62) | (44) | 34 | (106) | 55 |
Transfer out of Level 3 | 8 | 8 | |||
Purchases/Issuances | (15) | (29) | (15) | (39) | |
Sales/Settlements | 22 | 70 | 5 | 92 | 28 |
Closing balance | (184) | (137) | (111) | (184) | (111) |
Equity derivatives [member] | Derivative Assets [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 61 | 212 | 266 | 212 | 252 |
Unrealized | 15 | (36) | 15 | (24) | |
Transfer out of Level 3 | (1) | (1) | |||
Purchases/Issuances | 6 | 1 | 6 | 45 | |
Sales/Settlements | (166) | (10) | (166) | (52) | |
Closing balance | 66 | 61 | 221 | 66 | 221 |
Corporate equity [member] | Securities mandatorily measured and designated at FVTPL [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 19 | 16 | 14 | 16 | 7 |
Unrealized | (6) | 3 | (7) | (3) | (7) |
Transfer in to Level 3 | 7 | ||||
Purchases/Issuances | 23 | 23 | |||
Sales/Settlements | (29) | (29) | |||
Closing balance | 7 | 19 | 7 | 7 | 7 |
Corporate equity [member] | Equity securities designated at FVOCI [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 269 | 240 | 283 | 240 | 291 |
Net unrealized gains (losses) included in OCI | 17 | 19 | (44) | 36 | 5 |
Purchases/Issuances | 10 | 17 | 10 | 27 | 20 |
Sales/Settlements | (8) | (7) | (6) | (15) | (73) |
Closing balance | 288 | 269 | 243 | 288 | 243 |
Mortgage and asset backed [member] | Securities mandatorily measured and designated at FVTPL [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 102 | 135 | 160 | 135 | 173 |
Purchases/Issuances | 44 | 118 | 44 | 118 | |
Sales/Settlements | (2) | (33) | (35) | (13) | |
Closing balance | 144 | 102 | 278 | 144 | 278 |
Corporate debt [member] | Securities mandatorily measured and designated at FVTPL [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 30 | 25 | 23 | 25 | 23 |
Unrealized | 8 | 5 | 2 | 13 | 2 |
Sales/Settlements | (38) | (38) | |||
Closing balance | 30 | 25 | 25 | ||
Corporate debt [member] | Debt securities measured at FVOCI [member] | |||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||||
Opening balance | 23 | ||||
Net unrealized gains (losses) included in OCI | (6) | (3) | |||
Transfer in to Level 3 | 20 | ||||
Purchases/Issuances | 1 | (1) | |||
Closing balance | 18 | 18 | |||
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 | 879 | 626 | 506 | 626 | 831 |
Unrealized | (1) | (1) | |||
Net unrealized gains (losses) included in OCI | (33) | (25) | 17 | (58) | 21 |
Purchases/Issuances | 180 | 278 | 574 | 458 | 574 |
Sales/Settlements | (29) | (179) | (29) | (508) | |
Closing balance | $ 996 | $ 879 | $ 918 | $ 996 | $ 918 |
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 | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Deposits | $ 13 | $ 136 | $ 146 | |
Bifurcated embedded derivative liabilities | 562 | 231 | ||
Bifurcated embedded derivative assets | $ 303 | 303 | ||
Other liabilities designated at FVTPL | $ 26 | $ 0 | $ 0 |
Significant Transactions - Addi
Significant Transactions - Additional information (Detail) - FirstCaribbean International Bank Limited [member] - CAD ($) $ in Millions | 3 Months Ended | |
Oct. 31, 2020 | 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [abstract] | ||
Debt securities measured at FVOCI | $ 48,744 | $ 53,968 |
Equity securities designated at FVOCI | 685 | 585 |
Securities measured at amortized cost | 32,848 | 31,800 |
Securities mandatorily measured and designated at FVTPL | 72,845 | 62,693 |
Total financial securities | $ 155,122 | $ 149,046 |
Securities - Summary of Secur_2
Securities - Summary of Securities (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Apr. 30, 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 | Apr. 30, 2021 | Oct. 31, 2020 |
Debt Securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortised cost on FVOCI securities, Total | $ 48,440 | $ 53,635 |
Gross unrealized gains on FVOCI securities | 313 | 341 |
Gross unrealized losses on FVOCI securities | (9) | (8) |
Financial assets measured at fair value through other comprehensive income | 48,744 | 53,968 |
Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortised cost on FVOCI securities, Total | 623 | 576 |
Gross unrealized gains on FVOCI securities | 96 | 58 |
Gross unrealized losses on FVOCI securities | (34) | (49) |
Financial assets measured at fair value through other comprehensive income | 685 | 585 |
Unrealized gain losses on FVOCI securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortised cost on FVOCI securities, Total | 49,063 | 54,211 |
Gross unrealized gains on FVOCI securities | 409 | 399 |
Gross unrealized losses on FVOCI securities | (43) | (57) |
Financial assets measured at fair value through other comprehensive income | 49,429 | 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 | 9,498 | 11,379 |
Gross unrealized gains on FVOCI securities | 38 | 32 |
Gross unrealized losses on FVOCI securities | (1) | (2) |
Financial assets measured at fair value through other comprehensive income | 9,535 | 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 | 12,998 | 15,187 |
Gross unrealized gains on FVOCI securities | 143 | 128 |
Gross unrealized losses on FVOCI securities | (1) | |
Financial assets measured at fair value through other comprehensive income | 13,140 | 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 | 10,884 | 12,533 |
Gross unrealized gains on FVOCI securities | 40 | 63 |
Gross unrealized losses on FVOCI securities | (1) | |
Financial assets measured at fair value through other comprehensive income | 10,923 | 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 | 5,922 | 5,825 |
Gross unrealized gains on FVOCI securities | 33 | 38 |
Gross unrealized losses on FVOCI securities | (3) | (2) |
Financial assets measured at fair value through other comprehensive income | 5,952 | 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 | 1,845 | 2,320 |
Gross unrealized gains on FVOCI securities | 38 | 49 |
Gross unrealized losses on FVOCI securities | (1) | |
Financial assets measured at fair value through other comprehensive income | 1,883 | 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 | 395 | 197 |
Gross unrealized losses on FVOCI securities | (1) | (2) |
Financial assets measured at fair value through other comprehensive income | 394 | 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 | 6,898 | 6,194 |
Gross unrealized gains on FVOCI securities | 21 | 31 |
Gross unrealized losses on FVOCI securities | (2) | (1) |
Financial assets measured at fair value through other comprehensive income | 6,917 | 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 | 67 | 30 |
Gross unrealized gains on FVOCI securities | 28 | 15 |
Gross unrealized losses on FVOCI securities | (3) | |
Financial assets measured at fair value through other comprehensive income | 95 | 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 | 556 | 546 |
Gross unrealized gains on FVOCI securities | 68 | 43 |
Gross unrealized losses on FVOCI securities | (34) | (46) |
Financial assets measured at fair value through other comprehensive income | $ 590 | $ 543 |
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 | |
Apr. 30, 2021 | Oct. 31, 2020 | |
Disclosure of financial assets [abstract] | ||
Allowance for credit losses for debt securities measured at FVOCI | $ 18 | $ 22 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of financial assets [line items] | |||||
Fair value of equity securities designated at FVOCI that were disposed | $ 0 | $ 7 | $ 0 | $ 7 | $ 0 |
Net realized cumulative after-tax gains reclassifed from AOCI to retained earnings | 1 | 3 | 2 | 4 | 31 |
Dividend income recognized on equity securities | 1 | 1 | 1 | 2 | 5 |
Dividend income recognized on equity securities designated at FVOCI that were disposed | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Securities - Summary of Allowan
Securities - Summary of Allowance for Losses measured at FVOCI (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of financial assets [line items] | |||||
Balance at beginning of period | $ 3,631 | ||||
Balance at end of period | 3,338 | $ 3,631 | $ 3,311 | $ 3,338 | $ 3,311 |
Debt securities measured at FVOCI [member] | |||||
Disclosure of financial assets [line items] | |||||
Balance at beginning of period | 20 | 22 | 22 | 22 | 23 |
Provision for (reversal of) credit losses | (1) | (2) | 9 | (3) | 8 |
Foreign exchange and other | (1) | 1 | (1) | 1 | |
Balance at end of period | 18 | 20 | 32 | 18 | 32 |
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 | 17 | 18 | 14 | 18 | 14 |
Provision for (reversal of) credit losses | (2) | (1) | 5 | (3) | 4 |
Foreign exchange and other | (1) | (1) | 1 | ||
Balance at end of period | 14 | 17 | 19 | 14 | 19 |
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 | 3 | 4 | 2 | 4 | 3 |
Provision for (reversal of) credit losses | 1 | (1) | 4 | 4 | |
Foreign exchange and other | (1) | ||||
Balance at end of period | 4 | 3 | 6 | 4 | 6 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | |||||
Disclosure of financial assets [line items] | |||||
Balance at beginning of period | 952 | ||||
Balance at end of period | $ 906 | $ 952 | 809 | $ 906 | 809 |
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 | 6 | |||
Foreign exchange and other | 1 | 1 | |||
Balance at end of period | $ 7 | $ 7 |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Losses measured at FVOCI (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Apr. 30, 2020 | Apr. 30, 2020 | |
Stage 3 [member] | Debt securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Provisions for credit loss | $ 13 | $ 13 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||||
Balance at beginning of period | $ 3,631 | |||||
Balance at end of period | 3,338 | $ 3,631 | $ 3,311 | $ 3,338 | $ 3,311 | |
Loans | 3,200 | 3,484 | 3,064 | 3,200 | 3,064 | $ 3,540 |
Undrawn credit facilities and other off-balance sheet exposures | 138 | 147 | 247 | 138 | 247 | |
Residential mortgages [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Balance at beginning of period | 336 | 363 | 214 | 363 | 211 | |
Originations net of repayments and other derecognitions | 1 | (6) | (5) | (5) | (12) | |
Changes in model | 16 | 1 | 16 | |||
Net remeasurement | 16 | (3) | 83 | 13 | 100 | |
Provision for (reversal of) credit losses | 33 | (9) | 79 | 24 | 88 | |
Write-offs | (6) | (6) | (3) | (12) | (6) | |
Recoveries | 1 | 1 | 1 | 2 | 2 | |
Interest income on impaired loans | (5) | (4) | (4) | (9) | (9) | |
Foreign exchange and other | (9) | (9) | 3 | (18) | 4 | |
Balance at end of period | 350 | 336 | 290 | 350 | 290 | |
Personal [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Balance at beginning of period | 834 | 863 | 571 | 863 | 573 | |
Originations net of repayments and other derecognitions | (5) | (6) | (5) | (11) | (12) | |
Changes in model | (5) | 2 | 35 | (3) | 39 | |
Net remeasurement | (3) | 35 | 280 | 32 | 363 | |
Provision for (reversal of) credit losses | (13) | 31 | 310 | 18 | 390 | |
Write-offs | (70) | (74) | (97) | (144) | (197) | |
Recoveries | 18 | 17 | 15 | 35 | 35 | |
Interest income on impaired loans | (1) | (1) | (2) | (2) | (3) | |
Foreign exchange and other | (3) | (2) | 2 | (5) | 1 | |
Balance at end of period | 765 | 834 | 799 | 765 | 799 | |
Credit card [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Balance at beginning of period | 690 | 708 | 506 | 708 | 485 | |
Originations net of repayments and other derecognitions | (18) | (27) | (30) | (45) | (47) | |
Changes in model | 35 | 53 | ||||
Net remeasurement | 85 | 52 | 300 | 137 | 419 | |
Provision for (reversal of) credit losses | 67 | 25 | 305 | 92 | 425 | |
Write-offs | (174) | (70) | (128) | (244) | (254) | |
Recoveries | 31 | 27 | 26 | 58 | 54 | |
Foreign exchange and other | 1 | |||||
Balance at end of period | 614 | 690 | 710 | 614 | 710 | |
Business and government [member] | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Balance at beginning of period | 1,771 | 1,788 | 787 | 1,788 | 775 | |
Originations net of repayments and other derecognitions | (11) | 18 | (11) | 15 | ||
Changes in model | 9 | 12 | ||||
Net remeasurement | (55) | 111 | 691 | 56 | 743 | |
Provision for (reversal of) credit losses | (55) | 100 | 718 | 45 | 770 | |
Write-offs | (66) | (70) | (16) | (136) | (56) | |
Recoveries | 5 | 3 | 3 | 8 | 6 | |
Interest income on impaired loans | (5) | (6) | (3) | (11) | (8) | |
Foreign exchange and other | (41) | (44) | 23 | (85) | 25 | |
Balance at end of period | 1,609 | 1,771 | 1,512 | 1,609 | 1,512 | |
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 | 811 | |||||
Balance at end of period | 748 | 811 | 854 | 748 | 854 | |
Loans | 665 | 724 | 704 | 665 | 704 | |
Undrawn credit facilities and other off-balance sheet exposures | 83 | 87 | 150 | 83 | 150 | |
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 | 52 | 51 | 28 | 51 | 28 | |
Originations net of repayments and other derecognitions | 6 | 4 | 2 | 10 | 3 | |
Changes in model | (1) | (2) | ||||
Net remeasurement | (25) | (32) | 23 | (57) | 11 | |
Transfers to 12-month ECL | 31 | 33 | 8 | 64 | 20 | |
Transfers to lifetime ECL performing | (2) | (3) | (10) | (5) | (11) | |
Provision for (reversal of) credit losses | 10 | 2 | 22 | 12 | 21 | |
Foreign exchange and other | (2) | (1) | (3) | 1 | ||
Balance at end of period | 60 | 52 | 50 | 60 | 50 | |
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 | 181 | 204 | 182 | 204 | 174 | |
Originations net of repayments and other derecognitions | 11 | 11 | 8 | 22 | 17 | |
Changes in model | (4) | 1 | (44) | (3) | (33) | |
Net remeasurement | (98) | (110) | 31 | (208) | (40) | |
Transfers to 12-month ECL | 75 | 87 | 43 | 162 | 110 | |
Transfers to lifetime ECL performing | (8) | (11) | (35) | (19) | (43) | |
Provision for (reversal of) credit losses | (24) | (22) | 3 | (46) | 11 | |
Foreign exchange and other | (2) | (1) | (3) | |||
Balance at end of period | 155 | 181 | 185 | 155 | 185 | |
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 | 116 | 136 | 159 | 136 | 145 | |
Originations net of repayments and other derecognitions | (1) | (2) | (1) | (2) | ||
Changes in model | (19) | (6) | ||||
Net remeasurement | (45) | (88) | (7) | (133) | (84) | |
Transfers to 12-month ECL | 98 | 79 | 45 | 177 | 132 | |
Transfers to lifetime ECL performing | (6) | (10) | (31) | (16) | (40) | |
Provision for (reversal of) credit losses | 47 | (20) | (14) | 27 | ||
Balance at end of period | 163 | 116 | 145 | 163 | 145 | |
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 | 462 | 453 | 231 | 453 | 239 | |
Originations net of repayments and other derecognitions | 5 | 17 | 24 | 22 | 31 | |
Changes in model | 14 | 14 | ||||
Net remeasurement | (103) | (62) | 314 | (165) | 285 | |
Transfers to 12-month ECL | 42 | 81 | 13 | 123 | 37 | |
Transfers to lifetime ECL performing | (22) | (12) | (131) | (34) | (142) | |
Transfers to lifetime ECL credit-impaired | (2) | (2) | (4) | |||
Provision for (reversal of) credit losses | (80) | 22 | 234 | (58) | 225 | |
Foreign exchange and other | (12) | (13) | 9 | (25) | 10 | |
Balance at end of period | 370 | 462 | 474 | 370 | 474 | |
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 | 1,868 | |||||
Balance at end of period | 1,684 | 1,868 | 1,648 | 1,684 | 1,648 | |
Loans | 1,629 | 1,808 | 1,553 | 1,629 | 1,553 | |
Undrawn credit facilities and other off-balance sheet exposures | 55 | 60 | 95 | 55 | 95 | |
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 | 136 | 161 | 40 | 161 | 43 | |
Originations net of repayments and other derecognitions | (2) | (6) | (2) | (8) | (5) | |
Changes in model | 2 | 2 | ||||
Net remeasurement | 13 | 7 | 35 | 20 | 42 | |
Transfers to 12-month ECL | (26) | (27) | (6) | (53) | (16) | |
Transfers to lifetime ECL performing | 7 | 10 | 14 | 17 | 19 | |
Transfers to lifetime ECL credit-impaired | (6) | (5) | (2) | (11) | (4) | |
Provision for (reversal of) credit losses | (14) | (21) | 41 | (35) | 38 | |
Foreign exchange and other | (3) | (4) | 1 | (7) | 1 | |
Balance at end of period | 119 | 136 | 82 | 119 | 82 | |
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 | 535 | 546 | 268 | 546 | 271 | |
Originations net of repayments and other derecognitions | (14) | (15) | (9) | (29) | (22) | |
Changes in model | 1 | 79 | 1 | 72 | ||
Net remeasurement | 49 | 84 | 168 | 133 | 258 | |
Transfers to 12-month ECL | (73) | (84) | (42) | (157) | (107) | |
Transfers to lifetime ECL performing | 13 | 16 | 40 | 29 | 51 | |
Transfers to lifetime ECL credit-impaired | (15) | (13) | (20) | (28) | (39) | |
Provision for (reversal of) credit losses | (40) | (11) | 216 | (51) | 213 | |
Balance at end of period | 495 | 535 | 484 | 495 | 484 | |
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 | 574 | 572 | 347 | 572 | 340 | |
Originations net of repayments and other derecognitions | (18) | (26) | (28) | (44) | (45) | |
Changes in model | 54 | 59 | ||||
Net remeasurement | 104 | 117 | 264 | 221 | 420 | |
Transfers to 12-month ECL | (98) | (79) | (45) | (177) | (132) | |
Transfers to lifetime ECL performing | 6 | 10 | 31 | 16 | 40 | |
Transfers to lifetime ECL credit-impaired | (117) | (20) | (59) | (137) | (117) | |
Provision for (reversal of) credit losses | (123) | 2 | 217 | (121) | 225 | |
Foreign exchange and other | 1 | |||||
Balance at end of period | 451 | 574 | 565 | 451 | 565 | |
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 | 623 | 683 | 163 | 683 | 158 | |
Originations net of repayments and other derecognitions | (2) | (23) | (1) | (25) | (6) | |
Changes in model | (5) | (1) | ||||
Net remeasurement | 34 | 55 | 246 | 89 | 268 | |
Transfers to 12-month ECL | (36) | (75) | (11) | (111) | (33) | |
Transfers to lifetime ECL performing | 27 | 14 | 133 | 41 | 145 | |
Transfers to lifetime ECL credit-impaired | (13) | (12) | (12) | (25) | (20) | |
Provision for (reversal of) credit losses | 10 | (41) | 350 | (31) | 353 | |
Foreign exchange and other | (14) | (19) | 4 | (33) | 6 | |
Balance at end of period | 619 | 623 | 517 | 619 | 517 | |
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 | 952 | |||||
Balance at end of period | 906 | 952 | 809 | 906 | 809 | |
Loans | 906 | 952 | 807 | 906 | 807 | |
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 | 148 | 151 | 146 | 151 | 140 | |
Originations net of repayments and other derecognitions | (3) | (4) | (5) | (7) | (10) | |
Changes in model | 16 | 16 | ||||
Net remeasurement | 28 | 22 | 25 | 50 | 47 | |
Transfers to 12-month ECL | (5) | (6) | (2) | (11) | (4) | |
Transfers to lifetime ECL performing | (5) | (7) | (4) | (12) | (8) | |
Transfers to lifetime ECL credit-impaired | 6 | 5 | 2 | 11 | 4 | |
Provision for (reversal of) credit losses | 37 | 10 | 16 | 47 | 29 | |
Write-offs | (6) | (6) | (3) | (12) | (6) | |
Recoveries | 1 | 1 | 1 | 2 | 2 | |
Interest income on impaired loans | (5) | (4) | (4) | (9) | (9) | |
Foreign exchange and other | (4) | (4) | 2 | (8) | 2 | |
Balance at end of period | 171 | 148 | 158 | 171 | 158 | |
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 | 118 | 113 | 121 | 113 | 128 | |
Originations net of repayments and other derecognitions | (2) | (2) | (4) | (4) | (7) | |
Changes in model | (1) | (1) | ||||
Net remeasurement | 46 | 61 | 81 | 107 | 145 | |
Transfers to 12-month ECL | (2) | (3) | (1) | (5) | (3) | |
Transfers to lifetime ECL performing | (5) | (5) | (5) | (10) | (8) | |
Transfers to lifetime ECL credit-impaired | 15 | 13 | 20 | 28 | 39 | |
Provision for (reversal of) credit losses | 51 | 64 | 91 | 115 | 166 | |
Write-offs | (70) | (74) | (97) | (144) | (197) | |
Recoveries | 18 | 17 | 15 | 35 | 35 | |
Interest income on impaired loans | (1) | (1) | (2) | (2) | (3) | |
Foreign exchange and other | (1) | (1) | 2 | (2) | 1 | |
Balance at end of period | 115 | 118 | 130 | 115 | 130 | |
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 | 26 | 23 | 43 | 49 | 83 | |
Transfers to lifetime ECL credit-impaired | 117 | 20 | 59 | 137 | 117 | |
Provision for (reversal of) credit losses | 143 | 43 | 102 | 186 | 200 | |
Write-offs | (174) | (70) | (128) | (244) | (254) | |
Recoveries | 31 | 27 | 26 | 58 | 54 | |
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 | 686 | 652 | 393 | 652 | 378 | |
Originations net of repayments and other derecognitions | (3) | (5) | (5) | (8) | (10) | |
Changes in model | (1) | |||||
Net remeasurement | 14 | 118 | 131 | 132 | 190 | |
Transfers to 12-month ECL | (6) | (6) | (2) | (12) | (4) | |
Transfers to lifetime ECL performing | (5) | (2) | (2) | (7) | (3) | |
Transfers to lifetime ECL credit-impaired | 15 | 14 | 12 | 29 | 20 | |
Provision for (reversal of) credit losses | 15 | 119 | 134 | 134 | 192 | |
Write-offs | (66) | (70) | (16) | (136) | (56) | |
Recoveries | 5 | 3 | 3 | 8 | 6 | |
Interest income on impaired loans | (5) | (6) | (3) | (11) | (8) | |
Foreign exchange and other | (15) | (12) | 10 | (27) | 9 | |
Balance at end of period | $ 620 | $ 686 | $ 521 | $ 620 | $ 521 |
Loans - Summary of Allowance _2
Loans - Summary of Allowance for Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | |||||
Expected credit loss allowance on debt securities classified at amortized cost | $ 15 | $ 16 | $ 15 | $ 15 | $ 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 | $ 13 | $ 13 | $ 13 |
Loans - Additional Information
Loans - Additional Information (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Downside Scenario [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
ECL expected value | $ 615 | $ 938 |
Probability weighting percentage | 100.00% | |
Base Scenario [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
ECL expected value | $ (262) | $ (204) |
Probability weighting percentage | 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 | 6 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Apr. 30, 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% | 5.30% | 1.60% |
United States Real GDP year-over-year growth | 4.10% | 5.60% | 1.70% |
Canadian unemployment rate | 7.80% | 7.20% | 8.70% |
United States unemployment rate | 5.90% | 4.90% | 7.40% |
Canadian Housing Price Index growth | 1.50% | 4.70% | 2.40% |
S&P 500 Index growth rate | 5.00% | 5.00% | 5.60% |
West Texas Intermediate Oil Price | $ 50 | $ 59 | $ 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% | 2.50% | 3.80% |
United States Real GDP year-over-year growth | 3.20% | 2.80% | 3.50% |
Canadian unemployment rate | 6.10% | 6.10% | 6.70% |
United States unemployment rate | 4.10% | 4.00% | 4.70% |
Canadian Housing Price Index growth | 3.20% | 4.00% | 3.00% |
S&P 500 Index growth rate | 5.00% | 5.00% | 4.80% |
West Texas Intermediate Oil Price | $ 55 | $ 61 | $ 53 |
Upside case [member] | Within 1 year [member] | |||
Disclosure of internal credit grades [line items] | |||
Canadian Real GDP year-over-year growth | 6.00% | 7.00% | 3.60% |
United States Real GDP year-over-year growth | 5.80% | 7.20% | 3.00% |
Canadian unemployment rate | 7.30% | 6.70% | 7.40% |
United States unemployment rate | 4.50% | 4.40% | 5.10% |
Canadian Housing Price Index growth | 12.20% | 8.50% | 11.20% |
S&P 500 Index growth rate | 13.00% | 10.70% | 11.20% |
West Texas Intermediate Oil Price | $ 54 | $ 70 | $ 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% | 3.30% | 4.60% |
United States Real GDP year-over-year growth | 4.50% | 3.90% | 4.20% |
Canadian unemployment rate | 5.70% | 5.40% | 5.90% |
United States unemployment rate | 3.40% | 3.30% | 3.50% |
Canadian Housing Price Index growth | 10.20% | 5.60% | 10.40% |
S&P 500 Index growth rate | 10.80% | 8.80% | 7.70% |
West Texas Intermediate Oil Price | $ 62 | $ 75 | $ 60 |
Downside case [member] | Within 1 year [member] | |||
Disclosure of internal credit grades [line items] | |||
Canadian Real GDP year-over-year growth | 2.50% | 3.40% | 0.03% |
United States Real GDP year-over-year growth | 1.80% | 2.20% | (0.60%) |
Canadian unemployment rate | 8.60% | 8.40% | 9.50% |
United States unemployment rate | 7.40% | 7.10% | 9.20% |
Canadian Housing Price Index growth | (9.90%) | (2.80%) | (6.90%) |
S&P 500 Index growth rate | (5.50%) | (7.20%) | (3.50%) |
West Texas Intermediate Oil Price | $ 41 | $ 46 | $ 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% | 1.70% | 2.00% |
United States Real GDP year-over-year growth | 1.90% | 1.00% | 1.70% |
Canadian unemployment rate | 7.40% | 7.00% | 8.40% |
United States unemployment rate | 5.80% | 6.30% | 7.30% |
Canadian Housing Price Index growth | 0.30% | 1.40% | (0.80%) |
S&P 500 Index growth rate | (2.90%) | (5.80%) | (5.30%) |
West Texas Intermediate Oil Price | $ 46 | $ 48 | $ 39 |
Loans - Summary of Carrying Amo
Loans - Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades (Detail) - CAD ($) $ in Millions | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Oct. 31, 2020 | Jan. 31, 2021 | Apr. 30, 2020 | |
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | $ 234,747 | $ 221,165 | ||
ECL allowance | 3,200 | 3,540 | $ 3,484 | $ 3,064 |
Net loans | 432,120 | 416,388 | ||
Gross personal | 42,371 | 42,222 | ||
Gross credit card | 10,633 | 11,389 | ||
Gross business and government | 147,569 | 145,152 | ||
Exceptionally Low [Member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 159,844 | 146,141 | ||
Gross personal | 21,020 | 23,302 | ||
Gross credit card | 3,279 | 3,285 | ||
Very Low [Member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 48,571 | 46,844 | ||
Gross personal | 4,125 | 1,775 | ||
Gross credit card | 1,344 | 1,388 | ||
Low [Member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 16,977 | 18,533 | ||
Gross personal | 11,298 | 11,159 | ||
Gross credit card | 2,199 | 2,340 | ||
Medium [Member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 5,229 | 5,156 | ||
Gross personal | 4,006 | 4,033 | ||
Gross credit card | 3,349 | 3,751 | ||
High [Member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 915 | 1,054 | ||
Gross personal | 1,106 | 1,100 | ||
Gross credit card | 333 | 472 | ||
Default [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 590 | 654 | ||
Gross personal | 138 | 140 | ||
Gross credit card | 0 | |||
Gross business and government | 1,391 | 1,359 | ||
Not Rated [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 2,621 | 2,783 | ||
Gross personal | 678 | 713 | ||
Gross credit card | 129 | 153 | ||
Gross business and government | 203 | 267 | ||
Investment grade [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross business and government | 56,671 | 50,998 | ||
Non investment grade [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross business and government | 86,191 | 87,790 | ||
Watch list [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross business and government | 3,113 | 4,738 | ||
Residential mortgages [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 350 | 363 | ||
Net loans | 234,397 | 220,802 | ||
Personal [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 740 | 832 | ||
Net loans | 41,631 | 41,390 | ||
Credit card [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 585 | 667 | ||
Net loans | 10,048 | 10,722 | ||
Business and government [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 1,525 | 1,678 | ||
Net loans | 146,044 | 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 | 219,398 | 206,350 | ||
ECL allowance | 665 | 724 | 704 | |
Net loans | 401,767 | 382,059 | ||
Gross personal | 36,355 | 35,691 | ||
Gross credit card | 8,960 | 8,926 | ||
Gross business and government | 137,719 | 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 | 159,840 | 146,139 | ||
Gross personal | 21,020 | 23,302 | ||
Gross credit card | 3,279 | 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 | 46,632 | 45,678 | ||
Gross personal | 3,974 | 1,618 | ||
Gross credit card | 1,344 | 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 | 10,724 | 12,491 | ||
Gross personal | 8,993 | 8,662 | ||
Gross credit card | 2,199 | 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 | 190 | 232 | ||
Gross personal | 1,559 | 1,265 | ||
Gross credit card | 2,022 | 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 | 122 | |||
Gross personal | 280 | 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 | 1,890 | 1,810 | ||
Gross personal | 529 | 513 | ||
Gross credit card | 116 | 135 | ||
Gross business and government | 159 | 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 | 56,264 | 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 | 81,132 | 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 | 164 | 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 | 60 | 51 | ||
Net loans | 219,338 | 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 | 134 | 179 | ||
Net loans | 36,221 | 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 | 153 | 125 | ||
Net loans | 8,807 | 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 | 318 | 380 | ||
Net loans | 137,401 | 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 | 14,590 | 14,006 | ||
ECL allowance | 1,629 | 1,808 | 1,553 | |
Net loans | 28,925 | 32,894 | ||
Gross personal | 5,832 | 6,350 | ||
Gross credit card | 1,673 | 2,463 | ||
Gross business and government | 8,459 | 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 | 151 | 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 | 6,253 | 6,042 | ||
Gross personal | 2,305 | 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 | 5,039 | 4,924 | ||
Gross personal | 2,447 | 2,768 | ||
Gross credit card | 1,327 | 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 | 793 | 1,054 | ||
Gross personal | 826 | 769 | ||
Gross credit card | 333 | 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 | 562 | 818 | ||
Gross personal | 103 | 159 | ||
Gross credit card | 13 | 18 | ||
Gross business and government | 44 | 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 | 407 | 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 | 5,059 | 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 | 2,949 | 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 | 119 | 161 | ||
Net loans | 14,471 | 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 | 4 | 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 | 1,939 | 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 | 491 | 540 | ||
Net loans | 5,341 | 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 | 432 | 542 | ||
Net loans | 1,241 | 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 | 587 | 648 | ||
Net loans | 7,872 | 11,318 | ||
Stage 3 [member] | Financial instruments not credit-impaired [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Net loans | 1,428 | 1,435 | ||
Gross business and government | 1,391 | 1,359 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 759 | 809 | ||
Gross personal | 184 | 181 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Default [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 590 | 654 | ||
Gross personal | 138 | 140 | ||
Gross business and government | 1,391 | 1,359 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Not Rated [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Gross residential mortgages | 169 | 155 | ||
Gross personal | 46 | 41 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Residential mortgages [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 171 | 151 | ||
Net loans | 588 | 658 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Personal [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 115 | 113 | ||
Net loans | 69 | 68 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Business and government [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 620 | 650 | ||
Net loans | 771 | $ 709 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | $ 906 | $ 952 | $ 807 |
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 | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Oct. 31, 2020 | |
Disclosure of internal credit grades [line items] | |||||
ECL allowance | $ 18 | $ 18 | $ 22 | ||
Residential mortgages | 234,747 | 234,747 | 221,165 | ||
Business and government loans | 136,567 | 136,567 | 135,546 | ||
Customers' liability under acceptances | 11,002 | 11,002 | 9,606 | ||
Expected credit loss allowance on debt securities classified at amortized cost | 15 | $ 16 | $ 15 | 15 | 16 |
Business and government [member] | |||||
Disclosure of internal credit grades [line items] | |||||
Customers' liability under acceptances | 11,002 | 11,002 | 9,606 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | |||||
Disclosure of internal credit grades [line items] | |||||
Residential mortgages | 759 | 759 | 809 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Other assets [member] | |||||
Disclosure of internal credit grades [line items] | |||||
Foreclosed assets | 22 | 22 | 23 | ||
Financial assets at fair value through net income [member] | |||||
Disclosure of internal credit grades [line items] | |||||
Residential mortgages | 29 | 29 | 63 | ||
Business and government loans | $ 23,116 | 23,116 | 23,291 | ||
Financial assets at fair value through net income [member] | Stage 3 [member] | |||||
Disclosure of internal credit grades [line items] | |||||
Expected credit loss allowance on debt securities classified at amortized cost | $ 13 | $ 14 |
Loans - Summary of Undrawn Cred
Loans - Summary of Undrawn Credit Facilities and Other Off Balance Sheet Exposures (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 |
Disclosure of internal credit grades [line items] | ||||
Credit exposure | $ 360,055 | $ 337,092 | ||
ECL allowance | 138 | $ 147 | $ 247 | |
Net credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 309,661 | 295,575 | ||
Retail [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 54 | 72 | ||
Retail [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 151,634 | 143,415 | ||
Retail [member] | Net credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 151,580 | 143,343 | ||
Retail [member] | Exceptionally Low [Member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 132,464 | 124,698 | ||
Retail [member] | Very Low [Member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 7,491 | 6,769 | ||
Retail [member] | Low [Member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 9,209 | 9,119 | ||
Retail [member] | Medium [Member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 1,503 | 1,601 | ||
Retail [member] | High [Member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 531 | 766 | ||
Retail [member] | Default [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 30 | 28 | ||
Retail [member] | Not Rated [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 406 | 434 | ||
Business and government [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 84 | 110 | ||
Business and government [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 158,165 | 152,342 | ||
Business and government [member] | Net credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 158,081 | 152,232 | ||
Business and government [member] | Investment grade [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 97,926 | 90,032 | ||
Business and government [member] | Non investment grade [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 58,405 | 59,589 | ||
Business and government [member] | Watch list [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 1,133 | 1,756 | ||
Business and government [member] | Default [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 119 | 129 | ||
Business and government [member] | Not Rated [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 582 | 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 | 83 | 87 | 150 | |
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 | 304,479 | 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 | 31 | 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 | 149,921 | 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 | 149,890 | 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 | 132,460 | 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 | 7,354 | 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 | 8,712 | 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 | 906 | 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 | 96 | 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 | 393 | 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 | 52 | 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 | 154,641 | 146,679 | ||
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 | 154,589 | 146,606 | ||
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 | 97,809 | 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 | 56,261 | 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 | 15 | 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 | 556 | 795 | ||
Stage 2 [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | 55 | $ 60 | 95 | |
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 | 5,033 | 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 | 23 | 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 | 1,683 | 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 | 1,660 | 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 | 4 | 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 | 137 | 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 | 497 | 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 | 597 | 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 | 435 | 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 | 13 | 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 | 32 | 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 | 3,405 | 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 | 3,373 | 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 | 117 | 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 | 2,144 | 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 | 1,118 | 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 | 26 | 41 | ||
Stage 3 [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 149 | 155 | ||
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Gross credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 30 | 28 | ||
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | ||||
Disclosure of internal credit grades [line items] | ||||
Credit exposure | 30 | 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 | 30 | 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 | 119 | 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 | 119 | 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 | $ 119 | $ 129 | ||
Stage 3 [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | ||||
Disclosure of internal credit grades [line items] | ||||
ECL allowance | $ 2 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits and Components (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line items] | ||
Deposits | $ 576,563 | $ 570,740 |
Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 114,741 | |
Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 216,161 | |
Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 245,661 | |
Financial liabilities at carrying value [member] | ||
Disclosure Of Deposits [Line items] | ||
Held at amortized cost | 559,454 | 557,321 |
Financial liabilities at fair value [member] | ||
Disclosure Of Deposits [Line items] | ||
Designated at fair value | 17,109 | 13,419 |
Personal [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 207,028 | 202,152 |
Personal [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 15,493 | |
Personal [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 139,262 | |
Personal [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 52,273 | |
Business and government [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 313,201 | 311,426 |
Business and government [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 90,153 | |
Business and government [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 76,422 | |
Business and government [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 146,626 | |
Bank [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 17,140 | 17,011 |
Bank [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 9,095 | |
Bank [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 477 | |
Bank [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 7,568 | |
Secured borrowings [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 39,194 | 40,151 |
Secured borrowings [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 39,194 | |
Canada [member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 80,976 | 71,122 |
Canada [member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 380,765 | 389,439 |
USA [member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 13,779 | 13,833 |
USA [member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 71,960 | 66,399 |
Other International [Member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 5,098 | 5,798 |
Other International [Member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | $ 23,985 | $ 24,149 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits and Components (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line items] | ||
Deposit | $ 576,563 | $ 570,740 |
Purchased notes, net | 3,700 | 3,100 |
Notes issued | 313,201 | 311,426 |
Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 245,661 | |
Payable on fixed date [member] | Bank recapitalization (bail-in) conversion regulations [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 23,900 | 19,900 |
CIBC capital trust [member] | ||
Disclosure Of Deposits [Line items] | ||
Notes issued | 301 | 303 |
Denominated in U.S. dollars [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 195,600 | 185,200 |
Denominated in other foreign currencies [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | $ 30,900 | $ 30,200 |
Subordinated indebtedness - Add
Subordinated indebtedness - Additional Information (Detail) - CAD ($) $ in Billions | Apr. 21, 2021 | Jan. 26, 2021 |
Disclosure Of Subordinated Indebtedness [Line Items] | ||
Debentures principal amount | $ 1 | |
Interest rate | 3.42% | |
Borrowings maturity | January 26, 2026 | |
Debentures terms of interest payment | the Debentures were redeemed at 100% of their principal amount, plus accrued and unpaid interest | |
April 21 2031 [member] | ||
Disclosure Of Subordinated Indebtedness [Line Items] | ||
Debentures principal amount | $ 1 | |
Interest rate | 1.96% | |
Borrowings maturity | April 21, 2031 | |
Fixed interest rate till april 21 2026 [member] | April 21 2031 [member] | ||
Disclosure Of Subordinated Indebtedness [Line Items] | ||
Interest rate | 1.96% | |
Borrowings, interest rate basis | fixed rate of 1.96% per annum | |
Interest periodic payment | semi-annually | |
Three month CDOR term [member] | April 21 2031 [member] | ||
Disclosure Of Subordinated Indebtedness [Line Items] | ||
Interest rate | 0.56% | |
Borrowings, interest rate basis | three-month CDOR plus 0.56% per annum | |
Interest periodic payment | quarterly |
Share Capital - Additional Info
Share Capital - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 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 | 6 Months Ended | |||
Apr. 30, 2021CAD ($)shares | Jan. 31, 2021CAD ($)shares | Apr. 30, 2020CAD ($)shares | Apr. 30, 2021CAD ($)shares | Apr. 30, 2020CAD ($)shares | |
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of period | $ 41,929 | $ 41,335 | $ 41,335 | ||
Balance at end of period | $ 42,680 | $ 41,929 | $ 40,253 | $ 42,680 | $ 40,253 |
Common shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance, Number of shares | shares | 447,849,605 | 447,085,329 | 444,981,533 | 447,085,329 | 445,341,675 |
Equity-settled share-based compensation plans | shares | 643,481 | 294,626 | 71,409 | 938,107 | 546,357 |
Shareholder investment plan, Number of shares | shares | 259,931 | 294,164 | 454,791 | 554,095 | 788,795 |
Employee share purchase plan, Number of shares | shares | 309,137 | 346,076 | 376,684 | 655,213 | 700,963 |
Number of shares issued, Number of shares | shares | 449,062,154 | 448,020,195 | 445,884,417 | 449,232,744 | 447,377,790 |
Purchase of common shares for cancellation, Number of shares | shares | (710,800) | (2,208,600) | |||
Treasury shares, Number of shares | shares | 30,972 | (170,590) | (40,261) | (139,618) | (35,834) |
Ending balance, Number of shares | shares | 449,093,126 | 447,849,605 | 445,133,356 | 449,093,126 | 445,133,356 |
Balance at beginning of period | $ 13,991 | $ 13,908 | $ 13,669 | $ 13,908 | $ 13,591 |
Equity-settled share-based compensation plans | 66 | 29 | 8 | 95 | 59 |
Shareholder investment plan, Amount | 33 | 32 | 36 | 65 | 72 |
Employee share purchase plan, Amount | 37 | 38 | 34 | 75 | 70 |
Number of shares issued, Amount | 14,127 | 14,007 | 13,747 | 14,143 | 13,792 |
Purchase of common shares for cancellation, Amount | (22) | (68) | |||
Treasury shares, Amount | 3 | (16) | (3) | (13) | (2) |
Balance at end of period | $ 14,130 | $ 13,991 | $ 13,722 | $ 14,130 | $ 13,722 |
Share Capital - Schedule of Reg
Share Capital - Schedule of Regulatory Capital and Ratios (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of Basel III captial disclosure [line items] | ||
Common Equity Tier 1 (CET1) capital | $ 31,915 | $ 30,876 |
Tier 1 capital | 35,759 | 34,775 |
Total capital | 41,826 | 40,969 |
Total risk-weighted assets (RWA) | $ 257,997 | $ 254,871 |
CET1 ratio | 12.40% | 12.10% |
Tier 1 capital ratio | 13.90% | 13.60% |
Total capital ratio | 16.20% | 16.10% |
Leverage ratio exposure | $ 767,391 | $ 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 | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Pension plan [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Current service cost | $ 70 | $ 71 | $ 70 | $ 141 | $ 138 |
Past service cost | (32) | ||||
Net interest (income) expense | (4) | (4) | (2) | (8) | (5) |
Special termination benefits | 9 | ||||
Plan administration costs | 2 | 2 | 2 | 4 | 4 |
Net defined benefit plan expense recognized in net income | 68 | 69 | 70 | 137 | 114 |
Other post employment benefit plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Current service cost | 2 | 2 | 4 | 4 | 7 |
Past service cost | (1) | ||||
Net interest (income) expense | 4 | 4 | 5 | 8 | 10 |
Net defined benefit plan expense recognized in net income | $ 6 | $ 6 | $ 9 | $ 12 | $ 16 |
Post-Employment Benefits - Su_2
Post-Employment Benefits - Summary of Defined Contributions Plan Expense (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of defined contribution plans [line items] | |||||
Expense recognized in consolidated statement of income | $ 51 | $ 47 | $ 45 | $ 98 | $ 89 |
Defined contribution pension plans [member] | |||||
Disclosure of defined contribution plans [line items] | |||||
Expense recognized in consolidated statement of income | 13 | 11 | 8 | 24 | 17 |
Government pension plans [member] | |||||
Disclosure of defined contribution plans [line items] | |||||
Expense recognized in consolidated statement of income | $ 38 | $ 36 | $ 37 | $ 74 | $ 72 |
Post-Employment Benefits - Su_3
Post-Employment Benefits - Summary of Net Remeasurement Gains (Losses) Recognized in OCI (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Pension plan [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Net actuarial gains (losses) on defined benefit obligation | $ 674 | $ 60 | $ 487 | $ 734 | $ 59 |
Net actuarial gains (losses) on plan assets | (267) | 207 | (178) | (60) | 137 |
Changes in asset ceiling excluding interest income | (3) | (2) | |||
Net remeasurement gains (losses) recognized in OCI | 407 | 267 | 306 | 674 | 194 |
Other post employment benefit plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Net actuarial gains (losses) on defined benefit obligation | 37 | 3 | 30 | 40 | 1 |
Net remeasurement gains (losses) recognized in OCI | $ 37 | $ 3 | $ 30 | $ 40 | $ 1 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jan. 31, 2019 | Apr. 30, 2021 | |
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 | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Basic earnings per share | |||||
Net income attributable to equity shareholders | $ 1,647 | $ 1,621 | $ 400 | $ 3,268 | $ 1,605 |
Less: Preferred share dividends and distributions on other equity instruments | 51 | 30 | 30 | 81 | 61 |
Net income attributable to common shareholders | $ 1,596 | $ 1,591 | $ 370 | $ 3,187 | $ 1,544 |
Weighted-average common shares outstanding (thousands) | 448,455 | 447,281 | 444,739 | 447,859 | 444,997 |
Basic earnings per share | $ 3.56 | $ 3.56 | $ 0.83 | $ 7.12 | $ 3.47 |
Diluted earnings per share | |||||
Net income attributable to common shareholders | $ 1,596 | $ 1,591 | $ 370 | $ 3,187 | $ 1,544 |
Weighted-average common shares outstanding (thousands) | 448,455 | 447,281 | 444,739 | 447,859 | 444,997 |
Add: Stock options potentially exercisable (1) (thousands) | 796 | 502 | 302 | 628 | 439 |
Add: Equity-settled consideration (thousands) | 94 | 146 | 147 | 134 | 174 |
Weighted-average diluted common shares outstanding (thousands) | 449,345 | 447,929 | 445,188 | 448,621 | 445,610 |
Diluted earnings per share | $ 3.55 | $ 3.55 | $ 0.83 | $ 7.10 | $ 3.46 |
Earnings per Share - Summary _2
Earnings per Share - Summary of Earnings Per Share (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Earnings per share [abstract] | |||||
Outstanding options excluded from calculation of diluted earnings per share | 0 | 3,840,348 | 4,839,980 | 737,167 | 3,681,010 |
Weighted average Exercise price of average outstanding share options excluded from the calculation of diluted earnings per share | $ 0 | $ 112.71 | $ 108.08 | $ 120.02 | $ 111.56 |
Contingent Liabilities and Pr_2
Contingent Liabilities and Provisions - Additional Information (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Mar. 31, 2013 |
Part 1 tax [member] | ||
Disclosure Of Contingent Assets And Liabilities [Line Items] | ||
Income Tax Assessment Payable | $ 139 | |
Part XI.1 tax [member] | ||
Disclosure Of Contingent Assets And Liabilities [Line Items] | ||
Income Tax Reassessment Payable | $ 144 | |
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 | 1,200 | |
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 | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Analysis Of Income And Expense [line items] | ||||||
Interest income | [1] | $ 3,573 | $ 3,771 | $ 4,702 | $ 7,344 | $ 9,884 |
Interest expense | 826 | 932 | 1,940 | 1,758 | 4,361 | |
Amortised cost [member] | ||||||
Analysis Of Income And Expense [line items] | ||||||
Interest income | 3,098 | 3,256 | 3,998 | 6,354 | 8,433 | |
Interest expense | 703 | 814 | 1,858 | 1,517 | 4,184 | |
Debt securities measured at fair value through other comprehensive income [member] | ||||||
Analysis Of Income And Expense [line items] | ||||||
Interest income | 83 | 98 | 206 | 181 | 446 | |
Other [member] | ||||||
Analysis Of Income And Expense [line items] | ||||||
Interest income | 392 | 417 | 498 | 809 | 1,005 | |
Interest expense | $ 123 | $ 118 | $ 82 | $ 241 | $ 177 | |
[1] | Interest income included $3.2 billion for the quarter ended April 30, 2021 (January 31, 2021: $3.4 billion; April 30, 2020: $4.2 billion) and $6.5 billion for the six months ended April 30, 2021 (April 30, 2020: $8.9 billion) calculated based on the effective interest rate method. |
Segmented Information - Detaile
Segmented Information - Detailed Report of Segments and Geographic Areas (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 2,747 | $ 2,839 | $ 2,762 | $ 5,586 | $ 5,523 |
Non-interest income | 2,185 | 2,124 | 1,816 | 4,309 | 3,910 |
Revenue | 4,932 | 4,963 | 4,578 | 9,895 | 9,433 |
Provision for (reversal of) credit losses | 32 | 147 | 1,412 | 179 | 1,673 |
Amortization and impairment | 249 | 237 | 280 | 486 | 526 |
Other non-interest expenses | 2,507 | 2,489 | 2,424 | 4,996 | 5,243 |
Income (loss) before income taxes | 2,144 | 2,090 | 462 | 4,234 | 1,991 |
Income taxes | 493 | 465 | 70 | 958 | 387 |
Net income (loss) | 1,651 | 1,625 | 392 | 3,276 | 1,604 |
Non-controlling interests | 4 | 4 | (8) | 8 | (1) |
Equity shareholders | 1,647 | 1,621 | 400 | 3,268 | 1,605 |
Average assets | 795,373 | 799,948 | 725,701 | 797,698 | 702,362 |
Canadian Personal and Business Banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,425 | 1,483 | 1,432 | 2,908 | 2,937 |
Non-interest income | 516 | 542 | 504 | 1,058 | 1,078 |
Revenue | 1,941 | 2,025 | 1,936 | 3,966 | 4,015 |
Provision for (reversal of) credit losses | 65 | 54 | 640 | 119 | 851 |
Amortization and impairment | 53 | 53 | 57 | 106 | 114 |
Other non-interest expenses | 1,005 | 1,033 | 1,017 | 2,038 | 2,046 |
Income (loss) before income taxes | 818 | 885 | 222 | 1,703 | 1,004 |
Income taxes | 215 | 233 | 59 | 448 | 266 |
Net income (loss) | 603 | 652 | 163 | 1,255 | 738 |
Equity shareholders | 603 | 652 | 163 | 1,255 | 738 |
Average assets | 266,763 | 261,542 | 251,898 | 264,109 | 251,745 |
Canadian Commercial Banking and Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 305 | 298 | 321 | 603 | 636 |
Non-interest income | 830 | 790 | 704 | 1,620 | 1,444 |
Revenue | 1,135 | 1,088 | 1,025 | 2,223 | 2,080 |
Provision for (reversal of) credit losses | (18) | 33 | 186 | 15 | 221 |
Amortization and impairment | 7 | 7 | 7 | 14 | 14 |
Other non-interest expenses | 601 | 565 | 552 | 1,166 | 1,106 |
Income (loss) before income taxes | 545 | 483 | 280 | 1,028 | 739 |
Income taxes | 146 | 129 | 74 | 275 | 197 |
Net income (loss) | 399 | 354 | 206 | 753 | 542 |
Equity shareholders | 399 | 354 | 206 | 753 | 542 |
Average assets | 67,969 | 65,774 | 66,931 | 66,853 | 66,085 |
U.S. Commercial Banking and Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 351 | 374 | 370 | 725 | 712 |
Non-interest income | 181 | 187 | 141 | 368 | 300 |
Revenue | 532 | 561 | 511 | 1,093 | 1,012 |
Provision for (reversal of) credit losses | (12) | 45 | 230 | 33 | 245 |
Amortization and impairment | 27 | 28 | 34 | 55 | 66 |
Other non-interest expenses | 244 | 252 | 257 | 496 | 523 |
Income (loss) before income taxes | 273 | 236 | (10) | 509 | 178 |
Income taxes | 57 | 48 | (25) | 105 | (2) |
Net income (loss) | 216 | 188 | 15 | 404 | 180 |
Equity shareholders | 216 | 188 | 15 | 404 | 180 |
Average assets | 46,364 | 47,501 | 49,182 | 46,942 | 46,972 |
Capital Markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 662 | 682 | 568 | 1,344 | 1,066 |
Non-interest income | 532 | 492 | 399 | 1,024 | 907 |
Revenue | 1,194 | 1,174 | 967 | 2,368 | 1,973 |
Provision for (reversal of) credit losses | (11) | 5 | 236 | (6) | 230 |
Amortization and impairment | 3 | 2 | 2 | 5 | 5 |
Other non-interest expenses | 535 | 520 | 490 | 1,055 | 979 |
Income (loss) before income taxes | 667 | 647 | 239 | 1,314 | 759 |
Income taxes | 172 | 154 | 62 | 326 | 204 |
Net income (loss) | 495 | 493 | 177 | 988 | 555 |
Equity shareholders | 495 | 493 | 177 | 988 | 555 |
Average assets | 250,627 | 250,418 | 235,064 | 250,521 | 223,998 |
Corporate and Other [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 4 | 2 | 71 | 6 | 172 |
Non-interest income | 126 | 113 | 68 | 239 | 181 |
Revenue | 130 | 115 | 139 | 245 | 353 |
Provision for (reversal of) credit losses | 8 | 10 | 120 | 18 | 126 |
Amortization and impairment | 159 | 147 | 180 | 306 | 327 |
Other non-interest expenses | 122 | 119 | 108 | 241 | 589 |
Income (loss) before income taxes | (159) | (161) | (269) | (320) | (689) |
Income taxes | (97) | (99) | (100) | (196) | (278) |
Net income (loss) | (62) | (62) | (169) | (124) | (411) |
Non-controlling interests | 4 | 4 | (8) | 8 | (1) |
Equity shareholders | (66) | (66) | (161) | (132) | (410) |
Average assets | $ 163,650 | $ 174,713 | $ 122,626 | $ 169,273 | $ 113,562 |
Segmented Information - Detai_2
Segmented Information - Detailed Report of Segments and Geographic Areas (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Capital markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Taxable equivalent basis adjustment | $ 51 | $ 54 | $ 46 | $ 105 | $ 95 |