Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ |
Entity Central Index Key | 0001045520 |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 446,932,750 |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | false |
Entity Address, Country | CA |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | Commerce Court |
Entity Address, City or Town | Toronto |
Entity Address, Postal Zip Code | M5L 1A2 |
Entity Address, State or Province | ON |
Local Phone Number | (416) 980-2211 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Achilles M. Perry |
Entity Address, Address Line One | 425 Lexington Avenue – 3rd Floor |
Entity Address, City or Town | New York |
Entity Address, Postal Zip Code | 10017 |
Entity Address, State or Province | NY |
Local Phone Number | (212) 667-8316 |
Consolidated balance sheet
Consolidated balance sheet - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
ASSETS | |||
Cash and non-interest-bearing deposits with banks | [1] | $ 43,531 | $ 3,840 |
Interest-bearing deposits with banks | 18,987 | 13,519 | |
Securities (Note 5) | 149,046 | 121,310 | |
Cash collateral on securities borrowed | 8,547 | 3,664 | |
Securities purchased under resale agreements | 65,595 | 56,111 | |
Loans (Note 6) | |||
Residential mortgages | 221,165 | 208,652 | |
Personal | 42,222 | 43,651 | |
Credit card | 11,389 | 12,755 | |
Business and government | 135,546 | 125,798 | |
Allowance for credit losses | (3,540) | (1,915) | |
Total loans | 406,782 | 388,941 | |
Other | |||
Derivative instruments (Note 13) | 32,730 | 23,895 | |
Customers' liability under acceptances | 9,606 | 9,167 | |
Property and equipment (Note 8) | 2,997 | 1,813 | |
Goodwill (Note 9) | 5,253 | 5,449 | |
Software and other intangible assets (Note 9) | 1,961 | 1,969 | |
Investments in equity-accounted associates and joint ventures (Note 26) | 658 | 586 | |
Deferred tax assets (Note 20) | 650 | 517 | |
Other assets (Note 10) | 23,208 | 20,823 | |
Other miscellaneous assets | 77,063 | 64,219 | |
Total assets | 769,551 | 651,604 | |
Deposits (Note 11) | |||
Personal | 202,152 | 178,091 | |
Business and government | 311,426 | 257,502 | |
Bank | 17,011 | 11,224 | |
Secured borrowings | 40,151 | 38,895 | |
Deposits | 570,740 | 485,712 | |
Obligations related to securities sold short | 15,963 | 15,635 | |
Cash collateral on securities lent | 1,824 | 1,822 | |
Obligations related to securities sold under repurchase agreements | 71,653 | 51,801 | |
Other | |||
Derivative instruments (Note 13) | 30,508 | 25,113 | |
Acceptances | 9,649 | 9,188 | |
Deferred tax liabilities (Note 20) | 33 | 38 | |
Other liabilities (Note 12) | 22,134 | 19,031 | |
Other miscellaneous liabilities | 62,324 | 53,370 | |
Subordinated indebtedness (Note 15) | 5,712 | 4,684 | |
Equity | |||
Contributed surplus | 117 | 125 | |
Retained earnings | 22,119 | 20,972 | |
Accumulated other comprehensive income (AOCI) | 1,435 | 881 | |
Total shareholders' equity | 41,154 | 38,394 | |
Non-controlling interests | 181 | 186 | |
Total equity | 41,335 | 38,580 | |
Total liabilities and equities | 769,551 | 651,604 | |
Preferred shares and other equity instruments [member] | |||
Equity | |||
Issued shares (Note 16) | 3,575 | 2,825 | |
Total equity | 3,575 | 2,825 | |
Common shares [member] | |||
Equity | |||
Issued shares (Note 16) | 13,908 | 13,591 | |
Total equity | $ 13,908 | $ 13,591 | |
[1] | Includes restricted cash of $463 million (2019: $479 million; 2018: $438 million) and interest-bearing demand deposits with Bank of Canada. |
Consolidated statement of incom
Consolidated statement of income - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Interest income | ||||
Loans | [1] | $ 13,863 | $ 16,048 | $ 13,901 |
Securities | [1] | 2,568 | 2,779 | 2,269 |
Securities borrowed or purchased under resale agreements | [1] | 842 | 1,474 | 1,053 |
Deposits with banks | [1] | 249 | 396 | 282 |
Interest income | [1] | 17,522 | 20,697 | 17,505 |
Interest expense | ||||
Deposits | 5,326 | 8,422 | 6,240 | |
Securities sold short | 254 | 291 | 272 | |
Securities lent or sold under repurchase agreements | 656 | 1,198 | 736 | |
Subordinated indebtedness | 159 | 198 | 174 | |
Other | 83 | 37 | 18 | |
Interest expense | 6,478 | 10,146 | 7,440 | |
Net interest income | 11,044 | 10,551 | 10,065 | |
Non-interest income | ||||
Underwriting and advisory fees | 468 | 475 | 420 | |
Deposit and payment fees | 781 | 908 | 877 | |
Credit fees | 1,020 | 958 | 851 | |
Card fees | 410 | 458 | 510 | |
Investment management and custodial fees | 1,382 | 1,305 | 1,247 | |
Mutual fund fees | 1,586 | 1,595 | 1,624 | |
Insurance fees, net of claims | 386 | 430 | 431 | |
Commissions on securities transactions | 362 | 313 | 357 | |
Gains (losses) from financial instruments measured/designated at fair value through profit or loss (FVTPL), net | 694 | 761 | 603 | |
Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net (Note 5) | 9 | 34 | (35) | |
Foreign exchange other than trading (FXOTT) | 234 | 304 | 310 | |
Income from equity-accounted associates and joint ventures (Note 26) | 79 | 92 | 121 | |
Other | 286 | 427 | 453 | |
Non-interest income | 7,697 | 8,060 | 7,769 | |
Total revenue | 18,741 | 18,611 | 17,834 | |
Provision for credit losses (Note 6) | 2,489 | 1,286 | 870 | |
Non-interest expenses | ||||
Employee compensation and benefits | 6,259 | 5,726 | 5,665 | |
Occupancy costs | 944 | 892 | 875 | |
Computer, software and office equipment | 1,939 | 1,874 | 1,742 | |
Communications | 308 | 303 | 315 | |
Advertising and business development | 271 | 359 | 327 | |
Professional fees | 203 | 226 | 226 | |
Business and capital taxes | 117 | 110 | 103 | |
Other (Notes 4 and 9) | 1,321 | 1,366 | 1,005 | |
Non-interest expenses | 11,362 | 10,856 | 10,258 | |
Income before income taxes | 4,890 | 6,469 | 6,706 | |
Income taxes (Note 20) | 1,098 | 1,348 | 1,422 | |
Net income | 3,792 | 5,121 | 5,284 | |
Net income attributable to non-controlling interests | 2 | 25 | 17 | |
Preferred shareholders and other equity instrument holders | 122 | 111 | 89 | |
Common shareholders | 3,668 | 4,985 | 5,178 | |
Net income attributable to equity shareholders | $ 3,790 | $ 5,096 | $ 5,267 | |
Earnings per share (EPS) (in dollars) (Note 21) | ||||
Basic | $ 8.23 | $ 11.22 | $ 11.69 | |
Diluted | 8.22 | 11.19 | 11.65 | |
Dividends per common share (in dollars) (Note 16) | $ 5.82 | $ 5.60 | $ 5.32 | |
[1] | Interest income included $15.7 billion for the year ended October 31, 2020 (2019: $18.8 billion) calculated based on the effective interest rate method. |
Consolidated statement of inc_2
Consolidated statement of income (Parenthetical) - CAD ($) $ in Billions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Profit or loss [abstract] | ||
Interest income calculated based on effective interest method | $ 15.7 | $ 18.8 |
Consolidated statement of compr
Consolidated statement of comprehensive income - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Statement of comprehensive income [abstract] | ||||
Net income | $ 3,792 | $ 5,121 | $ 5,284 | |
Net foreign currency translation adjustments | ||||
Net gains (losses) on investments in foreign operations | 382 | (21) | 635 | |
Net gains (losses) on hedges of investments in foreign operations | (202) | (10) | (349) | |
Other comprehensive income, net of tax, exchange differences on translation | 180 | (31) | 286 | |
Net change in debt securities measured at FVOCI | ||||
Net gains (losses) on securities measured at FVOCI | 254 | 244 | (142) | |
Net (gains) losses reclassified to net income | (22) | (28) | (29) | |
Other comprehensive income, net of tax, debt securities | 232 | 216 | (171) | |
Net change in cash flow hedges | ||||
Net gains (losses) on derivatives designated as cash flow hedges | 142 | 137 | (25) | |
Net (gains) losses reclassified to net income | 19 | (6) | (26) | |
Other comprehensive income, net of tax, cash flow hedges | 161 | 131 | (51) | |
OCI, net of income tax, that is not subject to subsequent reclassification to net income | ||||
Net gains (losses) on post-employment defined benefit plans | 80 | (220) | 226 | |
Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk | (56) | 28 | (2) | |
Net gains (losses) on equity securities designated at FVOCI | 50 | (2) | 29 | |
OCI, net of income tax, that will not be reclassified to profit or loss, net of tax | 74 | (194) | 253 | |
Total OCI | [1] | 647 | 122 | 317 |
Comprehensive income | 4,439 | 5,243 | 5,601 | |
Comprehensive income attributable to non-controlling interests | 2 | 25 | 17 | |
Preferred shareholders and other equity instrument holders | 122 | 111 | 89 | |
Common shareholders | 4,315 | 5,107 | 5,495 | |
Comprehensive income attributable to equity shareholders | 4,437 | 5,218 | 5,584 | |
Net foreign currency translation adjustments | ||||
Income tax (expense) benefit, Net gains (losses) on investments in foreign operations | 42 | (31) | ||
Income tax (expense) benefit, Net gains (losses) on hedges of investments in foreign operations | (46) | (16) | 43 | |
Income tax (expense) benefit relating to exchange differences on translation of other comprehensive income | (4) | (16) | 12 | |
Net change in debt securities measured at FVOCI | ||||
Income tax (expense) benefit, Net gains (losses) on securities measured at FVOCI | (59) | (36) | 18 | |
Income tax (expense) benefit, Net (gains) losses reclassified to net income | 7 | 10 | 8 | |
Income tax (expense) benefit relating to debt securities of other comprehensive income | (52) | (26) | 26 | |
Net change in cash flow hedges | ||||
Income tax (expense) benefit, Net gains (losses) on derivatives designated as cash flow hedges | (51) | (49) | 8 | |
Income tax (expense) benefit, Net (gains) losses reclassified to net income | (7) | 2 | 9 | |
Income tax (expense) benefit relating to cash flow hedges of other comprehensive income | (58) | (47) | 17 | |
Not subject to subsequent reclassification to net income | ||||
Income tax (expense) benefit, Net gains (losses) on post-employment defined benefit plans | (19) | 77 | (87) | |
Income tax (expense) benefit, Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk | 20 | (10) | 1 | |
Income tax (expense) benefit, Net gains (losses) on equity securities designated at FVOCI | (17) | (11) | ||
Income tax (expense) benefit, Net gains (losses) not subject to subsequent reclassification to net income | (16) | 67 | (97) | |
Income tax (expense) benefit relating to components of other comprehensive income | $ (130) | $ (22) | $ (42) | |
[1] | Includes $44 million of gains for 2020 (2019: $44 million of gains; 2018: $19 million of losses) relating to our investments in equity-accounted associates and joint ventures. |
Consolidated statement of com_2
Consolidated statement of comprehensive income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Gains (losses) on investments in equity-accounted associates and joint ventures included in OCI | $ 44 | $ 44 | $ (19) |
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] | Common shares [member]The private bank [member] | Common shares [member]Wellington Financial [member] | Additional paid-in capital [member] | Retained earnings [member] | Retained earnings [member]IFRS9 [member] | Retained earnings [member]IFRS15 [Member] | Retained earnings [member]IFRS16 [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]Reserve of equity securities designated at fair value of other comprehensive income [member]IFRS9 [member] | AOCI, net of tax [member]Financial assets at fair value through OCI [member] | AOCI, net of tax [member]Financial assets at fair value through OCI [member]IAS 39 [member] | AOCI, net of tax [member]Financial assets at fair value through OCI [member]IFRS9 [member] | Non-controlling interests [member] | Non-controlling interests [member]IAS 39 [member] | Non-controlling interests [member]IFRS9 [member] | ||
Balance at beginning of year (Previously stated [member]) at Oct. 31, 2017 | $ 16,101 | $ 60 | $ 202 | ||||||||||||||||||||||||
Balance at beginning of year (Impact of adopting IFRS [member]) at Oct. 31, 2017 | $ (144) | $ 85 | $ (28) | $ (4) | |||||||||||||||||||||||
Balance at beginning of year at Oct. 31, 2017 | $ 1,797 | $ 12,548 | $ 137 | 15,957 | $ 738 | $ 33 | $ (369) | $ (10) | 85 | 32 | 198 | ||||||||||||||||
Net income attributable to equity shareholders | $ 5,267 | 5,267 | |||||||||||||||||||||||||
Net income attributable to non-controlling interests | 17 | $ 17 | |||||||||||||||||||||||||
Net gains (losses) on equity securities designated at FVOCI | $ 29 | ||||||||||||||||||||||||||
Net change in securities measured at FVOCI | $ (171) | ||||||||||||||||||||||||||
Issued pursuant to the acquisition | $ 194 | $ 47 | |||||||||||||||||||||||||
Net change in foreign currency translation adjustments | 286 | ||||||||||||||||||||||||||
Net change in cash flow hedges | (51) | (51) | |||||||||||||||||||||||||
Net change in post-employment defined benefit plans | 226 | 226 | |||||||||||||||||||||||||
Net change attributable to changes in credit risk | (2) | (2) | |||||||||||||||||||||||||
Premium on purchase of common shares for cancellation | (313) | ||||||||||||||||||||||||||
Dividends and distributions | (2,356) | $ (89) | $ (2,356) | (31) | |||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | [1] | (49) | |||||||||||||||||||||||||
Issue of equity | 450 | 555 | |||||||||||||||||||||||||
Compensation expense arising from equity-settled share-based awards | 31 | ||||||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 49 | ||||||||||||||||||||||||||
Purchase of common shares for cancellation | (104) | ||||||||||||||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (32) | ||||||||||||||||||||||||||
Treasury shares | 3 | 3 | |||||||||||||||||||||||||
Other | 22 | [2] | (11) | ||||||||||||||||||||||||
Balance at end of year (Previously stated [member]) at Oct. 31, 2018 | 18,537 | ||||||||||||||||||||||||||
Balance at end of year (Impact of adopting IFRS [member]) at Oct. 31, 2018 | 18,543 | $ 6 | |||||||||||||||||||||||||
Balance at end of year at Oct. 31, 2018 | 35,116 | 2,250 | 13,243 | 136 | 18,537 | $ 777 | 1,024 | (18) | (143) | (12) | 65 | 65 | (139) | (139) | 173 | 173 | |||||||||||
Net income attributable to equity shareholders | 5,096 | 5,096 | |||||||||||||||||||||||||
Net income attributable to non-controlling interests | 25 | 25 | |||||||||||||||||||||||||
Net gains (losses) on equity securities designated at FVOCI | (2) | ||||||||||||||||||||||||||
Net change in securities measured at FVOCI | 216 | ||||||||||||||||||||||||||
Net change in foreign currency translation adjustments | (31) | ||||||||||||||||||||||||||
Net change in cash flow hedges | 131 | 131 | |||||||||||||||||||||||||
Net change in post-employment defined benefit plans | (220) | (220) | |||||||||||||||||||||||||
Net change attributable to changes in credit risk | 28 | 28 | |||||||||||||||||||||||||
Premium on purchase of common shares for cancellation | (79) | ||||||||||||||||||||||||||
Dividends and distributions | (2,488) | (111) | (2,488) | (11) | |||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | [1] | (18) | |||||||||||||||||||||||||
Issue of equity | 575 | 377 | |||||||||||||||||||||||||
Compensation expense arising from equity-settled share-based awards | 16 | ||||||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 18 | ||||||||||||||||||||||||||
Purchase of common shares for cancellation | (30) | ||||||||||||||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (27) | ||||||||||||||||||||||||||
Treasury shares | 1 | ||||||||||||||||||||||||||
Other | (7) | [2] | (1) | ||||||||||||||||||||||||
Balance at end of year (Previously stated [member]) at Oct. 31, 2019 | 20,972 | ||||||||||||||||||||||||||
Balance at end of year (Impact of adopting IFRS [member]) at Oct. 31, 2019 | 21,120 | ||||||||||||||||||||||||||
Balance at end of year at Oct. 31, 2019 | 38,580 | 2,825 | 13,591 | 125 | 20,972 | 881 | 993 | 113 | (363) | 16 | 45 | $ 45 | 77 | $ 77 | 186 | $ 186 | |||||||||||
Net income attributable to equity shareholders | 3,790 | 3,790 | |||||||||||||||||||||||||
Net income attributable to non-controlling interests | 2 | 2 | |||||||||||||||||||||||||
Net gains (losses) on equity securities designated at FVOCI | 50 | ||||||||||||||||||||||||||
Net change in securities measured at FVOCI | 232 | ||||||||||||||||||||||||||
Net change in foreign currency translation adjustments | 180 | ||||||||||||||||||||||||||
Net change in cash flow hedges | 161 | 161 | |||||||||||||||||||||||||
Net change in post-employment defined benefit plans | 80 | 80 | |||||||||||||||||||||||||
Net change attributable to changes in credit risk | (56) | (56) | |||||||||||||||||||||||||
Premium on purchase of common shares for cancellation | (166) | ||||||||||||||||||||||||||
Dividends and distributions | (2,592) | $ (122) | $ (2,592) | (15) | |||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings | [1] | (93) | |||||||||||||||||||||||||
Issue of equity | 750 | 371 | |||||||||||||||||||||||||
Compensation expense arising from equity-settled share-based awards | 14 | ||||||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI | 93 | ||||||||||||||||||||||||||
Purchase of common shares for cancellation | (68) | ||||||||||||||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards | (20) | ||||||||||||||||||||||||||
Treasury shares | 14 | ||||||||||||||||||||||||||
Other | (2) | (4) | [2] | 8 | |||||||||||||||||||||||
Balance at end of year (Impact of adopting IFRS [member]) at Oct. 31, 2020 | $ 148 | ||||||||||||||||||||||||||
Balance at end of year at Oct. 31, 2020 | $ 41,335 | $ 3,575 | $ 13,908 | $ 117 | $ 22,119 | $ 1,435 | $ 1,173 | $ 274 | $ (283) | $ (40) | $ 2 | $ 309 | $ 181 | ||||||||||||||
[1] | Includes nil reclassified to retained earnings (2019: nil; 2018: $11 million), relating to our investments in equity-accounted associates and joint ventures. | ||||||||||||||||||||||||||
[2] | In 2018, includes the recognition of loss carryforwards relating to foreign exchange translation amounts on CIBC’s net investment in foreign operations that were previously reclassified to retained earnings as part of our transition to IFRS in 2012. |
Consolidated statement of cha_2
Consolidated statement of changes in equity (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
AOCI, net of tax [member] | |||
Gains (losses) on investments in equity-accounted associates and joint ventures reclassified to retained earnings | $ 0 | $ 0 | $ 11 |
Consolidated statement of cash
Consolidated statement of cash flows - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||||
Cash flows provided by (used in) operating activities | ||||||
Net income | $ 3,792 | $ 5,121 | $ 5,284 | |||
Adjustments to reconcile net income to cash flows provided by (used in) operating activities: | ||||||
Provision for credit losses | 2,489 | 1,286 | 870 | |||
Amortization and impairment | [1] | 1,311 | 838 | 657 | ||
Stock options and restricted shares expense | 14 | 16 | 31 | |||
Deferred income taxes | (228) | 108 | 69 | |||
Losses (gains) from debt securities measured at FVOCI and amortized cost | (9) | (34) | 35 | |||
Net losses (gains) on disposal of property and equipment | 4 | (7) | (14) | |||
Other non-cash items, net | (767) | (229) | (292) | |||
Net changes in operating assets and liabilities | ||||||
Interest-bearing deposits with banks | (5,468) | (208) | (2,599) | |||
Loans, net of repayments | (18,891) | (17,653) | (16,155) | |||
Deposits, net of withdrawals | 82,120 | 19,838 | 20,770 | |||
Obligations related to securities sold short | 328 | 1,853 | 69 | |||
Accrued interest receivable | 97 | (122) | (341) | |||
Accrued interest payable | (238) | 138 | 205 | |||
Derivative assets | (8,832) | (2,484) | 2,780 | |||
Derivative liabilities | 5,184 | 4,037 | (2,084) | |||
Securities measured at FVTPL | (8,296) | (1,826) | (647) | |||
Other assets and liabilities measured/designated at FVTPL | 1,563 | 1,222 | (380) | |||
Current income taxes | 1,287 | (309) | (301) | |||
Cash collateral on securities lent | 2 | (909) | 707 | |||
Obligations related to securities sold under repurchase agreements | 19,852 | 20,961 | 2,869 | |||
Cash collateral on securities borrowed | (4,883) | 1,824 | (453) | |||
Securities purchased under resale agreements | (9,394) | (10,785) | (1,195) | |||
Other, net | (742) | (4,041) | (18) | |||
Cash flows provided by (used in) operating activities | 60,295 | 18,635 | 9,867 | |||
Cash flows provided by (used in) financing activities | ||||||
Issue of subordinated indebtedness | 1,000 | 1,500 | 1,534 | |||
Redemption/repurchase/maturity of subordinated indebtedness | (33) | (1,001) | (638) | |||
Issue of preferred shares and limited recourse capital notes, net of issuance cost | 747 | 568 | 445 | |||
Issue of common shares for cash | 163 | 157 | 186 | |||
Purchase of common shares for cancellation | (234) | (109) | (417) | |||
Net sale (purchase) of treasury shares | 14 | 1 | 6 | |||
Dividends and distributions paid | (2,571) | (2,406) | (2,109) | |||
Repayment of lease liabilities | (307) | |||||
Cash flows provided by (used in) financing activities | (1,221) | (1,290) | (993) | |||
Cash flows provided by (used in) investing activities | ||||||
Purchase of securities measured/designated at FVOCI and amortized cost | (54,075) | (42,304) | (33,011) | |||
Proceeds from sale of securities measured/designated at FVOCI and amortized cost | 11,883 | 13,764 | 12,992 | |||
Proceeds from maturity of debt securities measured at FVOCI and amortized cost | 23,093 | 10,948 | 12,402 | |||
Cash used in acquisitions, net of cash acquired | (25) | (315) | ||||
Net cash provided by dispositions of investments in equity-accounted associates and joint ventures | 200 | |||||
Net sale (purchase) of property and equipment | (309) | (272) | (255) | |||
Cash flows provided by (used in) investing activities | (19,408) | (17,889) | (7,987) | |||
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks | 25 | 4 | 53 | |||
Net increase (decrease) in cash and non-interest-bearing deposits with banks during the year | 39,691 | (540) | 940 | |||
Cash and non-interest-bearing deposits with banks at beginning of year | 3,840 | [2] | 4,380 | [2] | 3,440 | |
Cash and non-interest-bearing deposits with banks at end of year | [2] | 43,531 | 3,840 | 4,380 | ||
Cash interest paid | 6,716 | 10,008 | 7,235 | |||
Cash interest received | 16,774 | 19,840 | 16,440 | |||
Cash dividends received | 845 | 735 | 724 | |||
Cash income taxes paid | $ 39 | $ 1,549 | $ 1,654 | |||
[1] | Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill. | |||||
[2] | Includes restricted cash of $463 million (2019: $479 million; 2018: $438 million) and interest-bearing demand deposits with Bank of Canada. |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Statement of cash flows [abstract] | |||
Restricted cash | $ 463 | $ 479 | $ 438 |
Basis of preparation and summar
Basis of preparation and summary of significant accounting policies | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Basis of preparation and summary of significant accounting policies | Note 1 Basis of preparation and summary of significant accounting policies Basis of preparation The consolidated financial statements of CIBC have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements also comply with Section 308(4) of the Bank Act CIBC has consistently applied the same accounting policies throughout all periods presented, except for the adoption of IFRS 15 “Revenue from Contracts with Customers” effective November 1, 2018, the adoption of IFRS 16 “Leases” effective November 1, 2019, the adoption of “Interest Rate Benchmark Reform: Phase 1 Amendments to IFRS 9, IAS 39 and IFRS 7” effective November 1, 2019, and the adoption of IFRIC 23 “Uncertainty over Income Tax Treatments” effective November 1, 2019, each of which were adopted without restatement of comparative periods as discussed below under the sections titled “Fee and commission income”, “Leases”, “Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7”, and “International Financial Reporting Interpretations Committee 23: Uncertainty over Income Tax Treatments”. These consolidated financial statements are presented in millions of Canadian dollars, unless otherwise indicated. These consolidated financial statements were authorized for issue by the Board of Directors (the Board) on December 2, 2020. Summary of significant accounting policies The following paragraphs describe our significant accounting policies. Use of estimates and assumptions 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 (SEs), 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. Actual results could differ from these estimates and assumptions. Basis of consolidation We consolidate entities over which we have control. We have control over another entity when we have: (i) power to direct relevant activities of the entity; (ii) exposure, or rights, to variable returns from our involvement with the entity; and (iii) the ability to affect those returns through our power over the entity. Subsidiaries Subsidiaries are entities over which CIBC has control. Generally, CIBC has control of its subsidiaries through a shareholding of more than 50% of the voting rights, and has significant exposure to the subsidiaries based on its ownership interests of more than 50%. The effects of potential voting rights that CIBC has the practical ability to exercise are considered when assessing whether control exists. Subsidiaries are consolidated from the date control is obtained by CIBC and are deconsolidated from the date control is lost. Consistent accounting policies are applied for all consolidated subsidiaries. Details of our significant subsidiaries are provided in Note 27. Structured entities An SE is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the significant relevant activities are directed by contractual arrangements. SEs often have some or all of the following features or attributes: (i) restricted activities; (ii) a narrow and well-defined objective, such as to securitize our own financial assets or third-party financial assets to provide sources of funding or to provide investment opportunities for investors by passing on risks and rewards associated with the assets of the SE to investors; (iii) insufficient equity to permit the SE to finance its activities without subordinated financial support; or (iv) financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks. Examples of SEs include securitization vehicles, asset-backed financings, and investment funds. When voting rights are not relevant in deciding whether CIBC has power over an entity, particularly for complex SEs, the assessment of control considers all facts and circumstances, including the purpose and design of the investee, its relationship with other parties and each party’s ability to make decisions over significant activities, and whether CIBC is acting as a principal or as an agent. Consolidation conclusions are reassessed whenever there is a change in the specific facts and circumstances relevant to one or more of the three elements of control. Factors that trigger the reassessment include, but are not limited to, significant changes in ownership structure of the entities, changes in contractual or governance arrangements, provision of a liquidity facility beyond the original terms, transactions with the entities that were not contemplated originally and changes in the financing structure of the entities. Transactions eliminated on consolidation All intercompany transactions, balances and unrealized gains and losses on transactions are eliminated on consolidation. Non-controlling Non-controlling non-controlling Associates and joint ventures We classify investments in entities over which we have significant influence, and that are neither subsidiaries nor joint ventures, as associates. Significant influence is presumed to exist where we hold, either directly or indirectly, between 20% and 50% of the voting rights of an entity, or, in the case of a limited partnership, where CIBC is a co-general Investments in associates and interests in joint ventures are accounted for using the equity method. Under the equity method, such investments are initially measured at cost, including attributable goodwill and intangible assets, and are adjusted thereafter for the post-acquisition change in our share of the net assets of the investment. In applying the equity method for an investment that has a different reporting period from that of CIBC, adjustments are made for the effects of any significant events or transactions that occur between the reporting date of the investment and CIBC’s reporting date. Foreign currency translation Monetary assets and liabilities and non-monetary Assets and liabilities of foreign operations with a functional currency other than the Canadian dollar, including goodwill and fair value adjustments arising on acquisition, are translated into Canadian dollars at the exchange rates prevailing as at the consolidated balance sheet date, while revenue and expenses of these foreign operations are translated into Canadian dollars at the average monthly exchange rates. Exchange gains and losses arising from the translation of these foreign operations and from the results of hedging the net investment in these foreign operations, net of applicable taxes, are included in Net foreign currency translation adjustments, in AOCI. Any accumulated exchange gains and losses, including the impact of hedging, and any applicable taxes in AOCI are reclassified into the consolidated statement of income when there is a disposal of a foreign operation, including a partial disposal of a foreign operation that involves the loss of control. On partial disposal of a foreign operation that does not involve the loss of control, the proportionate share of the accumulated exchange gains and losses, including the impact of hedging, and any applicable taxes previously recognized in AOCI are reclassified into the consolidated statement of income. Accounting for financial instruments Classification and measurement of financial instruments All financial assets must be classified at initial recognition as financial instruments mandatorily measured at FVTPL (trading and non-trading), The classification and measurement model requires that all debt instrument financial assets that do not meet a “solely payment of principal and interest” (SPPI) test, including those that contain embedded derivatives, be classified at initial recognition as FVTPL. The SPPI test is conducted to identify whether the contractual cash flows of a financial instrument are “solely payments of principal and interest” such that any variability in the contractual cash flows is consistent with a “basic lending arrangement”. “Principal” for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset, for example, due to repayments of principal or amortization of the premium/discount. “Interest” for the purpose of this test is defined as the consideration for the time value of money and credit risk, which are the most significant elements of interest within a lending arrangement. Contractual terms that introduce a more than de minimis exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the amount outstanding. The intent of the SPPI test is to ensure that debt instruments that contain non-basic For debt instrument financial assets that meet the SPPI test, classification at initial recognition is determined based on the business model under which these instruments are managed. Debt instruments that are managed on a “held for trading” or “fair value” basis are classified as FVTPL. Debt instruments that are managed on a “hold to collect and for sale” basis are classified as FVOCI for debt. Debt instruments that are managed on a “hold to collect” basis are classified as amortized cost. We consider the following in our determination of the applicable business model for financial assets: I) The business purpose of the portfolio; II) The risks that are being managed and the type of business activities that are being carried out on a day-to-day III) The basis on which performance of the portfolio is being evaluated; and IV) The frequency and significance of sales activity. All equity instrument financial assets are classified at initial recognition as FVTPL unless they are not held with the intent for short-term profit-taking and an irrevocable designation is made to classify the instrument as FVOCI for equities. Financial liabilities, other than derivatives, obligations related to securities sold short and FVO liabilities, are measured at amortized cost. Derivatives, obligations related to securities sold short and FVO financial liabilities are measured at fair value. Derivatives are measured at FVTPL, except to the extent that they are designated in a hedging relationship, in which case the IAS 39 “Financial Instruments: Recognition and Measurement” hedge accounting requirements continue to apply. Financial instruments mandatorily measured at FVTPL (trading and non-trading) Trading financial instruments are mandatorily measured at FVTPL as they are held for trading purposes or are part of a managed portfolio with a pattern of short-term profit-taking. Non-trading Trading and non-trading Non-interest non-trading Financial instruments designated at FVTPL (fair value option) Financial instruments designated at FVTPL are those that we voluntarily designate at initial recognition as instruments that we will measure at fair value through the consolidated statement of income that would otherwise fall into a different accounting category. The FVO designation, once made, is irrevocable and can only be applied if reliable fair values are available, when doing so eliminates or significantly reduces the measurement inconsistency that would otherwise arise from measuring assets or liabilities on a different basis and if certain OSFI requirements pertaining to certain loans are met. Financial liabilities may also be designated at FVTPL when they are part of a portfolio which is managed on a fair value basis, in accordance with our investment strategy, and are reported internally on that basis. Designation at FVTPL may also be applied to financial liabilities that have one or more embedded derivatives that would otherwise require bifurcation. We apply the FVO to certain mortgage commitments. Gains and losses realized on dispositions and unrealized gains and losses from changes in the fair value of FVO financial instruments are treated in the same manner as financial instruments which are mandatorily measured at FVTPL, except that changes in the fair value of FVO liabilities that are attributable to changes in own credit risk are recognized in OCI. Dividends and interest earned and interest expense incurred on FVO assets and liabilities are included in Interest income and Interest expense, respectively. Financial assets measured at amortized cost Financial assets measured at amortized cost are debt financial instruments with contractual cash flows that meet the SPPI test and are managed on a “hold to collect” basis. These financial assets are recognized initially at fair value plus or minus direct and incremental transaction costs, and are subsequently measured at amortized cost, using the effective interest rate method, net of an allowance for expected credit losses (ECL). Loans measured at amortized cost include residential mortgages, personal loans, credit cards and most business and government loans. Certain portfolios of treasury securities that are managed on a “hold to collect” basis are also classified as amortized cost. Most deposits with banks, securities purchased under resale agreements, cash collateral on securities borrowed and most customers’ liability under acceptances are accounted for at amortized cost. Debt financial assets measured at FVOCI Debt financial instruments measured at FVOCI are non-derivative FVOCI debt instruments are measured initially at fair value, plus direct and incremental transaction costs. Subsequent to initial recognition, FVOCI debt instruments are remeasured at fair value, with the exception that changes in ECL allowances in addition to related foreign exchange gains or losses are recognized in the consolidated statement of income. Cumulative gains and losses previously recognized in OCI are transferred from AOCI to the consolidated statement of income when the debt instrument is sold. Realized gains and losses on sale, determined on an average cost basis, and changes in ECL allowances, are included in Gains (losses) from debt securities measured at FVOCI and amortized cost, net in the consolidated statement of income. Interest income from FVOCI debt instruments is included in Interest income. FVOCI debt instruments include our treasury securities which are managed on a “hold to collect and for sale” basis. A debt financial instrument is classified as impaired (stage 3) when one or more events that have a detrimental impact on the estimated future cash flows of that financial instrument have occurred after its initial recognition. Evidence of impairment includes indications that the borrower is experiencing significant financial difficulties, or a default or delinquency has occurred. Equity financial instruments designated at FVOCI Equity non-trading Impairment of financial assets ECL allowances are recognized on all financial assets that are debt instruments classified either as amortized cost or FVOCI and for all loan commitments and financial guarantees that are not measured at FVTPL. ECL allowances represent credit losses that reflect an unbiased and probability-weighted amount which is determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information about past events, current conditions and forecasts of future economic conditions. Forward-looking information is explicitly incorporated into the estimation of ECL allowances, which involves significant judgment (see Note 6 for additional details). ECL allowances for loans and acceptances are included in allowance for credit losses on the consolidated balance sheet. ECL allowances for FVOCI debt securities are included as a component of the carrying value of the securities, which are measured at fair value. ECL allowances for other financial assets are included in the carrying value of the instrument. ECL allowances for guarantees and loan commitments are included in other liabilities. ECL allowances are measured at amounts equal to either: (i) 12-month The calculation of ECL allowances is based on the expected value of three probability-weighted scenarios to measure the expected cash shortfalls, discounted at the effective interest rate. A cash shortfall is the difference between the contractual cash flows that are due and the cash flows that we expect to receive. The key inputs in the measurement of ECL allowances are as follows: • The probability of default (PD) is an estimate of the likelihood of default over a given time horizon; • The loss given default (LGD) is an estimate of the loss arising in the case where a default occurs at a given time; and • The exposure at default (EAD) is an estimate of the exposure at a future default date. Lifetime ECL is the expected credit losses that result from all possible default events over the expected life of a financial instrument. 12-month Stage migration and significant increase in credit risk As a result of the requirements above, financial instruments subject to ECL allowances are categorized into three stages. For performing financial instruments: Stage 1 is comprised of all performing financial instruments which have not experienced a significant increase in credit risk since initial recognition. We recognize 12 months of ECL for stage 1 financial instruments. In assessing whether credit risk has increased significantly, we compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of its initial recognition. Stage 2 is comprised of all performing financial instruments which have experienced a significant increase in credit risk since initial recognition. We recognize lifetime ECL for stage 2 financial instruments. In subsequent reporting periods, if the credit risk of the financial instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then we revert to recognizing 12 months of ECL as the financial instrument has migrated back to stage 1. We determine whether a financial instrument has experienced a significant increase in credit risk since its initial recognition on an individual financial instrument basis. Changes in the required ECL allowance, including the impact of financial instruments migrating between stage 1 and stage 2, are recorded in Provision for credit losses in the consolidated statement of income. Significant judgment is required in the application of significant increase in credit risk (see Note 6 for additional details). Stage 3 financial instruments are those that we have classified as impaired. We recognize lifetime ECL for all stage 3 financial instruments. We classify a financial instrument as impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial instrument have occurred after its initial recognition. Evidence of impairment includes indications that the borrower is experiencing significant financial difficulties, or a default or delinquency has occurred. All financial instruments on which repayment of principal or payment of interest is contractually 90 days in arrears are automatically considered impaired, except for credit card loans, which are classified as impaired and are fully written off when payments are contractually 180 days in arrears or at the earlier of the notice of bankruptcy, settlement proposal, or enlistment of credit counselling services. A financial instrument is no longer considered impaired when all past due amounts, including interest, have been recovered, and it is determined that the principal and interest are fully collectable in accordance with the original contractual terms or revised market terms of the financial instrument with all criteria for the impaired classification having been remedied. Financial instruments are written off, either partially or in full, against the related allowance for credit losses when we judge that there is no realistic prospect of future recovery in respect of those amounts. When financial instruments are secured, this is generally after all collateral has been realized or transferred to CIBC, or in certain circumstances, when the net realizable value of any collateral and other available information suggests that there is no reasonable expectation of further recovery. In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses. Purchased loans Both purchased performing and purchased credit-impaired loans are initially measured at their acquisition date fair values. As a result of recording these loans at fair value, no allowance for credit losses is recognized in the purchase equation at the acquisition date. Fair value is determined by estimating the principal and interest cash flows expected to be collected and discounting those cash flows at a market rate of interest. At the acquisition date, we classify a loan as performing where we expect timely collection of all amounts in accordance with the original contractual terms of the loan and as credit-impaired where it is probable that we will not be able to collect all contractually required payments. For purchased performing loans, the acquisition date fair value adjustment on each loan is amortized to interest income over the expected remaining life of the loan using the effective interest rate method. The remaining unamortized amounts relating to those loans are recorded in income in the period that the loan is repaid. ECL allowances are established in Provision for credit losses in the consolidated statement of income immediately after the acquisition date based on classifying each loan in stage 1, since the acquisition date is established as the initial recognition date of purchased performing loans for the purpose of assessing whether a significant increase in credit risk has occurred. Subsequent to the acquisition date, ECL allowances are estimated in a manner consistent with our significant increase in credit risk and impairment policies that we apply to loans that we originate. For purchased credit-impaired loans, the acquisition date fair value adjustment on each loan consists of management’s estimate of the shortfall of principal and interest cash flows expected to be collected and the time value of money. The time value of money component of the fair value adjustment is amortized to interest income over the expected remaining life of the loan using the effective interest rate method. Subsequent to the acquisition date, we regularly re-estimate Originated credit impaired financial assets The accounting for originated credit-impaired financial assets operates in a similar manner to the accounting for purchased credit-impaired loans in that originated credit-impaired assets are initially recognized at fair value with no initial ECL allowance as concerns about the collection of future cash flows are instead reflected in the origination date discount. The time value of money component of the discount is amortized to interest income over the expected remaining life of the financial asset using the effective interest rate method. Changes in expectation regarding the contractual cash flows for loans are recognized immediately in provision for credit losses and for securities are recognized in Gains (losses) from debt securities measured at FVOCI and amortized cost, net. This accounting generally applies to financial assets that result from debt restructuring arrangements in which a previously impaired financial asset is exchanged for a new financial asset that is either recognized at a fair value that represents a deep discount to par or for which there are significant concerns over the ability to collect the contractual cash flows. Determination of fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in an orderly transaction in the principal market at the measurement date under current market conditions (i.e., the exit price). Fair value measurements are categorized into three levels within a fair value hierarchy (Level 1, 2 or 3) based upon the market observability of the valuation inputs used in measuring the fair value. See Note 3 for more details about fair value measurement subsequent to initial recognition by type of financial instrument. Transaction costs Transaction costs relating to financial instruments mandatorily measured or designated at FVTPL are expensed as incurred. Transaction costs are amortized over the expected life of the instrument using the effective interest rate method for instruments measured at amortized cost, and debt instruments measured at FVOCI. For equity instruments designated at FVOCI, transaction costs are included in the instrument’s carrying value. Date of recognition of securities We account for all securities transactions on our consolidated balance sheet using settlement date accounting. Effective interest rate Interest income and expense for all financial instruments measured at amortized cost and for debt securities measured at FVOCI is recognized in Interest income and Interest expense using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial instrument to the net carrying value of the financial asset or liability upon initial recognition. When calculating the effective interest rate, we estimate future cash flows considering all contractual terms of the financial instrument, but not future credit losses. Fees relating to loan origination, including commitment, restructuring and renegotiation fees, are considered an integral part of the yield earned on the loan and are accounted for using the effective interest rate method. Fees received for commitments that are not expected to result in a loan are included in Non-interest Non-interest Interest income is recognized on stage 1 and stage 2 financial assets measured at amortized cost by applying the effective interest rate to the gross carrying amount of the financial instrument. For stage 3 financial instruments, interest income is recognized using the rate of interest used to discount the estimated future cash flows for the purpose of measuring the impairment loss and applied to the net carrying value of the financial instrument. Securitizations and derecognition of financial assets Securitization of our own assets provides us with an additional source of liquidity. As we generally retain substantially all of the risks and rewards of the transferred assets, assets remain on the consolidated balance sheet and funding from these transactions is accounted for as Deposits – secured borrowing transactions. Securitizations to non-consolidated • Our contractual right to receive cash flows from the assets has expired; • We transfer our contractual rights to receive the cash flows of the financial asset, and have: (i) transferred substantially all the risks and rewards of ownership, or (ii) neither retained nor transferred substantially all the risks and rewards, but have not retained control; or • The transfer meets the criteria of a qualifying pass-through arrangement. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. If an existing financial liability is replaced by another liability from the same lender on substantially different terms, or the terms of the existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference in the respective carrying values is recognized in the consolidated statement of income. The repurchase of a debt instrument is considered an extinguishment of that debt instrument even if we intend to resell the instrument in the near term. Financial guarantees Financial guarantees are financial contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantee contracts issued by CIBC that are not classified as insurance contracts are initially recognized as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantees, which is generally the premium received or receivable on the date the guarantee was given. Subsequently, financial guarantee liabilities are measured at the higher of the initial fair value, less cumulative amortization, and the applicable ECL allowances. A financial guarantee that qualifies as a derivative is remeasured at fair value as at each reporting date and reported as Derivative instruments in assets or liabilities, as appropriate. Mortgage commitments Mortgage interest rate commitments are extended to our retail clients in contemplation of borrowing to finance the purchase of homes under mortgages to be funded by CIBC in the future. These commitments are usually for periods of up to 120 days and generally entitle the borrower to receive funding at the lower of the interest rate at the time of the commitment and the rate applicable at the funding date. We use financial instruments, such as interest rate derivatives, to economically hedge our exposure to an increase in interest rates. Based on our estimate of the commitments expected to be exercised, a financial liability would be recognized on our consolidated balance sheet, to which we apply the FVO. We also carry the associated economic hedges at fair value on the consolidated balance sheet. Changes in the fair value of the FVO commitment liability and the associated economic hedges are included in gains (losses) from financial instruments measured/designated at FVTPL. In addition, since the fair value of the commitments is priced into the mortgage, the difference between the mortgage amount and its fair value at funding is recognized in the consolidated statement of income to offset the carrying value of the mortgage commitment that is released upon its expiry. Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset, and the amount presented net, when we have a legally enforceable right to set off the recognized amounts and intend to settle on a net basis or to realize the asset and settle the liability simultaneously. Acceptances and customers’ liability under acceptances Acceptances constitute a liability of CIBC on negotiable instruments issued to third parties by our customers. We earn a fee for guaranteeing and then making the payment to the third parties. The amounts owed to us by our customers in respect of these guaranteed amounts are reflected in assets as Customers’ liability under acceptances. Securities purchased under resale agreements and obligations related to securities sold under repurchase agreements Securities purchased under resale agreements are treated as collateralized lending transactions as they represent the purchase of securities affected with a simultaneous agreement to sell them back at a future date at a fixed price, which is generally near term. These transactions are classified and measured at amortized cost, as they meet the SPPI criteria and are managed under a hold to collect business model, unless they were classified at FVTPL or designated under the FVO. For Securities purchased under resale agreements that are classified at amortized cost, an ECL is applied. Interest income is accrued using the effective interest rate method and is included in Interest income – Securities borrowed or purchased under resale agreements in the consolidated statement of income. Similarly, securities sold under agreements to repurchase are treated as collateralized borrowing transactions at amortize |
Impact of COVID-19
Impact of COVID-19 | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Impact of COVID-19 | Note 2 Impact of COVID-19 On March 11, 2020, the outbreak of COVID-19 non-essential Impact on estimates and assumptions As disclosed in Note 1, 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 SEs, 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. Actual results could differ from these estimates and assumptions. The COVID-19 Allowance for credit losses The uncertainty created by the COVID-19 Valuation of financial instruments Estimating fair value requires the application of judgment. The type and level of judgment required is largely dependent on the amount of observable market information available. The COVID-19 For further details of the valuation of our financial assets and liabilities, see Note 3. Asset impairment Given the disruption in economic and market activities caused by the COVID-19 In the fourth quarter of 2020, we performed our annual impairment test for our other CGUs, which required the application of heightened judgment in light of the uncertainty regarding the ultimate economic impact of the COVID-19 For further details, see Note 4 and Note 9 to our consolidated financial statements. Government lending programs in response to COVID-19 During the year, the Government of Canada introduced the Canada Emergency Business Account (CEBA) program and the Business Credit Availability Program (BCAP) to improve access to credit and financing for Canadian businesses facing operational cash flow and liquidity challenges during the current period of significant uncertainty caused by the COVID-19 Canada Emergency Business Account program The purpose of the CEBA program is to provide interest-free, partially forgivable loans of up to $40,000 to qualifying small businesses and not-for-profit non-interest Loan guarantee for small and medium-sized This program is designed to encourage lending to existing clients. Under this program, a subprogram under BCAP, EDC will guarantee 80% of new qualifying operating credit and cash flow term loans of up to $6.25 million to small and medium-sized Co-lending medium-sized (“co-lend Under the co-lend co-lend Paycheck Protection Program In the U.S., the PPP was temporarily added to the U.S. Small Business Administration’s (SBA) Loan Program, under the U.S. federal government’s CARES Act, to help businesses to keep their workforces employed during the COVID-19 CIBC client relief programs in response to COVID-19 Refer to Note 6 for details regarding programs offered by CIBC in response to the COVID-19 |
Fair value measurement
Fair value measurement | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Fair value measurement | Note 3 Fair value measurement This note presents the fair values of financial instruments and explains how we determine those values. Note 1, “Basis of preparation and summary of significant accounting policies” sets out the accounting treatment for each measurement category of financial instruments. Fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability, between market participants in an orderly transaction in the principal market at the measurement date under current market conditions (i.e., the exit price). The determination of fair value requires judgment and is based on market information, where available and appropriate. Fair value measurements are categorized into three levels within a fair value hierarchy (Level 1, 2 or 3) based on the valuation inputs used in measuring the fair value, as outlined below. • Level 1 – Unadjusted quoted market prices in active markets for identical assets or liabilities we can access at the measurement date. Bid prices, ask prices or prices within the bid and ask, which are the most representative of the fair value, are used as appropriate to measure fair value. Fair value is best evidenced by an independent quoted market price for the same instrument in an active market. An active market is one where transactions are occurring with sufficient frequency and volume to provide quoted prices on an ongoing basis. • Level 2 – Quoted prices for identical assets or liabilities in markets that are inactive or observable market quotes for similar instruments, or use of valuation techniques where all significant inputs are observable. Inactive markets may be characterized by a significant decline in the volume and level of observed trading activity or through large or erratic bid/offer spreads. In instances where traded markets do not exist or are not considered sufficiently active, we measure fair value using valuation models. • Level 3 – Non-observable non-observable. For a significant portion of our financial instruments, quoted market prices are not available because of the lack of traded markets, and even where such markets do exist, they may not be considered sufficiently active to be used as a final determinant of fair value. When quoted market prices in active markets are not available, we would consider using valuation models. The valuation model and technique we select maximizes the use of observable market inputs to the extent possible and appropriate in order to estimate the price at which an orderly transaction would take place at the measurement date. In an inactive market, we consider all reasonably available information, including any available pricing for similar instruments, recent arm’s-length Valuation adjustments are an integral component of our fair valuation process. We apply judgment in establishing valuation adjustments that take into account various factors that may have an impact on the valuation. Such factors primarily include, but are not limited to, the bid-offer Generally, the unit of account for a financial instrument is the individual instrument, and valuation adjustments are applied at an individual instrument level, consistent with that unit of account. In cases where we manage a group of financial assets and liabilities that consist of substantially similar and offsetting risk exposures, the fair value of the group of financial assets and liabilities is measured on the basis of the net open risks. We apply judgment in determining the most appropriate inputs and the weighting we ascribe to each such input as well as in our selection of valuation methodologies. Regardless of the valuation technique we use, we incorporate assumptions that we believe market participants would make for credit, funding, and liquidity considerations. When the fair value of a financial instrument at inception is determined using a valuation technique that incorporates one or more significant inputs that are non-observable, We have an ongoing process for evaluating and enhancing our valuation techniques and models. Where enhancements are made, they are applied prospectively, so that fair values reported in prior periods are not recalculated on the new basis. Valuation models used, including analytics for the construction of yield curves and volatility surfaces, are vetted and approved, consistent with our model risk policy. To ensure that valuations are appropriate, we have established internal guidance on fair value measurement, which is reviewed periodically in recognition of the dynamic nature of markets and the constantly evolving pricing practices in the market. A number of policies and controls are put in place to ensure that the internal guidance on fair value measurement is being applied consistently and appropriately, including independent validation of valuation inputs to external sources such as exchange quotes, broker quotes or other management-approved independent pricing sources. Key model inputs, such as yield curves and volatilities, are independently verified. The results from the independent price validation and any valuation adjustments are reviewed by the Independent Price Verification Committee on a monthly basis. This includes, but is not limited to, reviewing fair value adjustments and methodologies, independent price verification results, limits and valuation uncertainty. Due to the judgment used in applying a wide variety of acceptable valuation techniques and models, as well as the use of estimates inherent in this process, estimates of fair value for the same or similar assets may differ among financial institutions. The calculation of fair value is based on market conditions as at each consolidated balance sheet date and may not be reflective of ultimate realizable value. Methods and assumptions Financial instruments with fair value equal to carrying value For financial instruments that are not carried on the consolidated balance sheet at fair value and where we consider the carrying value to be a reasonable approximation of fair value due to their short-term nature and generally negligible credit risk, the fair values disclosed for these financial instruments are assumed to equal their carrying values. These financial instruments are: cash and non-interest-bearing Securities The fair value of debt or equity securities and obligations related to securities sold short is based on quoted bid or ask market prices where available in an active market. Securities for which quotes in an active market are not available are valued using all reasonably available market information as described below. The fair value of government issued or guaranteed securities that are not traded in an active market is calculated by applying valuation techniques such as discounted cash flow models using implied yields derived from the prices of actively traded government securities and most recently observable spread differentials. The fair value of corporate debt securities is determined using the most recently executed transaction prices, and where appropriate, adjusted to the price of these securities obtained from independent dealers, brokers, and third-party multi-contributor consensus pricing sources. When observable price quotations are not available, fair value is determined based on discounted cash flow models using observable discounting curves such as benchmark and government yield curves and spread differentials observed through independent dealers, brokers, and third-party multi-contributor consensus pricing sources. Asset-backed securities (ABS) and mortgage-backed securities (MBS) not issued or guaranteed by a government are valued using discounted cash flow models making maximum use of market observable inputs, such as broker quotes on identical or similar securities and other pricing information obtained from third-party pricing sources adjusted for the characteristics and the performance of the underlying collateral. Other key inputs used include prepayment and liquidation rates, credit spreads, and discount rates commensurate with the risks involved. These assumptions factor information that is derived from actual transactions, underlying reference asset performance, external market research, and market indices, where appropriate. Privately issued debt and equity securities, which include certain Community Reinvestment Act equity investments and Federal Home Loan Bank (FHLB) stock, are valued using recent market transactions, where available. Otherwise, fair values are derived from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings, revenue or other third-party evidence as available. The fair value of limited partnership investments is based upon net asset values published by third-party fund managers and is adjusted for more recent information, where available and appropriate. The carrying value of Community Reinvestment Act equity investments and FHLB stock approximates fair value. Loans The fair value of variable-rate loans and loans for which interest rates are repriced or reset frequently is assumed to be equal to their carrying value. The fair value for fixed-rate loans is estimated using a discounted cash flow calculation that uses market interest rates. The ultimate fair value of loans disclosed is net of the associated allowance for credit losses. The fair value of loans is not adjusted for the value of any credit derivatives used to manage the credit risk associated with them. The fair value of these credit derivatives is disclosed separately. Other assets and other liabilities Other assets and other liabilities mainly comprise accrued interest receivable or payable, brokers’ client accounts receivable or payable, precious metals and accounts receivable or payable. The fair values of other assets and other liabilities are primarily assumed to be at cost or amortized cost as we consider the carrying value to be a reasonable approximation of fair value, except for the fair value of precious metals, which is quoted in an active market. Other assets also include investment in bank-owned life insurance carried at the cash surrender value, which is assumed to be a reasonable approximation of fair value. Deposits The fair values of floating-rate deposits and demand deposits are assumed to be equal to their amortized cost. The fair value of fixed-rate deposits is determined by discounting the contractual cash flows using either current market interest rates with similar remaining terms or rates estimated using internal models and broker quotes. The fair value of deposit notes issued to CIBC Capital Trust is determined by reference to the quoted market prices of CIBC Tier 1 Notes issued by CIBC Capital Trust. The fair value of deposit liabilities with embedded optionality includes the fair value of those options. The fair value of equity- and commodity-linked notes includes the fair value of embedded equity and commodity derivatives. Certain deposits designated at FVTPL are structured notes that have coupons or repayment terms linked to the performance of commodities, debt or equity securities. Fair value of these structured notes is estimated using internally vetted valuation models for the debt and embedded derivative portions of the notes by incorporating market observable prices of the referenced securities or comparable securities, and other inputs such as interest rate yield curves, market volatility levels, foreign exchange rates and changes in our own credit risk, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. Appropriate market risk valuation adjustments for such inputs are assessed in all such instances. The fair value of secured borrowings, which comprises liabilities issued by or as a result of activities associated with the securitization of residential mortgages, the Covered Bond Programme, and consolidated securitization vehicles, is based on identical or proxy market observable quoted bond prices or determined by discounting the contractual cash flows using maximum market observable inputs, such as market interest rates, or credit spreads implied by debt instruments of similar credit quality, as appropriate. Subordinated indebtedness The fair value of subordinated indebtedness is determined by reference to market prices for the same or similar debt instruments. Derivative instruments The fair value of exchange-traded derivatives such as options and futures is based on quoted market prices. OTC derivatives primarily consist of interest rate swaps, foreign exchange forwards, equity and commodity derivatives, interest rate and currency derivatives, and credit derivatives. For such instruments, where quoted market prices or third-party consensus pricing information are not available, valuation techniques are employed to estimate fair value on the basis of pricing models. Such vetted pricing models incorporate current market measures for interest rates, foreign exchange rates, equity and commodity prices and indices, credit spreads, corresponding market volatility levels, and other market-based pricing factors. In order to reflect the observed market practice of pricing collateralized and uncollateralized derivatives, our valuation approach uses overnight indexed swap (OIS) curves as the discount rate for valuing collateralized derivatives and uses an estimated market cost of funds curve as the discount rate for valuing uncollateralized derivatives. For most collateralized derivatives that are cleared through central clearing houses, changes to market discounting conventions were implemented in 2020 to support the global market efforts to transition interbank offered rate (IBOR) to the new benchmark rates. Certain centrally cleared collateralized derivatives have transitioned to the use of the new benchmark replacement rates as the overnight index discount rates, including USD derivatives cleared through London Clearing House (LCH) or Chicago Mercantile Exchange (CME), which have transitioned their discounting from the US Fed Funds rate to the Secured Overnight Financing Rate (SOFR). Uncollateralized derivatives are valued based on an estimated market cost of funds curve, which reduces the fair value of uncollateralized derivative assets incremental to the reduction in fair value for credit risk already reflected through the credit valuation adjustment (CVA). In contrast, the use of a market cost of funds curve reduces the fair value of uncollateralized derivative liabilities in a manner that generally includes adjustments for our own credit. As market practices continue to evolve in regard to derivative valuation, further adjustments may be required in the future. In determining the fair value of complex and customized derivatives, such as equity, credit, and commodity derivatives written in reference to indices or baskets of reference, we consider all reasonably available information including any relevant observable market inputs, third-party consensus pricing inputs, indicative dealer and broker quotations, and our own internal model-based estimates, which are vetted and pre-approved In addition to reflecting estimated market funding costs in our valuation of uncollateralized derivative receivables, we also consider whether a CVA is required to recognize the risk that any given derivative counterparty may not ultimately be able to fulfill its obligations. The CVA is driven off market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk (CCR) exposure. In assessing this exposure, we also take into account credit mitigants such as collateral, master netting arrangements, and settlements through clearing houses. As noted above, the fair value of uncollateralized derivative liabilities based on market cost of funding generally includes adjustments for our own credit. Mortgage commitments The fair value of mortgage commitments designated at FVTPL is for fixed-rate residential mortgage commitments and is based on changes in market interest rates for the loans between the commitment and the consolidated balance sheet dates. The valuation model takes into account the expected probability that outstanding commitments will be exercised as well as the length of time the commitment is offered. Fair value of financial instruments Carrying value $ millions, as at October 31 Amortized cost Mandatorily measured at FVTPL Designated at FVTPL Fair value through OCI Total Fair value Fair value over (under) carrying value 2020 Financial assets 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 Carrying value $ millions, as at October 31 Amortized cost Mandatorily measured at FVTPL Designated at FVTPL Fair value through OCI Total Fair value Fair value over (under) carrying value 2019 Financial assets Cash and deposits with banks $ 16,720 $ 639 $ – $ – $ 17,359 $ 17,359 $ – Securities 20,115 53,984 413 46,798 121,310 121,453 143 Cash collateral on securities borrowed 3,664 – – – 3,664 3,664 – Securities purchased under resale agreements 50,913 5,198 – – 56,111 56,111 – Loans Residential mortgages 208,381 60 – – 208,441 208,693 252 Personal 43,098 – – – 43,098 43,120 22 Credit card 12,335 – – – 12,335 12,335 – Business and government 103,885 21,182 – – 125,067 125,160 93 Derivative instruments – 23,895 – – 23,895 23,895 – Customers’ liability under acceptances 9,167 – – – 9,167 9,167 – Other assets 13,829 – – – 13,829 13,829 – Financial liabilities Deposits Personal $ 176,340 $ – $ 1,751 $ – $ 178,091 $ 178,046 $ (45 ) Business and government 248,367 – 9,135 – 257,502 257,872 370 Bank 11,224 – – – 11,224 11,224 – Secured borrowings 38,680 – 215 – 38,895 39,223 328 Derivative instruments – 25,113 – – 25,113 25,113 – Acceptances 9,188 – – – 9,188 9,188 – Obligations related to securities sold short – 15,635 – – 15,635 15,635 – Cash collateral on securities lent 1,822 – – – 1,822 1,822 – Obligations related to securities sold under repurchase agreements 51,801 – – – 51,801 51,801 – Other liabilities 14,066 114 12 – 14,192 14,192 – Subordinated indebtedness 4,684 – – – 4,684 4,925 241 (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. Fair value of derivative instruments $ millions, as at October 31 2020 2019 Positive Negative Net Positive Negative Net Held for trading Interest rate derivatives Over-the-counter – Forward rate agreements $ 108 $ 161 $ (53 ) $ 67 $ 241 $ (174 ) – Swap contracts 12,296 9,309 2,987 8,528 7,697 831 – Purchased options 109 – 109 92 – 92 – Written options – 129 (129 ) – 128 (128 ) 12,513 9,599 2,914 8,687 8,066 621 Exchange-traded – Purchased options 4 – 4 4 – 4 4 – 4 4 – 4 Total interest rate derivatives 12,517 9,599 2,918 8,691 8,066 625 Foreign exchange derivatives Over-the-counter – Forward contracts 6,655 6,358 297 5,152 5,711 (559 ) – Swap contracts 3,469 3,613 (144 ) 2,971 3,330 (359 ) – Purchased options 303 – 303 214 – 214 – Written options – 214 (214 ) – 196 (196 ) Total foreign exchange derivatives 10,427 10,185 242 8,337 9,237 (900 ) Credit derivatives Over-the-counter – Credit default swap contracts – 104 47 57 105 21 84 – Credit default swap contracts – 2 100 (98 ) – 107 (107 ) Total credit derivatives 106 147 (41 ) 105 128 (23 ) Equity derivatives Over-the-counter 1,995 3,427 (1,432 ) 1,262 2,561 (1,299 ) Exchange-traded 3,153 3,537 (384 ) 2,384 1,825 559 Total equity derivatives 5,148 6,964 (1,816 ) 3,646 4,386 (740 ) Precious metal derivatives Over-the-counter 283 366 (83 ) 287 167 120 Exchange-traded – – – 69 45 24 Total precious metal derivatives 283 366 (83 ) 356 212 144 Other commodity derivatives Over-the-counter 2,604 1,806 798 1,289 1,517 (228 ) Exchange-traded 271 325 (54 ) 314 253 61 Total other commodity derivatives 2,875 2,131 744 1,603 1,770 (167 ) Total held for trading 31,356 29,392 1,964 22,738 23,799 (1,061 ) Held for ALM Interest rate derivatives Over-the-counter – Forward rate agreements – 1 (1 ) 2 1 1 – Swap contracts 310 392 (82 ) 439 256 183 – Purchased options 17 – 17 14 – 14 – Written options 1 – 1 – – – Total interest rate derivatives 328 393 (65 ) 455 257 198 Foreign exchange derivatives Over-the-counter – Forward contracts 14 14 – 31 28 3 – Swap contracts 1,021 684 337 571 1,026 (455 ) Total foreign exchange derivatives 1,035 698 337 602 1,054 (452 ) Credit derivatives Over-the-counter – Credit default swap contracts – – 1 (1 ) – 3 (3 ) Total credit derivatives – 1 (1 ) – 3 (3 ) Equity derivatives Over-the-counter 8 24 (16 ) 100 – 100 Total equity derivatives 8 24 (16 ) 100 – 100 Other commodity derivatives Over-the-counter 3 – 3 – – – Total other commodity derivatives 3 – 3 – – – Total held for ALM 1,374 1,116 258 1,157 1,314 (157 ) Total fair value 32,730 30,508 2,222 23,895 25,113 (1,218 ) Less: effect of netting (19,347 ) (19,347 ) – (14,572 ) (14,572 ) – $ 13,383 $ 11,161 $ 2,222 $ 9,323 $ 10,541 $ (1,218 ) The table below presents the fair values by level within the fair value hierarchy for those assets and liabilities in which fair value is not assumed to equal the carrying value: Level 1 Level 2 Level 3 Quoted market price Valuation technique – observable market inputs Valuation technique – non-observable Total 2020 Total 2019 $ millions, as at October 31 2020 2019 2020 2019 2020 2019 Financial assets Amortized cost securities $ – $ – $ 31,773 $ 20,242 $ 580 $ 524 $ 32,353 $ 20,766 Loans Residential mortgages – – – – 222,857 208,633 222,857 208,633 Personal – – – – 41,452 43,120 41,452 43,120 Credit card – – – – 10,722 12,335 10,722 12,335 Business and government – – – – 110,449 103,978 110,449 103,978 Investment in equity-accounted associates (1) 10 9 – – 83 76 93 85 Financial liabilities Deposits Personal $ – $ – $ 52,648 $ 53,994 $ 1,282 $ 1,635 $ 53,930 $ 55,629 Business and government – – 132,016 123,144 2,302 2,508 134,318 125,652 Bank – – 10,048 6,113 – – 10,048 6,113 Secured borrowings – – 38,275 36,049 1,720 2,959 39,995 39,008 Subordinated indebtedness – – 5,993 4,925 – – 5,993 4,925 (1) See Note 26 for details of our equity-accounted associates. Financial instruments carried on the consolidated balance sheet at fair value The table below presents the fair values of financial instruments by level within the fair value hierarchy: Level 1 Level 2 Level 3 Quoted market price Valuation technique – observable market inputs Valuation technique – non-observable market inputs Total 2020 Total 2019 $ millions, as at October 31 2020 2019 2020 2019 2020 2019 Financial assets Deposits with banks $ – $ – $ 948 $ 639 $ – $ – $ 948 $ 639 Securities mandatorily measured and designated at FVTPL Government issued or guaranteed 3,917 2,372 25,091 (1) 19,306 (1) – – 29,008 21,678 Corporate equity 27,919 25,852 47 684 16 7 27,982 26,543 Corporate debt – – 3,525 3,760 25 23 3,550 3,783 Mortgage- and asset-backed – – 2,018 (2) 2,220 (2) 135 173 2,153 2,393 31,836 28,224 30,681 25,970 176 203 62,693 54,397 Loans mandatorily measured at FVTPL Business and government – – 23,022 20,351 626 (3) 831 (3) 23,648 21,182 Residential mortgages – – 63 60 – – 63 60 – – 23,085 20,411 626 831 23,711 21,242 Debt securities measured at FVOCI Government issued or guaranteed 3,912 2,369 41,269 35,460 – – 45,181 37,829 Corporate debt – – 6,224 5,621 – – 6,224 5,621 Mortgage- and asset-backed – – 2,563 2,746 – – 2,563 2,746 3,912 2,369 50,056 43,827 – – 53,968 46,196 Equity securities designated at FVOCI Corporate equity 41 45 304 266 240 291 585 602 41 45 304 266 240 291 585 602 Securities purchased under resale agreements measured at FVTPL – – 7,505 5,198 – – 7,505 5,198 Derivative instruments Interest rate 4 4 12,793 9,086 48 56 12,845 9,146 Foreign exchange – – 11,462 8,939 – – 11,462 8,939 Credit – – 8 1 98 104 106 105 Equity 3,153 2,383 1,791 1,111 212 252 5,156 3,746 Precious metal – – 283 356 – – 283 356 Other commodity 271 383 2,607 1,220 – – 2,878 1,603 3,428 2,770 28,944 20,713 358 412 32,730 23,895 Total financial assets $ 39,217 $ 33,408 $ 141,523 $ 117,024 $ 1,400 $ 1,737 $ 182,140 $ 152,169 Financial liabilities Deposits and other liabilities (4) $ – $ – $ (13,176 ) $ (10,626 ) $ 4 $ (601 ) $ (13,172 ) $ (11,227 ) Obligations related to securities sold short (5,363 ) (7,258 ) (10,600 ) (8,377 ) – – (15,963 ) (15,635 ) Obligations related to securities sold under repurchase agreements – – (17,036 ) – – – (17,036 ) – Derivative instruments Interest rate – – (9,964 ) (8,322 ) (28 ) (1 ) (9,992 ) (8,323 ) Foreign exchange – – (10,883 ) (10,291 ) – – (10,883 ) (10,291 ) Credit – – (41 ) (19 ) (107 ) (112 ) (148 ) (131 ) Equity (3,537 ) (1,824 ) (3,288 ) (2,407 ) (163 ) (155 ) (6,988 ) (4,386 ) Precious metal – – (366 ) (212 ) – – (366 ) (212 ) Other commodity (325 ) (300 ) (1,806 ) (1,470 ) – – (2,131 ) (1,770 ) (3,862 ) (2,124 ) (26,348 ) (22,721 ) (298 ) (268 ) (30,508 ) (25,113 ) Total financial liabilities $ (9,225 ) $ (9,382 ) $ (67,160 ) $ (41,724 ) $ (294 ) $ (869 ) $ (76,679 ) $ (51,975 ) (1) Includes $57 million related to securities designated at FVTPL (2019: $56 million). (2) Includes $60 million related to ABS designated at FVTPL (2019: $357 million). (3) Includes $357 million related to loans designated at FVTPL (2019: nil). (4) Comprises deposits designated at FVTPL of $13,419 million (2019: $10,458 million), net bifurcated embedded derivative assets of $389 million (2019: net bifurcated embedded derivative liabilities of $643 million), other liabilities designated at FVTPL of $9 million (2019: $12 million), and other financial liabilities measured at fair value of $133 million (2019: $114 million). Transfers between levels in the fair value hierarchy are deemed to have occurred at the beginning of the year in which the transfer occurred. Transfers between levels can occur as a result of additional or new information regarding valuation inputs and changes in their observability. During the year, we transferred $197 million of securities mandatorily measured at FVTPL (2019: $25 million) and $1,851 million of securities sold short (2019: $431 million) from Level 1 to Level 2, and nil of securities sold short (2019: $379 million) from Level 2 to Level 1 due to changes in the observability of the inputs used to value these securities. In addition, transfers between Level 2 and Level 3 were made during 2020 and 2019, primarily due to changes in the observability of certain market volatility inputs that were used in measuring the fair value of our embedded derivatives. 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 year ended October 31 Opening balance Realized (2) Unrealized (2)(3) Net unrealized gains (losses) included in OCI (4) Transfer in to Level 3 Transfer out of Level 3 Purchases/ Issuances Sales/ Settlements Closing balance 2020 Securities mandatorily measured at FVTPL Corporate equity $ 7 $ – $ (8 ) $ – $ 7 $ – $ 10 $ – $ 16 Corporate debt 23 – 2 – – – – – 25 Mortgage- and asset-backed 173 – – – – – 118 (156 ) 135 Securities designated at FVTPL Asset-backed – – – – – – – – – Loans mandatorily measured at FVTPL Business and government 831 – – 3 – – 1,270 (1,478 ) 626 Debt securities measured at FVOCI Government issued or guaranteed – – – – – – – – – Corporate debt – – – (3 ) 20 – 1 (18 ) – Mortgage- and asset-backed – – – – – – – – – Equity securities designated at FVOCI Corporate equity 291 – – 63 – – 50 (164 ) 240 Derivative instruments Interest rate 56 – 32 – – – 6 (46 ) 48 Credit 104 (7 ) 1 – – – – – 98 Equity 252 – (40 ) – – – 53 (53 ) 212 Total assets $ 1,737 $ (7 ) $ (13 ) $ 63 $ 27 $ – $ 1,508 $ (1,915 ) $ 1,400 Deposits and other liabilities (5) $ (601 ) $ – $ 512 $ – $ (42 ) $ 29 $ (72 ) $ 178 $ 4 Derivative instruments Interest rate (1 ) – (33 ) – – – – 6 (28 ) Credit (112 ) 7 (2 ) – – – – – (107 ) Equity (155 ) – 14 – – – (60 ) 38 (163 ) Total liabilities $ (869 ) $ 7 $ 491 $ – $ (42 ) $ 29 $ (132 ) $ 222 $ (294 ) 2019 Securities mandatorily measured at FVTPL Corporate equity $ 6 $ – $ 1 $ – $ – $ – $ – $ – $ 7 Corporate debt 26 – (3 ) – – – – – 23 Mortgage- and asset-backed 319 – 1 – – – 74 (221 ) 173 Securities designated at FVTPL Asset-backed – – – – – – – – – Loans mandatorily measured at FVTPL Business and government 482 – – (1 ) – – 856 (506 ) 831 Debt securities measured at FVOCI Government issued or guaranteed – – – – – – – – – Corporate debt – – – – – – – – – Mortgage- and asset-backed – – – – – – – – – Equity securities designated at FVOCI Corporate equity 285 – – 2 – – 74 (70 ) 291 Derivative instruments Interest rate – – 59 – – – 2 (5 ) 56 Credit 115 (9 ) (2 ) – – – – – 104 Equity 107 – 15 – – (24 ) 202 (48 ) 252 Total assets $ 1,340 $ (9) $ 71 $ 1 $ – $ (24 ) $ 1,208 $ (850) $ 1,737 Deposits and other liabilities (5) $ (423 ) $ – $ (113 ) $ – $ (100 ) $ 117 $ (288 ) $ 206 $ (601 ) Derivative instruments Interest rate (109 ) – 132 – – – – (24 ) (1 ) Credit (131 ) 9 3 – – – – 7 (112 ) Equity (119 ) – (89 ) – – 77 (70 ) 46 (155 ) Total liabilities $ (782 ) $ 9 $ (67) $ – $ (100) $ 194 $ (358 ) $ 235 $ (869 ) (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 year. (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 $137 million (2019: $135 million) and net bifurcated embedded derivative assets of $141 million (2019: net bifurcated embedded derivative liabilities of $466 million). Quantitative information about significant non-observable Valuation techniques using one or more non-observable non-observable Range of inputs $ millions, as at October 31 2020 Valuation techniques Key non-observable Low High Securities mandatorily measured at FVTPL Corporate equity $ 16 Valuation multiple Earnings multiple 12.2 12.2 Corporate debt 25 Discounted cash flow Discount rate 7.5 % 7.5 % Mortgage- and asset-backed 135 Discounted cash flow Credit spread 1.4 % 2.0 % Market proxy or direct broker quote Market proxy or direct broker quote 0.5 0.5 Equity securities designated at FVOCI Corporate equity Limited partnerships and private companies 240 Adjusted net asset value (1) Net asset value (3) n/a n/a Proxy share price Proxy share price (3) n/a n/a Loans mandatorily measured at FVTPL Business and government 626 Discounted cash flow Credit spread 0.6 % 2.1 % Derivative instruments Interest rate 48 Proprietary model (2) n/a n/a n/a Option model Market volatility 17.1 % 97.3 % Credit 98 Market proxy or direct broker quote Market proxy or direct broker quote 0.0 % 20.5 % Equity 212 Option model Market correlation 35.0 % |
Significant transactions
Significant transactions | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Significant transactions | Note 4 Significant transactions 2020 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 CIBC FirstCaribbean to GNB Financial Group Limited (GNB) for total consideration of approximately US$797 million, comprised of approximately US$200 million in cash and secured financing provided by CIBC for the remainder, subject to closing adjustments to reflect certain changes in CIBC FirstCaribbean’s book value. The closing of this transaction would result in CIBC retaining a 24.9% minority interest in CIBC FirstCaribbean, which would be accounted for as an investment in associate using the equity method. In the fourth quarter of 2019, we recognized a goodwill impairment charge of $135 million as a result of the valuation implied from the definitive agreement with GNB. Commencing in the first quarter of 2020, the assets and liabilities of CIBC FirstCaribbean were treated as held for sale, and measured at the lower of their aggregate carrying amount and fair value less costs to sell, on the basis that the transaction was highly probable to close in 2020 subject to regulatory approvals. In the second quarter of 2020, we recognized an additional goodwill impairment charge of $28 million based on the estimated impact of the COVID-19 pandemic on the recoverable value of the 24.9% interest in CIBC FirstCaribbean that we expected to retain. As a result of the lengthy regulatory review process, the worsening impact of the COVID-19 pandemic on the Caribbean economy and our revised expectations regarding the likelihood and timing of closing of a potential transaction, we concluded in the fourth quarter of 2020 that held for sale accounting is no longer appropriate. As a result, we were required to assess the recoverable amount of the remaining goodwill based on current market conditions rather than the definitive agreement with GNB. This assessment reflected revised expectations concerning the impact of the COVID-19 pandemic and led to the recognition of an additional goodwill impairment charge of $220 million. While we discontinued the application of held for sale accounting, we continue to pursue the transaction and the regulatory review process. For additional information, see Note 9. 2019 Acquisition of Cleary Gull On September 9, 2019, we completed the acquisition of substantially all of the assets and operations of Cleary Gull Inc. (Cleary Gull), a Milwaukee-based boutique investment banking firm specializing in middle-market mergers and acquisitions, private capital placement and debt advisory across the U.S. Goodwill and intangible assets of $16 million were recognized as a result of the acquisition. The results of the acquired business have been consolidated from the date of close and are included in our Capital Markets SBU. Acquisition of Lowenhaupt Global Advisors On September 1, 2019, we completed the acquisition of substantially all of the assets and operations of Lowenhaupt Global Advisors, LLC (LGA), a wealth advisory firm in St. Louis and New York that provides independent advice on family wealth transfer, taxation, investment portfolio allocation and business structuring. Goodwill and intangible assets of $14 million were recognized as a result of the acquisition. The results of the acquired business have been consolidated from the date of close and are included in our U.S. Commercial Banking and Wealth Management SBU. Finalization of arrangement with Air Canada Air Canada’s acquisition of the Aeroplan loyalty business from Aimia Inc. closed on January 10, 2019. We now offer credit cards under Air Canada’s new loyalty program, which launched in November 2020. This program allows CIBC’s Aeroplan cardholders to transfer their existing Aeroplan Miles to Air Canada’s new Aeroplan loyalty program. To secure our participation in Air Canada’s new Aeroplan loyalty program for a period of 10 years, we paid Air Canada $200 million plus applicable sales tax, which we recognized as an expense in the first quarter of 2019. In addition, we made a payment of $92 million plus applicable sales tax in the first quarter of 2019 as a prepayment to be applied towards future monthly payments in respect of Aeroplan Miles over a 10-year |
Securities
Securities | 12 Months Ended |
Oct. 31, 2020 | |
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Securities | Note 5 Securities Securities $ millions, as at October 31 2020 2019 Debt securities measured at FVOCI $ 53,968 $ 46,196 Equity securities designated at FVOCI 585 602 Securities measured at amortized cost (1) 31,800 20,115 Securities mandatorily measured and designated at FVTPL 62,693 54,397 $ 149,046 $ 121,310 (1) During the year, $47 million of amortized cost debt securities were disposed of shortly before their maturity resulting in a realized gain of $2 million (2019: a realized loss of less than $1 million). Residual term to contractual maturity $ millions, as at October 31 Within 1 year 1 to 5 years 5 to 10 years Over 10 years No specific 2020 2019 Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Debt securities measured at FVOCI Securities issued or guaranteed by: Canadian federal government $ 1,361 0.5 % $ 9,745 0.6 % $ 303 0.7 % $ – – % $ – – % $ 11,409 0.6 % $ 10,851 1.7 % Other Canadian governments 330 0.4 10,853 0.9 4,132 1.2 – – – – 15,315 1.0 12,271 1.9 U.S. Treasury and agencies 7,290 0.5 5,306 0.9 – – – – – – 12,596 0.7 9,371 2.0 Other foreign governments 3,060 0.6 2,553 0.6 163 5.2 85 5.1 – – 5,861 0.8 5,336 2.5 Mortgage-backed securities (2) 81 0.2 536 1.0 181 2.4 1,570 1.4 – – 2,368 1.4 2,699 2.4 Asset-backed securities – – – – 66 2.2 129 1.6 – – 195 1.8 47 2.4 Corporate debt 2,211 0.6 4,009 0.7 4 2.4 – – – – 6,224 0.7 5,621 2.4 $ 14,333 $ 33,002 $ 4,849 $ 1,784 $ – $ 53,968 $ 46,196 Equity securities designated at FVOCI Corporate public equity $ – – $ – – $ – – $ – – $ 42 n/m $ 42 n/m $ 46 n/m Corporate private equity – – – – – – – – 543 n/m 543 n/m 556 n/m $ – $ – $ – $ – $ 585 $ 585 $ 602 Securities measured at amortized cost Securities issued or guaranteed by: Canadian federal government $ 133 $ 619 $ 38 $ – $ – $ 790 $ 582 Other Canadian governments 452 4,518 6,102 – – 11,072 6,748 U.S. Treasury and agencies 551 9,551 866 – – 10,968 5,927 Other foreign governments 92 42 36 381 – 551 660 Mortgage-backed securities (3) 259 1,684 926 1,085 – 3,954 3,616 Asset-backed securities – 234 396 32 – 662 463 Corporate debt 232 3,432 139 – – 3,803 2,119 $ 1,719 $ 20,080 $ 8,503 $ 1,498 $ – $ 31,800 $ 20,115 Securities mandatorily measured and designated at FVTPL Securities issued or guaranteed by: Canadian federal government $ 3,996 $ 4,073 $ 1,085 $ 2,501 $ – $ 11,655 $ 7,203 Other Canadian governments 1,037 1,784 869 6,093 – 9,783 8,262 U.S. Treasury and agencies 269 2,504 2,177 646 – 5,596 5,074 Other foreign governments 1,230 683 29 32 – 1,974 1,139 Mortgage-backed securities (4) 108 1,326 141 7 – 1,582 1,175 Asset-backed securities 143 102 76 250 – 571 1,218 Corporate debt 882 1,920 568 180 – 3,550 3,783 $ 7,665 $ 12,392 $ 4,945 $ 9,709 $ – $ 34,711 $ 27,854 Corporate public equity – – – – 27,982 27,982 26,523 Corporate private equity – – – – – – 20 $ – $ – $ – $ – $ 27,982 $ 27,982 $ 26,543 Total securities (5) $ 23,717 $ 65,474 $ 18,297 $ 12,991 $ 28,567 $ 149,046 $ 121,310 (1) Represents the weighted-average yield, which is determined by applying the weighted average of the yields of individual fixed income securities. (2) Includes securities backed by mortgages insured by the Canada Mortgage and Housing Corporation (CMHC), with amortized cost of $410 million (2019: $232 million) and fair value of $413 million (2019: $232 million); securities issued by Federal National Mortgage Association (Fannie Mae), with amortized cost of $888 million (2019: $1,127 million) and fair value of $918 million (2019: $1,136 million); securities issued by Federal Home Loan Mortgage Corporation (Freddie Mac), with amortized cost of $367 million (2019: $487 million) and fair value of $380 million (2019: $492 million); and securities issued by Government National Mortgage Association, a U.S. government corporation (Ginnie Mae), with amortized cost of $655 million (2019: $841 million) and fair value of $657 million (2019: $839 million). (3) Includes securities backed by mortgage insured by the CMHC with amortized cost of $609 million (2019: $858 million) and fair value of $610 million (2019: $859 million); securities issued by Fannie Mae, with amortized cost of $1,165 million (2019: $1,037 million) and fair value of $1,197 million (2019: $1,048 million); securities issued by Freddie Mac, with amortized cost of $2,008 million (2019: $1,610 million) and fair value of $2,091 million (2019: $1,651 million); and securities issued by Ginnie Mae, with amortized cost of $69 million (2019: $98 million) and fair value of $71 million (2019: $99 million). (4) Includes securities backed by mortgages insured by the CMHC of $1,547 million (2019: $1,135 million). (5) Includes securities denominated in U.S. dollars with carrying value of $68.4 billion (2019: $54.4 billion) and securities denominated in other foreign currencies with carrying value of $2,616 million (2019: $1,813 million). n/m Not meaningful. Fair value of debt securities measured and equity securities designated at FVOCI $ millions, as at October 31 2020 2019 Cost/ Amortized (1) Gross Gross Fair value Cost/ Amortized (1) Gross Gross Fair value Securities issued or guaranteed by: Canadian federal government $ 11,379 $ 32 $ (2 ) $ 11,409 $ 10,842 $ 12 $ (3 ) $ 10,851 Other Canadian governments 15,187 128 – 15,315 12,252 22 (3 ) 12,271 U.S. Treasury and agencies 12,533 63 – 12,596 9,353 25 (7 ) 9,371 Other foreign governments 5,825 38 (2 ) 5,861 5,318 25 (7 ) 5,336 Mortgage-backed securities 2,320 49 (1 ) 2,368 2,688 15 (4 ) 2,699 Asset-backed securities 197 – (2 ) 195 47 – – 47 Corporate debt 6,194 31 (1 ) 6,224 5,608 16 (3 ) 5,621 53,635 341 (8 ) 53,968 46,108 115 (27 ) 46,196 Corporate public equity (2) 30 15 (3 ) 42 40 15 (9 ) 46 Corporate private equity 546 43 (46 ) 543 493 85 (22 ) 556 576 58 (49 ) 585 533 100 (31 ) 602 $ 54,211 $ 399 $ (57 ) $ 54,553 $ 46,641 $ 215 $ (58 ) $ 46,798 (1) Net of allowance for credit losses for debt securities measured at FVOCI of $22 million (2019: $23 million). (2) Includes restricted stock. Fair value of equity securities designated at FVOCI that were disposed of during the year was $88 million (2019: $20 million). Net realized cumulative after-tax Dividend income recognized on equity securities designated at FVOCI that were still held as at October 31, 2020 was $5 million (2019: $9 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of during the year was $2 million (2019: nil). The table below presents profit or loss recognized on FVOCI securities: $ millions, for the year ended October 31 2020 2019 2018 Realized gains $ 30 $ 40 $ 56 Realized losses (1 ) (2 ) (13 ) Provision for credit losses on debt securities (8 ) (3 ) (78 ) $ 21 $ 35 $ (35 ) 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 year ended October 31 Collective provision 12-month Collective provision Collective and credit-impaired Total 2020 Debt securities measured at FVOCI Balance at beginning of year $ 14 $ 3 $ 6 $ 23 Provision for (reversal of) credit losses (1)(2) 5 2 1 8 Write-offs – – – – Other (1 ) (1 ) (7 ) (3) (9 ) Balance at end of year $ 18 $ 4 $ – $ 22 2019 Debt securities measured at FVOCI Balance at beginning of year $ 15 $ 3 $ 5 $ 23 Provision for (reversal of) credit losses (1) – – 4 4 Write-offs – – (4 ) (4 ) Other (1 ) – 1 – Balance at end of year $ 14 $ 3 $ 6 $ 23 (1) Included in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our consolidated statement of income. (2) Excludes stage 3 provisions for credit loss of $14 million 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 consolidated statement of income. (3) Includes ECL of $8 million relating to Barbados U.S. dollar denominated securities that were derecognized in the third quarter of 2020 as a result of a U.S. dollar denominated debt restructuring agreement completed with the Government of Barbados. |
Loans
Loans | 12 Months Ended |
Oct. 31, 2020 | |
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Loans | Note 6 Loans (1)(2) $ millions, as at October 31 2020 2019 Gross Stage 3 Stages 1 Total (3) Net total Gross Stage 3 Stages 1 Total (3) Net total Residential mortgages (4) $ 221,165 $ 151 $ 212 $ 363 $ 220,802 $ 208,652 $ 140 $ 71 $ 211 $ 208,441 Personal 42,222 113 719 832 41,390 43,651 128 425 553 43,098 Credit card 11,389 – 667 667 10,722 12,755 – 420 420 12,335 Business and government (4) 135,546 650 1,028 1,678 133,868 125,798 376 355 731 125,067 $ 410,322 $ 914 $ 2,626 $ 3,540 $ 406,782 $ 390,856 $ 644 $ 1,271 $ 1,915 $ 388,941 (1) Loans are net of unearned income of $530 million (2019: $469 million). (2) Includes gross loans of $76.6 billion (2019: $69.5 billion) denominated in U.S. dollars and $8.4 billion (2019: $6.7 billion) denominated in other foreign currencies. (3) Includes ECL allowances for customers’ liability under acceptances. (4) Includes $63 million of residential mortgages (2019: $60 million) and $23,291 million of business and government loans (2019: $21,182 million) that are measured at FVTPL. 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 year ended October 31 2020 Stage 1 Stage 2 Stage 3 Collective provision 12-month Collective provision Collective and credit-impaired (1) Total Residential mortgages Balance at beginning of year $ 28 $ 43 $ 140 $ 211 Originations net of repayments and other derecognitions 9 (12 ) (17 ) (20 ) Changes in model (3 ) 30 – 27 Net remeasurement (2) (21 ) 123 73 175 Transfers (2) – to 12-month 61 (51 ) (10 ) – – to lifetime ECL performing (23 ) 39 (16 ) – – to lifetime ECL credit-impaired – (10 ) 10 – Provision for (reversal of) credit losses (3) 23 119 40 182 Write-offs (4) – – (16 ) (16 ) Recoveries – – 6 6 Interest income on impaired loans – – (19 ) (19 ) Foreign exchange and other – (1 ) – (1 ) Balance at end of year $ 51 $ 161 $ 151 $ 363 Personal Balance at beginning of year $ 174 $ 271 $ 128 $ 573 Originations net of repayments and other derecognitions 37 (51 ) (12 ) (26 ) Changes in model (13 ) 181 – 168 Net remeasurement (2) (186 ) 378 247 439 Transfers (2) – to 12-month 300 (292 ) (8 ) – – to lifetime ECL performing (108 ) 126 (18 ) – – to lifetime ECL credit-impaired – (67 ) 67 – Provision for (reversal of) credit losses (3) 30 275 276 581 Write-offs (4) – – (353 ) (353 ) Recoveries – – 66 66 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other – – 1 1 Balance at end of year $ 204 $ 546 $ 113 $ 863 Credit card Balance at beginning of year $ 145 $ 340 $ – $ 485 Originations net of repayments and other derecognitions (3 ) (69 ) – (72 ) Changes in model (6 ) 59 – 53 Net remeasurement (2) (223 ) 674 89 540 Transfers (2) – to 12-month 281 (281 ) – – – to lifetime ECL performing (58 ) 58 – – – to lifetime ECL credit-impaired – (209 ) 209 – Provision for (reversal of) credit losses (3) (9 ) 232 298 521 Write-offs (4) – – (409 ) (409 ) Recoveries – – 111 111 Interest income on impaired loans – – – – Foreign exchange and other – – – – Balance at end of year $ 136 $ 572 $ – $ 708 Business and government Balance at beginning of year $ 239 $ 158 $ 378 $ 775 Originations net of repayments and other derecognitions 51 (45 ) (20 ) (14 ) Changes in model 14 (1 ) (1 ) 12 Net remeasurement (2) 264 594 349 1,207 Transfers (2) – to 12-month 113 (103 ) (10 ) – – to lifetime ECL performing (201 ) 210 (9 ) – – to lifetime ECL credit-impaired (21 ) (121 ) 142 – Provision for (reversal of) credit losses (3) 220 534 451 1,205 Write-offs (4) – – (157 ) (157 ) Recoveries – – 9 9 Interest income on impaired loans – – (21 ) (21 ) Foreign exchange and other (6 ) (9 ) (8 ) (23 ) Balance at end of year $ 453 $ 683 $ 652 $ 1,788 Total ECL allowance (5) $ 844 $ 1,962 $ 916 $ 3,722 Comprises: Loans $ 735 $ 1,891 $ 914 $ 3,540 Undrawn credit facilities and other off-balance (6) 109 71 2 182 (1) Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank. (2) 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. (3) Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance (4) We generally continue to pursue collection on the amounts that were written off. The degree of collection efforts varies from one jurisdiction to another, depending on the local regulations and original agreements with customers. (5) 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 $16 million as at October 31, 2020 (2019: $2 million), $14 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (2019: nil). The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2020 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances. (6) Included in Other liabilities on our consolidated balance sheet. $ millions, as at or for the year ended October 31 2019 Stage 1 Stage 2 Stage 3 Collective provision 12-month Collective provision Collective and credit-impaired (1) Total Residential mortgages Balance at beginning of year $ 27 $ 44 $ 143 $ 214 Originations net of repayments and other derecognitions 4 (11 ) (23 ) (30 ) Changes in model (2 ) (6 ) (5 ) (13 ) Net remeasurement (2) (41 ) 32 94 85 Transfers (2) – to 12-month 42 (30 ) (12 ) – – to lifetime ECL performing (3 ) 22 (19 ) – – to lifetime ECL credit-impaired – (7 ) 7 – Provision for (reversal of) credit losses (3) – – 42 42 Write-offs (4) – – (29 ) (29 ) Recoveries – – 2 2 Interest income on impaired loans – – (17 ) (17 ) Foreign exchange and other 1 (1 ) (1 ) (1 ) Balance at end of year $ 28 $ 43 $ 140 $ 211 Personal Balance at beginning of year $ 190 $ 199 $ 109 $ 498 Originations net of repayments and other derecognitions 45 (50 ) – (5 ) Changes in model (14 ) 30 – 16 Net remeasurement (2) (194 ) 283 309 398 Transfers (2) – to 12-month 183 (179 ) (4 ) – – to lifetime ECL performing (37 ) 51 (14 ) – – to lifetime ECL credit-impaired – (63 ) 63 – Provision for (reversal of) credit losses (3) (17 ) 72 354 409 Write-offs (4) – – (395 ) (395 ) Recoveries – – 62 62 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other 1 – 3 4 Balance at end of year $ 174 $ 271 $ 128 $ 573 Credit card Balance at beginning of year $ 102 $ 370 $ – $ 472 Originations net of repayments and other derecognitions – (50 ) – (50 ) Changes in model 36 (48 ) – (12 ) Net remeasurement (2) (190 ) 477 184 471 Transfers (2) – to 12-month 229 (229 ) – – – to lifetime ECL performing (33 ) 33 – – – to lifetime ECL credit-impaired – (215 ) 215 – Provision for (reversal of) credit losses (3) 42 (32 ) 399 409 Write-offs (4) – – (516 ) (516 ) Recoveries – – 117 117 Interest income on impaired loans – – – – Foreign exchange and other 1 2 – 3 Balance at end of year $ 145 $ 340 $ – $ 485 Business and government Balance at beginning of year $ 180 $ 147 $ 230 $ 557 Originations net of repayments and other derecognitions 32 (19 ) (21 ) (8 ) Changes in model – 1 3 4 Net remeasurement (2) (17 ) 97 350 430 Transfers (2) – to 12-month 71 (64 ) (7 ) – – to lifetime ECL performing (21 ) 25 (4 ) – – to lifetime ECL credit-impaired (2 ) (29 ) 31 – Provision for (reversal of) credit losses (3) 63 11 352 426 Write-offs (4) – – (190 ) (190 ) Recoveries – – 13 13 Interest income on impaired loans – – (18 ) (18 ) Foreign exchange and other (4 ) – (9 ) (13 ) Balance at end of year $ 239 $ 158 $ 378 $ 775 Total ECL allowance (5) $ 586 $ 812 $ 646 $ 2,044 Comprises: Loans $ 526 $ 745 $ 644 $ 1,915 Undrawn credit facilities and other off-balance (6) 60 67 2 129 (1) Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank. (2) 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. (3) Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance (4) We generally continue to pursue collection on the amounts that were written off. The degree of collection efforts varies from one jurisdiction to another, depending on the local regulations and original agreements with customers. (5) 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 $2 million as at October 31, 2019. The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2019 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances. (6) Included in Other liabilities on our consolidated balance sheet. Inputs, assumptions and model techniques Our ECL allowances are estimated using complex models that incorporate inputs, assumptions and model techniques that involve a high degree of management judgment. In particular, the following ECL elements are subject to a high level of judgment that can have a significant impact on the level of ECL allowances provided: • Determining when a significant increase in credit risk (SICR) of a loan has occurred; • Measuring both 12-month • Forecasting forward-looking information for multiple scenarios and determining the probability weighting of the scenarios driven by the changes in the macroeconomic environment. In addition, the interrelationship between these elements is also subject to a high degree of judgment which can also have a significant impact on the level of ECL recognized. The uncertainties inherent in the COVID-19 Determining when a significant increase in credit risk has occurred The determination of whether a loan has experienced a SICR has a significant impact on the level of ECL allowance as loans that are in stage 1 are measured at 12-month For the majority of our retail loan portfolios, we determine a SICR based on relative changes in the loan’s lifetime PD since its initial recognition. The PDs used for this purpose are the expected value of our upside, downside and base case lifetime PDs. Significant judgment is involved in determining the upside, downside and base case lifetime PDs through the incorporation of forward-looking information into long-run For the majority of our business and government loan portfolios, we determine a SICR based on relative changes in internal risk ratings since initial recognition. Significant judgment is involved in the determination of the internal risk ratings. Deterioration or improvement in the risk ratings or adjustments to the risk rating downgrade thresholds used to determine a SICR can cause significant migration of loans and securities between stage 1 and stage 2, which in turn can have a significant impact on the amount of ECL allowances recognized. While potentially significant to the level of ECL allowances recognized, the thresholds for changes in PDs that are indicative of a SICR for our retail portfolios and the risk rating downgrade thresholds used to determine a SICR for our business and government loan portfolios are not expected to change frequently. All loans on which repayment of principal or payment of interest is contractually 30 days in arrears and all business and government loans that have migrated to the watch list are normally automatically migrated to stage 2 from stage 1. As at October 31, 2020, if the ECL for the stage 2 performing loans were measured using stage 1 ECL as opposed to lifetime ECL, the expected credit losses would be $743 million lower than the total recognized IFRS 9 ECL on performing loans (2019: $305 million). Impact of the COVID-19 The determination of whether a SICR has occurred in the COVID-19 Consistent with guidance issued by the IASB, interest or principal deferments pursuant to various relief programs provided to both our retail and business and government clients have not automatically resulted in a SICR that would trigger migration to stage 2 by reason only that a deferral under the program was granted. However, the inclusion of a loan in a relief program did not preclude its migration to stage 2 if we determined that there was a SICR based on our assessment of the changes in the risk of a default occurring over the expected life of a loan. For retail clients and consistent with our past practice, SICR was determined based on an evaluation of the relative increase in lifetime PDs using forward-looking indicators reflective of our expectations. However, we applied judgment in the degree that our forecasts of certain forward-looking indicators, including unemployment, should cause a SICR in light of the level of government support provided. For the majority of our business and government clients, we continued to utilize risk ratings as the primary determinant of a SICR. We applied judgment in the determination of the industries most impacted by the COVID-19 Measuring both 12-month Our ECL models leverage the PD, LGD, and EAD parameters, as well as the portfolio segmentation used to calculate Basel expected loss regulatory adjustments for the portion of our retail and business and government portfolios under the advanced internal ratings-based (AIRB) approach. Adjustments are made to the Basel parameters to meet IFRS 9 requirements, including the conversion of through-the-cycle point-in-time long-run point-in-time Significant judgment is involved in determining which forward-looking information variables are relevant for particular portfolios and in determining the extent by which through-the-cycle point-in-time through-the-cycle point-in-time point-in-time With respect to the lifetime of a financial instrument, the maximum period considered when measuring ECL is the maximum contractual period over which we are exposed to credit risk. For revolving facilities, such as credit cards, the lifetime of a credit card account is the expected behavioural life. Significant judgment is involved in the estimate of the expected behavioural life. Increases in the expected behavioural life will increase the amount of ECL allowances, in particular for revolving loans in stage 2. Impact of the COVID-19 The measurement of ECL in the COVID-19 COVID-19 Forecasting forward-looking information for multiple scenarios and determining the probability weighting of the scenarios As indicated above, forward-looking information is incorporated into both our assessment of whether a financial asset has experienced a SICR since its initial recognition and in our estimate of ECL. From analysis of historical data, our risk management function has identified and reflected in our ECL allowance those relevant forward-looking information variables that contribute to credit risk and losses within our retail and business and government loan portfolios. Within our retail loan portfolio, key forward-looking information variables include Canadian unemployment rates, housing prices and gross domestic product (GDP) growth. In many cases these variables are forecasted at the provincial level. Housing prices are also forecasted at the municipal level in some cases. Within our business and government loan portfolio, key drivers that impact the credit performance of the entire portfolio include S&P 500 growth rates, business credit growth rates, unemployment rates and credit spreads, while forward-looking information variables such as commodity prices and mining activity are significant for certain portfolios, and U.S. unemployment rates and U.S. GDP growth are significant for our U.S. portfolios. For the majority of our loan portfolios, our forecast of forward-looking information variables is established from a “base case” or most likely scenario that is used internally by management for planning and forecasting purposes. For most of the forward-looking information variables related to our Canadian businesses, we have forecast scenarios by province. In forming the base case scenario, we consider the forecasts of international organizations and monetary authorities such as the Organisation for Economic Co-operation The forecasting process is overseen by a governance committee consisting of internal stakeholders from across our bank including Risk Management, Economics, Finance and the impacted SBUs and involves a significant amount of judgment both in determining the forward-looking information forecasts for our various scenarios and in determining the probability weighting assigned to the scenarios. In general, a worsening of our outlook on forecasted forward-looking information for each scenario, an increase in the probability of the downside case scenario occurring, or a decrease in the probability of the upside case scenario occurring will increase the number of loans migrating from stage 1 to stage 2 and increase the estimated ECL allowance. In contrast, an improvement in our outlook on forecasted forward-looking information, an increase in the probability of the upside case scenario occurring, or a decrease in the probability of the downside case scenario occurring will have the opposite impact. It is not possible to meaningfully isolate the impact of changes in the various forward-looking information variables for a particular scenario because of both the interrelationship between the variables and the interrelationship between the level of pessimism inherent in a particular scenario and its probability of occurring. Impact of the COVID-19 The forecasting of forward-looking information and the determination of scenario weightings in the COVID-19 COVID-19 Significant changes to our forecasts were made in the current year. The following table provides 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 October 31, 2020 Average Average (1) Average Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 1.6 % 3.8 % 3.6 % 4.6 % 0.03 % 2.0 % United States 1.7 % 3.5 % 3.0 % 4.2 % (0.6 )% 1.7 % Unemployment rate Canada (2) 8.7 % 6.7 % 7.4 % 5.9 % 9.5 % 8.4 % United States 7.4 % 4.7 % 5.1 % 3.5 % 9.2 % 7.3 % Canadian Housing Price Index growth (2) 2.4 % 3.0 % 11.2 % 10.4 % (6.9 )% (0.8 )% S&P 500 Index growth rate 5.6 % 4.8 % 11.2 % 7.7 % (3.5 )% (5.3 )% West Texas Intermediate Oil Price (US$) $ 42 $ 53 $ 51 $ 60 $ 34 $ 39 (1) The remaining forecast period is generally two years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. Base case Upside case Downside case As at October 31, 2019 Average Average (1) Average Average (1) Average Average (1) Canadian GDP year-over-year growth (2) 1.5 % 1.8 % 2.3 % 2.5 % 0.6 % 0.8 % Canadian unemployment rate (2) 6.1 % 5.9 % 5.5 % 5.5 % 6.4 % 6.5 % Canadian Housing Price Index growth (2) 1.6 % 2.2 % 4.8 % 4.0 % (2.2 )% (0.8 )% S&P 500 Index growth rate 5.0 % 4.7 % 8.2 % 6.6 % (3.7 )% (10.3 )% West Texas Intermediate Oil Price (US$) $ 60 $ 60 $ 67 $ 74 $ 47 $ 43 (1) The remaining forecast period is generally two years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. As required, the forward-looking information used to estimate expected credit losses reflects our expectations as at October 31, 2020 and October 31, 2019, 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 quarter of 2020. The underlying base case projection is characterized by a slow recovery in the first half of 2021, accelerating again thereafter and with the economy returning to the same level of economic activity experienced in the pre-COVID-19 in As at October 31, 2020, the average next 12 months real GDP growth rate in the table above is calculated based on the weighted average of the annualized calendar year 2020 and 2021 real GDP growth rates. This results in the next 12 months real GDP growth rate forecast to be lower than our calendar year 2021 real GDP growth rate forecast because the next 12 months real GDP growth rate is compared in part to a pre-pandemic level of real GDP, and the calendar year 2021 forecast also includes the strong growth rate expected in the fourth calendar quarter of 2021, after a vaccine is anticipated to be available. The relatively high forecasted real GDP growth in the remaining forecast period in the table above, relative to a year ago, is the result of the fact that we are forecasting to recover from relatively low levels of real GDP as shown in the charts below. The graphs below depict the actual and forecasted real GDP levels in Canada and the U.S. on a calendar quarter basis: 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 Use of management overlays Management overlays to ECL allowance estimates are adjustments which we use in circumstances where we judge that our existing inputs, assumptions and model techniques do not capture all relevant risk factors. The emergence of new macroeconomic, microeconomic or political events, along with expected changes to parameters, models or data that are not incorporated in our current parameters, internal risk rating migrations, or forward-looking information are examples of such circumstances. Impact of the COVID-19 To address the uncertainties inherent in the current environment, we utilized management overlays with respect to the impact that the COVID-19 The use of management overlays requires the application of significant judgment that impacts the amount of ECL allowances recognized. 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 Loans (1) $ millions, as at October 31 2020 2019 Stage 1 Stage 2 Stage 3 (2)(3)(4) Total Stage 1 Stage 2 Stage 3 (2)(3)(4) Total Residential mortgages – Exceptionally low $ 146,139 $ 2 $ – $ 146,141 $ 142,260 $ – $ – $ 142,260 – Very low 45,678 1,166 – 46,844 37,140 – – 37,140 – Low 12,491 6,042 – 18,533 17,315 1,010 – 18,325 – Medium 232 4,924 – 5,156 1,207 5,312 – 6,519 – High – 1,054 – 1,054 11 1,162 – 1,173 – Default – – 654 654 – – 597 597 – Not rated 1,810 818 155 2,783 2,251 233 154 2,638 Gross residential mortgages (5)(6) 206,350 14,006 809 221,165 200,184 7,717 751 208,652 ECL allowance 51 161 151 363 28 43 140 211 Net residential mortgages 206,299 13,845 658 220,802 200,156 7,674 611 208,441 Personal – Exceptionally low 23,302 – – 23,302 24,258 – – 24,258 – Very low 1,618 157 – 1,775 4,321 1,353 – 5,674 – Low 8,662 2,497 – 11,159 4,955 1,582 – 6,537 – Medium 1,265 2,768 – 4,033 3,703 1,611 – 5,314 – High 331 769 – 1,100 302 613 – 915 – Default – – 140 140 – – 164 164 – Not rated 513 159 41 713 720 29 40 789 Gross personal (6) 35,691 6,350 181 42,222 38,259 5,188 204 43,651 ECL allowance 179 540 113 832 160 265 128 553 Net personal 35,512 5,810 68 41,390 38,099 4,923 76 43,098 Credit card – Exceptionally low 3,285 – – 3,285 3,015 – – 3,015 – Very low 1,388 – – 1,388 1,142 83 – 1,225 – Low 2,340 – – 2,340 5,619 274 – 5,893 – Medium 1,778 1,973 – 3,751 1,344 565 – 1,909 – High – 472 – 472 10 538 – 548 – Default – – – – – – – – – Not rated 135 18 – 153 158 7 – 165 Gross credit card 8,926 2,463 – 11,389 11,288 1,467 – 12,755 ECL allowance 125 542 – 667 129 291 – 420 Net credit card 8,801 1,921 – 10,722 11,159 1,176 – 12,335 Business and government – Investment grade 49,418 1,071 – 50,489 46,800 251 – 47,051 – Non-investment 78,302 9,876 – 88,178 80,780 3,443 – 84,223 – Watchlist 416 4,443 – 4,859 374 1,575 – 1,949 – Default – – 1,359 1,359 – – 866 866 – Not rated 218 49 – 267 752 79 45 876 Gross business and government (5)(7) 128,354 15,439 1,359 145,152 128,706 5,348 911 134,965 ECL allowance 380 648 650 1,678 209 146 376 731 Net business and government 127,974 14,791 709 143,474 128,497 5,202 535 134,234 Total net amount of loans $ 378,586 $ 36,367 $ 1,435 $ 416,388 $ 377,911 $ 18,975 $ 1,222 $ 398,108 (1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $22 million (2019: $23 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $16 million were recognized as at October 31, 2020 (2019: $2 million), $14 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (2019: nil). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at October 31, 2020 and October 31, 2019. Financial assets other than loans that are classified as amortized cost are presented on our consolidated balance sheet net of ECL allowances. (2) Includes purchased credit-impaired loans from the acquisition of The PrivateBank. (3) Excludes foreclosed assets of $23 million (2019: $25 million), which were included in Other assets on our consolidated balance sheet. (4) As at October 31, 2020, 93% (2019: 90%) of stage 3 impaired loans were either fully or partially collateralized. (5) Includes $63 million (2019: $60 million) of residential mortgages and $23,291 million (2019: $21,182 million) of business and government loans that are measured at FVTPL. (6) 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. (7) Includes customers’ liability under acceptances of $9,606 million (2019: $9,167 million). Undrawn credit facilities and other off-balance $ millions, as at October 31 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail – Exceptionally low $ 124,690 $ 8 $ – $ 124,698 $ 106,696 $ 120 $ – $ 106,816 – Very low 6,632 137 – 6,769 7,341 1,126 – 8,467 – Low 8,703 416 – 9,119 10,974 1,357 – 12,331 – Medium 909 692 – 1,601 1,737 752 – 2,489 – High 263 503 – 766 255 495 – 750 – Default – – 28 28 – – 19 19 – Not rated 411 23 – 434 397 32 – 429 Gross retail 141,608 1,779 28 143,415 127,400 3,882 19 131,301 ECL allowance 36 36 – 72 30 55 – 85 Net retail 141,572 1,743 28 143,343 127,370 3,827 19 131,216 Business and government – Investment grade 89,067 159 – 89,226 78,906 296 – 79,202 – Non-investment 55,288 5,103 – 60,391 52,379 1,282 – 53,661 – Watchlist 82 1,678 – 1,760 65 575 – 640 – Default – – 129 129 – – 69 69 – Not rated 795 41 – 836 688 60 – 748 Gross business and government 145,232 6,981 129 152,342 132,038 2,213 69 134,320 ECL allowance 73 35 2 110 30 12 2 44 Net business and government 145,159 6,946 127 152,232 132,008 2,201 67 134,276 Total net undrawn credit facilities and other off-balance $ 286,731 $ 8,689 $ 155 $ 295,575 $ 259,378 $ 6,028 $ 86 $ 265,492 Net interest income after provision for credit losses $ millions, for the year ended October 31 2020 2019 2018 Interest income $ 17,522 $ 20,697 $ 17,505 Interest expense 6,478 10,146 7,440 Net interest income 11,044 10,551 10,065 Provision for credit losses 2,489 1,286 870 Net interest income after provision for credit losses $ 8,555 $ 9,265 $ 9,195 Modified financial assets and client relief programs CIBC has been actively engaged in lending activities to support our clients who are experiencing financial hardship caused by the COVID-19 pandemic, including payment deferral options offered on cards, residential mortgages, personal lending products, and business and government loans. As of October 31, 2020, the gross outstanding balance of loans for which CIBC provided payment deferrals was nil for credit cards in Canada (July 31, 2020: less than $10 million; April 30, 2020: $1.8 billion); $2.7 billion for residential mortgages in Canada (July 31, 2020: $33.3 billion; April 30, 2020: $35.5 billion); $0.3 billion for personal loans in Canada (July 31, 2020: $0.8 billion; April 30, 2020: $2.3 billion); $0.3 billion for various consumer loans in the Caribbean (July 31, 2020: $1.4 billion; April 30, 2020: $1.3 billion); and $2.5 billion for business and government loans (July 31, 2020: $6.2 billion; April 30, 2020: $10.0 billion), including $0.5 billion in Canada (July 31, 2020: $2.4 billion; April 30, 2020: $8.6 billion); $0.5 billion in the U.S. (July 31, 2020: $1.6 billion; April 30, 2020: $0.9 billion) and $1.5 billion in the Caribbean (July 31, 2020: $2.2 billion; April 30, 2020: $0.5 billion). Modification gains or losses resulting from client relief programs were not significant. As part of CIBC’s usual lending business, from time to time we may modify the contractual terms of loans classified as stage 2 and stage 3 for which the borrower has experienced financial difficulties, through the granting of a concession in the form of below-market rates or terms that we would not otherwise have considered. During the year ended October 31, 2020, loans classified as stage 2 or stage 3 with an amortized cost of $10,498 million (2019: $346 million) were either modified through the granting of a financial concession in response to the borrower having experienced financial difficulties or were subject to the client relief programs in response to COVID-19, in each case before the time of modification or deferral. In addition, the gross carrying amount of previously modified or deferred stage 2 or stage 3 loans that have returned to stage 1 during the year ended October 31, 2020 was $5,287 million (2019: $15 million). |
Structured entities and derecog
Structured entities and derecognition of financial assets | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Structured entities and derecognition of financial assets | Note 7 Structured entities and derecognition of financial assets Structured entities SEs are entities that have been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements. SEs are entities that are created to accomplish a narrow and well-defined objective. CIBC is involved with various types of SEs for which the business activities include securitization of financial assets, asset-backed financings, and asset management. We consolidate an SE when the substance of the relationship indicates that we control the SE. Consolidated structured entities We consolidate the following SEs: Multi-seller conduit We sponsor a consolidated multi-seller conduit in Canada that purchases financial assets from clients and finances the purchases by issuing ABS. The sellers to the conduit continue to service the assets and are exposed to credit losses realized on these assets through the provision of credit enhancements. We hold all of the outstanding ABS. Credit card securitization trusts We sell an ownership interest in a revolving pool of credit card receivables generated under certain credit card accounts to Cards II Trust (Cards II), which purchases a proportionate share of credit card receivables on certain credit card accounts, with the proceeds received from the issuance of notes. Our credit card securitizations are revolving securitizations, with credit card receivable balances fluctuating from month to month as credit card clients repay their balances and new receivables are generated. The notes are presented as Secured borrowings within Deposits on the consolidated balance sheet. As at October 31, 2020, $1.7 billion of credit card receivable assets with a fair value of $1.7 billion (2019: $2.9 billion with a fair value of $2.9 billion) supported associated funding liabilities of $1.7 billion with a fair value of $1.7 billion (2019: $2.9 billion with a fair value of $2.9 billion). Covered bond guarantor Under the Legislative Covered Bond Programme, we transfer a pool of conventional uninsured mortgages to the CIBC Covered Bond (Legislative) Guarantor Limited Partnership (the Guarantor LP). The Guarantor LP holds interest and title to these transferred mortgages and serves to guarantee payment of principal and interest to bondholders. The covered bond liabilities are on-balance sheet obligations that are fully collateralized by the mortgage assets over which bondholders enjoy a priority claim in the event of CIBC’s insolvency. As at October 31, 2020, our Legislative Covered Bond Programme had outstanding covered bond liabilities of $19.6 billion with a fair value of $19.7 billion (2019: $18.9 billion with a fair value of $19.0 billion). CIBC-managed investment funds We establish and manage investment funds such as mutual funds and pooled funds. We act as an investment manager and earn market-based management fees, and for certain pooled funds, performance fees which are generally based on the performance of the funds. Seed capital is provided from time to time to CIBC-managed investment funds for initial launch. We consolidate those investment funds in which we have power to direct the relevant activities of the funds and in which our seed capital, or our units held, are significant relative to the total variability of returns of the funds such that we are deemed to be a principal rather than an agent. As at October 31, 2020, the total assets and non-controlling Non-controlling Community-based tax-advantaged We sponsor certain SEs that invest in community development projects in the U.S. through the issuance of below-market loans that generate a return primarily through the realization of tax credits. As at October 31, 2020, the program had outstanding loans of $75 million (2019: $55 million). Non-consolidated The following SEs are not consolidated by CIBC: Single-seller and multi-seller conduits We manage and administer a single-seller conduit and several CIBC-sponsored multi-seller conduits in Canada. The multi-seller conduits acquire direct or indirect ownership or security interests in pools of financial assets from our clients and finance the acquisitions by issuing asset-backed commercial paper (ABCP) to investors. The single-seller conduit acquires financial assets and finances these acquisitions through a credit facility provided by a syndicate of financial institutions. The sellers to the conduits may continue to service the assets and may be exposed to credit losses realized on these assets, typically through the provision of over-collateralization or another form of credit enhancement. The conduits may also obtain credit enhancement from third-party providers. As at October 31, 2020, the total assets in the single-seller conduit and multi-seller conduits amounted to $0.5 billion and $8.4 billion, respectively (2019: $0.5 billion and $7.1 billion, respectively). We generally provide the multi-seller conduits with commercial paper backstop liquidity facilities, securities distribution, and provide both the single and multi-seller conduits with accounting, cash management, and operations services. The liquidity facilities for the managed and administered multi-seller conduits require us to provide funding, subject to the satisfaction of certain conditions with respect to the conduits, for ABCP not placed with external investors. We also may purchase ABCP issued by the multi-seller conduits for market-making purposes. We are required to maintain certain short-term and/or long-term debt ratings with respect to the liquidity facilities that we provide to the sponsored multi-seller conduits. If we are downgraded below the level specified under the terms of those facilities, we must provide alternative satisfactory liquidity arrangements, such as procuring an alternative liquidity provider that meets the minimum rating requirements. We may also act as the counterparty to derivative contracts entered into by a multi-seller conduit in order to convert the yield of the underlying assets to match the needs of the multi-seller conduit’s investors or to mitigate the interest rate, basis, and currency risk within the conduit. All fees earned in respect of activities with the conduits are on a market basis. Third-party structured vehicles – continuing We have investments in and provide loans, liquidity and credit facilities to third-party SEs. We also have investments in limited partnerships in which we generally are a passive investor of the limited partnerships as a limited partner, and in some cases, we are the co-general Pass-through investment structures We have exposure to units of third-party or CIBC-managed investment funds. We enter into equity derivative transactions with third-party investment funds to pass-through the return of these referenced funds. These transactions provide the investors of the third-party managed investment funds with the desired exposure to the referenced funds in a tax efficient manner. CIBC Capital Trust We have issued senior deposit notes to CIBC Capital Trust, which funds the purchase of these notes through the issuance of CIBC Tier 1 Notes (Notes) that match the term of the senior deposit notes. The Notes are eligible for Tier 1 regulatory capital treatment and are subject to the phase-out non-qualifying CIBC-managed investment funds As indicated above, we establish investment funds, including mutual funds and pooled funds, to provide clients with investment opportunities and we may receive management fees and performance fees. We may hold insignificant amounts of fund units in these CIBC-managed funds. We do not consolidate these funds if we do not have significant variability of returns from our interests in these funds such that we are deemed to be an agent through our capacity as the investment manager, rather than a principal. We do not guarantee the performance of CIBC-managed investment funds. As at October 31, 2020, the total AUM in the non-consolidated CIBC structured collateralized debt obligation (CDO) vehicles We hold exposures to structured CDO vehicles through investments in, or written credit derivatives referencing, these structured vehicles. We may also provide liquidity facilities or other credit facilities. The structured vehicles are funded through the issuance of senior and subordinated tranches. We may hold a portion of those senior and/or subordinated tranches. We previously curtailed our business activity in structuring CDO vehicles within our structured credit run-off Third-party structured vehicles – structured credit run-off Similar to our structured activities, we also curtailed our business activities in third-party structured vehicles, within our structured credit run-off Community Reinvestment Act investments We hold debt and equity investments in limited liability entities to further our U.S. Community Reinvestment Act initiatives with a carrying value of $328 million (2019: $279 million). These entities invest in qualifying community development projects, including affordable housing projects that generate a return primarily by the realization of tax credits. Similar to other limited investors in these entities, we are obligated to provide funding up to our commitment level to these limited liability entities. As at October 31, 2020, the total assets of these limited liability entities were $5.2 billion (2019: $4.8 billion). Our on-balance $ millions, as at October 31, 2020 Single-seller and multi-seller Third-party Structured run-off (1) Other (2) On-balance (3) Securities $ 12 $ 1,770 $ 3 $ 328 Loans 95 1,790 – – Investments in equity-accounted associates and joint ventures – – – 12 $ 107 $ 3,560 $ 3 $ 340 October 31, 2019 $ 113 $ 3,345 $ 3 $ 332 On-balance (3) Deposits $ – $ – $ – $ 303 Derivatives (4) – – 107 – $ – $ – $ 107 $ 303 October 31, 2019 $ – $ – $ 112 $ 302 Maximum exposure to loss, net of hedges Investments and loans $ 107 $ 3,560 $ 3 $ 340 Notional of written derivatives, less fair value losses – – 23 – Liquidity, credit facilities and commitments 8,390 (5) 2,880 13 140 Less: hedges of investments, loans and written derivatives exposure – – (27 ) – $ 8,497 $ 6,440 $ 12 $ 480 October 31, 2019 $ 7,250 $ 5,703 $ 13 $ 418 (1) Includes CIBC structured CDO vehicles and third-party structured vehicles. (2) Includes pass-through investment structures, CIBC Capital Trust, and CIBC-managed investment funds and Community Reinvestment Act-related (3) Excludes SEs established by CMHC, Fannie Mae, Freddie Mac, Ginnie Mae, FHLB, Federal Farm Credit Bank, and Student Loan Marketing Association. (4) Comprises written credit default swaps (CDS) and total return swaps (TRS) under which we assume exposures. Excludes foreign exchange derivatives, interest rate derivatives and other derivatives provided as part of normal client facilitation. (5) Excludes an additional $2.1 billion (2019: $1.6 billion) relating to our backstop liquidity facilities provided to the multi-seller conduits as part of their commitment to fund purchases of additional assets. Also excludes $12 million (2019: $26 million) of our direct investments in the multi-seller conduits which we consider investment exposure. We also hold investments in a variety of third-party investment funds, which include, but are not limited to, exchange-traded funds, mutual funds, and investment trusts. We buy and sell units of these investment funds as part of trading activities or client facilitation businesses that are managed as part of larger portfolios. We generally are a passive investor and are not the investment manager in any of these investment funds. We are not the sponsor of any third-party investment funds, nor do we have the power over key decision-making activities of the funds. Our maximum exposure to loss from our investments is limited to the carrying amounts of our investments and any unutilized commitment we have provided to these funds. In addition, we issue certain structured notes and enter into equity derivatives that are referenced to the return of certain investment funds. Accordingly, we do not include our interests in these third-party investment funds in the table above. Derecognition of financial assets We enter into transactions in the normal course of business in which we transfer recognized financial assets directly to third parties, but retain substantially all of the risks and rewards of those assets. The risks include credit, interest rate, foreign exchange, pre-payment The majority of our financial assets transferred to non-consolidated Residential mortgage securitizations We securitize fully insured fixed- and variable-rate residential mortgage pools through the creation of National Housing Act (NHA) MBS under the NHA MBS Program, sponsored by CMHC. Under the Canada Mortgage Bond Program, sponsored by CMHC, we sell MBS to a government-sponsored securitization trust that issues securities to investors. We do not consolidate the securitization trust. We may act as a counterparty in interest rate swap agreements where we pay the trust the interest due to investors and receive the interest on the MBS. We have also sold MBS directly to CMHC under the Government of Canada’s Insured Mortgage Purchase Program. The sale of mortgage pools that comprise the NHA MBS does not qualify for derecognition as we retain pre-payment, Securities held by counterparties as collateral under repurchase agreements We enter into arrangements whereby we sell securities but enter into simultaneous arrangements to repurchase the securities at a fixed price on a future date thereby retaining substantially all the risks and rewards. As a result, the securities remain on our consolidated balance sheet. Securities lent for cash collateral or for securities collateral We enter into arrangements whereby we lend securities but with arrangements to receive the securities at a future date, thereby retaining substantially all the risks and rewards. As a result, the securities remain on our consolidated balance sheet. The following table provides the carrying amount and fair value of transferred financial assets that did not qualify for derecognition and the associated financial liabilities: $ millions, as at October 31 2020 2019 Carrying Fair Carrying Fair value Residential mortgage securitizations (1) $ 17,550 $ 17,726 $ 16,245 $ 16,264 Securities held by counterparties as collateral under repurchase agreements (2) 36,720 36,720 15,663 15,663 Securities lent for cash collateral (2) 13 13 45 45 Securities lent for securities collateral (2) 20,226 20,226 21,789 21,789 $ 74,509 $ 74,685 $ 53,742 $ 53,761 Associated liabilities (3) $ 75,853 $ 76,080 $ 54,591 $ 54,734 (1) Consists mainly of Canadian residential mortgage loans transferred to Canada Housing Trust. Certain cash in transit balances related to the securitization process amounting to $1,148 million (2019: $738 million) have been applied to reduce these balances. (2) Does not include over-collateralization of assets pledged. Repurchase and securities lending arrangements are conducted with both CIBC-owned and third-party assets on a pooled basis. The carrying amounts represent an estimated allocation related to the transfer of our own financial assets. (3) Includes the obligation to return off-balance |
Property and equipment
Property and equipment | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Property and equipment | Note 8 Property $ millions, as at or for the year ended October 31 Right-of- (1) Land and Computer Office furniture, (2) Leasehold Total 2020 Cost Balance at beginning of year n/a $ 1,383 $ 1,043 $ 1,013 $ 1,204 $ 4,643 Impact of adopting IFRS 16 (3) 1,733 (715 ) – – – 1,018 Additions (4) 115 17 117 142 36 427 Disposals (5) (64 ) (6 ) (53 ) (29 ) (65 ) (217 ) Adjustments (6) 6 2 2 3 3 16 Balance at end of year $ 1,790 $ 681 $ 1,109 $ 1,129 $ 1,178 $ 5,887 2019 Balance at end of year n/a $ 1,383 $ 1,043 $ 1,013 $ 1,204 $ 4,643 2020 Accumulated depreciation Balance at beginning of year n/a $ 669 $ 819 $ 521 $ 821 $ 2,830 Impact of adopting IFRS 16 54 (376 ) – – – (322 ) Depreciation (5) 280 13 102 50 72 517 Disposals (5) (18 ) (2 ) (53 ) (18 ) (46 ) (137 ) Adjustments (5) – 1 1 – – 2 Balance at end of year $ 316 $ 305 $ 869 $ 553 $ 847 $ 2,890 2019 Balance at end of year n/a $ 669 $ 819 $ 521 $ 821 $ 2,830 Net book value As at October 31, 2020 $ 1,474 $ 376 $ 240 $ 576 $ 331 $ 2,997 As at October 31, 2019 n/a $ 714 $ 224 $ 492 $ 383 $ 1,813 (1) Includes right-of-use assets with a net book value of $49 million as at November 1, 2019 that are rented out through operating sublease arrangements. (2) Includes $306 million (2019: $173 million) of work-in-progress (3) Includes $103 million related to leases that were previously classified as finance leases under IAS 17. (4) Includes impact of lease modifications. (5) Includes write-offs for properties that were vacated in the fourth quarter of 2020, and write-offs of fully depreciated assets. (6) Includes foreign currency translation adjustments. n/a Not applicable. Cost of net additions and disposals during the year was: Canadian Personal and Business Banking net additions of $860 million (2019: net additions of $3 million); Canadian Commercial Banking and Wealth Management net additions of nil (2019: net additions of $3 million); U.S. Commercial Banking and Wealth Management net additions of $219 million (2019: net additions of $27 million); Capital Markets net additions of $166 million (2019: net additions of $1 million); and Corporate and Other net disposals of $17 million (2019: net disposals of $11 million). Transition to IFRS 16 “Leases” CIBC adopted IFRS 16 as at November 1, 2019 in place of prior guidance, IAS 17 “Leases” (IAS 17). For lessees, the new standard required on-balance sheet recognition for most leases that were considered operating leases under IAS 17, which resulted in the gross-up of the balance sheet through the recognition of a right-of-use asset and a corresponding liability for the lease component of the future payments. Depreciation expense on the right-of-use asset and interest expense on the lease liability replaced the operating lease expense. Accounting for leases by lessors remains mostly unchanged from IAS 17; however, intermediate lessors are required to reassess subleases by reference to the right-of-use asset arising from the head lease which could result in on-balance sheet recognition for certain subleases previously classified as operating subleases. The application of IFRS 16 mainly applied to our office and banking centre leases, as well as certain subleases previously classified as operating subleases. We applied IFRS 16 using the modified retrospective approach, without restatement of comparative periods. As at November 1, 2019, the adoption of IFRS 16 resulted in the recognition of approximately $1.7 billion of lease liabilities and $1.6 billion of right-of-use assets. The amount of the right-of-use assets recognized was determined based on the amount of the lease liabilities less the existing deferred rent liabilities as at October 31, 2019. Furthermore, the reassessment of certain subleases related to a previously recognized finance lease property, a portion of which is rented out and considered investment property, resulted in an increase in net assets as a result of the recognition of additional sublease-related assets, net of the derecognition of amounts related to the corresponding head lease. The after-tax impact to retained earnings as a result of adopting IFRS 16 was an increase of $0.1 billion. In addition, the following permitted recognition exemptions and practical expedients have been applied: • A single discount rate curve has been applied to portfolios of leases with reasonably similar characteristics at the date of application. The weighted average incremental borrowing rate applied on our existing lease portfolio was 2.31%. • In contracts where we are the lessee, we have not reassessed contracts that were identified as finance leases under the previous accounting standard (IAS 17). • We have elected to exclude leases of assets considered as low value and short-term leases with a remaining term of less than 12 months. • We have applied the onerous lease provisions recognized as at October 31, 2019 as an alternative to performing an impairment review of our right-of-use assets as at November 1, 2019. Where an onerous lease provision was recorded on a lease, the right-of-use asset has been reduced by the amount of that provision on transition and no further impairment review was performed. • We have elected not to separate lease and non-lease components of a lease contract when calculating the lease liability and corresponding right-of-use asset for certain classes of assets. Non-lease components may consist of, but are not limited to, common area maintenance expenses and utility charges. Other occupancy costs not within the scope of IFRS 16 will continue to be recorded as operating expenses. The following table reconciles the operating lease commitments as at October 31, 2019 disclosed under IAS 17 to the opening lease liabilities under IFRS 16 as at the initial date of application, November 1, 2019. $ millions Operating lease commitments as at October 31, 2019 $ 5,547 Less: Operating and tax expenses related to the lease commitments (2,477 ) Less: Impact of future lease commitments not yet commenced (1) (1,434 ) Adjustments as a result of renewal and termination assumptions 306 Impact of discounting (230 ) Lease liability recognized as at November 1, 2019 $ 1,712 (1) Mainly related to CIBC Square lease commitments that are expected to commence in 2021. |
Goodwill, Software and Other In
Goodwill, Software and Other Intangible Assets | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Goodwill, Software and Other Intangible Assets | Note 9 Goodwill, software and other intangible assets Goodwill The carrying amount of goodwill is reviewed for impairment annually as at August 1 and whenever there are events or changes in circumstances which indicate that the carrying amount may not be recoverable. Goodwill is allocated to CGUs for the purposes of impairment testing based on the lowest level for which identifiable cash inflows are largely independent of cash inflows from other assets or groups of assets. The goodwill impairment test is performed by comparing the recoverable amount of the CGU to which goodwill has been allocated with the carrying amount of the CGU including goodwill, with any deficiency recognized as impairment to goodwill. The recoverable amount of a CGU is defined as the higher of its estimated fair value less cost to sell and value in use. We have three significant CGUs to which goodwill has been allocated. The changes in the carrying amount of goodwill are allocated to each CGU as follows: CGUs $ millions, as at or for the year ended October 31 CIBC Canadian U.S. Commercial Other Total 2020 Balance at beginning of year $ 278 $ 884 $ 4,084 $ 203 $ 5,449 Impairment (248 ) – – – (248 ) Foreign currency translation adjustments 5 – 47 – 52 Balance at end of year $ 35 $ 884 $ 4,131 $ 203 $ 5,253 2019 Balance at beginning of year $ 413 $ 884 $ 4,078 $ 189 $ 5,564 Acquisitions – – 4 14 18 Impairment (135 ) – – – (135 ) Foreign currency translation adjustments – – 2 – 2 Balance at end of year $ 278 $ 884 $ 4,084 $ 203 $ 5,449 Impairment testing of goodwill and key assumptions CIBC FirstCaribbean CIBC acquired a controlling interest in CIBC FirstCaribbean in December 2006 and now holds 91.7% of its shares. CIBC FirstCaribbean is a major Caribbean bank offering a full range of financial services in corporate and investment banking, retail and business banking, and wealth management. CIBC FirstCaribbean, which has assets of approximately US$12 billion, operates in the Caribbean and is traded on the stock exchanges of Barbados and Trinidad & Tobago. The results of CIBC FirstCaribbean, including goodwill impairment charges thereon, are included in Corporate and Other. On November 8, 2019 and as discussed in Note 4, we announced that we had entered into a definitive agreement to sell 66.73% of CIBC FirstCaribbean’s outstanding shares to GNB Financial Group Limited (GNB). As a result of the valuation implied from the definitive agreement with GNB, we recognized a goodwill impairment charge of $135 million in the fourth quarter of 2019. Commencing in the first quarter of 2020, the assets and liabilities of CIBC FirstCaribbean were treated as held for sale, and measured at the lower of their aggregate carrying amount and fair value less costs to sell, on the basis that the transaction was highly probable to close in 2020, subject to regulatory approvals. In the second quarter of 2020, we recognized an additional goodwill impairment charge of $28 million based on the estimated impact of the COVID-19 pandemic on the recoverable value of the 24.9% interest in CIBC FirstCaribbean that we expected to retain. As a result of the lengthy regulatory review process, the worsening impact of the COVID-19 pandemic on the Caribbean economy and our revised expectations regarding the likelihood and timing of closing of a potential transaction, we concluded in the fourth quarter of 2020 that held for sale accounting is no longer appropriate. As a result, we were required to assess the recoverable amount of the remaining goodwill based on current market conditions rather than the definitive agreement with GNB. This assessment reflected revised expectations concerning the impact of the COVID-19 pandemic and led to the recognition of an additional goodwill impairment charge of $220 million. Estimation of the recoverable amount is based on fair value less costs to sell, and is an area of significant judgment. The fair value measurement is categorized within level 3 of the fair value hierarchy as it includes certain unobservable inputs. Reductions in the estimated recoverable amount could arise from various factors, including changes in the impact of the COVID 19 pandemic and other market conditions. See Note 4 for additional details. Canadian Wealth Management The recoverable amount of the Canadian Wealth Management CGU is based on a fair value less cost to sell calculation. The fair value is estimated using an earnings-based approach whereby the forecasted earnings are based on the Wealth Management internal plan which was approved by management and covers a three-year period. The calculation incorporates the forecasted earnings multiplied by an earnings multiple derived from observable price-to-earnings price-to-earnings We have determined that the estimated recoverable amount of the Wealth Management CGU was well in excess of its carrying amount as at August 1, 2020. As a result, no impairment charge was recognized during 2020. If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ. U.S. Commercial Banking and Wealth Management The recoverable amount of the U.S. Commercial Banking and Wealth Management CGU (including The PrivateBank and Geneva Advisors) is based on a value in use calculation that is estimated using a ten-year cash flow projection, to reflect a recovery to more normal levels of economic growth following the COVID-19 pandemic. The cash flows projections are based on the financial plans approved by management, and an estimate of the capital required to be maintained to support ongoing operations. The determination of the medium- and long-term forecasted earnings requires the exercise of judgment in light of the uncertainty regarding the ultimate economic impact of the COVID-19 pandemic. Implicit in our economic outlook is the assumption that the manner in which governments respond to the second and subsequent waves of the virus, and the dissemination of an effective mass-produced vaccine, will allow the U.S. economy to continue to recover during 2021, with the economy returning to pre-COVID levels of economic activity in 2022 and pre-COVID levels of unemployment in 2023. We have determined that for the impairment testing performed as at August 1, 2020, the estimated recoverable amount of the U.S. Commercial Banking and Wealth Management CGU was in excess of its carrying amount. As a result, no impairment charge was recognized during 2020. A terminal growth rate of 4.0% as at August 1, 2020 (August 1, 2019: 3.5%) was applied to the years after the ten-year forecast. All of the forecasted cash flows were discounted at an after-tax pre-tax) after-tax Estimation of the recoverable amount is an area of significant judgment. The recoverable amounts is estimated using an internally developed model which requires the use of significant assumptions including forecasted earnings, a discount rate, a terminal growth rate and forecasted regulatory capital requirements. Reductions in the estimated recoverable amount could arise from various factors, such as reductions in forecasted cash flows, an increase in the assumed level of required capital, and any adverse changes to the discount rate or terminal growth rate either in isolation or in any combination thereof. Other The goodwill relating to the Other CGUs is comprised of amounts which individually are not considered to be significant. We have determined that for the impairment testing performed as at August 1, 2020, the estimated recoverable amount of these CGUs was in excess of their carrying amounts. Allocation to strategic business units Goodwill of $5,253 million (2019: $5,449 million) is allocated to the SBUs as follows: Canadian Commercial Banking and Wealth Management of $954 million (2019: $954 million), Corporate and Other of $98 million (2019: $327 million), U.S. Commercial Banking and Wealth Management of $4,131 million (2019: $4,084 million), Capital Markets of $63 million (2019: $77 million), and Canadian Personal and Business Banking of $7 million (2019: $7 million). Software and other intangible assets The carrying amount of indefinite-lived intangible assets is provided in the following table: $ millions, as at or for the year ended October 31 Contract (1) Brand name (2) Total 2020 Balance at beginning of year $ 116 $ 26 $ 142 Foreign currency translation adjustments – – – Balance at end of year $ 116 $ 26 $ 142 2019 Balance at beginning of year $ 116 $ 26 $ 142 Foreign currency translation adjustments – – – Balance at end of year $ 116 $ 26 $ 142 (1) Represents management contracts purchased as part of past acquisitions. (2) Acquired as part of the CIBC FirstCaribbean acquisition. The components of finite-lived software and other intangible assets are as follows: $ millions, as at or for the year ended October 31 Software (1) Core deposit (2) Contract based (3) Customer (4) Total 2020 Gross carrying amount Balance at beginning of year $ 3,052 $ 611 $ 38 $ 322 $ 4,023 Additions 481 – – – 481 Disposals (5) (28 ) – – (69 ) (97 ) Adjustments (6) 3 8 (16 ) 4 (1 ) Balance at end of year $ 3,508 $ 619 $ 22 $ 257 $ 4,406 2019 Balance at end of year $ 3,052 $ 611 $ 38 $ 322 $ 4,023 2020 Accumulated amortization Balance at beginning of year $ 1,631 $ 389 $ 11 $ 165 $ 2,196 Amortization and impairment (5) 371 64 5 36 476 Disposals (5) (20 ) – – (68 ) (88 ) Adjustments (6) 1 4 (4 ) 2 3 Balance at end of year $ 1,983 $ 457 $ 12 $ 135 $ 2,587 2019 Balance at end of year $ 1,631 $ 389 $ 11 $ 165 $ 2,196 Net book value As at October 31, 2020 $ 1,525 $ 162 $ 10 $ 122 $ 1,819 As at October 31, 2019 $ 1,421 $ 222 $ 27 $ 157 $ 1,827 (1) Includes $620 million (2019: $515 million) of work-in-progress (2) Acquired as part of the acquisitions of CIBC FirstCaribbean and The PrivateBank. (3) Represents a combination of management contracts purchased as part of past acquisitions including The PrivateBank and Geneva Advisors in 2017, as well as LGA and Cleary Gull in 2019. (4) Represents customer relationships associated with past acquisitions including The PrivateBank and Geneva Advisors in 2017, and LGA in 2019. (5) Includes write-offs of fully amortized assets. (6) Includes foreign currency translation adjustments and reclassification of certain contract-based assets to right-of-use assets in Property and e Net additions and disposals of gross carrying amount during the year were: Canadian Personal and Business Banking net additions of $1 million (2019: net disposals of $12 million); Canadian Commercial Banking and Wealth Management net disposals of nil (2019: net disposals of nil); U.S. Commercial Banking and Wealth Management net disposals of $8 million (2019: net additions of $10 million); Capital Markets net disposals of nil (2019: net disposals of $1 million); and Corporate and Other net additions of $459 million (2019: net additions of $81 million). |
Other assets
Other assets | 12 Months Ended |
Oct. 31, 2020 | |
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Other assets | Note 1 0 Other assets $ millions, as at October 31 2020 2019 Accrued interest receivable $ 1,317 $ 1,414 Defined benefit asset (Note 19) 247 175 Precious metals (1) 2,731 1,815 Brokers’ client accounts 9,153 5,471 Current tax receivable 2,201 3,542 Other prepayments 557 745 Derivative collateral receivable 4,950 6,185 Accounts receivable 519 759 Other (2) 1,533 717 $ 23,208 $ 20,823 (1) Includes gold and silver bullion that are measured at fair value using unadjusted market prices quoted in active markets. (2) Includes investments in subleases of $749 million as at October 31, 2020, related to certain subleases we have re-assessed as finance subleases as part of the adoption of IFRS 16. For the year ended October 31, 2020, finance income related to our investment in sublease was $53 million. Future lease payments receivable are $506 million over the next five years, and $838 million thereafter until expiry of the subleases. |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2020 | |
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Deposits | Note 1 1 Deposits (1)(2) $ millions, as at October 31 Payable on (3) Payable after (4) Payable on a (5)(6) 2020 Total 2019 Total Personal $ 13,704 $ 132,152 $ 56,296 $ 202,152 $ 178,091 Business and government (7) 85,604 82,477 143,345 311,426 257,502 Bank 6,837 126 10,048 17,011 11,224 Secured borrowings (8) – – 40,151 40,151 38,895 $ 106,145 $ 214,755 $ 249,840 $ 570,740 $ 485,712 Comprises: Held at amortized cost $ 557,321 $ 475,254 Designated at fair value 13,419 10,458 $ 570,740 $ 485,712 Total deposits include (9) Non-interest-bearing Canada $ 71,122 $ 51,880 U.S. 13,833 7,876 Other international 5,798 4,647 Interest-bearing deposits Canada 389,439 344,756 U.S. 66,399 56,844 Other international 24,149 19,709 $ 570,740 $ 485,712 (1) Includes deposits of $185.2 billion (2019: $152.8 billion) denominated in U.S. dollars and deposits of $30.2 billion (2019: $30.0 billion) denominated in other foreign currencies. (2) Net of purchased notes of $3,063 million (2019: $2,930 million). (3) Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts. (4) Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts. (5) Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments. (6) Includes $19,925 million (2019: $8,986 million) of deposits which are subject to the bank recapitalization (bail-in) conversion regulations issued by the Department of Finance (Canada). These regulations provide certain statutory powers to the Canada Deposit Insurance Corporation (CDIC), including the ability to convert specified eligible shares and liabilities of CIBC into common shares in the event that CIBC is determined to be non-viable. (7) Includes $303 million (2019: $302 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. |
Other liabilities
Other liabilities | 12 Months Ended |
Oct. 31, 2020 | |
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Other liabilities | Note 1 2 Other liabilities $ millions, as at October 31 2020 2019 Accrued interest payable $ 1,200 $ 1,438 Defined benefit liability (Note 19) 676 737 Gold and silver certificates 133 114 Brokers’ client accounts 5,303 4,940 Derivative collateral payable 4,772 3,823 Negotiable instruments 1,110 991 Accrued employee compensation and benefits 2,174 2,281 Accounts payable and accrued expenses 2,153 2,062 Other (1) 4,613 2,645 $ 22,134 $ 19,031 (1) Includes the carrying value of our lease liabilities, which was $1,866 million as at October 31, 2020, relating to our adoption of IFRS 16 in the current year. See Note 8 for additional details on the IFRS 16 transition. The carrying value includes $302 million related to leases that were previously classified as finance leases under IAS 17. The undiscounted cash flows related to the contractual maturity of our lease liabilities is $354 million for the period less than 1 year, $1,111 million between years 1-5, and $706 million thereafter until expiry of the leases. During the year ended October 31, 2020, interest expense on lease liabilities was $60 million. |
Derivative instruments
Derivative instruments | 12 Months Ended |
Oct. 31, 2020 | |
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Derivative instruments | Note 1 3 Derivative instruments As described in Note 1, in the normal course of business, we use various derivative instruments for both trading and ALM purposes. These derivatives limit, modify or give rise to varying degrees and types of risk. $ millions, as at October 31 2020 2019 Assets Liabilities Assets Liabilities Trading (Note 3) $ 31,356 $ 29,392 $ 22,738 $ 23,799 ALM (Note 3) (1) 1,374 1,116 1,157 1,314 $ 32,730 $ 30,508 $ 23,895 $ 25,113 (1) Comprised of derivatives that qualify for hedge accounting under IAS 39 and derivatives used for economic hedges. Derivatives used by CIBC The majority of our derivative contracts are OTC transactions, which consist of: (i) contracts that are bilaterally negotiated and settled between CIBC and the counterparty to the contract; and (ii) contracts that are bilaterally negotiated and then cleared through a central counterparty (CCP). Bilaterally negotiated and settled contracts are usually traded under a standardized International Swaps and Derivatives Association (ISDA) agreement with collateral posting arrangements between CIBC and its counterparties. Terms are negotiated directly with counterparties and the contracts have industry-standard settlement mechanisms prescribed by ISDA. Centrally cleared contracts are generally bilaterally negotiated and then novated to, and cleared through, a CCP. The industry promotes the use of CCPs to clear OTC trades. The central clearing of derivative contracts generally facilitates the reduction of credit exposures due to the ability to net settle offsetting positions. Consequently, derivative contracts cleared through CCPs generally attract less capital relative to those settled with non-CCPs. The remainder of our derivative contracts are exchange-traded derivatives, which are standardized in terms of their amounts and settlement dates, and are bought and sold on organized and regulated exchanges. These exchange-traded derivative contracts consist primarily of options and futures. Interest rate derivatives Forward rate agreements are OTC contracts that effectively fix a future interest rate for a period of time. A typical forward rate agreement provides that at a pre-determined Interest rate swaps are OTC contracts in which two counterparties agree to exchange cash flows over a period of time based on rates applied to a specified notional principal amount. A typical interest rate swap would require one counterparty to pay a fixed market interest rate in exchange for a variable market interest rate determined from time to time, with both calculated on a specified notional principal amount. No exchange of principal amount takes place. Certain interest rate swaps are bilaterally transacted and then novated and settled through a clearing house which acts as a CCP. Interest rate options are contracts in which one party (the purchaser of an option) acquires from another party (the writer of an option), in exchange for a premium, the right, but not the obligation, to either buy or sell, on a specified future date or within a specified time, a specified financial instrument at a contracted price. The underlying financial instrument has a market price which varies in response to changes in interest rates. Options are transacted in both OTC and exchange-traded markets. Interest rate futures are standardized contracts transacted on an exchange. They are based upon an agreement to buy or sell a specified quantity of a financial instrument on a specified future date, at a contracted price. These contracts differ from forward rate agreements in that they are in standard amounts with standard settlement dates and are transacted through an exchange. Foreign exchange derivatives Foreign exchange forwards are OTC contracts in which one counterparty contracts with another to exchange a specified amount of one currency for a specified amount of a second currency, at a future date or range of dates. Foreign exchange futures contracts are similar in mechanics to foreign exchange forward contracts except that they are in standard currency amounts with standard settlement dates and are transacted through an exchange. Foreign exchange swap contracts comprise foreign exchange swaps and cross-currency interest rate swaps. Foreign exchange swaps are transactions in which a currency is simultaneously purchased in the spot market and sold for a different currency in the forward market, or vice versa. Cross-currency interest rate swaps are transactions in which counterparties exchange principal and interest flows in different currencies over a period of time. These contracts are used to manage both currency and interest rate exposures. Credit derivatives Credit derivatives are OTC contracts designed to transfer the credit risk in an underlying financial instrument (usually termed as a reference asset) from one counterparty to another. The most common credit derivatives are CDS and certain TRS. CDS contracts provide protection against the decline in value of a reference asset as a result of specified credit events such as default or bankruptcy. These derivatives are similar in structure to an option whereby the purchaser pays a premium to the seller of the CDS contract in return for payment contingent on the occurrence of a credit event. The protection purchaser has recourse to the protection seller for the difference between the face value of the CDS contract and the fair value of the reference asset at the time of settlement. Neither the purchaser nor the seller under the CDS contract has recourse to the entity that issued the reference asset. Certain CDS contracts are cleared through a CCP. In credit derivative TRS contracts, one counterparty agrees to pay or receive cash amounts based on the returns of a reference asset, including interest earned on these assets in exchange for amounts that are based on prevailing market funding rates. These cash settlements are made regardless of whether there is a credit event. Upon the occurrence of a credit event, the parties may either exchange cash payments according to the value of the defaulted assets or exchange cash based on the notional amount for physical delivery of the defaulted assets. Equity derivatives Equity swaps are OTC contracts in which one counterparty agrees to pay, or receive from the other, cash amounts based on changes in the value of a stock index, a basket of stocks or a single stock in exchange for amounts that are based either on prevailing market funding rates or changes in the value of a different stock index, basket of stocks or a single stock. These contracts generally include payments in respect of dividends. Equity options give the purchaser of the option, for a premium, the right, but not the obligation, to buy from or sell to the writer of an option, an underlying stock index, basket of stocks, or a single stock at a contracted price. Options are transacted in both OTC and exchange markets. Equity index futures are standardized contracts transacted on an exchange. They are based on an agreement to pay or receive a cash amount based on the difference between the contracted price level of an underlying stock index and its corresponding market price level at a specified future date. There is generally no actual delivery of stocks that comprise the underlying index. These contracts are in standard amounts with standard settlement dates. Precious metal and other commodity derivatives We also transact in other derivative products, including commodity forwards, futures, swaps and options, such as precious metal and energy-related products in both OTC and exchange markets. Notional amounts The notional amounts are not recorded as assets or liabilities, as they represent the face amount of the contract to which a rate or price is applied to determine the amount of cash flows to be exchanged. In most cases, notional amounts do not represent the potential gain or loss associated with market or credit risk of such instruments. The following table presents the notional amounts of derivative instruments: $ millions, as at October 31 2020 2019 Residual term to contractual maturity Less than 1 year 1 to 5 years Over 5 years Total notional Trading ALM (1) Trading ALM (1) Interest rate derivatives Over-the-counter Forward rate agreements $ 10,175 $ 3,444 $ – $ 13,619 $ 10,593 $ 3,026 $ 8,591 $ 2,480 Centrally cleared forward rate agreements 146,823 2,605 – 149,428 149,428 – 320,118 – Swap contracts 72,315 138,145 83,576 294,036 264,184 29,852 275,418 40,177 Centrally cleared swap contracts 1,227,733 1,537,632 520,617 3,285,982 2,840,793 445,189 2,780,206 355,846 Purchased options 5,200 4,622 1,120 10,942 9,188 1,754 12,883 2,358 Written options 3,957 4,914 1,265 10,136 9,370 766 14,670 1,011 1,466,203 1,691,362 606,578 3,764,143 3,283,556 480,587 3,411,886 401,872 Exchange-traded Futures contracts 185,639 84,020 11 269,670 269,670 – 136,627 2,266 Purchased options 3,059 1 – 3,060 3,060 – 14,616 – Written options 5,059 1 – 5,060 5,060 – 5,758 – 193,757 84,022 11 277,790 277,790 – 157,001 2,266 Total interest rate derivatives 1,659,960 1,775,384 606,589 4,041,933 3,561,346 480,587 3,568,887 404,138 Foreign exchange derivatives Over-the-counter Forward contracts 1,058,942 18,898 2,334 1,080,174 1,071,423 8,751 892,117 12,840 Swap contracts 117,017 266,263 145,735 529,015 486,689 42,326 398,262 45,510 Purchased options 16,857 2,102 49 19,008 19,008 – 19,285 – Written options 20,792 1,877 14 22,683 22,229 454 23,947 – 1,213,608 289,140 148,132 1,650,880 1,599,349 51,531 1,333,611 58,350 Exchange-traded Futures contracts 3 – – 3 3 – 26 – Total foreign exchange derivatives 1,213,611 289,140 148,132 1,650,883 1,599,352 51,531 1,333,637 58,350 Credit derivatives Over-the-counter Credit default swap contracts – protection purchased 16 925 995 1,936 1,907 29 940 102 Centrally cleared credit default swap contracts – protection purchased 58 835 1,691 2,584 2,424 160 973 158 Credit default swap contracts – protection sold 41 362 220 623 614 9 328 50 Centrally cleared credit default swap contracts – protection sold – 819 490 1,309 1,309 – 181 – Total credit derivatives 115 2,941 3,396 6,452 6,254 198 2,422 310 Equity derivatives Over-the-counter 66,888 24,081 810 91,779 86,865 4,914 85,310 (2) 3,347 Exchange-traded 69,675 19,807 342 89,824 89,824 – 89,529 – Total equity derivatives 136,563 43,888 1,152 181,603 176,689 4,914 174,839 3,347 Precious metal derivatives Over-the-counter 9,263 418 – 9,681 9,681 – 9,814 – Exchange-traded 524 – – 524 524 – 3,235 – Total precious metal derivatives 9,787 418 – 10,205 10,205 – 13,049 – Other commodity derivatives Over-the-counter 13,999 19,309 842 34,150 34,142 8 36,819 – Centrally cleared commodity derivatives 41 14 – 55 55 – 102 – Exchange-traded 12,411 6,008 281 18,700 18,700 – 23,086 – Total other commodity derivatives 26,451 25,331 1,123 52,905 52,897 8 60,007 – Total notional amount of which: $ 3,046,487 $ 2,137,102 $ 760,392 $ 5,943,981 $ 5,406,743 $ 537,238 $ 5,152,841 $ 466,145 Over-the-counter (3) 2,770,117 2,027,265 759,758 5,557,140 5,019,902 537,238 4,879,964 463,879 Exchange-traded 276,370 109,837 634 386,841 386,841 – 272,877 2,266 (1) ALM: asset/liability management. (2) Restated from amount previously presented. (3) For OTC derivatives that are not centrally cleared, $1,984.6 billion (2019: $1,596.7 billion) are with counterparties that have two-way one-way Risk In the following sections, we discuss the risks related to the use of derivatives and how we manage these risks. Market risk Derivatives are financial instruments where valuation is linked to changes in interest rates, foreign exchange rates, equity, commodity, credit prices or indices. Changes in value as a result of the aforementioned risk factors are Market risk arising from derivative trading activities is managed in order to mitigate risk in line with CIBC’s risk appetite. To manage market risk, we set market risk limits and may enter into hedging transactions. Credit risk Credit risk arises from the potential for a counterparty to default on its contractual obligations and the possibility that prevailing market conditions are such that a loss would occur in replacing the defaulted transaction. We limit the credit risk of OTC derivatives through the use of ISDA master netting agreements, collateral, CCPs and other credit mitigation techniques. We clear eligible derivatives through CCPs in accordance with various global initiatives. Where feasible, we novate existing bilaterally negotiated and settled derivatives to a CCP in an effort to reduce CIBC’s credit risk exposure. We establish counterparty credit limits and limits for CCP exposures based on a counterparty’s creditworthiness and the type of trading relationship with each counterparty (underlying agreements, business volumes, product types, tenors, etc.). We negotiate netting agreements to contain the build-up close-out Credit risk on exchange-traded futures and options is limited, as these transactions are standardized contracts executed on established exchanges, whose CCPs assume the obligations of both counterparties. Similarly, swaps that are centrally cleared represent limited credit risk because these transactions are novated to the CCP, which assumes the obligations of the original bilateral counterparty. All exchange-traded and centrally cleared contracts are subject to initial margin and daily settlement of variation margins, designed to protect participants from losses incurred from a counterparty default. A CVA is determined using the fair value based exposure we have on derivative contracts. We believe that we have made appropriate fair value adjustments to date. The establishment of fair value adjustments involves estimates that are based on accounting processes and judgments by management. We evaluate the adequacy of the fair value adjustments on an ongoing basis. Market and economic conditions relating to derivative counterparties may change in the future, which could result in significant future losses. The following table summarizes our credit exposure arising from derivatives, which includes the current replacement cost, credit equivalent amount and risk-weighted amount. In the second quarter of 2020, we adopted the Internal Model Method (IMM) for the determination of the EAD amount for most of our derivatives portfolios. The EAD amount is based on effective expected positive exposure (EEPE) which computes, through simulation, the expected exposures with consideration to the expected movements in underlying risk factor and netting/collateral agreements. It is calculated as EEPE multiplied by the prescribed alpha factor of 1.4 and is reduced by CVA losses. The EAD amount is then multiplied by counterparty risk variables to arrive at the risk-weighted amount. The risk-weighted amount is used in determining the regulatory capital requirements for derivatives. From the first quarter of 2019 to the second quarter of 2020, the Standardized Approach for Counterparty Credit Risk (SA-CCR) was used in calculating the replacement cost, EAD amount and risk-weighted assets. The current replacement cost was the estimated cost to replace all contracts that have a positive market value, representing an unrealized gain to us. The replacement cost of an instrument was dependent upon its terms relative to prevailing market prices. Replacement cost included the impact of certain collateral amounts and the impact of master netting agreements. The EAD amount was calculated as the sum of replacement cost and the potential future exposure, multiplied by an alpha of 1.4, and was reduced by CVA losses. The potential future exposure was an estimate of the amount by which the current replacement cost could increase over the remaining term of each transaction, based on a formula prescribed by OSFI. Similar to IMM, the EAD amount was then multiplied by counterparty risk variables to arrive at the risk-weighted amount. $ millions, as at October 31 2020 (1) 2019 Current replacement cost (2) Credit equivalent amount (3) Risk- weighted amount Current replacement cost (2) Credit equivalent amount (3) Risk- weighted amount Trading ALM Total Trading ALM Total Interest rate derivatives Over-the-counter Forward rate agreements $ – $ 16 $ 16 $ 135 $ 12 $ – $ 13 $ 13 $ 69 $ 9 Swap contracts 3,974 237 4,211 6,744 2,705 2,503 155 2,658 7,140 2,507 Purchased options (4) 17 6 23 35 26 11 – 11 56 38 Written options (4) 9 – 9 5 2 6 – 6 31 29 4,000 259 4,259 6,919 2,745 2,520 168 2,688 7,296 2,583 Exchange-traded – – – 309 9 4 – 4 192 5 4,000 259 4,259 7,228 2,754 2,524 168 2,692 7,488 2,588 Foreign exchange derivatives Over-the-counter Forward contracts 851 364 1,215 4,974 1,423 939 4 943 7,136 1,737 Swap contracts 358 481 839 2,324 700 735 4 739 3,546 687 Purchased options (4) 116 1 117 182 65 71 – 71 365 119 Written options (4) 47 – 47 44 20 13 – 13 106 24 1,372 846 2,218 7,524 2,208 1,758 8 1,766 11,153 2,567 Credit derivatives Over-the-counter Credit default swap contracts – protection purchased 7 9 16 144 21 2 1 3 25 7 – protection sold 10 – 10 13 6 – – – 2 2 17 9 26 157 27 2 1 3 27 9 Equity derivatives Over-the-counter 275 55 330 3,100 658 265 5 270 4,832 1,018 Exchange-traded 579 – 579 3,929 120 682 – 682 3,593 103 854 55 909 7,029 778 947 5 952 8,425 1,121 Precious metal derivatives Over-the-counter 58 – 58 136 55 51 – 51 332 115 Exchange-traded – – – 20 1 4 – 4 171 7 58 – 58 156 56 55 – 55 503 122 Other commodity derivatives Over-the-counter 1,293 25 1,318 2,365 866 697 62 759 3,928 1,195 Exchange-traded 3 – 3 1,291 52 9 – 9 1,200 48 1,296 25 1,321 3,656 918 706 62 768 5,128 1,243 RWA related to non-trade 213 245 RWA related to CVA charge 7,202 6,990 Total derivatives 7,597 1,194 8,791 25,750 14,156 5,992 244 6,236 32,724 14,885 (1) Effective in the second quarter of 2020 , we adopted the IMM approach for CCR for qualifying derivative transactions which impacted the calculation of EAD and risk-weighted assets (RWA). Some derivatives are not eligible for IMM and remain under SA-CCR. (2) Current replacement cost reflects the current mark-to-market (3) Under IMM, effective expected positive exposure (EEPE) is used, which computes through simulation, the expected exposures with consideration to the expected movements in underlying risk factor and netting/collateral agreements. The EAD is calculated as EEPE multiplied by the prescribed alpha factor of 1.4. The EAD under SA-CCR (4) Prior year amounts have been reclassified to conform to the presentation adopted in the current year. The following table presents the current replacement cost of derivatives by geographic region based on the location of the derivative counterparty: $ millions, as at October 31 2020 2019 Canada U.S. Other Total Canada U.S. Other Total Derivative instruments By counterparty type Financial institutions $ 921 $ 949 $ 1,156 $ 3,026 $ 534 $ 1,063 $ 549 $ 2,146 Governments 982 – 4 986 891 – 8 899 Corporate 1,823 1,774 1,182 4,779 951 1,017 1,223 3,191 Total derivative instruments $ 3,726 $ 2,723 $ 2,342 $ 8,791 $ 2,376 $ 2,080 $ 1,780 $ 6,236 |
Designated accounting hedges
Designated accounting hedges | 12 Months Ended |
Oct. 31, 2020 | |
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Designated accounting hedges | Note 1 4 Designated accounting hedges Hedge accounting We apply hedge accounting as part of managing the market risk of certain non-trading “Non-trading Interest rate risk The majority of our derivative contracts used to hedge certain exposures to benchmark interest rate risk are interest rate swaps. For fair value hedges, we convert our fixed interest rate exposures from the hedged financial instruments to floating interest rate exposures. For cash flow hedges, we convert certain exposures to cash flow variability from our variable rate instruments to fixed interest rate exposures. Foreign currency risk For our fair value hedges, we mainly use various combinations of cross-currency interest rate swaps and interest rate swaps to hedge our exposures to foreign currency risk together with interest rate risk, converting our fixed foreign currency rate exposures to floating functional currency rate exposures. For our cash flow hedges, the majority of our derivative contracts are used to hedge our exposures to cash flow variability arising from fluctuations in foreign exchange rates, and mainly consist of cross-currency interest rate swaps. We also use foreign exchange forwards and synthetic forwards created from interest rate swaps to hedge certain foreign currency contractual expenses. For NIFO hedges, we use a combination of foreign denominated deposit liabilities and foreign exchange forwards to manage our foreign currency exposure of our NIFOs with a functional currency other than the Canadian dollar. Equity price risk We use cash-settled total return swaps in designated cash flow hedge relationships to hedge changes in CIBC’s share price in respect of certain cash-settled share-based compensation awards. Note 18 provides details on our cash-settled share-based compensation plans. For the hedge relationships above, hedge effectiveness is assessed at the inception of the hedge relationship and on an ongoing basis, primarily using the dollar offset method. The sources of hedge ineffectiveness are mainly attributed to the following: • Utilization of hedging instruments that have a non-zero • Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated; • Differences in the discounting factors between the hedged item and the hedging instruments arising from different rate reset frequencies and timing of cash flows; and • Differences in the discount curves to determine the basis adjustments of the hedged items and the fair value of the hedging derivatives, including from the application of OIS and CVA to the valuation of derivatives when they are applicable. Designated hedging instruments The following table provides a summary of financial instruments designated as hedging instruments: Notional (1)(2) Maturity range Fair value of the hedging derivatives Gains (losses) on $ millions, as at October 31 Less than 1-5 years Over 5 years Assets Liabilities 2020 Cash flow hedges Foreign exchange risk Foreign exchange forwards $ – $ – $ – $ – $ – $ – $ – Cross-currency interest rate swaps 7,329 3,692 3,637 – 134 161 43 Interest rate risk Interest rate swaps 15,104 6,085 9,019 – 13 – 320 Equity share price risk Equity swaps 1,171 1,012 159 – 5 23 (131 ) $ 23,604 $ 10,789 $ 12,815 $ – $ 152 $ 184 $ 232 NIFO hedges Foreign exchange risk Foreign exchange forwards $ 247 $ 247 $ – $ – $ – $ – $ (2 ) Deposits (3) 20,409 20,409 – – n/a n/a (154 ) $ 20,656 $ 20,656 $ – $ – $ – $ – $ (156 ) Fair value hedges Interest rate risk Interest rate swaps $ 205,518 $ 61,911 $ 126,570 $ 17,037 $ 170 $ 194 $ (815 ) Foreign exchange / interest rate risk Cross-currency interest rate swaps 34,329 2,185 26,689 5,455 795 486 (26 ) Interest rate swaps 17,025 – 14,311 2,714 – 5 66 $ 256,872 $ 64,096 $ 167,570 $ 25,206 $ 965 $ 685 $ (775 ) $ 301,132 $ 95,541 $ 180,385 $ 25,206 $ 1,117 $ 869 $ (699 ) 2019 Cash flow hedges Foreign exchange risk Foreign exchange forwards $ 17 $ 17 $ – $ – $ – $ – $ (7 ) Cross-currency interest rate swaps 6,619 859 5,760 – 104 177 (168 ) Interest rate risk Interest rate swaps 18,180 3,122 15,058 – 4 – 193 Equity share price risk Equity swaps 1,203 1,030 173 – 93 – (1 ) $ 26,019 $ 5,028 $ 20,991 $ – $ 201 $ 177 $ 17 NIFO hedges Foreign exchange risk Foreign exchange forwards $ 598 $ 598 $ – $ – $ 7 $ 2 $ – Deposits (3) 17,616 17,616 – – n/a n/a 6 $ 18,214 $ 18,214 $ – $ – $ 7 $ 2 $ 6 Fair value hedges Interest rate risk Interest rate swaps $ 194,398 $ 63,723 $ 114,455 $ 16,220 $ 291 $ 219 $ (276 ) Foreign exchange / interest rate risk Cross-currency interest rate swaps 34,627 7,226 20,597 6,804 339 682 41 Interest rate swaps 16,477 2,937 10,158 3,382 155 – 142 $ 245,502 $ 73,886 $ 145,210 $ 26,406 $ 785 $ 901 $ (93 ) $ 289,735 $ 97,128 $ 166,201 $ 26,406 $ 993 $ 1,080 $ (70 ) (1) For some hedge relationships, we apply a combination of derivatives to hedge the underlying exposures; therefore, the notional amounts of the derivatives generally exceed the carrying amount of the hedged items. (2) As at October 31, 2020, the notional amount of our derivatives in designated hedge accounting relationships that were indexed to U.S. LIBOR and GBP LIBOR, with a maturity date beyond December 31, 2021, was $59 billion. See “Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7” in Note 1 for details. (3) Notional amount represents the principal amount of deposits as at October 31, 2020 and October 31, 2019. n/a Not applicable. The following table provides the average rate or price of the hedging derivatives: As at October 31 Average (1) Average fixed (1) Average 2020 Cash flow hedges Foreign exchange risk Cross-currency interest rate swaps AUD – CAD 0.97 n/a n/a EUR – CAD 1.51 n/a n/a GBP – CAD 1.68 Interest rate risk Interest rate swaps n/a CAD 1.60 % n/a n/a USD 1.65 % n/a Equity share price risk Equity swaps n/a n/a $ 105.11 NIFO hedges Foreign exchange risk Foreign exchange forwards AUD – CAD 0.93 n/a n/a HKD – CAD 0.17 n/a n/a Fair value hedges Interest rate risk Interest rate swaps n/a CAD 1.52 % n/a Foreign exchange / interest rate risk Cross-currency interest rate swaps EUR – CAD 1.41 0.12 % n/a GBP – CAD 1.65 1.06 % n/a USD – CAD 1.36 1.69 % n/a Interest rate swaps n/a CHF (0.41) % n/a n/a EUR 0.00 % n/a n/a GBP 0.71 % n/a 2019 Cash flow hedges Foreign exchange risk Foreign exchange forwards USD – CAD 1.32 n/a n/a Cross-currency interest rate swaps AUD – CAD 0.99 n/a n/a EUR – CAD 1.51 n/a n/a GBP – CAD 1.66 n/a n/a USD – CAD 1.32 n/a n/a Interest rate risk Interest rate swaps n/a CAD 2.10 % n/a n/a USD 1.62 % n/a Equity share price risk Equity swaps n/a n/a $ 108.59 NIFO hedges Foreign exchange risk Foreign exchange forwards AUD – CAD 0.90 n/a n/a HKD – CAD 0.17 n/a n/a USD – CAD 1.31 n/a n/a Fair value hedges Interest rate risk Interest rate swaps n/a CAD 1.93 % n/a Foreign exchange / interest rate risk Cross-currency interest rate swaps EUR – CAD 1.30 0.12 % n/a GBP – CAD 1.65 1.06 % n/a USD – CAD 1.32 1.61 % n/a Interest rate swaps n/a EUR 0.08 % n/a n/a GBP 0.71 % n/a (1) Includes average foreign exchange rates and interest rates relating to significant hedging relationships. n/a Not applicable. Designated hedged items The following table provides information on designated hedged items: Carrying amount of Accumulated amount of fair value hedge adjustments Gains (losses) on $ millions, as at or for the year ended October 31 Assets Liabilities Assets Liabilities 2020 Cash flow hedges (1) Foreign exchange risk Forecasted expenses n/a n/a n/a n/a $ – Deposits $ – $ 3,132 n/a n/a (44 ) Interest rate risk Loans 15,092 – n/a n/a (320 ) Equity share price risk Share-based payment – 1,061 n/a n/a 131 $ 15,092 $ 4,193 n/a n/a $ (233 ) NIFO hedges $ 20,656 $ – n/a n/a $ 156 Fair value hedges (2) Interest rate risk Securities $ 33,319 $ – $ 1,347 $ – $ 783 Loans 62,171 – 1,005 – 1,161 Deposits – 90,597 – 1,466 (1,019 ) Subordinated indebtedness – 4,632 – 202 (113 ) Foreign exchange / interest rate risk Loans 5 – – – – Deposits – 17,331 – 81 (35 ) $ 95,495 $ 112,560 $ 2,352 $ 1,749 $ 777 2019 Cash flow hedges (1) Foreign exchange risk Forecasted expenses n/a n/a n/a n/a $ 7 Deposits $ – $ 2,860 n/a n/a 168 Interest rate risk Loans 18,169 – n/a n/a (193 ) Equity share price risk Share-based payment – 1,169 n/a n/a 1 $ 18,169 $ 4,029 n/a n/a $ (17 ) NIFO hedges $ 18,214 $ – n/a n/a $ (6 ) Fair value hedges (2) Interest rate risk Securities $ 25,763 $ – $ 633 $ – $ 1,013 Loans 62,987 – 132 – 1,151 Deposits – 84,173 – 533 (1,750 ) Subordinated indebtedness – 3,761 – 89 (137 ) Foreign exchange / interest rate risk Loans 6 – – – – Deposits – 17,222 – 57 (180 ) $ 88,756 $ 105,156 $ 765 $ 679 $ 97 (1) As at October 31, 2020, the amount remaining in AOCI related to discontinued cash flow hedges was $134 million (2019: immaterial). (2) As at October 31, 2020, the accumulated fair value hedge net asset adjustment remaining on the consolidated balance sheet related to discontinued fair value hedges was $75 million (2019: net liability of $112 million). n/a Not applicable. Hedge accounting gains (losses) i $ millions, for the year ended October 31 Beginning reserve (after-tax) Change in OCI (before-tax) Amount (before-tax) (1) Tax benefit Ending balance hedge reserve (after-tax) Hedge gains (losses) 2020 Cash flow hedges Foreign exchange risk $ (2 ) $ 4 $ (4 ) $ – $ (2 ) $ (2 ) Interest rate risk 98 320 (74 ) (65 ) 279 – Equity share price risk 17 (131 ) 104 7 (3 ) – $ 113 $ 193 $ 26 $ (58 ) $ 274 $ (2 ) NIFO hedges – foreign exchange risk Hedges of net investment in foreign operations $ (1,139) $ (156 ) $ – $ (46 ) $ (1,341 ) $ – 2019 Cash flow hedges Foreign exchange risk $ 5 $ (1 ) $ (8 ) $ 2 $ (2 ) $ – Interest rate risk (45 ) 188 6 (51 ) 98 – Equity share price risk 22 (1 ) (6 ) 2 17 – $ (18 ) $ 186 $ (8 ) $ (47 ) $ 113 $ – NIFO hedges – foreign exchange risk Hedges of net investment in foreign operations $ (1,129 ) $ 6 $ – $ (16 ) $ (1,139 ) $ – (1) During the year ended October 31, 2020, the amount reclassified from AOCI to net income for cash flow hedges of forecasted transactions that were no longer expected to occur was immaterial (2019: immaterial). Hedge accounting gains (losses) i $ millions, for the year ended October 31 Gains (losses) Gains (losses) on Hedge 2020 Fair value hedges Interest rate risk $ (815 ) $ 812 $ (3 ) Foreign exchange / interest rate risk 40 (35 ) 5 $ (775 ) $ 777 $ 2 2019 Fair value hedges Interest rate risk $ (276 ) $ 277 $ 1 Foreign exchange / interest rate risk 183 (180 ) 3 $ (93 ) $ 97 $ 4 |
Subordinated indebtedness
Subordinated indebtedness | 12 Months Ended |
Oct. 31, 2020 | |
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Subordinated indebtedness | Note 1 5 Subordinated indebtedness The debt issues included in the table below are outstanding unsecured obligations of CIBC and its subsidiaries and are subordinated to the claims of depositors and other creditors as set out in their terms. Foreign currency denominated indebtedness funds foreign currency denominated assets. All redemptions are subject to regulatory approval. Terms of subordinated indebtedness $ millions, as at October 31 2020 2019 Earliest date redeemable Interest Contractual maturity date At greater of (1) and par At par Denominated Par Carrying (2) Par value Carrying (2) 5.75 (3) July 11, 2024 (4) TT$175 million $ 35 $ 35 $ 34 $ 34 3.42 (5)(6) January 26, 2026 January 26, 2021 1,000 1,001 1,000 991 3.45 (5)(7) April 4, 2028 April 4, 2023 1,500 1,568 1,500 1,533 8.70 May 25, 2029 (4) 25 40 25 40 2.95 (5)(8) June 19, 2029 June 19, 2024 1,500 1,535 1,500 1,494 2.01 (9) July 21, 2030 July 21, 2025 1,000 1,000 – – 11.60 January 7, 2031 January 7, 1996 200 214 200 200 10.80 May 15, 2031 May 15, 2021 150 160 150 149 8.70 May 25, 2032 (4) 25 44 25 42 8.70 May 25, 2033 (4) 25 45 25 44 8.70 May 25, 2035 (4) 25 48 25 46 Floating (10) July 31, 2084 July 27, 1990 US$44 million (11) 59 59 85 85 Floating (12) August 31, 2085 August 20, 1991 US$13 million (13) 17 17 23 23 5,561 5,766 4,592 4,681 Subordinated indebtedness sold short (held) for trading purposes (54 ) (54 ) 3 3 $ 5,507 $ 5,712 $ 4,595 $ 4,684 (1) Canada Yield Price: a price calculated at the time of redemption to provide a yield to maturity equal to the yield of a Government of Canada bond of appropriate maturity plus a pre-determined (2) Carrying values of fixed-rate subordinated indebtedness notes reflect the impact of interest rate hedges in an effective hedge relationship. (3) Guaranteed Subordinated Term Notes in Trinidad and Tobago dollars issued on July 11, 2018 by FirstCaribbean International Bank (Trinidad & Tobago) Limited, a subsidiary of CIBC FirstCaribbean, and guaranteed on a subordinated basis by CIBC FirstCaribbean. (4) Not redeemable prior to maturity date. (5) Debentures are also subject to a non-viability (6) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 2.57% above the three-month Canadian dollar bankers’ acceptance rate. (7) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.00% above the three-month Canadian dollar bankers’ acceptance rate. (8) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.18% above the three-month Canadian dollar bankers’ acceptance rate. (9) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.28% above the three-month Canadian dollar bankers’ acceptance rate. (10) Interest rate is based on the six-month (11) US$21 million (2019: US$1 million) of this issue was repurchased and cancelled during the year. (12) Interest rate is based on the six-month US$ LIBOR plus 0.125%. (13) US$4 million (2019: nil) of this issue was repurchased and cancelled during the year. |
Common and preferred shares and
Common and preferred shares and other equity instruments | 12 Months Ended |
Oct. 31, 2020 | |
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Common and preferred shares and other equity instruments | Note 1 6 Common and preferred shares and other equity instruments The following table presents the number of common and preferred shares outstanding and dividends paid, other equity instruments and distributions paid thereon: Common and preferred shares outstanding and other equity instruments $ millions, except number of shares and per share amounts, as at or for the year ended October 31 2020 2019 2018 Shares outstanding Dividends and Shares outstanding Dividends and Shares outstanding Dividends and Number Amount Amount $ per Number Amount Amount $ per Number Amount Amount $ per Common shares 446,932,750 $ 13,892 $ 2,592 $ 5.82 445,325,744 $ 13,589 $ 2,488 $ 5.60 442,823,361 $ 13,242 $ 2,356 $ 5.32 Class A Preferred Shares Series 39 16,000,000 400 15 0.93 16,000,000 400 16 0.96 16,000,000 400 16 0.98 Series 41 12,000,000 300 12 0.97 12,000,000 300 11 0.94 12,000,000 300 11 0.94 Series 43 12,000,000 300 10 0.87 12,000,000 300 11 0.90 12,000,000 300 11 0.90 Series 45 32,000,000 800 35 1.10 32,000,000 800 35 1.10 32,000,000 800 35 1.10 Series 47 18,000,000 450 20 1.13 18,000,000 450 20 1.13 18,000,000 450 16 0.88 Series 49 13,000,000 325 17 1.30 13,000,000 325 13 1.00 – – – – Series 51 10,000,000 250 13 1.29 10,000,000 250 5 0.53 – – – – $ 2,825 $ 122 $ 2,825 $ 111 $ 2,250 $ 89 Treasury shares – common shares 152,579 $ 16 15,931 $ 2 3,019 $ 1 Treasury shares – preferred shares – – – – – – Other Equity Instruments Limited recourse capital notes (1) $ 750 $ – $ – (1) See 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) section below for details. Common shares CIBC’s authorized capital consists of an unlimited number of common shares, without nominal or par value. Common shares issued $ millions, except number of shares, as at or for the year ended October 31 2020 2019 2018 Number of shares Amount Number of shares Amount Number of shares Amount Balance at beginning of year 445,341,675 $ 13,591 442,826,380 $ 13,243 439,313,303 $ 12,548 Issuance pursuant to: Acquisition of The PrivateBank – – – – 1,689,450 194 Acquisition of Wellington Financial – – – – 378,848 47 Equity-settled share-based compensation plans (1) 823,502 87 511,567 52 999,675 95 Shareholder investment plan (2) 1,534,320 144 1,777,738 194 2,880,782 337 Employee share purchase plan 1,457,784 140 1,213,078 131 1,044,893 123 449,157,281 $ 13,962 446,328,763 $ 13,620 446,306,951 $ 13,344 Purchase of common shares for cancellation (2,208,600 ) (68 ) (1,000,000 ) (30 ) (3,500,000 ) (104 ) Treasury shares 136,648 14 12,912 1 19,429 3 Balance at end of year (3) 447,085,329 $ 13,908 445,341,675 $ 13,591 442,826,380 $ 13,243 (1) Includes the settlement of contingent consideration related to prior acquisitions. (2) Commencing with the dividends paid on April 27, 2018, the shares for the Dividend Reinvestment Option and the Stock Dividend Option of the Shareholder Investment Plan (the Plan) were issued from Treasury without discount. Prior to this, these shares were issued at a 2% discount from average market price. The participants in the Share Purchase Option of the Plan continue to receive shares issued from Treasury with no discount. (3) Excludes nil restricted shares as at October 31, 2020 (2019: nil; 2018: 60,764). Common shares reserved for issue As at October 31, 2020, 14,996,337 common shares (2019: 15,310,806) were reserved for future issue pursuant to stock option plans, 12,848,784 common shares (2019: 14,383,104) were reserved for future issue pursuant to the Shareholder Investment Plan, 8,183,815 common shares (2019: 9,772,134) were reserved for future issue pursuant to the ESPP and other activities, and 2,246,208,750 common shares (2019: 1,789,893,750) were reserved for future issue pursuant to instruments which include an NVCC provision requiring conversion into common shares upon the occurrence of a Trigger Event as described in the capital adequacy guidelines. Normal course issuer bid Our normal course issuer bid (NCIB) expired on June 3, 2020. During the year, we purchased and cancelled 2,208,600 common shares under the current bid at an average price of $106.03 for a total amount of $234 million. On March 13, 2020, OSFI announced that it expects all federally regulated financial institutions to cease dividend increases and share buybacks for the time being, in order to ensure that the additional capital available is used to support Canadian lending activities. The following table shows common shares purchased and cancelled under previously expired NCIBs. $ millions, except number of shares, as at or for the year ended October 31 2020 2019 2018 TSX approval date Number Amount Number Amount Number Amount May 31, 2018 (1) – $ – – $ – 3,500,000 $ 417 (1) Common shares were repurchased at an average price of $119.22 under this NCIB. Preferred shares and other equity instruments CIBC is authorized to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares without nominal or par value, issuable in series, provided that, for each class of preferred shares, the maximum aggregate consideration for all outstanding shares, at any time does not exceed $10 billion. There are no Class B Preferred Shares currently outstanding. Preferred share and other equity instruments rights and privileges Class A Preferred Shares Each series of Class A Preferred Shares bears quarterly non-cumulative Non-cumulative Non-cumulative On June 11, 2014, we issued 16 million Series 39 shares with a par value of $25.00 per share, for gross proceeds of $400 million. For the initial five-year period to the earliest redemption date of July 31, 2019, the Series 39 shares paid quarterly cash dividends, as declared, at a rate of 3.90%. The dividend was reset to 3.713%, payable quarterly as and when declared by the Board, effective for the five-year period commencing July 31, 2019. On July 31, 2024, and on July 31 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.32%. Holders of the Series 39 shares had the right to convert their shares on a one-for-one one-for-one one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 39 shares at par on July 31, 2024, and on July 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 40 shares at par on July 31, 2029, and on July 31 every five years thereafter. Non-cumulative On December 16, 2014, we issued 12 million Series 41 shares with a par value of $25.00 per share, for gross proceeds of $300 million. For the initial five-year period to the earliest redemption date of January 31, 2020, the Series 41 shares paid quarterly cash dividends, as declared, at a rate of 3.75%. The dividend was reset to 3.909%, payable quarterly as and when declared by the Board, effective for the five-year period commencing January 31, 2020. On January 31, 2025, and on January 31 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.24%. Holders of the Series 41 shares had the right to convert their shares on a one-for-one Non-cumulative one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 41 shares at par on January 31, 2025 and on January 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 42 shares at par on January 31, 2030 and on January 31 every five years thereafter. Non-cumulative On March 11, 2015, we issued 12 million Series 43 shares with a par value of $25.00 per share, for gross proceeds of $300 million. For the initial five-year period to the earliest redemption date of July 31, 2020, the Series 43 shares paid quarterly cash dividends, as declared, at a rate of 3.60%. The dividend was reset to 3.143%, payable quarterly as and when declared by the Board, effective for the five-year period commencing July 31, 2020. On July 31, 2025, and on July 31 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.79%. Holders of the Series 43 shares had the right to convert their shares on a one-for-one Non-cumulative one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 43 shares at par on July 31, 2025 and on July 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 44 shares at par on July 31, 2030 and on July 31 every five years thereafter. Non-cumulative On June 2, 2017, we issued 32 million Series 45 shares with a par value of $25.00 per share, for gross proceeds of $800 million. For the initial five-year Holders of the Series 45 shares will have the right to convert their shares on a one-for-one Non-cumulative one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 45 shares at par on July 31, 2022 and on July 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 46 shares at par on July 31, 2027 and on July 31 every five years thereafter. Non-cumulative On January 18, 2018, we issued 18 million Non-cumulative Holders of the Series 47 shares will have the right to convert their shares on a one-for-one Non-cumulative one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 47 shares at par on January 31, 2023 and on January 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 48 shares at par on January 31, 2028 and on January 31 every five years thereafter. Non-cumulative On January 22, 2019, we issued 13 million Non-cumulative Holders of the Series 49 shares will have the right to convert their shares on a one-for-one Non-cumulative one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 49 shares at par on April 30, 2024 and on April 30 every five years thereafter; we may redeem all or any part of the then outstanding Series 50 shares at par on April 30, 2029 and on April 30 every five years thereafter. Non-cumulative On June 4, 2019, we issued 10 million Non-cumulative Holders of the Series 51 shares will have the right to convert their shares on a one-for-one Non-cumulative one-for-one Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 51 shares at par on July 31, 2024 and on July 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 52 shares at par on July 31, 2029 and on July 31 every five years thereafter. 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) (the Notes) On September 16, 2020 we issued $750 million principal amount of 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness). The Notes mature on October 28, 2080, and bear interest at a fixed rate of 4.375% per annum (paid semi-annually) until October 28, 2025. Starting on October 28, 2025, and every 5 years thereafter until October 28, 2075, the interest rate will be reset to the then current five-year Government of Canada bond yield plus 4.000% per annum. Concurrently with the issuance of the Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 53 (NVCC) (the Series 53 Preferred Shares) which are held in a newly formed trust (the Limited Recourse Trust) that is consolidated by CIBC and as a result the Series 53 Preferred Shares are eliminated in CIBC’s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of, interest on, or redemption price for, the Notes when due, the sole remedy of each Note holder is limited to that holder’s proportionate share of the Series 53 Preferred Shares held in the Limited Recourse Trust. Subject to regulatory approval we may redeem the Notes, in whole or in part, every five years during the period from September 28 to and including October 28, commencing in 2025, at par. The Notes and the Series 53 Preferred Shares carry standard NVCC provisions necessary for them to qualify as Tier 1 regulatory capital under Basel III (see “NVCC conversion mechanics” below). Upon the occurrence of a Trigger Event, each Series 53 Preferred Share held in the Limited Recourse Trust will automatically and immediately be converted without the consent of Note holders into a variable number of common shares which will be delivered to Note holders in satisfaction of the principal amount of, and accrued and unpaid interest on, all of the Notes. All claims of Note holders against CIBC under the Notes will be extinguished upon receipt of such common shares. The Notes are compound instruments with both equity and liability features as payments of interest and principal in cash are made at our discretion as the sole recourse of each Note holder in the event of non-payment will be limited to that holder’s proportionate share of the Series 53 Preferred Shares held in the Limited Recourse Trust. The liability component of the Notes has a nominal value and, as a result, the full proceeds received upon the issuance of the Notes have been presented as equity and any interest payments paid thereon are accounted for as equity distributions. NVCC conversion mechanics Each series of Class A preferred shares discussed above are subject to an NVCC provision, necessary for the shares to qualify as regulatory capital under Basel III. As such, the shares are automatically converted into common shares upon the occurrence of a “Trigger Event”. As described in the Capital Adequacy Guidelines, a Trigger Event occurs when OSFI determines the bank is or is about to become non-viable non-viable. Terms of Class A Preferred Shares Outstanding as at October 31, 2020 Quarterly (1) Earliest specified Cash redemption Series 39 $ 0.232063 July 31, 2024 $ 25.00 Series 41 $ 0.244313 January 31, 2025 $ 25.00 Series 43 $ 0.196438 July 31, 2025 $ 25.00 Series 45 $ 0.275000 July 31, 2022 $ 25.00 Series 47 $ 0.281250 January 31 2023 $ 25.00 Series 49 $ 0.325000 April 30, 2024 $ 25.00 Series 51 $ 0.321875 July 31, 2024 $ 25.00 (1) Quarterly dividends may be adjusted depending on the timing of issuance or redemption. Restrictions on the payment of dividends Under Section 79 of the Bank Act In conjunction with OSFI’s March 13, 2020 announcement to decrease the Domestic Stability Buffer to 1.0%, OSFI also announced that it expects all federally regulated financial institutions to cease dividend increases and share buybacks for the time being, in order to ensure that the additional capital available is used to support Canadian lending activities. In addition, our ability to pay common share dividends is also restricted by the terms of the outstanding preferred shares. These terms provide that we may not pay dividends on our common shares at any time without the approval of holders of the outstanding preferred shares, unless all dividends to preferred shareholders that are then payable have been declared and paid or set apart for payment. Our Series 53 Preferred Shares, further limit the payment of dividends on the outstanding Class A Preferred Shares Series 39 to 51 in certain limited circumstances. We have agreed that if CIBC Capital Trust fails to pay any interest payments on its $300 million of CIBC Tier 1 Notes – Series B, due June 30, 2108, we will not declare dividends of any kind on any of our preferred or common shares for a specified period of time. For additional details see Note 17. Currently, these limitations do not restrict the payment of dividends on our preferred or common shares. Capital Objectives, policy and procedures Our overall capital management objective is to employ a strong and efficient capital base. We manage capital in accordance with a capital policy approved by the Board, which includes specific guidelines that relate to capital strength, capital mix, dividends and return of capital, and the unconsolidated capital adequacy of regulated entities. Capital is monitored continuously for compliance. Each year, a Capital Plan and three-year outlook are established as a part of the financial plan, and they encompass all material elements of capital: forecasts of sources and uses of capital including earnings, dividends, business growth, and corporate initiatives, as well as maturities, redemptions, and issuances of capital instruments. The Capital Plan is stress-tested to ensure that it is sufficiently robust under severe but plausible stress scenarios. The level of capital and capital ratios are monitored throughout the year including a comparison to the Capital Plan. There were no significant changes made to the objectives, policy, guidelines and procedures during the year. Regulatory capital requirements under Basel III Our regulatory capital requirements are determined in accordance with guidelines issued by OSFI, which are based on the capital standards developed by the Basel Committee on Banking Supervision (BCBS). CIBC has been designated by OSFI as a D-SIB D-SIBs Regulatory capital and ratios Regulatory capital under Basel III consists of CET1, Tier 1 and Tier 2 capital. CET1 capital includes common shares, retained earnings, AOCI (excluding AOCI relating to cash flow hedges and changes to FVO liabilities attributable to changes in own credit risk), and qualifying instruments issued by a consolidated banking subsidiary to third parties, less regulatory adjustments for items such as goodwill and other intangible assets (net of related deferred tax liabilities), certain deferred tax assets, net assets related to defined benefit pension plans as reported on our consolidated balance sheet (net of related deferred tax liabilities), and certain investments. Additional Tier 1 (AT1) capital primarily includes NVCC preferred shares, Limited Recourse Capital Notes, qualifying instruments issued by a consolidated subsidiary to third parties, and non-qualifying phase-out non-qualifying phase-out Our capital ratios and leverage ratio are presented in the table below: $ millions, as at October 31 2020 2019 CET1 capital (1) $ 30,876 $ 27,707 Tier 1 capital A 34,775 30,851 Total capital 40,969 35,854 Total RWA 254,871 239,863 CET1 ratio 12.1 % 11.6 % Tier 1 capital ratio 13.6 % 12.9 % Total capital ratio 16.1 % 15.0 % Leverage ratio exposure B $ 741,760 $ 714,343 Leverage ratio A/B 4.7 % 4.3 % (1) Beginning in the second quarter of 2020, 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 2022. During the years ended October 31, 2020 and 2019, we have complied with OSFI’s regulatory capital requirements. |
Capital Trust securities
Capital Trust securities | 12 Months Ended |
Oct. 31, 2020 | |
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Capital Trust securities | Note 1 7 Capital Trust securities CIBC Capital Trust is a trust wholly owned by CIBC and established under the laws of the Province of Ontario. CIBC Capital Trust has $300 million outstanding of CIBC Tier 1 Notes – Series B, due June 30, 2108 (the Notes), redeemable on or after June 30, 2014 at the Canada Yield Price; redeemable at par on June 30, 2039. CIBC Capital Trust is not consolidated by CIBC and the senior deposit notes issued by CIBC to CIBC Capital Trust are reported as Deposits – Business and government on the consolidated balance sheet. The Notes were structured to achieve Tier 1 regulatory capital treatment and, as such, have features of equity capital, including the deferral of cash interest under certain circumstances (Deferral Events). In the case of a Deferral Event, holders of the Notes will be required to invest interest paid on the Notes in our perpetual preferred shares. Should CIBC Capital Trust fail to pay the semi-annual interest payments on the Notes in full, we will not declare dividends of any kind on any of our preferred or common shares for a specified period of time. In addition, the Notes will be automatically exchanged for our perpetual preferred shares upon the occurrence of any one of the following events: (i) proceedings are commenced for our winding-up; Bank Act CIBC Tier 1 Notes – Series B was issued on March 13, 2009 and pays interest at a rate of 10.25%, semi-annually on June 30 and December 31, until June 30, 2039. On June 30, 2039, and on each five-year anniversary thereafter, the interest rate on the CIBC Tier 1 Notes – Series B will reset to the five-year Government of Canada bond yield at such time plus 9.878%. The Canada Yield Price is a price calculated at the time of redemption (other than an interest rate reset date applicable to the series) to provide a yield to maturity equal to the yield on a Government of Canada bond of appropriate maturity plus: (a) 1.645% if the redemption date is any time prior to June 30, 2039, or (b) 3.29% if the redemption date is any time on or after June 30, 2039. Subject to the approval of OSFI, CIBC Capital Trust may, in whole or in part, on the redemption dates specified, and on any date thereafter, redeem the CIBC Tier 1 Notes Series B without the consent of the holders. Also, subject to the approval of OSFI, CIBC Capital Trust may redeem all, but not part of, the CIBC Tier 1 Notes Series B prior to the earliest redemption date specified without the consent of the holders, upon the occurrence of certain specified tax or regulatory events. OSFI’s capital adequacy guidelines confirmed the adoption of Basel III in Canada and clarified the treatment of non-qualifying Non-qualifying phase-out non-qualifying non-qualifying |
Share-based payments
Share-based payments | 12 Months Ended |
Oct. 31, 2020 | |
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Share-based payments | Note 1 8 Share-based payments We provide the following share-based compensation to certain employees and directors in the form of cash-settled or equity-settled awards. Restricted share award plan Under the RSA plan, share unit equivalents (RSA units) are granted to certain key employees on an annual basis or during the year as special grants. RSA grants are made in the form of cash-settled awards which generally vest and settle in cash either at the end of three years or one-third Grant date fair value of each cash-settled RSA unit granted is calculated based on the average closing price per common share on the TSX for the 10 trading days prior to a date specified in the grant terms. Upon vesting, each RSA unit is settled in cash based on the average closing price per common share on the TSX for the 10 trading days prior to the vesting date. During the year, 2,864,000 RSAs were granted at a weighted-average price of $113.62 (2019: 2,666,888 granted at a weighted-average price of $113.01; 2018: 2,653,437 granted at a weighted-average price of $115.20) and the number of RSAs outstanding as at October 31, 2020 was 8,391,532 (2019: 8,343,235; 2018: 8,252,167). Compensation expense in respect of RSAs, before the impact of hedging, totalled $275 million in 2020 (2019: $319 million; 2018: $352 million). As at October 31, 2020, liabilities in respect of RSAs, which are included in Other liabilities, were $775 million (2019: $850 million; 2018: $858 million). Performance share unit plan Under the PSU plan, awards are granted to certain key employees on an annual basis in December. PSU grants are made in the form of cash-settled awards which vest and settle in cash at the end of three years. Dividend equivalents on PSUs, are provided in the form of additional PSUs. Grant date fair value of each cash-settled PSU is calculated based on the average closing price per common share on the TSX for the 10 trading days prior to a date specified in the grant terms. The final number of PSUs that vest will range from 75% to 125% of the initial number awarded based on CIBC’s performance relative to the other major Canadian banks. Upon vesting, each PSU is settled in cash based on the average closing price per common share on the TSX for the 10 trading days prior to the vesting date. During the year, 835,785 PSUs were granted at a weighted-average price of $115.30 (2019: 952,273 granted at a weighted-average price of $113.48; 2018: 894,040 granted at a weighted-average price of $115.23). As at October 31, 2020, the number of PSUs outstanding, before the impact of CIBC’s relative performance, was 2,967,248 (2019: 3,033,980; 2018: 2,920,695). Compensation expense in respect of PSUs, before the impact of hedging, totalled $90 million in 2020 (2019: $106 million; 2018: $123 million). As at October 31, 2020, liabilities in respect of PSUs, which are included in Other liabilities, were $286 million (2019: $319 million; 2018: $328 million). Exchangeable shares As part of our acquisition of Wellington Financial in the first quarter of 2018, equity-settled awards in the form of exchangeable shares, which vest over a period of up to 5 years and have specific service and non-market non-market Deferred share unit plan/deferred compensation plan Under the DSU plan and DCP plan, certain employees can elect to receive DSUs in exchange for cash compensation that they would otherwise be entitled to. In addition, certain key employees are granted DSUs during the year as special grants. DSUs are generally fully vested upon grant or vest in accordance with the vesting schedule defined in the grant agreement and settle in cash on a date within the period specified in the plan terms. Employees receive dividend equivalents in the form of additional DSUs. Grant date fair value of each cash settled DSU that is not granted under the DCP is calculated based on the average closing price per common share on the TSX for the 10 trading days prior to a date specified in the grant terms. These DSUs are settled in cash based on the average closing price per common share on the TSX for the 10 trading days prior to the payout date and after the employee’s termination of employment. The grant date fair value for DCP grants is based on the closing stock price on the New York Stock Exchange (NYSE) on the last day of the quarter. Upon distribution, each DSU is settled in cash based on the average closing price per common share on the NYSE for the 10 trading days prior to the date of the distribution. During the year, 183,941 DSUs were granted at a weighted-average price of $106.22 (2019: 173,089 granted at a weighted-average price of $110.53; 2018: 132,739 granted at a weighted-average price of $115.60) and the number of DSUs outstanding as at October 31, 2020 was 791,571 (2019: 617,281; 2018: 447,200). Compensation expense in respect of DSUs, before the impact of hedging, totalled $8 million in 2020 (2019: $17 million; 2018: $26 million). As at October 31, 2020, liabilities in respect of DSUs, which are included in Other liabilities, were $90 million (2019: $82 million; 2018: $64 million). Directors’ plans Each director who is not an officer or employee of CIBC may elect to receive the annual equity retainer as either DSUs or common shares, under the Director DSU/Common Share Election Plan and may elect to receive all or a portion of their remuneration in the form of cash, common shares or DSU’s under the Non-Officer Director Share Plan. The value of DSUs credited to a director is payable when he or she is no longer a director or employee of CIBC or of an affiliate of CIBC, and for directors subject to section 409A of the U.S. Internal Revenue Code of 1986, as amended, the director is not providing any services to CIBC or any member of its controlled group as an independent contractor. In addition, under the Director DSU/Common Share Election Plan, the value of DSUs is payable only if the director is not related to, or affiliated with, CIBC as defined in the Income Tax Act Other non-interest Stock option plans Under the ESOP, stock options are periodically granted to certain key employees. Options provide the employee with the right to purchase common shares from CIBC at a fixed price not less than the closing price of the shares on the trading day immediately preceding the grant date. In general, the options vest by the end of the fourth year and expire 10 years from the grant date. The following tables summarize the activities of the stock options and provide additional details related to stock options outstanding and vested. As at or for the year ended October 31 2020 2019 2018 Number Weighted- (1) Number Weighted- Number Weighted- Outstanding at beginning of year 5,176,962 $ 96.93 4,713,163 $ 91.05 4,876,673 $ 84.28 Granted 818,290 109.87 894,324 111.50 756,516 120.02 Exercised (2) (314,469 ) 68.10 (393,055 ) 58.60 (876,309 ) 67.84 Forfeited (672 ) 70.66 (35,714 ) 110.42 (42,443 ) 103.98 Cancelled/expired – – (1,756 ) 45.63 (1,274 ) 45.08 Outstanding at end of year 5,680,111 $ 100.39 5,176,962 $ 96.93 4,713,163 $ 91.05 Exercisable at end of year 2,783,694 $ 88.63 2,290,139 $ 80.27 1,898,125 $ 71.89 Available for grant 9,316,226 10,133,844 10,990,698 Reserved for future issue 14,996,337 15,310,806 15,703,861 (1) For foreign currency-denominated options granted and exercised during the year, the weighted-average exercise prices are translated using exchange rates as at the grant date and settlement date, respectively. The weighted-average exercise price of outstanding balances as at October 31, 2020 reflects the conversion of foreign currency-denominated options at the year-end (2) The weighted-average share price at the date of exercise was $97.72 (2019: $106.94; 2018: $120.55). As at October 31, 2020 Stock options outstanding Stock options vested Range of exercise prices Number Weighted- Weighted- price Number Weighted- price $11.00 – $55.00 239,891 1.84 $ 31.19 239,891 $ 31.19 $55.01 – $65.00 146,085 4.75 60.93 146,085 60.93 $65.01 – $75.00 158,106 1.13 71.43 158,106 71.43 $75.01 – $85.00 304,285 1.87 79.88 304,285 79.88 $85.01 – $95.00 362,400 3.28 90.97 362,400 90.97 $95.01 – $105.00 1,126,241 4.65 99.71 1,126,241 99.71 $105.01 – $115.00 2,602,275 7.70 110.74 446,686 110.77 $115.01 – $125.00 740,828 7.06 120.02 – – 5,680,111 5.91 $ 101.11 2,783,694 $ 88.63 The fair value of options granted during the year was measured at the grant date using the Black-Scholes option pricing model. Model assumptions are based on observable market data for the risk-free interest rate and dividend yield, contractual terms for the exercise price, and historical experience for expected life. Volatility assumptions are best estimates of market implied volatility matching the exercise price and expected life of the options. The following weighted-average assumptions were used as inputs into the Black-Scholes option pricing model to determine the fair value of options on the date of grant: For the year ended October 31 2020 2019 2018 Weighted-average assumptions Risk-free interest rate 2.00 % 2.63 % 2.08 % Expected dividend yield 6.80 % 5.87 % 5.15 % Expected share price volatility 15.30 % 18.36 % 14.74 % Expected life 6 years 6 years 6 years Share price/exercise price $ 109.87 $ 111.50 $ 120.02 For 2020, the weighted-average grant date fair value of options was $3.90 (2019: $8.22; 2018: $7.06). Compensation expense in respect of stock options totalled $ 5 Employee share purchase plan Under our Canadian ESPP, qualifying employees can choose each year to have any portion of their eligible earnings withheld to purchase common shares. We match 50% of the employee contribution amount, up to a maximum contribution of 3% of eligible earnings, subject to a ceiling of $2,250 annually. CIBC contributions vest after employees have two years of continuous participation in the plan, and all subsequent contributions vest immediately. Similar programs exist in other regions globally, where each year qualifying employees can choose to have a portion of their eligible earnings withheld to purchase common shares and receive a matching employer contribution subject to each plan’s provisions. Employee contributions to our ESPP are used to purchase common shares from Treasury. CIBC FirstCaribbean operates an ESPP locally, in which contributions are used by the plan trustee to purchase CIBC FirstCaribbean common shares in the open market. Our contributions are expensed as incurred and totalled $50 million in 2020 (2019: $48 million; 2018: $45 million). Restricted stock plan Under the restricted stock plan, awards were granted to certain key employees in the form of equity-settled awards as part of the acquisition of The PrivateBank in 2017. These restricted stocks were fully vested and released in 2019. Compensation expense in respect of restricted stock totalled nil in 2020 (2019: $1 million). |
Post-employment benefits
Post-employment benefits | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Post-employment benefits | Note 19 Post-employment benefits We sponsor pension and other post-employment benefit plans for eligible employees in a number of jurisdictions including Canada, the U.S., the U.K., and the Caribbean. Our pension plans include registered funded defined benefit pension plans, supplemental arrangements that provide pension benefits in excess of statutory limits, and defined contribution plans. We also provide certain health-care, life insurance, and other benefits to eligible employees and retired members. Plan assets and defined benefit obligations related to our defined benefit plans are measured for accounting purposes as at October 31 each year. Plan characteristics, funding and risks Pension plans Pension plans include CIBC’s Canadian, U.S., U.K., and Caribbean pension plans. CIBC’s Canadian pension plans represent approximately 92% of our consolidated defined benefit obligation. All of our Canadian pension plans are defined benefit plans, the most significant of which is our principal Canadian pension plan (the CIBC Pension Plan), which encompasses approximately 64,000 active, deferred, and retired members. The CIBC Pension Plan provides members with monthly pension income at retirement based on a prescribed plan formula which is based on a combination of maximum yearly pensionable earnings, average earnings at retirement and length of service recognized in the plan. There is a two-year The CIBC Pension Plan is funded through a separate trust. Actuarial funding valuations are prepared by the Plan’s external actuary at least once every three years or more frequently as required by Canadian pension legislation to determine CIBC’s minimum funding requirements as well as maximum permitted contributions. Any deficits determined in the funding valuations must generally be funded over a period not exceeding fifteen years. CIBC’s pension funding policy is to make at least the minimum annual required contributions required by regulations. Any contributions in excess of the minimum requirements are discretionary. The CIBC Pension Plan is registered with OSFI and the Canada Revenue Agency and is subject to the acts and regulations that govern federally regulated pension plans. Other post-employment plans Other post-employment plans include CIBC’s Canadian, U.S. and Caribbean post-retirement health-care benefit plans (referred to for disclosure purposes as other post-employment plans). CIBC’s Canadian other post-employment plan (the Canadian post-employment plan) represents more than 93% of our consolidated other post-employment defined benefit obligation. The Canadian post-employment plan provides medical, dental and life insurance benefits to retirees that meet specified eligibility requirements, including specified age and service period eligibility requirements. CIBC reimburses 100% of the cost of benefits for eligible employees that retired prior to January 1, 2009, whereas the contribution level for medical and dental benefits for eligible employees that retire subsequent to this date has been fixed at a specified level. The plan is funded on a pay-as-you-go Benefit changes There were no material changes to the terms of our Canadian defined benefit pension plans in 2020 or 2019. Certain plan amendments were made to our other pension and other post-employment plans in 2020, which resulted in a negative past service cost. Risks CIBC’s defined benefit plans expose the group to actuarial risks (such as longevity risk), currency risk, interest rate risk, market (investment) risk and health-care cost inflation risks. The CIBC pension plan operates a currency overlay strategy, which may use forwards or similar instruments, to manage and mitigate its currency risk. Interest rate risk is managed as part of the CIBC pension plan’s liability-driven investment strategy through a combination of physical bonds, overlays funded in the repo market, and/or derivatives. Market (investment) risk is mitigated through a multi-asset portfolio construction process that diversifies across a variety of market risk drivers. The use of derivatives within the CIBC pension plan is governed by its derivatives policy that was approved by the Pension Benefits Management Committee (PBMC) and permits the use of derivatives to manage risk at the discretion of the Pension Investment Committee (PIC). In addition to the management of interest rate risk, risk reduction and mitigation strategies may include hedging of currency, credit spread and/or equity risks. The derivatives policy also permits the use of derivatives to enhance plan returns. Plan governance All of CIBC’s pension arrangements are governed by local pension committees, senior management or a board of trustees. However, all significant plan changes require approval from the Management Resources and Compensation Committee (MRCC). For the Canadian pension plans, the MRCC is responsible for setting the strategy for the pension plans, reviewing material risks, performance including funded status, and approving material design or governance changes. While specific investment policies are determined at a plan level to reflect the unique characteristics of each plan, common investment policies for all plans include the optimization of the risk-return relationship using a portfolio of multiple asset classes diversified by market segment, economic sector, and issuer. The objectives are to secure the benefits promised by our funded plans, to maximize long-term investment returns while not compromising the benefit security of the respective plans, manage the level of funding contributions in conjunction with the stability of the funded status, and implement all policies in a cost effective manner. Investments in quoted debt and equity (held either directly or indirectly through investment funds) represent the most significant asset allocations. The use of derivatives is limited to the purposes and instruments described in the derivatives policy of the CIBC Pension Plan. These include the use of synthetic debt or equity instruments, currency hedging, risk reduction and enhancement of returns. Investments in specific asset classes are further diversified across funds, managers, strategies, sectors and geographies, depending on the specific characteristics of each asset class. The exposure to any one of these asset classes will be determined by our assessment of the needs of the plan assets and economic and financial market conditions. Factors evaluated before adopting the asset mix include demographics, cash-flow payout requirements, liquidity requirements, actuarial assumptions, expected benefit increases, and plan funding requirements. Management of the assets of the various Canadian plans has been delegated primarily to the PIC, which is a committee that is composed of CIBC management. The PIC is responsible for the appointment and termination of individual investment managers (which includes CIBC Asset Management Inc., a wholly owned subsidiary of CIBC), who each have investment discretion within established target asset mix ranges as set by the PBMC. Should a fund’s actual asset mix fall outside specified ranges, the assets are re-balanced Management of the actuarial valuations of the various Canadian plans is primarily the responsibility of the PBMC. The PBMC is responsible for approving the actuarial assumptions for the valuations of the plans, and for recommending the level of annual funding for the Canadian plans to CIBC senior management. Local committees with similar mandates manage our non-Canadian Amounts recognized on the consolidated balance sheet The following tables present the financial position of our defined benefit pension and other post-employment plans for Canada, the U.S., the U.K., and our Caribbean subsidiaries. Other minor plans operated by some of our subsidiaries are not material and are not included in these disclosures. Pension plans Other post-employment plans $ millions, as at or for the year ended October 31 2020 2019 2020 2019 Defined benefit obligation Balance at beginning of year $ 8,722 $ 7,370 $ 671 $ 589 Current service cost 277 218 14 11 Past service cost (1) (20 ) 1 (77 ) – Interest cost on defined benefit obligation 268 303 20 24 Employee contributions 5 5 – – Benefits paid (369 ) (353 ) (26 ) (30 ) Loss on settlements – 1 – – Special termination benefits 10 – – – Foreign exchange rate changes 8 (1 ) 1 – Net actuarial (gains) losses on defined benefit obligation 238 1,178 6 77 Balance at end of year $ 9,139 $ 8,722 $ 609 $ 671 Plan assets Fair value at beginning of year $ 8,853 $ 7,691 $ – $ – Interest income on plan assets (2) 277 323 – – Net actuarial gains (losses) on plan assets (2) 349 965 – – Employer contributions 227 229 26 30 Employee contributions 5 5 – – Benefits paid (369 ) (353 ) (26 ) (30 ) Plan administration costs (7 ) (6 ) – – Net transfer out – – – – Foreign exchange rate changes 6 (1 ) – – Fair value at end of year $ 9,341 $ 8,853 $ – $ – Net defined benefit asset (liability) 202 131 (609 ) (671 ) Valuation allowance (3) (17 ) (15 ) – – Net defined benefit asset (liability), net of valuation allowance $ 185 $ 116 $ (609 ) $ (671 ) (1) Includes amounts related to the restructuring charge, and gains related to plan amendments recognized in 2020. See Note 23 for additional details on the restructuring charge. (2) The actual return on plan assets for the year was $626 million (2019: $1,288 million). (3) The valuation allowance reflects the effect of asset ceiling on plans with a net defined benefit asset. The net defined benefit asset (liability), net of valuation allowance, included in other assets and other liabilities is as follows: Pension plans Other post-employment plans $ millions, as at October 31 2020 2019 2020 2019 Other assets $ 247 $ 175 $ – $ – Other liabilities (1) (62 ) (59 ) (609 ) (671 ) $ 185 $ 116 $ (609 ) $ (671 ) (1) Excludes $5 million (2019: $7 million) of other liabilities for other post-employment plans of immaterial subsidiaries. The defined benefit obligation and plan assets by region are as follows: Pension plans Other post-employment plans $ millions, as at October 31 2020 2019 2020 2019 Defined benefit obligation Canada $ 8,384 $ 7,982 $ 568 $ 620 U.S., U.K., and the Caribbean 755 740 41 51 Defined benefit obligation at the end of year $ 9,139 $ 8,722 $ 609 $ 671 Plan assets Canada $ 8,469 $ 8,004 $ – $ – U.S., U.K., and the Caribbean 872 849 – – Plan assets at the end of year $ 9,341 $ 8,853 $ – $ – Amounts recognized in the consolidated statement of income The net defined benefit expense for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows: Pension plans Other post-employment plans $ millions, for the year ended October 31 2020 2019 2018 2020 2019 2018 Current service cost (1) $ 277 $ 218 $ 223 $ 14 $ 11 $ 13 Past service cost (2) (20 ) 1 – (77 ) – – Interest cost on defined benefit obligation 268 303 281 20 24 25 Interest income on plan assets (277 ) (323 ) (294 ) – – – Special termination benefits (2) 10 – – – – – Plan administration costs 7 6 6 – – – Loss on settlements – 1 – – – – Net defined benefit plan expense recognized in net income $ 265 $ 206 $ 216 $ (43 ) $ 35 $ 38 (1) The 2020, 2019 and 2018 current service costs were calculated using separate discount rates of 3.14%, 4.14%, and 3.72%, respectively, to reflect the longer duration of future benefits payments associated with the additional year of service to be earned by the plan’s active participants. (2) Includes amounts related to the restructuring charge, and gains related to plan amendments recognized in 2020. See Note 23 for additional details on the restructuring charge. Amounts recognized in the consolidated statement of comprehensive income The net remeasurement gains (losses) recognized in OCI for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows: Pension plans Other post-employment plans $ millions, for the year ended October 31 2020 2019 2018 2020 2019 2018 Actuarial gains (losses) on defined benefit obligation arising from changes in: Demographic assumptions $ 148 $ – $ 4 $ 13 $ – $ 46 Financial assumptions (327 ) (1,133 ) 488 (26 ) (78 ) 67 Experience (59 ) (45 ) (65 ) 7 1 4 Net actuarial gains (losses) on plan assets 349 965 (234 ) – – – Changes in asset ceiling excluding interest income (1 ) (5 ) 1 – – – Net remeasurement gains (losses) recognized in OCI (1) $ 110 $ (218 ) $ 194 $ (6 ) $ (77) $ 117 (1) Excludes net remeasurement gains/losses recognized in OCI in respect of immaterial subsidiaries not included in the disclosures totalling $5 million net losses (2019: $2 million of net losses; 2018: $2 million of net gains). Canadian defined benefit plans As the Canadian defined benefit pension and other post-employment benefit plans represent approximately 90% of our consolidated defined benefit obligation, they are the subject and focus of the disclosures in the balance of this note. Disaggregation and maturity profile of defined benefit obligation The breakdown of the defined benefit obligation for our Canadian plans between active, deferred and retired members is as follows: Pension plans Other post-employment plans $ millions, as at October 31 2020 2019 2020 2019 Active members $ 4,362 $ 4,165 $ 129 $ 179 Deferred members 626 587 – – Retired members 3,396 3,230 439 441 Total $ 8,384 $ 7,982 $ 568 $ 620 The weighted-average duration of the defined benefit obligation for our Canadian plans is as follows: Pension plans Other post-employment plans As at October 31 2020 2019 2020 2019 Weighted-average duration, in years 14.8 15.4 12.6 13.6 Plan assets The major categories of our defined benefit pension plan assets for our Canadian plans are as follows: $ millions, as at October 31 2020 2019 Asset category (1) Canadian equity securities (2) $ 540 6 % $ 547 7 % Debt securities (3) Government bonds 5,001 59 4,623 58 Corporate bonds 1,195 14 1,024 13 Inflation adjusted bonds – – 76 1 6,196 73 5,723 72 Investment funds (4) Canadian equity funds 30 – 28 – U.S. equity funds 423 5 379 5 International equity funds (5) 32 – 32 – Global equity funds (5) 961 12 907 12 Emerging markets equity funds 229 3 256 3 Fixed income funds 117 1 110 1 1,792 21 1,712 21 Other (2) Alternative investments (6) 1,281 16 1,095 13 Cash and cash equivalents and other 241 3 220 3 Obligations related to securities sold under repurchase agreements (1,581 ) (19 ) (1,293 ) (16 ) (59 ) – 22 – $ 8,469 100 % $ 8,004 100 % (1) Asset categories are based upon risk classification including synthetic exposure through derivatives. The fair value of derivatives as at October 31, 2020 was a net derivative liability of $41 million (2019: net derivative asset of $16 million). (2) Pension benefit plan assets include CIBC issued securities and deposits of $7 million (2019: $8 million), representing 0.1% of Canadian plan assets (2019: 0.1%). All of the equity securities held as at October 31, 2020 and 2019 have daily quoted prices in active markets except hedge funds, infrastructure, and private equity. (3) All debt securities held as at October 31, 2020 and 2019 are investment grade, of which $244 million (2019: $88 million) have daily quoted prices in active markets. (4) $31 million (2019: $29 million) of the investment funds are directly held as at October 31, 2020 and have daily quoted prices in active markets. (5) Global equity funds include North American and international investments, whereas International equity funds do not include North American investments. (6) Comprise d Principal actuarial assumptions The weighted-average principal assumptions used to determine the defined benefit obligation for our Canadian plans are as follows: Pension plans Other post-employment plans As at October 31 2020 2019 2020 2019 Discount rate 2.8 % 3.1 % 2.7 % 3.0 % Rate of compensation increase (1) 2.0 % 2.3 % 2.0 % 2.3 % (1) Rates of compensation increase for 2020 and 2019 reflect the use of a salary growth rate assumption table that is based on the age and tenure of the employees. The table yields a weighted-average salary growth rate of approximately 2.0% per annum (2019: 2.3%). Assumptions regarding future mortality have been based on published statistics and mortality tables. The current longevities underlying the values of the defined benefit obligation of our Canadian plans are as follows (in years): As at October 31 2020 2019 Longevity at age 65 for current retired members Males 23.4 23.3 Females 24.5 24.8 Longevity at age 65 for current members aged 45 Males 24.3 24.3 Females 25.4 25.7 The assumed health-care cost trend rates of the Canadian other post-employment plan providing medical, dental, and life insurance benefits are as follows: For the year ended October 31 2020 2019 Health-care cost trend rates assumed for next year 5.2 % 5.3 % Rate to which the cost trend rate is assumed to decline 4.0 % 4.0 % Year that the rate reaches the ultimate trend rate 2040 2040 Sensitivity analysis Reasonably possible changes to one of the principal actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation of our Canadian plans as follows: Estimated increase (decrease) in defined benefit obligation Pension plans Other post-employment plans $ millions, as at October 31 2020 2020 Discount rate (100 basis point change) Decrease in assumption $ 1,450 $ 79 Increase in assumption (1,185 ) (65 ) Rate of compensation increase (100 basis point change) Decrease in assumption (283 ) – Increase in assumption 325 – Health-care cost trend rates (100 basis point change) Decrease in assumption n/a (28 ) Increase in assumption n/a 32 Future mortality 1 year shorter life expectancy (216 ) (18 ) 1 year longer life expectancy 213 19 n/a Not applicable. The sensitivity analyses presented above are indicative only, and should be considered with caution as they have been calculated in isolation without changing other assumptions. In practice, changes in one assumption may result in changes in another, which may magnify or counteract the disclosed sensitivities. Future cash flows Cash contributions The most recently completed actuarial valuation of the CIBC Pension Plan for funding purposes was as at October 31, 2019. The next actuarial valuation of this plan for funding purposes will be effective as of October 31, 2020. The minimum contributions for 2021 are anticipated to be $198 million for the Canadian defined benefit pension plans and $28 million for the Canadian other post-employment benefit plans. These estimates are subject to change since contributions are affected by various factors, such as market performance, regulatory requirements, and management’s ability to change funding policy. Expected future benefit payments The expected future benefit payments for our Canadian plans for the next 10 years are as follows: $ millions, for the year ended October 31 2021 2022 2023 2024 2025 2026–2030 Total Defined benefit pension plans $ 363 $ 367 $ 354 $ 360 $ 367 $ 1,953 $ 3,764 Other post-employment plans 28 29 30 31 31 163 312 $ 391 $ 396 $ 384 $ 391 $ 398 $ 2,116 $ 4,076 Defined contributions and other plans We also maintain defined contribution plans for certain employees and make contributions to government pension plans. The expense recognized in the consolidated statement of income for these benefit plans is as follows: $ millions, for the year ended October 31 2020 2019 2018 Defined contribution pension plans $ 33 $ 29 $ 27 Government pension plans (1) 137 121 124 $ 170 $ 150 $ 151 (1) Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act. |
Income taxes
Income taxes | 12 Months Ended |
Oct. 31, 2020 | |
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Income taxes | Note 2 0 Income taxes Total income taxes $ millions, for the year ended October 31 2020 2019 2018 (1) Consolidated statement of income Provision for current income taxes Adjustments for prior years $ (40 ) $ (125 ) $ (39 ) Current income tax expense 1,366 1,365 1,392 1,326 1,240 1,353 Provision for deferred income taxes Adjustments for prior years 37 107 32 Effect of changes in tax rates and laws 4 34 87 Origination and reversal of temporary differences (269 ) (33 ) (50 ) (228 ) 108 69 1,098 1,348 1,422 OCI 130 22 42 Total comprehensive income $ 1,228 $ 1,370 $ 1,464 (1) Excludes loss carryforwards that were recognized directly in retained earnings relating to foreign exchange translation amounts on CIBC’s net investment in foreign operations. These amounts were previously reclassified to retained earnings as part of our transition to IFRS in 2012. Components of income tax $ millions, for the year ended October 31 2020 2019 2018 Current income taxes Federal $ 613 $ 634 $ 686 Provincial 420 428 467 Foreign 390 226 188 1,423 1,288 1,341 Deferred income taxes Federal (67 ) 30 54 Provincial (44 ) 20 36 Foreign (84 ) 32 33 (195 ) 82 123 $ 1,228 $ 1,370 $ 1,464 The combined Canadian federal and provincial income tax rate varies each year according to changes in the statutory rates imposed by each of these jurisdictions, and according to changes in the proportion of our business carried out in each province. We are also subject to Canadian taxation on income of foreign branches. Earnings of foreign subsidiaries would generally only be subject to Canadian tax when distributed to Canada. Additional Canadian taxes that would be payable if all foreign subsidiaries’ retained earnings were distributed to the Canadian parent as dividends are estimated to be nil. The effective rates of income tax in the consolidated statement of income are different from the combined Canadian federal and provincial income tax rates as set out in the following table: Reconciliation of income taxes $ millions, for the year ended October 31 2020 2019 2018 Combined Canadian federal and provincial income tax rate applied to $ 1,291 26.4 % $ 1,718 26.5 % $ 1,777 26.5 % Income taxes adjusted for the effect of: Earnings of foreign subsidiaries (66 ) (1.3 ) (214 ) (3.3 ) (220 ) (3.3 ) Tax-exempt (134 ) (2.7 ) (131 ) (2.0 ) (203 ) (3.0 ) Disposition – – – – (1 ) – Changes in income tax rate on deferred tax balances 4 0.1 34 0.5 88 1.3 Impact of equity-accounted income (18 ) (0.4 ) (23 ) (0.4 ) (29 ) (0.4 ) Other (including Enron settlement) 21 0.4 (36 ) (0.5 ) 10 0.1 Income taxes in the consolidated statement of income $ 1,098 22.5 % $ 1,348 20.8 % $ 1,422 21.2 % Deferred income taxes Sources of and movement in deferred tax assets and liabilities Deferred tax assets $ millions, for the year ended October 31 Allowance Property and Pension and Provisions Financial Tax loss (1) Other Total 2020 Balance at beginning of year before accounting policy changes $ 170 $ 47 $ 567 $ 20 $ 1 $ 24 $ 157 $ 986 Impact of adopting IFRS 16 at November 1, 2019 – – – – – – (12 ) (12 ) Balance at beginning of year after accounting policy changes 170 47 567 20 1 24 145 974 Recognized in net income 143 (23 ) 4 33 – (1 ) 114 270 Recognized in OCI – – (18 ) – – – – (18 ) Other (2) 1 15 1 – – (4 ) (23 ) (10 ) Balance at end of year $ 314 $ 39 $ 554 $ 53 $ 1 $ 19 $ 236 $ 1,216 2019 Balance at beginning of year before accounting policy changes $ 298 $ 12 $ 437 $ 16 $ 66 $ 38 $ 127 $ 994 Impact of adopting IFRS 15 at November 1, 2018 – – – – – – 3 3 Balance at beginning of year after accounting policy changes 298 12 437 16 66 38 130 997 Recognized in net income (124 ) 14 46 3 (32 ) (14 ) 20 (87 ) Recognized in OCI – – 83 – (50 ) – – 33 Other (2) (4 ) 21 1 1 17 – 7 43 Balance at end of year $ 170 $ 47 $ 567 $ 20 $ 1 $ 24 $ 157 $ 986 2018 Balance at beginning of year under IAS 39 $ 245 $ 69 $ 559 $ 47 $ 124 $ 18 $ 107 $ 1,169 Impact of adopting IFRS 9 at November 1, 2017 7 – – – 20 – – 27 Balance at beginning of year under IFRS 9 252 69 559 47 144 18 107 1,196 Recognized in net income 31 (53 ) (45 ) (31 ) (60 ) 20 22 (116 ) Recognized in OCI 1 – (87 ) – (1 ) – – (87 ) Other (2) 14 (4 ) 10 – (17 ) – (2 ) 1 Balance at end of year $ 298 $ 12 $ 437 $ 16 $ 66 $ 38 $ 127 $ 994 Deferred tax liabilities $ millions, for the year ended October 31 Intangible Property and Pension and Goodwill Financial Other Total 2020 Balance at beginning of year before accounting policy changes $ (315 ) $ (68 ) $ (9 ) $ (84 ) $ (25 ) $ (6 ) $ (507 ) Impact of adopting IFRS 16 at November 1, 2019 (3) – (39 ) – – – – (39 ) Balance at beginning of year after accounting policy changes (315 ) (107 ) (9 ) (84 ) (25 ) (6 ) (546 ) Recognized in net income 13 (6 ) (5 ) (2 ) (24 ) (18 ) (42 ) Recognized in OCI – – (2 ) – (13 ) – (15 ) Other (2) (3 ) 1 1 – (1 ) 6 4 Balance at end of year $ (305 ) $ (112 ) $ (15 ) $ (86 ) $ (63 ) $ (18 ) $ (599 ) 2019 Balance at beginning of year before accounting policy changes $ (287 ) $ (47 ) $ (11 ) $ (85 ) $ (12 ) $ 6 $ (436 ) Impact of adopting IFRS 15 at November 1, 2018 – – – – – (5 ) (5 ) Balance at beginning of year after accounting policy changes (287 ) (47 ) (11 ) (85 ) (12 ) 1 (441 ) Recognized in net income (16 ) (12 ) (1 ) (1 ) (4 ) 13 (21 ) Recognized in OCI – – (6 ) – – (1 ) (7 ) Other (2) (12 ) (9 ) 9 2 (9 ) (19 ) (38 ) Balance at end of year $ (315 ) $ (68 ) $ (9 ) $ (84 ) $ (25 ) $ (6 ) $ (507 ) 2018 Balance at beginning of year under IFRS 9 (4) $ (329 ) $ (52 ) $ (10 ) $ (93 ) $ (17 ) $ 29 $ (472 ) Recognized in net income 53 – 3 1 3 (13 ) 47 Recognized in OCI – – (3 ) – (2 ) 13 8 Other (2) (11 ) 5 (1 ) 7 4 (23 ) (19 ) Balance at end of year $ (287 ) $ (47 ) $ (11 ) $ (85) $ (12) $ 6 $ (436) Net deferred tax assets as at October 31, 2020 $ 617 Net deferred tax assets as at October 31, 2019 $ 479 Net deferred tax assets as at October 31, 2018 $ 558 (1) The deferred tax effect of tax loss carryforwards includes $19 million (2019: $22 million; 2018: $38 million) that relate to operating losses (of which $13 million relate to Canada, and $6 million relate to the Caribbean) that expire in various years commencing in 2021, and nil (2019: $2 million, 2018: nil) that relate to U.S. capital losses. (2) Includes foreign currency translation adjustments. (3) Transition impact from the adoption of IFRS 16 at November 1, 2019 is reported net for lease liability and right-of-use assets. (4) Transition impact from the adoption of IFRS 9 at November 1, 2017 was nil. Deferred tax assets and liabilities are assessed by entity for presentation in our consolidated balance sheet. As a result, the net deferred tax assets of $617 million (2019: $479 million) are presented in the consolidated balance sheet as deferred tax assets of $650 million (2019: $517 million) and deferred tax liabilities of $33 million (2019: $38 million). Unrecognized tax losses The amount of unused operating tax losses for which deferred tax assets have not been recognized was $1,855 million as at October 31, 2020 (2019: $1,908 million), of which $669 million (2019: $669 million) relates to the U.S. region and $1,186 million (2019: $1,239 million) relates to the Caribbean region. These unused operating tax losses expire within 10 years. The amount of unused capital tax losses for which deferred tax assets have not been recognized was $611 million as at October 31, 2020 (2019: $611 million). These unused capital tax losses relate to Canada. U.S. tax reforms The U.S. Tax Cuts and Jobs Act (U.S. tax reforms) reduced the U.S. federal corporate income tax rate effective in 2018 and introduced other important changes to U.S. corporate income tax laws including a Base Erosion Anti-abuse Tax (BEAT) that subjects certain payments from a U.S. corporation to foreign related parties to additional taxes. The Internal Revenue Service periodically releases proposed and final regulations to implement aspects of the U.S. tax reforms, including BEAT. CIBC continues to evaluate the impact of these regulations on our U.S. operations. Enron In prior years, the Canada Revenue Agency (CRA) issued reassessments disallowing the deduction of Enron settlement payments and related legal expenses (the Enron expenses). In January 2019, CIBC entered into a settlement agreement (the Agreement) with the CRA that provides certainty with respect to the portion of the Enron expenses deductible in Canada. The Agreement resulted in the recognition of a net $38 million tax recovery in the first quarter of 2019. This recovery was determined after taking into account taxable refund interest in Canada and also the portion of the Enron expenses that are expected to be deductible in the United States (the U.S. deduction). The U.S. deduction has not been agreed to by the Internal Revenue Service. It is possible that adjustments may be required to the amount of tax benefits recognized in the U.S. Dividend received deduction The CRA has reassessed CIBC approximately $1,115 million of additional income tax by denying the tax deductibility of certain 2011 to 2015 Canadian corporate dividends on the basis that they were part of a “dividend rental arrangement”. The dividends that were subject to the reassessments are similar to those prospectively addressed by the rules in the 2015 and 2018 Canadian federal budgets. It is possible that subsequent years may be reassessed for similar activities. CIBC is confident that its tax filing positions were appropriate and intends to defend itself vigorously. Accordingly, no amounts have been accrued in the consolidated financial statements. |
Earnings per share
Earnings per share | 12 Months Ended |
Oct. 31, 2020 | |
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Earnings per share | Note 2 1 Earnings per share $ millions, except per share amounts, for the year ended October 31 2020 2019 2018 Basic EPS Net income attributable to equity shareholders $ 3,790 $ 5,096 $ 5,267 Less: preferred share dividends and distributions on other equity instruments 122 111 89 Net income attributable to common shareholders 3,668 4,985 5,178 Weighted-average common shares outstanding (thousands) 445,435 444,324 443,082 Basic EPS $ 8.23 $ 11.22 $ 11.69 Diluted EPS Net income attributable to common shareholders $ 3,668 $ 4,985 $ 5,178 Weighted-average common shares outstanding (thousands) 445,435 444,324 443,082 Add: stock options potentially exercisable (1) 378 702 1,111 Add: restricted shares and equity-settled consideration (thousands) 208 431 434 Weighted-average diluted common shares outstanding (thousands) 446,021 445,457 444,627 Diluted EPS $ 8.22 $ 11.19 $ 11.65 (1) Excludes average options outstanding of 3,748,652 with a weighted-average exercise price of $111.53 (2019: 2,319,723 with a weighted-average exercise price of $114.29; 2018: 688,123 with a weighted-average exercise price of $120.02), as the options’ exercise prices were greater than the average market price of common shares. |
Commitments, guarantees and ple
Commitments, guarantees and pledged assets | 12 Months Ended |
Oct. 31, 2020 | |
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Commitments, guarantees and pledged assets | Note 2 2 Commitments, guarantees and pledged assets Commitments Credit-related arrangements Credit-related arrangements are generally off-balance $ millions, as at October 31 2020 2019 Contract amounts Securities lending (1) $ 39,186 $ 44,220 Unutilized credit commitments (2) 268,089 241,038 Backstop liquidity facilities 12,907 10,870 Standby and performance letters of credit 14,565 13,489 Documentary and commercial letters of credit 196 224 Other commitments to extend credit 2,149 2,937 $ 337,092 $ 312,778 (1) Excludes securities lending of $1.8 billion (2019: $1.8 billion) for cash because it is reported on the consolidated balance sheet. (2) Includes $131.3 billion (2019: $122.0 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion. In addition, the client securities lending of the joint ventures which CIBC has with The Bank of New York Mellon totalled $78.1 billion (2019: $77.6 billion) of which $8.0 billion (2019: $6.7 billion) are transactions between CIBC and the joint ventures. CIBC has provided indemnities to customers of the joint ventures in respect of securities lending transactions with third parties amounting to $64.3 billion (2019: $67.8 billion). Securities lending Securities lending represents our credit exposure when we lend our own or our clients’ securities to a borrower and the borrower defaults on the redelivery obligation. The borrower must fully collateralize the security lent at all times. Unutilized credit commitments Unutilized credit commitments are the undrawn portion of lending facilities that we have approved to meet the requirements of clients. These lines may include various conditions that must be satisfied prior to drawdown and include facilities extended in connection with contingent acquisition financing. The credit risk associated with these lines arises from the possibility that a commitment will be drawn down as a loan at some point in the future, prior to the expiry of the commitment. The amount of collateral obtained, if deemed necessary, is based on our credit evaluation of the borrower and may include a charge over the present and future assets of the borrower. Backstop liquidity facilities We provide irrevocable backstop liquidity facilities primarily to ABCP conduits. We are the financial services agent for some of these conduits, while other conduits are administered by third parties. The liquidity facilities for our sponsored ABCP programs, Safe Trust, Sure Trust, and Sound Trust, require us to provide funding, subject to the satisfaction of certain limited conditions with respect to the conduits, to fund non-defaulted Standby and performance letters of credit These represent an irrevocable obligation to make payments to third parties in the event that clients are unable to meet their contractual financial or performance obligations. The credit risk associated with these instruments is essentially the same as that involved in extending irrevocable loan commitments to clients. The amount of collateral obtained, if deemed necessary, is based on our credit evaluation of the borrower and may include a charge over present and future assets of the borrower. Documentary and commercial letters of credit Documentary and commercial letters of credit are short-term instruments issued on behalf of a client, authorizing a third party, such as an exporter, to draw drafts on CIBC up to a specified amount, subject to specific terms and conditions. We are at risk for any drafts drawn that are not ultimately settled by the client; however, the amounts drawn are collateralized by the related goods. Other commitments to extend credit These represent other commitments to extend credit, and primarily include forward-dated securities financing trades in the form of securities purchased under resale agreements with various counterparties that are executed on or before the end of our reporting period and that settle shortly after period end, usually within five business days. Other commitments As an investor in merchant banking activities, we enter into commitments to fund external private equity funds. In connection with these activities, we had commitments to invest up to $212 million (2019: $258 million). In addition, we act as underwriter for certain new issuances under which we alone or together with a syndicate of financial institutions purchase these new issuances for resale to investors. As at October 31, 2020, the related underwriting commitments were $94 million (2019: $60 million). Guarantees and other indemnification agreements Guarantees A guarantee is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor failed to make payment when due in accordance with the original or modified terms of a debt instrument. Guarantees include standby and performance letters of credit as discussed above, and credit derivatives protection sold, as discussed in Note 13. Other indemnification agreements In the ordinary course of operations, we enter into contractual arrangements under which we may agree to indemnify the counterparty to such arrangement from any losses relating to a breach of representations and warranties, a failure to perform certain covenants, or for claims or losses arising from certain external events as outlined within the particular contract. This may include, for example, losses arising from changes in tax legislation, litigation, or claims relating to past performance. In addition, we indemnify each of our directors and officers to the extent permitted by law, against any and all claims or losses (including any amounts paid in settlement of any such claims) incurred as a result of their service to CIBC. In most indemnities, maximum loss clauses are generally not provided for, and as a result, no defined limit of the maximum potential liability exists. Amounts are accrued when we have a present legal or constructive obligation as a result of a past event, when it is both probable that an outflow of economic benefits will be required to resolve the matter, and when a reliable estimate can be made of the amount of the obligation. We believe that the likelihood of the conditions arising to trigger obligations under these contract arrangements is remote. Historically, any payments made in respect of these contracts have not been significant. Amounts related to these indemnifications, representations, and warranties reflected within the consolidated financial statements as at October 31, 2020 and 2019 are not significant. Pledged assets In the normal course of business, on- off-balance $ millions, as at October 31 2020 2019 Assets pledged in relation to: Securities lending $ 41,042 $ 46,242 Obligations related to securities sold under repurchase agreements 69,528 51,942 Obligations related to securities sold short 15,963 15,635 Securitizations 20,818 19,398 Covered bonds 21,073 20,206 Derivatives 14,410 12,952 Foreign governments and central banks (1) 133 784 Clearing systems, payment systems, and depositories (2) 605 2,400 Other 400 1,247 $ 183,972 $ 170,806 (1) Includes assets pledged to maintain access to central bank facilities in foreign jurisdictions. (2) Includes assets pledged in order to participate in clearing and payment systems and depositories. |
Contingent liabilities and prov
Contingent liabilities and provisions | 12 Months Ended |
Oct. 31, 2020 | |
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Contingent liabilities and provisions | Note 2 3 Contingent liabilities and provisions 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 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. 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 $1.1 billion as at October 31, 2020. 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 October 31, 2020 consist of the significant legal matters disclosed 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 is a description of CIBC’s significant legal proceedings, which we intend to vigorously defend. Green v. Canadian Imperial Bank of Commerce, et al. In July 2008, a shareholder plaintiff commenced this proposed class action in the Ontario Superior Court of Justice against CIBC and several former and current CIBC officers and directors. It alleges that CIBC and the individual officers and directors violated the Ontario Securities Act non-disclosures sub-prime Fresco v. Canadian Imperial Bank of Commerce Gaudet v. Canadian Imperial Bank of Commerce In June 2007, two proposed class actions were filed against CIBC in the Ontario Superior Court of Justice ( Fresco v. CIBC Gaudet v. CIBC non-management two-to-one Credit card class actions – Interchange fees litigation: Bancroft-Snell v. Visa Canada Corporation, et al. 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al. Watson v. Bank of America Corporation, et al. Fuze Salon v. BofA Canada Bank, et al. 1023926 Alberta Ltd. v. Bank of America Corporation, et al. The Crown & Hand Pub Ltd. v. Bank of America Corporation, et al. Hello Baby Equipment Inc. v. BofA Canada Bank, et al. Since 2011 seven proposed class actions have been commenced against VISA Canada Corporation (Visa), MasterCard International Incorporated (MasterCard), CIBC and numerous other financial institutions. The actions, brought on behalf of all merchants who accepted payment by Visa or MasterCard from March 23, 2001 to the present, allege two “separate, but interrelated” conspiracies: one in respect of Visa and one in respect of MasterCard. The claims allege that Visa and MasterCard conspired with their issuing banks to set default interchange rate and merchant discount fees and that certain rules (Honour All Cards and No Surcharge) have the effect of increasing the merchant discount fees. The claims allege civil conspiracy, violation of the Competition Act Watson Watson 9085-4886 Quebec Inc. Bakopanos 9085-4886 Quebec Inc. 9085-4886 Quebec Inc Mortgage prepayment class actions: Jordan v. CIBC Mortgages Inc. Lamarre v. CIBC Mortgages Inc. Sherry v. CIBC Mortgages Inc. Haroch v. Toronto Dominion Bank, et al. In 2011, three proposed class actions were filed in the Superior Courts of Ontario ( Jordan Lamarre Sherry Sherry Sherry Sherry Sherry Sherry Sherry Jordan Jordan In May 2018, a new proposed class action, Haroch, Quebec Civil Code, Quebec Consumer Protection Act Interest Act Haroch Lamarre Haroch Haroch Cerberus Capital Management L.P. v. CIBC In October 2015, Securitized Asset Funding 2011-2, In November 2015, Cerberus voluntarily dismissed the Federal Court action and filed a new action asserting the same claims in New York State Court. In January 2016, CIBC served its Answer and Counterclaims. In March 2016, Cerberus filed a motion for summary judgment and sought to stay discovery. In April 2016, the court directed the parties to start discovery. In April 2018, the court denied the plaintiffs’ motion for summary judgment. The plaintiffs appealed the decision, which was heard in November 2018. In December 2018, the appellate court affirmed the lower court’s denial of the plaintiffs’ motion for summary judgment. Valeant class actions: Catucci v. Valeant Pharmaceuticals International Inc., et al. Potter v. Valeant Pharmaceuticals International Inc., et al. In March 2016, a proposed class action was filed in the Quebec Superior Court on behalf of purchasers of shares in Valeant Pharmaceuticals International Inc. against the issuer, its directors and officers, its auditors and the underwriting syndicates for six public offerings from 2013 to 2015. CIBC World Markets Corp. was part of the underwriting syndicate for three of the offerings (underwriting 1.5% of a US$1.6 billion offering in June 2013, 1.5% of a US$900 million offering in December 2013 and 0.625% of an offering comprising US$5.25 billion and € Potter v. Valeant Pharmaceuticals International Inc., et al. The motion for class certification in Catucci Potter Catucci Potter re-plead Pilon v. Amex Bank of Canada, et al. In January 2018 a proposed class action was commenced in Quebec against CIBC and several other financial institutions. The action alleges that the defendants breached the Quebec Consumer Protection Act and the Bank Act when they unilaterally increased the credit limit on the plaintiffs’ credit cards. The claim seeks the return of all over limit fees charged to Quebec customers beginning in January 2015 as well as punitive damages of $500 per class member. The motion for class certification was heard in April 2019. In August 2019, the court dismissed the certification motion. The plaintiffs’ appeal of the decision denying the certification motion is scheduled for February 2021. Simplii privacy class actions: Bannister v. CIBC (formerly John Doe v. CIBC) Steinman v. CIBC In June 2018, two proposed class actions were filed in the Ontario Superior Court against CIBC on behalf of Simplii Financial clients who allege their personal information was disclosed as a result of a security incident in May 2018. The actions allege that Simplii Financial failed to protect its clients’ personal information. The Bannister Steinman Bannister Order Execution Only class actions: Pozgaj v. CIBC and CIBC Trust Frayce v. BMO Investorline Inc., et al Michaud v. BBS Securities Inc. et al In September 2018, a proposed class action ( Pozgaj In 2020, two proposed class action were filed in the Ontario Superior Court ( Frayce Michaud Frayce York County on Behalf of the County of York Retirement Fund v. Rambo, et al. In February 2019, a class action complaint was filed in the Northern District of California against the directors, certain officers and the underwriters of several senior note offerings of the Pacific Gas and Electric Company (PG&E) that took place between March 2016 and April 2018, the total issuance amount for the series of offerings being approximately US$4 billion. CIBC World Markets Corp. was part of the underwriting syndicate for an offering, whereby CIBC World Markets Corp. underwrote 6% of a US$650 million December 2016 issuance of senior notes. The offering involved the issuance of two tranches of notes: US$400 million of 30-year one-year Pope v. CIBC and CIBC Trust In August 2020, a proposed class action was filed in the Supreme Court of British Columbia against CIBC and CIBC Trust. The action alleges that the defendants misrepresented their investment strategy and charged unitholders excess fees in relation to the CIBC Canadian Equity Fund and certain CIBC portfolio funds. The action is brought on behalf of all persons who hold or held units of these funds and seeks unspecified compensatory and punitive damages. Legal provisions The following table presents changes in our legal provisions: $ millions, for the year ended October 31 2020 2019 Balance at beginning of year $ 67 $ 40 Additional new provisions recognized 92 39 Less: Amounts incurred and charged against existing provisions (5 ) (8 ) Unused amounts reversed (3 ) (4 ) Balance at end of year $ 151 $ 67 Restructuring During the first quarter of 2020, we recognized a restructuring charge of $339 million in Corporate and Other associated with ongoing efforts to transform our cost structure and simplify our bank. The charge consisted primarily of employee severance and related costs and was recorded in Non-interest expenses – Employee compensation and benefits. The following table presents changes in the restructuring provision: $ millions, for the year ended October 31 2020 2019 Balance at beginning of year $ 26 $ 71 Additional new provisions recognized 370 – Less: Amounts incurred and charged against existing provisions (152 ) (45 ) Unused amounts reversed (22 ) – Balance at end of year $ 222 $ 26 The amount of $222 million recognized represents our best estimate as at October 31, 2020 of the amount required to settle the obligation, including obligations related to ongoing payments as a result of the restructuring. |
Concentration of credit risk
Concentration of credit risk | 12 Months Ended |
Oct. 31, 2020 | |
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Concentration of credit risk | Note 2 4 Concentration of credit risk Concentration of credit exposure may arise with a group of counterparties that have similar economic characteristics or are located in the same geographic region. The ability of such counterparties to meet contractual obligations would be similarly affected by changing economic, political or other conditions. The amounts of credit exposure associated with our on- off-balance Credit exposure by country of ultimate risk $ millions, as at October 31 2020 2019 Canada U.S. Other Total Canada U.S. Other Total On-balance Major assets (1)(2)(3) $ 512,542 $ 151,337 $ 70,945 $ 734,824 $ 444,317 $ 120,286 $ 55,844 $ 620,447 Off-balance Credit-related arrangements Financial institutions $ 48,236 $ 13,482 $ 12,737 $ 74,455 $ 47,815 $ 13,526 $ 12,318 $ 73,659 Governments 9,860 10 7 9,877 9,208 10 14 9,232 Retail 142,351 554 434 143,339 130,544 510 432 131,486 Corporate 70,130 30,839 8,452 109,421 61,228 28,907 8,266 98,401 $ 270,577 $ 44,885 $ 21,630 $ 337,092 $ 248,795 $ 42,953 $ 21,030 $ 312,778 (1) Major assets consist of cash and deposits with banks, loans and acceptances net of allowance for credit losses, securities, securities borrowed or purchased under resale agreements, and derivative instruments. (2) Includes Canadian currency of $497.3 billion (2019: $426.0 billion) and foreign currencies of $237.5 billion (2019: $194.4 billion). (3) No industry or foreign jurisdiction accounted for more than 10% of loans and acceptances net of allowance for credit losses, with the exception of the U.S., which accounted for 13% as at October 31, 2020 (2019: 12.1%). See Note 13 for derivative instruments by country and counterparty type of ultimate risk. In addition, see Note 22 for details on the client securities lending of the joint ventures which CIBC has with The Bank of New York Mellon. Also see shaded sections in “MD&A – Management of risk” for a detailed discussion on our credit risk. |
Related-party transactions
Related-party transactions | 12 Months Ended |
Oct. 31, 2020 | |
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Related-party transactions | Note 2 5 Related-party transactions In the ordinary course of business, we provide banking services and enter into transactions with related parties on terms similar to those offered to unrelated parties. Related parties include key management personnel (1) Key management personnel and their affiliates As at October 31, 2020, loans to key management personnel (1) These outstanding balances are generally unsecured and we have no provision for credit losses on impaired loans relating to these amounts for the years ended October 31, 2020 and 2019. (1) Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of CIBC directly or indirectly and comprise the members of the Board (referred to as directors), Executive Committee and certain named officers per the Bank Act Compensation of key management personnel $ millions, for the year ended October 31 2020 2019 Directors Senior Directors Senior Short-term benefits (1) $ 3 $ 18 $ 3 $ 23 Post-employment benefits – 3 – 3 Share-based benefits (2) 1 30 2 38 Termination benefits – 4 – – Total compensation $ 4 $ 55 $ 5 $ 64 (1) Comprises salaries, statutory and non-statutory (2) Comprises grant-date fair values of awards granted in the year. Refer to the following Notes for additional details on related-party transactions: Share-based payment plans See Note 18 for details of these plans offered to directors and senior officers. Post-employment benefit plans See Note 19 for related-party transactions between CIBC and the post-employment benefit plans. Equity-accounted associates and joint ventures See Note 26 for details of our investments in equity-accounted associates and joint ventures. |
Investments in equity-accounted
Investments in equity-accounted associates and joint ventures | 12 Months Ended |
Oct. 31, 2020 | |
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Investments in equity-accounted associates and joint ventures | Note 2 6 Investments in equity-accounted associates and joint ventures Joint ventures CIBC is a 50/50 joint venture partner with The Bank of New York Mellon in two joint ventures: CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company, which provide trust and asset servicing, both in Canada. As at October 31, 2020, the carrying value of our investments in the joint ventures was $587 million (2019: $529 million), which was included in Corporate and Other. As at October 31, 2020, loans to the joint ventures totalled nil (2019: nil) and undrawn credit commitments totalled $164 million (2019: $128 million). CIBC, The Bank of New York Mellon, and CIBC Mellon have, jointly and severally, provided indemnities to customers of the joint ventures in respect of securities lending transactions. See Note 22 for additional details. There was no unrecognized share of losses of any joint ventures, either for the year or cumulatively. In 2020 and 2019, none of our joint ventures experienced any significant restrictions to transfer funds in the form of cash dividends or distributions, or repayment of loans or advances. The following table provides the summarized aggregate financial information related to our proportionate interest in the equity-accounted joint ventures: $ millions, for the year ended October 31 2020 2019 2018 Net income $ 67 $ 88 $ 106 OCI 43 45 (12 ) Total comprehensive income $ 110 $ 133 $ 94 Associates As at October 31, 2020, the total carrying value of our investments in associates was $71 million (2019: $57 million). These investments comprise: listed associates with a carrying value of $10 million (2019: $9 million) and a fair value of $10 million (2019: $9 million); and unlisted associates with a carrying value of $61 million (2019: $48 million) and a fair value of $83 million (2019: $76 million). Of the total carrying value of our investments in associates, $10 million (2019: $5 million) was included in Canadian Personal and Business Banking, $37 million (2019: $33 million) in Capital Markets, and $24 million (2019: $19 million) in Corporate and Other. As at October 31, 2020, loans to associates totalled nil (2019: nil) and undrawn credit commitments totalled $79 million (2019: $79 million). We also had commitments to invest up to nil (2019: nil) in our associates. There was no unrecognized share of losses of any associate, either for the year or cumulatively. In 2020 and 2019, none of our associates experienced any significant restrictions to transfer funds in the form of cash dividends or distributions, or repayment of loans or advances. The following table provides the summarized aggregate financial information related to our proportionate interest in equity-accounted associates: $ millions, for the year ended October 31 2020 2019 2018 Net income $ 12 $ 4 $ 15 OCI 1 (1 ) (7 ) Total comprehensive income $ 13 $ 3 $ 8 |
Significant subsidiaries
Significant subsidiaries | 12 Months Ended |
Oct. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Significant subsidiaries | Note 2 7 Significant subsidiaries The following is a list of significant subsidiaries in which CIBC, either directly or indirectly, owns 100% of the voting shares, except where noted. $ millions, as at October 31, 2020 Subsidiary name (1) Address of head or principal office Book value of (2) Canada and U.S. CIBC Asset Management Inc. Toronto, Ontario, Canada $ 444 CIBC BA Limited Toronto, Ontario, Canada – (3) CIBC Bancorp USA Inc. Chicago, Illinois, U.S. 9,077 Canadian Imperial Holdings Inc. New York, New York, U.S. CIBC Inc. New York, New York, U.S. CIBC World Markets Corp. New York, New York, U.S. CIBC Bank USA Chicago, Illinois, U.S. CIBC Private Wealth Group, LLC Atlanta, Georgia, U.S. CIBC Delaware Trust Company Wilmington, Delaware, U.S. CIBC National Trust Company Atlanta, Georgia, U.S. CIBC Private Wealth Advisors, Inc. Chicago, Illinois, U.S. CIBC Investor Services Inc. Toronto, Ontario, Canada 25 CIBC Life Insurance Company Limited Toronto, Ontario, Canada 23 CIBC Mortgages Inc. Toronto, Ontario, Canada 230 CIBC Securities Inc. Toronto, Ontario, Canada 2 CIBC Trust Corporation Toronto, Ontario, Canada 591 CIBC World Markets Inc. Toronto, Ontario, Canada 306 CIBC Wood Gundy Financial Services Inc. Toronto, Ontario, Canada CIBC Wood Gundy Financial Services (Quebec) Inc. Montreal, Quebec, Canada INTRIA Items Inc. Mississauga, Ontario, Canada 100 International CIBC Australia Ltd Sydney, New South Wales, Australia 19 CIBC Capital Markets (Europe) S.A. Luxembourg 550 CIBC Cayman Holdings Limited George Town, Grand Cayman, Cayman Islands 1,742 CIBC Cayman Bank Limited George Town, Grand Cayman, Cayman Islands CIBC Cayman Capital Limited George Town, Grand Cayman, Cayman Islands CIBC Cayman Reinsurance Limited George Town, Grand Cayman, Cayman Islands CIBC Investments (Cayman) Limited George Town, Grand Cayman, Cayman Islands 2,820 FirstCaribbean International Bank Limited (91.7%) Warrens, St. Michael, Barbados CIBC Bank and Trust Company (Cayman) Limited (91.7%) George Town, Grand Cayman, Cayman Islands CIBC Fund Administration Services (Asia) Limited (91.7%) Hong Kong, China FirstCaribbean International Bank (Bahamas) Limited (87.3%) Nassau, The Bahamas Sentry Insurance Brokers Ltd. (87.3%) Nassau, The Bahamas FirstCaribbean International Bank (Barbados) Limited (91.7%) Warrens, St. Michael, Barbados FirstCaribbean International Finance Corporation (Leeward & Windward) Limited (91.7%) Castries, St. Lucia FirstCaribbean International Securities Limited (91.7%) Kingston, Jamaica FirstCaribbean International Bank (Cayman) Limited (91.7%) George Town, Grand Cayman, Cayman Islands FirstCaribbean International Finance Corporation (Netherlands Antilles) N.V. (91.7%) Curacao, Netherlands Antilles FirstCaribbean International Bank (Curacao) N.V. (91.7%) Curacao, Netherlands Antilles FirstCaribbean International Bank (Jamaica) Limited (91.7%) Kingston, Jamaica FirstCaribbean International Bank (Trinidad and Tobago) Limited (91.7%) Maraval, Port of Spain, Trinidad & Tobago FirstCaribbean International Trust Company (Bahamas) Limited (91.7%) Nassau, The Bahamas FirstCaribbean International Wealth Management Bank (Barbados) Limited (91.7%) Warrens, St. Michael, Barbados CIBC World Markets (Japan) Inc. Tokyo, Japan 48 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for Canadian Imperial Holdings Inc., CIBC Inc., CIBC Capital Corporation, CIBC World Markets Corp., CIBC Private Wealth Group, LLC, CIBC Private Wealth Advisors, Inc., and CIBC Bancorp USA Inc., which were incorporated or organized under the laws of the State of Delaware, U.S.; CIBC National Trust Company, which was organized under the laws of the U.S.; and CIBC World Markets (Japan) Inc., which was incorporated in Barbados. (2) The book value of shares of subsidiaries is shown at cost and may include non-voting (3) The book value of shares owned by CIBC is less than $1 million. In addition to the above, we consolidate certain SEs where we have control over the SE. See Note 7 for additional details. |
Financial instruments - disclos
Financial instruments - disclosures | 12 Months Ended |
Oct. 31, 2020 | |
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Financial instruments - disclosures | Note 2 8 Financial instruments – disclosures Certain disclosures required by IFRS 7 are provided in the shaded sections of the “MD&A – Management of risk”, as permitted by IFRS. The following table provides a cross referencing of those disclosures in the MD&A. Description Section For each type of risk arising from financial instruments, an entity shall disclose: the exposure to risks and how they arise; objectives, policies and processes used for managing the risks; methods used to measure the risk; and description of collateral. Risk overview Credit risk Market risk Liquidity risk Operational risk Reputation and legal risks Conduct risk Regulatory compliance risk Credit risk: gross exposure to credit risk, credit quality and concentration of exposures. Credit risk Market risk: trading portfolios – Value-at-Risk non-trading Market risk Liquidity risk: liquid assets, maturity of financial assets and liabilities, and credit commitments. Liquidity risk We have provided quantitative disclosures related to credit risk consistent with Basel guidelines in the “Credit risk” section of the MD&A. The table below sets out the categories of the on-balance $ millions, as at October 31 AIRB approach Standardized Other (1) Total subject to Not subject to Total 2020 Cash and deposits with banks $ 50,407 $ 10,207 $ 1,822 $ 62,436 $ 82 $ 62,518 Securities 91,099 11,961 – 103,060 45,986 149,046 Cash collateral on securities borrowed 8,543 4 – 8,547 – 8,547 Securities purchased under resale agreements 65,595 – – 65,595 – 65,595 Loans 363,425 44,087 1,138 408,650 1,672 410,322 Allowance for credit losses (2,600 ) (940 ) – (3,540 ) – (3,540 ) Derivative instruments 32,600 130 – 32,730 – 32,730 Customers’ liability under acceptances 9,606 – – 9,606 – 9,606 Other assets 15,518 462 7,739 23,719 11,008 34,727 Total credit exposures $ 634,193 $ 65,911 $ 10,699 $ 710,803 $ 58,748 $ 769,551 2019 Total credit exposures $ 535,483 $ 52,605 $ 8,671 $ 596,759 $ 54,845 $ 651,604 (1) Includes credit risk exposures arising from other assets that are subject to the credit risk framework but are not included in the standardized or AIRB frameworks, including other balance sheet assets which are risk-weighted at 100%, significant investments in the capital of non-financial |
Offsetting financial assets and
Offsetting financial assets and liabilities | 12 Months Ended |
Oct. 31, 2020 | |
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Offsetting financial assets and liabilities | Note 29 Offsetting financial assets and liabilities The following table identifies the amounts that have been offset on the consolidated balance sheet in accordance with the requirements of IAS 32 “Financial Instruments: Presentation”, and also those amounts that are subject to enforceable netting agreements but do not qualify for offsetting on the consolidated balance sheet either because we do not have a currently enforceable legal right to set-off Financial assets Amounts subject to enforceable netting agreements Gross financial Gross consolidated (1) Related amounts not set-off the consolidated balance sheet Amounts not netting (4) Net amounts the consolidated $ millions, as at October 31 Net Financial (2) Collateral (3) Net 2020 Derivatives $ 59,024 $ (29,989 ) $ 29,035 $ (19,347 ) $ (5,170 ) $ 4,518 $ 3,695 $ 32,730 Cash collateral on securities borrowed 8,547 – 8,547 – (8,267 ) 280 – 8,547 Securities purchased under resale agreements 68,335 (2,740 ) 65,595 – (65,178 ) 417 – 65,595 $ 135,906 $ (32,729 ) $ 103,177 $ (19,347 ) $ (78,615 ) $ 5,215 $ 3,695 $ 106,872 2019 Derivatives $ 42,156 $ (21,206 ) $ 20,950 $ (14,572 ) $ (3,888) $ 2,490 $ 2,945 $ 23,895 Cash collateral on securities borrowed 3,664 – 3,664 – (3,588 ) 76 – 3,664 Securities purchased under resale agreements 59,131 (3,020 ) 56,111 – (55,721 ) 390 – 56,111 $ 104,951 $ (24,226 ) $ 80,725 $ (14,572 ) $ (63,197 ) $ 2,956 $ 2,945 $ 83,670 Financial liabilities Amounts subject to enforceable netting agreements Gross financial Gross consolidated (1) Related amounts not set-off the consolidated balance sheet Amounts not netting (4) Net amounts the consolidated $ millions, as at October 31 Net Financial (2) Collateral (3) Net 2020 Derivatives $ 56,461 $ (29,989 ) $ 26,472 $ (19,347 ) $ (5,883 ) $ 1,242 $ 4,036 $ 30,508 Cash collateral on securities lent 1,824 – 1,824 – (1,719 ) 105 – 1,824 Obligations related to securities sold under repurchase agreements 74,393 (2,740 ) 71,653 – (71,368 ) 285 – 71,653 $ 132,678 $ (32,729 ) $ 99,949 $ (19,347 ) $ (78,970 ) $ 1,632 $ 4,036 $ 103,985 2019 Derivatives $ 43,941 $ (21,206 ) $ 22,735 $ (14,572 ) $ (6,840) $ 1,323 $ 2,378 $ 25,113 Cash collateral on securities lent 1,822 – 1,822 – (1,779 ) 43 – 1,822 Obligations related to securities sold under repurchase agreements 54,821 (3,020 ) 51,801 – (51,343 ) 458 – 51,801 $ 100,584 $ (24,226 ) $ 76,358 $ (14,572 ) $ (59,962) $ 1,824 $ 2,378 $ 78,736 (1) Comprises amounts related to financial instruments which qualify for offsetting. Derivatives cleared through the CME are considered to be settled-to-market collateralized-to-market. settled-to-market settled-to-market (2) Comprises amounts subject to set-off (3) Collateral received and pledged amounts are reflected at fair value, but have been limited to the net balance sheet exposure so as not to include any over-collateralization. (4) Includes contractual rights of set-off settled-to-market. The offsetting and collateral arrangements discussed above and other credit risk mitigation strategies used by CIBC are further explained in the “Credit risk” section of the MD&A. Certain amounts of securities received as collateral are restricted from being sold or re-pledged. |
Interest income and expense
Interest income and expense | 12 Months Ended |
Oct. 31, 2020 | |
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Interest income and expense | Note 3 0 Interest income and expense The table below provides the consolidated interest income and expense by accounting categories. $ millions, for the year ended October 31 Interest Interest 2020 Measured at amortized cost (1)(2) $ 15,055 $ 6,062 Debt securities measured at FVOC (1) 685 n/a Other (3) 1,782 416 Total $ 17,522 $ 6,478 2019 Measured at amortized cost (1)(2) $ 17,871 $ 9,824 Debt securities measured at FVOCI (1) 960 n/a Other (3) 1,866 322 Total $ 20,697 $ 10,146 2018 Measured at amortized cost (1)(2) $ 15,275 $ 7,139 Debt securities measured at FVOCI (1) 749 n/a Other (3) 1,481 301 Total $ 17,505 $ 7,440 (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) Effective November 1, 2019, includes interest income on sublease-related assets and interest expense on lease liabilities under IFRS 16. (3) 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 and geographic inform
Segmented and geographic information | 12 Months Ended |
Oct. 31, 2020 | |
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Segmented and geographic information | Note 3 1 Segmented and geographic information CIBC has four 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 centres, as well as through direct, mobile and remote channels. Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services to middle-market companies, entrepreneurs, high-net-worth U.S. Commercial Banking and Wealth Management delivers commercial banking and private wealth services across the U.S., as well as personal and small business banking services in four U.S. Midwestern markets and focuses on middle-market and mid-corporate companies and high-net-worth families. 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. Business unit allocations Revenue, expenses, and other balance sheet resources related to certain activities are generally allocated to the lines of business within the SBUs. Treasury activities impact the financial results of the SBUs. Each line of business within our SBUs is charged or credited with a market-based cost of funds on assets and liabilities, respectively, which impacts the revenue performance of the SBUs. Consistent with the changes discussed in the “Changes made to our business segments” section, this market-based cost of funds takes into account the cost of maintaining sufficient regulatory capital to support business requirements, including the cost of preferred shares. Once the interest and liquidity risks inherent in our client-driven assets and liabilities are transfer priced into Treasury, they are managed within CIBC’s risk framework and limits. The residual financial results associated with Treasury activities are reported in Corporate and Other, with the exception of certain Treasury activities in U.S. Commercial Banking and Wealth Management, which are reported in that SBU. Capital is attributed to the SBUs in a manner that is intended to consistently measure and align the costs with the underlying benefits and risks associated with SBU activities. Earnings on unattributed capital remain in Corporate and Other. As discussed in the “Changes made to our business segments” section, effective November 1, 2019, capital is attributed to the SBUs based on the estimated amount of regulatory capital required to support their businesses. We review our transfer pricing methodologies on an ongoing basis to ensure they reflect changing market environments and industry practices. To measure and report the results of operations of the lines of business within our Canadian Personal and Business Banking and Canadian Commercial Banking and Wealth Management SBUs, we use a Product Owner/Customer Segment/Distributor Channel allocation management model. The model uses certain estimates and methodologies to process internal transfers between lines of business for sales, renewals and trailer commissions. Periodically, the sales, renewals and trailer commission rates paid to customer segments for certain products/services are revised and applied prospectively. The non-interest expenses of the functional and support groups are generally allocated to the business lines within the SBUs based on appropriate criteria and methodologies. The basis of allocation is reviewed periodically to reflect changes in support to business lines. Other costs not directly attributable to business lines remain in Corporate and Other. We recognize provision for credit losses on both impaired (stage 3) and performing (stages 1 and 2) loans in the respective SBUs. Changes made to our business segments 2020 The following changes were made in the first quarter of 2020: • We changed the way that we allocate capital to our SBUs. Previously, we utilized an economic capital model to attribute capital to our SBUs. Effective November 1, 2019, capital is now allocated to the SBUs based on the estimated amount of regulatory capital required to support their businesses. • The transfer pricing methodology used by Treasury was enhanced to align with the changes that we made to our capital allocation methodology as discussed above. Concurrently with this change, we also made other updates and enhancements to our funds transfer pricing methodology as well as minor updates to certain allocation methodologies. 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. Results by reporting segments and geographic areas $ millions, for the year ended October 31 Canadian Canadian U.S. Capital Corporate CIBC Total Canada (1) U.S. (1) Caribbean (1) Other (1) 2020 Net interest income (2) $ 6,294 $ 1,248 $ 1,433 $ 1,910 $ 159 $ 11,044 $ 8,449 $ 1,583 $ 890 $ 122 Non-interest (3)(4) 2,194 2,873 621 1,577 432 7,697 5,243 1,167 616 671 Total revenue 8,488 4,121 2,054 3,487 591 18,741 13,692 2,750 1,506 793 Provision for (reversal of) credit losses 1,219 303 487 281 199 2,489 1,648 623 199 19 Amortization and impairment (5) 230 30 126 10 915 1,311 805 174 312 20 Other non-interest 4,373 2,149 1,007 1,624 898 10,051 7,991 1,336 530 194 Income (loss) before income taxes 2,666 1,639 434 1,572 (1,421 ) 4,890 3,248 617 465 560 Income taxes (2) 704 437 54 441 (538 ) 1,098 700 165 89 144 Net income (loss) $ 1,962 $ 1,202 $ 380 $ 1,131 $ (883 ) $ 3,792 $ 2,548 $ 452 $ 376 $ 416 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 2 $ 2 $ – $ – $ 2 $ – Equity shareholders 1,962 1,202 380 1,131 (885 ) 3,790 2,548 452 374 416 Average assets (6) $ 261,956 $ 65,839 $ 55,237 $ 221,117 $ 131,343 $ 735,492 $ 554,787 $ 122,721 $ 33,012 $ 24,972 2019 (7) Net interest income (2) $ 6,372 $ 1,205 $ 1,381 $ 1,253 $ 340 $ 10,551 $ 7,890 $ 1,405 $ 820 $ 436 Non-interest (3)(4) 2,383 2,822 583 1,707 565 8,060 6,008 1,099 643 310 Total revenue 8,755 4,027 1,964 2,960 905 18,611 13,898 2,504 1,463 746 Provision for (reversal of) credit losses 896 163 73 153 1 1,286 1,111 173 1 1 Amortization and impairment (5) 96 8 109 4 621 838 508 139 181 10 Other non-interest 4,649 2,098 1,010 1,512 749 10,018 7,985 1,290 556 187 Income (loss) before income taxes 3,114 1,758 772 1,291 (466 ) 6,469 4,294 902 725 548 Income taxes (2) 825 471 90 337 (375 ) 1,348 1,008 139 155 46 Net income (loss) $ 2,289 $ 1,287 $ 682 $ 954 $ (91 ) $ 5,121 $ 3,286 $ 763 $ 570 $ 502 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 25 $ 25 $ – $ – $ 25 $ – Equity shareholders 2,289 1,287 682 954 (116 ) 5,096 3,286 763 545 502 Average assets (6) $ 259,089 $ 62,552 $ 47,495 $ 184,566 $ 86,014 $ 639,716 $ 501,066 $ 99,152 $ 27,086 $ 12,412 2018 (7) Net interest income (2) $ 6,151 $ 1,091 $ 1,231 $ 1,432 $ 160 $ 10,065 $ 7,963 $ 1,204 $ 793 $ 105 Non-interest (3)(4) 2,444 2,745 529 1,503 548 7,769 6,030 895 567 277 Total revenue 8,595 3,836 1,760 2,935 708 17,834 13,993 2,099 1,360 382 Provision for (reversal of) credit losses 741 5 79 (30 ) 75 870 740 57 75 (2 ) Amortization and impairment (5) 98 9 107 4 439 657 469 136 44 8 Other non-interest 4,297 2,058 916 1,488 842 9,601 7,655 1,231 530 185 Income (loss) before income taxes 3,459 1,764 658 1,473 (648 ) 6,706 5,129 675 711 191 Income taxes (2) 919 478 97 387 (459 ) 1,422 1,021 288 72 41 Net income (loss) $ 2,540 $ 1,286 $ 561 $ 1,086 $ (189 ) $ 5,284 $ 4,108 $ 387 $ 639 $ 150 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 17 $ 17 $ – $ – $ 17 $ – Equity shareholders 2,540 1,286 561 1,086 (206 ) 5,267 4,108 387 622 150 Average assets (6) $ 259,131 $ 55,713 $ 41,238 $ 166,231 $ 76,128 $ 598,441 $ 476,224 $ 80,935 $ 31,101 $ 10,181 (1) Net income and average assets are allocated based on the geographic location where they are recorded. (2) U.S. Commercial Banking and Wealth Management and Capital Markets net interest income and income taxes include taxable equivalent basis (TEB) adjustments of nil and $183 million, respectively (2019: $2 million and $177 million, respectively; 2018: $2 million and $278 million, respectively) with an equivalent offset in Corporate and Other. (3) The fee and commission income within non-interest (4) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Manufacturer / Customer Segment / Distributor Management Model. (5) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill. (6) Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. (7) Certain prior period information has been revised. See the “Changes made to our business segments” section for additional details. The following table provides a breakdown of revenue from our reporting segments: $ millions, for the year ended October 31 2020 2019 (1) 2018 (1) Canadian Personal and Business Banking $ 8,488 $ 8,755 $ 8,595 Canadian Commercial Banking and Wealth Management Commercial banking $ 1,663 $ 1,633 $ 1,461 Wealth management 2,458 2,394 2,375 $ 4,121 $ 4,027 $ 3,836 U.S. Commercial Banking and Wealth Management (2) Commercial banking (3) $ 1,432 $ 1,353 $ 1,194 Wealth management 622 611 566 $ 2,054 $ 1,964 $ 1,760 Capital Markets (2) Global markets $ 2,143 $ 1,729 $ 1,694 Corporate and investment banking 1,344 1,231 1,241 $ 3,487 $ 2,960 $ 2,935 Corporate and Other (2) International banking $ 734 $ 798 $ 657 Other (143 ) 107 51 $ 591 $ 905 $ 708 (1) Certain prior period information has been revised. See the “Changes made to our business segments” section for additional details. (2) U.S. Commercial Banking and Wealth Management and Capital Markets revenue includes a TEB adjustment of nil and $183 million, respectively (2019: $2 million and $177 million, respectively; 2018: $2 million and $278 million, respectively) with an equivalent offset in Corporate and Other. (3) Certain information has been reclassified to conform to the presentation adopted in the first quarter of 2020. Commercial banking now includes the Other line of business, which includes the treasury activities relating to CIBC Bank USA, as these activities primarily support the commercial banking line of business. |
Future accounting policy change
Future accounting policy changes | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Future accounting policy changes | Note 3 2 Future accounting policy changes Conceptual Framework for Financial Reporting In March 2018, the IASB issued a revised version of its “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 also assists entities in developing accounting policies when no IFRS standard applies to a particular transaction, and more broadly, the Conceptual Framework helps entities to understand and interpret the standards. The Conceptual Framework is effective for annual periods beginning on or after January 1, 2020, which for us will be on November 1, 2020. The impact of the Conceptual Framework is not expected to be significant to our consolidated financial statements. IFRS 17 “Insurance Contracts” (IFRS 17) IFRS 17 “Insurance Contracts” (IFRS 17), issued in May 2017, replaces IFRS 4 “Insurance Contracts”. On June 25, 2020, the IASB issued amendments to IFRS 17 partly aimed at helping companies implement the standard. IFRS 17, incorporating the amendments, is effective for annual reporting periods beginning on or after January 1, 2023, which is a two-year We continue to evaluate the impact of IFRS 17 on our consolidated financial statements and to prepare for its implementation. We have established an Executive Steering Committee and a project team to support the implementation of IFRS 17. This team continues to determine the required changes to our accounting and actuarial policies resulting from the adoption of IFRS 17, including the amendments issued in June 2020, and to evaluate the required technology solution to support the new requirements. Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 In August 2020, the IASB issued “Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16”, which addresses issues that affect financial reporting once an existing rate is replaced with an alternative rate and provides specific disclosure requirements. The Phase 2 amendments provide relief for the modification of financial assets and financial liabilities, lease modifications, and specific hedge accounting requirements. The Phase 2 amendments are effective for annual periods beginning on or after January 1, 2021. As we elected to continue to apply the hedge accounting requirements of IAS 39 upon the adoption of IFRS 9, the amendments will apply to IAS 39, IFRS 7, IFRS 4 and IFRS 16 for us, mandatorily effective on November 1, 2021. Earlier application is permitted. We continue to evaluate the impact of the amendments on our consolidated financial statements. |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
IFRS 7 Disclosure | Management of risk We have provided certain disclosures required under IFRS 7 “Financial Instruments – Disclosures” (IFRS 7) related to the nature and extent of risks arising from financial instruments in the MD&A, as permitted by that IFRS standard. These disclosures are included in the “Risk overview”, “Credit risk”, “Market risk”, “Liquidity risk”, “Operational risk”, “Reputation and legal risks”, “Conduct risk”, and “Regulatory compliance risk” sections. Risk overview 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 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 on the effectiveness of CIBC’s governance practices, risk management processes, and internal control s A strong risk culture and communication between the three lines of defence are important characteristics of effective risk management. Risk governance structure Our risk governance structure is illustrated below: Board of Directors (the Board): The Board oversees the enterprise-wide risk management program through approval of our risk appetite, control framework and supporting risk management policies and limits. The Board accomplishes its mandate through its Audit, Risk Management, Management Resources and Compensation, and Corporate Governance committees, described below. Audit Committee (AC): The Audit Committee reviews the overall design and operating effectiveness of internal controls and the control environment, including controls over the risk management process. Risk Management Committee (RMC): This committee assists the Board in fulfilling its responsibilities for defining CIBC’s risk appetite and overseeing CIBC’s risk profile and performance against the defined risk appetite. This includes oversight of key frameworks, policies and risk limits related to the identification, measurement, monitoring and controlling of CIBC’s principal business risks. Management Resources and Compensation Committee (MRCC): This committee is responsible for assisting the Board in its global oversight of CIBC’s human capital strategy, including talent and total rewards, and the alignment with CIBC’s strategy, risk appetite and controls. Corporate Governance Committee (CGC): This committee is responsible for assisting the Board in fulfilling its corporate governance oversight responsibilities. Executive Committee (ExCo): The ExCo, led by the Chief Executive Officer (CEO) and including the executives reporting directly to the CEO, is responsible for setting business strategy and for monitoring, evaluating and managing risks across CIBC. The ExCo is supported by the following management governance committees: • Global Asset Liability Committee (GALCO): • Global Risk Committee (GRC): 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 Policies To control credit risk, prudent credit risk management principles are used as a base to establish policies, standards and guidelines that govern credit activities as outlined by the credit risk management policy. The credit risk management policy supplements CIBC’s risk management framework and risk appetite framework, and together with CIBC’s portfolio concentration limits for credit exposures, CIBC’s common risk/concentration risk limits for credit exposures, and other supporting credit risk policies, standards and procedures, assists CIBC in achieving its desired risk profile by providing an effective foundation for the management of credit risk. Credit risk limits The RMC approves Board limits, and exposures above Board limits require reporting to, or approval of, the RMC. Management limits are approved by the CRO. Usage is monitored to ensure risks are within allocated management and Board limits. Exposures above management limits require the approval of the CRO. Business lines may also impose lower limits to reflect the nature of their exposures and target markets. This tiering of limits provides for an appropriate hierarchy of decision making and reporting between management and the RMC. Credit approval authority flows from the Board and is further cascaded to officers in writing. The Board’s Investment and Lending Authority Resolution sets thresholds above which credits require reporting to, or approval of, the RMC, ensuring an increasing level of oversight for credits of higher risk. CIBC maintains country limits to control exposures within countries outside of Canada and the U.S. Credit concentration limits At a bank-wide level, credit exposures are managed to promote alignment to our risk appetite statement, to maintain the target business mix and to ensure that there is no undue concentration of risk. We set limits to control borrower concentrations by risk-rating band for large exposures (i.e., risk-rated credits). Direct loan sales, credit derivative hedges, or structured transactions may also be used to reduce concentrations. We also have a set of portfolio concentration limits in place to control exposures by country, industry, product and activity. Further, our policies require limits to be established as appropriate for new initiatives and implementation of strategies involving material levels of credit risk. Concentration limits represent the maximum exposure levels we wish to hold on our books. In the normal course, it is expected that exposures will be held at levels below the maximums. The credit concentration limits are reviewed and approved by the RMC at least annually. Credit concentration limits are also applied to our retail lending portfolios to mitigate concentration risk. We not only have concentration limits to individual borrowers and geographic regions, but also to different types of credit facilities, such as unsecured credits, rental occupancy purpose credits, condominium secured credits and mortgages with a second or third charge where we are behind another lender. In addition, we limit the maximum insured mortgage exposure to private insurers in order to reduce counterparty risk. Credit risk mitigation We may mitigate credit risk by obtaining a pledge of collateral, which improves recoveries in the event of a default. Our credit risk management policies include verification of the collateral and its value and ensuring that we have legal certainty with respect to the assets pledged. Valuations are updated periodically depending on the nature of the collateral, legal environment, and the creditworthiness of the counterparty. The main types of collateral include: (i) cash or marketable securities for securities lending and repurchase transactions; (ii) cash or marketable securities taken as collateral in support of our OTC derivatives activity; (iii) charges over operating assets such as inventory, receivables and real estate properties for lending to small business and commercial borrowers; and (iv) mortgages over residential properties for retail lending. In certain circumstances we may use third-party guarantees to mitigate risk. We also obtain insurance to reduce the risk in our real estate secured lending portfolios, the most material of which relates to the portion of our residential mortgage portfolio that is insured by CMHC, an agency of the Government of Canada. We mitigate the trading credit risk of OTC derivatives, securities lending and repurchase transactions with counterparties by employing the International Swaps and Derivatives Association (ISDA) Master Agreement, as well as Credit Support Annexes (CSAs) or similar master and collateral agreements. See Note 13 to the consolidated financial statements for additional details on the risks related to the use of derivatives and how we manage these risks. ISDA Master Agreements and similar master and collateral agreements, such as the global master repurchase agreement and global master securities lending agreement, facilitate cross transaction payments, prescribe close-out non-transaction-specific close-out CSAs and other collateral agreements are often included in ISDA Master Agreements or similar master agreements governing securities lending and repurchase transactions. They mitigate CCR by providing for the exchange of collateral between parties when a party’s exposure to the other exceeds agreed upon thresholds, subject to a minimum transfer amount. CSAs and other collateral agreements which operate with master agreements also designate acceptable collateral types, and set out rules for re-hypothecation Consistent with global initiatives to improve resilience in the financial system, we will clear derivatives through central counterparties (CCPs) where feasible. Credit derivatives may be used to reduce industry sector concentrations and single-name exposure. Process and control The credit approval process is centrally controlled, with all significant credit requests submitted to a credit adjudication group within Risk Management that is independent of the originating businesses. Approval authorities are a function of the risk and amount of credit requested. In certain cases, credit requests must be escalated to senior management, the CRO, or to the RMC for approval. After initial approval, individual credit exposures continue to be monitored. A formal risk assessment is completed at least annually for all risk rated accounts, including review of assigned rating s day-to-day Limited approval authorities were delegated to customer contact centres and originating businesses, to ensure we had the ability to respond to customer requests for payment relief on a timely basis as a result of the COVID-19 pandemic. We are closely monitoring these payment relief programs, to ensure that credit performance is realized as expected, including controls on the overall number of deferrals, and maintaining daily monitoring of delinquencies and insolvencies. Risk measurement Exposures subject to AIRB approach Under the AIRB approach we are required to categorize exposures to credit risk into broad classes of assets with different underlying risk characteristics. This asset categorization may differ from the presentation in our consolidated financial statements. Under the AIRB approach, credit risk is measured using the following three key risk parameters (1) • PD – the probability that the obligor will default within the next 12 months. • EAD – the estimate of the amount which will be drawn at the time of default. • LGD – the expected severity of loss as the result of the default, expressed as a percentage of the EAD. Our credit risk exposures are divided into business and government and retail portfolios. Regulatory models used to measure credit risk exposure under the AIRB approach are subject to CIBC’s model risk management process. (1) These parameters differ from those used in the calculation of ECL under IFRS 9. See the “Accounting and control matters” section for further details. Business and government portfolios (excluding scored small business) – risk-rating method The portfolios comprise exposures to corporate, sovereign, and bank obligors. Our adjudication process and criteria includes assigning an obligor default rating that reflects our estimate of the financial strength of the borrower, and a facility rating or LGD rating that reflects the collateral amount and quality applicable to secured exposures, the seniority position of the claim, and the capital structure of the borrower for unsecured exposures. The obligor rating takes into consideration our financial assessment of the obligor, the industry, and the economic environment of the region in which the obligor operates. Where a guarantee from a third party exists, both the obligor and the guarantor will be assessed. While our obligor rating is determined independently of external ratings for the obligor, our risk-rating methodology includes a review of those external ratings. CIBC employs a 20-point CIBC S&P Moody’s Grade rating equivalent equivalent Investment grade 00–47 AAA to BBB- Aaa to Baa3 Non-investment 51–67 BB+ to B- Ba1 to B3 Watch list 70–80 CCC+ to C Caa1 to Ca Default 90 D C We use quantitative modelling techniques to assist in the development of internal risk-rating systems. The risk-rating systems have been developed through analysis of internal and external credit risk data, supplemented with expert judgment. The risk ratings are used for portfolio management, risk limit setting, product pricing, and in the determination of regulatory and economic capital. Our credit process is designed to ensure that we approve applications and extend credit only where we believe that our client has the ability to repay according to the agreed terms and conditions. Our credit framework of policies and limits defines our appetite for exposure to any single name or group of related borrowers, which is a function of the internal risk rating. We generally extend new credit only to borrowers in the investment and non-investment In accordance with our process, each obligor is assigned an obligor default rating and the assigned rating is mapped to a PD estimate that represents a long-run one-year long-run Each facility is assigned an LGD rating and each assigned rating is mapped to an LGD estimate that considers economic downturn conditions. For corporate obligors, LGD estimates are primarily derived from internal historical recovery data. Time to resolution is typically 1 to 2 years for most corporate obligors, and 1 to 4 years in the real estate sector. LGD values are based on discounted post-default cash flows for resolved accounts and include material direct and indirect costs associated with collections. External data is used in some cases to supplement our analysis. Economic downturn periods are identified for each portfolio by examining the history of actual losses, default rates and LGD. For bank and sovereign exposures, LGD estimates are primarily driven by expert judgment supplemented with external data and benchmarks where available. Appropriate adjustments are made to LGD estimates to account for various uncertainties associated with estimation techniques and data limitations, including adjustments for unresolved accounts. EAD is estimated based on the current exposure to the obligor together with possible future changes in that exposure driven by factors such as the available undrawn credit commitment amount and the obligor default rating. EAD estimates are primarily based on internal historical loss data supplemented with comparable external data. Economic downturn periods are identified for each portfolio by examining the historical default rates and actual EAD factors. Appropriate adjustments are made to PD, LGD and EAD estimates to account for various uncertainties associated with estimation techniques and data limitations, including adjustments for unresolved accounts (for LGD). A simplified risk-rating process (slotting approach) is used for part of our uninsured Canadian commercial mortgage portfolio, which comprises non-residential loan-to-value Retail portfolios Retail portfolios are characterized by a large number of relatively small exposures. They comprise: real estate secured personal lending (residential mortgages and personal loans and lines secured by residential property); qualifying revolving retail exposures (credit cards, overdrafts and unsecured lines of credit); and other retail exposures (loans secured by non-residential We use scoring models in the adjudication of new retail credit exposures, which are based on statistical methods of analyzing the unique characteristics of the borrower, to estimate future behaviour. In developing our models, we use internal historical information from previous borrowers, as well as information from external sources, such as credit bureaus. The use of credit scoring models allows for consistent assessment across borrowers. There are specific guidelines in place for each product, and our adjudication decision will take into account the characteristics of the borrower, any guarantors, and the quality and sufficiency of the collateral pledged (if any). The lending process will include documentation of, where appropriate, satisfactory identification, proof of income, independent appraisal of the collateral and registration of security. Retail portfolios are managed as pools of homogeneous risk exposures, using external credit bureau scores and/or other behavioural assessments to group exposures according to similar credit risk profiles. These pools are established through statistical techniques. Characteristics used to group individual exposures vary by asset category; as a result, the number of pools, their size, and the statistical techniques applied to their management differ accordingly. The following table maps the PD bands to various risk levels: Risk level PD bands Exceptionally low 0.01%–0.20% Very low 0.21%–0.50% Low 0.51%–2.00% Medium 2.01%–10.00% High 10.01%–99.99% Default 100% For the purposes of the AIRB approach for retail portfolios, additional PD, LGD and EAD segmentation into homogenous risk exposures is established through statistical techniques. The principal statistical estimation technique is decision trees benchmarked against alternative techniques such as regression and random forests. Within real estate secured lending, we have two key parameter estimation models: mortgages and real estate secured personal lines of credit. Within qualifying revolving retail, we have three key parameter estimation models: credit cards, overdraft, and unsecured personal lines. A small percentage of credit cards, overdraft, and unsecured line accounts that do not satisfy the requirements for qualifying revolving retail are grouped into other retail parameter models. Within other retail, we have three key parameter models: margin lending, personal loans, and scored small business loans. Each parameter model pools accounts according to characteristics such as: delinquency, current credit bureau score, internal behaviour score, estimated current LTV ratio, account type, account age, utilization, outstanding balance, or authorized limit. PD is estimated as the average default rate over an extended period based on internal historical data, generally for a 5-to-10-year LGD is estimated based on observed recovery rates over an extended period using internal historical data. In determining our LGD estimate, we exclude any accounts that have not had enough time since default for the substantial majority of expected recovery to occur. This recovery period is product-specific and is typically in the range of 1 to 3 years. Accounts that cure from default and return to good standing are considered to have zero loss. We simulate the loss rate in a significant downturn based on the relationship(s) between LGD and one or more of the following: PD; housing prices, cure rate, and recovery time; or observed LGD in periods with above-average loss rates. We apply appropriate adjustments to address various types of estimation uncertainty including sampling error and trending. A regulatory floor is applied to all real estate secured exposures with the exception of insured mortgages. EAD for revolving products is estimated as a percentage of the authorized credit limit based on the observed EAD rates over an extended period using historical data. We simulate the EAD rate in a significant downturn based on the relationship(s) between the EAD rate and PD and/or the observed EAD rate in periods with above-average EAD rates. For term loan products, EAD is set equal to the outstanding balance. We apply appropriate adjustments to PD, LGD and EAD to address various types of estimation uncertainty including sampling error and trending. Back-testing We monitor the three key risk parameters – PD, EAD and LGD – on a quarterly basis for our business and government portfolios and on a monthly basis for our retail portfolios. Every quarter, the back-testing results are reported to OSFI and are presented to the business and Risk Management senior management for review and challenge. For each parameter, we identify any portfolios whose realized values are significantly above or significantly below expectations and then test to see if this deviation is explainable by changes in the economy. If the results indicate that a parameter model may be losing its predictive power, we prioritize that model for review and update. Stress testing As part of our regular credit portfolio management process, we conduct stress testing and scenario analyses on our portfolio to quantitatively assess the impact of various historical, as well as hypothetical, stressed conditions, versus limits determined in accordance with our risk appetite. Scenarios are selected to test our exposures to specific industries (e.g., oil and gas and real estate), products (e.g., mortgages and cards), or geographic regions (e.g., Europe and Caribbean). Results from stress testing are a key input into management decision making, including the determination of limits and strategies for managing our credit exposure. See the “Real estate secured personal lending” section for further discussion on our residential mortgage portfolio stress testing. Exposure to credit risk The portfolios are categorized based upon how we manage the business and the associated risks. Gross credit exposure amounts presented in the table below represent our estimate of EAD, which is net of derivative master netting agreements and CVA but is before allowance for credit losses or credit risk mitigation. Gross credit exposure amounts relating to our business and government portfolios are reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. Non-trading equity exposures are not included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting. $ millions, as at October 31 2020 2019 AIRB (1) Standardized Total AIRB (1) Standardized Total Business and government portfolios Corporate Drawn $ 102,342 $ 36,603 $ 138,945 $ 96,444 $ 32,292 $ 128,736 Undrawn commitments 49,473 7,339 56,812 44,732 6,244 50,976 Repo-style transactions 139,677 – 139,677 122,776 1 122,777 Other off-balance 14,085 1,016 15,101 14,540 981 15,521 OTC derivatives 10,858 786 11,644 14,125 596 14,721 316,435 45,744 362,179 292,617 40,114 332,731 Sovereign Drawn 133,077 22,664 155,741 73,036 13,301 86,337 Undrawn commitments 8,354 – 8,354 6,421 – 6,421 Repo-style transactions 38,904 – 38,904 21,404 – 21,404 Other off-balance 1,553 – 1,553 1,624 – 1,624 OTC derivatives 2,187 2 2,189 3,094 2 3,096 184,075 22,666 206,741 105,579 13,303 118,882 Banks Drawn 12,846 1,241 14,087 12,689 1,862 14,551 Undrawn commitments 1,552 16 1,568 1,771 6 1,777 Repo-style transactions 24,228 – 24,228 25,472 – 25,472 Other off-balance 59,761 – 59,761 61,532 – 61,532 OTC derivatives 5,805 21 5,826 9,355 18 9,373 104,192 1,278 105,470 110,819 1,886 112,705 Gross business and government portfolios 604,702 69,688 674,390 509,015 55,303 564,318 Less: collateral held for repo-style transactions 187,832 – 187,832 157,415 – 157,415 Net business and government portfolios 416,870 69,688 486,558 351,600 55,303 406,903 Retail portfolios Real estate secured personal lending Drawn 231,527 4,799 236,326 222,933 4,177 227,110 Undrawn commitments (2) 31,390 – 31,390 20,777 1 20,778 262,917 4,799 267,716 243,710 4,178 247,888 Qualifying revolving retail Drawn 18,701 – 18,701 19,784 – 19,784 Undrawn commitments (2) 53,085 – 53,085 49,709 – 49,709 Other off-balance 271 – 271 275 – 275 72,057 – 72,057 69,768 – 69,768 Other retail Drawn 14,869 1,326 16,195 13,478 1,268 14,746 Undrawn commitments (2) 2,819 28 2,847 2,584 26 2,610 Other off-balance 35 – 35 36 – 36 17,723 1,354 19,077 16,098 1,294 17,392 Total retail portfolios 352,697 6,153 358,850 329,576 5,472 335,048 Securitization exposures 12,276 3,509 15,785 10,688 3,511 14,199 Gross credit exposure 969,675 79,350 1,049,025 849,279 64,286 913,565 Less: collateral held for repo-style transactions 187,832 – 187,832 157,415 – 157,415 Net credit exposure (3) $ 781,843 $ 79,350 $ 861,193 $ 691,864 $ 64,286 $ 756,150 (1) Includes exposures subject to the supervisory slotting approach. (2) Increases in EAD in the current year include the impact of certain parameter updates in our regulatory models that were made in the first quarter of 2020 as part of our ongoing monitoring and review process. (3) Excludes exposures arising from derivative and repo-style transactions that are cleared through QCCPs as well as credit risk exposures arising from other assets that are subject to the credit risk framework but are not included in the standardized or IRB frameworks, including other balance sheet assets that are risk-weighted at 100%, significant investments in the capital of non-financial Exposures subject to the standardized approach (1) Exposures within CIBC Bank USA, CIBC FirstCaribbean and certain exposures to individuals for non-business $ millions, as at October 31 Risk-weight category 2020 2019 0% 20% 35% 50% 75% 100% 150% Total Total Corporate $ – $ – $ – $ – $ – $ 45,592 $ 152 $ 45,744 $ 40,114 Sovereign 17,648 3,442 – 138 – 906 532 22,666 13,303 Banks – 1,189 – 1 – 78 10 1,278 1,886 Real estate secured personal lending – – 1,742 – 2,883 170 4 4,799 4,178 Other retail – – – – 1,289 59 6 1,354 1,294 $ 17,648 $ 4,631 $ 1,742 $ 139 $ 4,172 $ 46,805 $ 704 $ 75,841 $ 60,775 (1) See “Securitization exposures” section for securitization exposures that are subject to the standardized approach. Trading credit exposures 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 further explained in Note 1 3 The PD of our counterparties is estimated using models consistent with the models used for our direct lending activity. Due to the fluctuations in the market values of interest rates, exchange rates, and equity and commodity prices, counterparty credit exposure cannot be quantified with certainty at the inception of the trade. Counterparty credit exposure is estimated using the current fair value of the exposure, plus an estimate of the maximum potential future exposure due to changes in the fair value. Credit risk associated with these counterparties is managed within the same process as our lending business, and for the purposes of credit adjudication, the exposure is aggregated with any exposure arising from our lending business. The majority of our counterparty credit exposure benefits from the credit risk mitigation techniques discussed above, including daily re-margining, and posting of collateral. We are also exposed to wrong-way risk. Specific wrong-way risk arises when CIBC receives financial collateral issued (or an underlying reference obligation of a transaction is issued) by the counterparty itself, or by a related entity that would be considered to be part of the same common risk group. General wrong-way risk arises when the exposure and/or collateral pledged to CIBC is highly correlated to that of the counterparty. Exposure to wrong-way risk with derivative counterparties is monitored by Capital Markets Risk Management. Where we may be exposed to wrong-way risk, our adjudication procedures subject those transactions to a more rigorous approval process. The exposure may be hedged with other derivatives to further mitigate the risk that can arise from these transactions. We establish a CVA for expected future credit losses from each of our derivative counterparties. The expected future credit loss is a function of our estimates of the PD, the estimated loss in the event of default, and other factors such as risk mitigants. Rating profile of OTC derivative mark-to-market $ billions, as at October 31 2020 2019 Exposure (1) Investment grade $ 7.46 74.9 % $ 5.40 82.4 % Non-investment 2.40 24.1 1.12 17.1 Watch list 0.07 0.7 0.02 0.3 Default 0.03 0.3 0.01 0.2 Unrated – – – – $ 9.96 100.0 % $ 6.55 100.0 % (1) MTM of the OTC derivative contracts is after the impact of master netting agreements, but before any collateral. Concentration of exposures Concentration of credit risk exists when a number of obligors are engaged in similar activities, or operate in the same geographic areas or industry sectors, and have similar economic characteristics so that their ability to meet contractual obligations is similarly affected by changes in economic, political, or other conditions. Geographic distribution (1) The following table provides a geographic distribution of our business and government exposures under the AIRB approach, net of collateral held for repo-style transactions. $ millions, as at October 31, 2020 Canada U.S. Europe Other Total Drawn $ 173,199 $ 55,051 $ 8,396 $ 11,619 $ 248,265 Undrawn commitments 45,684 9,717 2,402 1,576 59,379 Repo-style transactions 7,787 4,022 1,241 1,927 14,977 Other off-balance 59,188 9,422 6,138 651 75,399 OTC derivatives 9,926 3,770 3,279 1,875 18,850 $ 295,784 $ 81,982 $ 21,456 $ 17,648 $ 416,870 October 31, 2019 $ 237,234 $ 73,900 $ 23,150 $ 17,316 $ 351,600 (1) Classification by country is primarily based on domicile of debtor or customer. Business and government exposure by industry groups The following table provides an industry-wide breakdown of our business and government exposures under the AIRB approach, net of collateral held for repo-style transactions. Undrawn Repo-style Other off- OTC 2020 2019 $ millions, as at October 31 Drawn commitments transactions balance sheet derivatives Total Total (1) Commercial mortgages $ 8,373 $ 47 $ – $ – $ – $ 8,420 $ 7,544 Financial institutions 81,967 7,673 14,318 66,312 9,775 180,045 140,284 Retail and wholesale 5,167 3,652 – 225 239 9,283 9,142 Business services 7,047 3,264 18 595 215 11,139 11,000 Manufacturing – capital goods 2,791 2,036 – 365 205 5,397 5,898 Manufacturing – consumer goods 3,455 2,052 – 214 95 5,816 6,024 Real estate and construction 30,216 8,257 142 1,166 871 40,652 38,358 Agriculture 6,771 1,767 – 26 196 8,760 8,575 Oil and gas 9,649 8,532 – 1,039 2,305 21,525 21,813 Mining 1,363 2,931 – 723 114 5,131 5,326 Forest produ |
Basis of preparation and summ_2
Basis of preparation and summary of significant accounting policies (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Statement [LineItems] | |
Use of estimates and assumptions | Use of estimates and assumptions 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 (SEs), 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. Actual results could differ from these estimates and assumptions. |
Basis of consolidation | Basis of consolidation We consolidate entities over which we have control. We have control over another entity when we have: (i) power to direct relevant activities of the entity; (ii) exposure, or rights, to variable returns from our involvement with the entity; and (iii) the ability to affect those returns through our power over the entity. Subsidiaries Subsidiaries are entities over which CIBC has control. Generally, CIBC has control of its subsidiaries through a shareholding of more than 50% of the voting rights, and has significant exposure to the subsidiaries based on its ownership interests of more than 50%. The effects of potential voting rights that CIBC has the practical ability to exercise are considered when assessing whether control exists. Subsidiaries are consolidated from the date control is obtained by CIBC and are deconsolidated from the date control is lost. Consistent accounting policies are applied for all consolidated subsidiaries. Details of our significant subsidiaries are provided in Note 27. Structured entities An SE is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the significant relevant activities are directed by contractual arrangements. SEs often have some or all of the following features or attributes: (i) restricted activities; (ii) a narrow and well-defined objective, such as to securitize our own financial assets or third-party financial assets to provide sources of funding or to provide investment opportunities for investors by passing on risks and rewards associated with the assets of the SE to investors; (iii) insufficient equity to permit the SE to finance its activities without subordinated financial support; or (iv) financing in the form of multiple contractually linked instruments to investors that create concentrations of credit or other risks. Examples of SEs include securitization vehicles, asset-backed financings, and investment funds. When voting rights are not relevant in deciding whether CIBC has power over an entity, particularly for complex SEs, the assessment of control considers all facts and circumstances, including the purpose and design of the investee, its relationship with other parties and each party’s ability to make decisions over significant activities, and whether CIBC is acting as a principal or as an agent. Consolidation conclusions are reassessed whenever there is a change in the specific facts and circumstances relevant to one or more of the three elements of control. Factors that trigger the reassessment include, but are not limited to, significant changes in ownership structure of the entities, changes in contractual or governance arrangements, provision of a liquidity facility beyond the original terms, transactions with the entities that were not contemplated originally and changes in the financing structure of the entities. Transactions eliminated on consolidation All intercompany transactions, balances and unrealized gains and losses on transactions are eliminated on consolidation. Non-controlling Non-controlling non-controlling |
Associates and joint ventures | Associates and joint ventures We classify investments in entities over which we have significant influence, and that are neither subsidiaries nor joint ventures, as associates. Significant influence is presumed to exist where we hold, either directly or indirectly, between 20% and 50% of the voting rights of an entity, or, in the case of a limited partnership, where CIBC is a co-general Investments in associates and interests in joint ventures are accounted for using the equity method. Under the equity method, such investments are initially measured at cost, including attributable goodwill and intangible assets, and are adjusted thereafter for the post-acquisition change in our share of the net assets of the investment. In applying the equity method for an investment that has a different reporting period from that of CIBC, adjustments are made for the effects of any significant events or transactions that occur between the reporting date of the investment and CIBC’s reporting date. |
Foreign currency translation | Foreign currency translation Monetary assets and liabilities and non-monetary Assets and liabilities of foreign operations with a functional currency other than the Canadian dollar, including goodwill and fair value adjustments arising on acquisition, are translated into Canadian dollars at the exchange rates prevailing as at the consolidated balance sheet date, while revenue and expenses of these foreign operations are translated into Canadian dollars at the average monthly exchange rates. Exchange gains and losses arising from the translation of these foreign operations and from the results of hedging the net investment in these foreign operations, net of applicable taxes, are included in Net foreign currency translation adjustments, in AOCI. Any accumulated exchange gains and losses, including the impact of hedging, and any applicable taxes in AOCI are reclassified into the consolidated statement of income when there is a disposal of a foreign operation, including a partial disposal of a foreign operation that involves the loss of control. On partial disposal of a foreign operation that does not involve the loss of control, the proportionate share of the accumulated exchange gains and losses, including the impact of hedging, and any applicable taxes previously recognized in AOCI are reclassified into the consolidated statement of income. |
Purchased loans | Purchased loans Both purchased performing and purchased credit-impaired loans are initially measured at their acquisition date fair values. As a result of recording these loans at fair value, no allowance for credit losses is recognized in the purchase equation at the acquisition date. Fair value is determined by estimating the principal and interest cash flows expected to be collected and discounting those cash flows at a market rate of interest. At the acquisition date, we classify a loan as performing where we expect timely collection of all amounts in accordance with the original contractual terms of the loan and as credit-impaired where it is probable that we will not be able to collect all contractually required payments. For purchased performing loans, the acquisition date fair value adjustment on each loan is amortized to interest income over the expected remaining life of the loan using the effective interest rate method. The remaining unamortized amounts relating to those loans are recorded in income in the period that the loan is repaid. ECL allowances are established in Provision for credit losses in the consolidated statement of income immediately after the acquisition date based on classifying each loan in stage 1, since the acquisition date is established as the initial recognition date of purchased performing loans for the purpose of assessing whether a significant increase in credit risk has occurred. Subsequent to the acquisition date, ECL allowances are estimated in a manner consistent with our significant increase in credit risk and impairment policies that we apply to loans that we originate. For purchased credit-impaired loans, the acquisition date fair value adjustment on each loan consists of management’s estimate of the shortfall of principal and interest cash flows expected to be collected and the time value of money. The time value of money component of the fair value adjustment is amortized to interest income over the expected remaining life of the loan using the effective interest rate method. Subsequent to the acquisition date, we regularly re-estimate |
Originated credit impaired financial assets | Originated credit impaired financial assets The accounting for originated credit-impaired financial assets operates in a similar manner to the accounting for purchased credit-impaired loans in that originated credit-impaired assets are initially recognized at fair value with no initial ECL allowance as concerns about the collection of future cash flows are instead reflected in the origination date discount. The time value of money component of the discount is amortized to interest income over the expected remaining life of the financial asset using the effective interest rate method. Changes in expectation regarding the contractual cash flows for loans are recognized immediately in provision for credit losses and for securities are recognized in Gains (losses) from debt securities measured at FVOCI and amortized cost, net. This accounting generally applies to financial assets that result from debt restructuring arrangements in which a previously impaired financial asset is exchanged for a new financial asset that is either recognized at a fair value that represents a deep discount to par or for which there are significant concerns over the ability to collect the contractual cash flows. |
Determination of fair value | Determination of fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability between market participants in an orderly transaction in the principal market at the measurement date under current market conditions (i.e., the exit price). Fair value measurements are categorized into three levels within a fair value hierarchy (Level 1, 2 or 3) based upon the market observability of the valuation inputs used in measuring the fair value. See Note 3 for more details about fair value measurement subsequent to initial recognition by type of financial instrument. |
Transaction costs | Transaction costs Transaction costs relating to financial instruments mandatorily measured or designated at FVTPL are expensed as incurred. Transaction costs are amortized over the expected life of the instrument using the effective interest rate method for instruments measured at amortized cost, and debt instruments measured at FVOCI. For equity instruments designated at FVOCI, transaction costs are included in the instrument’s carrying value. |
Date of recognition of securities | Date of recognition of securities We account for all securities transactions on our consolidated balance sheet using settlement date accounting. |
Effective interest rate | Effective interest rate Interest income and expense for all financial instruments measured at amortized cost and for debt securities measured at FVOCI is recognized in Interest income and Interest expense using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments through the expected life of the financial instrument to the net carrying value of the financial asset or liability upon initial recognition. When calculating the effective interest rate, we estimate future cash flows considering all contractual terms of the financial instrument, but not future credit losses. Fees relating to loan origination, including commitment, restructuring and renegotiation fees, are considered an integral part of the yield earned on the loan and are accounted for using the effective interest rate method. Fees received for commitments that are not expected to result in a loan are included in Non-interest Non-interest Interest income is recognized on stage 1 and stage 2 financial assets measured at amortized cost by applying the effective interest rate to the gross carrying amount of the financial instrument. For stage 3 financial instruments, interest income is recognized using the rate of interest used to discount the estimated future cash flows for the purpose of measuring the impairment loss and applied to the net carrying value of the financial instrument. |
Securitizations and derecognition of financial assets | Securitizations and derecognition of financial assets Securitization of our own assets provides us with an additional source of liquidity. As we generally retain substantially all of the risks and rewards of the transferred assets, assets remain on the consolidated balance sheet and funding from these transactions is accounted for as Deposits – secured borrowing transactions. Securitizations to non-consolidated • Our contractual right to receive cash flows from the assets has expired; • We transfer our contractual rights to receive the cash flows of the financial asset, and have: (i) transferred substantially all the risks and rewards of ownership, or (ii) neither retained nor transferred substantially all the risks and rewards, but have not retained control; or • The transfer meets the criteria of a qualifying pass-through arrangement. |
Derecognition of financial liabilities | Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires. If an existing financial liability is replaced by another liability from the same lender on substantially different terms, or the terms of the existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference in the respective carrying values is recognized in the consolidated statement of income. The repurchase of a debt instrument is considered an extinguishment of that debt instrument even if we intend to resell the instrument in the near term. |
Financial guarantees | Financial guarantees Financial guarantees are financial contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantee contracts issued by CIBC that are not classified as insurance contracts are initially recognized as a liability at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantees, which is generally the premium received or receivable on the date the guarantee was given. Subsequently, financial guarantee liabilities are measured at the higher of the initial fair value, less cumulative amortization, and the applicable ECL allowances. A financial guarantee that qualifies as a derivative is remeasured at fair value as at each reporting date and reported as Derivative instruments in assets or liabilities, as appropriate. |
Mortgage commitments | Mortgage commitments Mortgage interest rate commitments are extended to our retail clients in contemplation of borrowing to finance the purchase of homes under mortgages to be funded by CIBC in the future. These commitments are usually for periods of up to 120 days and generally entitle the borrower to receive funding at the lower of the interest rate at the time of the commitment and the rate applicable at the funding date. We use financial instruments, such as interest rate derivatives, to economically hedge our exposure to an increase in interest rates. Based on our estimate of the commitments expected to be exercised, a financial liability would be recognized on our consolidated balance sheet, to which we apply the FVO. We also carry the associated economic hedges at fair value on the consolidated balance sheet. Changes in the fair value of the FVO commitment liability and the associated economic hedges are included in gains (losses) from financial instruments measured/designated at FVTPL. In addition, since the fair value of the commitments is priced into the mortgage, the difference between the mortgage amount and its fair value at funding is recognized in the consolidated statement of income to offset the carrying value of the mortgage commitment that is released upon its expiry. |
Offsetting of financial assets and financial liabilities | Offsetting of financial assets and financial liabilities Financial assets and financial liabilities are offset, and the amount presented net, when we have a legally enforceable right to set off the recognized amounts and intend to settle on a net basis or to realize the asset and settle the liability simultaneously. |
Acceptances and customers' liability under acceptances | Acceptances and customers’ liability under acceptances Acceptances constitute a liability of CIBC on negotiable instruments issued to third parties by our customers. We earn a fee for guaranteeing and then making the payment to the third parties. The amounts owed to us by our customers in respect of these guaranteed amounts are reflected in assets as Customers’ liability under acceptances. |
Securities purchased under resale agreements and obligations related to securities sold under repurchase agreements | Securities purchased under resale agreements and obligations related to securities sold under repurchase agreements Securities purchased under resale agreements are treated as collateralized lending transactions as they represent the purchase of securities affected with a simultaneous agreement to sell them back at a future date at a fixed price, which is generally near term. These transactions are classified and measured at amortized cost, as they meet the SPPI criteria and are managed under a hold to collect business model, unless they were classified at FVTPL or designated under the FVO. For Securities purchased under resale agreements that are classified at amortized cost, an ECL is applied. Interest income is accrued using the effective interest rate method and is included in Interest income – Securities borrowed or purchased under resale agreements in the consolidated statement of income. Similarly, securities sold under agreements to repurchase are treated as collateralized borrowing transactions at amortized cost with interest expense accrued using the effective interest rate method and are included in Interest expense – Securities lent or sold under repurchase agreements in the consolidated statement of income. Certain obligations related to securities sold under repurchase agreements are designated at FVTPL under the FVO. |
Cash collateral on securities borrowed and securities lent | Cash collateral on securities borrowed and securities lent The right to receive back cash collateral paid and the obligation to return cash collateral received on borrowing and lending of securities, which is generally near term, is recognized as cash collateral on securities borrowed and securities lent, respectively. These transactions are classified and measured at amortized cost as they meet the SPPI criteria and are managed under a hold to collect business model. For Cash collateral on securities borrowed classified at amortized cost, an ECL is applied. Interest income on cash collateral paid and interest expense on cash collateral received together with the security borrowing fees and security lending income are included in Interest income – Securities borrowed or purchased under resale agreements and Interest expense – Securities lent or sold under repurchase agreements, respectively. For securities borrowing and lending transactions where securities are pledged or received as collateral, securities pledged by CIBC remain on the consolidated balance sheet and securities received by CIBC are not recognized on the consolidated balance sheet. |
Derivatives | Derivatives We use derivative instruments for both asset/liability management (ALM) and trading purposes. The derivatives used for ALM purposes allow us to manage financial risks, such as movements in interest and foreign exchange rates, while our derivative trading activities are primarily driven by client trading activities. We may also take proprietary trading positions with the objective of earning income. All derivative instruments are recognized initially, and are measured subsequently, at fair value and are reported as assets where they have a positive fair value and as liabilities where they have a negative fair value, in both cases as derivative instruments. Any realized and unrealized gains or losses on derivatives used for trading purposes were recognized immediately in Gains (losses) from financial instruments measured/designated at FVTPL, net. The accounting for derivatives used for ALM purposes depends on whether they qualify for hedge accounting as discussed below. Fair values of exchange-traded derivatives are based on quoted market prices. Fair values of over-the-counter Derivatives used for ALM purposes that qualify for hedge accounting As permitted at the time of transition to IFRS 9, we have elected to continue to apply the hedge accounting requirements of IAS 39. However, in 2018, we adopted the new hedge accounting disclosure requirements under the amendments to IFRS 7 “Financial Instruments: Disclosures.” Details of the additional disclosures are provided in Note 14. We apply hedge accounting for derivatives held for ALM purposes that meet specified criteria. There are three types of hedges: fair value, cash flow and hedges of net investments in foreign operations (NIFOs). When hedge accounting is not applied, the change in the fair value of the derivative is recognized in the consolidated statement of income (see “Derivatives used for ALM purposes that are not designated for hedge accounting” below). In order for derivatives to qualify for hedge accounting, the hedge relationship must be designated and formally documented at its inception in accordance with IAS 39. The particular risk management objective and strategy, the specific asset, liability or cash flow being hedged, as well as how hedge effectiveness is assessed, are documented. Hedge effectiveness requires a high correlation of changes in fair values or cash flows between the hedged and hedging items. We assess the effectiveness of derivatives in hedging relationships, both at inception and on an ongoing basis. Ineffectiveness results to the extent that the change in the fair value of the hedging derivative differs from the change in the fair value of the hedged risk in the hedged item, or the cumulative change in the fair value of the hedging derivative exceeds the cumulative change in the fair value of expected future cash flows of the hedged item. The amount of ineffectiveness of hedging instruments is recognized immediately in the consolidated statement of income. Fair value hedges We designate fair value hedges primarily as part of interest rate risk management strategies that use derivatives to hedge changes in the fair value of financial instruments with fixed interest rates. Changes in fair value attributed to the hedged interest rate risk are accounted for as basis adjustments to the hedged financial instruments and are included in Net interest income. Changes in fair value from the hedging derivatives are also included in Net interest income. Any differences between the two represent hedge ineffectiveness that is included in Net interest income. Similarly, for hedges of foreign exchange risk, changes in the fair value from the hedging derivatives and non-derivatives If the hedging instrument expires or is sold, terminated or exercised, or where the hedge no longer meets the criteria for hedge accounting, the hedge relationship is terminated and the basis adjustment applied to the hedged item is amortized over the remaining term of the hedged item. If the hedged item is derecognized, the unamortized basis adjustment is recognized immediately in the consolidated statement of income. Cash flow hedges We designate cash flow hedges as part of interest rate risk management strategies that use derivatives to mitigate our risk from variable cash flows by effectively converting certain variable-rate financial instruments to fixed-rate financial instruments, and as part of foreign exchange rate risk management strategies to hedge forecasted foreign currency denominated cash flows. We also designate cash flow hedges to hedge changes in CIBC’s share price in respect of certain cash-settled share-based payment awards. The effective portion of the change in fair value of the derivative instrument is recognized in OCI until the variability in cash flows being hedged is recognized in the consolidated statement of income in future accounting periods, at which time an appropriate portion of the amount that was in AOCI is reclassified into the consolidated statement of income. The ineffective portion of the change in fair value of the hedging derivative is included in Net interest income, FXOTT, or Non-interest If the hedging instrument expires or is sold, terminated or exercised, or where the hedge no longer meets the criteria for hedge accounting, the hedge relationship is terminated. Upon termination of the hedge relationship, any remaining amount in AOCI remains therein until it is recognized in the consolidated statement of income when the variability in cash flows hedged or the hedged forecast transaction is ultimately recognized in the consolidated statement of income. When the forecasted transaction is no longer expected to occur, the related cumulative gain or loss in AOCI is recognized immediately in the consolidated statement of income. Hedges of NIFOs with a functional currency other than the Canadian dollar We may designate NIFO hedges to mitigate the foreign exchange risk on our NIFOs with a functional currency other than the Canadian dollar. These hedges are accounted for in a similar manner to cash flow hedges. The change in fair value of the hedging instrument relating to the effective portion is recognized in OCI. The change in fair value of the hedging instrument attributable to the forward points and relating to the ineffective portion is recognized immediately in FXOTT. Gains and losses in AOCI are reclassified to the consolidated statement of income upon the disposal or partial disposal of the investment in the foreign operation that involves the loss of control, as explained in the “Foreign currency translation” policy above. Derivatives used for ALM purposes that are not designated for hedge accounting The change in fair value of the derivatives not designated as accounting hedges but used to economically hedge FVO assets or liabilities is included in Gains (losses) from financial instruments measured/designated at FVTPL, net. The change in fair value of other derivatives not designated as accounting hedges but used for other economic hedging purposes is included in Non-interest |
Embedded derivatives | Embedded derivatives Derivatives embedded in financial liabilities are accounted for as separate derivatives when their economic characteristics and risks are not closely related to those of the host instrument and the terms of the embedded derivative represent those of a freestanding derivative in situations where the combined instrument is not classified as FVTPL or FVO. These embedded derivatives, which are classified together with the host instrument on the consolidated balance sheet, are measured at fair value, with changes therein included in the consolidated statement of income. The residual amount of the host liability is accreted to its maturity value through Interest income and Interest expense, respectively, using the effective interest rate method. Gains at inception on derivatives embedded in financial instruments bifurcated for accounting purposes are not recognized at inception; instead they are recognized over the life of the residual host instrument. Where an embedded derivative is separable from the host instrument but the fair value, as at the acquisition or reporting date, cannot be reliably measured separately or is otherwise not bifurcated, the entire combined contract is measured at FVTPL. Financial assets with embedded derivatives are classified in their entirety into the appropriate classification at initial recognition through an assessment of the contractual cash flow characteristics of the asset and the business model under which it is managed. |
Accumulated other comprehensive income | Accumulated other comprehensive income AOCI is included on the consolidated balance sheet as a separate component of total equity, net of income tax. It includes net unrealized gains and losses on FVOCI debt and equity securities, the effective portion of gains and losses on derivative instruments designated within effective cash flow hedges under IAS 39, unrealized foreign currency translation gains and losses on foreign operations with a functional currency other than the Canadian dollar net of gains or losses on related hedges, net gains (losses) related to fair value changes of FVO liabilities attributable to changes in own credit risk, and net gains (losses) on post-employment defined benefit plans. |
Treasury shares | Treasury shares Where we repurchase our own equity instruments, these instruments are treated as treasury shares and are deducted from equity at their cost with any gain or loss recognized in Contributed surplus or Retained earnings as appropriate. No gain or loss is recognized in the consolidated statement of income on the purchase, sale, issue or cancellation of our own equity instruments. Any difference between the carrying value and the consideration, if reissued, is also included in Contributed surplus. |
Liabilities and equity | Liabilities and equity We classify financial instruments as a liability or equity based on the substance of the contractual arrangement. An instrument is classified as a liability if it is a contractual obligation to deliver cash or another financial asset, or to exchange financial assets or financial liabilities at potentially unfavourable terms. A contract is also classified as a liability if it is a non-derivative |
Property and equipment | Property and equipment Land is recognized initially at cost and is subsequently measured at cost less any accumulated impairment losses. Buildings, furniture, equipment and leasehold improvements are recognized initially at cost and are subsequently measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation commences when the assets are available for use and is recognized on a straight-line basis to depreciate the cost of these assets to their estimated residual value over their estimated useful lives. The estimated useful lives are as follows: • Buildings – 40 years • Computer equipment – 3 to 7 years • Office furniture and other equipment – 4 to 15 years • Leasehold improvements – over the estimated useful life Depreciation methods, useful lives and residual values are reviewed at each annual reporting date and are adjusted if appropriate. Gains and losses on disposal are included in Non-interest Prior to the adoption of IFRS 16 on November 1, 2019, we considered a portion of land and a building underlying a finance lease arrangement as investment property since we sub-lease Rental income is included in Non-interest |
Leases | Leases CIBC adopted IFRS 16 “Leases” (IFRS 16) in place of IAS 17 “Leases” as of November 1, 2019. We applied IFRS 16 on a modified retrospective basis. As permitted, we did not restate our prior period comparative consolidated financial statements, which were reported under the prior guidance. The impact of adopting IFRS 16 is discussed in Note 8. As a lessee, we recognize a right-of-use asset and a corresponding lease liability based on the present value of future lease payments, less any lease incentives receivable, when the lessor makes the leased asset available for use to CIBC, based on the non-cancellable portion of the lease term, adjusted for any renewal or termination options that are reasonably certain to be exercised. Measurement of the right-of-use asset also includes any initial direct costs of procuring the lease, and any lease payments made or lease incentives received prior to lease commencement. Discount rates are based on the rate implicit in the lease, if determinable, or on CIBC’s incremental borrowing rate. Where a property lease contains both a lease and non-lease component, we have elected not to allocate the consideration in the contract to each of the components. Subsequent to initial measurement, CIBC measures the lease liability by increasing the carrying amount to reflect interest on the lease liability based on the discount rate at the time of recognition and reducing the carrying amount to reflect lease payments made during the period, net of any remeasurements for lease reassessment or modifications. The right-of-use asset is measured using the cost model, and amortized on a straight-line basis over the lease term. Right-of-use assets and the corresponding lease liabilities are recognized in Property and equipment and Other liabilities, respectively, on our consolidated balance sheet. The right-of-use asset and the corresponding lease liability are remeasured when there is a change in lease term, a change in the assessment of an option to purchase a leased asset, a change in the expected residual value guarantee (if any), or a change in future lease payments due to a change in the index or rate applicable to the payment. Right-of-use assets are tested for impairment as required under IAS 36 “Impairment of Assets”. In addition, the evaluation of the useful life for depreciation is assessed under IAS 36. Lease payments for low-value assets, short-term leases and variable leases are systematically recognized in Non-interest expenses based on the nature of the expense. As an intermediate lessor, we classify a sublease as an operating or finance sublease based on whether substantially all of the risks and rewards related to the underlying right-of-use asset are transferred to the sub-lessee. If classified as a finance sublease, the related right-of-use asset is derecognized and an investment in sublease is recognized, with the difference recognized in the consolidated statement of income as a gain or loss. In measuring the investment in sublease, we apply the head lease discount rate unless the rate implicit in the sublease is determinable. Where a finance sublease includes lease and non-lease components, we allocate the total consideration in the contract to each component based on the standalone prices for each of these components. The investment in sublease is recognized in Other assets on our consolidated balance sheet, and is subsequently measured using the effective interest rate method, with interest income recognized over the term of the sublease. Rental income from operating subleases is recognized on a systematic basis over the lease term. Previously, IAS 17 required lessors to classify leases as operating or finance, considering whether the underlying lease transfers substantially all risks and rewards incidental to ownership. Lease expenses related to operating leases were recognized through income on a systematic basis, based on the nature of the expense. Finance leases were recognized on-balance sheet through a finance asset and a finance liability, and the related lease expenses were recognized through income on a systematic basis. |
Goodwill, software and other intangible assets | Goodwill, software and other intangible assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets, liabilities and contingent liabilities acquired in business combinations. Identifiable intangible assets are recognized separately from goodwill when they are separable or arise from contractual or other legal rights, and have fair values that can be reliably measured. Goodwill is not amortized, but is subject to impairment review at least annually or more frequently if there are indicators that the goodwill may be impaired. Refer to the “Impairment of non-financial Intangible assets represent software and customer relationships, core deposit intangibles, investment management contracts, and brand names recognized as part of past acquisitions. Intangible assets with definite useful lives are measured at cost less accumulated amortization and accumulated impairment losses. Each intangible asset is assessed for legal, regulatory, contractual, competitive or other factors to determine if the useful life is definite. Intangible assets with definite useful lives are amortized over their estimated useful lives, which are as follows: • Software – 5 to 10 years • Contract-based intangibles – 8 to 15 years • Core deposit and customer relationship intangibles – 3 to 16 years Intangible assets with indefinite useful lives are measured at cost less any accumulated impairment losses. Indefinite-life intangible assets are tested for impairment at least annually and whenever there is an indication that the asset may be impaired. Refer to the “Impairment of non-financial |
Impairment of non-financial assets | Impairment of non-financial The carrying values of non-financial For the purpose of reviewing non-financial Corporate assets do not generate separate cash inflows. Corporate assets are tested for impairment at the minimum collection of CGUs to which the corporate asset can be allocated reasonably and consistently. The recoverable amount is the greater of fair value less costs to sell and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset or CGU. When the carrying value exceeds its recoverable amount, an impairment loss equal to the difference between the two amounts is recognized in the consolidated statement of income. If an impairment subsequently reverses, the carrying value of the asset is increased to the extent that the carrying value of the underlying assets does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment had been recognized. Any impairment reversal is recognized in the consolidated statement of income in the period in which it occurs. Goodwill is assessed for impairment based on the group of CGUs expected to benefit from the synergies of the business combination, and the lowest level at which management monitors the goodwill. Any potential goodwill impairment is identified by comparing the recoverable amount of the CGU grouping to which the goodwill is allocated to its carrying value including the allocated goodwill. If the recoverable amount is less than its carrying value, an impairment loss is recognized in the consolidated statement of income in the period in which it occurs. Impairment losses on goodwill are not subsequently reversed if conditions change. |
Income taxes | Income taxes Income tax comprises current tax and deferred tax. Income tax is recognized in the consolidated statement of income, except to the extent that it relates to items recognized in OCI or directly in equity, in which case it is recognized accordingly. Current tax is the tax expected to be payable on the taxable profit for the year, calculated using tax rates enacted or substantively enacted as at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax assets and liabilities are offset when CIBC intends to settle on a net basis and the legal right to offset exists. Deferred tax is recognized on temporary differences between the carrying value of assets and liabilities on the consolidated balance sheet and the corresponding amounts attributed to such assets and liabilities for tax purposes. Deferred tax liabilities are generally recognized for all taxable temporary differences unless the temporary differences relate to our NIFOs and will not reverse in the foreseeable future. Deferred tax assets, other than those arising from our NIFOs, are recognized to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilized. Deferred tax assets arising from our NIFOs are recognized for deductible temporary differences which are expected to reverse in the foreseeable future to the extent that it is probable that future taxable profits will be available against which these deductible temporary differences can be utilized. Deferred tax is not recognized for temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable income, or for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted as at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and they relate to income taxes levied by the same tax authority on the same taxable entity or tax reporting group. We are subject to income tax laws in the various jurisdictions where we operate, and the tax laws in those jurisdictions are potentially subject to different interpretations by us and the relevant taxation authority, which gives rise to uncertainty. For tax positions where there is uncertainty regarding the ultimate determination of the tax impact, including positions which are under audit, dispute or appeal, we recognize provisions to consider this uncertainty based on our best estimate of the amount expected to be paid based on an assessment of the relevant factors. |
Pension and other post-employment benefits | Pension and other post-employment benefits We are the sponsor of a number of employee benefit plans. These plans include both defined benefit and defined contribution pension plans, and various other post-employment benefit plans including post-retirement medical and dental benefits. Defined benefit plans The cost of pensions and other post-employment benefits earned by employees is actuarially determined separately for each plan using the projected unit credit method and our best estimate of salary escalation, retirement ages of employees, mortality and expected health-care costs. This represents CIBC’s defined benefit obligation, which is measured as at the reporting date. The discount rate used to measure the defined benefit obligation is based on the yield of a portfolio of high-quality corporate bonds denominated in the same currency in which the benefits are expected to be paid and with terms to maturity that, on average, match the terms of the defined benefit obligation. Plan assets are measured at fair value as at the reporting date. The net defined benefit asset (liability) represents the present value of the defined benefit obligation less the fair value of plan assets. The net defined benefit asset (liability) is included in Other assets and Other liabilities, respectively. Current service cost reflects the cost of providing post-employment benefits earned by employees in the current period. Current service cost is calculated as the present value of the benefits attributed to the current year of service and is recognized in the consolidated statement of income. The current service cost is calculated using a separate discount rate to reflect the longer duration of future benefit payments associated with the additional year of service to be earned by the plan’s active participants. Past service costs arising from plan amendments or curtailments are recognized in net income in the period in which they arise. Net interest income or expense comprises interest income on plan assets and interest expense on the defined benefit obligation. Interest income is calculated by applying the discount rate to the plan assets, and interest expense is calculated by applying the discount rate to the defined benefit obligation. Net interest income or expense is recognized in the consolidated statement of income. Actuarial gains and losses represent changes in the present value of the defined benefit obligation which result from changes in actuarial assumptions and differences between previous actuarial assumptions and actual experience, and from differences between the actual return on plan assets and assumed interest income on plan assets. Net actuarial gains and losses are recognized in OCI in the period in which they arise and are not subject to subsequent reclassification to net income. Cumulative net actuarial gains and losses are included in AOCI. When the calculation results in a net defined benefit asset, the recognized asset is limited to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset ceiling). For plans where we do not have an unconditional right to a refund of surplus, we determine the asset ceiling by reference to future economic benefits available in the form of reductions in future contributions to the plan, in which case the present value of economic benefits is calculated giving consideration to minimum funding requirements for future service that apply to the plan. Where a reduction in future contributions to the plan is not currently realizable at the reporting date, we estimate whether we will have the ability to reduce contributions for future service at some point during the life of the plan by taking into account, among other things, expected future returns on plan assets. If it is anticipated that we will not be able to recover the value of the net defined benefit asset, after considering minimum funding requirements for future service, the net defined benefit asset is reduced to the amount of the asset ceiling. When the payment in the future of minimum funding requirements related to past service would result in a net defined benefit surplus, or an increase in a net defined benefit surplus, the minimum funding requirements are recognized as a liability to the extent that the surplus would not be fully available as a refund or a reduction in future contributions. Any funded status surplus is limited to the present value of future economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. Defined contribution plans Costs for defined contribution plans are recognized during the year in which the service is provided. |
Other long-term employee benefits | Other long-term employee benefits CIBC sponsors a closed long-term disability plan that is classified as a long-term defined benefit arrangement. As the amount of the long-term disability benefit does not depend on the length of service, the obligation is recognized when an event occurs that gives rise to an obligation to make payments. CIBC also offers other medical and dental benefits to employees while on long-term disability. The amount of other long-term employee benefits is actuarially calculated using the projected unit credit method. Under this method, the benefit is discounted to determine its present value. The methodology used to determine the discount rate used to value the long-term employee benefit obligation is consistent with that for pension and other post-employment benefit plans. Actuarial gains and losses and past service costs are recognized in the consolidated statement of income in the period in which they arise. |
Share-based payments | Share-based payments We provide compensation to certain employees and directors in the form of share-based awards. Compensation expense for share-based awards is recognized from the service commencement date to the earlier of the contractual vesting date or the employee’s retirement eligible date. For grants regularly awarded in the annual incentive compensation cycle (annual incentive grant), the service commencement date is considered to be the start of the fiscal year that precedes the fiscal year in which the grant is made. The service commencement date in respect of special awards granted outside of the annual cycle is the grant date. The amount of compensation expense recognized is based on management’s best estimate of the number of share-based awards expected to vest, including estimates of expected forfeitures, which are revised periodically as appropriate. For the annual incentive grant, compensation expense is recognized from the service commencement date based on the estimated fair value of the forthcoming grant with the estimated fair value adjusted to the actual fair value at the grant date. Under the Restricted Share Award (RSA) plan, where grants are settled in the cash equivalent of common shares, changes in the obligation which arise from fluctuations in the market price of common shares, net of related hedges, are recognized in the consolidated statement of income as compensation expense in proportion to the award recognized. Under the Restricted Stock plan, where restricted stock is granted and settled in common shares, compensation expense is based on the grant date fair value. Compensation expense results in a corresponding increase to contributed surplus. When the restricted stock vests and is released from restriction, the amount recognized in Contributed surplus is credited to common share capital. Under the Performance Share Unit (PSU) plan, where grants are settled in the cash equivalent of common shares, changes in the obligation which arise from fluctuations in the market price of common shares, and revised estimates of the performance factor, net of related hedges, are recognized in the consolidated statement of income as compensation expense in proportion to the award recognized. The performance factor ranges from 75% to 125% of the initial number of units awarded based on CIBC’s performance relative to the other major Canadian banks. Compensation expense in respect of the Employee Stock Option Plan (ESOP) is based on the grant date fair value. Where the service commencement date precedes the grant date, compensation expense is recognized from the service commencement date based on the estimated fair value of the award at the grant date, with the estimated fair value adjusted to the actual fair value at the grant date. Compensation expense results in a corresponding increase to contributed surplus. If the ESOP award is exercised, the proceeds we receive, together with the amount recognized in Contributed surplus, are credited to common share capital. If the ESOP award expires unexercised, the compensation expense remains in Contributed surplus. As part of our acquisition of Wellington Financial Fund V LP (Wellington Financial) in the first quarter of 2018, equity-settled awards in the form of exchangeable shares with specific service and non-market non-market Compensation in the form of Deferred Share Units (DSUs) issued pursuant to the Deferred Share Unit Plan, the Deferred Compensation Plan (DCP), and the Directors’ Plan, entitle the holder to receive the cash equivalent of a CIBC common share. At the time DSUs are granted, the related expense in respect of the cash compensation that an employee or director would otherwise receive would have been fully recognized. Changes in the obligations which arise from fluctuations in the market price of common shares, net of related hedges, are recognized in the consolidated statement of income as compensation expense for employee DSUs and as Non-interest Our contributions under the Employee Share Purchase Plan (ESPP) are expensed as incurred. The impact due to our changes in common share price in respect of cash-settled share-based compensation under the RSA and PSU plans is hedged through the use of derivatives. We designate these derivatives within cash flow hedge accounting relationships. The effective portion of the change in fair value of these derivatives is recognized in OCI and is reclassified into compensation expense, within the consolidated statement of income, over the period that the hedged awards impact the consolidated statement of income. The ineffective portion of the change in fair value of the hedging derivatives is recognized in the consolidated statement of income immediately as it arises. |
Provisions and contingent liabilities | Provisions and contingent liabilities Provisions are liabilities of uncertain timing or amount. A provision is recognized when we have a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The provision is recognized as the best estimate of the amount required to settle the obligation at the reporting date, taking into account the risk and uncertainties related to the obligation. Where material, provisions are discounted to reflect the time value of money, and the increase in the obligation due to the passage of time is presented as Interest expense in the consolidated statement of income. Contingent liabilities are possible obligations that arise from past events whose existence will be confirmed only by the occurrence, or non-occurrence, Provisions and contingent liabilities are disclosed in the consolidated financial statements. |
Earnings per share | Earnings per share We present basic and diluted EPS for our common shares. Basic EPS is computed by dividing net income for the period attributable to CIBC common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income for the period attributable to CIBC common shareholders by the weighted-average number of diluted common shares outstanding for the period. Diluted common shares reflect the potential dilutive effect of contingently issuable shares and the exercise of stock options based on the treasury stock method. The number of contingently issuable shares included in diluted EPS is based on the number of shares that would be issuable if the end of the reporting period were the end of the contingency period. For stock options, the treasury stock method determines the number of incremental common shares by assuming that outstanding stock options, whose exercise price is less than the average market price of common shares during the period, are exercised and then reduced by the number of common shares assumed to be repurchased with the exercise proceeds from the assumed exercise of the options. Instruments determined to have an antidilutive effect for the period are excluded from the calculation of diluted EPS. |
Fee and commission income | Fee and commission income CIBC adopted IFRS 15 “Revenue from Contracts with Customers” (IFRS 15) as at November 1, 2018 in place of prior guidance, including IAS 18 “Revenue” (IAS 18) and IFRIC 13 “Customer Loyalty Programmes” (IFRIC 13). We applied IFRS 15 on a modified retrospective basis. As permitted, we did not restate our prior period comparative consolidated financial statements. Amounts reported related to the year ended October 31, 2018 are reported under the prior guidance, including IAS 18 and IFRIC 13, and are therefore not comparable to the information presented for 2019 or 2020. The impact of adopting IFRS 15 was not significant (see “Transition impact from adoption of IFRS 15” section below). IFRS 15 includes a five-step, principles-based recognition and measurement approach, as well as requirements for accounting for contract costs, and enhanced quantitative and qualitative disclosure requirements. The application of this guidance involves the use of judgment. IFRS 15 excludes from its scope revenue related to financial instruments, lease contracts and insurance contracts. As a result, the majority of our revenue was not impacted by the adoption of this standard, including net interest income, net gains (losses) from financial instruments measured/designated at FVTPL and net gains (losses) from debt securities measured at FVOCI. Measurement differences resulting from the adoption of IFRS 15 include the upfront expensing of previously deferred mutual fund sales commissions. In addition, the adoption of IFRS 15 has resulted in the revaluation of our self-managed credit card loyalty points liability, which is now subject to both upward and downward remeasurement to reflect the expected cost of redemption as this expectation changes over time. Previously, under IFRIC 13, decreases in the expected cost of redemptions were only recognized as points were redeemed, while increases were recognized immediately. In addition, the adoption of IFRS 15 has resulted in changes to the presentation of certain revenue and expense items in the consolidated statement of income. Presentation differences include the net presentation of certain expenditures where CIBC is deemed the agent rather than the principal and the gross presentation of certain expenditures where CIBC is deemed the principal rather than the agent. Our prior period comparative consolidated financial statements for the year ended October 31, 2018 are reported under the prior guidance, without restatement; however, the measurement and presentation differences in 2019 and 2020 are not significant. Our accounting policies under both IFRS 15 and IAS 18 are provided below. Fee and commission income (IAS 18 and IFRIC 13) The recognition of fee and commission income was determined by the purpose of the fee or commission and the basis of accounting for any associated financial instrument. Income earned on completion of a significant act was recognized when the act was completed. Income earned from the provision of services was recognized as revenue as the services were provided. Income which formed an integral part of the effective interest rate of a financial instrument was recognized as an adjustment to the effective interest rate. Fee and commission income (IFRS 15) The recognition of fee and commission income is determined by the purpose of the fee or commission and the terms specified in the contract with the customer. Revenue is recognized when, or as, a performance obligation is satisfied by transferring control of the service to the customer, in the amount of the consideration to which we expect to be entitled. Revenue may therefore be recognized at a point in time upon completion of the service or over time as the services are provided. When revenue is recognized over time, we are generally required to provide the services each period, such that control of the services is transferred evenly to the customer, and we therefore measure our progress towards completion of the service based upon the time elapsed. For contracts where the transaction price includes variable consideration, revenue is only recognized to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved, which typically occurs by the end of the reporting period. When another party is involved in providing a service to a customer, we determine whether the nature of our performance obligation is that of a principal or an agent. If we control the service before it is transferred to the customer, we are acting as the principal and present revenue separately from the amount paid to the other party; otherwise we are the agent and present revenue net of the amount paid to the other party. Our performance obligations typically have a term of one year or less, with payment received upon satisfaction of the performance obligation or shortly afterwards, and as a result there is no significant financing component and we do not typically capitalize the costs of obtaining contracts with our customers. Income which forms an integral part of the effective interest rate of a financial instrument continues to be recognized as an adjustment to the effective interest rate. In addition to these general principles, the following specific policies applied under IAS 18 and IFRIC 13 in 2018, and IFRS 15 in 2019 and 2020: Underwriting and advisory fees are earned on debt and equity securities placements and transaction-based advisory services. Under IAS 18 and IFRS 15, underwriting fees are typically recognized at the point in time when the transaction is completed. Under IAS 18 and IFRS 15, advisory fees are generally recognized as revenue over the period of the engagement as the related services are provided or at the point in time when the transaction is completed. Deposit and payment fees arise from personal and business deposit accounts and cash management services. Under IAS 18 and IFRS 15, monthly and annual fees are recognized over the period that the related services are provided. Under IAS 18 and IFRS 15, transactional fees are recognized at the point in time the related services are provided. Credit fees consist of loan syndication fees, loan commitment fees, letter of credit fees, banker’s acceptance stamping fees, and securitization fees. Under IAS 18 and IFRS 15, credit fees are generally recognized over the period that the related services are provided, except for loan syndication fees, which are typically recognized at the point in time that the financing placement is completed. Card fees primarily include interchange income, overlimit fees, cash advance fees, and annual fees. Under IAS 18 and IFRS 15, card fees are recognized at the point in time the related services are provided, except for annual fees, which are recognized over the 12-month Commissions on securities transactions include brokerage commissions for transactions executed on behalf of clients, trailer fees and mutual fund sales commissions. Under IAS 18 and IFRS 15, brokerage commissions and mutual fund sales commissions are generally recognized at the point in time that the related transaction is executed. Under IAS 18 and IFRS 15, trailer fees are typically recognized over time based upon the daily net asset value of the mutual fund units held by clients. Investment management fees are primarily based on the respective value of the assets under management (AUM) or assets under administration (AUA) and, under IAS 18 and IFRS 15, are recognized over the period that the related services are provided. Under IAS 18 and IFRS 15, investment management fees relating to our asset management and private wealth management business are generally calculated based on point-in-time point-in-time Mutual fund fees are earned on fund management services and, under IAS 18 and IFRS 15, are recognized over the period that the mutual funds are managed based upon the daily net asset values of the respective mutual funds. In certain circumstances, CIBC may, on a discretionary basis, elect to absorb certain expenses that would otherwise be payable by the mutual funds directly. Under IAS 18 and IFRS 15, these expenses are recognized in Non-interest |
Transition impact from adoption of IFRS 15 | Transition impact from adoption of IFRS 15 As indicated above, CIBC adopted IFRS 15 as at November 1, 2018 in place of prior guidance, including IAS 18 and IFRIC 13. We applied IFRS 15 on a modified retrospective basis by recognizing a cumulative $6 million after-tax |
IFRS9 [member] | |
Statement [LineItems] | |
Accounting for financial instruments | Accounting for financial instruments Classification and measurement of financial instruments All financial assets must be classified at initial recognition as financial instruments mandatorily measured at FVTPL (trading and non-trading), The classification and measurement model requires that all debt instrument financial assets that do not meet a “solely payment of principal and interest” (SPPI) test, including those that contain embedded derivatives, be classified at initial recognition as FVTPL. The SPPI test is conducted to identify whether the contractual cash flows of a financial instrument are “solely payments of principal and interest” such that any variability in the contractual cash flows is consistent with a “basic lending arrangement”. “Principal” for the purpose of this test is defined as the fair value of the financial asset at initial recognition and may change over the life of the financial asset, for example, due to repayments of principal or amortization of the premium/discount. “Interest” for the purpose of this test is defined as the consideration for the time value of money and credit risk, which are the most significant elements of interest within a lending arrangement. Contractual terms that introduce a more than de minimis exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the amount outstanding. The intent of the SPPI test is to ensure that debt instruments that contain non-basic For debt instrument financial assets that meet the SPPI test, classification at initial recognition is determined based on the business model under which these instruments are managed. Debt instruments that are managed on a “held for trading” or “fair value” basis are classified as FVTPL. Debt instruments that are managed on a “hold to collect and for sale” basis are classified as FVOCI for debt. Debt instruments that are managed on a “hold to collect” basis are classified as amortized cost. We consider the following in our determination of the applicable business model for financial assets: I) The business purpose of the portfolio; II) The risks that are being managed and the type of business activities that are being carried out on a day-to-day III) The basis on which performance of the portfolio is being evaluated; and IV) The frequency and significance of sales activity. All equity instrument financial assets are classified at initial recognition as FVTPL unless they are not held with the intent for short-term profit-taking and an irrevocable designation is made to classify the instrument as FVOCI for equities. Financial liabilities, other than derivatives, obligations related to securities sold short and FVO liabilities, are measured at amortized cost. Derivatives, obligations related to securities sold short and FVO financial liabilities are measured at fair value. Derivatives are measured at FVTPL, except to the extent that they are designated in a hedging relationship, in which case the IAS 39 “Financial Instruments: Recognition and Measurement” hedge accounting requirements continue to apply. Financial instruments mandatorily measured at FVTPL (trading and non-trading) Trading financial instruments are mandatorily measured at FVTPL as they are held for trading purposes or are part of a managed portfolio with a pattern of short-term profit-taking. Non-trading Trading and non-trading Non-interest non-trading Financial instruments designated at FVTPL (fair value option) Financial instruments designated at FVTPL are those that we voluntarily designate at initial recognition as instruments that we will measure at fair value through the consolidated statement of income that would otherwise fall into a different accounting category. The FVO designation, once made, is irrevocable and can only be applied if reliable fair values are available, when doing so eliminates or significantly reduces the measurement inconsistency that would otherwise arise from measuring assets or liabilities on a different basis and if certain OSFI requirements pertaining to certain loans are met. Financial liabilities may also be designated at FVTPL when they are part of a portfolio which is managed on a fair value basis, in accordance with our investment strategy, and are reported internally on that basis. Designation at FVTPL may also be applied to financial liabilities that have one or more embedded derivatives that would otherwise require bifurcation. We apply the FVO to certain mortgage commitments. Gains and losses realized on dispositions and unrealized gains and losses from changes in the fair value of FVO financial instruments are treated in the same manner as financial instruments which are mandatorily measured at FVTPL, except that changes in the fair value of FVO liabilities that are attributable to changes in own credit risk are recognized in OCI. Dividends and interest earned and interest expense incurred on FVO assets and liabilities are included in Interest income and Interest expense, respectively. Financial assets measured at amortized cost Financial assets measured at amortized cost are debt financial instruments with contractual cash flows that meet the SPPI test and are managed on a “hold to collect” basis. These financial assets are recognized initially at fair value plus or minus direct and incremental transaction costs, and are subsequently measured at amortized cost, using the effective interest rate method, net of an allowance for expected credit losses (ECL). Loans measured at amortized cost include residential mortgages, personal loans, credit cards and most business and government loans. Certain portfolios of treasury securities that are managed on a “hold to collect” basis are also classified as amortized cost. Most deposits with banks, securities purchased under resale agreements, cash collateral on securities borrowed and most customers’ liability under acceptances are accounted for at amortized cost. Debt financial assets measured at FVOCI Debt financial instruments measured at FVOCI are non-derivative FVOCI debt instruments are measured initially at fair value, plus direct and incremental transaction costs. Subsequent to initial recognition, FVOCI debt instruments are remeasured at fair value, with the exception that changes in ECL allowances in addition to related foreign exchange gains or losses are recognized in the consolidated statement of income. Cumulative gains and losses previously recognized in OCI are transferred from AOCI to the consolidated statement of income when the debt instrument is sold. Realized gains and losses on sale, determined on an average cost basis, and changes in ECL allowances, are included in Gains (losses) from debt securities measured at FVOCI and amortized cost, net in the consolidated statement of income. Interest income from FVOCI debt instruments is included in Interest income. FVOCI debt instruments include our treasury securities which are managed on a “hold to collect and for sale” basis. A debt financial instrument is classified as impaired (stage 3) when one or more events that have a detrimental impact on the estimated future cash flows of that financial instrument have occurred after its initial recognition. Evidence of impairment includes indications that the borrower is experiencing significant financial difficulties, or a default or delinquency has occurred. Equity financial instruments designated at FVOCI Equity non-trading |
Impairment of financial assets | Impairment of financial assets ECL allowances are recognized on all financial assets that are debt instruments classified either as amortized cost or FVOCI and for all loan commitments and financial guarantees that are not measured at FVTPL. ECL allowances represent credit losses that reflect an unbiased and probability-weighted amount which is determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information about past events, current conditions and forecasts of future economic conditions. Forward-looking information is explicitly incorporated into the estimation of ECL allowances, which involves significant judgment (see Note 6 for additional details). ECL allowances for loans and acceptances are included in allowance for credit losses on the consolidated balance sheet. ECL allowances for FVOCI debt securities are included as a component of the carrying value of the securities, which are measured at fair value. ECL allowances for other financial assets are included in the carrying value of the instrument. ECL allowances for guarantees and loan commitments are included in other liabilities. ECL allowances are measured at amounts equal to either: (i) 12-month The calculation of ECL allowances is based on the expected value of three probability-weighted scenarios to measure the expected cash shortfalls, discounted at the effective interest rate. A cash shortfall is the difference between the contractual cash flows that are due and the cash flows that we expect to receive. The key inputs in the measurement of ECL allowances are as follows: • The probability of default (PD) is an estimate of the likelihood of default over a given time horizon; • The loss given default (LGD) is an estimate of the loss arising in the case where a default occurs at a given time; and • The exposure at default (EAD) is an estimate of the exposure at a future default date. Lifetime ECL is the expected credit losses that result from all possible default events over the expected life of a financial instrument. 12-month Stage migration and significant increase in credit risk As a result of the requirements above, financial instruments subject to ECL allowances are categorized into three stages. For performing financial instruments: Stage 1 is comprised of all performing financial instruments which have not experienced a significant increase in credit risk since initial recognition. We recognize 12 months of ECL for stage 1 financial instruments. In assessing whether credit risk has increased significantly, we compare the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of its initial recognition. Stage 2 is comprised of all performing financial instruments which have experienced a significant increase in credit risk since initial recognition. We recognize lifetime ECL for stage 2 financial instruments. In subsequent reporting periods, if the credit risk of the financial instrument improves such that there is no longer a significant increase in credit risk since initial recognition, then we revert to recognizing 12 months of ECL as the financial instrument has migrated back to stage 1. We determine whether a financial instrument has experienced a significant increase in credit risk since its initial recognition on an individual financial instrument basis. Changes in the required ECL allowance, including the impact of financial instruments migrating between stage 1 and stage 2, are recorded in Provision for credit losses in the consolidated statement of income. Significant judgment is required in the application of significant increase in credit risk (see Note 6 for additional details). Stage 3 financial instruments are those that we have classified as impaired. We recognize lifetime ECL for all stage 3 financial instruments. We classify a financial instrument as impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial instrument have occurred after its initial recognition. Evidence of impairment includes indications that the borrower is experiencing significant financial difficulties, or a default or delinquency has occurred. All financial instruments on which repayment of principal or payment of interest is contractually 90 days in arrears are automatically considered impaired, except for credit card loans, which are classified as impaired and are fully written off when payments are contractually 180 days in arrears or at the earlier of the notice of bankruptcy, settlement proposal, or enlistment of credit counselling services. A financial instrument is no longer considered impaired when all past due amounts, including interest, have been recovered, and it is determined that the principal and interest are fully collectable in accordance with the original contractual terms or revised market terms of the financial instrument with all criteria for the impaired classification having been remedied. Financial instruments are written off, either partially or in full, against the related allowance for credit losses when we judge that there is no realistic prospect of future recovery in respect of those amounts. When financial instruments are secured, this is generally after all collateral has been realized or transferred to CIBC, or in certain circumstances, when the net realizable value of any collateral and other available information suggests that there is no reasonable expectation of further recovery. In subsequent periods, any recoveries of amounts previously written off are credited to the provision for credit losses. |
IFRS9, IAS39 and IFRS7 [Member] | |
Statement [LineItems] | |
Current period changes in accounting policies | Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7 In September 2019, the IASB issued “Interest Rate Benchmark Reform: Phase 1 Amendments to IFRS 9, IAS 39 and IFRS 7”, which provides relief for specific hedge accounting requirements to address uncertainties in the period before the interest rate benchmark reform, and provides disclosure requirements related to interest rate benchmark reform. Only the amendments to IAS 39 “Financial Instruments: Recognition and Measurement” (IAS 39) and IFRS 7 “Financial Instruments: Disclosures” 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 amendments are effective for annual periods beginning on or after January 1, 2020. CIBC elected to early adopt the phase 1 amendments effective November 1, 2019 to prepare for uncertainties that may increase relating to the timing or amount of benchmark-based cash flows of hedged items and hedging instruments. The relief provided in the amendments allows hedge accounting to continue during the period of uncertainty before the replacement of existing interest rate benchmarks with an alternative rate. Significant judgment is involved in identifying the hedge accounting relationships that are directly affected by interest rate benchmark reform as different jurisdictions are transitioning at different stages and may adopt different transition approaches. The United Kingdom’s (U.K.’s) Financial Conduct Authority (FCA) originally announced in July 2017 that it would not compel banks to submit London Interbank Offered Rate (LIBOR) rates after December 2021. This may cause LIBOR and other current benchmarks to disappear entirely or perform differently than in the past, create disincentives for market participants to continue to administer and contribute to certain benchmarks, or have other consequences which cannot be predicted. The FCA and the ICE Benchmark Administrator recently announced a consultation process that may lead to a change in the expected timing of cessation of certain currencies and tenors of LIBOR, which CIBC will closely monitor. As at November 1, 2019, the notional amount of our derivatives in designated hedge accounting relationships that were indexed to U.S. LIBOR and British pound sterling (GBP) LIBOR, with a maturity date beyond December 31, 2021, was $48 billion. We expect the derivatives indexed to the Euro Interbank Offered Rate (EURIBOR) and the Canadian Dollar Offered Rate (CDOR) that are in our designated hedge accounting relationships to continue beyond 2021 in conjunction with alternative rates that might be applied in the impacted markets. We also continue to monitor benchmark rates in other jurisdictions as they continue to evaluate benchmark reform. As discussed in Note 32, in August 2020, the IASB issued “Interest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16”, which addresses issues that affect financial reporting once an existing rate is replaced with an alternative rate and provides specific disclosure requirements. The amendments are effective for annual periods beginning on or after January 1, 2021. As we elected to continue to apply the hedge accounting requirements of IAS 39 upon the adoption of IFRS 9, the amendments will apply to IAS 39, IFRS 7, IFRS 4 and IFRS 16 for us, mandatorily effective on November 1, 2021. Earlier application is permitted. We continue to evaluate the impact of the amendments on our consolidated financial statements. We previously established an enterprise-wide transition program to assess the impact of interest rate benchmark reform and manage the process to transition to alternative benchmark rates. In response to the proposed reforms to interest rate benchmarks, CIBC has established an Enterprise IBOR Transition Program (the “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 assess the impact across all of our products and to manage the process through transition. An Interbank Offered Rate (IBOR) Steering Committee has been established with responsibility for oversight and execution of the Program. We also continue to engage with industry associations to incorporate recent developments into our project plan. The Program provides regular updates to senior management, including the Executive Committee. |
IFRIC 23 [Member] | |
Statement [LineItems] | |
Current period changes in accounting policies | International Financial Reporting Interpretations Committee 23 “Uncertainty over Income Tax Treatments” (IFRIC 23) CIBC adopted IFRIC 23 as at November 1, 2019. IFRIC 23 clarifies the accounting for uncertainties in income taxes. There was no impact to our consolidated financial statements and no changes in our accounting policies as a result of adopting IFRIC 23. |
Fair value measurement (Tables)
Fair value measurement (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Statement [LineItems] | |
Summary of fair value of financial instruments | Fair value of financial instruments Carrying value $ millions, as at October 31 Amortized cost Mandatorily measured at FVTPL Designated at FVTPL Fair value through OCI Total Fair value Fair value over (under) carrying value 2020 Financial assets 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 Carrying value $ millions, as at October 31 Amortized cost Mandatorily measured at FVTPL Designated at FVTPL Fair value through OCI Total Fair value Fair value over (under) carrying value 2019 Financial assets Cash and deposits with banks $ 16,720 $ 639 $ – $ – $ 17,359 $ 17,359 $ – Securities 20,115 53,984 413 46,798 121,310 121,453 143 Cash collateral on securities borrowed 3,664 – – – 3,664 3,664 – Securities purchased under resale agreements 50,913 5,198 – – 56,111 56,111 – Loans Residential mortgages 208,381 60 – – 208,441 208,693 252 Personal 43,098 – – – 43,098 43,120 22 Credit card 12,335 – – – 12,335 12,335 – Business and government 103,885 21,182 – – 125,067 125,160 93 Derivative instruments – 23,895 – – 23,895 23,895 – Customers’ liability under acceptances 9,167 – – – 9,167 9,167 – Other assets 13,829 – – – 13,829 13,829 – Financial liabilities Deposits Personal $ 176,340 $ – $ 1,751 $ – $ 178,091 $ 178,046 $ (45 ) Business and government 248,367 – 9,135 – 257,502 257,872 370 Bank 11,224 – – – 11,224 11,224 – Secured borrowings 38,680 – 215 – 38,895 39,223 328 Derivative instruments – 25,113 – – 25,113 25,113 – Acceptances 9,188 – – – 9,188 9,188 – Obligations related to securities sold short – 15,635 – – 15,635 15,635 – Cash collateral on securities lent 1,822 – – – 1,822 1,822 – Obligations related to securities sold under repurchase agreements 51,801 – – – 51,801 51,801 – Other liabilities 14,066 114 12 – 14,192 14,192 – Subordinated indebtedness 4,684 – – – 4,684 4,925 241 (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. |
Summary of derivative financial instruments | Fair value of derivative instruments $ millions, as at October 31 2020 2019 Positive Negative Net Positive Negative Net Held for trading Interest rate derivatives Over-the-counter – Forward rate agreements $ 108 $ 161 $ (53 ) $ 67 $ 241 $ (174 ) – Swap contracts 12,296 9,309 2,987 8,528 7,697 831 – Purchased options 109 – 109 92 – 92 – Written options – 129 (129 ) – 128 (128 ) 12,513 9,599 2,914 8,687 8,066 621 Exchange-traded – Purchased options 4 – 4 4 – 4 4 – 4 4 – 4 Total interest rate derivatives 12,517 9,599 2,918 8,691 8,066 625 Foreign exchange derivatives Over-the-counter – Forward contracts 6,655 6,358 297 5,152 5,711 (559 ) – Swap contracts 3,469 3,613 (144 ) 2,971 3,330 (359 ) – Purchased options 303 – 303 214 – 214 – Written options – 214 (214 ) – 196 (196 ) Total foreign exchange derivatives 10,427 10,185 242 8,337 9,237 (900 ) Credit derivatives Over-the-counter – Credit default swap contracts – 104 47 57 105 21 84 – Credit default swap contracts – 2 100 (98 ) – 107 (107 ) Total credit derivatives 106 147 (41 ) 105 128 (23 ) Equity derivatives Over-the-counter 1,995 3,427 (1,432 ) 1,262 2,561 (1,299 ) Exchange-traded 3,153 3,537 (384 ) 2,384 1,825 559 Total equity derivatives 5,148 6,964 (1,816 ) 3,646 4,386 (740 ) Precious metal derivatives Over-the-counter 283 366 (83 ) 287 167 120 Exchange-traded – – – 69 45 24 Total precious metal derivatives 283 366 (83 ) 356 212 144 Other commodity derivatives Over-the-counter 2,604 1,806 798 1,289 1,517 (228 ) Exchange-traded 271 325 (54 ) 314 253 61 Total other commodity derivatives 2,875 2,131 744 1,603 1,770 (167 ) Total held for trading 31,356 29,392 1,964 22,738 23,799 (1,061 ) Held for ALM Interest rate derivatives Over-the-counter – Forward rate agreements – 1 (1 ) 2 1 1 – Swap contracts 310 392 (82 ) 439 256 183 – Purchased options 17 – 17 14 – 14 – Written options 1 – 1 – – – Total interest rate derivatives 328 393 (65 ) 455 257 198 Foreign exchange derivatives Over-the-counter – Forward contracts 14 14 – 31 28 3 – Swap contracts 1,021 684 337 571 1,026 (455 ) Total foreign exchange derivatives 1,035 698 337 602 1,054 (452 ) Credit derivatives Over-the-counter – Credit default swap contracts – – 1 (1 ) – 3 (3 ) Total credit derivatives – 1 (1 ) – 3 (3 ) Equity derivatives Over-the-counter 8 24 (16 ) 100 – 100 Total equity derivatives 8 24 (16 ) 100 – 100 Other commodity derivatives Over-the-counter 3 – 3 – – – Total other commodity derivatives 3 – 3 – – – Total held for ALM 1,374 1,116 258 1,157 1,314 (157 ) Total fair value 32,730 30,508 2,222 23,895 25,113 (1,218 ) Less: effect of netting (19,347 ) (19,347 ) – (14,572 ) (14,572 ) – $ 13,383 $ 11,161 $ 2,222 $ 9,323 $ 10,541 $ (1,218 ) |
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 year ended October 31 Opening balance Realized (2) Unrealized (2)(3) Net unrealized gains (losses) included in OCI (4) Transfer in to Level 3 Transfer out of Level 3 Purchases/ Issuances Sales/ Settlements Closing balance 2020 Securities mandatorily measured at FVTPL Corporate equity $ 7 $ – $ (8 ) $ – $ 7 $ – $ 10 $ – $ 16 Corporate debt 23 – 2 – – – – – 25 Mortgage- and asset-backed 173 – – – – – 118 (156 ) 135 Securities designated at FVTPL Asset-backed – – – – – – – – – Loans mandatorily measured at FVTPL Business and government 831 – – 3 – – 1,270 (1,478 ) 626 Debt securities measured at FVOCI Government issued or guaranteed – – – – – – – – – Corporate debt – – – (3 ) 20 – 1 (18 ) – Mortgage- and asset-backed – – – – – – – – – Equity securities designated at FVOCI Corporate equity 291 – – 63 – – 50 (164 ) 240 Derivative instruments Interest rate 56 – 32 – – – 6 (46 ) 48 Credit 104 (7 ) 1 – – – – – 98 Equity 252 – (40 ) – – – 53 (53 ) 212 Total assets $ 1,737 $ (7 ) $ (13 ) $ 63 $ 27 $ – $ 1,508 $ (1,915 ) $ 1,400 Deposits and other liabilities (5) $ (601 ) $ – $ 512 $ – $ (42 ) $ 29 $ (72 ) $ 178 $ 4 Derivative instruments Interest rate (1 ) – (33 ) – – – – 6 (28 ) Credit (112 ) 7 (2 ) – – – – – (107 ) Equity (155 ) – 14 – – – (60 ) 38 (163 ) Total liabilities $ (869 ) $ 7 $ 491 $ – $ (42 ) $ 29 $ (132 ) $ 222 $ (294 ) 2019 Securities mandatorily measured at FVTPL Corporate equity $ 6 $ – $ 1 $ – $ – $ – $ – $ – $ 7 Corporate debt 26 – (3 ) – – – – – 23 Mortgage- and asset-backed 319 – 1 – – – 74 (221 ) 173 Securities designated at FVTPL Asset-backed – – – – – – – – – Loans mandatorily measured at FVTPL Business and government 482 – – (1 ) – – 856 (506 ) 831 Debt securities measured at FVOCI Government issued or guaranteed – – – – – – – – – Corporate debt – – – – – – – – – Mortgage- and asset-backed – – – – – – – – – Equity securities designated at FVOCI Corporate equity 285 – – 2 – – 74 (70 ) 291 Derivative instruments Interest rate – – 59 – – – 2 (5 ) 56 Credit 115 (9 ) (2 ) – – – – – 104 Equity 107 – 15 – – (24 ) 202 (48 ) 252 Total assets $ 1,340 $ (9) $ 71 $ 1 $ – $ (24 ) $ 1,208 $ (850) $ 1,737 Deposits and other liabilities (5) $ (423 ) $ – $ (113 ) $ – $ (100 ) $ 117 $ (288 ) $ 206 $ (601 ) Derivative instruments Interest rate (109 ) – 132 – – – – (24 ) (1 ) Credit (131 ) 9 3 – – – – 7 (112 ) Equity (119 ) – (89 ) – – 77 (70 ) 46 (155 ) Total liabilities $ (782 ) $ 9 $ (67) $ – $ (100) $ 194 $ (358 ) $ 235 $ (869 ) (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 year. (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 $137 million (2019: $135 million) and net bifurcated embedded derivative assets of $141 million (2019: net bifurcated embedded derivative liabilities of $466 million). |
Valuation techniques and quantitative information about significant non-observable inputs used in level 3 financial instruments | Quantitative information about significant non-observable Valuation techniques using one or more non-observable non-observable Range of inputs $ millions, as at October 31 2020 Valuation techniques Key non-observable Low High Securities mandatorily measured at FVTPL Corporate equity $ 16 Valuation multiple Earnings multiple 12.2 12.2 Corporate debt 25 Discounted cash flow Discount rate 7.5 % 7.5 % Mortgage- and asset-backed 135 Discounted cash flow Credit spread 1.4 % 2.0 % Market proxy or direct broker quote Market proxy or direct broker quote 0.5 0.5 Equity securities designated at FVOCI Corporate equity Limited partnerships and private companies 240 Adjusted net asset value (1) Net asset value (3) n/a n/a Proxy share price Proxy share price (3) n/a n/a Loans mandatorily measured at FVTPL Business and government 626 Discounted cash flow Credit spread 0.6 % 2.1 % Derivative instruments Interest rate 48 Proprietary model (2) n/a n/a n/a Option model Market volatility 17.1 % 97.3 % Credit 98 Market proxy or direct broker quote Market proxy or direct broker quote 0.0 % 20.5 % Equity 212 Option model Market correlation 35.0 % 96.0 % Total assets $ 1,400 Deposits and other liabilities $ 4 Option model Market volatility 10.0 % 87.0 % Market correlation (60.0 ) % 100.0 % Derivative instruments Interest rate (28 ) Proprietary model (2) n/a n/a n/a Option model Market volatility 17.1 % 97.3 % Credit (107 ) Market proxy or direct broker quote Market proxy or direct broker quote 0.0 % 20.5 % Equity (163 ) Option model Market correlation 13.0 % 98.0 % Total liabilities $ (294 ) (1) Adjusted net asset value is determined using reported net asset values obtained from the fund manager or general partner of the limited partnership or the limited liability company and may be adjusted for current market levels where appropriate. (2) Using valuation techniques that we consider to be non-observable. (3) The range of NAV price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments. n/a Not applicable. |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | |
Statement [LineItems] | |
Summary of fair value of financial instruments | The table below presents the fair values by level within the fair value hierarchy for those assets and liabilities in which fair value is not assumed to equal the carrying value: Level 1 Level 2 Level 3 Quoted market price Valuation technique – observable market inputs Valuation technique – non-observable Total 2020 Total 2019 $ millions, as at October 31 2020 2019 2020 2019 2020 2019 Financial assets Amortized cost securities $ – $ – $ 31,773 $ 20,242 $ 580 $ 524 $ 32,353 $ 20,766 Loans Residential mortgages – – – – 222,857 208,633 222,857 208,633 Personal – – – – 41,452 43,120 41,452 43,120 Credit card – – – – 10,722 12,335 10,722 12,335 Business and government – – – – 110,449 103,978 110,449 103,978 Investment in equity-accounted associates (1) 10 9 – – 83 76 93 85 Financial liabilities Deposits Personal $ – $ – $ 52,648 $ 53,994 $ 1,282 $ 1,635 $ 53,930 $ 55,629 Business and government – – 132,016 123,144 2,302 2,508 134,318 125,652 Bank – – 10,048 6,113 – – 10,048 6,113 Secured borrowings – – 38,275 36,049 1,720 2,959 39,995 39,008 Subordinated indebtedness – – 5,993 4,925 – – 5,993 4,925 (1) See Note 26 for details of our equity-accounted associates. |
At fair value [member] | |
Statement [LineItems] | |
Summary of fair value of financial instruments | The table below presents the fair values of financial instruments by level within the fair value hierarchy: Level 1 Level 2 Level 3 Quoted market price Valuation technique – observable market inputs Valuation technique – non-observable market inputs Total 2020 Total 2019 $ millions, as at October 31 2020 2019 2020 2019 2020 2019 Financial assets Deposits with banks $ – $ – $ 948 $ 639 $ – $ – $ 948 $ 639 Securities mandatorily measured and designated at FVTPL Government issued or guaranteed 3,917 2,372 25,091 (1) 19,306 (1) – – 29,008 21,678 Corporate equity 27,919 25,852 47 684 16 7 27,982 26,543 Corporate debt – – 3,525 3,760 25 23 3,550 3,783 Mortgage- and asset-backed – – 2,018 (2) 2,220 (2) 135 173 2,153 2,393 31,836 28,224 30,681 25,970 176 203 62,693 54,397 Loans mandatorily measured at FVTPL Business and government – – 23,022 20,351 626 (3) 831 (3) 23,648 21,182 Residential mortgages – – 63 60 – – 63 60 – – 23,085 20,411 626 831 23,711 21,242 Debt securities measured at FVOCI Government issued or guaranteed 3,912 2,369 41,269 35,460 – – 45,181 37,829 Corporate debt – – 6,224 5,621 – – 6,224 5,621 Mortgage- and asset-backed – – 2,563 2,746 – – 2,563 2,746 3,912 2,369 50,056 43,827 – – 53,968 46,196 Equity securities designated at FVOCI Corporate equity 41 45 304 266 240 291 585 602 41 45 304 266 240 291 585 602 Securities purchased under resale agreements measured at FVTPL – – 7,505 5,198 – – 7,505 5,198 Derivative instruments Interest rate 4 4 12,793 9,086 48 56 12,845 9,146 Foreign exchange – – 11,462 8,939 – – 11,462 8,939 Credit – – 8 1 98 104 106 105 Equity 3,153 2,383 1,791 1,111 212 252 5,156 3,746 Precious metal – – 283 356 – – 283 356 Other commodity 271 383 2,607 1,220 – – 2,878 1,603 3,428 2,770 28,944 20,713 358 412 32,730 23,895 Total financial assets $ 39,217 $ 33,408 $ 141,523 $ 117,024 $ 1,400 $ 1,737 $ 182,140 $ 152,169 Financial liabilities Deposits and other liabilities (4) $ – $ – $ (13,176 ) $ (10,626 ) $ 4 $ (601 ) $ (13,172 ) $ (11,227 ) Obligations related to securities sold short (5,363 ) (7,258 ) (10,600 ) (8,377 ) – – (15,963 ) (15,635 ) Obligations related to securities sold under repurchase agreements – – (17,036 ) – – – (17,036 ) – Derivative instruments Interest rate – – (9,964 ) (8,322 ) (28 ) (1 ) (9,992 ) (8,323 ) Foreign exchange – – (10,883 ) (10,291 ) – – (10,883 ) (10,291 ) Credit – – (41 ) (19 ) (107 ) (112 ) (148 ) (131 ) Equity (3,537 ) (1,824 ) (3,288 ) (2,407 ) (163 ) (155 ) (6,988 ) (4,386 ) Precious metal – – (366 ) (212 ) – – (366 ) (212 ) Other commodity (325 ) (300 ) (1,806 ) (1,470 ) – – (2,131 ) (1,770 ) (3,862 ) (2,124 ) (26,348 ) (22,721 ) (298 ) (268 ) (30,508 ) (25,113 ) Total financial liabilities $ (9,225 ) $ (9,382 ) $ (67,160 ) $ (41,724 ) $ (294 ) $ (869 ) $ (76,679 ) $ (51,975 ) (1) Includes $57 million related to securities designated at FVTPL (2019: $56 million). (2) Includes $60 million related to ABS designated at FVTPL (2019: $357 million). (3) Includes $357 million related to loans designated at FVTPL (2019: nil). (4) Comprises deposits designated at FVTPL of $13,419 million (2019: $10,458 million), net bifurcated embedded derivative assets of $389 million (2019: net bifurcated embedded derivative liabilities of $643 million), other liabilities designated at FVTPL of $9 million (2019: $12 million), and other financial liabilities measured at fair value of $133 million (2019: $114 million). |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Securities | $ millions, as at October 31 2020 2019 Debt securities measured at FVOCI $ 53,968 $ 46,196 Equity securities designated at FVOCI 585 602 Securities measured at amortized cost (1) 31,800 20,115 Securities mandatorily measured and designated at FVTPL 62,693 54,397 $ 149,046 $ 121,310 (1) During the year, $47 million of amortized cost debt securities were disposed of shortly before their maturity resulting in a realized gain of $2 million (2019: a realized loss of less than $1 million). |
Summary of Residual Term to Contractual Maturity of Financial Instruments | Residual term to contractual maturity $ millions, as at October 31 Within 1 year 1 to 5 years 5 to 10 years Over 10 years No specific 2020 2019 Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Carrying Yield (1) Debt securities measured at FVOCI Securities issued or guaranteed by: Canadian federal government $ 1,361 0.5 % $ 9,745 0.6 % $ 303 0.7 % $ – – % $ – – % $ 11,409 0.6 % $ 10,851 1.7 % Other Canadian governments 330 0.4 10,853 0.9 4,132 1.2 – – – – 15,315 1.0 12,271 1.9 U.S. Treasury and agencies 7,290 0.5 5,306 0.9 – – – – – – 12,596 0.7 9,371 2.0 Other foreign governments 3,060 0.6 2,553 0.6 163 5.2 85 5.1 – – 5,861 0.8 5,336 2.5 Mortgage-backed securities (2) 81 0.2 536 1.0 181 2.4 1,570 1.4 – – 2,368 1.4 2,699 2.4 Asset-backed securities – – – – 66 2.2 129 1.6 – – 195 1.8 47 2.4 Corporate debt 2,211 0.6 4,009 0.7 4 2.4 – – – – 6,224 0.7 5,621 2.4 $ 14,333 $ 33,002 $ 4,849 $ 1,784 $ – $ 53,968 $ 46,196 Equity securities designated at FVOCI Corporate public equity $ – – $ – – $ – – $ – – $ 42 n/m $ 42 n/m $ 46 n/m Corporate private equity – – – – – – – – 543 n/m 543 n/m 556 n/m $ – $ – $ – $ – $ 585 $ 585 $ 602 Securities measured at amortized cost Securities issued or guaranteed by: Canadian federal government $ 133 $ 619 $ 38 $ – $ – $ 790 $ 582 Other Canadian governments 452 4,518 6,102 – – 11,072 6,748 U.S. Treasury and agencies 551 9,551 866 – – 10,968 5,927 Other foreign governments 92 42 36 381 – 551 660 Mortgage-backed securities (3) 259 1,684 926 1,085 – 3,954 3,616 Asset-backed securities – 234 396 32 – 662 463 Corporate debt 232 3,432 139 – – 3,803 2,119 $ 1,719 $ 20,080 $ 8,503 $ 1,498 $ – $ 31,800 $ 20,115 Securities mandatorily measured and designated at FVTPL Securities issued or guaranteed by: Canadian federal government $ 3,996 $ 4,073 $ 1,085 $ 2,501 $ – $ 11,655 $ 7,203 Other Canadian governments 1,037 1,784 869 6,093 – 9,783 8,262 U.S. Treasury and agencies 269 2,504 2,177 646 – 5,596 5,074 Other foreign governments 1,230 683 29 32 – 1,974 1,139 Mortgage-backed securities (4) 108 1,326 141 7 – 1,582 1,175 Asset-backed securities 143 102 76 250 – 571 1,218 Corporate debt 882 1,920 568 180 – 3,550 3,783 $ 7,665 $ 12,392 $ 4,945 $ 9,709 $ – $ 34,711 $ 27,854 Corporate public equity – – – – 27,982 27,982 26,523 Corporate private equity – – – – – – 20 $ – $ – $ – $ – $ 27,982 $ 27,982 $ 26,543 Total securities (5) $ 23,717 $ 65,474 $ 18,297 $ 12,991 $ 28,567 $ 149,046 $ 121,310 (1) Represents the weighted-average yield, which is determined by applying the weighted average of the yields of individual fixed income securities. (2) Includes securities backed by mortgages insured by the Canada Mortgage and Housing Corporation (CMHC), with amortized cost of $410 million (2019: $232 million) and fair value of $413 million (2019: $232 million); securities issued by Federal National Mortgage Association (Fannie Mae), with amortized cost of $888 million (2019: $1,127 million) and fair value of $918 million (2019: $1,136 million); securities issued by Federal Home Loan Mortgage Corporation (Freddie Mac), with amortized cost of $367 million (2019: $487 million) and fair value of $380 million (2019: $492 million); and securities issued by Government National Mortgage Association, a U.S. government corporation (Ginnie Mae), with amortized cost of $655 million (2019: $841 million) and fair value of $657 million (2019: $839 million). (3) Includes securities backed by mortgage insured by the CMHC with amortized cost of $609 million (2019: $858 million) and fair value of $610 million (2019: $859 million); securities issued by Fannie Mae, with amortized cost of $1,165 million (2019: $1,037 million) and fair value of $1,197 million (2019: $1,048 million); securities issued by Freddie Mac, with amortized cost of $2,008 million (2019: $1,610 million) and fair value of $2,091 million (2019: $1,651 million); and securities issued by Ginnie Mae, with amortized cost of $69 million (2019: $98 million) and fair value of $71 million (2019: $99 million). (4) Includes securities backed by mortgages insured by the CMHC of $1,547 million (2019: $1,135 million). (5) Includes securities denominated in U.S. dollars with carrying value of $68.4 billion (2019: $54.4 billion) and securities denominated in other foreign currencies with carrying value of $2,616 million (2019: $1,813 million). n/m Not meaningful. |
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 October 31 2020 2019 Cost/ Amortized (1) Gross Gross Fair value Cost/ Amortized (1) Gross Gross Fair value Securities issued or guaranteed by: Canadian federal government $ 11,379 $ 32 $ (2 ) $ 11,409 $ 10,842 $ 12 $ (3 ) $ 10,851 Other Canadian governments 15,187 128 – 15,315 12,252 22 (3 ) 12,271 U.S. Treasury and agencies 12,533 63 – 12,596 9,353 25 (7 ) 9,371 Other foreign governments 5,825 38 (2 ) 5,861 5,318 25 (7 ) 5,336 Mortgage-backed securities 2,320 49 (1 ) 2,368 2,688 15 (4 ) 2,699 Asset-backed securities 197 – (2 ) 195 47 – – 47 Corporate debt 6,194 31 (1 ) 6,224 5,608 16 (3 ) 5,621 53,635 341 (8 ) 53,968 46,108 115 (27 ) 46,196 Corporate public equity (2) 30 15 (3 ) 42 40 15 (9 ) 46 Corporate private equity 546 43 (46 ) 543 493 85 (22 ) 556 576 58 (49 ) 585 533 100 (31 ) 602 $ 54,211 $ 399 $ (57 ) $ 54,553 $ 46,641 $ 215 $ (58 ) $ 46,798 (1) Net of allowance for credit losses for debt securities measured at FVOCI of $22 million (2019: $23 million). (2) Includes restricted stock. |
Summary of Profit or Loss Recognized on FVOCI Securities | The table below presents profit or loss recognized on FVOCI securities: $ millions, for the year ended October 31 2020 2019 2018 Realized gains $ 30 $ 40 $ 56 Realized losses (1 ) (2 ) (13 ) Provision for credit losses on debt securities (8 ) (3 ) (78 ) $ 21 $ 35 $ (35 ) |
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 year ended October 31 Collective provision 12-month Collective provision Collective and credit-impaired Total 2020 Debt securities measured at FVOCI Balance at beginning of year $ 14 $ 3 $ 6 $ 23 Provision for (reversal of) credit losses (1)(2) 5 2 1 8 Write-offs – – – – Other (1 ) (1 ) (7 ) (3) (9 ) Balance at end of year $ 18 $ 4 $ – $ 22 2019 Debt securities measured at FVOCI Balance at beginning of year $ 15 $ 3 $ 5 $ 23 Provision for (reversal of) credit losses (1) – – 4 4 Write-offs – – (4 ) (4 ) Other (1 ) – 1 – Balance at end of year $ 14 $ 3 $ 6 $ 23 (1) Included in the gains (losses) from debt securities measured at FVOCI and amortized cost, net on our consolidated statement of income. (2) Excludes stage 3 provisions for credit loss of $14 million 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 consolidated statement of income. (3) Includes ECL of $8 million relating to Barbados U.S. dollar denominated securities that were derecognized in the third quarter of 2020 as a result of a U.S. dollar denominated debt restructuring agreement completed with the Government of Barbados. |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Disclosure of Loans and Receivables | $ millions, as at October 31 2020 2019 Gross Stage 3 Stages 1 Total (3) Net total Gross Stage 3 Stages 1 Total (3) Net total Residential mortgages (4) $ 221,165 $ 151 $ 212 $ 363 $ 220,802 $ 208,652 $ 140 $ 71 $ 211 $ 208,441 Personal 42,222 113 719 832 41,390 43,651 128 425 553 43,098 Credit card 11,389 – 667 667 10,722 12,755 – 420 420 12,335 Business and government (4) 135,546 650 1,028 1,678 133,868 125,798 376 355 731 125,067 $ 410,322 $ 914 $ 2,626 $ 3,540 $ 406,782 $ 390,856 $ 644 $ 1,271 $ 1,915 $ 388,941 (1) Loans are net of unearned income of $530 million (2019: $469 million). (2) Includes gross loans of $76.6 billion (2019: $69.5 billion) denominated in U.S. dollars and $8.4 billion (2019: $6.7 billion) denominated in other foreign currencies. (3) Includes ECL allowances for customers’ liability under acceptances. (4) Includes $63 million of residential mortgages (2019: $60 million) and $23,291 million of business and government loans (2019: $21,182 million) that are measured at FVTPL. |
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 year ended October 31 2020 Stage 1 Stage 2 Stage 3 Collective provision 12-month Collective provision Collective and credit-impaired (1) Total Residential mortgages Balance at beginning of year $ 28 $ 43 $ 140 $ 211 Originations net of repayments and other derecognitions 9 (12 ) (17 ) (20 ) Changes in model (3 ) 30 – 27 Net remeasurement (2) (21 ) 123 73 175 Transfers (2) – to 12-month 61 (51 ) (10 ) – – to lifetime ECL performing (23 ) 39 (16 ) – – to lifetime ECL credit-impaired – (10 ) 10 – Provision for (reversal of) credit losses (3) 23 119 40 182 Write-offs (4) – – (16 ) (16 ) Recoveries – – 6 6 Interest income on impaired loans – – (19 ) (19 ) Foreign exchange and other – (1 ) – (1 ) Balance at end of year $ 51 $ 161 $ 151 $ 363 Personal Balance at beginning of year $ 174 $ 271 $ 128 $ 573 Originations net of repayments and other derecognitions 37 (51 ) (12 ) (26 ) Changes in model (13 ) 181 – 168 Net remeasurement (2) (186 ) 378 247 439 Transfers (2) – to 12-month 300 (292 ) (8 ) – – to lifetime ECL performing (108 ) 126 (18 ) – – to lifetime ECL credit-impaired – (67 ) 67 – Provision for (reversal of) credit losses (3) 30 275 276 581 Write-offs (4) – – (353 ) (353 ) Recoveries – – 66 66 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other – – 1 1 Balance at end of year $ 204 $ 546 $ 113 $ 863 Credit card Balance at beginning of year $ 145 $ 340 $ – $ 485 Originations net of repayments and other derecognitions (3 ) (69 ) – (72 ) Changes in model (6 ) 59 – 53 Net remeasurement (2) (223 ) 674 89 540 Transfers (2) – to 12-month 281 (281 ) – – – to lifetime ECL performing (58 ) 58 – – – to lifetime ECL credit-impaired – (209 ) 209 – Provision for (reversal of) credit losses (3) (9 ) 232 298 521 Write-offs (4) – – (409 ) (409 ) Recoveries – – 111 111 Interest income on impaired loans – – – – Foreign exchange and other – – – – Balance at end of year $ 136 $ 572 $ – $ 708 Business and government Balance at beginning of year $ 239 $ 158 $ 378 $ 775 Originations net of repayments and other derecognitions 51 (45 ) (20 ) (14 ) Changes in model 14 (1 ) (1 ) 12 Net remeasurement (2) 264 594 349 1,207 Transfers (2) – to 12-month 113 (103 ) (10 ) – – to lifetime ECL performing (201 ) 210 (9 ) – – to lifetime ECL credit-impaired (21 ) (121 ) 142 – Provision for (reversal of) credit losses (3) 220 534 451 1,205 Write-offs (4) – – (157 ) (157 ) Recoveries – – 9 9 Interest income on impaired loans – – (21 ) (21 ) Foreign exchange and other (6 ) (9 ) (8 ) (23 ) Balance at end of year $ 453 $ 683 $ 652 $ 1,788 Total ECL allowance (5) $ 844 $ 1,962 $ 916 $ 3,722 Comprises: Loans $ 735 $ 1,891 $ 914 $ 3,540 Undrawn credit facilities and other off-balance (6) 109 71 2 182 (1) Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank. (2) 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. (3) Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance (4) We generally continue to pursue collection on the amounts that were written off. The degree of collection efforts varies from one jurisdiction to another, depending on the local regulations and original agreements with customers. (5) 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 $16 million as at October 31, 2020 (2019: $2 million), $14 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (2019: nil). The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2020 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances. (6) Included in Other liabilities on our consolidated balance sheet. $ millions, as at or for the year ended October 31 2019 Stage 1 Stage 2 Stage 3 Collective provision 12-month Collective provision Collective and credit-impaired (1) Total Residential mortgages Balance at beginning of year $ 27 $ 44 $ 143 $ 214 Originations net of repayments and other derecognitions 4 (11 ) (23 ) (30 ) Changes in model (2 ) (6 ) (5 ) (13 ) Net remeasurement (2) (41 ) 32 94 85 Transfers (2) – to 12-month 42 (30 ) (12 ) – – to lifetime ECL performing (3 ) 22 (19 ) – – to lifetime ECL credit-impaired – (7 ) 7 – Provision for (reversal of) credit losses (3) – – 42 42 Write-offs (4) – – (29 ) (29 ) Recoveries – – 2 2 Interest income on impaired loans – – (17 ) (17 ) Foreign exchange and other 1 (1 ) (1 ) (1 ) Balance at end of year $ 28 $ 43 $ 140 $ 211 Personal Balance at beginning of year $ 190 $ 199 $ 109 $ 498 Originations net of repayments and other derecognitions 45 (50 ) – (5 ) Changes in model (14 ) 30 – 16 Net remeasurement (2) (194 ) 283 309 398 Transfers (2) – to 12-month 183 (179 ) (4 ) – – to lifetime ECL performing (37 ) 51 (14 ) – – to lifetime ECL credit-impaired – (63 ) 63 – Provision for (reversal of) credit losses (3) (17 ) 72 354 409 Write-offs (4) – – (395 ) (395 ) Recoveries – – 62 62 Interest income on impaired loans – – (5 ) (5 ) Foreign exchange and other 1 – 3 4 Balance at end of year $ 174 $ 271 $ 128 $ 573 Credit card Balance at beginning of year $ 102 $ 370 $ – $ 472 Originations net of repayments and other derecognitions – (50 ) – (50 ) Changes in model 36 (48 ) – (12 ) Net remeasurement (2) (190 ) 477 184 471 Transfers (2) – to 12-month 229 (229 ) – – – to lifetime ECL performing (33 ) 33 – – – to lifetime ECL credit-impaired – (215 ) 215 – Provision for (reversal of) credit losses (3) 42 (32 ) 399 409 Write-offs (4) – – (516 ) (516 ) Recoveries – – 117 117 Interest income on impaired loans – – – – Foreign exchange and other 1 2 – 3 Balance at end of year $ 145 $ 340 $ – $ 485 Business and government Balance at beginning of year $ 180 $ 147 $ 230 $ 557 Originations net of repayments and other derecognitions 32 (19 ) (21 ) (8 ) Changes in model – 1 3 4 Net remeasurement (2) (17 ) 97 350 430 Transfers (2) – to 12-month 71 (64 ) (7 ) – – to lifetime ECL performing (21 ) 25 (4 ) – – to lifetime ECL credit-impaired (2 ) (29 ) 31 – Provision for (reversal of) credit losses (3) 63 11 352 426 Write-offs (4) – – (190 ) (190 ) Recoveries – – 13 13 Interest income on impaired loans – – (18 ) (18 ) Foreign exchange and other (4 ) – (9 ) (13 ) Balance at end of year $ 239 $ 158 $ 378 $ 775 Total ECL allowance (5) $ 586 $ 812 $ 646 $ 2,044 Comprises: Loans $ 526 $ 745 $ 644 $ 1,915 Undrawn credit facilities and other off-balance (6) 60 67 2 129 (1) Includes the ECL allowance for purchased credit-impaired loans from the acquisition of The PrivateBank. (2) 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. (3) Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance (4) We generally continue to pursue collection on the amounts that were written off. The degree of collection efforts varies from one jurisdiction to another, depending on the local regulations and original agreements with customers. (5) 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 $2 million as at October 31, 2019. The ECL allowances for other financial assets classified at amortized cost were immaterial as at October 31, 2019 and were excluded from the table above. Financial assets other than loans that are classified at amortized cost are presented on our consolidated balance sheet net of ECL allowances. (6) Included in Other liabilities on our consolidated balance sheet. |
Summary of Base Case Forecasts for Select Forward Looking Information Variables Used to Estimate our Expected Credit Losses | Significant changes to our forecasts were made in the current year. The following table provides the base case, upside case and downside case scenario forecasts for select forward-looking information variables used to estimate our ECL. Base case Upside case Downside case As at October 31, 2020 Average Average (1) Average Average (1) Average Average (1) Real GDP year-over-year growth Canada (2) 1.6 % 3.8 % 3.6 % 4.6 % 0.03 % 2.0 % United States 1.7 % 3.5 % 3.0 % 4.2 % (0.6 )% 1.7 % Unemployment rate Canada (2) 8.7 % 6.7 % 7.4 % 5.9 % 9.5 % 8.4 % United States 7.4 % 4.7 % 5.1 % 3.5 % 9.2 % 7.3 % Canadian Housing Price Index growth (2) 2.4 % 3.0 % 11.2 % 10.4 % (6.9 )% (0.8 )% S&P 500 Index growth rate 5.6 % 4.8 % 11.2 % 7.7 % (3.5 )% (5.3 )% West Texas Intermediate Oil Price (US$) $ 42 $ 53 $ 51 $ 60 $ 34 $ 39 (1) The remaining forecast period is generally two years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. Base case Upside case Downside case As at October 31, 2019 Average Average (1) Average Average (1) Average Average (1) Canadian GDP year-over-year growth (2) 1.5 % 1.8 % 2.3 % 2.5 % 0.6 % 0.8 % Canadian unemployment rate (2) 6.1 % 5.9 % 5.5 % 5.5 % 6.4 % 6.5 % Canadian Housing Price Index growth (2) 1.6 % 2.2 % 4.8 % 4.0 % (2.2 )% (0.8 )% S&P 500 Index growth rate 5.0 % 4.7 % 8.2 % 6.6 % (3.7 )% (10.3 )% West Texas Intermediate Oil Price (US$) $ 60 $ 60 $ 67 $ 74 $ 47 $ 43 (1) The remaining forecast period is generally two years. (2) National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. |
Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades | The following tables provide the gross carrying amount of loans, and the contractual amounts of undrawn credit facilities and other off-balance 12-month Loans (1) $ millions, as at October 31 2020 2019 Stage 1 Stage 2 Stage 3 (2)(3)(4) Total Stage 1 Stage 2 Stage 3 (2)(3)(4) Total Residential mortgages – Exceptionally low $ 146,139 $ 2 $ – $ 146,141 $ 142,260 $ – $ – $ 142,260 – Very low 45,678 1,166 – 46,844 37,140 – – 37,140 – Low 12,491 6,042 – 18,533 17,315 1,010 – 18,325 – Medium 232 4,924 – 5,156 1,207 5,312 – 6,519 – High – 1,054 – 1,054 11 1,162 – 1,173 – Default – – 654 654 – – 597 597 – Not rated 1,810 818 155 2,783 2,251 233 154 2,638 Gross residential mortgages (5)(6) 206,350 14,006 809 221,165 200,184 7,717 751 208,652 ECL allowance 51 161 151 363 28 43 140 211 Net residential mortgages 206,299 13,845 658 220,802 200,156 7,674 611 208,441 Personal – Exceptionally low 23,302 – – 23,302 24,258 – – 24,258 – Very low 1,618 157 – 1,775 4,321 1,353 – 5,674 – Low 8,662 2,497 – 11,159 4,955 1,582 – 6,537 – Medium 1,265 2,768 – 4,033 3,703 1,611 – 5,314 – High 331 769 – 1,100 302 613 – 915 – Default – – 140 140 – – 164 164 – Not rated 513 159 41 713 720 29 40 789 Gross personal (6) 35,691 6,350 181 42,222 38,259 5,188 204 43,651 ECL allowance 179 540 113 832 160 265 128 553 Net personal 35,512 5,810 68 41,390 38,099 4,923 76 43,098 Credit card – Exceptionally low 3,285 – – 3,285 3,015 – – 3,015 – Very low 1,388 – – 1,388 1,142 83 – 1,225 – Low 2,340 – – 2,340 5,619 274 – 5,893 – Medium 1,778 1,973 – 3,751 1,344 565 – 1,909 – High – 472 – 472 10 538 – 548 – Default – – – – – – – – – Not rated 135 18 – 153 158 7 – 165 Gross credit card 8,926 2,463 – 11,389 11,288 1,467 – 12,755 ECL allowance 125 542 – 667 129 291 – 420 Net credit card 8,801 1,921 – 10,722 11,159 1,176 – 12,335 Business and government – Investment grade 49,418 1,071 – 50,489 46,800 251 – 47,051 – Non-investment 78,302 9,876 – 88,178 80,780 3,443 – 84,223 – Watchlist 416 4,443 – 4,859 374 1,575 – 1,949 – Default – – 1,359 1,359 – – 866 866 – Not rated 218 49 – 267 752 79 45 876 Gross business and government (5)(7) 128,354 15,439 1,359 145,152 128,706 5,348 911 134,965 ECL allowance 380 648 650 1,678 209 146 376 731 Net business and government 127,974 14,791 709 143,474 128,497 5,202 535 134,234 Total net amount of loans $ 378,586 $ 36,367 $ 1,435 $ 416,388 $ 377,911 $ 18,975 $ 1,222 $ 398,108 (1) The table excludes debt securities measured at FVOCI, for which ECL allowances of $22 million (2019: $23 million) were recognized in AOCI. In addition, the table excludes debt securities classified at amortized cost, for which ECL allowances of $16 million were recognized as at October 31, 2020 (2019: $2 million), $14 million of which was stage 3 ECL allowance on originated credit-impaired amortized cost debt securities (2019: nil). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at October 31, 2020 and October 31, 2019. Financial assets other than loans that are classified as amortized cost are presented on our consolidated balance sheet net of ECL allowances. (2) Includes purchased credit-impaired loans from the acquisition of The PrivateBank. (3) Excludes foreclosed assets of $23 million (2019: $25 million), which were included in Other assets on our consolidated balance sheet. (4) As at October 31, 2020, 93% (2019: 90%) of stage 3 impaired loans were either fully or partially collateralized. (5) Includes $63 million (2019: $60 million) of residential mortgages and $23,291 million (2019: $21,182 million) of business and government loans that are measured at FVTPL. (6) 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. (7) Includes customers’ liability under acceptances of $9,606 million (2019: $9,167 million). Undrawn credit facilities and other off-balance $ millions, as at October 31 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail – Exceptionally low $ 124,690 $ 8 $ – $ 124,698 $ 106,696 $ 120 $ – $ 106,816 – Very low 6,632 137 – 6,769 7,341 1,126 – 8,467 – Low 8,703 416 – 9,119 10,974 1,357 – 12,331 – Medium 909 692 – 1,601 1,737 752 – 2,489 – High 263 503 – 766 255 495 – 750 – Default – – 28 28 – – 19 19 – Not rated 411 23 – 434 397 32 – 429 Gross retail 141,608 1,779 28 143,415 127,400 3,882 19 131,301 ECL allowance 36 36 – 72 30 55 – 85 Net retail 141,572 1,743 28 143,343 127,370 3,827 19 131,216 Business and government – Investment grade 89,067 159 – 89,226 78,906 296 – 79,202 – Non-investment 55,288 5,103 – 60,391 52,379 1,282 – 53,661 – Watchlist 82 1,678 – 1,760 65 575 – 640 – Default – – 129 129 – – 69 69 – Not rated 795 41 – 836 688 60 – 748 Gross business and government 145,232 6,981 129 152,342 132,038 2,213 69 134,320 ECL allowance 73 35 2 110 30 12 2 44 Net business and government 145,159 6,946 127 152,232 132,008 2,201 67 134,276 Total net undrawn credit facilities and other off-balance $ 286,731 $ 8,689 $ 155 $ 295,575 $ 259,378 $ 6,028 $ 86 $ 265,492 |
Schedule of Net Interest Income After Provision for Credit Losses | Net interest income after provision for credit losses $ millions, for the year ended October 31 2020 2019 2018 Interest income $ 17,522 $ 20,697 $ 17,505 Interest expense 6,478 10,146 7,440 Net interest income 11,044 10,551 10,065 Provision for credit losses 2,489 1,286 870 Net interest income after provision for credit losses $ 8,555 $ 9,265 $ 9,195 |
Structured entities and derec_2
Structured entities and derecognition of financial assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Schedule of Unconsolidated Entity Balance Sheet Amounts and Maximum Exposure to Loss | The impact of CVA is not considered in the table below. $ millions, as at October 31, 2020 Single-seller and multi-seller Third-party Structured run-off (1) Other (2) On-balance (3) Securities $ 12 $ 1,770 $ 3 $ 328 Loans 95 1,790 – – Investments in equity-accounted associates and joint ventures – – – 12 $ 107 $ 3,560 $ 3 $ 340 October 31, 2019 $ 113 $ 3,345 $ 3 $ 332 On-balance (3) Deposits $ – $ – $ – $ 303 Derivatives (4) – – 107 – $ – $ – $ 107 $ 303 October 31, 2019 $ – $ – $ 112 $ 302 Maximum exposure to loss, net of hedges Investments and loans $ 107 $ 3,560 $ 3 $ 340 Notional of written derivatives, less fair value losses – – 23 – Liquidity, credit facilities and commitments 8,390 (5) 2,880 13 140 Less: hedges of investments, loans and written derivatives exposure – – (27 ) – $ 8,497 $ 6,440 $ 12 $ 480 October 31, 2019 $ 7,250 $ 5,703 $ 13 $ 418 (1) Includes CIBC structured CDO vehicles and third-party structured vehicles. (2) Includes pass-through investment structures, CIBC Capital Trust, and CIBC-managed investment funds and Community Reinvestment Act-related (3) Excludes SEs established by CMHC, Fannie Mae, Freddie Mac, Ginnie Mae, FHLB, Federal Farm Credit Bank, and Student Loan Marketing Association. (4) Comprises written credit default swaps (CDS) and total return swaps (TRS) under which we assume exposures. Excludes foreign exchange derivatives, interest rate derivatives and other derivatives provided as part of normal client facilitation. (5) Excludes an additional $2.1 billion (2019: $1.6 billion) relating to our backstop liquidity facilities provided to the multi-seller conduits as part of their commitment to fund purchases of additional assets. Also excludes $12 million (2019: $26 million) of our direct investments in the multi-seller conduits which we consider investment exposure. |
Schedule of Carrying Amount and Fair Value of Transferred Financial Assets that did not Qualify for Derecognition and Associated Financial Liabilities | The following table provides the carrying amount and fair value of transferred financial assets that did not qualify for derecognition and the associated financial liabilities: $ millions, as at October 31 2020 2019 Carrying Fair Carrying Fair value Residential mortgage securitizations (1) $ 17,550 $ 17,726 $ 16,245 $ 16,264 Securities held by counterparties as collateral under repurchase agreements (2) 36,720 36,720 15,663 15,663 Securities lent for cash collateral (2) 13 13 45 45 Securities lent for securities collateral (2) 20,226 20,226 21,789 21,789 $ 74,509 $ 74,685 $ 53,742 $ 53,761 Associated liabilities (3) $ 75,853 $ 76,080 $ 54,591 $ 54,734 (1) Consists mainly of Canadian residential mortgage loans transferred to Canada Housing Trust. Certain cash in transit balances related to the securitization process amounting to $1,148 million (2019: $738 million) have been applied to reduce these balances. (2) Does not include over-collateralization of assets pledged. Repurchase and securities lending arrangements are conducted with both CIBC-owned and third-party assets on a pooled basis. The carrying amounts represent an estimated allocation related to the transfer of our own financial assets. (3) Includes the obligation to return off-balance |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Property and Equipment | $ millions, as at or for the year ended October 31 Right-of- (1) Land and Computer Office furniture, (2) Leasehold Total 2020 Cost Balance at beginning of year n/a $ 1,383 $ 1,043 $ 1,013 $ 1,204 $ 4,643 Impact of adopting IFRS 16 (3) 1,733 (715 ) – – – 1,018 Additions (4) 115 17 117 142 36 427 Disposals (5) (64 ) (6 ) (53 ) (29 ) (65 ) (217 ) Adjustments (6) 6 2 2 3 3 16 Balance at end of year $ 1,790 $ 681 $ 1,109 $ 1,129 $ 1,178 $ 5,887 2019 Balance at end of year n/a $ 1,383 $ 1,043 $ 1,013 $ 1,204 $ 4,643 2020 Accumulated depreciation Balance at beginning of year n/a $ 669 $ 819 $ 521 $ 821 $ 2,830 Impact of adopting IFRS 16 54 (376 ) – – – (322 ) Depreciation (5) 280 13 102 50 72 517 Disposals (5) (18 ) (2 ) (53 ) (18 ) (46 ) (137 ) Adjustments (5) – 1 1 – – 2 Balance at end of year $ 316 $ 305 $ 869 $ 553 $ 847 $ 2,890 2019 Balance at end of year n/a $ 669 $ 819 $ 521 $ 821 $ 2,830 Net book value As at October 31, 2020 $ 1,474 $ 376 $ 240 $ 576 $ 331 $ 2,997 As at October 31, 2019 n/a $ 714 $ 224 $ 492 $ 383 $ 1,813 (1) Includes right-of-use assets with a net book value of $49 million as at November 1, 2019 that are rented out through operating sublease arrangements. (2) Includes $306 million (2019: $173 million) of work-in-progress (3) Includes $103 million related to leases that were previously classified as finance leases under IAS 17. (4) Includes impact of lease modifications. (5) Includes write-offs for properties that were vacated in the fourth quarter of 2020, and write-offs of fully depreciated assets. (6) Includes foreign currency translation adjustments. n/a Not applicable. |
Summary Reconciling Operating Lease Commitments to Opening Lease Liabilities | The following table reconciles the operating lease commitments as at October 31, 2019 disclosed under IAS 17 to the opening lease liabilities under IFRS 16 as at the initial date of application, November 1, 2019. $ millions Operating lease commitments as at October 31, 2019 $ 5,547 Less: Operating and tax expenses related to the lease commitments (2,477 ) Less: Impact of future lease commitments not yet commenced (1) (1,434 ) Adjustments as a result of renewal and termination assumptions 306 Impact of discounting (230 ) Lease liability recognized as at November 1, 2019 $ 1,712 (1) Mainly related to CIBC Square lease commitments that are expected to commence in 2021. |
Goodwill, Software and Other _2
Goodwill, Software and Other Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units | We have three significant CGUs to which goodwill has been allocated. The changes in the carrying amount of goodwill are allocated to each CGU as follows: CGUs $ millions, as at or for the year ended October 31 CIBC Canadian U.S. Commercial Other Total 2020 Balance at beginning of year $ 278 $ 884 $ 4,084 $ 203 $ 5,449 Impairment (248 ) – – – (248 ) Foreign currency translation adjustments 5 – 47 – 52 Balance at end of year $ 35 $ 884 $ 4,131 $ 203 $ 5,253 2019 Balance at beginning of year $ 413 $ 884 $ 4,078 $ 189 $ 5,564 Acquisitions – – 4 14 18 Impairment (135 ) – – – (135 ) Foreign currency translation adjustments – – 2 – 2 Balance at end of year $ 278 $ 884 $ 4,084 $ 203 $ 5,449 |
Schedule of Carrying Amount of Indefinite-lived Intangible Assets | The carrying amount of indefinite-lived intangible assets is provided in the following table: $ millions, as at or for the year ended October 31 Contract (1) Brand name (2) Total 2020 Balance at beginning of year $ 116 $ 26 $ 142 Foreign currency translation adjustments – – – Balance at end of year $ 116 $ 26 $ 142 2019 Balance at beginning of year $ 116 $ 26 $ 142 Foreign currency translation adjustments – – – Balance at end of year $ 116 $ 26 $ 142 (1) Represents management contracts purchased as part of past acquisitions. (2) Acquired as part of the CIBC FirstCaribbean acquisition. |
Schedule of Components of Finite-lived Software and Other Intangible Assets | The components of finite-lived software and other intangible assets are as follows: $ millions, as at or for the year ended October 31 Software (1) Core deposit (2) Contract based (3) Customer (4) Total 2020 Gross carrying amount Balance at beginning of year $ 3,052 $ 611 $ 38 $ 322 $ 4,023 Additions 481 – – – 481 Disposals (5) (28 ) – – (69 ) (97 ) Adjustments (6) 3 8 (16 ) 4 (1 ) Balance at end of year $ 3,508 $ 619 $ 22 $ 257 $ 4,406 2019 Balance at end of year $ 3,052 $ 611 $ 38 $ 322 $ 4,023 2020 Accumulated amortization Balance at beginning of year $ 1,631 $ 389 $ 11 $ 165 $ 2,196 Amortization and impairment (5) 371 64 5 36 476 Disposals (5) (20 ) – – (68 ) (88 ) Adjustments (6) 1 4 (4 ) 2 3 Balance at end of year $ 1,983 $ 457 $ 12 $ 135 $ 2,587 2019 Balance at end of year $ 1,631 $ 389 $ 11 $ 165 $ 2,196 Net book value As at October 31, 2020 $ 1,525 $ 162 $ 10 $ 122 $ 1,819 As at October 31, 2019 $ 1,421 $ 222 $ 27 $ 157 $ 1,827 (1) Includes $620 million (2019: $515 million) of work-in-progress (2) Acquired as part of the acquisitions of CIBC FirstCaribbean and The PrivateBank. (3) Represents a combination of management contracts purchased as part of past acquisitions including The PrivateBank and Geneva Advisors in 2017, as well as LGA and Cleary Gull in 2019. (4) Represents customer relationships associated with past acquisitions including The PrivateBank and Geneva Advisors in 2017, and LGA in 2019. (5) Includes write-offs of fully amortized assets. (6) Includes foreign currency translation adjustments and reclassification of certain contract-based assets to right-of-use assets in Property and e |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Other Assets | $ millions, as at October 31 2020 2019 Accrued interest receivable $ 1,317 $ 1,414 Defined benefit asset (Note 19) 247 175 Precious metals (1) 2,731 1,815 Brokers’ client accounts 9,153 5,471 Current tax receivable 2,201 3,542 Other prepayments 557 745 Derivative collateral receivable 4,950 6,185 Accounts receivable 519 759 Other (2) 1,533 717 $ 23,208 $ 20,823 (1) Includes gold and silver bullion that are measured at fair value using unadjusted market prices quoted in active markets. (2) Includes investments in subleases of $749 million as at October 31, 2020, related to certain subleases we have re-assessed as finance subleases as part of the adoption of IFRS 16. For the year ended October 31, 2020, finance income related to our investment in sublease was $53 million. Future lease payments receivable are $506 million over the next five years, and $838 million thereafter until expiry of the subleases. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Deposits and Components | $ millions, as at October 31 Payable on (3) Payable after (4) Payable on a (5)(6) 2020 Total 2019 Total Personal $ 13,704 $ 132,152 $ 56,296 $ 202,152 $ 178,091 Business and government (7) 85,604 82,477 143,345 311,426 257,502 Bank 6,837 126 10,048 17,011 11,224 Secured borrowings (8) – – 40,151 40,151 38,895 $ 106,145 $ 214,755 $ 249,840 $ 570,740 $ 485,712 Comprises: Held at amortized cost $ 557,321 $ 475,254 Designated at fair value 13,419 10,458 $ 570,740 $ 485,712 Total deposits include (9) Non-interest-bearing Canada $ 71,122 $ 51,880 U.S. 13,833 7,876 Other international 5,798 4,647 Interest-bearing deposits Canada 389,439 344,756 U.S. 66,399 56,844 Other international 24,149 19,709 $ 570,740 $ 485,712 (1) Includes deposits of $185.2 billion (2019: $152.8 billion) denominated in U.S. dollars and deposits of $30.2 billion (2019: $30.0 billion) denominated in other foreign currencies. (2) Net of purchased notes of $3,063 million (2019: $2,930 million). (3) Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts. (4) Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts. (5) Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments. (6) Includes $19,925 million (2019: $8,986 million) of deposits which are subject to the bank recapitalization (bail-in) conversion regulations issued by the Department of Finance (Canada). These regulations provide certain statutory powers to the Canada Deposit Insurance Corporation (CDIC), including the ability to convert specified eligible shares and liabilities of CIBC into common shares in the event that CIBC is determined to be non-viable. (7) Includes $303 million (2019: $302 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. |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Other liabilities | $ millions, as at October 31 2020 2019 Accrued interest payable $ 1,200 $ 1,438 Defined benefit liability (Note 19) 676 737 Gold and silver certificates 133 114 Brokers’ client accounts 5,303 4,940 Derivative collateral payable 4,772 3,823 Negotiable instruments 1,110 991 Accrued employee compensation and benefits 2,174 2,281 Accounts payable and accrued expenses 2,153 2,062 Other (1) 4,613 2,645 $ 22,134 $ 19,031 (1) Includes the carrying value of our lease liabilities, which was $1,866 million as at October 31, 2020, relating to our adoption of IFRS 16 in the current year. See Note 8 for additional details on the IFRS 16 transition. The carrying value includes $302 million related to leases that were previously classified as finance leases under IAS 17. The undiscounted cash flows related to the contractual maturity of our lease liabilities is $354 million for the period less than 1 year, $1,111 million between years 1-5, and $706 million thereafter until expiry of the leases. During the year ended October 31, 2020, interest expense on lease liabilities was $60 million. |
Derivative instruments (Tables)
Derivative instruments (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Derivative Instruments | As described in Note 1, in the normal course of business, we use various derivative instruments for both trading and ALM purposes. These derivatives limit, modify or give rise to varying degrees and types of risk. $ millions, as at October 31 2020 2019 Assets Liabilities Assets Liabilities Trading (Note 3) $ 31,356 $ 29,392 $ 22,738 $ 23,799 ALM (Note 3) (1) 1,374 1,116 1,157 1,314 $ 32,730 $ 30,508 $ 23,895 $ 25,113 (1) Comprised of derivatives that qualify for hedge accounting under IAS 39 and derivatives used for economic hedges. |
Summary of Notional Amounts | The following table presents the notional amounts of derivative instruments: $ millions, as at October 31 2020 2019 Residual term to contractual maturity Less than 1 year 1 to 5 years Over 5 years Total notional Trading ALM (1) Trading ALM (1) Interest rate derivatives Over-the-counter Forward rate agreements $ 10,175 $ 3,444 $ – $ 13,619 $ 10,593 $ 3,026 $ 8,591 $ 2,480 Centrally cleared forward rate agreements 146,823 2,605 – 149,428 149,428 – 320,118 – Swap contracts 72,315 138,145 83,576 294,036 264,184 29,852 275,418 40,177 Centrally cleared swap contracts 1,227,733 1,537,632 520,617 3,285,982 2,840,793 445,189 2,780,206 355,846 Purchased options 5,200 4,622 1,120 10,942 9,188 1,754 12,883 2,358 Written options 3,957 4,914 1,265 10,136 9,370 766 14,670 1,011 1,466,203 1,691,362 606,578 3,764,143 3,283,556 480,587 3,411,886 401,872 Exchange-traded Futures contracts 185,639 84,020 11 269,670 269,670 – 136,627 2,266 Purchased options 3,059 1 – 3,060 3,060 – 14,616 – Written options 5,059 1 – 5,060 5,060 – 5,758 – 193,757 84,022 11 277,790 277,790 – 157,001 2,266 Total interest rate derivatives 1,659,960 1,775,384 606,589 4,041,933 3,561,346 480,587 3,568,887 404,138 Foreign exchange derivatives Over-the-counter Forward contracts 1,058,942 18,898 2,334 1,080,174 1,071,423 8,751 892,117 12,840 Swap contracts 117,017 266,263 145,735 529,015 486,689 42,326 398,262 45,510 Purchased options 16,857 2,102 49 19,008 19,008 – 19,285 – Written options 20,792 1,877 14 22,683 22,229 454 23,947 – 1,213,608 289,140 148,132 1,650,880 1,599,349 51,531 1,333,611 58,350 Exchange-traded Futures contracts 3 – – 3 3 – 26 – Total foreign exchange derivatives 1,213,611 289,140 148,132 1,650,883 1,599,352 51,531 1,333,637 58,350 Credit derivatives Over-the-counter Credit default swap contracts – protection purchased 16 925 995 1,936 1,907 29 940 102 Centrally cleared credit default swap contracts – protection purchased 58 835 1,691 2,584 2,424 160 973 158 Credit default swap contracts – protection sold 41 362 220 623 614 9 328 50 Centrally cleared credit default swap contracts – protection sold – 819 490 1,309 1,309 – 181 – Total credit derivatives 115 2,941 3,396 6,452 6,254 198 2,422 310 Equity derivatives Over-the-counter 66,888 24,081 810 91,779 86,865 4,914 85,310 (2) 3,347 Exchange-traded 69,675 19,807 342 89,824 89,824 – 89,529 – Total equity derivatives 136,563 43,888 1,152 181,603 176,689 4,914 174,839 3,347 Precious metal derivatives Over-the-counter 9,263 418 – 9,681 9,681 – 9,814 – Exchange-traded 524 – – 524 524 – 3,235 – Total precious metal derivatives 9,787 418 – 10,205 10,205 – 13,049 – Other commodity derivatives Over-the-counter 13,999 19,309 842 34,150 34,142 8 36,819 – Centrally cleared commodity derivatives 41 14 – 55 55 – 102 – Exchange-traded 12,411 6,008 281 18,700 18,700 – 23,086 – Total other commodity derivatives 26,451 25,331 1,123 52,905 52,897 8 60,007 – Total notional amount of which: $ 3,046,487 $ 2,137,102 $ 760,392 $ 5,943,981 $ 5,406,743 $ 537,238 $ 5,152,841 $ 466,145 Over-the-counter (3) 2,770,117 2,027,265 759,758 5,557,140 5,019,902 537,238 4,879,964 463,879 Exchange-traded 276,370 109,837 634 386,841 386,841 – 272,877 2,266 (1) ALM: asset/liability management. (2) Restated from amount previously presented. (3) For OTC derivatives that are not centrally cleared, $1,984.6 billion (2019: $1,596.7 billion) are with counterparties that have two-way one-way |
Summary of Credit Exposure Arising from Derivatives | $ millions, as at October 31 2020 (1) 2019 Current replacement cost (2) Credit equivalent amount (3) Risk- weighted amount Current replacement cost (2) Credit equivalent amount (3) Risk- weighted amount Trading ALM Total Trading ALM Total Interest rate derivatives Over-the-counter Forward rate agreements $ – $ 16 $ 16 $ 135 $ 12 $ – $ 13 $ 13 $ 69 $ 9 Swap contracts 3,974 237 4,211 6,744 2,705 2,503 155 2,658 7,140 2,507 Purchased options (4) 17 6 23 35 26 11 – 11 56 38 Written options (4) 9 – 9 5 2 6 – 6 31 29 4,000 259 4,259 6,919 2,745 2,520 168 2,688 7,296 2,583 Exchange-traded – – – 309 9 4 – 4 192 5 4,000 259 4,259 7,228 2,754 2,524 168 2,692 7,488 2,588 Foreign exchange derivatives Over-the-counter Forward contracts 851 364 1,215 4,974 1,423 939 4 943 7,136 1,737 Swap contracts 358 481 839 2,324 700 735 4 739 3,546 687 Purchased options (4) 116 1 117 182 65 71 – 71 365 119 Written options (4) 47 – 47 44 20 13 – 13 106 24 1,372 846 2,218 7,524 2,208 1,758 8 1,766 11,153 2,567 Credit derivatives Over-the-counter Credit default swap contracts – protection purchased 7 9 16 144 21 2 1 3 25 7 – protection sold 10 – 10 13 6 – – – 2 2 17 9 26 157 27 2 1 3 27 9 Equity derivatives Over-the-counter 275 55 330 3,100 658 265 5 270 4,832 1,018 Exchange-traded 579 – 579 3,929 120 682 – 682 3,593 103 854 55 909 7,029 778 947 5 952 8,425 1,121 Precious metal derivatives Over-the-counter 58 – 58 136 55 51 – 51 332 115 Exchange-traded – – – 20 1 4 – 4 171 7 58 – 58 156 56 55 – 55 503 122 Other commodity derivatives Over-the-counter 1,293 25 1,318 2,365 866 697 62 759 3,928 1,195 Exchange-traded 3 – 3 1,291 52 9 – 9 1,200 48 1,296 25 1,321 3,656 918 706 62 768 5,128 1,243 RWA related to non-trade 213 245 RWA related to CVA charge 7,202 6,990 Total derivatives 7,597 1,194 8,791 25,750 14,156 5,992 244 6,236 32,724 14,885 (1) Effective in the second quarter of 2020 , we adopted the IMM approach for CCR for qualifying derivative transactions which impacted the calculation of EAD and risk-weighted assets (RWA). Some derivatives are not eligible for IMM and remain under SA-CCR. (2) Current replacement cost reflects the current mark-to-market (3) Under IMM, effective expected positive exposure (EEPE) is used, which computes through simulation, the expected exposures with consideration to the expected movements in underlying risk factor and netting/collateral agreements. The EAD is calculated as EEPE multiplied by the prescribed alpha factor of 1.4. The EAD under SA-CCR (4) Prior year amounts have been reclassified to conform to the presentation adopted in the current year. |
Summary of Detailed Information About Credit Risk | The following table presents the current replacement cost of derivatives by geographic region based on the location of the derivative counterparty: $ millions, as at October 31 2020 2019 Canada U.S. Other Total Canada U.S. Other Total Derivative instruments By counterparty type Financial institutions $ 921 $ 949 $ 1,156 $ 3,026 $ 534 $ 1,063 $ 549 $ 2,146 Governments 982 – 4 986 891 – 8 899 Corporate 1,823 1,774 1,182 4,779 951 1,017 1,223 3,191 Total derivative instruments $ 3,726 $ 2,723 $ 2,342 $ 8,791 $ 2,376 $ 2,080 $ 1,780 $ 6,236 |
Designated accounting hedges (T
Designated accounting hedges (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Items Designated as Hedging Instruments | Designated hedging instruments The following table provides a summary of financial instruments designated as hedging instruments: Notional (1)(2) Maturity range Fair value of the hedging derivatives Gains (losses) on $ millions, as at October 31 Less than 1-5 years Over 5 years Assets Liabilities 2020 Cash flow hedges Foreign exchange risk Foreign exchange forwards $ – $ – $ – $ – $ – $ – $ – Cross-currency interest rate swaps 7,329 3,692 3,637 – 134 161 43 Interest rate risk Interest rate swaps 15,104 6,085 9,019 – 13 – 320 Equity share price risk Equity swaps 1,171 1,012 159 – 5 23 (131 ) $ 23,604 $ 10,789 $ 12,815 $ – $ 152 $ 184 $ 232 NIFO hedges Foreign exchange risk Foreign exchange forwards $ 247 $ 247 $ – $ – $ – $ – $ (2 ) Deposits (3) 20,409 20,409 – – n/a n/a (154 ) $ 20,656 $ 20,656 $ – $ – $ – $ – $ (156 ) Fair value hedges Interest rate risk Interest rate swaps $ 205,518 $ 61,911 $ 126,570 $ 17,037 $ 170 $ 194 $ (815 ) Foreign exchange / interest rate risk Cross-currency interest rate swaps 34,329 2,185 26,689 5,455 795 486 (26 ) Interest rate swaps 17,025 – 14,311 2,714 – 5 66 $ 256,872 $ 64,096 $ 167,570 $ 25,206 $ 965 $ 685 $ (775 ) $ 301,132 $ 95,541 $ 180,385 $ 25,206 $ 1,117 $ 869 $ (699 ) 2019 Cash flow hedges Foreign exchange risk Foreign exchange forwards $ 17 $ 17 $ – $ – $ – $ – $ (7 ) Cross-currency interest rate swaps 6,619 859 5,760 – 104 177 (168 ) Interest rate risk Interest rate swaps 18,180 3,122 15,058 – 4 – 193 Equity share price risk Equity swaps 1,203 1,030 173 – 93 – (1 ) $ 26,019 $ 5,028 $ 20,991 $ – $ 201 $ 177 $ 17 NIFO hedges Foreign exchange risk Foreign exchange forwards $ 598 $ 598 $ – $ – $ 7 $ 2 $ – Deposits (3) 17,616 17,616 – – n/a n/a 6 $ 18,214 $ 18,214 $ – $ – $ 7 $ 2 $ 6 Fair value hedges Interest rate risk Interest rate swaps $ 194,398 $ 63,723 $ 114,455 $ 16,220 $ 291 $ 219 $ (276 ) Foreign exchange / interest rate risk Cross-currency interest rate swaps 34,627 7,226 20,597 6,804 339 682 41 Interest rate swaps 16,477 2,937 10,158 3,382 155 – 142 $ 245,502 $ 73,886 $ 145,210 $ 26,406 $ 785 $ 901 $ (93 ) $ 289,735 $ 97,128 $ 166,201 $ 26,406 $ 993 $ 1,080 $ (70 ) (1) For some hedge relationships, we apply a combination of derivatives to hedge the underlying exposures; therefore, the notional amounts of the derivatives generally exceed the carrying amount of the hedged items. (2) As at October 31, 2020, the notional amount of our derivatives in designated hedge accounting relationships that were indexed to U.S. LIBOR and GBP LIBOR, with a maturity date beyond December 31, 2021, was $59 billion. See “Interest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7” in Note 1 for details. (3) Notional amount represents the principal amount of deposits as at October 31, 2020 and October 31, 2019. n/a Not applicable. |
Summary of Average Rate or Price of Hedging Instruments | The following table provides the average rate or price of the hedging derivatives: As at October 31 Average (1) Average fixed (1) Average 2020 Cash flow hedges Foreign exchange risk Cross-currency interest rate swaps AUD – CAD 0.97 n/a n/a EUR – CAD 1.51 n/a n/a GBP – CAD 1.68 Interest rate risk Interest rate swaps n/a CAD 1.60 % n/a n/a USD 1.65 % n/a Equity share price risk Equity swaps n/a n/a $ 105.11 NIFO hedges Foreign exchange risk Foreign exchange forwards AUD – CAD 0.93 n/a n/a HKD – CAD 0.17 n/a n/a Fair value hedges Interest rate risk Interest rate swaps n/a CAD 1.52 % n/a Foreign exchange / interest rate risk Cross-currency interest rate swaps EUR – CAD 1.41 0.12 % n/a GBP – CAD 1.65 1.06 % n/a USD – CAD 1.36 1.69 % n/a Interest rate swaps n/a CHF (0.41) % n/a n/a EUR 0.00 % n/a n/a GBP 0.71 % n/a 2019 Cash flow hedges Foreign exchange risk Foreign exchange forwards USD – CAD 1.32 n/a n/a Cross-currency interest rate swaps AUD – CAD 0.99 n/a n/a EUR – CAD 1.51 n/a n/a GBP – CAD 1.66 n/a n/a USD – CAD 1.32 n/a n/a Interest rate risk Interest rate swaps n/a CAD 2.10 % n/a n/a USD 1.62 % n/a Equity share price risk Equity swaps n/a n/a $ 108.59 NIFO hedges Foreign exchange risk Foreign exchange forwards AUD – CAD 0.90 n/a n/a HKD – CAD 0.17 n/a n/a USD – CAD 1.31 n/a n/a Fair value hedges Interest rate risk Interest rate swaps n/a CAD 1.93 % n/a Foreign exchange / interest rate risk Cross-currency interest rate swaps EUR – CAD 1.30 0.12 % n/a GBP – CAD 1.65 1.06 % n/a USD – CAD 1.32 1.61 % n/a Interest rate swaps n/a EUR 0.08 % n/a n/a GBP 0.71 % n/a (1) Includes average foreign exchange rates and interest rates relating to significant hedging relationships. n/a Not applicable. |
Summary of Items Designated as Hedged Items | Designated hedged items The following table provides information on designated hedged items: Carrying amount of Accumulated amount of fair value hedge adjustments Gains (losses) on $ millions, as at or for the year ended October 31 Assets Liabilities Assets Liabilities 2020 Cash flow hedges (1) Foreign exchange risk Forecasted expenses n/a n/a n/a n/a $ – Deposits $ – $ 3,132 n/a n/a (44 ) Interest rate risk Loans 15,092 – n/a n/a (320 ) Equity share price risk Share-based payment – 1,061 n/a n/a 131 $ 15,092 $ 4,193 n/a n/a $ (233 ) NIFO hedges $ 20,656 $ – n/a n/a $ 156 Fair value hedges (2) Interest rate risk Securities $ 33,319 $ – $ 1,347 $ – $ 783 Loans 62,171 – 1,005 – 1,161 Deposits – 90,597 – 1,466 (1,019 ) Subordinated indebtedness – 4,632 – 202 (113 ) Foreign exchange / interest rate risk Loans 5 – – – – Deposits – 17,331 – 81 (35 ) $ 95,495 $ 112,560 $ 2,352 $ 1,749 $ 777 2019 Cash flow hedges (1) Foreign exchange risk Forecasted expenses n/a n/a n/a n/a $ 7 Deposits $ – $ 2,860 n/a n/a 168 Interest rate risk Loans 18,169 – n/a n/a (193 ) Equity share price risk Share-based payment – 1,169 n/a n/a 1 $ 18,169 $ 4,029 n/a n/a $ (17 ) NIFO hedges $ 18,214 $ – n/a n/a $ (6 ) Fair value hedges (2) Interest rate risk Securities $ 25,763 $ – $ 633 $ – $ 1,013 Loans 62,987 – 132 – 1,151 Deposits – 84,173 – 533 (1,750 ) Subordinated indebtedness – 3,761 – 89 (137 ) Foreign exchange / interest rate risk Loans 6 – – – – Deposits – 17,222 – 57 (180 ) $ 88,756 $ 105,156 $ 765 $ 679 $ 97 (1) As at October 31, 2020, the amount remaining in AOCI related to discontinued cash flow hedges was $134 million (2019: immaterial). (2) As at October 31, 2020, the accumulated fair value hedge net asset adjustment remaining on the consolidated balance sheet related to discontinued fair value hedges was $75 million (2019: net liability of $112 million). n/a Not applicable. |
Summary of Hedge Accounting Gains (Losses) On the Consolidated Statement Of Income And Consolidated Statement Of Comprehensive Income | Hedge accounting gains (losses) i $ millions, for the year ended October 31 Beginning reserve (after-tax) Change in OCI (before-tax) Amount (before-tax) (1) Tax benefit Ending balance hedge reserve (after-tax) Hedge gains (losses) 2020 Cash flow hedges Foreign exchange risk $ (2 ) $ 4 $ (4 ) $ – $ (2 ) $ (2 ) Interest rate risk 98 320 (74 ) (65 ) 279 – Equity share price risk 17 (131 ) 104 7 (3 ) – $ 113 $ 193 $ 26 $ (58 ) $ 274 $ (2 ) NIFO hedges – foreign exchange risk Hedges of net investment in foreign operations $ (1,139) $ (156 ) $ – $ (46 ) $ (1,341 ) $ – 2019 Cash flow hedges Foreign exchange risk $ 5 $ (1 ) $ (8 ) $ 2 $ (2 ) $ – Interest rate risk (45 ) 188 6 (51 ) 98 – Equity share price risk 22 (1 ) (6 ) 2 17 – $ (18 ) $ 186 $ (8 ) $ (47 ) $ 113 $ – NIFO hedges – foreign exchange risk Hedges of net investment in foreign operations $ (1,129 ) $ 6 $ – $ (16 ) $ (1,139 ) $ – (1) During the year ended October 31, 2020, the amount reclassified from AOCI to net income for cash flow hedges of forecasted transactions that were no longer expected to occur was immaterial (2019: immaterial). Hedge accounting gains (losses) i $ millions, for the year ended October 31 Gains (losses) Gains (losses) on Hedge 2020 Fair value hedges Interest rate risk $ (815 ) $ 812 $ (3 ) Foreign exchange / interest rate risk 40 (35 ) 5 $ (775 ) $ 777 $ 2 2019 Fair value hedges Interest rate risk $ (276 ) $ 277 $ 1 Foreign exchange / interest rate risk 183 (180 ) 3 $ (93 ) $ 97 $ 4 |
Subordinated indebtedness (Tabl
Subordinated indebtedness (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Schedule of Terms of Subordinated Indebtedness | Terms of subordinated indebtedness $ millions, as at October 31 2020 2019 Earliest date redeemable Interest Contractual maturity date At greater of (1) and par At par Denominated Par Carrying (2) Par value Carrying (2) 5.75 (3) July 11, 2024 (4) TT$175 million $ 35 $ 35 $ 34 $ 34 3.42 (5)(6) January 26, 2026 January 26, 2021 1,000 1,001 1,000 991 3.45 (5)(7) April 4, 2028 April 4, 2023 1,500 1,568 1,500 1,533 8.70 May 25, 2029 (4) 25 40 25 40 2.95 (5)(8) June 19, 2029 June 19, 2024 1,500 1,535 1,500 1,494 2.01 (9) July 21, 2030 July 21, 2025 1,000 1,000 – – 11.60 January 7, 2031 January 7, 1996 200 214 200 200 10.80 May 15, 2031 May 15, 2021 150 160 150 149 8.70 May 25, 2032 (4) 25 44 25 42 8.70 May 25, 2033 (4) 25 45 25 44 8.70 May 25, 2035 (4) 25 48 25 46 Floating (10) July 31, 2084 July 27, 1990 US$44 million (11) 59 59 85 85 Floating (12) August 31, 2085 August 20, 1991 US$13 million (13) 17 17 23 23 5,561 5,766 4,592 4,681 Subordinated indebtedness sold short (held) for trading purposes (54 ) (54 ) 3 3 $ 5,507 $ 5,712 $ 4,595 $ 4,684 (1) Canada Yield Price: a price calculated at the time of redemption to provide a yield to maturity equal to the yield of a Government of Canada bond of appropriate maturity plus a pre-determined (2) Carrying values of fixed-rate subordinated indebtedness notes reflect the impact of interest rate hedges in an effective hedge relationship. (3) Guaranteed Subordinated Term Notes in Trinidad and Tobago dollars issued on July 11, 2018 by FirstCaribbean International Bank (Trinidad & Tobago) Limited, a subsidiary of CIBC FirstCaribbean, and guaranteed on a subordinated basis by CIBC FirstCaribbean. (4) Not redeemable prior to maturity date. (5) Debentures are also subject to a non-viability (6) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 2.57% above the three-month Canadian dollar bankers’ acceptance rate. (7) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.00% above the three-month Canadian dollar bankers’ acceptance rate. (8) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.18% above the three-month Canadian dollar bankers’ acceptance rate. (9) Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.28% above the three-month Canadian dollar bankers’ acceptance rate. (10) Interest rate is based on the six-month (11) US$21 million (2019: US$1 million) of this issue was repurchased and cancelled during the year. (12) Interest rate is based on the six-month US$ LIBOR plus 0.125%. (13) US$4 million (2019: nil) of this issue was repurchased and cancelled during the year. |
Common and preferred shares a_2
Common and preferred shares and other equity instruments (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Outstanding Shares and Dividends Paid | The following table presents the number of common and preferred shares outstanding and dividends paid, other equity instruments and distributions paid thereon: Common and preferred shares outstanding and other equity instruments $ millions, except number of shares and per share amounts, as at or for the year ended October 31 2020 2019 2018 Shares outstanding Dividends and Shares outstanding Dividends and Shares outstanding Dividends and Number Amount Amount $ per Number Amount Amount $ per Number Amount Amount $ per Common shares 446,932,750 $ 13,892 $ 2,592 $ 5.82 445,325,744 $ 13,589 $ 2,488 $ 5.60 442,823,361 $ 13,242 $ 2,356 $ 5.32 Class A Preferred Shares Series 39 16,000,000 400 15 0.93 16,000,000 400 16 0.96 16,000,000 400 16 0.98 Series 41 12,000,000 300 12 0.97 12,000,000 300 11 0.94 12,000,000 300 11 0.94 Series 43 12,000,000 300 10 0.87 12,000,000 300 11 0.90 12,000,000 300 11 0.90 Series 45 32,000,000 800 35 1.10 32,000,000 800 35 1.10 32,000,000 800 35 1.10 Series 47 18,000,000 450 20 1.13 18,000,000 450 20 1.13 18,000,000 450 16 0.88 Series 49 13,000,000 325 17 1.30 13,000,000 325 13 1.00 – – – – Series 51 10,000,000 250 13 1.29 10,000,000 250 5 0.53 – – – – $ 2,825 $ 122 $ 2,825 $ 111 $ 2,250 $ 89 Treasury shares – common shares 152,579 $ 16 15,931 $ 2 3,019 $ 1 Treasury shares – preferred shares – – – – – – Other Equity Instruments Limited recourse capital notes (1) $ 750 $ – $ – (1) See 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) section below for details. |
Schedule of Common Shares Issued | Common shares CIBC’s authorized capital consists of an unlimited number of common shares, without nominal or par value. Common shares issued $ millions, except number of shares, as at or for the year ended October 31 2020 2019 2018 Number of shares Amount Number of shares Amount Number of shares Amount Balance at beginning of year 445,341,675 $ 13,591 442,826,380 $ 13,243 439,313,303 $ 12,548 Issuance pursuant to: Acquisition of The PrivateBank – – – – 1,689,450 194 Acquisition of Wellington Financial – – – – 378,848 47 Equity-settled share-based compensation plans (1) 823,502 87 511,567 52 999,675 95 Shareholder investment plan (2) 1,534,320 144 1,777,738 194 2,880,782 337 Employee share purchase plan 1,457,784 140 1,213,078 131 1,044,893 123 449,157,281 $ 13,962 446,328,763 $ 13,620 446,306,951 $ 13,344 Purchase of common shares for cancellation (2,208,600 ) (68 ) (1,000,000 ) (30 ) (3,500,000 ) (104 ) Treasury shares 136,648 14 12,912 1 19,429 3 Balance at end of year (3) 447,085,329 $ 13,908 445,341,675 $ 13,591 442,826,380 $ 13,243 (1) Includes the settlement of contingent consideration related to prior acquisitions. (2) Commencing with the dividends paid on April 27, 2018, the shares for the Dividend Reinvestment Option and the Stock Dividend Option of the Shareholder Investment Plan (the Plan) were issued from Treasury without discount. Prior to this, these shares were issued at a 2% discount from average market price. The participants in the Share Purchase Option of the Plan continue to receive shares issued from Treasury with no discount. (3) Excludes nil restricted shares as at October 31, 2020 (2019: nil; 2018: 60,764). |
Schedule of Common Shares Purchased and Cancelled under Previously Expired NCIB | The following table shows common shares purchased and cancelled under previously expired NCIBs. $ millions, except number of shares, as at or for the year ended October 31 2020 2019 2018 TSX approval date Number Amount Number Amount Number Amount May 31, 2018 (1) – $ – – $ – 3,500,000 $ 417 (1) Common shares were repurchased at an average price of $119.22 under this NCIB. |
Schedule of Terms of Class A Preferred Shares | Terms of Class A Preferred Shares Outstanding as at October 31, 2020 Quarterly (1) Earliest specified Cash redemption Series 39 $ 0.232063 July 31, 2024 $ 25.00 Series 41 $ 0.244313 January 31, 2025 $ 25.00 Series 43 $ 0.196438 July 31, 2025 $ 25.00 Series 45 $ 0.275000 July 31, 2022 $ 25.00 Series 47 $ 0.281250 January 31 2023 $ 25.00 Series 49 $ 0.325000 April 30, 2024 $ 25.00 Series 51 $ 0.321875 July 31, 2024 $ 25.00 (1) Quarterly dividends may be adjusted depending on the timing of issuance or redemption. |
Schedule of Regulatory Capital and Ratios | Our capital ratios and leverage ratio are presented in the table below: $ millions, as at October 31 2020 2019 CET1 capital (1) $ 30,876 $ 27,707 Tier 1 capital A 34,775 30,851 Total capital 40,969 35,854 Total RWA 254,871 239,863 CET1 ratio 12.1 % 11.6 % Tier 1 capital ratio 13.6 % 12.9 % Total capital ratio 16.1 % 15.0 % Leverage ratio exposure B $ 741,760 $ 714,343 Leverage ratio A/B 4.7 % 4.3 % (1) Beginning in the second quarter of 2020, 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 2022. |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Assumptions Used to Determine Fair Value of Options Granted | The following weighted-average assumptions were used as inputs into the Black-Scholes option pricing model to determine the fair value of options on the date of grant: For the year ended October 31 2020 2019 2018 Weighted-average assumptions Risk-free interest rate 2.00 % 2.63 % 2.08 % Expected dividend yield 6.80 % 5.87 % 5.15 % Expected share price volatility 15.30 % 18.36 % 14.74 % Expected life 6 years 6 years 6 years Share price/exercise price $ 109.87 $ 111.50 $ 120.02 |
Summary of Stock Option Activity and Related Information | The following tables summarize the activities of the stock options and provide additional details related to stock options outstanding and vested. As at or for the year ended October 31 2020 2019 2018 Number Weighted- (1) Number Weighted- Number Weighted- Outstanding at beginning of year 5,176,962 $ 96.93 4,713,163 $ 91.05 4,876,673 $ 84.28 Granted 818,290 109.87 894,324 111.50 756,516 120.02 Exercised (2) (314,469 ) 68.10 (393,055 ) 58.60 (876,309 ) 67.84 Forfeited (672 ) 70.66 (35,714 ) 110.42 (42,443 ) 103.98 Cancelled/expired – – (1,756 ) 45.63 (1,274 ) 45.08 Outstanding at end of year 5,680,111 $ 100.39 5,176,962 $ 96.93 4,713,163 $ 91.05 Exercisable at end of year 2,783,694 $ 88.63 2,290,139 $ 80.27 1,898,125 $ 71.89 Available for grant 9,316,226 10,133,844 10,990,698 Reserved for future issue 14,996,337 15,310,806 15,703,861 (1) For foreign currency-denominated options granted and exercised during the year, the weighted-average exercise prices are translated using exchange rates as at the grant date and settlement date, respectively. The weighted-average exercise price of outstanding balances as at October 31, 2020 reflects the conversion of foreign currency-denominated options at the year-end (2) The weighted-average share price at the date of exercise was $97.72 (2019: $106.94; 2018: $120.55). |
Summary of Stock Options Outstanding and Vested | As at October 31, 2020 Stock options outstanding Stock options vested Range of exercise prices Number Weighted- Weighted- price Number Weighted- price $11.00 – $55.00 239,891 1.84 $ 31.19 239,891 $ 31.19 $55.01 – $65.00 146,085 4.75 60.93 146,085 60.93 $65.01 – $75.00 158,106 1.13 71.43 158,106 71.43 $75.01 – $85.00 304,285 1.87 79.88 304,285 79.88 $85.01 – $95.00 362,400 3.28 90.97 362,400 90.97 $95.01 – $105.00 1,126,241 4.65 99.71 1,126,241 99.71 $105.01 – $115.00 2,602,275 7.70 110.74 446,686 110.77 $115.01 – $125.00 740,828 7.06 120.02 – – 5,680,111 5.91 $ 101.11 2,783,694 $ 88.63 |
Post-employment benefits (Table
Post-employment benefits (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Financial Position Related to Defined Benefit pensions and Other Post employment Plans | The following tables present the financial position of our defined benefit pension and other post-employment plans for Canada, the U.S., the U.K., and our Caribbean subsidiaries. Other minor plans operated by some of our subsidiaries are not material and are not included in these disclosures. Pension plans Other post-employment plans $ millions, as at or for the year ended October 31 2020 2019 2020 2019 Defined benefit obligation Balance at beginning of year $ 8,722 $ 7,370 $ 671 $ 589 Current service cost 277 218 14 11 Past service cost (1) (20 ) 1 (77 ) – Interest cost on defined benefit obligation 268 303 20 24 Employee contributions 5 5 – – Benefits paid (369 ) (353 ) (26 ) (30 ) Loss on settlements – 1 – – Special termination benefits 10 – – – Foreign exchange rate changes 8 (1 ) 1 – Net actuarial (gains) losses on defined benefit obligation 238 1,178 6 77 Balance at end of year $ 9,139 $ 8,722 $ 609 $ 671 Plan assets Fair value at beginning of year $ 8,853 $ 7,691 $ – $ – Interest income on plan assets (2) 277 323 – – Net actuarial gains (losses) on plan assets (2) 349 965 – – Employer contributions 227 229 26 30 Employee contributions 5 5 – – Benefits paid (369 ) (353 ) (26 ) (30 ) Plan administration costs (7 ) (6 ) – – Net transfer out – – – – Foreign exchange rate changes 6 (1 ) – – Fair value at end of year $ 9,341 $ 8,853 $ – $ – Net defined benefit asset (liability) 202 131 (609 ) (671 ) Valuation allowance (3) (17 ) (15 ) – – Net defined benefit asset (liability), net of valuation allowance $ 185 $ 116 $ (609 ) $ (671 ) (1) Includes amounts related to the restructuring charge, and gains related to plan amendments recognized in 2020. See Note 23 for additional details on the restructuring charge. (2) The actual return on plan assets for the year was $626 million (2019: $1,288 million). (3) The valuation allowance reflects the effect of asset ceiling on plans with a net defined benefit asset. |
Summary of Defined Benefit Assets (Liability) Net of Valuation Allowance Included in Other Assets and Other Liabilities | The net defined benefit asset (liability), net of valuation allowance, included in other assets and other liabilities is as follows: Pension plans Other post-employment plans $ millions, as at October 31 2020 2019 2020 2019 Other assets $ 247 $ 175 $ – $ – Other liabilities (1) (62 ) (59 ) (609 ) (671 ) $ 185 $ 116 $ (609 ) $ (671 ) (1) Excludes $5 million (2019: $7 million) of other liabilities for other post-employment plans of immaterial subsidiaries. |
Summary of Defined Benefit obligation and Plan Assets by Region | The defined benefit obligation and plan assets by region are as follows: Pension plans Other post-employment plans $ millions, as at October 31 2020 2019 2020 2019 Defined benefit obligation Canada $ 8,384 $ 7,982 $ 568 $ 620 U.S., U.K., and the Caribbean 755 740 41 51 Defined benefit obligation at the end of year $ 9,139 $ 8,722 $ 609 $ 671 Plan assets Canada $ 8,469 $ 8,004 $ – $ – U.S., U.K., and the Caribbean 872 849 – – Plan assets at the end of year $ 9,341 $ 8,853 $ – $ – |
Summary of Defined Benefit Plan Expense | Amounts recognized in the consolidated statement of income The net defined benefit expense for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows: Pension plans Other post-employment plans $ millions, for the year ended October 31 2020 2019 2018 2020 2019 2018 Current service cost (1) $ 277 $ 218 $ 223 $ 14 $ 11 $ 13 Past service cost (2) (20 ) 1 – (77 ) – – Interest cost on defined benefit obligation 268 303 281 20 24 25 Interest income on plan assets (277 ) (323 ) (294 ) – – – Special termination benefits (2) 10 – – – – – Plan administration costs 7 6 6 – – – Loss on settlements – 1 – – – – Net defined benefit plan expense recognized in net income $ 265 $ 206 $ 216 $ (43 ) $ 35 $ 38 (1) The 2020, 2019 and 2018 current service costs were calculated using separate discount rates of 3.14%, 4.14%, and 3.72%, respectively, to reflect the longer duration of future benefits payments associated with the additional year of service to be earned by the plan’s active participants. (2) Includes amounts related to the restructuring charge, and gains related to plan amendments recognized in 2020. See Note 23 for additional details on the restructuring charge. |
Summary of Defined Benefit Plan expense | Amounts recognized in the consolidated statement of comprehensive income The net remeasurement gains (losses) recognized in OCI for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows: Pension plans Other post-employment plans $ millions, for the year ended October 31 2020 2019 2018 2020 2019 2018 Actuarial gains (losses) on defined benefit obligation arising from changes in: Demographic assumptions $ 148 $ – $ 4 $ 13 $ – $ 46 Financial assumptions (327 ) (1,133 ) 488 (26 ) (78 ) 67 Experience (59 ) (45 ) (65 ) 7 1 4 Net actuarial gains (losses) on plan assets 349 965 (234 ) – – – Changes in asset ceiling excluding interest income (1 ) (5 ) 1 – – – Net remeasurement gains (losses) recognized in OCI (1) $ 110 $ (218 ) $ 194 $ (6 ) $ (77) $ 117 (1) Excludes net remeasurement gains/losses recognized in OCI in respect of immaterial subsidiaries not included in the disclosures totalling $5 million net losses (2019: $2 million of net losses; 2018: $2 million of net gains). |
Summary of defined benefit obligation | The breakdown of the defined benefit obligation for our Canadian plans between active, deferred and retired members is as follows: Pension plans Other post-employment plans $ millions, as at October 31 2020 2019 2020 2019 Active members $ 4,362 $ 4,165 $ 129 $ 179 Deferred members 626 587 – – Retired members 3,396 3,230 439 441 Total $ 8,384 $ 7,982 $ 568 $ 620 |
Summary of Weighted Average Duration of Defined Benefit Obligation | The weighted-average duration of the defined benefit obligation for our Canadian plans is as follows: Pension plans Other post-employment plans As at October 31 2020 2019 2020 2019 Weighted-average duration, in years 14.8 15.4 12.6 13.6 |
Summary of Major Categories of Defined Benefit Plan Assets | The major categories of our defined benefit pension plan assets for our Canadian plans are as follows: $ millions, as at October 31 2020 2019 Asset category (1) Canadian equity securities (2) $ 540 6 % $ 547 7 % Debt securities (3) Government bonds 5,001 59 4,623 58 Corporate bonds 1,195 14 1,024 13 Inflation adjusted bonds – – 76 1 6,196 73 5,723 72 Investment funds (4) Canadian equity funds 30 – 28 – U.S. equity funds 423 5 379 5 International equity funds (5) 32 – 32 – Global equity funds (5) 961 12 907 12 Emerging markets equity funds 229 3 256 3 Fixed income funds 117 1 110 1 1,792 21 1,712 21 Other (2) Alternative investments (6) 1,281 16 1,095 13 Cash and cash equivalents and other 241 3 220 3 Obligations related to securities sold under repurchase agreements (1,581 ) (19 ) (1,293 ) (16 ) (59 ) – 22 – $ 8,469 100 % $ 8,004 100 % (1) Asset categories are based upon risk classification including synthetic exposure through derivatives. The fair value of derivatives as at October 31, 2020 was a net derivative liability of $41 million (2019: net derivative asset of $16 million). (2) Pension benefit plan assets include CIBC issued securities and deposits of $7 million (2019: $8 million), representing 0.1% of Canadian plan assets (2019: 0.1%). All of the equity securities held as at October 31, 2020 and 2019 have daily quoted prices in active markets except hedge funds, infrastructure, and private equity. (3) All debt securities held as at October 31, 2020 and 2019 are investment grade, of which $244 million (2019: $88 million) have daily quoted prices in active markets. (4) $31 million (2019: $29 million) of the investment funds are directly held as at October 31, 2020 and have daily quoted prices in active markets. (5) Global equity funds include North American and international investments, whereas International equity funds do not include North American investments. (6) Comprise d |
Summary of Weighted Average Principal Assumptions Used to Determine Defined Denefit Obligation | The weighted-average principal assumptions used to determine the defined benefit obligation for our Canadian plans are as follows: Pension plans Other post-employment plans As at October 31 2020 2019 2020 2019 Discount rate 2.8 % 3.1 % 2.7 % 3.0 % Rate of compensation increase (1) 2.0 % 2.3 % 2.0 % 2.3 % (1) Rates of compensation increase for 2020 and 2019 reflect the use of a salary growth rate assumption table that is based on the age and tenure of the employees. The table yields a weighted-average salary growth rate of approximately 2.0% per annum (2019: 2.3%). |
Summary of Longevities Underlying Values of Defined Benefit Obligation | Assumptions regarding future mortality have been based on published statistics and mortality tables. The current longevities underlying the values of the defined benefit obligation of our Canadian plans are as follows (in years): As at October 31 2020 2019 Longevity at age 65 for current retired members Males 23.4 23.3 Females 24.5 24.8 Longevity at age 65 for current members aged 45 Males 24.3 24.3 Females 25.4 25.7 |
Summary of Assumed Health-care Cost Trend Rates | The assumed health-care cost trend rates of the Canadian other post-employment plan providing medical, dental, and life insurance benefits are as follows: For the year ended October 31 2020 2019 Health-care cost trend rates assumed for next year 5.2 % 5.3 % Rate to which the cost trend rate is assumed to decline 4.0 % 4.0 % Year that the rate reaches the ultimate trend rate 2040 2040 |
Summary of Affected Defined Benefit Obligation Due to Reasonable Possiblel Changes to Principal Actuarial Assumptions | Reasonably possible changes to one of the principal actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation of our Canadian plans as follows: Estimated increase (decrease) in defined benefit obligation Pension plans Other post-employment plans $ millions, as at October 31 2020 2020 Discount rate (100 basis point change) Decrease in assumption $ 1,450 $ 79 Increase in assumption (1,185 ) (65 ) Rate of compensation increase (100 basis point change) Decrease in assumption (283 ) – Increase in assumption 325 – Health-care cost trend rates (100 basis point change) Decrease in assumption n/a (28 ) Increase in assumption n/a 32 Future mortality 1 year shorter life expectancy (216 ) (18 ) 1 year longer life expectancy 213 19 n/a Not applicable. |
Summary of Expected Future Benefit Payments | Expected future benefit payments The expected future benefit payments for our Canadian plans for the next 10 years are as follows: $ millions, for the year ended October 31 2021 2022 2023 2024 2025 2026–2030 Total Defined benefit pension plans $ 363 $ 367 $ 354 $ 360 $ 367 $ 1,953 $ 3,764 Other post-employment plans 28 29 30 31 31 163 312 $ 391 $ 396 $ 384 $ 391 $ 398 $ 2,116 $ 4,076 |
Summary of Defined Contributions and Other Plans | We also maintain defined contribution plans for certain employees and make contributions to government pension plans. The expense recognized in the consolidated statement of income for these benefit plans is as follows: $ millions, for the year ended October 31 2020 2019 2018 Defined contribution pension plans $ 33 $ 29 $ 27 Government pension plans (1) 137 121 124 $ 170 $ 150 $ 151 (1) Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act. |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Total Income Taxes | Total income taxes $ millions, for the year ended October 31 2020 2019 2018 (1) Consolidated statement of income Provision for current income taxes Adjustments for prior years $ (40 ) $ (125 ) $ (39 ) Current income tax expense 1,366 1,365 1,392 1,326 1,240 1,353 Provision for deferred income taxes Adjustments for prior years 37 107 32 Effect of changes in tax rates and laws 4 34 87 Origination and reversal of temporary differences (269 ) (33 ) (50 ) (228 ) 108 69 1,098 1,348 1,422 OCI 130 22 42 Total comprehensive income $ 1,228 $ 1,370 $ 1,464 (1) Excludes loss carryforwards that were recognized directly in retained earnings relating to foreign exchange translation amounts on CIBC’s net investment in foreign operations. These amounts were previously reclassified to retained earnings as part of our transition to IFRS in 2012. |
Components of Income Tax | Components of income tax $ millions, for the year ended October 31 2020 2019 2018 Current income taxes Federal $ 613 $ 634 $ 686 Provincial 420 428 467 Foreign 390 226 188 1,423 1,288 1,341 Deferred income taxes Federal (67 ) 30 54 Provincial (44 ) 20 36 Foreign (84 ) 32 33 (195 ) 82 123 $ 1,228 $ 1,370 $ 1,464 |
Reconciliation of Income Taxes | Reconciliation of income taxes $ millions, for the year ended October 31 2020 2019 2018 Combined Canadian federal and provincial income tax rate applied to $ 1,291 26.4 % $ 1,718 26.5 % $ 1,777 26.5 % Income taxes adjusted for the effect of: Earnings of foreign subsidiaries (66 ) (1.3 ) (214 ) (3.3 ) (220 ) (3.3 ) Tax-exempt (134 ) (2.7 ) (131 ) (2.0 ) (203 ) (3.0 ) Disposition – – – – (1 ) – Changes in income tax rate on deferred tax balances 4 0.1 34 0.5 88 1.3 Impact of equity-accounted income (18 ) (0.4 ) (23 ) (0.4 ) (29 ) (0.4 ) Other (including Enron settlement) 21 0.4 (36 ) (0.5 ) 10 0.1 Income taxes in the consolidated statement of income $ 1,098 22.5 % $ 1,348 20.8 % $ 1,422 21.2 % |
Sources of and Movement in Deferred Tax Assets and Liabilities | Deferred income taxes Sources of and movement in deferred tax assets and liabilities Deferred tax assets $ millions, for the year ended October 31 Allowance Property and Pension and Provisions Financial Tax loss (1) Other Total 2020 Balance at beginning of year before accounting policy changes $ 170 $ 47 $ 567 $ 20 $ 1 $ 24 $ 157 $ 986 Impact of adopting IFRS 16 at November 1, 2019 – – – – – – (12 ) (12 ) Balance at beginning of year after accounting policy changes 170 47 567 20 1 24 145 974 Recognized in net income 143 (23 ) 4 33 – (1 ) 114 270 Recognized in OCI – – (18 ) – – – – (18 ) Other (2) 1 15 1 – – (4 ) (23 ) (10 ) Balance at end of year $ 314 $ 39 $ 554 $ 53 $ 1 $ 19 $ 236 $ 1,216 2019 Balance at beginning of year before accounting policy changes $ 298 $ 12 $ 437 $ 16 $ 66 $ 38 $ 127 $ 994 Impact of adopting IFRS 15 at November 1, 2018 – – – – – – 3 3 Balance at beginning of year after accounting policy changes 298 12 437 16 66 38 130 997 Recognized in net income (124 ) 14 46 3 (32 ) (14 ) 20 (87 ) Recognized in OCI – – 83 – (50 ) – – 33 Other (2) (4 ) 21 1 1 17 – 7 43 Balance at end of year $ 170 $ 47 $ 567 $ 20 $ 1 $ 24 $ 157 $ 986 2018 Balance at beginning of year under IAS 39 $ 245 $ 69 $ 559 $ 47 $ 124 $ 18 $ 107 $ 1,169 Impact of adopting IFRS 9 at November 1, 2017 7 – – – 20 – – 27 Balance at beginning of year under IFRS 9 252 69 559 47 144 18 107 1,196 Recognized in net income 31 (53 ) (45 ) (31 ) (60 ) 20 22 (116 ) Recognized in OCI 1 – (87 ) – (1 ) – – (87 ) Other (2) 14 (4 ) 10 – (17 ) – (2 ) 1 Balance at end of year $ 298 $ 12 $ 437 $ 16 $ 66 $ 38 $ 127 $ 994 Deferred tax liabilities $ millions, for the year ended October 31 Intangible Property and Pension and Goodwill Financial Other Total 2020 Balance at beginning of year before accounting policy changes $ (315 ) $ (68 ) $ (9 ) $ (84 ) $ (25 ) $ (6 ) $ (507 ) Impact of adopting IFRS 16 at November 1, 2019 (3) – (39 ) – – – – (39 ) Balance at beginning of year after accounting policy changes (315 ) (107 ) (9 ) (84 ) (25 ) (6 ) (546 ) Recognized in net income 13 (6 ) (5 ) (2 ) (24 ) (18 ) (42 ) Recognized in OCI – – (2 ) – (13 ) – (15 ) Other (2) (3 ) 1 1 – (1 ) 6 4 Balance at end of year $ (305 ) $ (112 ) $ (15 ) $ (86 ) $ (63 ) $ (18 ) $ (599 ) 2019 Balance at beginning of year before accounting policy changes $ (287 ) $ (47 ) $ (11 ) $ (85 ) $ (12 ) $ 6 $ (436 ) Impact of adopting IFRS 15 at November 1, 2018 – – – – – (5 ) (5 ) Balance at beginning of year after accounting policy changes (287 ) (47 ) (11 ) (85 ) (12 ) 1 (441 ) Recognized in net income (16 ) (12 ) (1 ) (1 ) (4 ) 13 (21 ) Recognized in OCI – – (6 ) – – (1 ) (7 ) Other (2) (12 ) (9 ) 9 2 (9 ) (19 ) (38 ) Balance at end of year $ (315 ) $ (68 ) $ (9 ) $ (84 ) $ (25 ) $ (6 ) $ (507 ) 2018 Balance at beginning of year under IFRS 9 (4) $ (329 ) $ (52 ) $ (10 ) $ (93 ) $ (17 ) $ 29 $ (472 ) Recognized in net income 53 – 3 1 3 (13 ) 47 Recognized in OCI – – (3 ) – (2 ) 13 8 Other (2) (11 ) 5 (1 ) 7 4 (23 ) (19 ) Balance at end of year $ (287 ) $ (47 ) $ (11 ) $ (85) $ (12) $ 6 $ (436) Net deferred tax assets as at October 31, 2020 $ 617 Net deferred tax assets as at October 31, 2019 $ 479 Net deferred tax assets as at October 31, 2018 $ 558 (1) The deferred tax effect of tax loss carryforwards includes $19 million (2019: $22 million; 2018: $38 million) that relate to operating losses (of which $13 million relate to Canada, and $6 million relate to the Caribbean) that expire in various years commencing in 2021, and nil (2019: $2 million, 2018: nil) that relate to U.S. capital losses. (2) Includes foreign currency translation adjustments. (3) Transition impact from the adoption of IFRS 16 at November 1, 2019 is reported net for lease liability and right-of-use assets. (4) Transition impact from the adoption of IFRS 9 at November 1, 2017 was nil. |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Earnings Per Share | $ millions, except per share amounts, for the year ended October 31 2020 2019 2018 Basic EPS Net income attributable to equity shareholders $ 3,790 $ 5,096 $ 5,267 Less: preferred share dividends and distributions on other equity instruments 122 111 89 Net income attributable to common shareholders 3,668 4,985 5,178 Weighted-average common shares outstanding (thousands) 445,435 444,324 443,082 Basic EPS $ 8.23 $ 11.22 $ 11.69 Diluted EPS Net income attributable to common shareholders $ 3,668 $ 4,985 $ 5,178 Weighted-average common shares outstanding (thousands) 445,435 444,324 443,082 Add: stock options potentially exercisable (1) 378 702 1,111 Add: restricted shares and equity-settled consideration (thousands) 208 431 434 Weighted-average diluted common shares outstanding (thousands) 446,021 445,457 444,627 Diluted EPS $ 8.22 $ 11.19 $ 11.65 (1) Excludes average options outstanding of 3,748,652 with a weighted-average exercise price of $111.53 (2019: 2,319,723 with a weighted-average exercise price of $114.29; 2018: 688,123 with a weighted-average exercise price of $120.02), as the options’ exercise prices were greater than the average market price of common shares. |
Commitments, guarantees and p_2
Commitments, guarantees and pledged assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties | $ millions, as at October 31 2020 2019 Contract amounts Securities lending (1) $ 39,186 $ 44,220 Unutilized credit commitments (2) 268,089 241,038 Backstop liquidity facilities 12,907 10,870 Standby and performance letters of credit 14,565 13,489 Documentary and commercial letters of credit 196 224 Other commitments to extend credit 2,149 2,937 $ 337,092 $ 312,778 (1) Excludes securities lending of $1.8 billion (2019: $1.8 billion) for cash because it is reported on the consolidated balance sheet. (2) Includes $131.3 billion (2019: $122.0 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion. |
Summary of Asset Pledging Amounts and Related Activities | The following table summarizes asset pledging amounts and the activities to which they relate: $ millions, as at October 31 2020 2019 Assets pledged in relation to: Securities lending $ 41,042 $ 46,242 Obligations related to securities sold under repurchase agreements 69,528 51,942 Obligations related to securities sold short 15,963 15,635 Securitizations 20,818 19,398 Covered bonds 21,073 20,206 Derivatives 14,410 12,952 Foreign governments and central banks (1) 133 784 Clearing systems, payment systems, and depositories (2) 605 2,400 Other 400 1,247 $ 183,972 $ 170,806 (1) Includes assets pledged to maintain access to central bank facilities in foreign jurisdictions. (2) Includes assets pledged in order to participate in clearing and payment systems and depositories. |
Contingent liabilities and pr_2
Contingent liabilities and provisions (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Legal proceedings provision [member] | |
Statement [LineItems] | |
Disclosure of Changes in Provisions | The following table presents changes in our legal provisions: $ millions, for the year ended October 31 2020 2019 Balance at beginning of year $ 67 $ 40 Additional new provisions recognized 92 39 Less: Amounts incurred and charged against existing provisions (5 ) (8 ) Unused amounts reversed (3 ) (4 ) Balance at end of year $ 151 $ 67 |
Restructuring provision [member] | |
Statement [LineItems] | |
Disclosure of Changes in Provisions | The following table presents changes in the restructuring provision: $ millions, for the year ended October 31 2020 2019 Balance at beginning of year $ 26 $ 71 Additional new provisions recognized 370 – Less: Amounts incurred and charged against existing provisions (152 ) (45 ) Unused amounts reversed (22 ) – Balance at end of year $ 222 $ 26 |
Concentration of credit risk (T
Concentration of credit risk (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Exposure to credit risk | Credit exposure by country of ultimate risk $ millions, as at October 31 2020 2019 Canada U.S. Other Total Canada U.S. Other Total On-balance Major assets (1)(2)(3) $ 512,542 $ 151,337 $ 70,945 $ 734,824 $ 444,317 $ 120,286 $ 55,844 $ 620,447 Off-balance Credit-related arrangements Financial institutions $ 48,236 $ 13,482 $ 12,737 $ 74,455 $ 47,815 $ 13,526 $ 12,318 $ 73,659 Governments 9,860 10 7 9,877 9,208 10 14 9,232 Retail 142,351 554 434 143,339 130,544 510 432 131,486 Corporate 70,130 30,839 8,452 109,421 61,228 28,907 8,266 98,401 $ 270,577 $ 44,885 $ 21,630 $ 337,092 $ 248,795 $ 42,953 $ 21,030 $ 312,778 (1) Major assets consist of cash and deposits with banks, loans and acceptances net of allowance for credit losses, securities, securities borrowed or purchased under resale agreements, and derivative instruments. (2) Includes Canadian currency of $497.3 billion (2019: $426.0 billion) and foreign currencies of $237.5 billion (2019: $194.4 billion). (3) No industry or foreign jurisdiction accounted for more than 10% of loans and acceptances net of allowance for credit losses, with the exception of the U.S., which accounted for 13% as at October 31, 2020 (2019: 12.1%). |
Related-party transactions (Tab
Related-party transactions (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Compensation of Key Management Personnel | Compensation of key management personnel $ millions, for the year ended October 31 2020 2019 Directors Senior Directors Senior Short-term benefits (1) $ 3 $ 18 $ 3 $ 23 Post-employment benefits – 3 – 3 Share-based benefits (2) 1 30 2 38 Termination benefits – 4 – – Total compensation $ 4 $ 55 $ 5 $ 64 (1) Comprises salaries, statutory and non-statutory (2) Comprises grant-date fair values of awards granted in the year. |
Investments in equity-account_2
Investments in equity-accounted associates and joint ventures (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Aggregate Financial Information Related to Proportionate Interest in the Equity-accounted Joint Ventures | The following table provides the summarized aggregate financial information related to our proportionate interest in the equity-accounted joint ventures: $ millions, for the year ended October 31 2020 2019 2018 Net income $ 67 $ 88 $ 106 OCI 43 45 (12 ) Total comprehensive income $ 110 $ 133 $ 94 |
Summary of Aggregate Financial Information Related to Proportionate Interest in Equity-accounted Associates | The following table provides the summarized aggregate financial information related to our proportionate interest in equity-accounted associates: $ millions, for the year ended October 31 2020 2019 2018 Net income $ 12 $ 4 $ 15 OCI 1 (1 ) (7 ) Total comprehensive income $ 13 $ 3 $ 8 |
Significant subsidiaries (Table
Significant subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Summary List of Significant Subsidiaries | The following is a list of significant subsidiaries in which CIBC, either directly or indirectly, owns 100% of the voting shares, except where noted. $ millions, as at October 31, 2020 Subsidiary name (1) Address of head or principal office Book value of (2) Canada and U.S. CIBC Asset Management Inc. Toronto, Ontario, Canada $ 444 CIBC BA Limited Toronto, Ontario, Canada – (3) CIBC Bancorp USA Inc. Chicago, Illinois, U.S. 9,077 Canadian Imperial Holdings Inc. New York, New York, U.S. CIBC Inc. New York, New York, U.S. CIBC World Markets Corp. New York, New York, U.S. CIBC Bank USA Chicago, Illinois, U.S. CIBC Private Wealth Group, LLC Atlanta, Georgia, U.S. CIBC Delaware Trust Company Wilmington, Delaware, U.S. CIBC National Trust Company Atlanta, Georgia, U.S. CIBC Private Wealth Advisors, Inc. Chicago, Illinois, U.S. CIBC Investor Services Inc. Toronto, Ontario, Canada 25 CIBC Life Insurance Company Limited Toronto, Ontario, Canada 23 CIBC Mortgages Inc. Toronto, Ontario, Canada 230 CIBC Securities Inc. Toronto, Ontario, Canada 2 CIBC Trust Corporation Toronto, Ontario, Canada 591 CIBC World Markets Inc. Toronto, Ontario, Canada 306 CIBC Wood Gundy Financial Services Inc. Toronto, Ontario, Canada CIBC Wood Gundy Financial Services (Quebec) Inc. Montreal, Quebec, Canada INTRIA Items Inc. Mississauga, Ontario, Canada 100 International CIBC Australia Ltd Sydney, New South Wales, Australia 19 CIBC Capital Markets (Europe) S.A. Luxembourg 550 CIBC Cayman Holdings Limited George Town, Grand Cayman, Cayman Islands 1,742 CIBC Cayman Bank Limited George Town, Grand Cayman, Cayman Islands CIBC Cayman Capital Limited George Town, Grand Cayman, Cayman Islands CIBC Cayman Reinsurance Limited George Town, Grand Cayman, Cayman Islands CIBC Investments (Cayman) Limited George Town, Grand Cayman, Cayman Islands 2,820 FirstCaribbean International Bank Limited (91.7%) Warrens, St. Michael, Barbados CIBC Bank and Trust Company (Cayman) Limited (91.7%) George Town, Grand Cayman, Cayman Islands CIBC Fund Administration Services (Asia) Limited (91.7%) Hong Kong, China FirstCaribbean International Bank (Bahamas) Limited (87.3%) Nassau, The Bahamas Sentry Insurance Brokers Ltd. (87.3%) Nassau, The Bahamas FirstCaribbean International Bank (Barbados) Limited (91.7%) Warrens, St. Michael, Barbados FirstCaribbean International Finance Corporation (Leeward & Windward) Limited (91.7%) Castries, St. Lucia FirstCaribbean International Securities Limited (91.7%) Kingston, Jamaica FirstCaribbean International Bank (Cayman) Limited (91.7%) George Town, Grand Cayman, Cayman Islands FirstCaribbean International Finance Corporation (Netherlands Antilles) N.V. (91.7%) Curacao, Netherlands Antilles FirstCaribbean International Bank (Curacao) N.V. (91.7%) Curacao, Netherlands Antilles FirstCaribbean International Bank (Jamaica) Limited (91.7%) Kingston, Jamaica FirstCaribbean International Bank (Trinidad and Tobago) Limited (91.7%) Maraval, Port of Spain, Trinidad & Tobago FirstCaribbean International Trust Company (Bahamas) Limited (91.7%) Nassau, The Bahamas FirstCaribbean International Wealth Management Bank (Barbados) Limited (91.7%) Warrens, St. Michael, Barbados CIBC World Markets (Japan) Inc. Tokyo, Japan 48 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for Canadian Imperial Holdings Inc., CIBC Inc., CIBC Capital Corporation, CIBC World Markets Corp., CIBC Private Wealth Group, LLC, CIBC Private Wealth Advisors, Inc., and CIBC Bancorp USA Inc., which were incorporated or organized under the laws of the State of Delaware, U.S.; CIBC National Trust Company, which was organized under the laws of the U.S.; and CIBC World Markets (Japan) Inc., which was incorporated in Barbados. (2) The book value of shares of subsidiaries is shown at cost and may include non-voting (3) The book value of shares owned by CIBC is less than $1 million. |
Financial instruments - discl_2
Financial instruments - disclosures (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Schedule of Balance Sheet Exposure Credit Risk under Different Basel Approaches | The table below sets out the categories of the on-balance $ millions, as at October 31 AIRB approach Standardized Other (1) Total subject to Not subject to Total 2020 Cash and deposits with banks $ 50,407 $ 10,207 $ 1,822 $ 62,436 $ 82 $ 62,518 Securities 91,099 11,961 – 103,060 45,986 149,046 Cash collateral on securities borrowed 8,543 4 – 8,547 – 8,547 Securities purchased under resale agreements 65,595 – – 65,595 – 65,595 Loans 363,425 44,087 1,138 408,650 1,672 410,322 Allowance for credit losses (2,600 ) (940 ) – (3,540 ) – (3,540 ) Derivative instruments 32,600 130 – 32,730 – 32,730 Customers’ liability under acceptances 9,606 – – 9,606 – 9,606 Other assets 15,518 462 7,739 23,719 11,008 34,727 Total credit exposures $ 634,193 $ 65,911 $ 10,699 $ 710,803 $ 58,748 $ 769,551 2019 Total credit exposures $ 535,483 $ 52,605 $ 8,671 $ 596,759 $ 54,845 $ 651,604 (1) Includes credit risk exposures arising from other assets that are subject to the credit risk framework but are not included in the standardized or AIRB frameworks, including other balance sheet assets which are risk-weighted at 100%, significant investments in the capital of non-financial |
Offsetting financial assets a_2
Offsetting financial assets and liabilities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Schedule of Financial Assets and Financial Liabilities | The following table identifies the amounts that have been offset on the consolidated balance sheet in accordance with the requirements of IAS 32 “Financial Instruments: Presentation”, and also those amounts that are subject to enforceable netting agreements but do not qualify for offsetting on the consolidated balance sheet either because we do not have a currently enforceable legal right to set-off Financial assets Amounts subject to enforceable netting agreements Gross financial Gross consolidated (1) Related amounts not set-off the consolidated balance sheet Amounts not netting (4) Net amounts the consolidated $ millions, as at October 31 Net Financial (2) Collateral (3) Net 2020 Derivatives $ 59,024 $ (29,989 ) $ 29,035 $ (19,347 ) $ (5,170 ) $ 4,518 $ 3,695 $ 32,730 Cash collateral on securities borrowed 8,547 – 8,547 – (8,267 ) 280 – 8,547 Securities purchased under resale agreements 68,335 (2,740 ) 65,595 – (65,178 ) 417 – 65,595 $ 135,906 $ (32,729 ) $ 103,177 $ (19,347 ) $ (78,615 ) $ 5,215 $ 3,695 $ 106,872 2019 Derivatives $ 42,156 $ (21,206 ) $ 20,950 $ (14,572 ) $ (3,888) $ 2,490 $ 2,945 $ 23,895 Cash collateral on securities borrowed 3,664 – 3,664 – (3,588 ) 76 – 3,664 Securities purchased under resale agreements 59,131 (3,020 ) 56,111 – (55,721 ) 390 – 56,111 $ 104,951 $ (24,226 ) $ 80,725 $ (14,572 ) $ (63,197 ) $ 2,956 $ 2,945 $ 83,670 Financial liabilities Amounts subject to enforceable netting agreements Gross financial Gross consolidated (1) Related amounts not set-off the consolidated balance sheet Amounts not netting (4) Net amounts the consolidated $ millions, as at October 31 Net Financial (2) Collateral (3) Net 2020 Derivatives $ 56,461 $ (29,989 ) $ 26,472 $ (19,347 ) $ (5,883 ) $ 1,242 $ 4,036 $ 30,508 Cash collateral on securities lent 1,824 – 1,824 – (1,719 ) 105 – 1,824 Obligations related to securities sold under repurchase agreements 74,393 (2,740 ) 71,653 – (71,368 ) 285 – 71,653 $ 132,678 $ (32,729 ) $ 99,949 $ (19,347 ) $ (78,970 ) $ 1,632 $ 4,036 $ 103,985 2019 Derivatives $ 43,941 $ (21,206 ) $ 22,735 $ (14,572 ) $ (6,840) $ 1,323 $ 2,378 $ 25,113 Cash collateral on securities lent 1,822 – 1,822 – (1,779 ) 43 – 1,822 Obligations related to securities sold under repurchase agreements 54,821 (3,020 ) 51,801 – (51,343 ) 458 – 51,801 $ 100,584 $ (24,226 ) $ 76,358 $ (14,572 ) $ (59,962) $ 1,824 $ 2,378 $ 78,736 (1) Comprises amounts related to financial instruments which qualify for offsetting. Derivatives cleared through the CME are considered to be settled-to-market collateralized-to-market. settled-to-market settled-to-market (2) Comprises amounts subject to set-off (3) Collateral received and pledged amounts are reflected at fair value, but have been limited to the net balance sheet exposure so as not to include any over-collateralization. (4) Includes contractual rights of set-off settled-to-market. The offsetting and collateral arrangements discussed above and other credit risk mitigation strategies used by CIBC are further explained in the “Credit risk” section of the MD&A. Certain amounts of securities received as collateral are restricted from being sold or re-pledged. |
Interest income and expense (Ta
Interest income and expense (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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. $ millions, for the year ended October 31 Interest Interest 2020 Measured at amortized cost (1)(2) $ 15,055 $ 6,062 Debt securities measured at FVOC (1) 685 n/a Other (3) 1,782 416 Total $ 17,522 $ 6,478 2019 Measured at amortized cost (1)(2) $ 17,871 $ 9,824 Debt securities measured at FVOCI (1) 960 n/a Other (3) 1,866 322 Total $ 20,697 $ 10,146 2018 Measured at amortized cost (1)(2) $ 15,275 $ 7,139 Debt securities measured at FVOCI (1) 749 n/a Other (3) 1,481 301 Total $ 17,505 $ 7,440 (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) Effective November 1, 2019, includes interest income on sublease-related assets and interest expense on lease liabilities under IFRS 16. (3) 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 and geographic info_2
Segmented and geographic information (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Detailed Report of Segments and Geographic Areas | Results by reporting segments and geographic areas $ millions, for the year ended October 31 Canadian Canadian U.S. Capital Corporate CIBC Total Canada (1) U.S. (1) Caribbean (1) Other (1) 2020 Net interest income (2) $ 6,294 $ 1,248 $ 1,433 $ 1,910 $ 159 $ 11,044 $ 8,449 $ 1,583 $ 890 $ 122 Non-interest (3)(4) 2,194 2,873 621 1,577 432 7,697 5,243 1,167 616 671 Total revenue 8,488 4,121 2,054 3,487 591 18,741 13,692 2,750 1,506 793 Provision for (reversal of) credit losses 1,219 303 487 281 199 2,489 1,648 623 199 19 Amortization and impairment (5) 230 30 126 10 915 1,311 805 174 312 20 Other non-interest 4,373 2,149 1,007 1,624 898 10,051 7,991 1,336 530 194 Income (loss) before income taxes 2,666 1,639 434 1,572 (1,421 ) 4,890 3,248 617 465 560 Income taxes (2) 704 437 54 441 (538 ) 1,098 700 165 89 144 Net income (loss) $ 1,962 $ 1,202 $ 380 $ 1,131 $ (883 ) $ 3,792 $ 2,548 $ 452 $ 376 $ 416 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 2 $ 2 $ – $ – $ 2 $ – Equity shareholders 1,962 1,202 380 1,131 (885 ) 3,790 2,548 452 374 416 Average assets (6) $ 261,956 $ 65,839 $ 55,237 $ 221,117 $ 131,343 $ 735,492 $ 554,787 $ 122,721 $ 33,012 $ 24,972 2019 (7) Net interest income (2) $ 6,372 $ 1,205 $ 1,381 $ 1,253 $ 340 $ 10,551 $ 7,890 $ 1,405 $ 820 $ 436 Non-interest (3)(4) 2,383 2,822 583 1,707 565 8,060 6,008 1,099 643 310 Total revenue 8,755 4,027 1,964 2,960 905 18,611 13,898 2,504 1,463 746 Provision for (reversal of) credit losses 896 163 73 153 1 1,286 1,111 173 1 1 Amortization and impairment (5) 96 8 109 4 621 838 508 139 181 10 Other non-interest 4,649 2,098 1,010 1,512 749 10,018 7,985 1,290 556 187 Income (loss) before income taxes 3,114 1,758 772 1,291 (466 ) 6,469 4,294 902 725 548 Income taxes (2) 825 471 90 337 (375 ) 1,348 1,008 139 155 46 Net income (loss) $ 2,289 $ 1,287 $ 682 $ 954 $ (91 ) $ 5,121 $ 3,286 $ 763 $ 570 $ 502 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 25 $ 25 $ – $ – $ 25 $ – Equity shareholders 2,289 1,287 682 954 (116 ) 5,096 3,286 763 545 502 Average assets (6) $ 259,089 $ 62,552 $ 47,495 $ 184,566 $ 86,014 $ 639,716 $ 501,066 $ 99,152 $ 27,086 $ 12,412 2018 (7) Net interest income (2) $ 6,151 $ 1,091 $ 1,231 $ 1,432 $ 160 $ 10,065 $ 7,963 $ 1,204 $ 793 $ 105 Non-interest (3)(4) 2,444 2,745 529 1,503 548 7,769 6,030 895 567 277 Total revenue 8,595 3,836 1,760 2,935 708 17,834 13,993 2,099 1,360 382 Provision for (reversal of) credit losses 741 5 79 (30 ) 75 870 740 57 75 (2 ) Amortization and impairment (5) 98 9 107 4 439 657 469 136 44 8 Other non-interest 4,297 2,058 916 1,488 842 9,601 7,655 1,231 530 185 Income (loss) before income taxes 3,459 1,764 658 1,473 (648 ) 6,706 5,129 675 711 191 Income taxes (2) 919 478 97 387 (459 ) 1,422 1,021 288 72 41 Net income (loss) $ 2,540 $ 1,286 $ 561 $ 1,086 $ (189 ) $ 5,284 $ 4,108 $ 387 $ 639 $ 150 Net income (loss) attributable to: Non-controlling $ – $ – $ – $ – $ 17 $ 17 $ – $ – $ 17 $ – Equity shareholders 2,540 1,286 561 1,086 (206 ) 5,267 4,108 387 622 150 Average assets (6) $ 259,131 $ 55,713 $ 41,238 $ 166,231 $ 76,128 $ 598,441 $ 476,224 $ 80,935 $ 31,101 $ 10,181 (1) Net income and average assets are allocated based on the geographic location where they are recorded. (2) U.S. Commercial Banking and Wealth Management and Capital Markets net interest income and income taxes include taxable equivalent basis (TEB) adjustments of nil and $183 million, respectively (2019: $2 million and $177 million, respectively; 2018: $2 million and $278 million, respectively) with an equivalent offset in Corporate and Other. (3) The fee and commission income within non-interest (4) Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Manufacturer / Customer Segment / Distributor Management Model. (5) Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill. (6) Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. (7) 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 | The following table provides a breakdown of revenue from our reporting segments: $ millions, for the year ended October 31 2020 2019 (1) 2018 (1) Canadian Personal and Business Banking $ 8,488 $ 8,755 $ 8,595 Canadian Commercial Banking and Wealth Management Commercial banking $ 1,663 $ 1,633 $ 1,461 Wealth management 2,458 2,394 2,375 $ 4,121 $ 4,027 $ 3,836 U.S. Commercial Banking and Wealth Management (2) Commercial banking (3) $ 1,432 $ 1,353 $ 1,194 Wealth management 622 611 566 $ 2,054 $ 1,964 $ 1,760 Capital Markets (2) Global markets $ 2,143 $ 1,729 $ 1,694 Corporate and investment banking 1,344 1,231 1,241 $ 3,487 $ 2,960 $ 2,935 Corporate and Other (2) International banking $ 734 $ 798 $ 657 Other (143 ) 107 51 $ 591 $ 905 $ 708 (1) Certain prior period information has been revised. See the “Changes made to our business segments” section for additional details. (2) U.S. Commercial Banking and Wealth Management and Capital Markets revenue includes a TEB adjustment of nil and $183 million, respectively (2019: $2 million and $177 million, respectively; 2018: $2 million and $278 million, respectively) with an equivalent offset in Corporate and Other. (3) Certain information has been reclassified to conform to the presentation adopted in the first quarter of 2020. Commercial banking now includes the Other line of business, which includes the treasury activities relating to CIBC Bank USA, as these activities primarily support the commercial banking line of business. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text block [abstract] | |
Summary of Risk Measurement | CIBC employs a 20-point CIBC S&P Moody’s Grade rating equivalent equivalent Investment grade 00–47 AAA to BBB- Aaa to Baa3 Non-investment 51–67 BB+ to B- Ba1 to B3 Watch list 70–80 CCC+ to C Caa1 to Ca Default 90 D C |
Summary of PD Bands to Various Risk Levels | The following table maps the PD bands to various risk levels: Risk level PD bands Exceptionally low 0.01%–0.20% Very low 0.21%–0.50% Low 0.51%–2.00% Medium 2.01%–10.00% High 10.01%–99.99% Default 100% |
Summary of Exposure to Credit Risk | $ millions, as at October 31 2020 2019 AIRB (1) Standardized Total AIRB (1) Standardized Total Business and government portfolios Corporate Drawn $ 102,342 $ 36,603 $ 138,945 $ 96,444 $ 32,292 $ 128,736 Undrawn commitments 49,473 7,339 56,812 44,732 6,244 50,976 Repo-style transactions 139,677 – 139,677 122,776 1 122,777 Other off-balance 14,085 1,016 15,101 14,540 981 15,521 OTC derivatives 10,858 786 11,644 14,125 596 14,721 316,435 45,744 362,179 292,617 40,114 332,731 Sovereign Drawn 133,077 22,664 155,741 73,036 13,301 86,337 Undrawn commitments 8,354 – 8,354 6,421 – 6,421 Repo-style transactions 38,904 – 38,904 21,404 – 21,404 Other off-balance 1,553 – 1,553 1,624 – 1,624 OTC derivatives 2,187 2 2,189 3,094 2 3,096 184,075 22,666 206,741 105,579 13,303 118,882 Banks Drawn 12,846 1,241 14,087 12,689 1,862 14,551 Undrawn commitments 1,552 16 1,568 1,771 6 1,777 Repo-style transactions 24,228 – 24,228 25,472 – 25,472 Other off-balance 59,761 – 59,761 61,532 – 61,532 OTC derivatives 5,805 21 5,826 9,355 18 9,373 104,192 1,278 105,470 110,819 1,886 112,705 Gross business and government portfolios 604,702 69,688 674,390 509,015 55,303 564,318 Less: collateral held for repo-style transactions 187,832 – 187,832 157,415 – 157,415 Net business and government portfolios 416,870 69,688 486,558 351,600 55,303 406,903 Retail portfolios Real estate secured personal lending Drawn 231,527 4,799 236,326 222,933 4,177 227,110 Undrawn commitments (2) 31,390 – 31,390 20,777 1 20,778 262,917 4,799 267,716 243,710 4,178 247,888 Qualifying revolving retail Drawn 18,701 – 18,701 19,784 – 19,784 Undrawn commitments (2) 53,085 – 53,085 49,709 – 49,709 Other off-balance 271 – 271 275 – 275 72,057 – 72,057 69,768 – 69,768 Other retail Drawn 14,869 1,326 16,195 13,478 1,268 14,746 Undrawn commitments (2) 2,819 28 2,847 2,584 26 2,610 Other off-balance 35 – 35 36 – 36 17,723 1,354 19,077 16,098 1,294 17,392 Total retail portfolios 352,697 6,153 358,850 329,576 5,472 335,048 Securitization exposures 12,276 3,509 15,785 10,688 3,511 14,199 Gross credit exposure 969,675 79,350 1,049,025 849,279 64,286 913,565 Less: collateral held for repo-style transactions 187,832 – 187,832 157,415 – 157,415 Net credit exposure (3) $ 781,843 $ 79,350 $ 861,193 $ 691,864 $ 64,286 $ 756,150 (1) Includes exposures subject to the supervisory slotting approach. (2) Increases in EAD in the current year include the impact of certain parameter updates in our regulatory models that were made in the first quarter of 2020 as part of our ongoing monitoring and review process. (3) Excludes exposures arising from derivative and repo-style transactions that are cleared through QCCPs as well as credit risk exposures arising from other assets that are subject to the credit risk framework but are not included in the standardized or IRB frameworks, including other balance sheet assets that are risk-weighted at 100%, significant investments in the capital of non-financial |
Summary of Breakdown of Our Standardized Credit Risk Exposures by Risk-weight Category | A detailed breakdown of our standardized credit risk exposures by risk-weight category, before considering the effect of credit risk mitigation strategies and before allowance for credit losses, is provided below. $ millions, as at October 31 Risk-weight category 2020 2019 0% 20% 35% 50% 75% 100% 150% Total Total Corporate $ – $ – $ – $ – $ – $ 45,592 $ 152 $ 45,744 $ 40,114 Sovereign 17,648 3,442 – 138 – 906 532 22,666 13,303 Banks – 1,189 – 1 – 78 10 1,278 1,886 Real estate secured personal lending – – 1,742 – 2,883 170 4 4,799 4,178 Other retail – – – – 1,289 59 6 1,354 1,294 $ 17,648 $ 4,631 $ 1,742 $ 139 $ 4,172 $ 46,805 $ 704 $ 75,841 $ 60,775 (1) See “Securitization exposures” section for securitization exposures that are subject to the standardized approach. |
Summary of Rating Profile of OTC Derivative Mark to Market (MTM) Receivables | Rating profile of OTC derivative mark-to-market $ billions, as at October 31 2020 2019 Exposure (1) Investment grade $ 7.46 74.9 % $ 5.40 82.4 % Non-investment 2.40 24.1 1.12 17.1 Watch list 0.07 0.7 0.02 0.3 Default 0.03 0.3 0.01 0.2 Unrated – – – – $ 9.96 100.0 % $ 6.55 100.0 % (1) MTM of the OTC derivative contracts is after the impact of master netting agreements, but before any collateral. |
Summary of Geographic Distribution of Business and Government Exposures Under the AIRB Approach | The following table provides a geographic distribution of our business and government exposures under the AIRB approach, net of collateral held for repo-style transactions. $ millions, as at October 31, 2020 Canada U.S. Europe Other Total Drawn $ 173,199 $ 55,051 $ 8,396 $ 11,619 $ 248,265 Undrawn commitments 45,684 9,717 2,402 1,576 59,379 Repo-style transactions 7,787 4,022 1,241 1,927 14,977 Other off-balance 59,188 9,422 6,138 651 75,399 OTC derivatives 9,926 3,770 3,279 1,875 18,850 $ 295,784 $ 81,982 $ 21,456 $ 17,648 $ 416,870 October 31, 2019 $ 237,234 $ 73,900 $ 23,150 $ 17,316 $ 351,600 (1) Classification by country is primarily based on domicile of debtor or customer. |
Summary of Industry-wide Breakdown of Business and Government Exposure | The following table provides an industry-wide breakdown of our business and government exposures under the AIRB approach, net of collateral held for repo-style transactions. Undrawn Repo-style Other off- OTC 2020 2019 $ millions, as at October 31 Drawn commitments transactions balance sheet derivatives Total Total (1) Commercial mortgages $ 8,373 $ 47 $ – $ – $ – $ 8,420 $ 7,544 Financial institutions 81,967 7,673 14,318 66,312 9,775 180,045 140,284 Retail and wholesale 5,167 3,652 – 225 239 9,283 9,142 Business services 7,047 3,264 18 595 215 11,139 11,000 Manufacturing – capital goods 2,791 2,036 – 365 205 5,397 5,898 Manufacturing – consumer goods 3,455 2,052 – 214 95 5,816 6,024 Real estate and construction 30,216 8,257 142 1,166 871 40,652 38,358 Agriculture 6,771 1,767 – 26 196 8,760 8,575 Oil and gas 9,649 8,532 – 1,039 2,305 21,525 21,813 Mining 1,363 2,931 – 723 114 5,131 5,326 Forest products 490 515 – 205 29 1,239 1,324 Hardware and software 1,227 890 – 45 27 2,189 1,751 Telecommunications and cable 335 1,126 – 408 326 2,195 2,234 Broadcasting, publishing and printing 457 154 – 2 52 665 801 Transportation 5,768 2,596 – 262 1,287 9,913 8,877 Utilities 9,189 7,066 – 2,707 1,177 20,139 15,747 Education, health, and social services 3,096 1,194 6 150 296 4,742 4,541 Governments 70,904 5,627 493 955 1,641 79,620 62,361 $ 248,265 $ 59,379 $ 14,977 $ 75,399 $ 18,850 $ 416,870 $ 351,600 (1) Certain information has been reclassified to conform to the presentation adopted in the current year. The presentation of commercial mortgages has been changed to include risk-rated commercial mortgages. Previously, commercial mortgages only included commercial mortgages under the slotting approach. |
Summary of Credit Quality of Risk-rated Portfolios Exposure | $ millions, as at October 31 2020 2019 EAD Obligor grade Corporate Sovereign Banks Total Total Investment grade $ 106,633 $ 147,438 $ 82,029 $ 336,100 $ 276,817 Non-investment 74,600 781 1,264 76,645 72,613 Watch list 2,730 – – 2,730 1,239 Default 1,039 – – 1,039 579 Total risk-rated exposure $ 185,002 $ 148,219 $ 83,293 $ 416,514 $ 351,248 LGD estimate Corporate Sovereign Banks Total Total Less than 10% $ 9,704 $ 136,968 $ 60,057 $ 206,729 $ 142,666 10%–25% 56,615 7,881 5,090 69,586 68,790 26%–45% 84,108 3,010 17,251 104,369 110,596 46%–65% 33,301 289 893 34,483 27,733 66%–100% 1,274 71 2 1,347 1,463 $ 185,002 $ 148,219 $ 83,293 $ 416,514 $ 351,248 Strong $ 265 $ 246 Good 71 85 Satisfactory 20 21 Weak – – Default – – Total slotted exposure $ 356 $ 352 Total business and government portfolios $ 416,870 $ 351,600 |
Summary of Credit Quality of Risk-rated Portfolios Exposure | The following table presents the credit quality of our retail portfolios under the AIRB approach. $ millions, as at October 31 2020 2019 EAD Risk level Real estate secured Qualifying Other retail Total Total Exceptionally low $ 201,050 $ 49,755 $ 3,816 $ 254,621 $ 239,875 Very low 31,927 4,469 4,335 40,731 34,018 Low 25,825 10,437 6,091 42,353 39,648 Medium 3,086 6,598 2,438 12,122 13,259 High 586 763 973 2,322 2,271 Default 443 35 70 548 505 $ 262,917 $ 72,057 $ 17,723 $ 352,697 $ 329,576 |
Summary of Securitization Exposures | The following table provides details on securitization exposures in our banking book, by credit rating: $ millions, as at October 31 2020 2019 EAD Exposures under the AIRB approach S&P rating equivalent AAA to BBB- $ 12,276 $ 10,688 BB+ to BB- – – Below BB- – – Unrated – – 12,276 10,688 Exposures under the standardized approach 3,509 3,511 Total securitization exposures $ 15,785 $ 14,199 |
Summary of Loans 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 have been presented in the aging category that applied at the time deferrals were granted. Other business and government loans, credit cards, personal loans and residential mortgages that were subject to a payment deferral program have generally been presented in the aging category that applied as at March 31, 2020, which approximated the time when the majority of the deferrals were granted, except that Canadian residential mortgages and certain secured personal loans that were less than 29 days past due at that time have been treated as current. Loans that have exited a deferral program generally continue to age based on the status that was applied at the beginning of the program to the extent a payment has not been made. $ millions, as at October 31 Less than 31 to 90 days Over 90 days 2020 Total 2019 (1) Residential mortgages $ 3,358 $ 1,152 $ – $ 4,510 $ 3,840 Personal 608 222 – 830 1,027 Credit card 485 189 132 806 838 Business and government 1,854 281 – 2,135 1,081 $ 6,305 $ 1,844 $ 132 $ 8,281 $ 6,786 (1) Certain prior year amounts related to loans contractually past due but not impaired in CIBC FirstCaribbean were restated. |
Summary of Market Risks by Type of Risks | $ millions, as at or for the year ended October 31 2020 2019 High Low As at Average High Low As at Average Interest rate risk $ 10.6 $ 3.5 $ 7.3 $ 6.1 $ 10.1 $ 2.8 $ 8.5 $ 5.2 Credit spread risk 12.2 1.3 7.0 5.4 2.0 0.9 1.5 1.3 Equity risk 13.5 1.5 3.7 3.8 10.4 1.7 3.4 3.1 Foreign exchange risk 7.0 0.4 2.0 1.8 4.3 0.6 2.9 2.1 Commodity risk 7.9 1.1 2.4 3.1 5.0 1.1 3.9 2.4 Debt specific risk 3.9 1.5 3.0 2.5 2.4 1.3 1.9 1.7 Diversification effect (1) n/m n/m (12.1 ) (14.2 ) n/m n/m (15.3 ) (10.1 ) Total VaR (one-day $ 22.0 $ 3.8 $ 13.3 $ 8.5 $ 10.8 $ 3.6 $ 6.8 $ 5.7 (1) Total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect. n/m Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. |
Summary of Stressed Value at Risk by Trading Activities | Stressed VaR by risk type – trading portfolio $ millions, as at or for the year ended October 31 2020 2019 High Low As at Average High Low As at Average Interest rate risk $ 41.0 $ 8.4 $ 33.7 $ 20.2 $ 37.0 $ 8.9 $ 26.4 $ 19.4 Credit spread risk 22.6 6.1 7.1 11.5 18.1 7.9 11.1 12.1 Equity risk 26.3 – 6.9 4.2 20.2 1.4 2.2 3.9 Foreign exchange risk 22.0 1.0 9.1 7.8 29.5 0.6 6.5 10.4 Commodity risk 10.9 1.0 3.0 4.5 11.9 1.3 11.9 4.8 Debt specific risk 6.5 1.6 6.1 4.6 7.3 4.1 4.9 5.5 Diversification effect (1) n/m n/m (35.7 ) (33.9 ) n/m n/m (42.0 ) (40.9 ) Stressed total VaR (one-day $ 34.1 $ 7.4 $ 30.2 $ 18.9 $ 47.1 $ 3.5 $ 21.0 $ 15.2 (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 | IRC – trading portfolio $ millions, as at or for the year ended October 31 2020 2019 High Low As at Average High Low As at Average Default risk $ 205.6 $ 80.4 $ 102.6 $ 126.7 $ 268.8 $ 124.0 $ 132.1 $ 180.2 Migration risk 104.9 49.0 72.7 71.2 111.2 45.5 67.7 72.2 IRC (one-year (1) $ 279.5 $ 141.8 $ 175.3 $ 197.9 $ 371.4 $ 186.5 $ 199.8 $ 252.4 (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 | $ millions (pre-tax), 2020 2019 CAD (1) USD CAD (1) USD 100 basis point increase in interest rates Increase (decrease) in net interest income $ 317 $ 92 $ 192 $ 24 Increase (decrease) in EVE (556 ) (348 ) (511 ) (307 ) 25 basis point decrease in interest rates Increase (decrease) in net interest income (119 ) (42 ) (47 ) (7 ) Increase (decrease) in EVE 57 49 104 50 (1) Includes CAD and other currency exposures. |
Summary of Amortized Cost and Fair Values of Non-trading Equities | The following table provides the amortized cost and fair values of our non-trading $ millions, as at October 31 Cost Fair value 2020 Equity securities designated at FVOCI $ 576 $ 585 Equity-accounted investments in associates (1) 71 93 $ 647 $ 678 2019 Equity securities designated at FVOCI $ 533 $ 602 Equity-accounted investments in associates (1) 57 85 $ 590 $ 687 (1) Excludes our equity-accounted joint ventures. See Note 26 to the consolidated financial statements for further details. |
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 October 31 Bank owned Securities received Total liquid Encumbered Unencumbered (1) 2020 Cash and deposits with banks $ 62,518 $ – $ 62,518 $ 133 $ 62,385 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 2019 Cash and deposits with banks $ 17,359 $ – $ 17,359 $ 784 $ 16,575 Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks 85,881 86,205 172,086 100,203 71,883 Other debt securities 4,928 3,139 8,067 1,838 6,229 Equities 26,441 15,766 42,207 23,623 18,584 Canadian government guaranteed National Housing Act mortgage-backed securities 41,378 876 42,254 11,627 30,627 Other liquid assets (2) 11,196 463 11,659 6,864 4,795 $ 187,183 $ 106,449 $ 293,632 $ 144,939 $ 148,693 (1) Unencumbered liquid assets are defined as on-balance off-balance (2) Includes cash pledged as collateral for derivatives transactions, select ABS 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 October 31, 2020 Less than 1–3 3–6 6–9 9–12 1–2 2–5 Over No specified Total Assets Cash and non-interest-bearing $ 43,531 $ – $ – $ – $ – $ – $ – $ – $ – $ 43,531 Interest-bearing deposits with banks (1) 18,987 – – – – – – – – 18,987 Securities 4,971 3,087 7,007 5,028 3,624 18,920 46,554 31,288 28,567 149,046 Cash collateral on securities borrowed 8,547 – – – – – – – – 8,547 Securities purchased under resale agreements 35,089 13,080 12,751 2,666 2,009 – – – – 65,595 Loans Residential mortgages 1,606 3,336 8,242 12,057 11,511 47,032 128,430 8,302 649 221,165 Personal 955 646 1,171 1,223 1,148 450 3,183 3,219 30,227 42,222 Credit card 239 478 718 718 718 2,870 5,648 – – 11,389 Business and government 15,539 5,463 6,908 7,116 6,806 25,055 43,212 16,687 8,760 135,546 Allowance for credit losses – – – – – – – – (3,540 ) (3,540 ) Derivative instruments 2,052 4,700 2,436 1,807 1,267 3,651 6,292 10,525 – 32,730 Customers’ liability under acceptances 8,818 707 68 10 3 – – – – 9,606 Other assets – – – – – – – – 34,727 34,727 $ 140,334 $ 31,497 $ 39,301 $ 30,625 $ 27,086 $ 97,978 $ 233,319 $ 70,021 $ 99,390 $ 769,551 October 31, 2019 $ 86,873 $ 37,026 $ 27,740 $ 26,478 $ 23,115 $ 78,483 $ 201,231 $ 59,883 $ 110,775 $ 651,604 Liabilities Deposits (2) $ 28,774 $ 28,222 $ 34,292 $ 41,705 $ 24,248 $ 28,399 $ 52,712 $ 11,488 $ 320,900 $ 570,740 Obligations related to securities sold short 15,963 – – – – – – – – 15,963 Cash collateral on securities lent 1,824 – – – – – – – – 1,824 Obligations related to securities sold under repurchase agreements 41,136 6,904 21,607 81 425 1,500 – – – 71,653 Derivative instruments 1,969 4,645 2,792 2,049 1,800 3,079 5,542 8,632 – 30,508 Acceptances 8,861 707 68 10 3 – – – – 9,649 Other liabilities 25 50 75 74 79 295 684 584 20,301 22,167 Subordinated indebtedness – – – – – – – 5,712 – 5,712 Equity – – – – – – – – 41,335 41,335 $ 98,552 $ 40,528 $ 58,834 $ 43,919 $ 26,555 $ 33,273 $ 58,938 $ 26,416 $ 382,536 $ 769,551 October 31, 2019 $ 88,803 $ 43,539 $ 44,607 $ 33,034 $ 26,078 $ 31,643 $ 54,407 $ 22,781 $ 306,712 $ 651,604 (1) Cash includes interest-bearing demand deposits with the Bank of Canada. (2) Comprises $202.2 billion (2019: $178.1 billion) of personal deposits; $351.6 billion (2019: $296.4 billion) of business and government deposits and secured borrowings; and $17.0 billion (2019: $11.2 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 October 31, 2020 Less than 1 month 1–3 3– 6 6–9 9–12 1–2 2–5 Over No specified (1) Total Unutilized credit commitments $ 989 $ 8,554 $ 4,819 $ 4,601 $ 4,127 $ 19,575 $ 50,595 $ 1,672 $ 173,157 $ 268,089 Securities lending (2) 33,483 2,779 2,924 – – – – – – 39,186 Standby and performance letters of credit 2,769 2,567 2,070 3,567 2,140 785 625 42 – 14,565 Backstop liquidity facilities 3 10,480 1,361 627 145 278 13 – – 12,907 Documentary and commercial letters of credit 81 71 14 3 15 – 12 – – 196 Other 2,149 – – – – – – – – 2,149 $ 39,474 $ 24,451 $ 11,188 $ 8,798 $ 6,427 $ 20,638 $ 51,245 $ 1,714 $ 173,157 $ 337,092 October 31, 2019 $ 42,113 $ 21,669 $ 9,059 $ 8,063 $ 5,825 $ 14,784 $ 50,210 $ 2,979 $ 158,076 $ 312,778 (1) Includes $131.3 billion (2019: $122.0 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion. (2) Excludes securities lending of $1.8 billion (2019: $1.8 billion) for cash because it is reported on the 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 October 31, 2020 (1) Less than 1 month 1–3 3–6 6–9 9–12 1–2 years 2–5 years Over Total Purchase obligations (2) $ 99 $ 205 $ 174 $ 179 $ 138 $ 440 $ 621 $ 182 $ 2,038 Future lease commitments – 1 8 10 12 48 166 1,249 1,494 Investment commitments 1 4 – 1 4 – 8 194 212 Pension contributions (3) 17 33 49 49 50 – – – 198 Underwriting commitments 94 – – – – – – – 94 $ 211 $ 243 $ 231 $ 239 $ 204 $ 488 $ 795 $ 1,625 $ 4,036 October 31, 2019 $ 222 $ 335 $ 399 $ 365 $ 344 $ 981 $ 1,882 $ 3,582 $ 8,110 (1) Effective November 1, 2019, this table excludes operating lease obligations that are accounted for under IFRS 16, which resulted in on-balance recognition for most operating lease commitments. Lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for which we have not yet recognized a lease liability and right-of-use asset, continue to be recognized in this table. Following our adoption of IFRS 16, this table also excludes operating and tax expenses relating to lease commitments. For further details about our transition to IFRS 16, see Note 8 to our consolidated financial statements. (2) 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. (3) Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum funding contributions are included only for the next annual period as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability. |
Basis of Preparation and Summ_3
Basis of Preparation and Summary of Significant accounting Policies - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Nov. 01, 2019 |
Interest rate benchmark reform | ||
Notional amount of hedging instrument | $ 5,943,981 | |
Derivatives [Member] | U.S. LIBOR, EURIBOR, and GBP LIBOR [Member] | Maturity date beyond December 31, 2021 [member] | Inter-bank offered rate Rate [Member] | ||
Interest rate benchmark reform | ||
Notional amount of hedging instrument | $ 48,000 |
Basis of Preparation and Summ_4
Basis of Preparation and Summary of Significant accounting Policies - Additional Information1 (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 40 years |
Computer equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 3 years |
Computer equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 7 years |
Office equipment [member] | Bottom of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 4 years |
Office equipment [member] | Top of range [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets | 15 years |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Description of useful life of assets | Over the estimated useful life |
Basis of Preparation and Summ_5
Basis of Preparation and Summary of Significant accounting Policies - Additional Information2 (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
Software [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of intangible assets other than goodwill | 5 years |
Software [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of intangible assets other than goodwill | 10 years |
Contract based [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of intangible assets other than goodwill | 8 years |
Contract based [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of intangible assets other than goodwill | 15 years |
Customer relationship [member] | Bottom of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of intangible assets other than goodwill | 3 years |
Customer relationship [member] | Top of range [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful lives of intangible assets other than goodwill | 16 years |
Basis of Preparation and Summ_6
Basis of Preparation and Summary of Significant Accounting Policies - Transition impact from adoption of IFRS 15 (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Nov. 01, 2018 | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Equity | $ 41,335 | $ 38,580 | $ 35,116 | ||
Retained earnings [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Equity | $ 22,119 | 20,972 | 18,537 | $ 15,957 | |
Retained earnings [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Equity | $ 21,120 | $ 18,543 | |||
Retained earnings [member] | Increase (decrease) due to changes in accounting policy required by IFRSs [member] | IFRS15 [Member] | |||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |||||
Equity | $ 6 |
Impact of COVID-19 - Additional
Impact of COVID-19 - Additional Information (Detail) $ in Billions | 3 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020CAD ($) | Apr. 30, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2020USD ($) | |
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Goodwill Impairment Charge | $ 248,000,000 | $ 135,000,000 | ||||
Percentage of Co-lending CIBC | 20.00% | 20.00% | 20.00% | |||
Notional amount | $ 5,943,981,000,000 | $ 5,943,981,000,000 | ||||
First Caribbean International Bank Limited [member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Goodwill Impairment Charge | 220,000,000 | $ 28,000,000 | $ 135,000,000 | 220,000,000 | $ 28,000,000 | |
Additional Goodwill Impairment | 220,000,000 | 220,000,000 | ||||
CIBC [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Goodwill Impairment Charge | $ 28,000,000 | |||||
CEBA program [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Maximum Financing Amount | 40,000 | 40,000 | ||||
Loans and Receivables | 2,900,000,000 | 2,900,000,000 | ||||
Loan guarantee for small and mediumsized enterprises [Member] | EDC [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Maximum Financing Amount | $ 6,250,000 | $ 6,250,000 | ||||
Percentage of Guarantee on Financing Receivable | 80.00% | 80.00% | 80.00% | |||
Loans outstanding, net of repayments | $ 175,000,000 | $ 175,000,000 | ||||
Notional amount | $ 252,000,000 | $ 252,000,000 | ||||
Co-lend Program [Member] | CIBC [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Percentage of Co-lending CIBC | 20.00% | 20.00% | 20.00% | |||
Co-lend Program [Member] | EDC [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Loans funded | $ 73,000,000 | $ 73,000,000 | ||||
Co-lend Program [Member] | BDC [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Maximum Financing Amount | $ 368,000,000 | $ 368,000,000 | ||||
Percentage of Co-lending BDC | 80.00% | 80.00% | 80.00% | |||
Paycheck Protection Program [Member] | ||||||
Disclosure of Impacts of Covid 19 [Line Items] | ||||||
Loans and Receivables | $ 1.9 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value of Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Financial assets | ||
Cash and deposits with banks | $ 62,518 | |
Securities | 149,046 | $ 121,310 |
Cash collateral on securities borrowed | 8,547 | 3,664 |
Securities purchased under resale agreements | 65,595 | 56,111 |
Loans | ||
Residential mortgages | 221,165 | 208,652 |
Credit card | 11,389 | 12,755 |
Business and government | 135,546 | 125,798 |
Derivative instruments | 32,730 | 23,895 |
Customers' liability under acceptances | 9,606 | 9,167 |
Deposits | ||
Bank | 17,011 | 11,224 |
Secured borrowings | 40,151 | 38,895 |
Derivative instruments | 30,508 | 25,113 |
Obligations related to securities sold short | 15,963 | 15,635 |
Obligations related to securities sold under repurchase agreements | 71,653 | 51,801 |
Subordinated indebtedness | 5,712 | 4,684 |
Financial assets at amortised cost [member] | ||
Financial assets | ||
Cash and deposits with banks | 61,570 | 16,720 |
Securities | 31,800 | 20,115 |
Cash collateral on securities borrowed | 8,547 | 3,664 |
Securities purchased under resale agreements | 58,090 | 50,913 |
Loans | ||
Residential mortgages | 220,739 | 208,381 |
Personal | 41,390 | 43,098 |
Credit card | 10,722 | 12,335 |
Business and government | 110,220 | 103,885 |
Customers' liability under acceptances | 9,606 | 9,167 |
Other assets | 15,940 | 13,829 |
Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Financial assets | ||
Cash and deposits with banks | 948 | 639 |
Securities | 62,576 | 53,984 |
Securities purchased under resale agreements | 7,505 | 5,198 |
Loans | ||
Residential mortgages | 63 | 60 |
Business and government | 23,291 | 21,182 |
Derivative instruments | 32,730 | 23,895 |
Financial assets at fair value through profit or loss, designated upon initial recognition or subsequently, category [member] | ||
Financial assets | ||
Securities | 117 | 413 |
Loans | ||
Business and government | 357 | |
Financial assets at fair value through OCI [member] | ||
Financial assets | ||
Securities | 54,553 | 46,798 |
Carrying value [member] | ||
Financial assets | ||
Cash and deposits with banks | 62,518 | 17,359 |
Securities | 149,046 | 121,310 |
Cash collateral on securities borrowed | 8,547 | 3,664 |
Securities purchased under resale agreements | 65,595 | 56,111 |
Loans | ||
Residential mortgages | 220,802 | 208,441 |
Personal | 41,390 | 43,098 |
Credit card | 10,722 | 12,335 |
Business and government | 133,868 | 125,067 |
Derivative instruments | 32,730 | 23,895 |
Customers' liability under acceptances | 9,606 | 9,167 |
Other assets | 15,940 | 13,829 |
Financial liabilities at amortised cost [member] | ||
Deposits | ||
Personal | 199,593 | 176,340 |
Business and government | 301,546 | 248,367 |
Bank | 17,011 | 11,224 |
Secured borrowings | 39,560 | 38,680 |
Acceptances | 9,649 | 9,188 |
Cash collateral on securities lent | 1,824 | 1,822 |
Obligations related to securities sold under repurchase agreements | 54,617 | 51,801 |
Other liabilities | 15,282 | 14,066 |
Subordinated indebtedness | 5,712 | 4,684 |
Financial liabilities at fair value through profit or loss, mandatorily measured at fair value, category [member] | ||
Deposits | ||
Derivative instruments | 30,508 | 25,113 |
Obligations related to securities sold short | 15,963 | 15,635 |
Other liabilities | 133 | 114 |
Financial liabilities at fair value through profit or loss, designated upon initial recognition or subsequently [member] | ||
Deposits | ||
Personal | 2,559 | 1,751 |
Business and government | 9,880 | 9,135 |
Secured borrowings | 591 | 215 |
Obligations related to securities sold under repurchase agreements | 17,036 | |
Other liabilities | 9 | 12 |
Carrying value [member] | ||
Deposits | ||
Personal | 202,152 | 178,091 |
Business and government | 311,426 | 257,502 |
Bank | 17,011 | 11,224 |
Secured borrowings | 40,151 | 38,895 |
Derivative instruments | 30,508 | 25,113 |
Acceptances | 9,649 | 9,188 |
Obligations related to securities sold short | 15,963 | 15,635 |
Cash collateral on securities lent | 1,824 | 1,822 |
Obligations related to securities sold under repurchase agreements | 71,653 | 51,801 |
Other liabilities | 15,424 | 14,192 |
Subordinated indebtedness | 5,712 | 4,684 |
Financial assets at fair value [member] | ||
Financial assets | ||
Cash and deposits with banks | 62,518 | 17,359 |
Securities | 149,599 | 121,453 |
Cash collateral on securities borrowed | 8,547 | 3,664 |
Securities purchased under resale agreements | 65,595 | 56,111 |
Loans | ||
Residential mortgages | 222,920 | 208,693 |
Personal | 41,452 | 43,120 |
Credit card | 10,722 | 12,335 |
Business and government | 134,097 | 125,160 |
Derivative instruments | 32,730 | 23,895 |
Customers' liability under acceptances | 9,606 | 9,167 |
Other assets | 15,940 | 13,829 |
Financial assets fair value over (under) carrying value [member] | ||
Financial assets | ||
Securities | 553 | 143 |
Loans | ||
Residential mortgages | 2,118 | 252 |
Personal | 62 | 22 |
Business and government | 229 | 93 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 202,345 | 178,046 |
Business and government | 312,279 | 257,872 |
Bank | 17,011 | 11,224 |
Secured borrowings | 40,586 | 39,223 |
Derivative instruments | 30,508 | 25,113 |
Acceptances | 9,649 | 9,188 |
Obligations related to securities sold short | 15,963 | 15,635 |
Cash collateral on securities lent | 1,824 | 1,822 |
Obligations related to securities sold under repurchase agreements | 71,653 | 51,801 |
Other liabilities | 15,424 | 14,192 |
Subordinated indebtedness | 5,993 | 4,925 |
Financial liabilities, fair value over (under) carrying value [member] | ||
Deposits | ||
Personal | 193 | (45) |
Business and government | 853 | 370 |
Secured borrowings | 435 | 328 |
Subordinated indebtedness | $ 281 | $ 241 |
Fair Value Measurement - Fair_2
Fair Value Measurement - Fair Value of Derivative Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Negative | $ 19,347 | $ 14,572 |
Positive | 19,347 | 14,572 |
Positive | 32,730 | 23,895 |
Negative | 30,508 | 25,113 |
Net | 2,222 | (1,218) |
Held For Trading For Trading Purpose [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 31,356 | 22,738 |
Negative | 29,392 | 23,799 |
Net | 1,964 | (1,061) |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 12,517 | 8,691 |
Negative | 9,599 | 8,066 |
Net | 2,918 | 625 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 12,513 | 8,687 |
Negative | 9,599 | 8,066 |
Net | 2,914 | 621 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 4 | 4 |
Net | 4 | 4 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Forward contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 108 | 67 |
Negative | 161 | 241 |
Net | (53) | (174) |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Swap contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 12,296 | 8,528 |
Negative | 9,309 | 7,697 |
Net | 2,987 | 831 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Purchased options [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 109 | 92 |
Net | 109 | 92 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Purchased options [member] | Exchange traded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 4 | 4 |
Net | 4 | 4 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Written options [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Negative | 129 | 128 |
Net | (129) | (128) |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 10,427 | 8,337 |
Negative | 10,185 | 9,237 |
Net | 242 | (900) |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Forward contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 6,655 | 5,152 |
Negative | 6,358 | 5,711 |
Net | 297 | (559) |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Swap contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 3,469 | 2,971 |
Negative | 3,613 | 3,330 |
Net | (144) | (359) |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Purchased options [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 303 | 214 |
Net | 303 | 214 |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Written options [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Negative | 214 | 196 |
Net | (214) | (196) |
Held For Trading For Trading Purpose [member] | Credit derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 106 | 105 |
Negative | 147 | 128 |
Net | (41) | (23) |
Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Credit default swap contacts protection purchased [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 104 | 105 |
Negative | 47 | 21 |
Net | 57 | 84 |
Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Credit default swap contacts protection sold [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 2 | |
Negative | 100 | 107 |
Net | (98) | (107) |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 5,148 | 3,646 |
Negative | 6,964 | 4,386 |
Net | (1,816) | (740) |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 1,995 | 1,262 |
Negative | 3,427 | 2,561 |
Net | (1,432) | (1,299) |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | Exchange traded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 3,153 | 2,384 |
Negative | 3,537 | 1,825 |
Net | (384) | 559 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 283 | 356 |
Negative | 366 | 212 |
Net | (83) | 144 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 283 | 287 |
Negative | 366 | 167 |
Net | (83) | 120 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | Exchange traded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 69 | |
Negative | 45 | |
Net | 24 | |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 2,875 | 1,603 |
Negative | 2,131 | 1,770 |
Net | 744 | (167) |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 2,604 | 1,289 |
Negative | 1,806 | 1,517 |
Net | 798 | (228) |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | Exchange traded [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 271 | 314 |
Negative | 325 | 253 |
Net | (54) | 61 |
Held for hedging and held for trading for economic hedges [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 1,374 | 1,157 |
Negative | 1,116 | 1,314 |
Net | 258 | (157) |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 328 | 455 |
Negative | 393 | 257 |
Net | (65) | 198 |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Forward contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 2 | |
Negative | 1 | 1 |
Net | (1) | 1 |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Swap contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 310 | 439 |
Negative | 392 | 256 |
Net | (82) | 183 |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Purchased options [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 17 | 14 |
Net | 17 | 14 |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Written options [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 1 | |
Net | 1 | |
Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 1,035 | 602 |
Negative | 698 | 1,054 |
Net | 337 | (452) |
Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Forward contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 14 | 31 |
Negative | 14 | 28 |
Net | 3 | |
Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Swap contract [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 1,021 | 571 |
Negative | 684 | 1,026 |
Net | 337 | (455) |
Held for hedging and held for trading for economic hedges [member] | Credit derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Negative | 1 | 3 |
Net | (1) | (3) |
Held for hedging and held for trading for economic hedges [member] | Credit derivatives [member] | Credit default swap contacts protection purchased [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Negative | 1 | 3 |
Net | (1) | (3) |
Held for hedging and held for trading for economic hedges [member] | Equity derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 8 | 100 |
Negative | 24 | |
Net | (16) | 100 |
Held for hedging and held for trading for economic hedges [member] | Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 8 | 100 |
Negative | 24 | |
Net | (16) | 100 |
Held for hedging and held for trading for economic hedges [member] | Other commodity derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 3 | |
Net | 3 | |
Held for hedging and held for trading for economic hedges [member] | Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 3 | |
Net | 3 | |
Derivatives effect of netting [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Negative | (19,347) | (14,572) |
Positive | (19,347) | (14,572) |
Derivatives after effect of netting [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Positive | 13,383 | 9,323 |
Negative | 11,161 | 10,541 |
Net | $ 2,222 | $ (1,218) |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Assets and Liabilities Not Carried On Consolidated Balance Sheet at Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Financial assets | ||
Amortized cost securities | $ 31,800 | $ 20,115 |
Residential mortgages | 221,165 | 208,652 |
Personal | 42,222 | 43,651 |
Credit card | 11,389 | 12,755 |
Business and government | 135,546 | 125,798 |
Financial liabilities | ||
Business and government | 311,426 | 257,502 |
Bank | 17,011 | 11,224 |
Secured borrowings | 40,151 | 38,895 |
Subordinated indebtedness | 5,712 | 4,684 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Financial assets | ||
Amortized cost securities | 32,353 | 20,766 |
Residential mortgages | 222,857 | 208,633 |
Personal | 41,452 | 43,120 |
Credit card | 10,722 | 12,335 |
Business and government | 110,449 | 103,978 |
Investment in equity-accounted associates | 93 | 85 |
Financial liabilities | ||
Personal | 53,930 | 55,629 |
Business and government | 134,318 | 125,652 |
Bank | 10,048 | 6,113 |
Secured borrowings | 39,995 | 39,008 |
Subordinated indebtedness | 5,993 | 4,925 |
Level 1 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Financial assets | ||
Investment in equity-accounted associates | 10 | 9 |
Level 2 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Financial assets | ||
Amortized cost securities | 31,773 | 20,242 |
Financial liabilities | ||
Personal | 52,648 | 53,994 |
Business and government | 132,016 | 123,144 |
Bank | 10,048 | 6,113 |
Secured borrowings | 38,275 | 36,049 |
Subordinated indebtedness | 5,993 | 4,925 |
Level 3 of fair value hierarchy [member] | Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Financial assets | ||
Amortized cost securities | 580 | 524 |
Residential mortgages | 222,857 | 208,633 |
Personal | 41,452 | 43,120 |
Credit card | 10,722 | 12,335 |
Business and government | 110,449 | 103,978 |
Investment in equity-accounted associates | 83 | 76 |
Financial liabilities | ||
Personal | 1,282 | 1,635 |
Business and government | 2,302 | 2,508 |
Secured borrowings | $ 1,720 | $ 2,959 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Financial Instruments Carried On Consolidated Balance Sheet at Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Deposits with banks | $ 18,987 | $ 13,519 | |
Securities mandatorily measured and designated at FVTPL | 62,693 | 54,397 | |
Business and government | 135,546 | 125,798 | |
Residential mortgages | 221,165 | 208,652 | |
Debt securities measured at FVOCI | 53,968 | 46,196 | |
Equity securities designated at FVOCI | 585 | 602 | |
FVO securities purchased under resale agreements | 65,595 | 56,111 | |
Derivative instruments | 32,730 | 23,895 | |
Derivative instruments | 30,508 | 25,113 | |
At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Deposits with banks | 948 | 639 | |
Securities mandatorily measured and designated at FVTPL | 62,693 | 54,397 | |
Business and government | 23,648 | 21,182 | |
Residential mortgages | 63 | 60 | |
Loans mandatorily measured at FVTPL | 23,711 | 21,242 | |
Debt securities measured at FVOCI | 53,968 | 46,196 | |
Equity securities designated at FVOCI | 585 | 602 | |
FVO securities purchased under resale agreements | 7,505 | 5,198 | |
Derivative instruments | 32,730 | 23,895 | |
Total financial assets | 182,140 | 152,169 | |
Deposits and other liabilities | (13,172) | (11,227) | |
Obligations related to securities sold short | (15,963) | (15,635) | |
Deposits, obligations related to securities sold short and other liabilities, Total | (17,036) | ||
Derivative instruments | (30,508) | (25,113) | |
Total financial liabilities | (76,679) | (51,975) | |
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 | 29,008 | 21,678 | |
Debt securities measured at FVOCI | 45,181 | 37,829 | |
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 | 27,982 | 26,543 | |
Equity securities designated at FVOCI | 585 | 602 | |
Corporate debt [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Securities mandatorily measured and designated at FVTPL | 3,550 | 3,783 | |
Debt securities measured at FVOCI | 6,224 | 5,621 | |
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 | 2,153 | 2,393 | |
Debt securities measured at FVOCI | 2,563 | 2,746 | |
Interest rate derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 12,845 | 9,146 | |
Derivative instruments | (9,992) | (8,323) | |
Foreign exchange derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 11,462 | 8,939 | |
Derivative instruments | (10,883) | (10,291) | |
Credit derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 106 | 105 | |
Derivative instruments | (148) | (131) | |
Equity derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 5,156 | 3,746 | |
Derivative instruments | (6,988) | (4,386) | |
Precious metal derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 283 | 356 | |
Derivative instruments | (366) | (212) | |
Other commodity derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 2,878 | 1,603 | |
Derivative instruments | (2,131) | (1,770) | |
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 | 31,836 | 28,224 | |
Debt securities measured at FVOCI | 3,912 | 2,369 | |
Equity securities designated at FVOCI | 41 | 45 | |
Derivative instruments | 3,428 | 2,770 | |
Total financial assets | 39,217 | 33,408 | |
Obligations related to securities sold short | (5,363) | (7,258) | |
Derivative instruments | (3,862) | (2,124) | |
Total financial liabilities | (9,225) | (9,382) | |
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 | 3,917 | 2,372 | |
Debt securities measured at FVOCI | 3,912 | 2,369 | |
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 | 27,919 | 25,852 | |
Equity securities designated at FVOCI | 41 | 45 | |
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 | 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 | 3,153 | 2,383 | |
Derivative instruments | (3,537) | (1,824) | |
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 | 271 | 383 | |
Derivative instruments | (325) | (300) | |
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 | 948 | 639 | |
Securities mandatorily measured and designated at FVTPL | 30,681 | 25,970 | |
Business and government | 23,022 | 20,351 | |
Residential mortgages | 63 | 60 | |
Loans mandatorily measured at FVTPL | 23,085 | 20,411 | |
Debt securities measured at FVOCI | 50,056 | 43,827 | |
Equity securities designated at FVOCI | 304 | 266 | |
FVO securities purchased under resale agreements | 7,505 | 5,198 | |
Derivative instruments | 28,944 | 20,713 | |
Total financial assets | 141,523 | 117,024 | |
Deposits and other liabilities | (13,176) | (10,626) | |
Obligations related to securities sold short | (10,600) | (8,377) | |
Deposits, obligations related to securities sold short and other liabilities, Total | (17,036) | ||
Derivative instruments | (26,348) | (22,721) | |
Total financial liabilities | (67,160) | (41,724) | |
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 | 25,091 | 19,306 | |
Debt securities measured at FVOCI | 41,269 | 35,460 | |
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 | 47 | 684 | |
Equity securities designated at FVOCI | 304 | 266 | |
Level 2 of fair value hierarchy [member] | Corporate debt [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Securities mandatorily measured and designated at FVTPL | 3,525 | 3,760 | |
Debt securities measured at FVOCI | 6,224 | 5,621 | |
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 | 2,018 | 2,220 | |
Debt securities measured at FVOCI | 2,563 | 2,746 | |
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 | 12,793 | 9,086 | |
Derivative instruments | (9,964) | (8,322) | |
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 | 11,462 | 8,939 | |
Derivative instruments | (10,883) | (10,291) | |
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 | 8 | 1 | |
Derivative instruments | (41) | (19) | |
Level 2 of fair value hierarchy [member] | Equity derivatives [member] | At fair value [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Derivative instruments | 1,791 | 1,111 | |
Derivative instruments | (3,288) | (2,407) | |
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 | 283 | 356 | |
Derivative instruments | (366) | (212) | |
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 | 2,607 | 1,220 | |
Derivative instruments | (1,806) | (1,470) | |
Level 3 of fair value hierarchy [member] | |||
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | |||
Total financial assets | 1,400 | 1,737 | $ 1,340 |
Total financial liabilities | (294) | (869) | $ (782) |
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 | 176 | 203 | |
Business and government | 626 | 831 | |
Loans mandatorily measured at FVTPL | 626 | 831 | |
Equity securities designated at FVOCI | 240 | 291 | |
Derivative instruments | 358 | 412 | |
Total financial assets | 1,400 | 1,737 | |
Deposits and other liabilities | 4 | (601) | |
Derivative instruments | (298) | (268) | |
Total financial liabilities | (294) | (869) | |
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 | 16 | 7 | |
Equity securities designated at FVOCI | 240 | 291 | |
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 | 23 | |
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 | 135 | 173 | |
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 | 48 | 56 | |
Derivative instruments | (28) | (1) | |
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 | 98 | 104 | |
Derivative instruments | (107) | (112) | |
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 | 212 | 252 | |
Derivative instruments | $ (163) | $ (155) |
Fair Value Measurement - Summ_3
Fair Value Measurement - Summary of Financial Instruments Carried On Consolidated Balance Sheet at Fair Value (Parenthetical) (Detail) - At fair value [member] - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosures Of Fair Value Hierarchy Of Financial Assets And Financial Liabilities [Line items] | ||
Securities designated at FVTPL | $ 57 | $ 56 |
Asset-backed securities designated at FVTPL | 60 | 357 |
Deposits designated at FVTPL | 13,419 | 10,458 |
Derivative instruments | 389 | 643 |
Other financial liabilities at fair value | 133 | 114 |
Other liabilities designated at FVTPL | 9 | 12 |
Loans designated at FVTPL | $ 357 | $ 0 |
Fair Value Measurement- Additio
Fair Value Measurement- Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Estimated contractual amount payable at maturity of FVTPL deposits | $ 786 | $ 283 |
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 | 197 | 25 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
FVTPL liabilities gain (losses) | 76 | 39 |
Net gain (losses), net of hedges was realized for FVTPL assets and FVTPL liabilities | 60 | (32) |
Level 3 of fair value hierarchy [member] | Corporate equity limited partenrship [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase in fair value measurement assets | 63 | 34 |
Decrease in fair value measurement assets | 63 | 34 |
Level 3 of fair value hierarchy [member] | Embedded derivatives [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Increase in fair value measurement assets | 84 | 45 |
Decrease in fair value measurement assets | 74 | 33 |
Level 3 of fair value hierarchy [member] | Cumulative translation adjustment [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Accumulated FVTPL liabilities gain (losses) | 55 | 21 |
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 | 1,851 | 431 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | $ 379 |
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 | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | $ 1,737 | $ 1,340 |
Realized | (7) | (9) |
Unrealized | (13) | 71 |
Net unrealized gains (losses) included in OCI | 63 | 1 |
Transfer in to Level 3 | 27 | |
Transfer out of Level 3 | (24) | |
Purchases/Issuances | 1,508 | 1,208 |
Sales/Settlements | (1,915) | (850) |
Closing balances | 1,400 | 1,737 |
Opening balance | (869) | (782) |
Realized | 7 | 9 |
Unrealized | 491 | (67) |
Transfer in to Level 3 | (42) | (100) |
Transfer out of Level 3 | 29 | 194 |
Purchases/Issuances | (132) | (358) |
Sales/Settlements | 222 | 235 |
Closing balances | (294) | (869) |
Deposits and other liabilities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | (601) | (423) |
Unrealized | 512 | (113) |
Transfer in to Level 3 | (42) | (100) |
Transfer out of Level 3 | 29 | 117 |
Purchases/Issuances | (72) | (288) |
Sales/Settlements | 178 | 206 |
Closing balances | 4 | (601) |
Interest rate derivatives [member] | Derivative liabilities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | (1) | (109) |
Unrealized | (33) | 132 |
Sales/Settlements | 6 | (24) |
Closing balances | (28) | (1) |
Interest rate derivatives [member] | Derivative Assets [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 56 | |
Unrealized | 32 | 59 |
Purchases/Issuances | 6 | 2 |
Sales/Settlements | (46) | (5) |
Closing balances | 48 | 56 |
Credit derivatives [member] | Derivative liabilities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | (112) | (131) |
Realized | 7 | 9 |
Unrealized | (2) | 3 |
Sales/Settlements | 7 | |
Closing balances | (107) | (112) |
Credit derivatives [member] | Derivative Assets [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 104 | 115 |
Realized | (7) | (9) |
Unrealized | 1 | (2) |
Closing balances | 98 | 104 |
Equity derivatives [member] | Derivative liabilities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | (155) | (119) |
Unrealized | 14 | (89) |
Transfer out of Level 3 | 77 | |
Purchases/Issuances | (60) | (70) |
Sales/Settlements | 38 | 46 |
Closing balances | (163) | (155) |
Equity derivatives [member] | Derivative Assets [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 252 | 107 |
Unrealized | (40) | 15 |
Transfer out of Level 3 | (24) | |
Purchases/Issuances | 53 | 202 |
Sales/Settlements | (53) | (48) |
Closing balances | 212 | 252 |
Corporate equity [member] | Securities mandatorily measured at FVTPL [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 7 | 6 |
Unrealized | (8) | 1 |
Transfer in to Level 3 | 7 | |
Purchases/Issuances | 10 | |
Closing balances | 16 | 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 | 291 | 285 |
Net unrealized gains (losses) included in OCI | 63 | 2 |
Purchases/Issuances | 50 | 74 |
Sales/Settlements | (164) | (70) |
Closing balances | 240 | 291 |
Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 173 | 319 |
Unrealized | 1 | |
Purchases/Issuances | 118 | 74 |
Sales/Settlements | (156) | (221) |
Closing balances | 135 | 173 |
Corporate debt [member] | Securities mandatorily measured at FVTPL [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 23 | 26 |
Unrealized | 2 | (3) |
Closing balances | 25 | 23 |
Corporate debt [member] | Debt securities measured at FVOCI [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Net unrealized gains (losses) included in OCI | (3) | |
Transfer in to Level 3 | 20 | |
Purchases/Issuances | 1 | |
Sales/Settlements | (18) | |
Business and government [member] | Loans mandatorily measured at FVTPL [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Opening balance | 831 | 482 |
Net unrealized gains (losses) included in OCI | 3 | (1) |
Purchases/Issuances | 1,270 | 856 |
Sales/Settlements | (1,478) | (506) |
Closing balances | $ 626 | $ 831 |
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 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Deposits | $ 137 | $ 135 |
Derivative instruments | $ 141 | $ 466 |
Fair Value Measurement - Valuat
Fair Value Measurement - Valuation Techniques and Quantitative Information About Significant Non-observable Inputs Used In Level 3 Financial Instruments (Detail) - Level 3 of fair value hierarchy [member] $ in Millions | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2018CAD ($) |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | $ 1,400 | $ 1,737 | $ 1,340 |
Financial liabilities, fair value | (294) | (869) | (782) |
Deposits and other liabilities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial liabilities, fair value | 4 | (601) | (423) |
Corporate equity [member] | Securities mandatorily measured at FVTPL [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 16 | 7 | 6 |
Corporate equity [member] | Equity securities designated at FVOCI [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 240 | 291 | 285 |
Corporate debt [member] | Securities mandatorily measured at FVTPL [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 25 | 23 | 26 |
Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 135 | 173 | 319 |
Business and government [member] | Loans mandatorily measured at FVTPL [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 626 | 831 | 482 |
Credit derivatives [member] | Derivative liabilities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial liabilities, fair value | (107) | (112) | (131) |
Credit derivatives [member] | Derivative Assets [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 98 | 104 | 115 |
Equity derivatives [member] | Derivative liabilities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial liabilities, fair value | (163) | (155) | (119) |
Equity derivatives [member] | Derivative Assets [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 212 | 252 | 107 |
Interest rate derivatives [member] | Derivative liabilities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial liabilities, fair value | (28) | (1) | $ (109) |
Interest rate derivatives [member] | Derivative Assets [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | 48 | $ 56 | |
Corporate equity limited partnership private companies [member] | Equity securities designated at FVOCI [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Financial assets, fair value | $ 240 | ||
Bottom of range [member] | Deposits and other liabilities [member] | Option pricing model [member] | Market volatility [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.100 | ||
Bottom of range [member] | Deposits and other liabilities [member] | Option pricing model [member] | Market correlation [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | (0.600) | ||
Bottom of range [member] | Corporate equity [member] | Securities mandatorily measured at FVTPL [member] | Multi-period excess earnings method [member] | Earnings multiple [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 15.1 | ||
Bottom of range [member] | Corporate debt [member] | Securities mandatorily measured at FVTPL [member] | Discounted cash flow [member] | Discount rate [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.075 | ||
Bottom of range [member] | Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | Discounted cash flow [member] | Credit spread [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.014 | ||
Bottom of range [member] | Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | Market approach [member] | Market proxy or direct broker quote [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.5 | ||
Bottom of range [member] | Business and government [member] | Loans mandatorily measured at FVTPL [member] | Discounted cash flow [member] | Credit spread [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.006 | ||
Bottom of range [member] | Credit derivatives [member] | Derivative liabilities [member] | Market approach [member] | Market proxy or direct broker quote [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0 | ||
Bottom of range [member] | Credit derivatives [member] | Derivative Assets [member] | Market approach [member] | Market proxy or direct broker quote [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0 | ||
Bottom of range [member] | Equity derivatives [member] | Derivative liabilities [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.130 | ||
Bottom of range [member] | Equity derivatives [member] | Derivative Assets [member] | Option pricing model [member] | Market correlation [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.350 | ||
Bottom of range [member] | Interest rate derivatives [member] | Derivative liabilities [member] | Option pricing model [member] | Market volatility [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.171 | ||
Bottom of range [member] | Interest rate derivatives [member] | Derivative Assets [member] | Option pricing model [member] | Market volatility [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.171 | ||
Top of range [member] | Deposits and other liabilities [member] | Option pricing model [member] | Market volatility [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.870 | ||
Top of range [member] | Deposits and other liabilities [member] | Option pricing model [member] | Market correlation [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 1 | ||
Top of range [member] | Corporate equity [member] | Securities mandatorily measured at FVTPL [member] | Multi-period excess earnings method [member] | Earnings multiple [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 15.1 | ||
Top of range [member] | Corporate debt [member] | Securities mandatorily measured at FVTPL [member] | Discounted cash flow [member] | Discount rate [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.075 | ||
Top of range [member] | Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | Discounted cash flow [member] | Credit spread [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.020 | ||
Top of range [member] | Mortgage and asset backed [member] | Securities mandatorily measured at FVTPL [member] | Market approach [member] | Market proxy or direct broker quote [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.5 | ||
Top of range [member] | Business and government [member] | Loans mandatorily measured at FVTPL [member] | Discounted cash flow [member] | Credit spread [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.021 | ||
Top of range [member] | Credit derivatives [member] | Derivative liabilities [member] | Market approach [member] | Market proxy or direct broker quote [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.205 | ||
Top of range [member] | Credit derivatives [member] | Derivative Assets [member] | Market approach [member] | Market proxy or direct broker quote [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.205 | ||
Top of range [member] | Equity derivatives [member] | Derivative liabilities [member] | Option pricing model [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.980 | ||
Top of range [member] | Equity derivatives [member] | Derivative Assets [member] | Option pricing model [member] | Market correlation [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.960 | ||
Top of range [member] | Interest rate derivatives [member] | Derivative liabilities [member] | Option pricing model [member] | Market volatility [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, liabilities | 0.973 | ||
Top of range [member] | Interest rate derivatives [member] | Derivative Assets [member] | Option pricing model [member] | Market volatility [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | |||
Significant unobservable input, assets | 0.973 |
Significant Transactions - Addi
Significant Transactions - Additional information (Detail) $ in Millions, $ in Millions | Nov. 08, 2019USD ($) | Oct. 31, 2020CAD ($) | Apr. 30, 2020CAD ($) | Oct. 31, 2019CAD ($) | Jan. 31, 2019CAD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Sep. 09, 2019CAD ($) | Sep. 01, 2019CAD ($) |
Disclosure of detailed information about business combination [line items] | |||||||||
Impairment loss recognised in profit or loss, goodwill | $ 248 | $ 135 | |||||||
First Caribbean International Bank Limited [member] | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Percentage of voting equity interests sold | 66.73% | ||||||||
Consideration receivable, gross | $ 797 | ||||||||
Cash consideration | $ 200 | ||||||||
Ownership interest in subsidiary percentage | 24.90% | ||||||||
Impairment loss recognised in profit or loss, goodwill | $ 220 | $ 28 | $ 135 | $ 220 | $ 28 | ||||
Air Canada New Loyalty Program [member] | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Cash contribution | $ 200 | ||||||||
Additional cash payment | $ 92 | ||||||||
New loyalty program term | 10 years | ||||||||
Cleary Gull [Member] | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Goodwill and intangible assets | $ 16 | ||||||||
Lowenhaupt Global Advisors [Member] | |||||||||
Disclosure of detailed information about business combination [line items] | |||||||||
Goodwill and intangible assets | $ 14 |
Securities - Summary of Securit
Securities - Summary of Securities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [abstract] | ||
Debt securities measured at FVOCI | $ 53,968 | $ 46,196 |
Equity securities designated at FVOCI | 585 | 602 |
Securities measured at amortized cost | 31,800 | 20,115 |
Securities mandatorily measured and designated at FVTPL | 62,693 | 54,397 |
Total financial securities | $ 149,046 | $ 121,310 |
Securities - Summary of Secur_2
Securities - Summary of Securities (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Sale of securities measured at amortized cost | $ 47 | |
Debt securities [member] | Financial assets at amortised cost, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Realized gain (loss) on disposal of debt securities | $ 2 | $ (1) |
Securities - Summary of Residua
Securities - Summary of Residual Term to Contractual Maturity of Financial Instruments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 53,968 | $ 46,196 |
Securities measured at amortized cost | 31,800 | 20,115 |
Equity securities designated at FVOCI | 585 | 602 |
Securities mandatorily measured and designated at FVTPL | 62,693 | 54,397 |
Total financial securities | 149,046 | 121,310 |
Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 11,409 | 10,851 |
Securities measured at amortized cost | 790 | 582 |
Securities mandatorily measured and designated at FVTPL | $ 11,655 | $ 7,203 |
Debt securities measured at FVOCI, yield | 0.60% | 1.70% |
Other canadian governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 15,315 | $ 12,271 |
Securities measured at amortized cost | 11,072 | 6,748 |
Securities mandatorily measured and designated at FVTPL | $ 9,783 | $ 8,262 |
Debt securities measured at FVOCI, yield | 1.00% | 1.90% |
U.S. Treasury and agencies [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 12,596 | $ 9,371 |
Securities measured at amortized cost | 10,968 | 5,927 |
Securities mandatorily measured and designated at FVTPL | $ 5,596 | $ 5,074 |
Debt securities measured at FVOCI, yield | 0.70% | 2.00% |
Other foreign governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 5,861 | $ 5,336 |
Securities measured at amortized cost | 551 | 660 |
Securities mandatorily measured and designated at FVTPL | $ 1,974 | $ 1,139 |
Debt securities measured at FVOCI, yield | 0.80% | 2.50% |
Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 2,368 | $ 2,699 |
Securities measured at amortized cost | 3,954 | 3,616 |
Securities mandatorily measured and designated at FVTPL | $ 1,582 | $ 1,175 |
Debt securities measured at FVOCI, yield | 1.40% | 2.40% |
Asset backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 195 | $ 47 |
Securities measured at amortized cost | 662 | 463 |
Securities mandatorily measured and designated at FVTPL | $ 571 | $ 1,218 |
Debt securities measured at FVOCI, yield | 1.80% | 2.40% |
Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 6,224 | $ 5,621 |
Securities measured at amortized cost | 3,803 | 2,119 |
Securities mandatorily measured and designated at FVTPL | $ 3,550 | $ 3,783 |
Debt securities measured at FVOCI, yield | 0.70% | 2.40% |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 53,968 | $ 46,196 |
Securities mandatorily measured and designated at FVTPL | 34,711 | 27,854 |
Corporate public equity [member] | ||
Disclosure of financial assets [line items] | ||
Equity securities designated at FVOCI | 42 | 46 |
Securities mandatorily measured and designated at FVTPL | 27,982 | 26,523 |
Corporate private equity [member] | ||
Disclosure of financial assets [line items] | ||
Equity securities designated at FVOCI | 543 | 556 |
Securities mandatorily measured and designated at FVTPL | 20 | |
Other equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Equity securities designated at FVOCI | 585 | 602 |
Securities mandatorily measured and designated at FVTPL | 27,982 | $ 26,543 |
Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 1,719 | |
Total financial securities | 23,717 | |
Within 1 year [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 1,361 | |
Securities measured at amortized cost | 133 | |
Securities mandatorily measured and designated at FVTPL | $ 3,996 | |
Debt securities measured at FVOCI, yield | 0.50% | |
Within 1 year [member] | Other canadian governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 330 | |
Securities measured at amortized cost | 452 | |
Securities mandatorily measured and designated at FVTPL | $ 1,037 | |
Debt securities measured at FVOCI, yield | 0.40% | |
Within 1 year [member] | U.S. Treasury and agencies [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 7,290 | |
Securities measured at amortized cost | 551 | |
Securities mandatorily measured and designated at FVTPL | $ 269 | |
Debt securities measured at FVOCI, yield | 0.50% | |
Within 1 year [member] | Other foreign governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 3,060 | |
Securities measured at amortized cost | 92 | |
Securities mandatorily measured and designated at FVTPL | $ 1,230 | |
Debt securities measured at FVOCI, yield | 0.60% | |
Within 1 year [member] | Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 81 | |
Securities measured at amortized cost | 259 | |
Securities mandatorily measured and designated at FVTPL | $ 108 | |
Debt securities measured at FVOCI, yield | 0.20% | |
Within 1 year [member] | Asset backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities mandatorily measured and designated at FVTPL | $ 143 | |
Within 1 year [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 2,211 | |
Securities measured at amortized cost | 232 | |
Securities mandatorily measured and designated at FVTPL | $ 882 | |
Debt securities measured at FVOCI, yield | 0.60% | |
Within 1 year [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 14,333 | |
Securities mandatorily measured and designated at FVTPL | 7,665 | |
Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 20,080 | |
Total financial securities | 65,474 | |
Later than one year and not later than five years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 9,745 | |
Securities measured at amortized cost | 619 | |
Securities mandatorily measured and designated at FVTPL | $ 4,073 | |
Debt securities measured at FVOCI, yield | 0.60% | |
Later than one year and not later than five years [member] | Other canadian governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 10,853 | |
Securities measured at amortized cost | 4,518 | |
Securities mandatorily measured and designated at FVTPL | $ 1,784 | |
Debt securities measured at FVOCI, yield | 0.90% | |
Later than one year and not later than five years [member] | U.S. Treasury and agencies [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 5,306 | |
Securities measured at amortized cost | 9,551 | |
Securities mandatorily measured and designated at FVTPL | $ 2,504 | |
Debt securities measured at FVOCI, yield | 0.90% | |
Later than one year and not later than five years [member] | Other foreign governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 2,553 | |
Securities measured at amortized cost | 42 | |
Securities mandatorily measured and designated at FVTPL | $ 683 | |
Debt securities measured at FVOCI, yield | 0.60% | |
Later than one year and not later than five years [member] | Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 536 | |
Securities measured at amortized cost | 1,684 | |
Securities mandatorily measured and designated at FVTPL | $ 1,326 | |
Debt securities measured at FVOCI, yield | 1.00% | |
Later than one year and not later than five years [member] | Asset backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | $ 234 | |
Securities mandatorily measured and designated at FVTPL | 102 | |
Later than one year and not later than five years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 4,009 | |
Securities measured at amortized cost | 3,432 | |
Securities mandatorily measured and designated at FVTPL | $ 1,920 | |
Debt securities measured at FVOCI, yield | 0.70% | |
Later than one year and not later than five years [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 33,002 | |
Securities mandatorily measured and designated at FVTPL | 12,392 | |
Later than five years and not later than ten years [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 8,503 | |
Total financial securities | 18,297 | |
Later than five years and not later than ten years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 303 | |
Securities measured at amortized cost | 38 | |
Securities mandatorily measured and designated at FVTPL | $ 1,085 | |
Debt securities measured at FVOCI, yield | 0.70% | |
Later than five years and not later than ten years [member] | Other canadian governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 4,132 | |
Securities measured at amortized cost | 6,102 | |
Securities mandatorily measured and designated at FVTPL | $ 869 | |
Debt securities measured at FVOCI, yield | 1.20% | |
Later than five years and not later than ten years [member] | U.S. Treasury and agencies [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | $ 866 | |
Securities mandatorily measured and designated at FVTPL | 2,177 | |
Later than five years and not later than ten years [member] | Other foreign governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 163 | |
Securities measured at amortized cost | 36 | |
Securities mandatorily measured and designated at FVTPL | $ 29 | |
Debt securities measured at FVOCI, yield | 5.20% | |
Later than five years and not later than ten years [member] | Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 181 | |
Securities measured at amortized cost | 926 | |
Securities mandatorily measured and designated at FVTPL | $ 141 | |
Debt securities measured at FVOCI, yield | 2.40% | |
Later than five years and not later than ten years [member] | Asset backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 66 | |
Securities measured at amortized cost | 396 | |
Securities mandatorily measured and designated at FVTPL | $ 76 | |
Debt securities measured at FVOCI, yield | 2.20% | |
Later than five years and not later than ten years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 4 | |
Securities measured at amortized cost | 139 | |
Securities mandatorily measured and designated at FVTPL | $ 568 | |
Debt securities measured at FVOCI, yield | 2.40% | |
Later than five years and not later than ten years [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 4,849 | |
Securities mandatorily measured and designated at FVTPL | 4,945 | |
Later than ten years [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 1,498 | |
Total financial securities | 12,991 | |
Later than ten years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Securities mandatorily measured and designated at FVTPL | 2,501 | |
Later than ten years [member] | Other canadian governments [member] | ||
Disclosure of financial assets [line items] | ||
Securities mandatorily measured and designated at FVTPL | 6,093 | |
Later than ten years [member] | U.S. Treasury and agencies [member] | ||
Disclosure of financial assets [line items] | ||
Securities mandatorily measured and designated at FVTPL | 646 | |
Later than ten years [member] | Other foreign governments [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 85 | |
Securities measured at amortized cost | 381 | |
Securities mandatorily measured and designated at FVTPL | $ 32 | |
Debt securities measured at FVOCI, yield | 5.10% | |
Later than ten years [member] | Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 1,570 | |
Securities measured at amortized cost | 1,085 | |
Securities mandatorily measured and designated at FVTPL | $ 7 | |
Debt securities measured at FVOCI, yield | 1.40% | |
Later than ten years [member] | Asset backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 129 | |
Securities measured at amortized cost | 32 | |
Securities mandatorily measured and designated at FVTPL | $ 250 | |
Debt securities measured at FVOCI, yield | 1.60% | |
Later than ten years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Securities mandatorily measured and designated at FVTPL | $ 180 | |
Later than ten years [member] | Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 1,784 | |
Securities mandatorily measured and designated at FVTPL | 9,709 | |
With no specific maturity [member] | ||
Disclosure of financial assets [line items] | ||
Total financial securities | 28,567 | |
With no specific maturity [member] | Corporate public equity [member] | ||
Disclosure of financial assets [line items] | ||
Equity securities designated at FVOCI | 42 | |
Securities mandatorily measured and designated at FVTPL | 27,982 | |
With no specific maturity [member] | Corporate private equity [member] | ||
Disclosure of financial assets [line items] | ||
Equity securities designated at FVOCI | 543 | |
With no specific maturity [member] | Other equity securities [member] | ||
Disclosure of financial assets [line items] | ||
Equity securities designated at FVOCI | 585 | |
Securities mandatorily measured and designated at FVTPL | $ 27,982 |
Securities - Summary of Resid_2
Securities - Summary of Residual Term to Contractual Maturity of Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 53,968 | $ 46,196 |
Securities measured at amortized cost | 31,800 | 20,115 |
Securities issued | 149,046 | 121,310 |
Denominated in US Dollars [member] | ||
Disclosure of financial assets [line items] | ||
Securities issued | 68,400 | 54,400 |
Denominated in other foreign currencies [member] | ||
Disclosure of financial assets [line items] | ||
Securities issued | 2,616 | 1,813 |
Financial assets at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Securities issued | 149,599 | 121,453 |
Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 2,368 | 2,699 |
Canada mortgage and housing corporation securities [member] | Mortgage backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities issued | 1,547 | 1,135 |
Securities measured at amortized cost [member] | Insured By CMHC [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 609 | 858 |
Securities measured at amortized cost [member] | Insured By CMHC [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 610 | 859 |
Securities measured at amortized cost [member] | Issued by Federal national mortgage association Securities [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 1,165 | 1,037 |
Securities measured at amortized cost [member] | Issued by Federal national mortgage association Securities [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 1,197 | 1,048 |
Securities measured at amortized cost [member] | Issued by Federal home loan mortgage corporation Securities [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 2,008 | 1,610 |
Securities measured at amortized cost [member] | Issued by Federal home loan mortgage corporation Securities [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 2,091 | 1,651 |
Securities measured at amortized cost [member] | Issued by government national mortgage association Securities [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 69 | 98 |
Securities measured at amortized cost [member] | Issued by government national mortgage association Securities [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Securities measured at amortized cost | 71 | 99 |
Debt securities designated at FVOCI [member] | Insured By CMHC [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 410 | 232 |
Debt securities designated at FVOCI [member] | Insured By CMHC [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 413 | 232 |
Debt securities designated at FVOCI [member] | Issued by Federal national mortgage association Securities [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 888 | 1,127 |
Debt securities designated at FVOCI [member] | Issued by Federal national mortgage association Securities [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 918 | 1,136 |
Debt securities designated at FVOCI [member] | Issued by Federal home loan mortgage corporation Securities [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 367 | 487 |
Debt securities designated at FVOCI [member] | Issued by Federal home loan mortgage corporation Securities [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 380 | 492 |
Debt securities designated at FVOCI [member] | Issued by government national mortgage association Securities [member] | Mortgage backed securities [member] | Amortized cost [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | 655 | 841 |
Debt securities designated at FVOCI [member] | Issued by government national mortgage association Securities [member] | Mortgage backed securities [member] | Financial assets at fair value [member] | IFRS9 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities measured at FVOCI | $ 657 | $ 839 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value of Debt Securities Measured and Equity Securities Designated at FVOCI (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | $ 53,635 | $ 46,108 |
Gross unrealized gains on FVOCI securities | 341 | 115 |
Gross unrealized losses on FVOCI securities | (8) | (27) |
Financial assets measured at fair value through other comprehensive income | 53,968 | 46,196 |
Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 576 | 533 |
Gross unrealized gains on FVOCI securities | 58 | 100 |
Gross unrealized losses on FVOCI securities | (49) | (31) |
Financial assets measured at fair value through other comprehensive income | 585 | 602 |
Unrealized gain losses on FVOCI securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 54,211 | 46,641 |
Gross unrealized gains on FVOCI securities | 399 | 215 |
Gross unrealized losses on FVOCI securities | (57) | (58) |
Financial assets measured at fair value through other comprehensive income | 54,553 | 46,798 |
Unrealized gain losses on FVOCI securities [member] | Canadian federal government [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 11,379 | 10,842 |
Gross unrealized gains on FVOCI securities | 32 | 12 |
Gross unrealized losses on FVOCI securities | (2) | (3) |
Financial assets measured at fair value through other comprehensive income | 11,409 | 10,851 |
Unrealized gain losses on FVOCI securities [member] | Other canadian governments [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 15,187 | 12,252 |
Gross unrealized gains on FVOCI securities | 128 | 22 |
Gross unrealized losses on FVOCI securities | (3) | |
Financial assets measured at fair value through other comprehensive income | 15,315 | 12,271 |
Unrealized gain losses on FVOCI securities [member] | U.S. Treasury and agencies [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 12,533 | 9,353 |
Gross unrealized gains on FVOCI securities | 63 | 25 |
Gross unrealized losses on FVOCI securities | (7) | |
Financial assets measured at fair value through other comprehensive income | 12,596 | 9,371 |
Unrealized gain losses on FVOCI securities [member] | Other foreign governments [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 5,825 | 5,318 |
Gross unrealized gains on FVOCI securities | 38 | 25 |
Gross unrealized losses on FVOCI securities | (2) | (7) |
Financial assets measured at fair value through other comprehensive income | 5,861 | 5,336 |
Unrealized gain losses on FVOCI securities [member] | Mortgage backed securities [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 2,320 | 2,688 |
Gross unrealized gains on FVOCI securities | 49 | 15 |
Gross unrealized losses on FVOCI securities | (1) | (4) |
Financial assets measured at fair value through other comprehensive income | 2,368 | 2,699 |
Unrealized gain losses on FVOCI securities [member] | Asset backed securities [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 197 | 47 |
Gross unrealized losses on FVOCI securities | (2) | |
Financial assets measured at fair value through other comprehensive income | 195 | 47 |
Unrealized gain losses on FVOCI securities [member] | Corporate debt [member] | Debt Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 6,194 | 5,608 |
Gross unrealized gains on FVOCI securities | 31 | 16 |
Gross unrealized losses on FVOCI securities | (1) | (3) |
Financial assets measured at fair value through other comprehensive income | 6,224 | 5,621 |
Unrealized gain losses on FVOCI securities [member] | Corporate public equity [member] | Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 30 | 40 |
Gross unrealized gains on FVOCI securities | 15 | 15 |
Gross unrealized losses on FVOCI securities | (3) | (9) |
Financial assets measured at fair value through other comprehensive income | 42 | 46 |
Unrealized gain losses on FVOCI securities [member] | Corporate private equity [member] | Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/ Amortized cost on FVOCI securities, Total | 546 | 493 |
Gross unrealized gains on FVOCI securities | 43 | 85 |
Gross unrealized losses on FVOCI securities | (46) | (22) |
Financial assets measured at fair value through other comprehensive income | $ 543 | $ 556 |
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 | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [abstract] | ||
Allowance for credit losses for debt securities measured at FVOCI | $ 22 | $ 23 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Fair value of equity securities designated at FVOCI that were disposed | $ 88 | $ 20 |
Net realized cumulative after-tax gains reclassifed from AOCI to retained earnings | 93 | 18 |
Dividend income recognized on equity securities | 5 | 9 |
Dividend income recognized on equity securities designated at FVOCI that were disposed | $ 2 |
Securities - Summary of Profit
Securities - Summary of Profit or Loss Recognized on FVOCI Securities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of financial assets [line items] | |||
Total | $ 9 | $ 34 | $ (35) |
IFRS9 [member] | |||
Disclosure of financial assets [line items] | |||
Realized gains | 30 | 40 | 56 |
Realized losses | (1) | (2) | (13) |
Provision for credit losses on debt securities | (8) | (3) | (78) |
Total | $ 21 | $ 35 | $ (35) |
Securities - Summary of Allowan
Securities - Summary of Allowance for Losses measured at FVOCI (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Balance at beginning of year | $ 2,044 | |
Balance at end of year | 3,722 | $ 2,044 |
Debt securities measured at FVOCI [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of year | 23 | 23 |
Provision for (reversal of) credit losses | 8 | 4 |
Write-offs | (4) | |
Other | (9) | |
Balance at end of year | 22 | 23 |
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 year | 14 | 15 |
Provision for (reversal of) credit losses | 5 | |
Other | (1) | (1) |
Balance at end of year | 18 | 14 |
Stage 2 [member] | Debt securities measured at FVOCI [member] | Financial instruments performing [member] | Lifetime expected credit losses [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of year | 3 | 3 |
Provision for (reversal of) credit losses | 2 | |
Other | (1) | |
Balance at end of year | 4 | 3 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of year | 646 | |
Balance at end of year | 916 | 646 |
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 year | 6 | 5 |
Provision for (reversal of) credit losses | 1 | 4 |
Write-offs | (4) | |
Other | $ (7) | 1 |
Balance at end of year | $ 6 |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Losses measured at FVOCI (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Expected credit losses | $ 3,722 | $ 2,044 |
Derecognised debt securities measured at FVOCI [member] | BARBADOS | ||
Disclosure of financial assets [line items] | ||
Expected credit losses | 8 | |
Stage 3 [member] | Debt securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Provisions for credit loss | $ 14 |
Loans - Disclosure of Loans and
Loans - Disclosure of Loans and Receivables (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Residential mortgages | $ 221,165 | $ 208,652 |
Personal | 42,222 | 43,651 |
Credit card | 11,389 | 12,755 |
Business and government | 135,546 | 125,798 |
Total gross amount | 410,322 | 390,856 |
Total allowance | 3,540 | 1,915 |
Net total | 406,782 | 388,941 |
Residential mortgages [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 363 | 211 |
Business and government [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 1,678 | 731 |
Personal [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 832 | 553 |
Credit card [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 667 | 420 |
Stage 3 [member] | Financial instruments credit-impaired [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Residential mortgages | 809 | 751 |
Personal | 181 | 204 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 151 | 140 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Business and government [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 650 | 376 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Personal [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 113 | 128 |
IFRS9 [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 3,540 | 1,915 |
Net total | 406,782 | 388,941 |
IFRS9 [member] | Residential mortgages [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 363 | 211 |
Net total | 220,802 | 208,441 |
IFRS9 [member] | Business and government [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 1,678 | 731 |
Net total | 133,868 | 125,067 |
IFRS9 [member] | Personal [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 832 | 553 |
Net total | 41,390 | 43,098 |
IFRS9 [member] | Credit card [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 667 | 420 |
Net total | 10,722 | 12,335 |
IFRS9 [member] | Stage 3 [member] | Financial instruments credit-impaired [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 914 | 644 |
IFRS9 [member] | Stage 3 [member] | Financial instruments credit-impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 151 | 140 |
IFRS9 [member] | Stage 3 [member] | Financial instruments credit-impaired [member] | Business and government [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 650 | 376 |
IFRS9 [member] | Stage 3 [member] | Financial instruments credit-impaired [member] | Personal [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 113 | 128 |
IFRS9 [member] | Stages 1 and 2 [member] | Financial instruments not credit-impaired [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 2,626 | 1,271 |
IFRS9 [member] | Stages 1 and 2 [member] | Financial instruments not credit-impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 212 | 71 |
IFRS9 [member] | Stages 1 and 2 [member] | Financial instruments not credit-impaired [member] | Business and government [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 1,028 | 355 |
IFRS9 [member] | Stages 1 and 2 [member] | Financial instruments not credit-impaired [member] | Personal [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | 719 | 425 |
IFRS9 [member] | Stages 1 and 2 [member] | Financial instruments not credit-impaired [member] | Credit card [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total allowance | $ 667 | $ 420 |
Loans - Disclosure of Loans a_2
Loans - Disclosure of Loans and Receivables (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about borrowings [line items] | ||
Unearned income | $ 530 | $ 469 |
Gross amount | 410,322 | 390,856 |
Denominated in U.S. dollars [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Gross amount | 76,600 | 69,500 |
Denominated in other foreign currencies [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Gross amount | 8,400 | 6,700 |
Residential mortgages [member] | Trading loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Gross amount | 63 | 60 |
Business and government [member] | Trading loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Gross amount | $ 23,291 | $ 21,182 |
Loans - Summary of Allowance fo
Loans - Summary of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Balance at beginning of year | $ 2,044 | |
Balance at end of year | 3,722 | $ 2,044 |
Loans | 3,540 | 1,915 |
Undrawn credit facilities and other off-balance sheet exposures | 182 | 129 |
Residential mortgages [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at beginning of year | 211 | 214 |
Originations net of repayments and other derecognitions | (20) | (30) |
Changes in model | 27 | (13) |
Net remeasurement | 175 | 85 |
Provision for (reversal of) credit losses | 182 | 42 |
Write-offs | (16) | (29) |
Recoveries | 6 | 2 |
Interest income on impaired loans | (19) | (17) |
Foreign exchange and other | (1) | (1) |
Balance at end of year | 363 | 211 |
Personal [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at beginning of year | 573 | 498 |
Originations net of repayments and other derecognitions | (26) | (5) |
Changes in model | 168 | 16 |
Net remeasurement | 439 | 398 |
Provision for (reversal of) credit losses | 581 | 409 |
Write-offs | (353) | (395) |
Recoveries | 66 | 62 |
Interest income on impaired loans | (5) | (5) |
Foreign exchange and other | 1 | 4 |
Balance at end of year | 863 | 573 |
Credit card [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at beginning of year | 485 | 472 |
Originations net of repayments and other derecognitions | (72) | (50) |
Changes in model | 53 | (12) |
Net remeasurement | 540 | 471 |
Provision for (reversal of) credit losses | 521 | 409 |
Write-offs | (409) | (516) |
Recoveries | 111 | 117 |
Foreign exchange and other | 3 | |
Balance at end of year | 708 | 485 |
Business and government [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at beginning of year | 775 | 557 |
Originations net of repayments and other derecognitions | (14) | (8) |
Changes in model | 12 | 4 |
Net remeasurement | 1,207 | 430 |
Provision for (reversal of) credit losses | 1,205 | 426 |
Write-offs | (157) | (190) |
Recoveries | 9 | 13 |
Interest income on impaired loans | (21) | (18) |
Foreign exchange and other | (23) | (13) |
Balance at end of year | 1,788 | 775 |
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 year | 586 | |
Balance at end of year | 844 | 586 |
Loans | 735 | 526 |
Undrawn credit facilities and other off-balance sheet exposures | 109 | 60 |
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 year | 28 | 27 |
Originations net of repayments and other derecognitions | 9 | 4 |
Changes in model | (3) | (2) |
Net remeasurement | (21) | (41) |
Transfers to 12-month ECL | 61 | 42 |
Transfers to lifetime ECL performing | (23) | (3) |
Provision for (reversal of) credit losses | 23 | |
Foreign exchange and other | 1 | |
Balance at end of year | 51 | 28 |
Stage 1 [member] | Personal [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Balance at beginning of year | 174 | 190 |
Originations net of repayments and other derecognitions | 37 | 45 |
Changes in model | (13) | (14) |
Net remeasurement | (186) | (194) |
Transfers to 12-month ECL | 300 | 183 |
Transfers to lifetime ECL performing | (108) | (37) |
Provision for (reversal of) credit losses | 30 | (17) |
Foreign exchange and other | 1 | |
Balance at end of year | 204 | 174 |
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 year | 145 | 102 |
Originations net of repayments and other derecognitions | (3) | |
Changes in model | (6) | 36 |
Net remeasurement | (223) | (190) |
Transfers to 12-month ECL | 281 | 229 |
Transfers to lifetime ECL performing | (58) | (33) |
Provision for (reversal of) credit losses | (9) | 42 |
Foreign exchange and other | 1 | |
Balance at end of year | 136 | 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 year | 239 | 180 |
Originations net of repayments and other derecognitions | 51 | 32 |
Changes in model | 14 | |
Net remeasurement | 264 | (17) |
Transfers to 12-month ECL | 113 | 71 |
Transfers to lifetime ECL performing | (201) | (21) |
Transfers to lifetime ECL credit-impaired | (21) | (2) |
Provision for (reversal of) credit losses | 220 | 63 |
Foreign exchange and other | (6) | (4) |
Balance at end of year | 453 | 239 |
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 year | 812 | |
Balance at end of year | 1,962 | 812 |
Loans | 1,891 | 745 |
Undrawn credit facilities and other off-balance sheet exposures | 71 | 67 |
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 year | 43 | 44 |
Originations net of repayments and other derecognitions | (12) | (11) |
Changes in model | 30 | (6) |
Net remeasurement | 123 | 32 |
Transfers to 12-month ECL | (51) | (30) |
Transfers to lifetime ECL performing | 39 | 22 |
Transfers to lifetime ECL credit-impaired | (10) | (7) |
Provision for (reversal of) credit losses | 119 | |
Foreign exchange and other | (1) | (1) |
Balance at end of year | 161 | 43 |
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 year | 271 | 199 |
Originations net of repayments and other derecognitions | (51) | (50) |
Changes in model | 181 | 30 |
Net remeasurement | 378 | 283 |
Transfers to 12-month ECL | (292) | (179) |
Transfers to lifetime ECL performing | 126 | 51 |
Transfers to lifetime ECL credit-impaired | (67) | (63) |
Provision for (reversal of) credit losses | 275 | 72 |
Balance at end of year | 546 | 271 |
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 year | 340 | 370 |
Originations net of repayments and other derecognitions | (69) | (50) |
Changes in model | 59 | (48) |
Net remeasurement | 674 | 477 |
Transfers to 12-month ECL | (281) | (229) |
Transfers to lifetime ECL performing | 58 | 33 |
Transfers to lifetime ECL credit-impaired | (209) | (215) |
Provision for (reversal of) credit losses | 232 | (32) |
Foreign exchange and other | 2 | |
Balance at end of year | 572 | 340 |
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 year | 158 | 147 |
Originations net of repayments and other derecognitions | (45) | (19) |
Changes in model | (1) | 1 |
Net remeasurement | 594 | 97 |
Transfers to 12-month ECL | (103) | (64) |
Transfers to lifetime ECL performing | 210 | 25 |
Transfers to lifetime ECL credit-impaired | (121) | (29) |
Provision for (reversal of) credit losses | 534 | 11 |
Foreign exchange and other | (9) | |
Balance at end of year | 683 | 158 |
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 year | 646 | |
Balance at end of year | 916 | 646 |
Loans | 914 | 644 |
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 year | 140 | 143 |
Originations net of repayments and other derecognitions | (17) | (23) |
Changes in model | (5) | |
Net remeasurement | 73 | 94 |
Transfers to 12-month ECL | (10) | (12) |
Transfers to lifetime ECL performing | (16) | (19) |
Transfers to lifetime ECL credit-impaired | 10 | 7 |
Provision for (reversal of) credit losses | 40 | 42 |
Write-offs | (16) | (29) |
Recoveries | 6 | 2 |
Interest income on impaired loans | (19) | (17) |
Foreign exchange and other | (1) | |
Balance at end of year | 151 | 140 |
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 year | 128 | 109 |
Originations net of repayments and other derecognitions | (12) | |
Net remeasurement | 247 | 309 |
Transfers to 12-month ECL | (8) | (4) |
Transfers to lifetime ECL performing | (18) | (14) |
Transfers to lifetime ECL credit-impaired | 67 | 63 |
Provision for (reversal of) credit losses | 276 | 354 |
Write-offs | (353) | (395) |
Recoveries | 66 | 62 |
Interest income on impaired loans | (5) | (5) |
Foreign exchange and other | 1 | 3 |
Balance at end of year | 113 | 128 |
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 | 89 | 184 |
Transfers to lifetime ECL credit-impaired | 209 | 215 |
Provision for (reversal of) credit losses | 298 | 399 |
Write-offs | (409) | (516) |
Recoveries | 111 | 117 |
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 year | 378 | 230 |
Originations net of repayments and other derecognitions | (20) | (21) |
Changes in model | (1) | 3 |
Net remeasurement | 349 | 350 |
Transfers to 12-month ECL | (10) | (7) |
Transfers to lifetime ECL performing | (9) | (4) |
Transfers to lifetime ECL credit-impaired | 142 | 31 |
Provision for (reversal of) credit losses | 451 | 352 |
Write-offs | (157) | (190) |
Recoveries | 9 | 13 |
Interest income on impaired loans | (21) | (18) |
Foreign exchange and other | (8) | (9) |
Balance at end of year | $ 652 | $ 378 |
Loans - Summary of Allowance _2
Loans - Summary of Allowance for Credit Losses under IFRS 9 (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about borrowings [line items] | ||
Expected credit loss allowance on debt securities classified at amortized cost | $ 16 | $ 2 |
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 | $ 14 |
Loans - Additional Information
Loans - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Jul. 31, 2020 | Apr. 30, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||
Stage 2 performing loans measured at stage 1 would be lower than total recognized IFRS 9 ECL | $ 743 | $ 305 | ||
Canada [member] | CIBC client relief programs [Member] | Residential mortgages [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 2,700 | $ 33,300 | $ 35,500 | |
Canada [member] | CIBC client relief programs [Member] | Credit card loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 10 | 1,800 | ||
Canada [member] | CIBC client relief programs [Member] | Credit card loans [member] | Top of range [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 0 | |||
Canada [member] | CIBC client relief programs [Member] | Consumer loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 300 | 800 | 2,300 | |
Canada [member] | CIBC client relief programs [Member] | Loans to business and government and acceptances [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 500 | 2,400 | 8,600 | |
Foreign countries [member] | CIBC client relief programs [Member] | Loans to business and government and acceptances [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 500 | 1,600 | 900 | |
Caribbean [member] | CIBC client relief programs [Member] | Consumer loans [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 300 | 1,400 | 1,300 | |
Caribbean [member] | CIBC client relief programs [Member] | Loans to business and government and acceptances [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 1,500 | 2,200 | 500 | |
Modified Loans [member] | Stage 1 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Gross carrying amount of previously modified stage 2 or stage 3 loans that have returned to stage 1 | 5,287 | 15 | ||
Modified Loans [member] | Stage 2 or Stage 3 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loans classified as stage 2 or 3, amortized cost | 10,498 | 346 | ||
Financial instruments purchased or originated credit-impaired [member] | CIBC client relief programs [Member] | Loans to business and government and acceptances [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Deferral of loans outstanding gross | 2,500 | $ 6,200 | $ 10,000 | |
Downside case [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
ECL expected value | 938 | $ 254 | ||
Probability weighting percentage | 100.00% | |||
Base Scenario [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
ECL expected value | $ 204 | $ 63 | ||
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] - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Base case [member] | Within 1 year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian GDP year over year growth | 1.60% | 1.50% |
United States Real GDP year-over-year growth | 1.70% | |
Canadian unemployment rate | 8.70% | 6.10% |
United States unemployment rate | 7.40% | |
Canadian Housing Price Index growth | 2.40% | 1.60% |
S&P 500 Index growth rate | 5.60% | 5.00% |
West Texas Intermediate Oil Price | $ 42 | $ 60 |
Base case [member] | Later than one year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian GDP year over year growth | 3.80% | 1.80% |
United States Real GDP year-over-year growth | 3.50% | |
Canadian unemployment rate | 6.70% | 5.90% |
United States unemployment rate | 4.70% | |
Canadian Housing Price Index growth | 3.00% | 2.20% |
S&P 500 Index growth rate | 4.80% | 4.70% |
West Texas Intermediate Oil Price | $ 53 | $ 60 |
Upside case [member] | Within 1 year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian GDP year over year growth | 3.60% | 2.30% |
United States Real GDP year-over-year growth | 3.00% | |
Canadian unemployment rate | 7.40% | 5.50% |
United States unemployment rate | 5.10% | |
Canadian Housing Price Index growth | 11.20% | 4.80% |
S&P 500 Index growth rate | 11.20% | 8.20% |
West Texas Intermediate Oil Price | $ 51 | $ 67 |
Upside case [member] | Later than one year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian GDP year over year growth | 4.60% | 2.50% |
United States Real GDP year-over-year growth | 4.20% | |
Canadian unemployment rate | 5.90% | 5.50% |
United States unemployment rate | 3.50% | |
Canadian Housing Price Index growth | 10.40% | 4.00% |
S&P 500 Index growth rate | 7.70% | 6.60% |
West Texas Intermediate Oil Price | $ 60 | $ 74 |
Downside case [member] | Within 1 year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian GDP year over year growth | 0.03% | 0.60% |
United States Real GDP year-over-year growth | (0.60%) | |
Canadian unemployment rate | 9.50% | 6.40% |
United States unemployment rate | 9.20% | |
Canadian Housing Price Index growth | (6.90%) | (2.20%) |
S&P 500 Index growth rate | (3.50%) | (3.70%) |
West Texas Intermediate Oil Price | $ 34 | $ 47 |
Downside case [member] | Later than one year [member] | ||
Disclosure of internal credit grades [line items] | ||
Canadian GDP year over year growth | 2.00% | 0.80% |
United States Real GDP year-over-year growth | 1.70% | |
Canadian unemployment rate | 8.40% | 6.50% |
United States unemployment rate | 7.30% | |
Canadian Housing Price Index growth | (0.80%) | (0.80%) |
S&P 500 Index growth rate | (5.30%) | (10.30%) |
West Texas Intermediate Oil Price | $ 39 | $ 43 |
Loans - Summary of Carrying Amo
Loans - Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | $ 221,165 | $ 208,652 |
ECL allowance | 3,540 | 1,915 |
Net loans | 416,388 | 398,108 |
Gross personal | 42,222 | 43,651 |
Gross credit card | 11,389 | 12,755 |
Gross business and government | 145,152 | 134,965 |
Exceptionally Low [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 146,141 | 142,260 |
Gross personal | 23,302 | 24,258 |
Gross credit card | 3,285 | 3,015 |
Very Low [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 46,844 | 37,140 |
Gross personal | 1,775 | 5,674 |
Gross credit card | 1,388 | 1,225 |
Low [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 18,533 | 18,325 |
Gross personal | 11,159 | 6,537 |
Gross credit card | 2,340 | 5,893 |
Medium [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 5,156 | 6,519 |
Gross personal | 4,033 | 5,314 |
Gross credit card | 3,751 | 1,909 |
High [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 1,054 | 1,173 |
Gross personal | 1,100 | 915 |
Gross credit card | 472 | 548 |
Default [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 654 | 597 |
Gross personal | 140 | 164 |
Gross business and government | 1,359 | 866 |
Not Rated [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 2,783 | 2,638 |
Gross personal | 713 | 789 |
Gross credit card | 153 | 165 |
Gross business and government | 267 | 876 |
Investment grade [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross business and government | 50,489 | 47,051 |
Non investment grade [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross business and government | 88,178 | 84,223 |
Watch list [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross business and government | 4,859 | 1,949 |
Residential mortgages [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 363 | 211 |
Net loans | 220,802 | 208,441 |
Personal [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 832 | 553 |
Net loans | 41,390 | 43,098 |
Credit card [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 667 | 420 |
Net loans | 10,722 | 12,335 |
Business and government [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 1,678 | 731 |
Net loans | 143,474 | 134,234 |
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 | 206,350 | 200,184 |
ECL allowance | 735 | 526 |
Net loans | 378,586 | 377,911 |
Gross personal | 35,691 | 38,259 |
Gross credit card | 8,926 | 11,288 |
Gross business and government | 128,354 | 128,706 |
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 | 146,139 | 142,260 |
Gross personal | 23,302 | 24,258 |
Gross credit card | 3,285 | 3,015 |
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 | 45,678 | 37,140 |
Gross personal | 1,618 | 4,321 |
Gross credit card | 1,388 | 1,142 |
Stage 1 [member] | Financial instruments not credit-impaired [member] | 12-month expected credit losses [member] | Low [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 12,491 | 17,315 |
Gross personal | 8,662 | 4,955 |
Gross credit card | 2,340 | 5,619 |
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 | 232 | 1,207 |
Gross personal | 1,265 | 3,703 |
Gross credit card | 1,778 | 1,344 |
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 | 11 | |
Gross personal | 331 | 302 |
Gross credit card | 10 | |
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 | 1,810 | 2,251 |
Gross personal | 513 | 720 |
Gross credit card | 135 | 158 |
Gross business and government | 218 | 752 |
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 | 49,418 | 46,800 |
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 | 0 | 80,780 |
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 | 416 | 374 |
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 | 51 | 28 |
Net loans | 206,299 | 200,156 |
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 | 179 | 160 |
Net loans | 35,512 | 38,099 |
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 | 125 | 129 |
Net loans | 8,801 | 11,159 |
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 | 380 | 209 |
Net loans | 127,974 | 128,497 |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 14,006 | 7,717 |
ECL allowance | 1,891 | 745 |
Net loans | 36,367 | 18,975 |
Gross personal | 6,350 | 5,188 |
Gross credit card | 2,463 | 1,467 |
Gross business and government | 15,439 | 5,348 |
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 | 157 | 1,353 |
Gross credit card | 83 | |
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 | 6,042 | 1,010 |
Gross personal | 2,497 | 1,582 |
Gross credit card | 274 | |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | Medium [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 4,924 | 5,312 |
Gross personal | 2,768 | 1,611 |
Gross credit card | 1,973 | 565 |
Stage 2 [member] | Financial instruments not credit-impaired [member] | Lifetime expected credit losses [member] | High [Member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 1,054 | 1,162 |
Gross personal | 769 | 613 |
Gross credit card | 472 | 538 |
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 | 818 | 233 |
Gross personal | 159 | 29 |
Gross credit card | 18 | 7 |
Gross business and government | 49 | 79 |
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 | 1,071 | 251 |
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 | 9,876 | 3,443 |
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 | 4,443 | 1,575 |
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 | 161 | 43 |
Net loans | 13,845 | 7,674 |
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 | 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 | 1,166 | |
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 | 540 | 265 |
Net loans | 5,810 | 4,923 |
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 | 542 | 291 |
Net loans | 1,921 | 1,176 |
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 | 648 | 146 |
Net loans | 14,791 | 5,202 |
Stage 3 [member] | Financial instruments not credit-impaired [member] | ||
Disclosure of internal credit grades [line items] | ||
Net loans | 1,435 | 1,222 |
Gross business and government | 1,359 | 911 |
Stage 3 [member] | Financial instruments not credit-impaired [member] | Not Rated [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross business and government | 45 | |
Stage 3 [member] | Financial instruments credit-impaired [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 809 | 751 |
Gross personal | 181 | 204 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Default [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 654 | 597 |
Gross personal | 140 | 164 |
Gross business and government | 1,359 | 866 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Not Rated [member] | ||
Disclosure of internal credit grades [line items] | ||
Gross residential mortgages | 155 | 154 |
Gross personal | 41 | 40 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Residential mortgages [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 151 | 140 |
Net loans | 658 | 611 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Personal [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 113 | 128 |
Net loans | 68 | 76 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Business and government [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 650 | 376 |
Net loans | 709 | 535 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Lifetime expected credit losses [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | $ 914 | $ 644 |
Loans - Summary of Carrying A_2
Loans - Summary of Carrying Amount of Loans Based on Internal Risk Rating Grades (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of internal credit grades [line items] | ||
ECL allowance | $ 22 | $ 23 |
Residential mortgages | 221,165 | 208,652 |
Business and government loans | 135,546 | 125,798 |
Customers' liability under acceptances | 9,606 | 9,167 |
Expected credit loss allowance on debt securities classified at amortized cost | 16 | 2 |
Business and government [member] | ||
Disclosure of internal credit grades [line items] | ||
Customers' liability under acceptances | 9,606 | 9,167 |
Stage 3 [member] | Financial assets at amortised cost, class [member] | ||
Disclosure of internal credit grades [line items] | ||
Expected credit loss allowance on debt securities classified at amortized cost | $ 14 | $ 0 |
Stage 3 [member] | Financial instruments credit-impaired [member] | ||
Disclosure of internal credit grades [line items] | ||
Percentage of impaired loans either fully or partially collateralized | 93.00% | 90.00% |
Residential mortgages | $ 809 | $ 751 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Other assets [member] | ||
Disclosure of internal credit grades [line items] | ||
Foreclosed assets | 23 | 25 |
Financial assets at fair value through net income [member] | ||
Disclosure of internal credit grades [line items] | ||
Residential mortgages | 63 | 60 |
Business and government loans | $ 23,291 | $ 21,182 |
Loans - Summary of Undrawn Cred
Loans - Summary of Undrawn Credit Facilities and Other Off Balance Sheet Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of internal credit grades [line items] | ||
Credit exposure | $ 337,092 | $ 312,778 |
ECL allowance | 182 | 129 |
Net credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 295,575 | 265,492 |
Retail [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 72 | 85 |
Retail [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 143,415 | 131,301 |
Retail [member] | Net credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 143,343 | 131,216 |
Retail [member] | Exceptionally Low [Member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 124,698 | 106,816 |
Retail [member] | Very Low [Member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 6,769 | 8,467 |
Retail [member] | Low [Member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 9,119 | 12,331 |
Retail [member] | Medium [Member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 1,601 | 2,489 |
Retail [member] | High [Member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 766 | 750 |
Retail [member] | Default [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 28 | 19 |
Retail [member] | Not Rated [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 434 | 429 |
Business and government [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 110 | 44 |
Business and government [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 152,342 | 134,320 |
Business and government [member] | Net credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 152,232 | 134,276 |
Business and government [member] | Investment grade [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 89,226 | 79,202 |
Business and government [member] | Non investment grade [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 60,391 | 53,661 |
Business and government [member] | Watch list [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 1,760 | 640 |
Business and government [member] | Default [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 1 | 69 |
Business and government [member] | Not Rated [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 836 | 748 |
Stage 1 [member] | 12-month expected credit losses [member] | Financial instruments not credit-impaired [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 109 | 60 |
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 | 286,731 | 259,378 |
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 | 36 | 30 |
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 | 141,608 | 127,400 |
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 | 141,572 | 127,370 |
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 | 124,690 | 106,696 |
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 | 6,632 | 7,341 |
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 | 8,703 | 10,974 |
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 | 909 | 1,737 |
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 | 263 | 255 |
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 | 411 | 397 |
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 | 73 | 30 |
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 | 145,232 | 132,038 |
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 | 145,159 | 132,008 |
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 | 89,067 | 78,906 |
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 | 55,288 | 52,379 |
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 | 82 | 65 |
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 | 795 | 688 |
Stage 2 [member] | Lifetime expected credit losses [member] | Financial instruments not credit-impaired [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | 71 | 67 |
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 | 8,689 | 6,028 |
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 | 36 | 55 |
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 | 1,779 | 3,882 |
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 | 1,743 | 3,827 |
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 | 8 | 120 |
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 | 1,126 |
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 | 416 | 1,357 |
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 | 692 | 752 |
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 | 503 | 495 |
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 | 23 | 32 |
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 | 35 | 12 |
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 | 6,981 | 2,213 |
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 | 6,946 | 2,201 |
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 | 159 | 296 |
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 | 5,103 | 1,282 |
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 | 1,678 | 575 |
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 | 41 | 60 |
Stage 3 [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 155 | 86 |
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Gross credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 28 | 19 |
Stage 3 [member] | Retail [member] | Financial instruments credit-impaired [member] | Net credit exposure [member] | ||
Disclosure of internal credit grades [line items] | ||
Credit exposure | 28 | 19 |
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 | 28 | 19 |
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 | 129 | 69 |
ECL allowance | 2 | 2 |
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 | 127 | 67 |
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 | 129 | 69 |
Stage 3 [member] | Lifetime expected credit losses [member] | Financial instruments credit-impaired [member] | ||
Disclosure of internal credit grades [line items] | ||
ECL allowance | $ 2 | $ 2 |
Loans - Schedule of Net Interes
Loans - Schedule of Net Interest Income After Provision for Credit Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Disclosure Of Net Interest Expense Income [abstract] | ||||
Interest income | [1] | $ 17,522 | $ 20,697 | $ 17,505 |
Interest expense | 6,478 | 10,146 | 7,440 | |
Net interest income | 11,044 | 10,551 | 10,065 | |
Provision for credit losses | 2,489 | 1,286 | 870 | |
Net interest income after provision for credit losses | $ 8,555 | $ 9,265 | $ 9,195 | |
[1] | Interest income included $15.7 billion for the year ended October 31, 2020 (2019: $18.8 billion) calculated based on the effective interest rate method. |
Structured Entities and Derec_3
Structured Entities and Derecognition of Financial Assets - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Credit card receivables | $ 11,389 | $ 12,755 |
Carrying amount of associated liabilities | 40,151 | 38,895 |
Carrying amount of associated liabilities, fair value | 76,080 | 54,734 |
Assets | 769,551 | 651,604 |
Outstanding loans | 410,322 | |
Single seller conduits [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Assets | 500 | 500 |
Multi seller conduits [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Assets | 8,400 | 7,100 |
CIBC managed investment funds [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Assets | 125,200 | 122,700 |
CIBC Structured Collateralized Debt Obligation Vehicles [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Assets | 214 | 232 |
Community reinvestment act investments [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Assets | 5,200 | 4,800 |
Debt and equity investments held | 328 | 279 |
Credit card securitization trusts [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Credit card receivables | 1,700 | 2,900 |
Credit card receivables fair value | 1,700 | 2,900 |
Credit card funding liabilities | 1,700 | 2,900 |
Credit card funding liabilities fair value | 1,700 | 2,900 |
Covered bond guarantor [member] | Legislative program [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Carrying amount of associated liabilities | 19,600 | 18,900 |
Carrying amount of associated liabilities, fair value | 19,700 | 19,000 |
Company managed investment funds [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Assets | 7 | 23 |
Non controlling interest | 3 | 15 |
Community based tax advantaged investments [member] | ||
Disclosure of structured entities and derecognition of financial assets [line items] | ||
Outstanding loans | $ 75 | $ 55 |
Structured Entities and Derec_4
Structured Entities and Derecognition of Financial Assets - Schedule of Unconsolidated Entity Balance Sheet Amounts and Maximum Exposure to Loss (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
On-balance sheet assets at carrying value | ||
Securities | $ 149,046 | $ 121,310 |
Loans | 410,322 | |
On-balance sheet liabilities at carrying value | ||
Deposits | 17,011 | 11,224 |
Single seller and multi seller conduits [member] | ||
On-balance sheet assets at carrying value | ||
Securities | 12 | |
Loans | 95 | |
Assets | 107 | 113 |
Maximum exposure to loss, net of hedges | ||
Maximum exposure to loss, net of hedges Investments and loans | 107 | |
Liquidity, credit facilities and commitments | 8,390 | |
Maximum exposure to loss, net of hedges | 8,497 | 7,250 |
Third party structured vehicles continuing [member] | ||
On-balance sheet assets at carrying value | ||
Securities | 1,770 | |
Loans | 1,790 | |
Assets | 3,560 | 3,345 |
Maximum exposure to loss, net of hedges | ||
Maximum exposure to loss, net of hedges Investments and loans | 3,560 | |
Liquidity, credit facilities and commitments | 2,880 | |
Maximum exposure to loss, net of hedges | 6,440 | 5,703 |
Structured vehicles run-off [member] | ||
On-balance sheet assets at carrying value | ||
Securities | 3 | |
Assets | 3 | 3 |
On-balance sheet liabilities at carrying value | ||
Liabilities | 107 | 112 |
Maximum exposure to loss, net of hedges | ||
Maximum exposure to loss, net of hedges Investments and loans | 3 | |
Notional of written derivatives, less fair value losses | 23 | |
Liquidity, credit facilities and commitments | 13 | |
Less: hedges of investments, loans and written derivatives exposure | (27) | |
Maximum exposure to loss, net of hedges | 12 | 13 |
Other [member] | ||
On-balance sheet assets at carrying value | ||
Securities | 328 | |
Investments in equity-accounted associates and joint ventures | 12 | |
Assets | 340 | 332 |
On-balance sheet liabilities at carrying value | ||
Deposits | 303 | |
Liabilities | 303 | 302 |
Maximum exposure to loss, net of hedges | ||
Maximum exposure to loss, net of hedges Investments and loans | 340 | |
Liquidity, credit facilities and commitments | 140 | |
Maximum exposure to loss, net of hedges | $ 480 | $ 418 |
Structured Entities and Derec_5
Structured Entities and Derecognition of Financial Assets - Schedule of Unconsolidated Entity Balance Sheet Amounts and Maximum Exposure to Loss (Parenthetical) (Detail) - Multi seller conduits [member] - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of information about consolidated structured entities [line items] | ||
Commitment to fund purchases of additional assets | $ 2,100 | $ 1,600 |
Direct investments | $ 12 | $ 26 |
Structured Entities and Derec_6
Structured Entities and Derecognition of Financial Assets - Schedule of Carrying Amount and Fair Value of Transferred Financial Assets that did not Qualify for Derecognition and Associated Financial Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount | $ 74,509 | $ 53,742 |
Associated liabilities, carrying amount | 75,853 | 54,591 |
Fair value | 74,685 | 53,761 |
Associated liabilities, fair value | 76,080 | 54,734 |
Residential mortgage securitizations [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount | 17,550 | 16,245 |
Fair value | 17,726 | 16,264 |
Securities held by counterparties as collateral under repurchase agreements [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount | 36,720 | 15,663 |
Fair value | 36,720 | 15,663 |
Securities lent for cash collateral [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount | 13 | 45 |
Fair value | 13 | 45 |
Securities lent for securities collateral [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount | 20,226 | 21,789 |
Fair value | $ 20,226 | $ 21,789 |
Structured Entities and Derec_7
Structured Entities and Derecognition of Financial Assets - Schedule of Carrying Amount and Fair Value of Transferred Financial Assets that did not Qualify for Derecognition and Associated Financial Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Canada mortgage and housing corporation [member] | Mortgage backed securities [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Certain cash in transit balances related to securitization process | $ 1,148 | $ 738 |
Property and Equipment - Summar
Property and Equipment - Summary of Land, Buildings and Equipment (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | $ 1,813 |
Balance at end of year | 2,997 |
Gross carrying amount [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 4,643 |
Impact of adopting IFRS 16 | 1,018 |
Additions | 427 |
Disposals | (217) |
Adjustments | 16 |
Balance at end of year | 5,887 |
Accumulated depreciation [Member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | (2,830) |
Impact of adopting IFRS 16 | (322) |
Depreciation | 517 |
Disposals | 137 |
Adjustments | 2 |
Balance at end of year | (2,890) |
Right-of-use assets [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at end of year | 1,474 |
Right-of-use assets [member] | Gross carrying amount [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Impact of adopting IFRS 16 | 1,733 |
Additions | 115 |
Disposals | (64) |
Adjustments | 6 |
Balance at end of year | 1,790 |
Right-of-use assets [member] | Accumulated depreciation [Member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Impact of adopting IFRS 16 | 54 |
Depreciation | 280 |
Disposals | 18 |
Balance at end of year | (316) |
Land and buildings [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 714 |
Balance at end of year | 376 |
Land and buildings [member] | Gross carrying amount [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 1,383 |
Impact of adopting IFRS 16 | (715) |
Additions | 17 |
Disposals | (6) |
Adjustments | 2 |
Balance at end of year | 681 |
Land and buildings [member] | Accumulated depreciation [Member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | (669) |
Impact of adopting IFRS 16 | (376) |
Depreciation | 13 |
Disposals | 2 |
Adjustments | 1 |
Balance at end of year | (305) |
Computer equipment [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 224 |
Balance at end of year | 240 |
Computer equipment [member] | Gross carrying amount [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 1,043 |
Additions | 117 |
Disposals | (53) |
Adjustments | 2 |
Balance at end of year | 1,109 |
Computer equipment [member] | Accumulated depreciation [Member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | (819) |
Impact of adopting IFRS 16 | 0 |
Depreciation | 102 |
Disposals | 53 |
Adjustments | 1 |
Balance at end of year | (869) |
Office furniture, equipment and other [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 492 |
Balance at end of year | 576 |
Office furniture, equipment and other [member] | Gross carrying amount [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 1,013 |
Additions | 142 |
Disposals | (29) |
Adjustments | 3 |
Balance at end of year | 1,129 |
Office furniture, equipment and other [member] | Accumulated depreciation [Member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | (521) |
Depreciation | 50 |
Disposals | 18 |
Balance at end of year | (553) |
Leasehold improvements [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 383 |
Balance at end of year | 331 |
Leasehold improvements [member] | Gross carrying amount [member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | 1,204 |
Additions | 36 |
Disposals | (65) |
Adjustments | 3 |
Balance at end of year | 1,178 |
Leasehold improvements [member] | Accumulated depreciation [Member] | |
Disclosure of Detailed Information About Land and Buildings [Line items] | |
Balance at beginning of year | (821) |
Depreciation | 72 |
Disposals | 46 |
Balance at end of year | $ (847) |
Property and Equipment - Summ_2
Property and Equipment - Summary of Land, Buildings and Equipment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Nov. 01, 2019 | Oct. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Right-of-use assets | $ 49 | ||
Work-in-progress not subject to depreciation | $ 306 | $ 173 | |
Increase (decrease) through transfers, property, plant and equipment | $ 103 |
Property and Equipment - Summ_3
Property and Equipment - Summary of Reconciles the Operating Lease Commitments (Detail) $ in Millions | Nov. 01, 2019CAD ($) |
Disclosure Of Reconcilation Of Operating Lease Commitments [Line Items] | |
Operating lease commitments as at October 31, 2019 | $ 5,547 |
Less: Operating and tax expenses related to the lease commitments | (2,477) |
Less: Impact of future lease commitments not yet commenced | (1,434) |
Adjustments as a result of renewal and termination assumptions | 306 |
Impact of discounting | (230) |
Lease liability recognized as at November 1, 2019 | $ 1,712 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Lease liabilities | $ 1,712 | $ 1,866 | |
Right-of-use assets | 49 | ||
Weighted average incremental borrowing rate | 2.31% | ||
IFRS16 [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Lease liabilities | 1,700 | ||
Right-of-use assets | 1,600 | ||
Increase decrease in retained earnings as a result of adoption of ifrs sixteen | $ 100 | ||
Canadian Personal and Business Banking [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | $ 860 | $ 3 | |
Canadian Commercial Banking and Wealth Management [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 3 | |
U.S. Commercial Banking and Wealth Management [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 219 | 27 | |
Capital Markets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 166 | 1 | |
Corporate and Other [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Disposals | $ 17 | $ 11 |
Goodwill, Software and Other _3
Goodwill, Software and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Balance at beginning of year | $ 5,449 | $ 5,564 |
Acquisitions | 18 | |
Impairment | (248) | (135) |
Foreign currency translation adjustments | 52 | 2 |
Balance at end of year | 5,253 | 5,449 |
CIBC FirstCaribbean [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Balance at beginning of year | 278 | 413 |
Impairment | (248) | (135) |
Foreign currency translation adjustments | 5 | |
Balance at end of year | 35 | 278 |
Canadian Wealth Management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Balance at beginning of year | 884 | 884 |
Balance at end of year | 884 | 884 |
U.S. Commercial Banking and Wealth Management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Balance at beginning of year | 4,084 | 4,078 |
Acquisitions | 4 | |
Foreign currency translation adjustments | 47 | 2 |
Balance at end of year | 4,131 | 4,084 |
Other [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Balance at beginning of year | 203 | 189 |
Acquisitions | 14 | |
Balance at end of year | $ 203 | $ 203 |
Goodwill, Software and Other _4
Goodwill, Software and Other Intangible Assets - Additional Information (Detail) $ in Millions, $ in Billions | Aug. 01, 2020CAD ($) | Aug. 01, 2019 | Oct. 31, 2020CAD ($) | Apr. 30, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2020USD ($) | Nov. 08, 2019 | Oct. 31, 2018CAD ($) |
Disclosure of intangible assets material to entity [line items] | ||||||||||
Assets | $ 769,551 | $ 651,604 | $ 769,551 | $ 651,604 | ||||||
Cash flow projection period | ten-year | |||||||||
Goodwill | 5,253 | 5,449 | $ 5,253 | 5,449 | $ 5,564 | |||||
Goodwill impairment charge | 248 | 135 | ||||||||
Cash-generating units [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Goodwill | 5,253 | 5,449 | 5,253 | 5,449 | ||||||
Canadian Commercial Banking and Wealth Management [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Net additions and disposals of gross carrying amount | 0 | 0 | ||||||||
Canadian Commercial Banking and Wealth Management [member] | Cash-generating units [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Goodwill | 954 | 954 | 954 | 954 | ||||||
Corporate and Other [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Net additions and disposals of gross carrying amount | 459 | 81 | ||||||||
Corporate and Other [member] | Cash-generating units [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Goodwill | 98 | 327 | 98 | 327 | ||||||
U.S. Commercial Banking and Wealth Management [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Impairment loss | $ 0 | |||||||||
Terminal growth rate | 4.00% | 3.50% | ||||||||
Forecasted cash flows discounted at after-tax rate | 10.20% | 9.00% | ||||||||
Forecasted cash flows discounted at pre-tax rate | 12.40% | |||||||||
Net additions and disposals of gross carrying amount | 8 | 10 | ||||||||
U.S. Commercial Banking and Wealth Management [member] | Cash-generating units [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Goodwill | 4,131 | 4,084 | 4,131 | 4,084 | ||||||
Capital Markets [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Net additions and disposals of gross carrying amount | 0 | 1 | ||||||||
Capital Markets [member] | Cash-generating units [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Goodwill | 63 | 77 | 63 | 77 | ||||||
Canadian Personal and Business Banking [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Net additions and disposals of gross carrying amount | 1 | 12 | ||||||||
Canadian Personal and Business Banking [member] | Cash-generating units [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Goodwill | 7 | 7 | 7 | 7 | ||||||
Canadian wealth management [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Impairment loss | 0 | |||||||||
Low end level of price-to-earnings multiples | 7.9 | 8 | ||||||||
High end level of price-to-earnings multiples | 13.7 | 10.9 | ||||||||
First Caribbean International Bank Limited [member] | ||||||||||
Disclosure of intangible assets material to entity [line items] | ||||||||||
Assets | $ 12 | |||||||||
Impairment loss | 0 | |||||||||
Percentage Of Voting Equity Interests Sold | 66.73% | |||||||||
Goodwill impairment charge | $ 220 | $ 28 | $ 135 | $ 220 | $ 28 |
Goodwill, Software and Other _5
Goodwill, Software and Other Intangible Assets - Schedule of Carrying Amount of Indefinite-lived Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of intangible assets with indefinite useful life [line items] | ||
Balance at beginning of year | $ 1,969 | |
Balance at end of year | 1,961 | $ 1,969 |
Contract-based [Member] | ||
Disclosure of intangible assets with indefinite useful life [line items] | ||
Balance at beginning of year | 116 | 116 |
Foreign currency translation adjustments | ||
Balance at end of year | 116 | 116 |
Brand name [member] | ||
Disclosure of intangible assets with indefinite useful life [line items] | ||
Balance at beginning of year | 26 | 26 |
Foreign currency translation adjustments | ||
Balance at end of year | 26 | 26 |
Indefinite Life Intangible Assets [Member] | ||
Disclosure of intangible assets with indefinite useful life [line items] | ||
Balance at beginning of year | 142 | 142 |
Foreign currency translation adjustments | ||
Balance at end of year | $ 142 | $ 142 |
Goodwill, Software and Other _6
Goodwill, Software and Other Intangible Assets - Schedule of Components of Finite-lived Software and Other Intangible Assets (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | $ 1,969 |
Balance at end of year | 1,961 |
Software [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 1,421 |
Balance at end of year | 1,525 |
Software [member] | Gross carrying amount [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 3,052 |
Additions | 481 |
Disposals | 28 |
Adjustments | 3 |
Balance at end of year | 3,508 |
Software [member] | Accumulated depreciation and amortisation [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (1,631) |
Amortization and impairment | 371 |
Disposals | (20) |
Adjustments | 1 |
Balance at end of year | (1,983) |
Core deposit intangibles [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 222 |
Balance at end of year | 162 |
Core deposit intangibles [member] | Gross carrying amount [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 611 |
Adjustments | 8 |
Balance at end of year | 619 |
Core deposit intangibles [member] | Accumulated depreciation and amortisation [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (389) |
Amortization and impairment | 64 |
Adjustments | 4 |
Balance at end of year | (457) |
Contract based [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 27 |
Balance at end of year | 10 |
Contract based [member] | Gross carrying amount [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 38 |
Adjustments | (16) |
Balance at end of year | 22 |
Contract based [member] | Accumulated depreciation and amortisation [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (11) |
Amortization and impairment | 5 |
Adjustments | (4) |
Balance at end of year | (12) |
Customer relationships [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 157 |
Balance at end of year | 122 |
Customer relationships [member] | Gross carrying amount [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 322 |
Disposals | 69 |
Adjustments | 4 |
Balance at end of year | 257 |
Customer relationships [member] | Accumulated depreciation and amortisation [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (165) |
Amortization and impairment | 36 |
Disposals | (68) |
Adjustments | 2 |
Balance at end of year | (135) |
Finite Life Intangible Assets [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 1,827 |
Balance at end of year | 1,819 |
Finite Life Intangible Assets [Member] | Gross carrying amount [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 4,023 |
Additions | 481 |
Disposals | 97 |
Adjustments | (1) |
Balance at end of year | 4,406 |
Finite Life Intangible Assets [Member] | Accumulated depreciation and amortisation [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (2,196) |
Amortization and impairment | 476 |
Disposals | (88) |
Adjustments | 3 |
Balance at end of year | $ (2,587) |
Goodwill, Software and Other _7
Goodwill, Software and Other Intangible Assets - Schedule of Components of Finite-lived Software and Other Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 1,961 | $ 1,969 |
Intangible assets under development [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets | $ 620 | $ 515 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of Other Assets [line items] | ||
Accrued interest receivable | $ 1,317 | $ 1,414 |
Precious metals | 2,731 | 1,815 |
Brokers' client accounts | 9,153 | 5,471 |
Current tax receivable | 2,201 | 3,542 |
Other prepayments | 557 | 745 |
Derivative collateral receivable | 4,950 | 6,185 |
Accounts receivable | 519 | 759 |
Other | 1,533 | 717 |
Total | 23,208 | 20,823 |
Other assets [member] | ||
Disclosure of Other Assets [line items] | ||
Defined benefit asset (Note 19) | $ 247 | $ 175 |
Other Assets - Summary of Oth_2
Other Assets - Summary of Other assets (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Disclosure of Other Assets [line items] | |
Investments in subleases | $ 749 |
Sub lease income | 53 |
Next five years [member] | |
Disclosure of Other Assets [line items] | |
Future lease payments | 506 |
Over five years until expiry of subleases [member] | |
Disclosure of Other Assets [line items] | |
Future lease payments | $ 838 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits and Components (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line items] | ||
Deposits | $ 570,740 | $ 485,712 |
Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 106,145 | |
Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 214,755 | |
Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 249,840 | |
Financial liabilities at carrying value [member] | ||
Disclosure Of Deposits [Line items] | ||
Held at amortized cost | 557,321 | 475,254 |
Financial liabilities at fair value [member] | ||
Disclosure Of Deposits [Line items] | ||
Designated at fair value | 13,419 | 10,458 |
Personal [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 202,152 | 178,091 |
Personal [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 13,704 | |
Personal [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 132,152 | |
Personal [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 56,296 | |
Business and government [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 311,426 | 257,502 |
Business and government [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 85,604 | |
Business and government [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 82,477 | |
Business and government [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 143,345 | |
Bank [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 17,011 | 11,224 |
Bank [member] | Payable on demand [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 6,837 | |
Bank [member] | Payable after notice [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 126 | |
Bank [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 10,048 | |
Secured borrowings [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 40,151 | 38,895 |
Secured borrowings [member] | Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 40,151 | |
Canada [member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 71,122 | 51,880 |
Canada [member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 389,439 | 344,756 |
USA [member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 13,833 | 7,876 |
USA [member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 66,399 | 56,844 |
Other International [Member] | Non interest bearing deposits [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | 5,798 | 4,647 |
Other International [Member] | Interest bearing deposits with banks [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposits | $ 24,149 | $ 19,709 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits and Components (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line items] | ||
Deposit | $ 570,740 | $ 485,712 |
Purchased notes, net | 3,063 | 2,930 |
Notes issued | 311,426 | 257,502 |
Payable on fixed date [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 249,840 | |
Payable on fixed date [member] | Bank recapitalization (bail-in) conversion regulations [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 19,925 | 8,986 |
Cibc capital trust [member] | ||
Disclosure Of Deposits [Line items] | ||
Notes issued | 303 | 302 |
Denominated in U.S. dollars [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | 185,200 | 152,800 |
Denominated in other foreign currencies [member] | ||
Disclosure Of Deposits [Line items] | ||
Deposit | $ 30,200 | $ 30,000 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Other Liabilities [abstract] | ||
Accrued interest payable | $ 1,200 | $ 1,438 |
Defined benefit liability (Note 19) | 676 | 737 |
Gold and silver certificates | 133 | 114 |
Brokers' client accounts | 5,303 | 4,940 |
Derivative collateral payable | 4,772 | 3,823 |
Negotiable instruments | 1,110 | 991 |
Accrued employee compensation and benefits | 2,174 | 2,281 |
Accounts payable and accrued expenses | 2,153 | 2,062 |
Other | 4,613 | 2,645 |
Total | $ 22,134 | $ 19,031 |
Other Liabilities - Summary o_2
Other Liabilities - Summary of Other Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Nov. 01, 2019 | Oct. 31, 2019 | |
Disclosure Of Other Liability [Line Items] | |||
Carrying value of our lease liabilities | $ 1,866 | $ 1,712 | |
Undiscounted cash flows of lease liabilities | $ 5,547 | ||
Interest expense on lease liabilities | 60 | ||
Lease liabilities, previously classified as finance leases | 302 | ||
Not later than one year [member] | |||
Disclosure Of Other Liability [Line Items] | |||
Undiscounted cash flows of lease liabilities | 354 | ||
Later than one year and not later than five years [member] | |||
Disclosure Of Other Liability [Line Items] | |||
Undiscounted cash flows of lease liabilities | 1,111 | ||
Later than five years [member] | |||
Disclosure Of Other Liability [Line Items] | |||
Undiscounted cash flows of lease liabilities | $ 706 |
Derivative Instruments- Summary
Derivative Instruments- Summary of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [abstract] | ||
Assets, Trading (Note 3) | $ 31,356 | $ 22,738 |
Assets, ALM (Note 3) | 1,374 | 1,157 |
Assets | 32,730 | 23,895 |
Liabilities, Trading (Note 3) | 29,392 | 23,799 |
Liabilities, ALM (Note 3) | 1,116 | 1,314 |
Liabilities | $ 30,508 | $ 25,113 |
Derivative Instruments - Summar
Derivative Instruments - Summary of Notional Amounts (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Total notional amounts | $ 5,943,981 | |
Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,557,140 | |
Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 386,841 | |
Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,046,487 | |
Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,770,117 | |
Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 276,370 | |
Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,137,102 | |
Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,027,265 | |
Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 109,837 | |
Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 760,392 | |
Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 759,758 | |
Over 5 years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 634 | |
Interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 4,041,933 | |
Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,764,143 | |
Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 277,790 | |
Interest rate derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,659,960 | |
Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,466,203 | |
Interest rate derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 193,757 | |
Interest rate derivatives [member] | Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,775,384 | |
Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,691,362 | |
Interest rate derivatives [member] | Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 84,022 | |
Interest rate derivatives [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 606,589 | |
Interest rate derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 606,578 | |
Interest rate derivatives [member] | Over 5 years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 11 | |
Foreign exchange derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,650,883 | |
Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,650,880 | |
Foreign exchange derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,213,611 | |
Foreign exchange derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,213,608 | |
Foreign exchange derivatives [member] | Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 289,140 | |
Foreign exchange derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 289,140 | |
Foreign exchange derivatives [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 148,132 | |
Foreign exchange derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 148,132 | |
Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 6,452 | |
Credit derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 115 | |
Credit derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,941 | |
Credit derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,396 | |
Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 181,603 | |
Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 91,779 | |
Equity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 89,824 | |
Equity derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 136,563 | |
Equity derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 66,888 | |
Equity derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 69,675 | |
Equity derivatives [member] | Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 43,888 | |
Equity derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 24,081 | |
Equity derivatives [member] | Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 19,807 | |
Equity derivatives [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,152 | |
Equity derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 810 | |
Equity derivatives [member] | Over 5 years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 342 | |
Precious metal derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 10,205 | |
Precious metal derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9,681 | |
Precious metal derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 524 | |
Precious metal derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9,787 | |
Precious metal derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9,263 | |
Precious metal derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 524 | |
Precious metal derivatives [member] | Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 418 | |
Precious metal derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 418 | |
Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 52,905 | |
Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 34,150 | |
Other commodity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 18,700 | |
Other commodity derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 26,451 | |
Other commodity derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 13,999 | |
Other commodity derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 12,411 | |
Other commodity derivatives [member] | Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 25,331 | |
Other commodity derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 19,309 | |
Other commodity derivatives [member] | Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 6,008 | |
Other commodity derivatives [member] | Over 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,123 | |
Other commodity derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 842 | |
Other commodity derivatives [member] | Over 5 years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 281 | |
Held For Trading For Trading Purpose [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,406,743 | $ 5,152,841 |
Held For Trading For Trading Purpose [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,019,902 | 4,879,964 |
Held For Trading For Trading Purpose [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 386,841 | 272,877 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,561,346 | 3,568,887 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,283,556 | 3,411,886 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 277,790 | 157,001 |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,599,352 | 1,333,637 |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,599,349 | 1,333,611 |
Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 6,254 | 2,422 |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 176,689 | 174,839 |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 86,865 | 85,310 |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 89,824 | 89,529 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 10,205 | 13,049 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9,681 | 9,814 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 524 | 3,235 |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 52,897 | 60,007 |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 34,142 | 36,819 |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 18,700 | 23,086 |
Held for hedging and held for trading for economic hedges [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 537,238 | 466,145 |
Held for hedging and held for trading for economic hedges [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 537,238 | 463,879 |
Held for hedging and held for trading for economic hedges [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,266 | |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 480,587 | 404,138 |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 480,587 | 401,872 |
Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,266 | |
Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 51,531 | 58,350 |
Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 51,531 | 58,350 |
Held for hedging and held for trading for economic hedges [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 198 | 310 |
Held for hedging and held for trading for economic hedges [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 4,914 | 3,347 |
Held for hedging and held for trading for economic hedges [member] | Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 4,914 | 3,347 |
Held for hedging and held for trading for economic hedges [member] | Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 8 | |
Held for hedging and held for trading for economic hedges [member] | Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 8 | |
Forward contract [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 13,619 | |
Forward contract [member] | Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 10,175 | |
Forward contract [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,444 | |
Forward contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,080,174 | |
Forward contract [member] | Foreign exchange derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,058,942 | |
Forward contract [member] | Foreign exchange derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 18,898 | |
Forward contract [member] | Foreign exchange derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,334 | |
Forward contract [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 10,593 | 8,591 |
Forward contract [member] | Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,071,423 | 892,117 |
Forward contract [member] | Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,026 | 2,480 |
Forward contract [member] | Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 8,751 | 12,840 |
Centrally cleared forward rate agreements [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 149,428 | |
Centrally cleared forward rate agreements [member] | Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 146,823 | |
Centrally cleared forward rate agreements [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,605 | |
Centrally cleared forward rate agreements [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 149,428 | 320,118 |
Swap contract [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 294,036 | |
Swap contract [member] | Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 72,315 | |
Swap contract [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 138,145 | |
Swap contract [member] | Interest rate derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 83,576 | |
Swap contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 529,015 | |
Swap contract [member] | Foreign exchange derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 117,017 | |
Swap contract [member] | Foreign exchange derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 266,263 | |
Swap contract [member] | Foreign exchange derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 145,735 | |
Swap contract [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 264,184 | 275,418 |
Swap contract [member] | Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 486,689 | 398,262 |
Swap contract [member] | Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 29,852 | 40,177 |
Swap contract [member] | Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 42,326 | 45,510 |
Centrally cleared swap contracts [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,285,982 | |
Centrally cleared swap contracts [member] | Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,227,733 | |
Centrally cleared swap contracts [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,537,632 | |
Centrally cleared swap contracts [member] | Interest rate derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 520,617 | |
Centrally cleared swap contracts [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,840,793 | 2,780,206 |
Centrally cleared swap contracts [member] | Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 445,189 | 355,846 |
Purchased options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 10,942 | |
Purchased options [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,060 | |
Purchased options [member] | Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,200 | |
Purchased options [member] | Interest rate derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,059 | |
Purchased options [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 4,622 | |
Purchased options [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1 | |
Purchased options [member] | Interest rate derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,120 | |
Purchased options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 19,008 | |
Purchased options [member] | Foreign exchange derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 16,857 | |
Purchased options [member] | Foreign exchange derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,102 | |
Purchased options [member] | Foreign exchange derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 49 | |
Purchased options [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9,188 | 12,883 |
Purchased options [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,060 | 14,616 |
Purchased options [member] | Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 19,008 | 19,285 |
Purchased options [member] | Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,754 | 2,358 |
Written options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 10,136 | |
Written options [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,060 | |
Written options [member] | Interest rate derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3,957 | |
Written options [member] | Interest rate derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,059 | |
Written options [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 4,914 | |
Written options [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1 | |
Written options [member] | Interest rate derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,265 | |
Written options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 22,683 | |
Written options [member] | Foreign exchange derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 20,792 | |
Written options [member] | Foreign exchange derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,877 | |
Written options [member] | Foreign exchange derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 14 | |
Written options [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9,370 | 14,670 |
Written options [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 5,060 | 5,758 |
Written options [member] | Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 22,229 | 23,947 |
Written options [member] | Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 766 | 1,011 |
Written options [member] | Held for hedging and held for trading for economic hedges [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 454 | |
Futures contract [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 269,670 | |
Futures contract [member] | Interest rate derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 185,639 | |
Futures contract [member] | Interest rate derivatives [member] | Later than one year and not later than five years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 84,020 | |
Futures contract [member] | Interest rate derivatives [member] | Over 5 years [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 11 | |
Futures contract [member] | Foreign exchange derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3 | |
Futures contract [member] | Foreign exchange derivatives [member] | Within 1 year [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3 | |
Futures contract [member] | Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 269,670 | 136,627 |
Futures contract [member] | Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 3 | 26 |
Futures contract [member] | Held for hedging and held for trading for economic hedges [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,266 | |
Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,936 | |
Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 16 | |
Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 925 | |
Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 995 | |
Credit default swap contracts - protection purchased [member] | Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,907 | 940 |
Credit default swap contracts - protection purchased [member] | Held for hedging and held for trading for economic hedges [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 29 | 102 |
Centrally cleared credit default swap contracts protection purchased [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,584 | |
Centrally cleared credit default swap contracts protection purchased [member] | Credit derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 58 | |
Centrally cleared credit default swap contracts protection purchased [member] | Credit derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 835 | |
Centrally cleared credit default swap contracts protection purchased [member] | Credit derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,691 | |
Centrally cleared credit default swap contracts protection purchased [member] | Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 2,424 | 973 |
Centrally cleared credit default swap contracts protection purchased [member] | Held for hedging and held for trading for economic hedges [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 160 | 158 |
Credit default swap contracts - protection sold [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 623 | |
Credit default swap contracts - protection sold [member] | Credit derivatives [member] | Within 1 year [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 41 | |
Credit default swap contracts - protection sold [member] | Credit derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 362 | |
Credit default swap contracts - protection sold [member] | Credit derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 220 | |
Credit default swap contracts - protection sold [member] | Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 614 | 328 |
Credit default swap contracts - protection sold [member] | Held for hedging and held for trading for economic hedges [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 9 | 50 |
Centrally cleared credit default swap contracts protection sold [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,309 | |
Centrally cleared credit default swap contracts protection sold [member] | Credit derivatives [member] | Later than one year and not later than five years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 819 | |
Centrally cleared credit default swap contracts protection sold [member] | Credit derivatives [member] | Over 5 years [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 490 | |
Centrally cleared credit default swap contracts protection sold [member] | Held For Trading For Trading Purpose [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 1,309 | 181 |
Centrally cleared commodity derivatives [member] | Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 55 | |
Centrally cleared commodity derivatives [member] | Other commodity derivatives [member] | Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 41 | |
Centrally cleared commodity derivatives [member] | Other commodity derivatives [member] | Later than one year and not later than five years [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | 14 | |
Centrally cleared commodity derivatives [member] | Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Total notional amounts | $ 55 | $ 102 |
Derivative Instruments - Summ_2
Derivative Instruments - Summary of Notional Amounts (Parenthetical) (Detail) - CAD ($) $ in Billions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of financial assets [line items] | ||
Over the counter derivative not centrally cleared with two way collateral posting arrangements | $ 1,984.6 | $ 1,596.7 |
Over the counter derivative not centrally cleared with one way collateral posting arrangements | 44.9 | 94.2 |
Over the counter derivative Not centrally cleared without way collateral posting arrangements | $ 88.3 | $ 184.8 |
Derivative Instruments - Summ_3
Derivative Instruments - Summary of Credit Exposure Arising from Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Current replacement cost | $ 32,730 | $ 23,895 |
Current replacement cost | 8,791 | 6,236 |
Credit equivalent amount | 25,750 | 32,724 |
Risk-weighted amount | 14,156 | 14,885 |
Interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4,259 | 2,692 |
Credit equivalent amount | 7,228 | 7,488 |
Risk-weighted amount | 2,754 | 2,588 |
Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4,259 | 2,688 |
Credit equivalent amount | 6,919 | 7,296 |
Risk-weighted amount | 2,745 | 2,583 |
Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4 | |
Credit equivalent amount | 309 | 192 |
Risk-weighted amount | 9 | 5 |
Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 2,218 | 1,766 |
Credit equivalent amount | 7,524 | 11,153 |
Risk-weighted amount | 2,208 | 2,567 |
Credit derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 26 | 3 |
Credit equivalent amount | 157 | 27 |
Risk-weighted amount | 27 | 9 |
Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 909 | 952 |
Credit equivalent amount | 7,029 | 8,425 |
Risk-weighted amount | 778 | 1,121 |
Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 330 | 270 |
Credit equivalent amount | 3,100 | 4,832 |
Risk-weighted amount | 658 | 1,018 |
Equity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 579 | 682 |
Credit equivalent amount | 3,929 | 3,593 |
Risk-weighted amount | 120 | 103 |
Precious metal derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 58 | 55 |
Credit equivalent amount | 156 | 503 |
Risk-weighted amount | 56 | 122 |
Precious metal derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 58 | 51 |
Credit equivalent amount | 136 | 332 |
Risk-weighted amount | 55 | 115 |
Precious metal derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4 | |
Credit equivalent amount | 20 | 171 |
Risk-weighted amount | 1 | 7 |
Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,321 | 768 |
Credit equivalent amount | 3,656 | 5,128 |
Risk-weighted amount | 918 | 1,243 |
Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,318 | 759 |
Credit equivalent amount | 2,365 | 3,928 |
Risk-weighted amount | 866 | 1,195 |
Other commodity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 3 | 9 |
Credit equivalent amount | 1,291 | 1,200 |
Risk-weighted amount | 52 | 48 |
Non trade exposure related to central counterparties [member] | ||
Disclosure of financial assets [line items] | ||
Risk-weighted amount | 213 | 245 |
Common equity tier One CVA charge [member] | ||
Disclosure of financial assets [line items] | ||
Risk-weighted amount | 7,202 | 6,990 |
Forward rate agreement [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 16 | 13 |
Credit equivalent amount | 135 | 69 |
Risk-weighted amount | 12 | 9 |
Swap contract [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4,211 | 2,658 |
Credit equivalent amount | 6,744 | 7,140 |
Risk-weighted amount | 2,705 | 2,507 |
Swap contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 839 | 739 |
Credit equivalent amount | 2,324 | 3,546 |
Risk-weighted amount | 700 | 687 |
Purchased options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 23 | 11 |
Credit equivalent amount | 35 | 56 |
Risk-weighted amount | 26 | 38 |
Purchased options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 117 | 71 |
Credit equivalent amount | 182 | 365 |
Risk-weighted amount | 65 | 119 |
Forward contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,215 | 943 |
Credit equivalent amount | 4,974 | 7,136 |
Risk-weighted amount | 1,423 | 1,737 |
Written options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 9 | 6 |
Credit equivalent amount | 5 | 31 |
Risk-weighted amount | 2 | 29 |
Written options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 47 | 13 |
Credit equivalent amount | 44 | 106 |
Risk-weighted amount | 20 | 24 |
Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 16 | 3 |
Credit equivalent amount | 144 | 25 |
Risk-weighted amount | 21 | 7 |
Credit default swap contracts - protection sold [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 10 | |
Credit equivalent amount | 13 | 2 |
Risk-weighted amount | 6 | 2 |
Held For Trading For Trading Purpose [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 7,597 | 5,992 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4,000 | 2,524 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4,000 | 2,520 |
Held For Trading For Trading Purpose [member] | Interest rate derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4 | |
Held For Trading For Trading Purpose [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,372 | 1,758 |
Held For Trading For Trading Purpose [member] | Credit derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 17 | 2 |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 854 | 947 |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 275 | 265 |
Held For Trading For Trading Purpose [member] | Equity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 579 | 682 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 58 | 55 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 58 | 51 |
Held For Trading For Trading Purpose [member] | Precious metal derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 4 | |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,296 | 706 |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,293 | 697 |
Held For Trading For Trading Purpose [member] | Other commodity derivatives [member] | Exchange traded [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 3 | 9 |
Held For Trading For Trading Purpose [member] | Swap contract [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 3,974 | 2,503 |
Held For Trading For Trading Purpose [member] | Swap contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 358 | 735 |
Held For Trading For Trading Purpose [member] | Purchased options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 17 | 11 |
Held For Trading For Trading Purpose [member] | Purchased options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 116 | 71 |
Held For Trading For Trading Purpose [member] | Forward contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 851 | 939 |
Held For Trading For Trading Purpose [member] | Written options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 9 | 6 |
Held For Trading For Trading Purpose [member] | Written options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 47 | 13 |
Held For Trading For Trading Purpose [member] | Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 7 | 2 |
Held For Trading For Trading Purpose [member] | Credit default swap contracts - protection sold [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 10 | |
Held for Asset Liability Management [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1,194 | 244 |
Held for Asset Liability Management [member] | Interest rate derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 259 | 168 |
Held for Asset Liability Management [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 259 | 168 |
Held for Asset Liability Management [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 846 | 8 |
Held for Asset Liability Management [member] | Credit derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 9 | 1 |
Held for Asset Liability Management [member] | Equity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 55 | 5 |
Held for Asset Liability Management [member] | Equity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 55 | 5 |
Held for Asset Liability Management [member] | Other commodity derivatives [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 25 | 62 |
Held for Asset Liability Management [member] | Other commodity derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 25 | 62 |
Held for Asset Liability Management [member] | Forward rate agreement [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 16 | 13 |
Held for Asset Liability Management [member] | Swap contract [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 237 | 155 |
Held for Asset Liability Management [member] | Swap contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 481 | 4 |
Held for Asset Liability Management [member] | Purchased options [member] | Interest rate derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 6 | |
Held for Asset Liability Management [member] | Purchased options [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 1 | |
Held for Asset Liability Management [member] | Forward contract [member] | Foreign exchange derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | 364 | 4 |
Held for Asset Liability Management [member] | Credit default swap contracts - protection purchased [member] | Credit derivatives [member] | Over-the-counter clearing house [member] | ||
Disclosure of financial assets [line items] | ||
Current replacement cost | $ 9 | $ 1 |
Derivative instruments - Summ_4
Derivative instruments - Summary of Detailed Information About Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Credit exposure | $ 861,193 | $ 756,150 |
Credit risk [member] | Derivative instruments [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 8,791 | 6,236 |
Credit risk [member] | Derivative instruments [member] | Financial institutions counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 3,026 | 2,146 |
Credit risk [member] | Derivative instruments [member] | Governments counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 986 | 899 |
Credit risk [member] | Derivative instruments [member] | Corporate counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 4,779 | 3,191 |
CA | Credit risk [member] | Derivative instruments [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 3,726 | 2,376 |
CA | Credit risk [member] | Derivative instruments [member] | Financial institutions counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 921 | 534 |
CA | Credit risk [member] | Derivative instruments [member] | Governments counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 982 | 891 |
CA | Credit risk [member] | Derivative instruments [member] | Corporate counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 1,823 | 951 |
US | Credit risk [member] | Derivative instruments [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 2,723 | 2,080 |
US | Credit risk [member] | Derivative instruments [member] | Financial institutions counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 949 | 1,063 |
US | Credit risk [member] | Derivative instruments [member] | Corporate counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 1,774 | 1,017 |
Other countries [member] | Credit risk [member] | Derivative instruments [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 2,342 | 1,780 |
Other countries [member] | Credit risk [member] | Derivative instruments [member] | Financial institutions counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 1,156 | 549 |
Other countries [member] | Credit risk [member] | Derivative instruments [member] | Governments counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | 4 | 8 |
Other countries [member] | Credit risk [member] | Derivative instruments [member] | Corporate counterparty [member] | Derivatives before effect of netting [member] | ||
Disclosure of financial assets [line items] | ||
Credit exposure | $ 1,182 | $ 1,223 |
Designated accounting hedges -
Designated accounting hedges - Summary of Items Designated as Hedging Instruments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | $ 5,943,981 | |
Within 1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 3,046,487 | |
Later than one year and not later than five years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 2,137,102 | |
Over 5 years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 760,392 | |
Hedging instrument [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 301,132 | $ 289,735 |
Fair value of the hedging derivatives, Assets | 1,117 | 993 |
Fair value of the hedging derivatives, liabilities | 869 | 1,080 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (699) | (70) |
Hedging instrument [member] | Within 1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 95,541 | 97,128 |
Hedging instrument [member] | Later than one year and not later than five years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 180,385 | 166,201 |
Hedging instrument [member] | Over 5 years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 25,206 | 26,406 |
Cash flow hedges [member] | Hedging instrument [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 23,604 | 26,019 |
Fair value of the hedging derivatives, Assets | 152 | 201 |
Fair value of the hedging derivatives, liabilities | 184 | 177 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | 232 | 17 |
Cash flow hedges [member] | Hedging instrument [member] | Foreign exchange forwards [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 17 | |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (7) | |
Cash flow hedges [member] | Hedging instrument [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 7,329 | 6,619 |
Fair value of the hedging derivatives, Assets | 134 | 104 |
Fair value of the hedging derivatives, liabilities | 161 | 177 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | 43 | (168) |
Cash flow hedges [member] | Hedging instrument [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 15,104 | 18,180 |
Fair value of the hedging derivatives, Assets | 13 | 4 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | 320 | 193 |
Cash flow hedges [member] | Hedging instrument [member] | Equity swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 1,171 | 1,203 |
Fair value of the hedging derivatives, Assets | 5 | 93 |
Fair value of the hedging derivatives, liabilities | 23 | |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (131) | (1) |
Cash flow hedges [member] | Hedging instrument [member] | Within 1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 10,789 | 5,028 |
Cash flow hedges [member] | Hedging instrument [member] | Within 1 year [member] | Foreign exchange forwards [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 17 | |
Cash flow hedges [member] | Hedging instrument [member] | Within 1 year [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 3,692 | 859 |
Cash flow hedges [member] | Hedging instrument [member] | Within 1 year [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 6,085 | 3,122 |
Cash flow hedges [member] | Hedging instrument [member] | Within 1 year [member] | Equity swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 1,012 | 1,030 |
Cash flow hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 12,815 | 20,991 |
Cash flow hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 3,637 | 5,760 |
Cash flow hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 9,019 | 15,058 |
Cash flow hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | Equity swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 159 | 173 |
NIFO hedges [member] | Hedging instrument [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 20,656 | 18,214 |
Fair value of the hedging derivatives, Assets | 7 | |
Fair value of the hedging derivatives, liabilities | 2 | |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (156) | 6 |
NIFO hedges [member] | Hedging instrument [member] | Foreign exchange forwards [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 247 | 598 |
Fair value of the hedging derivatives, Assets | 7 | |
Fair value of the hedging derivatives, liabilities | 2 | |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (2) | |
NIFO hedges [member] | Hedging instrument [member] | Deposits [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 20,409 | 17,616 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (154) | 6 |
NIFO hedges [member] | Hedging instrument [member] | Within 1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 20,656 | 18,214 |
NIFO hedges [member] | Hedging instrument [member] | Within 1 year [member] | Foreign exchange forwards [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 247 | 598 |
NIFO hedges [member] | Hedging instrument [member] | Within 1 year [member] | Deposits [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 20,409 | 17,616 |
Fair value hedges [member] | Hedging instrument [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 256,872 | 245,502 |
Fair value of the hedging derivatives, Assets | 965 | 785 |
Fair value of the hedging derivatives, liabilities | 685 | 901 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (775) | (93) |
Fair value hedges [member] | Hedging instrument [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 34,329 | 34,627 |
Fair value of the hedging derivatives, Assets | 795 | 339 |
Fair value of the hedging derivatives, liabilities | 486 | 682 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (26) | 41 |
Fair value hedges [member] | Hedging instrument [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 205,518 | 194,398 |
Fair value of the hedging derivatives, Assets | 170 | 291 |
Fair value of the hedging derivatives, liabilities | 194 | 219 |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | (815) | (276) |
Fair value hedges [member] | Hedging instrument [member] | Foreign exchange Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 17,025 | 16,477 |
Fair value of the hedging derivatives, Assets | 155 | |
Gains (losses) on changes in fair value used for calculating hedge ineffectiveness | 66 | 142 |
Fair value hedges [member] | Hedging instrument [member] | Within 1 year [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 64,096 | 73,886 |
Fair value hedges [member] | Hedging instrument [member] | Within 1 year [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 2,185 | 7,226 |
Fair value hedges [member] | Hedging instrument [member] | Within 1 year [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 61,911 | 63,723 |
Fair value hedges [member] | Hedging instrument [member] | Within 1 year [member] | Foreign exchange Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 2,937 | |
Fair value hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 167,570 | 145,210 |
Fair value hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 26,689 | 20,597 |
Fair value hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 126,570 | 114,455 |
Fair value hedges [member] | Hedging instrument [member] | Later than one year and not later than five years [member] | Foreign exchange Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 14,311 | 10,158 |
Fair value hedges [member] | Hedging instrument [member] | Over 5 years [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 25,206 | 26,406 |
Fair value hedges [member] | Hedging instrument [member] | Over 5 years [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 5,455 | 6,804 |
Fair value hedges [member] | Hedging instrument [member] | Over 5 years [member] | Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | 17,037 | 16,220 |
Fair value hedges [member] | Hedging instrument [member] | Over 5 years [member] | Foreign exchange Interest rate swaps [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Notional amount of hedging instrument | $ 2,714 | $ 3,382 |
Designated accounting hedges _2
Designated accounting hedges - Summary of Items Designated as Hedging Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Notional amount of hedging instrument | $ 5,943,981 | |
Hedging instrument [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount of hedging instrument | 301,132 | $ 289,735 |
Hedging instrument [member] | Derivatives [member] | Maturity date beyond December 31, 2021 [member] | ||
Disclosure of financial assets [line items] | ||
Notional amount of hedging instrument | $ 59,000 |
Designated Accounting Hedges _3
Designated Accounting Hedges - Summary of Average Rate or Price of Hedging Instruments (Detail) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Currency or interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | 0.00% | |
Cash flow hedges [member] | Foreign exchange risk [member] | Foreign Currency Forward Contracts [member] | USD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.32 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Foreign Exchange Cross Currency Interest Rate Swap [member] | AUD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 0.97 | 0.99 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap [member] | USD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.32 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap [member] | EUR - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.51 | 1.51 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap [member] | GBP - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.68 | 1.66 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swap contract [member] | Canadian currency [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | 1.60% | 2.10% |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swap contract [member] | Denominated in U.S. dollars [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | 1.65% | 1.62% |
Cash flow hedges [member] | Equity price risk [member] | Equity swaps [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average share price | 105.11 | 108.59 |
NIFO hedges [member] | Foreign exchange risk [member] | Foreign Currency Forward Contracts [member] | USD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.31 | |
NIFO hedges [member] | Foreign exchange risk [member] | Foreign Currency Forward Contracts [member] | AUD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 0.93 | 0.90 |
NIFO hedges [member] | Foreign exchange risk [member] | Foreign Currency Forward Contracts [member] | HKD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 0.17 | 0.17 |
Fair value hedges [member] | Interest rate risk [member] | Interest rate swap contract [member] | Canadian currency [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | 1.52% | 1.93% |
Fair value hedges [member] | Foreign Exchange Or Interest Rate Risk [member] | Cross currency swap [member] | USD - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.36 | 1.32 |
Average fixed interest rate | 1.69% | 1.61% |
Fair value hedges [member] | Foreign Exchange Or Interest Rate Risk [member] | Cross currency swap [member] | EUR - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.41 | 1.30 |
Average fixed interest rate | 0.12% | 0.12% |
Fair value hedges [member] | Foreign Exchange Or Interest Rate Risk [member] | Cross currency swap [member] | GBP - CAD [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Average exchange rate | 1.65 | 1.65 |
Average fixed interest rate | 1.06% | 1.06% |
Fair value hedges [member] | Currency or interest rate risk [member] | Interest rate swap contract [member] | Switzerland, Francs | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | (0.41%) | |
Fair value hedges [member] | Currency or interest rate risk [member] | Interest rate swap contract [member] | Euro Member Countries, Euro | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | 0.00% | 0.08% |
Fair value hedges [member] | Currency or interest rate risk [member] | Interest rate swap contract [member] | United Kingdom, Pounds | ||
Disclosure of detailed information about hedged items [line items] | ||
Average fixed interest rate | 0.71% | 0.71% |
Designated Accounting Hedges _4
Designated Accounting Hedges - Summary of Items Designated as Hedged Items (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Cash flow hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | $ 15,092 | $ 18,169 |
Carrying amount of the hedged item, Liabilities | 4,193 | 4,029 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | (233) | (17) |
Cash flow hedges [member] | Forecasted expenses [member] | Foreign Exchange rate Risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | 7 | |
Cash flow hedges [member] | Deposits [member] | Foreign Exchange rate Risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Liabilities | 3,132 | 2,860 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | (44) | 168 |
Cash flow hedges [member] | Loan commitments [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | 15,092 | 18,169 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | (320) | (193) |
Cash flow hedges [member] | Share-based payment [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Liabilities | 1,061 | 1,169 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | 131 | 1 |
NIFO hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | 20,656 | 18,214 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | 156 | (6) |
Fair value hedges [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | 95,495 | 88,756 |
Carrying amount of the hedged item, Liabilities | 112,560 | 105,156 |
Accumulated amount of fair value hedge adjustments on the hedged item, Assets | 2,352 | 765 |
Accumulated amount of fair value hedge adjustments on the hedged item, Liabilities | 1,749 | 679 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | 777 | 97 |
Fair value hedges [member] | Deposits [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Liabilities | 90,597 | 84,173 |
Accumulated amount of fair value hedge adjustments on the hedged item, Liabilities | 1,466 | 533 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | (1,019) | (1,750) |
Fair value hedges [member] | Deposits [member] | Combined foreign exchange and interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Liabilities | 17,331 | 17,222 |
Accumulated amount of fair value hedge adjustments on the hedged item, Liabilities | 81 | 57 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | (35) | (180) |
Fair value hedges [member] | Loan commitments [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | 62,171 | 62,987 |
Accumulated amount of fair value hedge adjustments on the hedged item, Assets | 1,005 | 132 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | 1,161 | 1,151 |
Fair value hedges [member] | Loan commitments [member] | Combined foreign exchange and interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | 5 | 6 |
Fair value hedges [member] | Securities [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Assets | 33,319 | 25,763 |
Accumulated amount of fair value hedge adjustments on the hedged item, Assets | 1,347 | 633 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | 783 | 1,013 |
Fair value hedges [member] | Subordinated indebtedness [member] | Interest rate risk [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount of the hedged item, Liabilities | 4,632 | 3,761 |
Accumulated amount of fair value hedge adjustments on the hedged item, Liabilities | 202 | 89 |
Gains (losses) on change in fair value used for calculating hedge ineffectiveness | $ (113) | $ (137) |
Designated Accounting Hedges _5
Designated Accounting Hedges - Summary of Items Designated as Hedged Items (Parenthetical) (Detail) - Discontinued operations [member] - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about hedged items [line items] | ||
AOCI related to discontinued cash flow hedges | $ 134 | |
Accumulated fair value hedge net assets/net liability adjustment | $ 75 | $ (112) |
Designated Accounting Hedges _6
Designated Accounting Hedges - Summary of Hedge Accounting Impact on the Consolidated Statement of Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Tax benefit (expense) | $ 58 | $ 47 | $ (17) |
Cash flow hedges [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Beginning balance of AOCI -hedge reserve (after-tax) | 113 | (18) | |
Change in the value of the hedging instrument recognized in OCI (before-tax) | 193 | 186 | |
Amount reclassified from accumulated OCI to income (before-tax) | 26 | (8) | |
Tax benefit (expense) | (58) | (47) | |
Ending balance of AOCI - hedge reserve (after-tax) | 274 | 113 | (18) |
Hedge ineffectiveness gains (losses) recognized in income | (2) | ||
Cash flow hedges [member] | Foreign Exchange Risks [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Beginning balance of AOCI -hedge reserve (after-tax) | (2) | 5 | |
Change in the value of the hedging instrument recognized in OCI (before-tax) | 4 | (1) | |
Amount reclassified from accumulated OCI to income (before-tax) | (4) | (8) | |
Tax benefit (expense) | 2 | ||
Ending balance of AOCI - hedge reserve (after-tax) | (2) | (2) | 5 |
Hedge ineffectiveness gains (losses) recognized in income | (2) | ||
Cash flow hedges [member] | Interest rate risk [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Beginning balance of AOCI -hedge reserve (after-tax) | 98 | (45) | |
Change in the value of the hedging instrument recognized in OCI (before-tax) | 320 | 188 | |
Amount reclassified from accumulated OCI to income (before-tax) | (74) | 6 | |
Tax benefit (expense) | (65) | (51) | |
Ending balance of AOCI - hedge reserve (after-tax) | 279 | 98 | (45) |
Cash flow hedges [member] | Equity share price risk [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Beginning balance of AOCI -hedge reserve (after-tax) | 17 | 22 | |
Change in the value of the hedging instrument recognized in OCI (before-tax) | (131) | (1) | |
Amount reclassified from accumulated OCI to income (before-tax) | 104 | (6) | |
Tax benefit (expense) | 7 | 2 | |
Ending balance of AOCI - hedge reserve (after-tax) | (3) | 17 | 22 |
NIFO hedges [member] | Foreign Exchange Risks [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Beginning balance of AOCI -hedge reserve (after-tax) | (1,139) | (1,129) | |
Change in the value of the hedging instrument recognized in OCI (before-tax) | (156) | 6 | |
Tax benefit (expense) | (46) | (16) | |
Ending balance of AOCI - hedge reserve (after-tax) | (1,341) | (1,139) | $ (1,129) |
Fair value hedges [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Gains (losses) on the hedging instruments | (775) | (93) | |
Gains (losses) on the hedged item attributed to hedged risk | 777 | 97 | |
Hedge ineffectiveness gains (losses) recognized in income | 2 | 4 | |
Fair value hedges [member] | Interest rate risk [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Gains (losses) on the hedging instruments | (815) | (276) | |
Gains (losses) on the hedged item attributed to hedged risk | 812 | 277 | |
Hedge ineffectiveness gains (losses) recognized in income | (3) | 1 | |
Fair value hedges [member] | Combined foreign exchange and interest rate risk [member] | |||
Disclosure of information about hedge accounting impact on statement of comprehensive income [line items] | |||
Gains (losses) on the hedging instruments | 40 | 183 | |
Gains (losses) on the hedged item attributed to hedged risk | (35) | (180) | |
Hedge ineffectiveness gains (losses) recognized in income | $ 5 | $ 3 |
Subordinated Indebtedness - Sch
Subordinated Indebtedness - Schedule of Terms of Subordinated Indebtedness (Detail) $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||
Oct. 31, 2020CAD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2020TTD ($) | Oct. 31, 2019CAD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 5,766 | $ 4,681 | ||
Par value | 5,561 | 4,592 | ||
Subordinated indebtedness sold short (held) for trading purposes, at par value | (54) | 3 | ||
Subordinated indebtedness sold short (held) for trading purposes | (54) | 3 | ||
Subordinated indebtedness net of trading purposes, at par value | 5,507 | 4,595 | ||
Subordinated indebtedness net of trading purposes | 5,712 | 4,684 | ||
July 11, 2024 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 35 | 34 | ||
Interest rate | 5.75% | 5.75% | 5.75% | |
Contractual maturity date | July 11, 2024 | |||
Par value | $ 35 | 34 | ||
July 11, 2024 [member] | Fixed interest rate [member] | Foreign currency [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 175 | |||
January 26, 2026 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 1,001 | 991 | ||
Interest rate | 3.42% | 3.42% | 3.42% | |
Contractual maturity date | January 26, 2026 | |||
At par | Jan. 26, 2021 | |||
Par value | $ 1,000 | 1,000 | ||
April 4, 2028 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 1,568 | 1,533 | ||
Interest rate | 3.45% | 3.45% | 3.45% | |
Contractual maturity date | April 4, 2028 | |||
At par | Apr. 4, 2023 | |||
Par value | $ 1,500 | 1,500 | ||
May 25, 2029 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 40 | 40 | ||
Interest rate | 8.70% | 8.70% | 8.70% | |
Contractual maturity date | May 25, 2029 | |||
Par value | $ 25 | 25 | ||
June 19, 2029 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 1,535 | 1,494 | ||
Interest rate | 2.95% | 2.95% | 2.95% | |
Contractual maturity date | June 19, 2029 | |||
At par | Jun. 19, 2024 | |||
Par value | $ 1,500 | 1,500 | ||
July 21, 2030 [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 1,000 | |||
Interest rate | 2.01% | 2.01% | 2.01% | |
Contractual maturity date | July 21, 2030 | |||
At par | Jul. 21, 2025 | |||
Par value | $ 1,000 | |||
January 7, 2031 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 214 | 200 | ||
Interest rate | 11.60% | 11.60% | 11.60% | |
Contractual maturity date | January 7, 2031 | |||
At greater of Canada Yield Price and par | January 7, 1996 | |||
Par value | $ 200 | 200 | ||
May 15, 2031 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 160 | 149 | ||
Interest rate | 10.80% | 10.80% | 10.80% | |
Contractual maturity date | May 15, 2031 | |||
At greater of Canada Yield Price and par | May 15, 2021 | |||
Par value | $ 150 | 150 | ||
May 25, 2032 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 44 | 42 | ||
Interest rate | 8.70% | 8.70% | 8.70% | |
Contractual maturity date | May 25, 2032 | |||
Par value | $ 25 | 25 | ||
May 25, 2033 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 45 | 44 | ||
Interest rate | 8.70% | 8.70% | 8.70% | |
Contractual maturity date | May 25, 2033 | |||
Par value | $ 25 | 25 | ||
May 25, 2035 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 48 | 46 | ||
Interest rate | 8.70% | 8.70% | 8.70% | |
Contractual maturity date | May 25, 2035 | |||
Par value | $ 25 | 25 | ||
July 31, 2084 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Contractual maturity date | July 31, 2084 | |||
At par | Jul. 27, 1990 | |||
July 31, 2084 [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 59 | 85 | ||
Interest rate basis | Floating | |||
Par value | $ 59 | 85 | ||
July 31, 2084 [member] | Floating interest rate [member] | Foreign currency [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 44 | |||
August 31, 2085 [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Contractual maturity date | August 31, 2085 | |||
At par | Aug. 20, 1991 | |||
August 31, 2085 [member] | Floating interest rate [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 17 | 23 | ||
Interest rate basis | Floating | |||
Par value | $ 17 | $ 23 | ||
August 31, 2085 [member] | Floating interest rate [member] | Foreign currency [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Carrying value | $ 13 |
Subordinated Indebtedness - S_2
Subordinated Indebtedness - Schedule of Terms of Subordinated Indebtedness (Parenthetical) (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 31, 2020CAD ($)$ / shares | Oct. 31, 2020USD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2019USD ($) | Oct. 31, 2018CAD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||
Percentage of par value of debenture conversion | 150.00% | 150.00% | |||
Debentures convertible into common shares subject to minimum price per share | $ / shares | $ 5 | ||||
Repurchasement and cancellation of subordinated liabilities | $ 33 | $ 1,001 | $ 638 | ||
July 31, 2084 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Repurchasement and cancellation of subordinated liabilities | $ 21 | $ 1 | |||
July 31, 2084 [member] | Six-month US$ LIBOR [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 0.25% | 0.25% | |||
Borrowings, interest rate basis | Six-month US$ LIBOR plus 0.25%. | Six-month US$ LIBOR plus 0.25%. | Six-month US$ LIBOR plus 0.25%. | Six-month US$ LIBOR plus 0.25%. | |
January 26, 2026 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 3.42% | 3.42% | |||
January 26, 2026 [member] | Three-month Canadian dollar bankers' acceptance rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 2.57% | 2.57% | |||
April 4, 2028 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 3.45% | 3.45% | |||
April 4, 2028 [member] | Three-month Canadian dollar bankers' acceptance rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 1.00% | 1.00% | |||
August 31, 2085 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Repurchasement and cancellation of subordinated liabilities | $ 4 | $ 0 | |||
August 31, 2085 [member] | Six-month US$ LIBOR [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 0.125% | 0.125% | |||
Borrowings, interest rate basis | six-month US$ LIBOR plus 0.125%. | six-month US$ LIBOR plus 0.125%. | six-month US$ LIBOR plus 0.125%. | six-month US$ LIBOR plus 0.125%. | |
June 19, 2029 [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 2.95% | 2.95% | |||
June 19, 2029 [member] | Three-month Canadian dollar bankers' acceptance rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 1.18% | 1.18% | |||
July 21, 2030 [Member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 2.01% | 2.01% | |||
July 21, 2030 [Member] | Three-month Canadian dollar bankers' acceptance rate [member] | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings interest rate | 1.28% | 1.28% |
Common and preferred shares a_3
Common and preferred shares and other equity instruments - Summary of Outstanding Shares and Dividends Paid (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of classes of share capital [line items] | ||||
Dividends and distributions paid per share | $ 5.82 | $ 5.60 | $ 5.32 | |
Amount | $ 41,335 | $ 38,580 | $ 35,116 | |
Non cumulative Series 39 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 16,000,000 | 16,000,000 | 16,000,000 | |
Amount | $ 400 | $ 400 | $ 400 | |
Dividends and distributions paid | $ 15 | $ 16 | $ 16 | |
Dividends and distributions paid per share | $ 0.93 | $ 0.96 | $ 0.98 | |
Non cumulative Series 41 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 12,000,000 | 12,000,000 | 12,000,000 | |
Amount | $ 300 | $ 300 | $ 300 | |
Dividends and distributions paid | $ 12 | $ 11 | $ 11 | |
Dividends and distributions paid per share | $ 0.97 | $ 0.94 | $ 0.94 | |
Non cumulative Series 43 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 12,000,000 | 12,000,000 | 12,000,000 | |
Amount | $ 300 | $ 300 | $ 300 | |
Dividends and distributions paid | $ 10 | $ 11 | $ 11 | |
Dividends and distributions paid per share | $ 0.87 | $ 0.90 | $ 0.90 | |
Non cumulative Series 45 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 32,000,000 | 32,000,000 | 32,000,000 | |
Amount | $ 800 | $ 800 | $ 800 | |
Dividends and distributions paid | $ 35 | $ 35 | $ 35 | |
Dividends and distributions paid per share | $ 1.10 | $ 1.10 | $ 1.10 | |
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 446,932,750 | 445,325,744 | 442,823,361 | |
Amount | $ 13,892 | $ 13,589 | $ 13,242 | |
Dividends and distributions paid | $ 2,592 | $ 2,488 | $ 2,356 | |
Dividends and distributions paid per share | $ 5.82 | $ 5.60 | $ 5.32 | |
Number of shares | 447,085,329 | 445,341,675 | 442,826,380 | 439,313,303 |
Amount | $ 13,908 | $ 13,591 | $ 13,243 | $ 12,548 |
Preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Amount | 2,825 | 2,825 | 2,250 | |
Dividends and distributions paid | 122 | 111 | 89 | |
Amount | $ 3,575 | $ 2,825 | $ 2,250 | $ 1,797 |
Non cumulative Series 47 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 18,000,000 | 18,000,000 | 18,000,000 | |
Amount | $ 450 | $ 450 | $ 450 | |
Dividends and distributions paid | $ 20 | $ 20 | $ 16 | |
Dividends and distributions paid per share | $ 1.13 | $ 1.13 | $ 0.88 | |
Non cumulative Series 49 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 13,000,000 | 13,000,000 | ||
Amount | $ 325 | $ 325 | ||
Dividends and distributions paid | $ 17 | $ 13 | ||
Dividends and distributions paid per share | $ 1.30 | $ 1 | ||
Non cumulative Series 51 class A preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 10,000,000 | 10,000,000 | ||
Amount | $ 250 | $ 250 | ||
Dividends and distributions paid | $ 13 | $ 5 | ||
Dividends and distributions paid per share | $ 1.29 | $ 0.53 | ||
Treasury shares [member] | Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 152,579 | 15,931 | 3,019 | |
Amount | $ 16 | $ 2 | $ 1 | |
Other equity Instruments [member] | 4.375% Limited Recourse Capital Notes Series One [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Amount | $ 750 |
Common and preferred shares a_4
Common and preferred shares and other equity instruments - Summary of Outstanding Shares and Dividends Paid (Parenthetical) (Detail) | Oct. 31, 2020 |
4.375% Limited Recourse Capital Notes Series One [member] | October 28, 2080 [member] | Fixed interest rate [member] | |
Disclosure of classes of share capital [line items] | |
Borrowings interest rate | 4.375% |
Common and preferred shares a_5
Common and preferred shares and other equity instruments - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Millions | Jun. 04, 2019 | Jan. 22, 2019 | Jan. 18, 2018 | Jun. 02, 2017 | Mar. 11, 2015 | Dec. 16, 2014 | Jun. 11, 2014 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Sep. 16, 2020 | Mar. 13, 2020 | Mar. 12, 2020 |
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Regulatory capital requirements, domestic Stability Buffer | 1.00% | 2.00% | |||||||||||
Fixed interest rate [member] | 4.375% Limited Recourse Capital Notes Series One [member] | October 28, 2080 [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Principal amount | $ 750 | ||||||||||||
Notes, maturity date | October 28, 2080 | ||||||||||||
Borrowings interest rate | 4.375% | ||||||||||||
Borrowings interest rate payable basis | The Notes mature on October 28, 2080, and bear interest at a fixed rate of 4.375% per annum (paid semi-annually) until October 28, 2025. | ||||||||||||
Borrowings adjustment to interest payable basis | Starting on October 28, 2025, and every 5 years thereafter until October 28, 2075, the interest rate will be reset to the then current five-year Government of Canada bond yield plus 4.000% per annum. | ||||||||||||
Fixed interest rate [member] | 4.375% Limited Recourse Capital Notes Series One [member] | October 28, 2080 [member] | Government of Canada [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Notes, maturity date | October 28, 2025 | ||||||||||||
Borrowings interest rate | 4.00% | ||||||||||||
Basel III requirement [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Canada Domestic systemically important bank CET1 surcharge | 1.00% | ||||||||||||
Stock option plan [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Common shares reserved for future issue | 14,996,337 | 15,310,806 | |||||||||||
Shareholder investment plan [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Common shares reserved for future issue | 12,848,784 | 14,383,104 | |||||||||||
Employee share purchase plan [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Common shares reserved for future issue | 8,183,815 | 9,772,134 | |||||||||||
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% | ||||||||||||
Tier one notes series A [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Notes, maturity date | June 30, 2108 | ||||||||||||
Tier one notes series B [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Principal amount | $ 300 | ||||||||||||
Notes, maturity date | June 30, 2108 | ||||||||||||
Common shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 0 | ||||||||||||
Explanation of fact that shares have no par value | CIBC's authorized capital consists of an unlimited number of common shares, without nominal or par value. | ||||||||||||
Common share purchased | 2,208,600 | ||||||||||||
Shares purchased and cancelled | (2,208,600) | (1,000,000) | (3,500,000) | ||||||||||
Shares Repurchased Average Price Per Share | $ 106.03 | $ 119.22 | |||||||||||
Shares purchased and cancelled, amount | $ 234 | ||||||||||||
Non cumulative Series 47 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 18,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 450 | ||||||||||||
Dividend rate | 4.50% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 2.45% | ||||||||||||
Share conversion basis | Holders of the Series 47 shares will have the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A Preferred Shares Series 48 (NVCC) (Series 48 shares), subject to certain conditions, on January 31, 2023 and on January 31 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 2.45% | ||||||||||||
Redemption date | Jan. 31, 2023 | ||||||||||||
Non cumulative Series 45 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 32,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 800 | ||||||||||||
Dividend rate | 4.40% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 3.38% | ||||||||||||
Share conversion basis | Holders of the Series 45 shares will have the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A Preferred Shares Series 46 (NVCC) (Series 46 shares), subject to certain conditions, on July 31, 2022 and on July 31 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 3.38% | ||||||||||||
Redemption date | Jul. 31, 2022 | ||||||||||||
Non cumulative Series 43 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 12,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 300 | ||||||||||||
Dividend rate | 3.60% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 2.79% | ||||||||||||
Share conversion basis | Holders of the Series 43 shares will have the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A Preferred Shares Series 44 (NVCC) (Series 44 shares), subject to certain conditions, on July 31, 2020 and on July 31 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 2.79% | ||||||||||||
Non cumulative Series 43 class A preferred shares [member] | Restatement [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Dividend rate | 3.143% | ||||||||||||
Non cumulative Series 41 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 12,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 300 | ||||||||||||
Dividend rate | 3.75% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 2.24% | ||||||||||||
Share conversion basis | Holders of the Series 41 shares will have the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A Preferred Shares Series 42 (NVCC) (Series 42 shares), subject to certain conditions, on January 31, 2020 and on January 31 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 2.24% | ||||||||||||
Non cumulative Series 41 class A preferred shares [member] | Restatement [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Dividend rate | 3.909% | ||||||||||||
Non cumulative Series 39 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 16,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 400 | ||||||||||||
Dividend rate | 3.90% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 2.32% | ||||||||||||
Share conversion basis | Holders of the Series 39 shares had the right to convert their shares on a one-for-one basis into Series 40 shares, subject to certain conditions, on July 31, 2019. As the conditions for conversion were not met, no Series 40 shares were issued, and all of the Series 39 shares remain outstanding. Holders of the Series 39 shares will have the right to convert their shares on a one-for-one basis into Series 40 shares, subject to certain conditions, on July 31, 2024 and on July 31 every five years thereafter. Holders of the Series 40 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month Government of Canada Treasury Bill yield plus 2.32%. Holders of the then outstanding Series 40 shares may convert their shares on a one-for-one basis into Series 39 shares, subject to certain conditions, on July 31, 2029 and on July 31 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 2.32% | ||||||||||||
Non cumulative Series 39 class A preferred shares [member] | Restatement [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Dividend rate | 3.713% | ||||||||||||
NVCC [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Conversion of shares, minimum price | $ 5 | ||||||||||||
Dividend payables | $ 1,000 | ||||||||||||
NVCC [member] | Conversion option [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Common shares reserved for future issue | 2,246,208,750 | 1,789,893,750 | |||||||||||
Preferred shares and other equity instruments [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Explanation of fact that shares have no par value | CIBC is authorized to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares without nominal or par value | ||||||||||||
Maximum aggregate consideration for all outstanding shares | $ 10,000 | ||||||||||||
Non cumulative Series 49 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 13,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 325 | ||||||||||||
Dividend rate | 5.20% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 3.31% | ||||||||||||
Share conversion basis | Holders of the Series 49 shares will have the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A Preferred Shares Series 50 (NVCC) (Series 50 shares), subject to certain conditions, on April 30, 2024 and on April 30 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 3.31% | ||||||||||||
Non cumulative Series 51 class A preferred shares [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Par value | $ 25 | ||||||||||||
Number of shares issued | 10,000,000 | ||||||||||||
Gross proceeds from shares issued | $ 250 | ||||||||||||
Dividend rate | 5.15% | ||||||||||||
Dividend in addition to Government of Canada bond yield | 3.62% | ||||||||||||
Share conversion basis | Holders of the Series 51 shares will have the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A Preferred Shares Series 52 (NVCC) (Series 52 shares), subject to certain conditions, on July 31, 2024 and on July 31 every five years thereafter. | ||||||||||||
Dividend in addition to 3-month Government of Canada Treasury Bill yield | 3.62% | ||||||||||||
Non cumulative Series 53 class A preferred shares [member] | 4.375% Limited Recourse Capital Notes Series One [member] | |||||||||||||
Disclosure of objectives, policies and processes for managing capital [line items] | |||||||||||||
Share conversion basis | Subject to regulatory approval we may redeem the Notes, in whole or in part, every five years during the period from September 28 to and including October 28, commencing in 2025, at par. |
Common and preferred shares a_6
Common and preferred shares and other equity instruments - Schedule of Common Shares Issued (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020CAD ($)shares | Oct. 31, 2019CAD ($)shares | Oct. 31, 2018CAD ($)shares | |
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | $ 38,580 | $ 35,116 | |
Balance at end of year | $ 41,335 | $ 38,580 | $ 35,116 |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Beginning balance, Number of shares | shares | 445,341,675 | 442,826,380 | 439,313,303 |
Equity-settled share-based compensation plans | 823,502 | 511,567 | 999,675 |
Shareholder investment plan, Number of shares | shares | 1,534,320 | 1,777,738 | 2,880,782 |
Employee share purchase plan, Number of shares | shares | 1,457,784 | 1,213,078 | 1,044,893 |
Number of shares issued, Number of shares | shares | 449,157,281 | 446,328,763 | 446,306,951 |
Purchase of common shares for cancellation, Number of shares | shares | (2,208,600) | (1,000,000) | (3,500,000) |
Treasury shares, Number of shares | shares | 136,648 | 12,912 | 19,429 |
Ending balance, Number of shares | shares | 447,085,329 | 445,341,675 | 442,826,380 |
Balance at beginning of year | $ 13,591 | $ 13,243 | $ 12,548 |
Equity-settled share-based compensation plans | 87 | 52 | 95 |
Shareholder investment plan, Amount | 144 | 194 | 337 |
Employee share purchase plan, Amount | 140 | 131 | 123 |
Number of shares issued, Amount | 13,962 | 13,620 | 13,344 |
Purchase of common shares for cancellation, Amount | (68) | (30) | (104) |
Treasury shares, Amount | 14 | 1 | 3 |
Balance at end of year | $ 13,908 | $ 13,591 | $ 13,243 |
The private bank [member] | Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Issuance pursuant to acquisition, Number of shares | 1,689,450 | ||
Issuance pursuant to acquisition, Amount | $ 194 | ||
Wellington Financial [member] | Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Issuance pursuant to acquisition, Number of shares | 378,848 | ||
Issuance pursuant to acquisition, Amount | $ 47 |
Common and preferred shares a_7
Common and preferred shares and other equity instruments - Schedule of Common Shares Issued (Parenthetical) (Detail) - shares | Apr. 27, 2018 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of classes of share capital [line items] | ||||
Discount to average market price on dividends reinvested in additional common shares | 2.00% | |||
Restricted common shares | 0 | 0 | 60,764 |
Common and preferred shares a_8
Common and preferred shares and other equity instruments - Schedule of Common Shares Purchased and Cancelled under Previously Expired NCIB (Detail) - TSX approval date May 31, 2018 [member] $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($)shares | |
Disclosure of classes of share capital [line items] | |
Number of shares | shares | 3,500,000 |
Amount | $ | $ 417 |
Common and preferred shares a_9
Common and preferred shares and other equity instruments - Schedule of Common Shares Purchased and Cancelled under Previously Expired NCIB (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2018 | |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Share repurchase, average price per share | $ 106.03 | $ 119.22 |
Common and preferred shares _10
Common and preferred shares and other equity instruments - Schedule of Terms of Class A Preferred Shares (Detail) | 12 Months Ended |
Oct. 31, 2020$ / shares | |
Non cumulative Series 39 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.232063 |
Earliest specified redemption date | Jul. 31, 2024 |
Cash redemption price per share | $ 25 |
Non cumulative Series 41 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.244313 |
Earliest specified redemption date | Jan. 31, 2025 |
Cash redemption price per share | $ 25 |
Non cumulative Series 43 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.196438 |
Earliest specified redemption date | Jul. 31, 2025 |
Cash redemption price per share | $ 25 |
Non cumulative Series 45 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.275000 |
Earliest specified redemption date | Jul. 31, 2022 |
Cash redemption price per share | $ 25 |
Non cumulative Series 47 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.281250 |
Earliest specified redemption date | Jan. 31, 2023 |
Cash redemption price per share | $ 25 |
Non cumulative Series 49 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.325000 |
Earliest specified redemption date | Apr. 30, 2024 |
Cash redemption price per share | $ 25 |
Non cumulative Series 51 class A preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Quarterly dividends per share | $ 0.321875 |
Earliest specified redemption date | Jul. 31, 2024 |
Cash redemption price per share | $ 25 |
Common and preferred shares _11
Common and preferred shares and other equity instruments - Schedule of Regulatory Capital and Ratios (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of Basel III captial disclosure [line items] | ||
CET1 capital | $ 30,876 | $ 27,707 |
Tier 1 capital | 34,775 | 30,851 |
Total capital | 40,969 | 35,854 |
Total RWA | $ 254,871 | $ 239,863 |
CET1 ratio | 12.10% | 11.60% |
Tier 1 capital ratio | 13.60% | 12.90% |
Total capital ratio | 16.10% | 15.00% |
Leverage ratio exposure | $ 741,760 | $ 714,343 |
Leverage ratio | 4.70% | 4.30% |
Capital Trust Securities - Addi
Capital Trust Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of trust capital securities [line items] | |||
Non-qualifying capital instruments phase-out percentage | 10.00% | ||
Tier one notes series B [member] | |||
Disclosure of trust capital securities [line items] | |||
Notes outstanding | $ 300 | $ 300 | $ 300 |
Notes maturity date | Jun. 30, 2108 | ||
Notes interest rate | 10.25% | ||
Notes interest rate payable desciption | semi-annually on June 30 and December 31, until June 30, 2039 | ||
Notes interest spread rate | 9.878% | ||
Notes interest reset description | June 30, 2039 | ||
Tier one notes series B [member] | Prior redemption to June 30, 2039 [member] | |||
Disclosure of trust capital securities [line items] | |||
Notes redemption price percentage | 1.645% | ||
Tier one notes series B [member] | Redemption after June 30, 2039 [member] | |||
Disclosure of trust capital securities [line items] | |||
Notes redemption price percentage | 3.29% |
Share-based Payments - Addition
Share-based Payments - Additional Information (Detail) | 12 Months Ended | |||
Oct. 31, 2020CAD ($)shares$ / shares | Oct. 31, 2019CAD ($)shares$ / shares | Oct. 31, 2018CAD ($)shares$ / shares | Oct. 31, 2017CAD ($) | |
Performance share units (PSUs) [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Cash-settled awards | Settle in cash at the end of three years. Dividend equivalents on PSUs, are provided in the form of additional PSUs. | |||
Days of average volume-weighted on share price | Grant date fair value of each cash-settled PSU is calculated based on the average closing price per common share on the TSX for the 10 trading days prior to a date specified in the grant terms. The final number of PSUs that vest will range from 75% to 125% of the initial number awarded based on CIBC's performance relative to the other major Canadian banks. Upon vesting, each PSU is settled in cash based on the average closing price per common share on the TSX for the 10 trading days prior to the vesting date. | |||
Number of shares granted | 835,785 | 952,273 | 894,040 | |
Weighted-average price of shares granted | $ / shares | $ 115.30 | $ 113.48 | $ 115.23 | |
Number of outstanding shares | shares | 2,967,248 | 3,033,980 | 2,920,695 | |
Compensation expense | $ 90,000,000 | $ 106,000,000 | $ 123,000,000 | |
Liabilities | $ 286,000,000 | $ 319,000,000 | $ 328,000,000 | |
Vesting description | Under the PSU plan, awards are granted to certain key employees on an annual basis in December. PSU grants are made in the form of cash-settled awards which vest and settle in cash at the end of three years. Dividend equivalents on PSUs, are provided in the form of additional PSUs. | |||
Performance share units (PSUs) [member] | Minimum [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 75.00% | |||
Performance share units (PSUs) [member] | Maximum [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 125.00% | |||
Deferred share unit plan and deferred compensation plan [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting description | DSUs are generally fully vested upon grant or vest in accordance with the vesting schedule defined in the grant agreement and settle in cash on a date within the period specified in the plan terms. Employees receive dividend equivalents in the form of additional DSUs. | |||
Days of average volume-weighted on share price | Grant date fair value of each cash settled DSU that is not granted under the DCP, is calculated based on the average closing price per common share on the TSX for the 10 trading days prior to a date specified in the grant terms. These DSUs are settled in cash based on the average closing price per common share on the TSX for the 10 trading days prior to the payout date and after the employee's termination of employment. The grant date fair value for DCP grants is based on the closing stock price on the New York Stock Exchange (NYSE) on the last day of the quarter. Upon distribution, each DSU is settled in cash based on the average closing price per common share on the NYSE for the 10 trading days prior to the date of the distribution. | |||
Number of shares granted | 183,941 | 173,089 | 132,739 | |
Weighted-average price of shares granted | $ / shares | $ 106.22 | $ 110.53 | $ 115.60 | |
Number of outstanding shares | shares | 791,571 | 617,281 | 447,200 | |
Compensation expense | $ 8,000,000 | $ 17,000,000 | $ 26,000,000 | |
Liabilities | 90,000,000 | 82,000,000 | 64,000,000 | |
Employee stock options [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting description | options vest by the end of the fourth year and expire 10 years from the grant date. | |||
Compensation expense | $ 5,000,000 | $ 7,000,000 | $ 7,000,000 | |
Description of option pricing model, share options granted | Black-Scholes option pricing model | |||
Weighted-average grant date fair value of options | $ / shares | $ 3.90 | $ 8.22 | $ 7.06 | |
Employee stock purchase plan [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Compensation expense | $ 50,000,000 | $ 48,000,000 | $ 45,000,000 | |
Employee share purchase plan | We match 50% of the employee contribution amount, up to a maximum contribution of 3% of eligible earnings, subject to a ceiling of $2,250 annually. | |||
Percentage of maximum employee contribution earnings | 3.00% | |||
Maximum Employee contribution per year | $ 2,250 | |||
Restricted share award plan [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Cash-settled awards | Dividend equivalents on RSA units are paid in cash or in the form of additional RSA units to the employees at the end of the vesting period or settlement date. | |||
Vesting description | Generally vest and settle in cash either at the end of three years or one-third annually beginning one year after the date of the grant. | |||
Days of average volume-weighted on share price | Grant date fair value of each cash-settled RSA unit granted in the normal course is calculated based on the average closing price per common share on the TSX for the 10 trading days prior to a date specified in the grant terms. Upon vesting, each RSA unit is settled in cash based on the average closing price per common share on the TSX for the 10 trading days prior to the vesting date. | |||
Number of shares granted | 2,864,000 | 2,666,888 | 2,653,437 | |
Weighted-average price of shares granted | $ / shares | $ 113.62 | $ 113.01 | $ 115.20 | |
Number of outstanding shares | shares | 8,391,532 | 8,343,235 | 8,252,167 | |
Compensation expense | $ 275,000,000 | $ 319,000,000 | $ 352,000,000 | |
Liabilities | $ 775,000,000 | $ 850,000,000 | $ 858,000,000 | |
Restricted stock units [member] | The PrivateBank [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Days of average volume-weighted on share price | 10-day | |||
Compensation expense | $ 1,000,000 | |||
Restricted stock units [member] | Exchangeable shares [member] | Wellington Financial [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting description | Vest over a period of up to 5 years and have specific service and non-market performance vesting conditions, were issued to selected employees. Employees receive dividend equivalents in the form of additional exchangeable shares upon vesting. | |||
Weighted-average price of shares granted | $ / shares | $ 123.99 | |||
Number of outstanding shares | shares | 278,711 | 386,010 | ||
Compensation expense | $ 9,000,000 | $ 8,000,000 | ||
Directors' plan [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Compensation expense | 0 | 3,000,000 | $ 3,000,000 | |
Liabilities | $ 23,000,000 | $ 27,000,000 | $ 25,000,000 |
Share-based Payments - Summary
Share-based Payments - Summary of Assumptions Used to Determine Fair Value of Options Granted (Detail) | 12 Months Ended | ||
Oct. 31, 2020yr$ / shares | Oct. 31, 2019yr$ / shares | Oct. 31, 2018yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Risk-free interest rate | 2.00% | 2.63% | 2.08% |
Expected dividend yield | 6.80% | 5.87% | 5.15% |
Expected share price volatility | 15.30% | 18.36% | 14.74% |
Expected life | yr | 6 | 6 | 6 |
Share price/exercise price | $ / shares | $ 109.87 | $ 111.50 | $ 120.02 |
Share-based Payments - Summar_2
Share-based Payments - Summary of Stock Option Activity and Related Information (Detail) - Employee stock options [member] | 12 Months Ended | ||
Oct. 31, 2020$ / sharesshares | Oct. 31, 2019$ / sharesshares | Oct. 31, 2018$ / sharesshares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of options, outstanding at beginning of year | 5,176,962 | 4,713,163 | 4,876,673 |
Number of options, granted | 818,290 | 894,324 | 756,516 |
Number of options, exercised | (314,469) | (393,055) | (876,309) |
Number of options, forfeited in the year | (672) | (35,714) | (42,443) |
Number of options, cancelled/expired | (1,756) | (1,274) | |
Number of options, outstanding at end of year | 5,680,111 | 5,176,962 | 4,713,163 |
Exercisable at end of year | 2,783,694 | 2,290,139 | 1,898,125 |
Number of options, available for grant | shares | 9,316,226 | 10,133,844 | 10,990,698 |
Weighted average exercise price, outstanding at beginning of year | $ 96.93 | $ 91.05 | $ 84.28 |
Weighted average exercise price, granted | 109.87 | 111.50 | 120.02 |
Weighted average exercise price, exercised | 68.10 | 58.60 | 67.84 |
Weighted average exercise price, forfeited in the year | 70.66 | 110.42 | 103.98 |
Weighted average exercise price, cancelled/expired | 45.63 | 45.08 | |
Weighted average exercise price, outstanding at end of year | 100.39 | 96.93 | 91.05 |
Weighted average exercise price, exercisable at end of year | $ 88.63 | $ 80.27 | $ 71.89 |
Reserved for future issue | shares | 14,996,337 | 15,310,806 | 15,703,861 |
Share-based Payments - Summar_3
Share-based Payments - Summary of Stock Option Activity and Related Information (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Employee stock options [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted-average share price at the date of exercise | $ 97.72 | $ 106.94 | $ 120.55 |
Share-based payments -Summary o
Share-based payments -Summary of Stock options outstanding and vested (Detail) - Options [member] shares in Thousands | 12 Months Ended |
Oct. 31, 2020shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 5,680,111 |
Weighted average contractual life remaining | 5 years 10 months 27 days |
Weighted average exercise price | $ / shares | $ 101.11 |
Stock options vested, number outstanding | shares | 2,783,694 |
Stock option vested, weighted average exercise price | $ / shares | $ 88.63 |
$11.00 - $55.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 239,891 |
Weighted average contractual life remaining | 1 year 10 months 2 days |
Weighted average exercise price | $ / shares | $ 31.19 |
Stock options vested, number outstanding | shares | 239,891 |
Stock option vested, weighted average exercise price | $ / shares | $ 31.19 |
$55.01 - $65.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 146,085 |
Weighted average contractual life remaining | 4 years 9 months |
Weighted average exercise price | $ / shares | $ 60.93 |
Stock options vested, number outstanding | shares | 146,085 |
Stock option vested, weighted average exercise price | $ / shares | $ 60.93 |
$65.01 - $75.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 158,106 |
Weighted average contractual life remaining | 1 year 1 month 17 days |
Weighted average exercise price | $ / shares | $ 71.43 |
Stock options vested, number outstanding | shares | 158,106 |
Stock option vested, weighted average exercise price | $ / shares | $ 71.43 |
$75.01 - $85.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 304,285 |
Weighted average contractual life remaining | 1 year 10 months 13 days |
Weighted average exercise price | $ / shares | $ 79.88 |
Stock options vested, number outstanding | shares | 304,285 |
Stock option vested, weighted average exercise price | $ / shares | $ 79.88 |
$85.01 - $95.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 362,400 |
Weighted average contractual life remaining | 3 years 3 months 11 days |
Weighted average exercise price | $ / shares | $ 90.97 |
Stock options vested, number outstanding | shares | 362,400 |
Stock option vested, weighted average exercise price | $ / shares | $ 90.97 |
$95.01 - $105.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 1,126,241 |
Weighted average contractual life remaining | 4 years 7 months 24 days |
Weighted average exercise price | $ / shares | $ 99.71 |
Stock options vested, number outstanding | shares | 1,126,241 |
Stock option vested, weighted average exercise price | $ / shares | $ 99.71 |
$105.01 - $115.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 2,602,275 |
Weighted average contractual life remaining | 7 years 8 months 12 days |
Weighted average exercise price | $ / shares | $ 110.74 |
Stock options vested, number outstanding | shares | 446,686 |
Stock option vested, weighted average exercise price | $ / shares | $ 110.77 |
$115.01 – $125.00 [member] | |
Disclosure of range of exercise prices of outstanding share options [line items] | |
Number of Stock options outstanding | shares | 740,828 |
Weighted average contractual life remaining | 7 years 22 days |
Weighted average exercise price | $ / shares | $ 120.02 |
Stock options vested, number outstanding | shares | 0 |
Stock option vested, weighted average exercise price | $ / shares | $ 0 |
Post-Employment Benefits - Addi
Post-Employment Benefits - Additional Information (Detail) - Canada plan [member] | 12 Months Ended |
Oct. 31, 2020CAD ($)shares | |
Pension plan [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Percentage of net defined benefit assets and liabilities and net defined benefit expense | 92.00% |
Number of members in pension plan | shares | 64,000 |
Waiting period for members to join | Two-year |
Anticipated minimum contributions for 2020 | $ 198,000,000 |
Other post employment benefit plans [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Percentage of net defined benefit assets and liabilities and net defined benefit expense | 90.00% |
Percentage of reimbursement of cost of benefit for eligible employees | 100.00% |
Anticipated minimum contributions for 2020 | $ 28,000,000 |
Post-Employment Benefits - Summ
Post-Employment Benefits - Summary of Financial Position Related to Defined Benefit Pensions and Other Post Employment Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Net actuarial gains (losses) on plan assets | $ 626 | $ 1,288 | |
Pension plan [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balance at beginning of year | 116 | ||
Current service cost | 277 | 218 | $ 223 |
Interest income on plan assets | 277 | 323 | 294 |
Past service cost | (20) | 1 | |
Net actuarial gains (losses) on plan assets | 349 | 965 | (234) |
Interest cost on defined benefit obligation | 268 | 303 | 281 |
Benefits paid | 7 | 6 | 6 |
Loss on settlements | 1 | ||
Special termination benefits | 10 | ||
Balance at end of year | 185 | 116 | |
Net defined benefit asset (liability) | 202 | 131 | |
Valuation allowance | (17) | (15) | |
Net defined benefit asset (liability), net of valuation allowance | 185 | 116 | |
Pension plan [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balance at beginning of year | 8,722 | 7,370 | |
Current service cost | 277 | 218 | |
Past service cost | (20) | 1 | |
Interest cost on defined benefit obligation | 268 | 303 | |
Employee contributions | 5 | 5 | |
Benefits paid | (369) | (353) | |
Loss on settlements | 1 | ||
Special termination benefits | 10 | ||
Foreign exchange rate changes | 8 | (1) | |
Net actuarial (gains) losses on defined benefit obligation | 238 | 1,178 | |
Balance at end of year | 9,139 | 8,722 | 7,370 |
Pension plan [member] | Plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balance at beginning of year | 8,853 | 7,691 | |
Interest income on plan assets | 277 | 323 | |
Net actuarial gains (losses) on plan assets | 349 | 965 | |
Employer contributions | 227 | 229 | |
Employee contributions | 5 | 5 | |
Benefits paid | (369) | (353) | |
Plan administration costs | (7) | (6) | |
Foreign exchange rate changes | 6 | (1) | |
Balance at end of year | 9,341 | 8,853 | 7,691 |
Other post employment benefit plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balance at beginning of year | (671) | ||
Current service cost | 14 | 11 | 13 |
Past service cost | (77) | ||
Interest cost on defined benefit obligation | 20 | 24 | 25 |
Balance at end of year | (609) | (671) | |
Net defined benefit asset (liability) | (609) | (671) | |
Net defined benefit asset (liability), net of valuation allowance | (609) | (671) | |
Other post employment benefit plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Balance at beginning of year | 671 | 589 | |
Current service cost | 14 | 11 | |
Past service cost | (77) | ||
Interest cost on defined benefit obligation | 20 | 24 | |
Benefits paid | (26) | (30) | |
Foreign exchange rate changes | 1 | ||
Net actuarial (gains) losses on defined benefit obligation | 6 | 77 | |
Balance at end of year | 609 | 671 | $ 589 |
Other post employment benefit plans [member] | Plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Employer contributions | 26 | 30 | |
Benefits paid | $ (26) | $ (30) |
Post-Employment Benefits - Su_2
Post-Employment Benefits - Summary of Financial Position Related to Defined Benefit Pensions and Other Post Employment Plans (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [abstract] | ||
Actual return on plan assets | $ 626 | $ 1,288 |
Post-Employment Benefits - Su_3
Post-Employment Benefits - Summary of Defined Benefit Assets (Liability) Net of Valuation Allowance Included in Other Assets and Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of net defined benefit liability (asset) [line items] | ||
Defined benefit liability | $ (676) | $ (737) |
Other assets [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Defined benefit asset | 247 | 175 |
Pension plan [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit asset (liability), net of valuation allowance | 185 | 116 |
Pension plan [member] | Other assets [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Defined benefit asset | 247 | 175 |
Pension plan [member] | Other Liabilities [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Defined benefit liability | (62) | (59) |
Other post employment benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Net defined benefit asset (liability), net of valuation allowance | (609) | (671) |
Other post employment benefit plans [member] | Other Liabilities [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Defined benefit liability | $ (609) | $ (671) |
Post-Employment Benefits - Su_4
Post-Employment Benefits - Summary of Defined Benefit Assets (Liability) Net of Valuation Allowance Included in Other Assets and Other Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Immaterial subsidiaries [member] | Other post employment benefit plans [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Defined benefit liability | $ 5 | $ 7 |
Post-Employment Benefits - Su_5
Post-Employment Benefits - Summary of Defined Benefit obligation and Plan Assets by Region (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Pension plan [member] | ||
Defined benefit obligation | ||
Defined benefit obligation at the end of year | $ 9,139 | $ 8,722 |
Plan assets | ||
Plan assets at the end of year | 9,341 | 8,853 |
Pension plan [member] | Canada plan [member] | ||
Defined benefit obligation | ||
Defined benefit obligation at the end of year | 8,384 | 7,982 |
Plan assets | ||
Plan assets at the end of year | 8,469 | 8,004 |
Pension plan [member] | U.S., U.K., and the Caribbean plans [member] | ||
Defined benefit obligation | ||
Defined benefit obligation at the end of year | 755 | 740 |
Plan assets | ||
Plan assets at the end of year | 872 | 849 |
Other post employment benefit plans [member] | ||
Defined benefit obligation | ||
Defined benefit obligation at the end of year | 609 | 671 |
Other post employment benefit plans [member] | Canada plan [member] | ||
Defined benefit obligation | ||
Defined benefit obligation at the end of year | 568 | 620 |
Other post employment benefit plans [member] | U.S., U.K., and the Caribbean plans [member] | ||
Defined benefit obligation | ||
Defined benefit obligation at the end of year | $ 41 | $ 51 |
Post-Employment Benefits - Su_6
Post-Employment Benefits - Summary of Defined Benefit Plan Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Pension plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | $ 277 | $ 218 | $ 223 |
Past service cost | (20) | 1 | |
Interest cost on defined benefit obligation | 268 | 303 | 281 |
Interest income on plan assets | (277) | (323) | (294) |
Plan administration costs | 7 | 6 | 6 |
Loss on settlements | 1 | ||
Special termination benefits | 10 | ||
Net defined benefit plan expense recognized in net income | 265 | 206 | 216 |
Other post employment benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 14 | 11 | 13 |
Past service cost | (77) | ||
Interest cost on defined benefit obligation | 20 | 24 | 25 |
Net defined benefit plan expense recognized in net income | $ (43) | $ 35 | $ 38 |
Post-Employment Benefits - Su_7
Post-Employment Benefits - Summary of Defined Benefit Plan Expense (Parenthetical) (Detail) | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of defined benefit plans [abstract] | |||
Discount rate | 3.14% | 4.14% | 3.72% |
Post-Employment Benefits - Su_8
Post-Employment Benefits - Summary of Net Remeasurement Gains (Losses) Recognized in OCI (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Net actuarial gains (losses) on plan assets | $ 626 | $ 1,288 | |
Pension plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Demographic assumptions | 148 | $ 4 | |
Financial assumptions | (327) | (1,133) | 488 |
Experience assumptions | (59) | (45) | (65) |
Net actuarial gains (losses) on plan assets | 349 | 965 | (234) |
Changes in asset ceiling excluding interest income | (1) | (5) | 1 |
Net remeasurement gains (losses) recognized in OCI | 110 | (218) | 194 |
Other post employment benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Demographic assumptions | 13 | 46 | |
Financial assumptions | (26) | (78) | 67 |
Experience assumptions | 7 | 1 | 4 |
Net remeasurement gains (losses) recognized in OCI | $ (6) | $ (77) | $ 117 |
Post-Employment Benefits - Su_9
Post-Employment Benefits - Summary of Net Remeasurement Gains (Losses) Recognized in OCI (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Immaterial subsidiaries [member] | |||
Disclosure of defined benefit plans [line items] | |||
Net remeasurement gains (losses) recognized in OCI | $ (5) | $ (2) | $ 2 |
Post-Employment Benefits - S_10
Post-Employment Benefits - Summary of Defined Benefit Obligation (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Pension plan [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | $ 9,139 | $ 8,722 |
Other post employment benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 609 | 671 |
Canada plan [member] | Pension plan [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 8,384 | 7,982 |
Canada plan [member] | Pension plan [member] | Active members [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 4,362 | 4,165 |
Canada plan [member] | Pension plan [member] | Deferred Members [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 626 | 587 |
Canada plan [member] | Pension plan [member] | Retired Members [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 3,396 | 3,230 |
Canada plan [member] | Other post employment benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 568 | 620 |
Canada plan [member] | Other post employment benefit plans [member] | Active members [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 129 | 179 |
Canada plan [member] | Other post employment benefit plans [member] | Retired Members [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | $ 439 | $ 441 |
Post-Employment Benefits - S_11
Post-Employment Benefits - Summary of Weighted Average Duration of Defined Benefit Obligation (Detail) - Canada plan [member] | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Pension plan [member] | ||
Disclosure of defined benefit plans [line items] | ||
Weighted-average duration, in years | 14 years 9 months 18 days | 15 years 4 months 24 days |
Other post employment benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Weighted-average duration, in years | 12 years 7 months 6 days | 13 years 7 months 6 days |
Post-Employment Benefits - S_12
Post-Employment Benefits - Summary of Major Categories of Defined Benefit Plan Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of fair value of plan assets [line items] | ||
Obligations related to securities sold under repurchase agreements | $ 71,653 | $ 51,801 |
Pension plan [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Plan assets | 9,341 | 8,853 |
Canada plan [member] | Pension plan [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Canadian equity securities | 540 | 547 |
Debt securities | 6,196 | 5,723 |
Investment funds | 1,792 | 1,712 |
Alternative investments | 1,281 | 1,095 |
Cash and cash equivalents and other | 241 | 220 |
Obligations related to securities sold under repurchase agreements | (1,581) | (1,293) |
Other | (59) | 22 |
Plan assets | $ 8,469 | $ 8,004 |
Percentage of Canadian equity securities | 6.00% | 7.00% |
Percentage of debt securities | 73.00% | 72.00% |
Percentage of investment funds | 21.00% | 21.00% |
Percentage of alternative investments | 16.00% | 13.00% |
Percentage of cash and cash equivalents and other | 3.00% | 3.00% |
Percentage of Obligations related to securities sold under repurchase agreements | (19.00%) | (16.00%) |
Percentage of plan assets | 100.00% | 100.00% |
Canada plan [member] | Pension plan [member] | Government bonds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | $ 5,001 | $ 4,623 |
Percentage of debt securities | 59.00% | 58.00% |
Canada plan [member] | Pension plan [member] | Corporate Bonds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | $ 1,195 | $ 1,024 |
Percentage of debt securities | 14.00% | 13.00% |
Canada plan [member] | Pension plan [member] | Inflation adjusted bonds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | $ 76 | |
Percentage of debt securities | 1.00% | |
Canada plan [member] | Pension plan [member] | Canadian equity funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | $ 30 | $ 28 |
Canada plan [member] | Pension plan [member] | US equity funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | $ 423 | $ 379 |
Percentage of investment funds | 5.00% | 5.00% |
Canada plan [member] | Pension plan [member] | International equity funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | $ 32 | $ 32 |
Canada plan [member] | Pension plan [member] | Global equity funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | $ 961 | $ 907 |
Percentage of investment funds | 12.00% | 12.00% |
Canada plan [member] | Pension plan [member] | Emerging markets equity funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | $ 229 | $ 256 |
Percentage of investment funds | 3.00% | 3.00% |
Canada plan [member] | Pension plan [member] | Fixed income funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Investment funds | $ 117 | $ 110 |
Percentage of investment funds | 1.00% | 1.00% |
Post-Employment Benefits - S_13
Post-Employment Benefits - Summary of Major Categories of Defined Benefit Plan Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of fair value of plan assets [line items] | ||
Net derivative liability | $ 30,508 | $ 25,113 |
Net derivative assets | 32,730 | 23,895 |
Canada plan [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Net derivative liability | 41 | |
Net derivative assets | 16 | |
Debt securities and deposits issued | $ 7 | $ 8 |
Percentage of debt securities and deposits issued | 0.10% | 0.10% |
Debt securities daily quoted prices in active markets | $ 244 | $ 88 |
Investment funds and other assets daily quoted prices in active markets | $ 31 | $ 29 |
Post-Employment Benefits - S_14
Post-Employment Benefits - Summary of Weighted Average Principal Assumptions Used to Determine Defined Benefit Obligation (Detail) | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of defined benefit plans [line items] | |||
Discount rate | 3.14% | 4.14% | 3.72% |
Pension plan [member] | Canada plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.80% | 3.10% | |
Rate of compensation increase | 2.00% | 2.30% | |
Other post employment benefit plans [member] | Canada plan [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate | 2.70% | 3.00% | |
Rate of compensation increase | 2.00% | 2.30% |
Post-Employment Benefits - S_15
Post-Employment Benefits - Summary of Weighted Average Principal Assumptions Used to Determine Defined Benefit Obligation (Parenthetical) (Detail) | Oct. 31, 2020 | Oct. 31, 2019 |
Canada plan [member] | ||
Disclosure of defined benefit plans [line items] | ||
percentage of weighted average salary growth rate | 2.00% | 2.30% |
Post-Employment Benefits - S_16
Post-Employment Benefits - Summary of Longevities Underlying Values of Defined Benefit Obligation (Detail) - Canada plan [member] | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Longevity at age 65 for current retired members [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Longevity (in years) | 23 years 4 months 24 days | 23 years 3 months 18 days |
Longevity at age 65 for current retired members [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Longevity (in years) | 24 years 6 months | 24 years 9 months 18 days |
Longevity at age 65 for current members aged 45 [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Longevity (in years) | 24 years 3 months 18 days | 24 years 3 months 18 days |
Longevity at age 65 for current members aged 45 [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Longevity (in years) | 25 years 4 months 24 days | 25 years 8 months 12 days |
Post-Employment Benefits - S_17
Post-Employment Benefits - Summary of Assumed Health-care Cost Trend Rates (Detail) - Canada plan [member] - Actuarial assumption of medical cost trend rates [member] | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of defined benefit plans [line items] | ||
Health-care cost trend rates assumed for next year | 5.20% | 5.30% |
Rate to which the cost trend rate is assumed to decline | 4.00% | 4.00% |
Year that the rate reaches the ultimate trend rate | 2040 | 2040 |
Post-Employment Benefits - S_18
Post-Employment Benefits - Summary of Affected Defined Benefit Obligation Due to Reasonable Possible Changes to Principal Actuarial Assumptions (Detail) - Canada plan [member] $ in Millions | Oct. 31, 2020CAD ($) |
Pension plan [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | $ 1,450 |
Increase in assumption | (1,185) |
Pension plan [member] | Actuarial assumption of rate of compensation increase [member] | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | (283) |
Increase in assumption | 325 |
Pension plan [member] | Actuarial assumption of future mortality [member] | |
Disclosure of defined benefit plans [line items] | |
1 year shorter life expectancy | (216) |
1 year longer life expectancy | 213 |
Other post employment benefit plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | 79 |
Increase in assumption | (65) |
Other post employment benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | |
Disclosure of defined benefit plans [line items] | |
Decrease in assumption | (28) |
Increase in assumption | 32 |
Other post employment benefit plans [member] | Actuarial assumption of future mortality [member] | |
Disclosure of defined benefit plans [line items] | |
1 year shorter life expectancy | (18) |
1 year longer life expectancy | $ 19 |
Post-Employment Benefits - S_19
Post-Employment Benefits - Summary of Expected Future Benefit Payments (Detail) - Canada plan [member] $ in Millions | Oct. 31, 2020CAD ($) |
Disclosure of defined benefit plans [line items] | |
2020 | $ 391 |
2021 | 396 |
2022 | 384 |
2023 | 391 |
2024 | 398 |
2025-2029 | 2,116 |
Total | 4,076 |
Pension plan [member] | |
Disclosure of defined benefit plans [line items] | |
2020 | 363 |
2021 | 367 |
2022 | 354 |
2023 | 360 |
2024 | 367 |
2025-2029 | 1,953 |
Total | 3,764 |
Other post employment benefit plans [member] | |
Disclosure of defined benefit plans [line items] | |
2020 | 28 |
2021 | 29 |
2022 | 30 |
2023 | 31 |
2024 | 31 |
2025-2029 | 163 |
Total | $ 312 |
Post-Employment Benefits - S_20
Post-Employment Benefits - Summary of defined contributions and other plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Expense recognized in consolidated statement of income | $ 170 | $ 150 | $ 151 |
Defined contribution pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expense recognized in consolidated statement of income | 33 | 29 | 27 |
Government pension plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Expense recognized in consolidated statement of income | $ 137 | $ 121 | $ 124 |
Income Taxes - Total Income Tax
Income Taxes - Total Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Provision for current income taxes | |||
Adjustments for prior years | $ (40) | $ (125) | $ (39) |
Current income tax expense | 1,366 | 1,365 | 1,392 |
Current income tax expense and adjustment for prior years | 1,326 | 1,240 | 1,353 |
Provision for deferred income taxes | |||
Adjustments for prior years | 37 | 107 | 32 |
Effect of changes in tax rates and laws | 4 | 34 | 87 |
Origination and reversal of temporary differences | (269) | (33) | (50) |
Deferred tax expense income | (228) | 108 | 69 |
Income tax expense | 1,098 | 1,348 | 1,422 |
OCI | 130 | 22 | 42 |
Total comprehensive income | $ 1,228 | $ 1,370 | $ 1,464 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Current income taxes | |||
Federal | $ 613 | $ 634 | $ 686 |
Provincial | 420 | 428 | 467 |
Foreign | 390 | 226 | 188 |
Current income tax expense benefit | 1,423 | 1,288 | 1,341 |
Deferred income taxes | |||
Federal | (67) | 30 | 54 |
Provincial | (44) | 20 | 36 |
Foreign | (84) | 32 | 33 |
Deferred income tax expense benefit | (195) | 82 | 123 |
Total comprehensive income | $ 1,228 | $ 1,370 | $ 1,464 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Combined Canadian federal and provincial income tax rate applied to income before income taxes | $ 1,291 | $ 1,718 | $ 1,777 |
Earnings of foreign subsidiaries | (66) | (214) | (220) |
Tax-exempt income | (134) | (131) | (203) |
Disposition | (1) | ||
Changes in income tax rate on deferred tax balances | 4 | 34 | 88 |
Impact of equity-accounted income | (18) | (23) | (29) |
Other (including Enron settlement) | 21 | (36) | 10 |
Income tax expense | $ 1,098 | $ 1,348 | $ 1,422 |
Combined Canadian federal and provincial income tax rate applied to income before income taxes, percentage | 26.40% | 26.50% | 26.50% |
Earnings of foreign subsidiaries, percentage | (1.30%) | (3.30%) | (3.30%) |
Tax-exempt income, percentage | (2.70%) | (2.00%) | (3.00%) |
Changes in income tax rate on deferred tax balances, percentage | 0.10% | 0.50% | 1.30% |
Impact of equity-accounted income, percentage | (0.40%) | (0.40%) | (0.40%) |
Other (including Enron settlement), percentage | 0.40% | (0.50%) | 0.10% |
Income taxes in the consolidated statement of income, percentage | 22.50% | 20.80% | 21.20% |
Income Taxes - Sources and Move
Income Taxes - Sources and Movement in Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | $ 986 | $ 994 | |
Recognized in net income | 270 | (87) | $ (116) |
Recognized in OCI | (18) | 33 | (87) |
Other | (10) | 43 | 1 |
Balance at end of year | 1,216 | 986 | 994 |
Balance at beginning of year | (507) | (436) | (472) |
Recognized in net income | (42) | (21) | 47 |
Recognized in OCI | (15) | (7) | 8 |
Other | 4 | (38) | (19) |
Balance at end of year | (599) | (507) | (436) |
Net deferred tax assets | 617 | 479 | 558 |
After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 974 | 997 | |
Balance at end of year | 974 | 997 | |
Balance at beginning of year | (546) | (441) | |
Balance at end of year | (546) | (441) | |
IFRS15 [Member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 3 | ||
Balance at end of year | 3 | ||
Balance at beginning of year | (5) | ||
Balance at end of year | (5) | ||
IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 1,169 | ||
IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 1,196 | ||
IFRS9 [member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 27 | ||
IFRS16 [Member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (12) | ||
Balance at end of year | (12) | ||
Balance at beginning of year | (39) | ||
Balance at end of year | (39) | ||
Allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 170 | 298 | |
Recognized in net income | 143 | (124) | 31 |
Recognized in OCI | 1 | ||
Other | 1 | (4) | 14 |
Balance at end of year | 314 | 170 | 298 |
Allowance for credit losses [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 170 | 298 | |
Balance at end of year | 170 | 298 | |
Allowance for credit losses [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 245 | ||
Allowance for credit losses [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 252 | ||
Allowance for credit losses [member] | IFRS9 [member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 7 | ||
Property and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 47 | 12 | |
Recognized in net income | (23) | 14 | (53) |
Other | 15 | 21 | (4) |
Balance at end of year | 39 | 47 | 12 |
Property and equipment [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 47 | 12 | |
Balance at end of year | 47 | 12 | |
Property and equipment [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 69 | ||
Property and equipment [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 69 | ||
Pension and employee benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 567 | 437 | |
Recognized in net income | 4 | 46 | (45) |
Recognized in OCI | (18) | 83 | (87) |
Other | 1 | 1 | 10 |
Balance at end of year | 554 | 567 | 437 |
Pension and employee benefits [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 567 | 437 | |
Balance at end of year | 567 | 437 | |
Pension and employee benefits [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 559 | ||
Pension and employee benefits [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 559 | ||
Provisions [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 20 | 16 | |
Recognized in net income | 33 | 3 | (31) |
Other | 1 | ||
Balance at end of year | 53 | 20 | 16 |
Provisions [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 20 | 16 | |
Balance at end of year | 20 | 16 | |
Provisions [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 47 | ||
Provisions [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 47 | ||
Financial instrument revaluation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 1 | 66 | |
Recognized in net income | (32) | (60) | |
Recognized in OCI | (50) | (1) | |
Other | 17 | (17) | |
Balance at end of year | 1 | 1 | 66 |
Financial instrument revaluation [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 1 | 66 | |
Balance at end of year | 1 | 66 | |
Financial instrument revaluation [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 124 | ||
Financial instrument revaluation [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 144 | ||
Financial instrument revaluation [member] | IFRS9 [member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 20 | ||
Tax loss carry-forwards [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 24 | 38 | |
Recognized in net income | (1) | (14) | 20 |
Other | (4) | ||
Balance at end of year | 19 | 24 | 38 |
Tax loss carry-forwards [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 24 | 38 | |
Balance at end of year | 24 | 38 | |
Tax loss carry-forwards [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 18 | ||
Tax loss carry-forwards [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 18 | ||
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 157 | 127 | |
Recognized in net income | 114 | 20 | 22 |
Other | (23) | 7 | (2) |
Balance at end of year | 236 | 157 | 127 |
Others [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 145 | 130 | |
Balance at end of year | 145 | 130 | |
Others [member] | IFRS15 [Member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 3 | ||
Balance at end of year | 3 | ||
Others [member] | IAS 39 [member] | Previously stated [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 107 | ||
Others [member] | IFRS9 [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | 107 | ||
Others [member] | IFRS16 [Member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (12) | ||
Balance at end of year | (12) | ||
Intangible assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (315) | (287) | (329) |
Recognized in net income | 13 | (16) | 53 |
Other | (3) | (12) | (11) |
Balance at end of year | (305) | (315) | (287) |
Intangible assets [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (315) | (287) | |
Balance at end of year | (315) | (287) | |
Property and equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (68) | (47) | (52) |
Recognized in net income | (6) | (12) | |
Other | 1 | (9) | 5 |
Balance at end of year | (112) | (68) | (47) |
Property and equipment [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (107) | (47) | |
Balance at end of year | (107) | (47) | |
Property and equipment [member] | IFRS16 [Member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (39) | ||
Balance at end of year | (39) | ||
Pension and employee benefits [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (9) | (11) | (10) |
Recognized in net income | (5) | (1) | 3 |
Recognized in OCI | (2) | (6) | (3) |
Other | 1 | 9 | (1) |
Balance at end of year | (15) | (9) | (11) |
Pension and employee benefits [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (9) | (11) | |
Balance at end of year | (9) | (11) | |
Goodwill [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (84) | (85) | (93) |
Recognized in net income | (2) | (1) | 1 |
Other | 2 | 7 | |
Balance at end of year | (86) | (84) | (85) |
Goodwill [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (84) | (85) | |
Balance at end of year | (84) | (85) | |
Financial instrument revaluation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (25) | (12) | (17) |
Recognized in net income | (24) | (4) | 3 |
Recognized in OCI | (13) | (2) | |
Other | (1) | (9) | 4 |
Balance at end of year | (63) | (25) | (12) |
Financial instrument revaluation [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (25) | (12) | |
Balance at end of year | (25) | (12) | |
Others [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | (6) | 6 | 29 |
Recognized in net income | (18) | 13 | (13) |
Recognized in OCI | (1) | 13 | |
Other | 6 | (19) | (23) |
Balance at end of year | (18) | (6) | 6 |
Others [member] | After accounting policy changes [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | $ (6) | ||
Other | 1 | ||
Balance at end of year | (6) | ||
Others [member] | IFRS15 [Member] | Impact of adopting IFRS [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Balance at beginning of year | $ (5) | ||
Balance at end of year | $ (5) |
Income Taxes - Sources and Mo_2
Income Taxes - Sources and Movement in Deferred Tax Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax operating loss carryforwards | $ 19 | $ 22 | $ 38 |
Canada [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax operating loss carryforwards | 13 | ||
Caribbean [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax operating loss carryforwards | 6 | ||
US [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax capital loss carryforwards | $ 0 | $ 2 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of Income Taxes [Line Items] | ||||
Net deferred tax assets | $ 617 | $ 479 | $ 558 | |
Deferred tax assets | 650 | 517 | ||
Deferred tax liabilities | 33 | 38 | ||
Unused tax losses for which deferred tax assets have not been recognized | $ 1,855 | 1,908 | ||
Unused tax losses for which deferred tax assets have not been recognized, expiration period | 10 years | |||
Amount of tax recovered | $ 38 | |||
Additional income tax by denying the tax deductibility | $ 1,115 | |||
Caribbean [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Unused tax losses for which deferred tax assets have not been recognized | 1,186 | 1,239 | ||
Canada [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Unused tax losses for which deferred tax assets have not been recognized | 611 | 611 | ||
US [member] | ||||
Disclosure Of Income Taxes [Line Items] | ||||
Unused tax losses for which deferred tax assets have not been recognized | $ 669 | $ 669 |
Earnings per Share - Summary of
Earnings per Share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Basic EPS | |||
Net income attributable to equity shareholders | $ 3,790 | $ 5,096 | $ 5,267 |
Less: preferred share dividends and distributions on other equity instruments | 122 | 111 | 89 |
Net income attributable to common shareholders | $ 3,668 | $ 4,985 | $ 5,178 |
Weighted-average common shares outstanding (thousands) | 445,435 | 444,324 | 443,082 |
Basic EPS | $ 8.23 | $ 11.22 | $ 11.69 |
Diluted EPS | |||
Net income attributable to common shareholders | $ 3,668 | $ 4,985 | $ 5,178 |
Weighted-average common shares outstanding (thousands) | 445,435 | 444,324 | 443,082 |
Add: stock options potentially exercisable (1) (thousands) | 378 | 702 | 1,111 |
Add: restricted shares and equity-settled consideration (thousands) | 208 | 431 | 434 |
Weighted-average diluted common shares outstanding (thousands) | 446,021 | 445,457 | 444,627 |
Diluted EPS | $ 8.22 | $ 11.19 | $ 11.65 |
Earnings per Share - Summary _2
Earnings per Share - Summary of Earnings Per Share (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Earnings per share [abstract] | |||
Outstanding options excluded from calculation of diluted earnings per share | 3,748,652 | 2,319,723 | 688,123 |
Weighted average Exercise price of average outstanding share options excluded from the calculation of diluted earnings per share | $ 111.53 | $ 114.29 | $ 120.02 |
Commitments, Guarantees and P_3
Commitments, Guarantees and Pledged Assets - Summary of Contract Amounts of Credit-Related Arrangements (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | $ 337,092 | $ 312,778 |
Securities lending [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | 39,186 | 44,220 |
Unutilized credit commitments [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | 268,089 | 241,038 |
Backstop liquidity facilities [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | 12,907 | 10,870 |
Standby and performance letters of credit [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | 14,565 | 13,489 |
Documentary and commercial letters of credit [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | 196 | 224 |
Other commitments to extend credit [Member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Credit related commitments | $ 2,149 | $ 2,937 |
Commitments, Guarantees and P_4
Commitments, Guarantees and Pledged Assets - Summary of Contract Amounts of Credit-Related Arrangements (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of commitments and contingencies [Line Items] | ||
Cash collateral on securities lent | $ 1,824 | $ 1,822 |
Personal, home equity, and credit card lines [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Capital commitment | $ 131,300 | $ 122,000 |
Commitments, Guarantees and P_5
Commitments, Guarantees and Pledged Assets - Additional Information (Detail) - CAD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
Underwriting commitments [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Underwriting commitments | $ 94,000,000 | $ 60,000,000 |
Securities lending [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Securities lending transactions with third parties | 64,300,000,000 | 67,800,000,000 |
Private equity funds 1 [member] | Top of range [member] | Investment commitments [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
Commitments | 212,000,000 | 258,000,000 |
Credit risk [member] | Securities lending [member] | Joint ventures [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
credit related commitments | 8,000,000,000 | 6,700,000,000 |
Credit risk [member] | Securities lending [member] | Joint ventures [member] | Bank of new york mellon [member] | ||
Disclosure of commitments and contingencies [Line Items] | ||
credit related commitments | $ 78,100,000,000 | $ 77,600,000,000 |
Commitments, Guarantees and P_6
Commitments, Guarantees and Pledged Assets - Summary of Asset Pledging Amounts and Related Activities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | $ 183,972 | $ 170,806 |
Financial assets pledged as collateral for securities lending [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 41,042 | 46,242 |
Financial assets pledged as collateral for obligations related to securities sold under repurchase agreements [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 69,528 | 51,942 |
Financial assets pledged as collateral for obligations related to securities sold short [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 15,963 | 15,635 |
Financial assets pledged as collateral for securitizations [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 20,818 | 19,398 |
Financial assets pledged as collateral for covered bonds [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 21,073 | 20,206 |
Financial assets pledged as collateral for derivatives [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 14,410 | 12,952 |
Financial assets pledged as collateral for foreign governments and central banks [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 133 | 784 |
Financial assets pledged as collateral for clearing systems, payment systems, and depositories [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | 605 | 2,400 |
Financial assets pledged as collateral for liabilities, other [member] | ||
Disclosure Assets Pledged As Collateral [Line Items] | ||
Asset pledging amounts and activities | $ 400 | $ 1,247 |
Contingent Liabilities and Pr_3
Contingent Liabilities and Provisions - Additional Information (Detail) $ in Millions, € in Billions | Sep. 30, 2018CAD ($) | Jan. 31, 2018CAD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2018CAD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2015EUR (€) | Dec. 31, 2013USD ($) | Jun. 30, 2013USD ($) | Jul. 31, 2008CAD ($) | Jun. 30, 2007CAD ($) | Jan. 31, 2020CAD ($) | Apr. 30, 2018USD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2018CAD ($) |
Valeant class actions [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Underwriting offering, percentage | 0.625% | 0.625% | 1.50% | 1.50% | |||||||||||
Underwriting offering | $ 5,250 | € 1.5 | $ 900 | $ 1,600 | |||||||||||
York Countyv Rambo Class Actions [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Underwriting offering, percentage | 6.00% | ||||||||||||||
Underwriting offering | $ 650 | $ 4,000 | |||||||||||||
York Countyv Rambo Class Actions [member] | Tranche One [Member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Underwriting offering | 400 | ||||||||||||||
York Countyv Rambo Class Actions [member] | Tranche Two [Member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Underwriting offering | $ 250 | ||||||||||||||
Restructuring provision [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Recognised Restructuring charge | $ 339,000,000 | ||||||||||||||
Restructuring provision | $ 222,000,000 | $ 26,000,000 | $ 71,000,000 | ||||||||||||
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 | $ 1,100,000,000 | ||||||||||||||
Green v. Canadian Imperial Bank of Commerce, et al. [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Loss contingency, damages sought | $ 5,000,000,000 | ||||||||||||||
Fresco v. CIBC/Gaudet v. CIBC [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Loss contingency, damages sought | $ 500,000,000 | ||||||||||||||
Loss contingency, punitive damage | $ 100,000,000 | ||||||||||||||
Simplii Privacy Class Actions [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Loss contingency, damages sought | $ 550,000,000 | ||||||||||||||
Loss contingency, punitive damage | $ 20,000,000 | ||||||||||||||
Pozgaj v. CIBC and CIBC Trust [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Loss contingency, damages sought | $ 200,000,000 | ||||||||||||||
Pilon v. Amex Bank of Canada, et al. [member] | |||||||||||||||
Disclosure Of Contingent Assets And Liabilities [Line Items] | |||||||||||||||
Loss contingency, punitive damage | $ 500 |
Contingent Liabilities and Pr_4
Contingent Liabilities and Provisions - Disclosure of Changes in Legal Provisions (Detail) - Legal proceedings provision [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of other provisions [line items] | ||
Balance at beginning of year | $ 67 | $ 40 |
Additional new provisions recognized | 92 | 39 |
Amounts incurred and charged against existing provisions | (5) | (8) |
Unused amounts reversed | (3) | (4) |
Balance at end of year | $ 151 | $ 67 |
Contingent Liabilities and Pr_5
Contingent Liabilities and Provisions - Disclosure of Changes in the Restructuring Provisions (Detail) - Restructuring provision [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of other provisions [line items] | ||
Balance at beginning of year | $ 26 | $ 71 |
Additional new provisions recognized | 370 | |
Amounts incurred and charged against existing provisions | (152) | (45) |
Unused amounts reversed | (22) | |
Balance at end of year | $ 222 | $ 26 |
Concentration of Credit Risk -
Concentration of Credit Risk - Summary of Credit Exposure Associated with our On- and Off-Balance Sheet Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 861,193 | $ 756,150 |
Credit risk [member] | On-balance sheet [member] | Major assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 734,824 | 620,447 |
Credit risk [member] | Off-balance sheet [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 337,092 | 312,778 |
Credit risk [member] | Off-balance sheet [member] | Financial institutions counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 74,455 | 73,659 |
Credit risk [member] | Off-balance sheet [member] | Governments counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 9,877 | 9,232 |
Credit risk [member] | Off-balance sheet [member] | Retail Counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 143,339 | 131,486 |
Credit risk [member] | Off-balance sheet [member] | Corporate counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 109,421 | 98,401 |
Canada [member] | Credit risk [member] | On-balance sheet [member] | Major assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 512,542 | 444,317 |
Canada [member] | Credit risk [member] | Off-balance sheet [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 270,577 | 248,795 |
Canada [member] | Credit risk [member] | Off-balance sheet [member] | Financial institutions counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 48,236 | 47,815 |
Canada [member] | Credit risk [member] | Off-balance sheet [member] | Governments counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 9,860 | 9,208 |
Canada [member] | Credit risk [member] | Off-balance sheet [member] | Retail Counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 142,351 | 130,544 |
Canada [member] | Credit risk [member] | Off-balance sheet [member] | Corporate counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 70,130 | 61,228 |
United States [member] | Credit risk [member] | On-balance sheet [member] | Major assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 151,337 | 120,286 |
United States [member] | Credit risk [member] | Off-balance sheet [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 44,885 | 42,953 |
United States [member] | Credit risk [member] | Off-balance sheet [member] | Financial institutions counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 13,482 | 13,526 |
United States [member] | Credit risk [member] | Off-balance sheet [member] | Governments counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 10 | 10 |
United States [member] | Credit risk [member] | Off-balance sheet [member] | Retail Counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 554 | 510 |
United States [member] | Credit risk [member] | Off-balance sheet [member] | Corporate counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 30,839 | 28,907 |
Other countries [member] | Credit risk [member] | On-balance sheet [member] | Major assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 70,945 | 55,844 |
Other countries [member] | Credit risk [member] | Off-balance sheet [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 21,630 | 21,030 |
Other countries [member] | Credit risk [member] | Off-balance sheet [member] | Financial institutions counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 12,737 | 12,318 |
Other countries [member] | Credit risk [member] | Off-balance sheet [member] | Governments counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 7 | 14 |
Other countries [member] | Credit risk [member] | Off-balance sheet [member] | Retail Counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 434 | 432 |
Other countries [member] | Credit risk [member] | Off-balance sheet [member] | Corporate counterparty [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 8,452 | $ 8,266 |
Concentration of Credit Risk _2
Concentration of Credit Risk - Summary of Credit Exposure Associated with our On- and Off-Balance Sheet Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 861,193 | $ 756,150 |
On-balance sheet [member] | United States [member] | Loans and Acceptances Net of Allowance for Credit Losses [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of loans and acceptances net of allowance for credit losses accounted for | 13.00% | 12.10% |
On-balance sheet [member] | Major assets [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 734,824 | $ 620,447 |
On-balance sheet [member] | Major assets [member] | United States [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 151,337 | 120,286 |
On-balance sheet [member] | Major assets [member] | Canadian currency [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 497,300 | 426,000 |
On-balance sheet [member] | Major assets [member] | Foreign currency [member] | Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 237,500 | $ 194,400 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Description of related party transactions | In the ordinary course of business, we provide banking services and enter into transactions with related parties on terms similar to those offered to unrelated parties. Related parties include key management personnel(1), their close family members, and entities that they or their close family members control or jointly control. | |
Related parties include close family members control or jointly control | $ 139,000,000 | $ 239,000,000 |
Letters of credit and guarantees | 2,000,000 | 4,000,000 |
Undrawn credit commitments | 65,000,000 | 72,000,000 |
Provision for credit losses outstanding balances | $ 0 | $ 0 |
Related-Party Transactions - Su
Related-Party Transactions - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Directors [member] | ||
Disclosure of transactions between related parties [line items] | ||
Short-term benefits (1) | $ 3 | $ 3 |
Share-based benefits (2) | 1 | 2 |
Total compensation | 4 | 5 |
Senior officers [member] | ||
Disclosure of transactions between related parties [line items] | ||
Short-term benefits (1) | 18 | 23 |
Post-employment benefits | 3 | 3 |
Share-based benefits (2) | 30 | 38 |
Termination benefits | 4 | |
Total compensation | $ 55 | $ 64 |
Investments in Equity-Account_3
Investments in Equity-Accounted Associates and Joint Ventures - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Cumulative unrecognised share of losses of joint ventures | $ 0 | |
Unrecognised share of losses of joint ventures | 0 | |
Investments in associates | 71,000,000 | $ 57,000,000 |
Unrecognized share of losses of associate | 0 | |
Cumulative unrecognized share of losses of associate | 0 | |
Top of range [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investment commitment in associates | 0 | 0 |
Listed associates [Member] | At Carrying Value [Member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in associates | 10,000,000 | 9,000,000 |
Listed associates [Member] | At fair value [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in associates, fair value where price quotations published | 10,000,000 | 9,000,000 |
Unlisted Associates [member] | At Carrying Value [Member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in associates | 61,000,000 | 48,000,000 |
Unlisted Associates [member] | At fair value [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in associates, fair value where price quotations not published | 83,000,000 | 76,000,000 |
Associates [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Undrawn credit commitments | 79,000,000 | 79,000,000 |
Loans | $ 0 | 0 |
Joint ventures [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Description of joint venture | CIBC is a 50/50 joint venture partner with The Bank of New York Mellon in two joint ventures CIBC Mellon Trust Company and CIBC Mellon Global Securities Services Company | |
Country of incorporation of joint venture | Canada | |
Proportion of ownership interest in joint venture | 50.00% | |
Loans | $ 0 | 0 |
Undrawn credit commitments | 164,000,000 | 128,000,000 |
Corporate and Other [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investment in joint venture | 587,000,000 | 529,000,000 |
Investments in associates | 24,000,000 | 19,000,000 |
Canadian Personal and Business Banking [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in associates | 10,000,000 | 5,000,000 |
Capital Markets [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Investments in associates | $ 37,000,000 | $ 33,000,000 |
Investments in Equity-Account_4
Investments in Equity-Accounted Associates and Joint Ventures - Summary of Aggregate Financial Information Related to Proportionate Interest in the Equity-accounted Joint Ventures (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of joint ventures [line items] | |||
Net income | $ 79 | $ 92 | $ 121 |
Joint ventures [member] | |||
Disclosure of joint ventures [line items] | |||
Net income | 67 | 88 | 106 |
OCI | 43 | 45 | (12) |
Total comprehensive income | $ 110 | $ 133 | $ 94 |
Investments in Equity-Account_5
Investments in Equity-Accounted Associates and Joint Ventures - Summary of Aggregate Financial Information Related to Proportionate Interest in Equity-Accounted Associates (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of associates [line items] | |||
Net income | $ 79 | $ 92 | $ 121 |
Associates [member] | |||
Disclosure of associates [line items] | |||
Net income | 12 | 4 | 15 |
OCI | 1 | (1) | (7) |
Total comprehensive income | $ 13 | $ 3 | $ 8 |
Significant Subsidiaries - Addi
Significant Subsidiaries - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
Investments accounted for using equity method [abstract] | |
Percentage of voting shares in subsidiaries | 100.00% |
Significant Subsidiaries - Summ
Significant Subsidiaries - Summary List of Significant Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
CIBC BA Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC BA Limited |
Address of head or principal office | Toronto, Ontario, Canada |
First Caribbean International Bank Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank Limited |
Address of head or principal office | Warrens, St. Michael, Barbados |
CIBC Bank and Trust Company (Cayman) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Bank and Trust Company (Cayman) Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
CIBC Fund Administration Services (Asia) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Fund Administration Services (Asia) Limited |
Address of head or principal office | Hong Kong, China |
FirstCaribbean International Bank (Bahamas) Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank (Bahamas) Limited |
Address of head or principal office | Nassau, The Bahamas |
Sentry Insurance Brokers Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | Sentry Insurance Brokers Ltd. |
Address of head or principal office | Nassau, The Bahamas |
FirstCaribbean International Bank (Barbados) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank (Barbados) Limited |
Address of head or principal office | Warrens, St. Michael, Barbados |
FirstCaribbean International Finance Corporation (Leeward & Windward) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Finance Corporation (Leeward & Windward) Limited |
Address of head or principal office | Castries, St. Lucia |
FirstCaribbean International Securities Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Securities Limited |
Address of head or principal office | Kingston, Jamaica |
FirstCaribbean International Bank (Cayman) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank (Cayman) Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
FirstCaribbean International Finance Corporation (Netherlands Antilles) N.V. [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Finance Corporation (Netherlands Antilles) N.V. |
Address of head or principal office | Curacao, Netherlands Antilles |
FirstCaribbean International Bank (Curacao) N.V. [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank (Curacao) N.V. |
Address of head or principal office | Curacao, Netherlands Antilles |
FirstCaribbean International Bank (Jamaica) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank (Jamaica) Limited |
Address of head or principal office | Kingston, Jamaica |
FirstCaribbean International Bank (Trinidad and Tobago) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Bank (Trinidad and Tobago) Limited |
Address of head or principal office | Maraval, Port of Spain, Trinidad & Tobago |
FirstCaribbean International Trust Company (Bahamas) Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Trust Company (Bahamas) Limited |
Address of head or principal office | Nassau, The Bahamas |
FirstCaribbean International Wealth Management Bank (Barbados) [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | FirstCaribbean International Wealth Management Bank (Barbados) Limited |
Address of head or principal office | Warrens, St. Michael, Barbados |
CIBC Asset Management Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Asset Management Inc. |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 444 |
CIBC Bancorp USA Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Bancorp USA Inc. |
Address of head or principal office | Chicago, Illinois, U.S. |
Book value of shares owned by CIBC | $ 9,077 |
Canadian Imperial Holdings Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | Canadian Imperial Holdings Inc. |
Address of head or principal office | New York, New York, U.S. |
CIBC Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Inc. |
Address of head or principal office | New York, New York, U.S. |
CIBC World Markets Corp [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC World Markets Corp. |
Address of head or principal office | New York, New York, U.S. |
CIBC Bank USA [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Bank USA |
Address of head or principal office | Chicago, Illinois, U.S. |
CIBC Private Wealth Group, LLC [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Private Wealth Group, LLC |
Address of head or principal office | Atlanta, Georgia, U.S. |
CIBC Delaware Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Delaware Trust Company |
Address of head or principal office | Wilmington, Delaware, U.S. |
CIBC National Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC National Trust Company |
Address of head or principal office | Atlanta, Georgia, U.S. |
CIBC Private Wealth Advisors, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Private Wealth Advisors, Inc. |
Address of head or principal office | Chicago, Illinois, U.S. |
CIBC Investor Services Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Investor Services Inc. |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 25 |
CIBC Life Insurance Company Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Life Insurance Company Limited |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 23 |
CIBC Mortgages Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Mortgages Inc. |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 230 |
CIBC Securities Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Securities Inc. |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 2 |
CIBC Trust Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Trust Corporation |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 591 |
CIBC World Markets Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC World Markets Inc. |
Address of head or principal office | Toronto, Ontario, Canada |
Book value of shares owned by CIBC | $ 306 |
CIBC Wood Gundy Financial Services Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Wood Gundy Financial Services Inc. |
Address of head or principal office | Toronto, Ontario, Canada |
CIBC Wood Gundy Financial Services (Quebec) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Wood Gundy Financial Services (Quebec) Inc. |
Address of head or principal office | Montreal, Quebec, Canada |
INTRIA Items Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | INTRIA Items Inc. |
Address of head or principal office | Mississauga, Ontario, Canada |
Book value of shares owned by CIBC | $ 100 |
CIBC Australia Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Australia Ltd |
Address of head or principal office | Sydney, New South Wales, Australia |
Book value of shares owned by CIBC | $ 19 |
CIBC Cayman Holdings Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Cayman Holdings Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
Book value of shares owned by CIBC | $ 1,742 |
CIBC Cayman Bank Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Cayman Bank Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
CIBC Cayman Capital Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Cayman Capital Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
CIBC Cayman Reinsurance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Cayman Reinsurance Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
CIBC Investments (Cayman) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Investments (Cayman) Limited |
Address of head or principal office | George Town, Grand Cayman, Cayman Islands |
Book value of shares owned by CIBC | $ 2,820 |
CIBC Capital Markets (Europe) S.A. [Member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC Capital Markets (Europe) S.A. |
Address of head or principal office | Luxembourg |
Book value of shares owned by CIBC | $ 550 |
CIBC World Markets (Japan) Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Subsidiary name | CIBC World Markets (Japan) Inc. |
Address of head or principal office | Tokyo, Japan |
Book value of shares owned by CIBC | $ 48 |
Significant Subsidiaries - Su_2
Significant Subsidiaries - Summary List of Significant Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
First Caribbean International Bank Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
CIBC Bank and Trust Company (Cayman) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
CIBC Fund Administration Services (Asia) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Bank (Bahamas) Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 87.30% |
Sentry Insurance Brokers Ltd [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 87.30% |
FirstCaribbean International Bank (Barbados) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Finance Corporation (Leeward and Windward) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Securities Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Bank (Cayman) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Finance Corporation (Netherlands Antilles) N.V. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Bank (Curacao) N.V. [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Bank (Jamaica) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Bank (Trinidad and Tobago) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Trust Company (Bahamas) Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
FirstCaribbean International Wealth Management Bank (Barbados) [member] | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership in subsidiary | 91.70% |
Financial Instruments -Schedule
Financial Instruments -Schedule of Balance Sheet Exposure Credit Risk under Different Basel Approaches (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Cash and deposits with banks | $ 62,518 | |
Securities | 149,046 | $ 121,310 |
Cash collateral on securities borrowed | 8,547 | 3,664 |
Securities purchased under resale agreements | 65,595 | 56,111 |
Loans | 410,322 | |
Allowance for credit losses | (3,540) | (1,915) |
Derivative instruments | 32,730 | 23,895 |
Customers' liability under acceptances | 9,606 | 9,167 |
Other assets | 34,727 | |
Total credit exposures | 769,551 | 651,604 |
Subject to credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and deposits with banks | 62,436 | |
Securities | 103,060 | |
Cash collateral on securities borrowed | 8,547 | |
Securities purchased under resale agreements | 65,595 | |
Loans | 408,650 | |
Allowance for credit losses | (3,540) | |
Derivative instruments | 32,730 | |
Customers' liability under acceptances | 9,606 | |
Other assets | 23,719 | |
Total credit exposures | 710,803 | 596,759 |
Subject to credit risk [member] | AIRB approach [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and deposits with banks | 50,407 | |
Securities | 91,099 | |
Cash collateral on securities borrowed | 8,543 | |
Securities purchased under resale agreements | 65,595 | |
Loans | 363,425 | |
Allowance for credit losses | (2,600) | |
Derivative instruments | 32,600 | |
Customers' liability under acceptances | 9,606 | |
Other assets | 15,518 | |
Total credit exposures | 634,193 | 535,483 |
Subject to credit risk [member] | Standardized approach 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and deposits with banks | 10,207 | |
Securities | 11,961 | |
Cash collateral on securities borrowed | 4 | |
Loans | 44,087 | |
Allowance for credit losses | (940) | |
Derivative instruments | 130 | |
Other assets | 462 | |
Total credit exposures | 65,911 | 52,605 |
Subject to credit risk [member] | Other credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and deposits with banks | 1,822 | |
Loans | 1,138 | |
Other assets | 7,739 | |
Total credit exposures | 10,699 | 8,671 |
Not subject to credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash and deposits with banks | 82 | |
Securities | 45,986 | |
Loans | 1,672 | |
Other assets | 11,008 | |
Total credit exposures | $ 58,748 | $ 54,845 |
Offsetting Financial Assets a_3
Offsetting Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial assets | $ 135,906 | $ 104,951 |
Gross amounts offset on the consolidated balance sheet | (32,729) | (24,226) |
Net amounts | 103,177 | 80,725 |
Financial instruments | (19,347) | (14,572) |
Securities collateral received | (78,615) | (63,197) |
Net amounts | 5,215 | 2,956 |
Amounts not subject to enforecable netting agreements | 3,695 | 2,945 |
Derivatives | 32,730 | 23,895 |
Cash collateral on securities borrowed | 8,547 | 3,664 |
Securities purchased under resale agreements | 65,595 | 56,111 |
Net amounts presented on the consolidated balance sheet | 106,872 | 83,670 |
Gross amounts of recognized financial liabilities | 132,678 | 100,584 |
Gross amounts offset on the consolidated balance sheet | (32,729) | (24,226) |
Net amounts | 99,949 | 76,358 |
Financial instruments | (19,347) | (14,572) |
Securities collateral pledged | (78,970) | (59,962) |
Net amounts | 1,632 | 1,824 |
Amounts not subject to enforecable netting agreements | 4,036 | 2,378 |
Derivatives | 30,508 | 25,113 |
Cash collateral on securities lent | 1,824 | 1,822 |
Obligations related to securities sold under repurchase agreements | 71,653 | 51,801 |
Net amounts presented on the consolidated balance sheet | 103,985 | 78,736 |
Derivative liabilities [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial liabilities | 56,461 | 43,941 |
Gross amounts offset on the consolidated balance sheet | (29,989) | (21,206) |
Net amounts | 26,472 | 22,735 |
Financial instruments | (19,347) | (14,572) |
Securities collateral pledged | (5,883) | (6,840) |
Net amounts | 1,242 | 1,323 |
Amounts not subject to enforecable netting agreements | 4,036 | 2,378 |
Cash Collateral On Securities Lent [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial liabilities | 1,824 | 1,822 |
Gross amounts offset on the consolidated balance sheet | 0 | 0 |
Net amounts | 1,824 | 1,822 |
Financial instruments | 0 | 0 |
Securities collateral pledged | (1,719) | (1,779) |
Net amounts | 105 | 43 |
Amounts not subject to enforecable netting agreements | 0 | 0 |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial liabilities | 74,393 | 54,821 |
Gross amounts offset on the consolidated balance sheet | (2,740) | (3,020) |
Net amounts | 71,653 | 51,801 |
Financial instruments | 0 | 0 |
Securities collateral pledged | (71,368) | (51,343) |
Net amounts | 285 | 458 |
Amounts not subject to enforecable netting agreements | 0 | 0 |
Derivative Assets [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial assets | 59,024 | 42,156 |
Gross amounts offset on the consolidated balance sheet | (29,989) | (21,206) |
Net amounts | 29,035 | 20,950 |
Financial instruments | (19,347) | (14,572) |
Securities collateral received | (5,170) | (3,888) |
Net amounts | 4,518 | 2,490 |
Amounts not subject to enforecable netting agreements | 3,695 | 2,945 |
Cash Collateral Securities [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial assets | 8,547 | 3,664 |
Gross amounts offset on the consolidated balance sheet | 0 | 0 |
Net amounts | 8,547 | 3,664 |
Financial instruments | 0 | 0 |
Securities collateral received | (8,267) | (3,588) |
Net amounts | 280 | 76 |
Amounts not subject to enforecable netting agreements | 0 | 0 |
Securities Purchased Under Resale Agreements [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts of recognized financial assets | 68,335 | 59,131 |
Gross amounts offset on the consolidated balance sheet | (2,740) | (3,020) |
Net amounts | 65,595 | 56,111 |
Financial instruments | 0 | 0 |
Securities collateral received | (65,178) | (55,721) |
Net amounts | 417 | 390 |
Amounts not subject to enforecable netting agreements | $ 0 | $ 0 |
Offsetting Financial Assets a_4
Offsetting Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Offsetting Of Financial Assets And Financial Liabilities [abstract] | ||
Derivatives cleared through CME | $ 964 | $ 355 |
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 | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Analysis Of Income And Expense [line items] | ||||
Interest income | [1] | $ 17,522 | $ 20,697 | $ 17,505 |
Interest expense | 6,478 | 10,146 | 7,440 | |
Amortised cost [member] | ||||
Analysis Of Income And Expense [line items] | ||||
Interest income | 15,055 | 17,871 | 15,275 | |
Interest expense | 6,062 | 9,824 | 7,139 | |
Debt securities measured at fair value through other comprehensive income [member] | ||||
Analysis Of Income And Expense [line items] | ||||
Interest income | 685 | 960 | 749 | |
Other [member] | ||||
Analysis Of Income And Expense [line items] | ||||
Interest income | 1,782 | 1,866 | 1,481 | |
Interest expense | $ 416 | $ 322 | $ 301 | |
[1] | Interest income included $15.7 billion for the year ended October 31, 2020 (2019: $18.8 billion) calculated based on the effective interest rate method. |
Segmented and Geographic Info_3
Segmented and Geographic Information - Detailed Report of Segments and Geographic Areas (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 11,044 | $ 10,551 | $ 10,065 |
Non-interest income | 7,697 | 8,060 | 7,769 |
Revenue | 18,741 | 18,611 | 17,834 |
Provision for (reversal of) credit losses | 2,489 | 1,286 | 870 |
Amortization and impairment | 1,311 | 838 | 657 |
Other non-interest expenses | 10,051 | 10,018 | 9,601 |
Income (loss) before income taxes | 4,890 | 6,469 | 6,706 |
Income taxes | 1,098 | 1,348 | 1,422 |
Net income (loss) | 3,792 | 5,121 | 5,284 |
Non-controlling interests | 2 | 25 | 17 |
Equity shareholders | 3,790 | 5,096 | 5,267 |
Average assets | 735,492 | 639,716 | 598,441 |
Canada [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 8,449 | 7,890 | 7,963 |
Non-interest income | 5,243 | 6,008 | 6,030 |
Revenue | 13,692 | 13,898 | 13,993 |
Provision for (reversal of) credit losses | 1,648 | 1,111 | 740 |
Amortization and impairment | 805 | 508 | 469 |
Other non-interest expenses | 7,991 | 7,985 | 7,655 |
Income (loss) before income taxes | 3,248 | 4,294 | 5,129 |
Income taxes | 700 | 1,008 | 1,021 |
Net income (loss) | 2,548 | 3,286 | 4,108 |
Equity shareholders | 2,548 | 3,286 | 4,108 |
Average assets | 554,787 | 501,066 | 476,224 |
United States [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,583 | 1,405 | 1,204 |
Non-interest income | 1,167 | 1,099 | 895 |
Revenue | 2,750 | 2,504 | 2,099 |
Provision for (reversal of) credit losses | 623 | 173 | 57 |
Amortization and impairment | 174 | 139 | 136 |
Other non-interest expenses | 1,336 | 1,290 | 1,231 |
Income (loss) before income taxes | 617 | 902 | 675 |
Income taxes | 165 | 139 | 288 |
Net income (loss) | 452 | 763 | 387 |
Equity shareholders | 452 | 763 | 387 |
Average assets | 122,721 | 99,152 | 80,935 |
Caribbean [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 890 | 820 | 793 |
Non-interest income | 616 | 643 | 567 |
Revenue | 1,506 | 1,463 | 1,360 |
Provision for (reversal of) credit losses | 199 | 1 | 75 |
Amortization and impairment | 312 | 181 | 44 |
Other non-interest expenses | 530 | 556 | 530 |
Income (loss) before income taxes | 465 | 725 | 711 |
Income taxes | 89 | 155 | 72 |
Net income (loss) | 376 | 570 | 639 |
Non-controlling interests | 2 | 25 | 17 |
Equity shareholders | 374 | 545 | 622 |
Average assets | 33,012 | 27,086 | 31,101 |
Other countries [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 122 | 436 | 105 |
Non-interest income | 671 | 310 | 277 |
Revenue | 793 | 746 | 382 |
Provision for (reversal of) credit losses | 19 | 1 | (2) |
Amortization and impairment | 20 | 10 | 8 |
Other non-interest expenses | 194 | 187 | 185 |
Income (loss) before income taxes | 560 | 548 | 191 |
Income taxes | 144 | 46 | 41 |
Net income (loss) | 416 | 502 | 150 |
Equity shareholders | 416 | 502 | 150 |
Average assets | 24,972 | 12,412 | 10,181 |
Canadian Personal and Business Banking [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 6,294 | 6,372 | 6,151 |
Non-interest income | 2,194 | 2,383 | 2,444 |
Revenue | 8,488 | 8,755 | 8,595 |
Provision for (reversal of) credit losses | 1,219 | 896 | 741 |
Amortization and impairment | 230 | 96 | 98 |
Other non-interest expenses | 4,373 | 4,649 | 4,297 |
Income (loss) before income taxes | 2,666 | 3,114 | 3,459 |
Income taxes | 704 | 825 | 919 |
Net income (loss) | 1,962 | 2,289 | 2,540 |
Equity shareholders | 1,962 | 2,289 | 2,540 |
Average assets | 261,956 | 259,089 | 259,131 |
Canadian Commercial Banking and Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,248 | 1,205 | 1,091 |
Non-interest income | 2,873 | 2,822 | 2,745 |
Revenue | 4,121 | 4,027 | 3,836 |
Provision for (reversal of) credit losses | 303 | 163 | 5 |
Amortization and impairment | 30 | 8 | 9 |
Other non-interest expenses | 2,149 | 2,098 | 2,058 |
Income (loss) before income taxes | 1,639 | 1,758 | 1,764 |
Income taxes | 437 | 471 | 478 |
Net income (loss) | 1,202 | 1,287 | 1,286 |
Equity shareholders | 1,202 | 1,287 | 1,286 |
Average assets | 65,839 | 62,552 | 55,713 |
U.S. Commercial Banking and Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,433 | 1,381 | 1,231 |
Non-interest income | 621 | 583 | 529 |
Revenue | 2,054 | 1,964 | 1,760 |
Provision for (reversal of) credit losses | 487 | 73 | 79 |
Amortization and impairment | 126 | 109 | 107 |
Other non-interest expenses | 1,007 | 1,010 | 916 |
Income (loss) before income taxes | 434 | 772 | 658 |
Income taxes | 54 | 90 | 97 |
Net income (loss) | 380 | 682 | 561 |
Equity shareholders | 380 | 682 | 561 |
Average assets | 55,237 | 47,495 | 41,238 |
Capital Markets [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,910 | 1,253 | 1,432 |
Non-interest income | 1,577 | 1,707 | 1,503 |
Revenue | 3,487 | 2,960 | 2,935 |
Provision for (reversal of) credit losses | 281 | 153 | (30) |
Amortization and impairment | 10 | 4 | 4 |
Other non-interest expenses | 1,624 | 1,512 | 1,488 |
Income (loss) before income taxes | 1,572 | 1,291 | 1,473 |
Income taxes | 441 | 337 | 387 |
Net income (loss) | 1,131 | 954 | 1,086 |
Equity shareholders | 1,131 | 954 | 1,086 |
Average assets | 221,117 | 184,566 | 166,231 |
Corporate and Other [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 159 | 340 | 160 |
Non-interest income | 432 | 565 | 548 |
Revenue | 591 | 905 | 708 |
Provision for (reversal of) credit losses | 199 | 1 | 75 |
Amortization and impairment | 915 | 621 | 439 |
Other non-interest expenses | 898 | 749 | 842 |
Income (loss) before income taxes | (1,421) | (466) | (648) |
Income taxes | (538) | (375) | (459) |
Net income (loss) | (883) | (91) | (189) |
Non-controlling interests | 2 | 25 | 17 |
Equity shareholders | (885) | (116) | (206) |
Average assets | $ 131,343 | $ 86,014 | $ 76,128 |
Segmented and Geographic Info_4
Segmented and Geographic Information - Detailed Report of Segments and Geographic Areas (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
U.S. Commercial banking and wealth management [member] | |||
Disclosure of operating segments [line items] | |||
Taxable equivalent basis adjustment | $ 0 | $ 2 | $ 2 |
Capital markets [member] | |||
Disclosure of operating segments [line items] | |||
Taxable equivalent basis adjustment | $ 183 | $ 177 | $ 278 |
Segmented and Geographic Info_5
Segmented and Geographic Information - Breakdown of revenue from reporting segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of operating segments [line items] | |||
Revenue | $ 18,741 | $ 18,611 | $ 17,834 |
Canadian Personal and Business Banking [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 8,488 | 8,755 | 8,595 |
Canadian Commercial Banking and Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 4,121 | 4,027 | 3,836 |
Canadian Commercial Banking and Wealth Management [member] | Commercial banking [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,663 | 1,633 | 1,461 |
Canadian Commercial Banking and Wealth Management [member] | Wealth management [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,458 | 2,394 | 2,375 |
U.S. Commercial Banking and Wealth Management [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,054 | 1,964 | 1,760 |
U.S. Commercial Banking and Wealth Management [member] | Commercial banking [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,432 | 1,353 | 1,194 |
U.S. Commercial Banking and Wealth Management [member] | Wealth management [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 622 | 611 | 566 |
Capital Markets [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 3,487 | 2,960 | 2,935 |
Capital Markets [member] | Global Markets [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 2,143 | 1,729 | 1,694 |
Capital Markets [member] | Corporate and investment banking [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 1,344 | 1,231 | 1,241 |
Corporate and Other [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | 591 | 905 | 708 |
Corporate and Other [member] | Other [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | (143) | 107 | 51 |
Corporate and Other [member] | International banking [member] | |||
Disclosure of operating segments [line items] | |||
Revenue | $ 734 | $ 798 | $ 657 |
Segmented and Geographic Info_6
Segmented and Geographic Information - Breakdown of revenue from reporting segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
U.S. Commercial banking and wealth management [member] | |||
Disclosure of operating segments [line items] | |||
Taxable equivalent basis adjustment | $ 0 | $ 2 | $ 2 |
Capital markets [member] | |||
Disclosure of operating segments [line items] | |||
Taxable equivalent basis adjustment | $ 183 | $ 177 | $ 278 |
IFRS 7 - Disclosure - Credit Ri
IFRS 7 - Disclosure - Credit Risk - Summary of Risk Measurement (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2020 | |
Bottom of range [member] | Investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 0 |
Bottom of range [member] | Non investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 51 |
Bottom of range [member] | Watch list [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 70 |
Bottom of range [member] | Default [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 90 |
Top of range [member] | Investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 47 |
Top of range [member] | Non investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 67 |
Top of range [member] | Watch list [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 80 |
Top of range [member] | Default [member] | |
Disclosure of credit risk exposure [line items] | |
CIBC Rating | 90 |
Equivalent external rating Moody's default [member] | Investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | Aaa to Baa3 |
Equivalent external rating Moody's default [member] | Non investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | Ba1 to B3 |
Equivalent external rating Moody's default [member] | Watch list [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | Caa1 to Ca |
Equivalent external rating Moody's default [member] | Default [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | C |
Equivalent external rating S&P default [member] | Investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | AAA to BBB- |
Equivalent external rating S&P default [member] | Non investment grade [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | BB+ to B- |
Equivalent external rating S&P default [member] | Watch list [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | CCC+ to C |
Equivalent external rating S&P default [member] | Default [member] | |
Disclosure of credit risk exposure [line items] | |
Description of rating agencies used | D |
IFRS 7 - Disclosure - Credit _2
IFRS 7 - Disclosure - Credit Risk - Summary of PD Bands to Various Risk Levels (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
Probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 100.00% |
Bottom of range [member] | Exceptionally low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 0.01% |
Bottom of range [member] | Very low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 0.21% |
Bottom of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 0.51% |
Bottom of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 2.01% |
Bottom of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 10.01% |
Top of range [member] | Exceptionally low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 0.20% |
Top of range [member] | Very low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 0.50% |
Top of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 2.00% |
Top of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 10.00% |
Top of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of obligor default rate | 99.99% |
IFRS 7 - Disclosure - Credit _3
IFRS 7 - Disclosure - Credit Risk - Summary of Exposure to Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 861,193 | $ 756,150 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,960 | 6,550 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 486,558 | 406,903 |
Business and government portfolios [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 362,179 | 332,731 |
Business and government portfolios [member] | Corporate segment [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 138,945 | 128,736 |
Business and government portfolios [member] | Corporate segment [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 56,812 | 50,976 |
Business and government portfolios [member] | Corporate segment [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 139,677 | 122,777 |
Business and government portfolios [member] | Corporate segment [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 15,101 | 15,521 |
Business and government portfolios [member] | Corporate segment [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 11,644 | 14,721 |
Business and government portfolios [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 206,741 | 118,882 |
Business and government portfolios [member] | Sovereign [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 155,741 | 86,337 |
Business and government portfolios [member] | Sovereign [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,354 | 6,421 |
Business and government portfolios [member] | Sovereign [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 38,904 | 21,404 |
Business and government portfolios [member] | Sovereign [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,553 | 1,624 |
Business and government portfolios [member] | Sovereign [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,189 | 3,096 |
Business and government portfolios [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 105,470 | 112,705 |
Business and government portfolios [member] | Banks [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,087 | 14,551 |
Business and government portfolios [member] | Banks [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,568 | 1,777 |
Business and government portfolios [member] | Banks [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 24,228 | 25,472 |
Business and government portfolios [member] | Banks [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59,761 | 61,532 |
Business and government portfolios [member] | Banks [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,826 | 9,373 |
Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 358,850 | 335,048 |
Retail portfolios [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 267,716 | 247,888 |
Retail portfolios [member] | Real estate secured personal lending [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 236,326 | 227,110 |
Retail portfolios [member] | Real estate secured personal lending [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 31,390 | 20,778 |
Retail portfolios [member] | Qualifying revolving [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 72,057 | 69,768 |
Retail portfolios [member] | Qualifying revolving [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 18,701 | 19,784 |
Retail portfolios [member] | Qualifying revolving [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 53,085 | 49,709 |
Retail portfolios [member] | Qualifying revolving [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 271 | 275 |
Retail portfolios [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 19,077 | 17,392 |
Retail portfolios [member] | Other retail [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 16,195 | 14,746 |
Retail portfolios [member] | Other retail [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,847 | 2,610 |
Retail portfolios [member] | Other retail [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 35 | 36 |
Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 15,785 | 14,199 |
Repo style transaction collateral [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 187,832 | 157,415 |
Repo style transaction collateral [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 187,832 | 157,415 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,049,025 | 913,565 |
Gross carrying amount [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 674,390 | 564,318 |
Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 781,843 | 691,864 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,870 | 351,600 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 248,265 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59,379 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,977 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 75,399 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 18,850 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 316,435 | 292,617 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Corporate segment [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 102,342 | 96,444 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Corporate segment [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 49,473 | 44,732 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Corporate segment [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 139,677 | 122,776 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Corporate segment [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,085 | 14,540 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Corporate segment [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 10,858 | 14,125 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 184,075 | 105,579 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Sovereign [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 133,077 | 73,036 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Sovereign [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,354 | 6,421 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Sovereign [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 38,904 | 21,404 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Sovereign [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,553 | 1,624 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Sovereign [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,187 | 3,094 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 104,192 | 110,819 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Banks [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 12,846 | 12,689 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Banks [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,552 | 1,771 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Banks [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 24,228 | 25,472 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Banks [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59,761 | 61,532 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Banks [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,805 | 9,355 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 352,697 | 329,576 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 262,917 | 243,710 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Real estate secured personal lending [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 231,527 | 222,933 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Real estate secured personal lending [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 31,390 | 20,777 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Qualifying revolving [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 72,057 | 69,768 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Qualifying revolving [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 18,701 | 19,784 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Qualifying revolving [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 53,085 | 49,709 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Qualifying revolving [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 271 | 275 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,723 | 16,098 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Other retail [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,869 | 13,478 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Other retail [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,819 | 2,584 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | Other retail [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 35 | 36 |
Advanced Internal Ratings Based [member] | Repo style transaction collateral [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 187,832 | 157,415 |
Advanced Internal Ratings Based [member] | Repo style transaction collateral [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 187,832 | 157,415 |
Advanced Internal Ratings Based [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 969,675 | 849,279 |
Advanced Internal Ratings Based [member] | Gross carrying amount [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 604,702 | 509,015 |
Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 79,350 | 64,286 |
Standardized approach risk [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 45,744 | 40,114 |
Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 22,666 | 13,303 |
Standardized approach risk [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,278 | 1,886 |
Standardized approach risk [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,799 | 4,178 |
Standardized approach risk [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,354 | 1,294 |
Standardized approach risk [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 69,688 | 55,303 |
Standardized approach risk [member] | Business and government portfolios [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 45,744 | 40,114 |
Standardized approach risk [member] | Business and government portfolios [member] | Corporate segment [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 36,603 | 32,292 |
Standardized approach risk [member] | Business and government portfolios [member] | Corporate segment [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 7,339 | 6,244 |
Standardized approach risk [member] | Business and government portfolios [member] | Corporate segment [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1 | |
Standardized approach risk [member] | Business and government portfolios [member] | Corporate segment [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,016 | 981 |
Standardized approach risk [member] | Business and government portfolios [member] | Corporate segment [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 786 | 596 |
Standardized approach risk [member] | Business and government portfolios [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 22,666 | 13,303 |
Standardized approach risk [member] | Business and government portfolios [member] | Sovereign [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 22,664 | 13,301 |
Standardized approach risk [member] | Business and government portfolios [member] | Sovereign [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2 | 2 |
Standardized approach risk [member] | Business and government portfolios [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,278 | 1,886 |
Standardized approach risk [member] | Business and government portfolios [member] | Banks [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,241 | 1,862 |
Standardized approach risk [member] | Business and government portfolios [member] | Banks [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 16 | 6 |
Standardized approach risk [member] | Business and government portfolios [member] | Banks [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 21 | 18 |
Standardized approach risk [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 6,153 | 5,472 |
Standardized approach risk [member] | Retail portfolios [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,799 | 4,178 |
Standardized approach risk [member] | Retail portfolios [member] | Real estate secured personal lending [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,799 | 4,177 |
Standardized approach risk [member] | Retail portfolios [member] | Real estate secured personal lending [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1 | |
Standardized approach risk [member] | Retail portfolios [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,354 | 1,294 |
Standardized approach risk [member] | Retail portfolios [member] | Other retail [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,326 | 1,268 |
Standardized approach risk [member] | Retail portfolios [member] | Other retail [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 28 | 26 |
Standardized approach risk [member] | Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,509 | 3,511 |
Standardized approach risk [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 79,350 | 64,286 |
Standardized approach risk [member] | Gross carrying amount [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 69,688 | 55,303 |
Internal Ratings Based [member] | Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 12,276 | $ 10,688 |
IFRS 7 - Disclosure - Credit _4
IFRS 7 - Disclosure - Credit Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Interest recognized on impaired loan | $ 45 | $ 40 |
Interest recognized on loans before impaired | 67 | 58 |
Current [member] | ||
Disclosure of credit risk exposure [line items] | ||
Interest income | 113 | 99 |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Interest income | 69 | 46 |
Interest recognized on loans before impaired | 43 | 43 |
Foreign countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Interest income | 44 | 53 |
Interest recognized on loans before impaired | 24 | 15 |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loans and acceptances after allowance for credit losses | $ 416,400 | $ 398,100 |
Consumer loans percentage in total loans | 66.00% | 66.00% |
Increase in consumer loans, value | $ 9,000 | |
Increase in consumer loans, percentage | 3.00% | |
Increase in residential mortgages loans, value | $ 12,400 | |
Increase in business and government loans, value | $ 9,200 | |
Increase in business and government loans, percentage | 7.00% | |
Business and government portfolios [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Increase (decrease) in credit exposure | $ 65,300 | |
Business and government portfolios [member] | Advanced Internal Ratings Based [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Increase (decrease) in credit exposure | 59,300 | |
Business and government portfolios [member] | Advanced Internal Ratings Based [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Increase (decrease) in credit exposure | $ 4,000 |
IFRS 7 - Disclosure - Credit _5
IFRS 7 - Disclosure - Credit Risk - Summary of Breakdown of Our Standardized Credit Risk Exposures by Risk-weight Category (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 861,193 | $ 756,150 |
Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 79,350 | 64,286 |
Standardized approach risk [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 45,744 | 40,114 |
Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 22,666 | 13,303 |
Standardized approach risk [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,278 | 1,886 |
Standardized approach risk [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,799 | 4,178 |
Standardized approach risk [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,354 | $ 1,294 |
0% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,648 | |
0% risk weight category [member] | Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,648 | |
20% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,631 | |
20% risk weight category [member] | Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,442 | |
20% risk weight category [member] | Standardized approach risk [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,189 | |
35% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,742 | |
35% risk weight category [member] | Standardized approach risk [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,742 | |
50% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 139 | |
50% risk weight category [member] | Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 138 | |
50% risk weight category [member] | Standardized approach risk [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1 | |
75% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,172 | |
75% risk weight category [member] | Standardized approach risk [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,883 | |
75% risk weight category [member] | Standardized approach risk [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,289 | |
100% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 46,805 | |
100% risk weight category [member] | Standardized approach risk [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 45,592 | |
100% risk weight category [member] | Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 906 | |
100% risk weight category [member] | Standardized approach risk [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 78 | |
100% risk weight category [member] | Standardized approach risk [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 170 | |
100% risk weight category [member] | Standardized approach risk [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59 | |
150% risk weight category [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 704 | |
150% risk weight category [member] | Standardized approach risk [member] | Corporate segment [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 152 | |
150% risk weight category [member] | Standardized approach risk [member] | Sovereign [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 532 | |
150% risk weight category [member] | Standardized approach risk [member] | Banks [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 10 | |
150% risk weight category [member] | Standardized approach risk [member] | Real estate secured personal lending [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4 | |
150% risk weight category [member] | Standardized approach risk [member] | Other retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 6 |
IFRS 7 - Disclosure - Credit _6
IFRS 7 - Disclosure - Credit Risk - Summary of Rating Profile of OTC Derivative Mark to Market (MTM) Receivables (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 861,193 | $ 756,150 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 9,960 | $ 6,550 |
Exposure percentage | 100.00% | 100.00% |
Investment grade [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 7,460 | $ 5,400 |
Exposure percentage | 74.90% | 82.40% |
Non investment grade [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 2,400 | $ 1,120 |
Exposure percentage | 24.10% | 17.10% |
Watch list [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 70 | $ 20 |
Exposure percentage | 0.70% | 0.30% |
Default [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure | $ 30 | $ 10 |
Exposure percentage | 0.30% | 0.20% |
IFRS 7 - Disclosure - Credit _7
IFRS 7 - Disclosure - Credit Risk- Summary of Geographic Distribution of Business and Government Exposures Under the AIRB Approach (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 861,193 | $ 756,150 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,960 | 6,550 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 486,558 | 406,903 |
Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 781,843 | 691,864 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,870 | 351,600 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 248,265 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59,379 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,977 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 75,399 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 18,850 | |
Canada [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 295,784 | 237,234 |
Canada [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 173,199 | |
Canada [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 45,684 | |
Canada [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 7,787 | |
Canada [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59,188 | |
Canada [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,926 | |
United States [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 81,982 | 73,900 |
United States [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 55,051 | |
United States [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,717 | |
United States [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,022 | |
United States [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,422 | |
United States [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,770 | |
Europe [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 21,456 | 23,150 |
Europe [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,396 | |
Europe [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,402 | |
Europe [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,241 | |
Europe [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 6,138 | |
Europe [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,279 | |
Other geographical areas [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,648 | $ 17,316 |
Other geographical areas [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 11,619 | |
Other geographical areas [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,576 | |
Other geographical areas [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,927 | |
Other geographical areas [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 651 | |
Other geographical areas [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 1,875 |
IFRS 7 - Disclosure - Credit _8
IFRS 7 - Disclosure - Credit Risk - Summary of Industry-wide Breakdown of Business and Government Exposure (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 861,193 | $ 756,150 |
OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,960 | 6,550 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 486,558 | 406,903 |
Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 781,843 | 691,864 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,870 | 351,600 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Commercial mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,420 | 7,544 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 180,045 | 140,284 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Retail and wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,283 | 9,142 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Business services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 11,139 | 11,000 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Manufacturing capital goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,397 | 5,898 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Manufacturing consumer goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,816 | 6,024 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Real estate and construction [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 40,652 | 38,358 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Agriculture [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,760 | 8,575 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Oil And Gas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 21,525 | 21,813 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Mining [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,131 | 5,326 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Forest products [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,239 | 1,324 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Hardware and software [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,189 | 1,751 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Telecommunications and cable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,195 | 2,234 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Broadcasting, publishing and printing [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 665 | 801 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Transportation [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,913 | 8,877 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Utilities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 20,139 | 15,747 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Education, health and social services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,742 | 4,541 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Governments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 79,620 | $ 62,361 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 248,265 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Commercial mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,373 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 81,967 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Retail and wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,167 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Business services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 7,047 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Manufacturing capital goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,791 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Manufacturing consumer goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,455 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Real estate and construction [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 30,216 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Agriculture [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 6,771 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Oil And Gas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,649 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Mining [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,363 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Forest products [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 490 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Hardware and software [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,227 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Telecommunications and cable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 335 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Broadcasting, publishing and printing [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 457 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Transportation [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,768 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Utilities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,189 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Education, health and social services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,096 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Drawn [member] | Governments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 70,904 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 59,379 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Commercial mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 47 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 7,673 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Retail and wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,652 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Business services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,264 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Manufacturing capital goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,036 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Manufacturing consumer goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,052 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Real estate and construction [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,257 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Agriculture [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,767 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Oil And Gas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 8,532 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Mining [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,931 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Forest products [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 515 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Hardware and software [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 890 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Telecommunications and cable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,126 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Broadcasting, publishing and printing [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 154 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Transportation [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,596 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Utilities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 7,066 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Education, health and social services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,194 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Undrawn commitments [member] | Governments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,627 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,977 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 14,318 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | Business services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 18 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | Real estate and construction [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 142 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | Education, health and social services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 6 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Repo style transactions [member] | Governments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 493 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 75,399 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 66,312 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Retail and wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 225 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Business services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 595 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Manufacturing capital goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 365 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Manufacturing consumer goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 214 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Real estate and construction [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,166 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Agriculture [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 26 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Oil And Gas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,039 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Mining [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 723 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Forest products [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 205 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Hardware and software [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 45 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Telecommunications and cable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 408 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Broadcasting, publishing and printing [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Transportation [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 262 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Utilities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,707 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Education, health and social services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 150 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Other off balance sheet items [member] | Governments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 955 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 18,850 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,775 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Retail and wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 239 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Business services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 215 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Manufacturing capital goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 205 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Manufacturing consumer goods [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 95 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Real estate and construction [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 871 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Agriculture [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 196 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Oil And Gas [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,305 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Mining [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 114 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Forest products [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 29 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Hardware and software [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 27 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Telecommunications and cable [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 326 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Broadcasting, publishing and printing [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 52 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Transportation [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,287 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Utilities [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,177 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Education, health and social services [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 296 | |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | OTC derivatives [member] | Governments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 1,641 |
IFRS 7 - Disclosure - Credit _9
IFRS 7 - Disclosure - Credit Risk - Summary of Credit Quality of Risk-rated Portfolios Exposure (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 861,193 | $ 756,150 |
Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 486,558 | 406,903 |
Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 781,843 | 691,864 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,870 | 351,600 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 336,100 | 276,817 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 76,645 | 72,613 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,730 | 1,239 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,039 | 579 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Risk Rated Exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,514 | 351,248 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD estimate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 416,514 | 351,248 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Strong [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 265 | 246 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Good [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 71 | 85 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Satisfactory [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 20 | 21 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Slotted exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 356 | 352 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate less than ten percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 206,729 | 142,666 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between ten to twenty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 69,586 | 68,790 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between twenty six to forty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 104,369 | 110,596 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between forty six to sixty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 34,483 | 27,733 |
Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between sixty six to hundred percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,347 | 1,463 |
Corporate segment [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 362,179 | 332,731 |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 316,435 | 292,617 |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 106,633 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 74,600 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,730 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,039 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Risk Rated Exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 185,002 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD estimate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 185,002 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate less than ten percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 9,704 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between ten to twenty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 56,615 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between twenty six to forty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 84,108 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between forty six to sixty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 33,301 | |
Corporate segment [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between sixty six to hundred percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,274 | |
Sovereign [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 206,741 | 118,882 |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 184,075 | 105,579 |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 147,438 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 781 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Risk Rated Exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 148,219 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD estimate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 148,219 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate less than ten percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 136,968 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between ten to twenty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 7,881 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between twenty six to forty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,010 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between forty six to sixty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 289 | |
Sovereign [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between sixty six to hundred percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 71 | |
Banks [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 105,470 | 112,705 |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 104,192 | $ 110,819 |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 82,029 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 1,264 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | Risk Rated Exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 83,293 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD estimate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 83,293 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate less than ten percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 60,057 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between ten to twenty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 5,090 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between twenty six to forty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,251 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between forty six to sixty five percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 893 | |
Banks [member] | Advanced Internal Ratings Based [member] | Business and government portfolios [member] | LGD Estimate Between sixty six to hundred percentage [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 2 |
IFRS 7 - Disclosure - Credit_10
IFRS 7 - Disclosure - Credit Risk - Summary of Credit Quality of Retail Portfolios (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 861,193 | $ 756,150 |
Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 358,850 | 335,048 |
Real estate secured personal lending [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 267,716 | 247,888 |
Other retail [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 19,077 | 17,392 |
Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 781,843 | 691,864 |
Advanced Internal Ratings Based [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 352,697 | 329,576 |
Advanced Internal Ratings Based [member] | Exceptionally Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 254,621 | 239,875 |
Advanced Internal Ratings Based [member] | Very Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 40,731 | 34,018 |
Advanced Internal Ratings Based [member] | Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 42,353 | 39,648 |
Advanced Internal Ratings Based [member] | Medium [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 12,122 | 13,259 |
Advanced Internal Ratings Based [member] | High [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,322 | 2,271 |
Advanced Internal Ratings Based [member] | Default [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 548 | 505 |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 262,917 | 243,710 |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | Exceptionally Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 201,050 | |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | Very Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 31,927 | |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 25,825 | |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | Medium [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,086 | |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | High [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 586 | |
Advanced Internal Ratings Based [member] | Real estate secured personal lending [member] | Default [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 443 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 72,057 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | Exceptionally Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 49,755 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | Very Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,469 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 10,437 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | Medium [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 6,598 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | High [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 763 | |
Advanced Internal Ratings Based [member] | Qualifying Revolving Retail [member] | Default [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 35 | |
Advanced Internal Ratings Based [member] | Other retail [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 17,723 | $ 16,098 |
Advanced Internal Ratings Based [member] | Other retail [member] | Exceptionally Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 3,816 | |
Advanced Internal Ratings Based [member] | Other retail [member] | Very Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 4,335 | |
Advanced Internal Ratings Based [member] | Other retail [member] | Low [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 6,091 | |
Advanced Internal Ratings Based [member] | Other retail [member] | Medium [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 2,438 | |
Advanced Internal Ratings Based [member] | Other retail [member] | High [Member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | 973 | |
Advanced Internal Ratings Based [member] | Other retail [member] | Default [member] | Retail portfolios [member] | ||
Disclosure of credit risk exposure [line items] | ||
Exposure to Credit Risk | $ 70 |
IFRS 7 - Disclosure - Credit_11
IFRS 7 - Disclosure - Credit Risk - Summary of Securitization Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 861,193 | $ 756,150 |
Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 79,350 | 64,286 |
Securitization exposures [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 15,785 | 14,199 |
Securitization exposures [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 15,785 | 14,199 |
Securitization exposures [member] | Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 12,276 | 10,688 |
Securitization exposures [member] | Internal Ratings Based [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 12,276 | 10,688 |
Securitization exposures [member] | Internal Ratings Based [member] | Equivalent external rating for S&P AAA to BBB- [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 12,276 | 10,688 |
Securitization exposures [member] | Internal Ratings Based [member] | Equivalent external rating for S&P BB+ To BB- [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 0 | |
Securitization exposures [member] | Internal Ratings Based [member] | Equivalent external rating for S&P below BB- [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 0 | |
Securitization exposures [member] | Internal Ratings Based [member] | Equivalent external rating for S&P unrated [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 0 | 0 |
Securitization exposures [member] | Standardized approach risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | 3,509 | 3,511 |
Securitization exposures [member] | Standardized approach risk [member] | Advanced Internal Ratings Based [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 3,509 | $ 3,511 |
IFRS 7 - Disclosure - Market Ri
IFRS 7 - Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Risk Management [line items] | |||
Effect of one percent appreciation of Canadian currency rate on impact on equity | $ 150 | $ 153 | |
Change in fair value of hedging derivatives included in AOCI | $ 142 | 137 | $ (25) |
Market risk [member] | |||
Disclosure of Risk Management [line items] | |||
Stress testing and scenario analysis period | 1 month | ||
Interest rate sensitivity period | 12-month | ||
Market risk [member] | Value at Risk [member] | |||
Disclosure of Risk Management [line items] | |||
Statistical technique percentage of confidence level to measure potential overnight loss | 99.00% | ||
Value at risk holding period | 1 day | ||
Market risk [member] | Stressed value at risk [member] | |||
Disclosure of Risk Management [line items] | |||
Stressed value at risk horizon period | 10 days | ||
Stressed value at risk period | 12-month period | ||
Market risk [member] | Incremental risk charge [member] | |||
Disclosure of Risk Management [line items] | |||
Incremental risk charge period | 1 year | ||
Currency risks [member] | Cash flow hedges [member] | |||
Disclosure of Risk Management [line items] | |||
Change in fair value of hedging derivatives included in AOCI | $ 0 | $ 3 |
IFRS 7 - Disclosure - Market _2
IFRS 7 - Disclosure - Market Risk -Summary of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Credit Risk [line items] | ||
Past due loans | $ 8,281 | $ 6,786 |
Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 4,510 | 3,840 |
Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 830 | 1,027 |
Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 806 | 838 |
Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 2,135 | $ 1,081 |
Current [member] | ||
Credit Risk [line items] | ||
Past due loans | 6,305 | |
Current [member] | Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 3,358 | |
Current [member] | Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 608 | |
Current [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 485 | |
Current [member] | Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 1,854 | |
Later than one months and not later than three months [member] | ||
Credit Risk [line items] | ||
Past due loans | 1,844 | |
Later than one months and not later than three months [member] | Residential mortgages [member] | ||
Credit Risk [line items] | ||
Past due loans | 1,152 | |
Later than one months and not later than three months [member] | Personal [member] | ||
Credit Risk [line items] | ||
Past due loans | 222 | |
Later than one months and not later than three months [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | 189 | |
Later than one months and not later than three months [member] | Business and government [member] | ||
Credit Risk [line items] | ||
Past due loans | 281 | |
Later than three months [member] | ||
Credit Risk [line items] | ||
Past due loans | 132 | |
Later than three months [member] | Credit card [member] | ||
Credit Risk [line items] | ||
Past due loans | $ 132 |
IFRS 7 - Disclosure - Market _3
IFRS 7 - Disclosure - Market Risk - Summary of Market Risks by Type of Risks (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Market Risk [line items] | ||
Total VaR (one-day measure) | $ 13.3 | $ 6.8 |
Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 7.3 | 8.5 |
Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 7 | 1.5 |
Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.7 | 3.4 |
Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 2 | 2.9 |
Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 2.4 | 3.9 |
Debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3 | 1.9 |
Risk diversification effect [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | (12.1) | (15.3) |
High risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 22 | 10.8 |
High risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 10.6 | 10.1 |
High risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 12.2 | 2 |
High risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 13.5 | 10.4 |
High risk [member] | Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 7 | 4.3 |
High risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 7.9 | 5 |
High risk [member] | Debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.9 | 2.4 |
Low risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.8 | 3.6 |
Low risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.5 | 2.8 |
Low risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1.3 | 0.9 |
Low risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1.5 | 1.7 |
Low risk [member] | Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 0.4 | 0.6 |
Low risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1.1 | 1.1 |
Low risk [member] | Debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1.5 | 1.3 |
Average risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 8.5 | 5.7 |
Average risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 6.1 | 5.2 |
Average risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 5.4 | 1.3 |
Average risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.8 | 3.1 |
Average risk [member] | Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 1.8 | 2.1 |
Average risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 3.1 | 2.4 |
Average risk [member] | Debt specific risk [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | 2.5 | 1.7 |
Average risk [member] | Risk diversification effect [member] | ||
Market Risk [line items] | ||
Total VaR (one-day measure) | $ (14.2) | $ (10.1) |
IFRS 7 - Disclosure - Market _4
IFRS 7 - Disclosure - Market Risk - Summary of Stressed Value At Risk by Trading Activities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | $ 30.2 | $ 21 |
Interest rate risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 33.7 | 26.4 |
Credit risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 7.1 | 11.1 |
Equity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 6.9 | 2.2 |
Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 9.1 | 6.5 |
Commodity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 3 | 11.9 |
Debt specific risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 6.1 | 4.9 |
Risk diversification effect [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | (35.7) | (42) |
High risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 34.1 | 47.1 |
High risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 41 | 37 |
High risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 22.6 | 18.1 |
High risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 26.3 | 20.2 |
High risk [member] | Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 22 | 29.5 |
High risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 10.9 | 11.9 |
High risk [member] | Debt specific risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 6.5 | 7.3 |
Low risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 7.4 | 3.5 |
Low risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 8.4 | 8.9 |
Low risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 6.1 | 7.9 |
Low risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 0 | 1.4 |
Low risk [member] | Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 1 | 0.6 |
Low risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 1 | 1.3 |
Low risk [member] | Debt specific risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 1.6 | 4.1 |
Average risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 18.9 | 15.2 |
Average risk [member] | Interest rate risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 20.2 | 19.4 |
Average risk [member] | Credit risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 11.5 | 12.1 |
Average risk [member] | Equity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 4.2 | 3.9 |
Average risk [member] | Foreign exchange risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 7.8 | 10.4 |
Average risk [member] | Commodity price risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 4.5 | 4.8 |
Average risk [member] | Debt specific risk [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | 4.6 | 5.5 |
Average risk [member] | Risk diversification effect [member] | ||
Market Risk [line items] | ||
Stressed total VaR (one-day measure) | $ (33.9) | $ (40.9) |
IFRS 7 - Disclosure - Market _5
IFRS 7 - Disclosure - Market Risk - Summary of Incremental Risk Charge by Trading Activities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Market Risk [line items] | ||
IRC (one-year measure) | $ 175.3 | $ 199.8 |
Default risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 102.6 | 132.1 |
Migration risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 72.7 | 67.7 |
High risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 279.5 | 371.4 |
High risk [member] | Default risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 205.6 | 268.8 |
High risk [member] | Migration risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 104.9 | 111.2 |
Low risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 141.8 | 186.5 |
Low risk [member] | Default risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 80.4 | 124 |
Low risk [member] | Migration risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 49 | 45.5 |
Average risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 197.9 | 252.4 |
Average risk [member] | Default risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | 126.7 | 180.2 |
Average risk [member] | Migration risk [member] | ||
Market Risk [line items] | ||
IRC (one-year measure) | $ 71.2 | $ 72.2 |
IFRS 7 - Disclosure - Market _6
IFRS 7 - Disclosure - Market Risk - Summary of Structural Interest Rate Sensitivity - Measures (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Oct. 31, 2020CAD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2019USD ($) | |
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 | $ 317 | $ 192 | ||
Increase (decrease) in EVE | (556) | (511) | ||
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 | (119) | (47) | ||
Increase (decrease) in EVE | $ 57 | $ 104 | ||
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 | $ 92 | $ 24 | ||
Increase (decrease) in EVE | (348) | (307) | ||
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 | (42) | (7) | ||
Increase (decrease) in EVE | $ 49 | $ 50 |
IFRS 7 - Disclosure - Market _7
IFRS 7 - Disclosure - Market Risk - Summary of Amortized Cost and Fair Values of Non-trading Equities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Amortized Cost And Fair Values Of Nontrading Equities [line items] | ||
Equity-accounted investments in associates | $ 71 | $ 57 |
Amortized cost [member] | Non-trading Securities [member] | ||
Disclosure Of Amortized Cost And Fair Values Of Nontrading Equities [line items] | ||
Equity securities designated at FVOCI | 576 | 533 |
Equity-accounted investments in associates | 71 | 57 |
Total | 647 | 590 |
Financial assets at fair value [member] | Non-trading Securities [member] | ||
Disclosure Of Amortized Cost And Fair Values Of Nontrading Equities [line items] | ||
Equity securities designated at FVOCI | 585 | 602 |
Equity-accounted investments in associates | 93 | 85 |
Total | $ 678 | $ 687 |
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 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | $ 373,807 | $ 293,632 |
Encumbered liquid assets | 151,135 | 144,939 |
Unencumbered liquid assets | 222,672 | 148,693 |
Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 62,518 | 17,359 |
Encumbered liquid assets | 133 | 784 |
Unencumbered liquid assets | 62,385 | 16,575 |
Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 204,605 | 172,086 |
Encumbered liquid assets | 108,425 | 100,203 |
Unencumbered liquid assets | 96,180 | 71,883 |
Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 9,086 | 8,067 |
Encumbered liquid assets | 2,603 | 1,838 |
Unencumbered liquid assets | 6,483 | 6,229 |
Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 43,093 | 42,207 |
Encumbered liquid assets | 21,449 | 23,623 |
Unencumbered liquid assets | 21,644 | 18,584 |
Canadian government guaranteed National Housing Act mortgage-backed securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 41,487 | 42,254 |
Encumbered liquid assets | 13,084 | 11,627 |
Unencumbered liquid assets | 28,403 | 30,627 |
Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 13,018 | 11,659 |
Encumbered liquid assets | 5,441 | 6,864 |
Unencumbered liquid assets | 7,577 | 4,795 |
Bank owned liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 258,389 | 187,183 |
Bank owned liquid assets [member] | Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 62,518 | 17,359 |
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 | 112,403 | 85,881 |
Bank owned liquid assets [member] | Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 4,798 | 4,928 |
Bank owned liquid assets [member] | Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 27,169 | 26,441 |
Bank owned liquid assets [member] | Canadian government guaranteed National Housing Act mortgage-backed securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 40,592 | 41,378 |
Bank owned liquid assets [member] | Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 10,909 | 11,196 |
Securities received as collateral [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 115,418 | 106,449 |
Securities received as collateral [member] | Cash and deposits with banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 0 | 0 |
Securities received as collateral [member] | Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 92,202 | 86,205 |
Securities received as collateral [member] | Other debt securities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 4,288 | 3,139 |
Securities received as collateral [member] | Equities [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | 15,924 | 15,766 |
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 | 895 | 876 |
Securities received as collateral [member] | Other liquid assets [member] | ||
Disclosure Of Encumbered and Unencumbered Assets [line items] | ||
Total liquid assets | $ 2,109 | $ 463 |
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 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |||
ASSETS | |||||||
Cash and non-interest-bearing deposits with banks | $ 43,531 | [1] | $ 3,840 | [1] | $ 4,380 | [1] | $ 3,440 |
Interest-bearing deposits with banks | 18,987 | 13,519 | |||||
Securities | 149,046 | 121,310 | |||||
Cash collateral on securities borrowed | 8,547 | 3,664 | |||||
Securities purchased under resale agreements | 65,595 | 56,111 | |||||
Loans | |||||||
Residential mortgages | 221,165 | 208,652 | |||||
Personal | 42,222 | 43,651 | |||||
Credit card | 11,389 | 12,755 | |||||
Business and government | 135,546 | 125,798 | |||||
Allowance for credit losses | (3,540) | (1,915) | |||||
Derivative instruments | 32,730 | 23,895 | |||||
Customers' liability under acceptances | 9,606 | 9,167 | |||||
Other assets | 34,727 | ||||||
Total assets | 769,551 | 651,604 | |||||
Liabilities | |||||||
Deposits | 570,740 | 485,712 | |||||
Obligations related to securities sold short | 15,963 | 15,635 | |||||
Cash collateral on securities lent | 1,824 | 1,822 | |||||
Obligations related to securities sold under repurchase agreements | 71,653 | 51,801 | |||||
Derivative instruments | 30,508 | 25,113 | |||||
Acceptances | 9,649 | 9,188 | |||||
Other liabilities | 22,167 | ||||||
Subordinated indebtedness | 5,712 | 4,684 | |||||
Equity | 41,335 | 38,580 | $ 35,116 | ||||
Total liabilities and equities | 769,551 | 651,604 | |||||
Less than 1 month [member] | |||||||
ASSETS | |||||||
Cash and non-interest-bearing deposits with banks | 43,531 | ||||||
Interest-bearing deposits with banks | 18,987 | ||||||
Securities | 4,971 | ||||||
Cash collateral on securities borrowed | 8,547 | ||||||
Securities purchased under resale agreements | 35,089 | ||||||
Loans | |||||||
Residential mortgages | 1,606 | ||||||
Personal | 955 | ||||||
Credit card | 239 | ||||||
Business and government | 15,539 | ||||||
Derivative instruments | 2,052 | ||||||
Customers' liability under acceptances | 8,818 | ||||||
Total assets | 140,334 | 86,873 | |||||
Liabilities | |||||||
Deposits | 28,774 | ||||||
Obligations related to securities sold short | 15,963 | ||||||
Cash collateral on securities lent | 1,824 | ||||||
Obligations related to securities sold under repurchase agreements | 41,136 | ||||||
Derivative instruments | 1,969 | ||||||
Acceptances | 8,861 | ||||||
Other liabilities | 25 | ||||||
Total liabilities and equities | 98,552 | 88,803 | |||||
Later than one months and not later than three months [member] | |||||||
ASSETS | |||||||
Securities | 3,087 | ||||||
Securities purchased under resale agreements | 13,080 | ||||||
Loans | |||||||
Residential mortgages | 3,336 | ||||||
Personal | 646 | ||||||
Credit card | 478 | ||||||
Business and government | 5,463 | ||||||
Derivative instruments | 4,700 | ||||||
Customers' liability under acceptances | 707 | ||||||
Total assets | 31,497 | 37,026 | |||||
Liabilities | |||||||
Deposits | 28,222 | ||||||
Obligations related to securities sold under repurchase agreements | 6,904 | ||||||
Derivative instruments | 4,645 | ||||||
Acceptances | 707 | ||||||
Other liabilities | 50 | ||||||
Total liabilities and equities | 40,528 | 43,539 | |||||
3 - 6 months [member] | |||||||
ASSETS | |||||||
Securities | 7,007 | ||||||
Securities purchased under resale agreements | 12,751 | ||||||
Loans | |||||||
Residential mortgages | 8,242 | ||||||
Personal | 1,171 | ||||||
Credit card | 718 | ||||||
Business and government | 6,908 | ||||||
Derivative instruments | 2,436 | ||||||
Customers' liability under acceptances | 68 | ||||||
Total assets | 39,301 | 27,740 | |||||
Liabilities | |||||||
Deposits | 34,292 | ||||||
Obligations related to securities sold under repurchase agreements | 21,607 | ||||||
Derivative instruments | 2,792 | ||||||
Acceptances | 68 | ||||||
Other liabilities | 75 | ||||||
Total liabilities and equities | 58,834 | 44,607 | |||||
6 - 9 months [Member] | |||||||
ASSETS | |||||||
Securities | 5,028 | ||||||
Securities purchased under resale agreements | 2,666 | ||||||
Loans | |||||||
Residential mortgages | 12,057 | ||||||
Personal | 1,223 | ||||||
Credit card | 718 | ||||||
Business and government | 7,116 | ||||||
Derivative instruments | 1,807 | ||||||
Customers' liability under acceptances | 10 | ||||||
Total assets | 30,625 | 26,478 | |||||
Liabilities | |||||||
Deposits | 41,705 | ||||||
Obligations related to securities sold under repurchase agreements | 81 | ||||||
Derivative instruments | 2,049 | ||||||
Acceptances | 10 | ||||||
Other liabilities | 74 | ||||||
Total liabilities and equities | 43,919 | 33,034 | |||||
9 - 12 months [Member] | |||||||
ASSETS | |||||||
Securities | 3,624 | ||||||
Securities purchased under resale agreements | 2,009 | ||||||
Loans | |||||||
Residential mortgages | 11,511 | ||||||
Personal | 1,148 | ||||||
Credit card | 718 | ||||||
Business and government | 6,806 | ||||||
Derivative instruments | 1,267 | ||||||
Customers' liability under acceptances | 3 | ||||||
Total assets | 27,086 | 23,115 | |||||
Liabilities | |||||||
Deposits | 24,248 | ||||||
Obligations related to securities sold under repurchase agreements | 425 | ||||||
Derivative instruments | 1,800 | ||||||
Acceptances | 3 | ||||||
Other liabilities | 79 | ||||||
Total liabilities and equities | 26,555 | 26,078 | |||||
1 - 2 years [member] | |||||||
ASSETS | |||||||
Securities | 18,920 | ||||||
Loans | |||||||
Residential mortgages | 47,032 | ||||||
Personal | 450 | ||||||
Credit card | 2,870 | ||||||
Business and government | 25,055 | ||||||
Derivative instruments | 3,651 | ||||||
Total assets | 97,978 | 78,483 | |||||
Liabilities | |||||||
Deposits | 28,399 | ||||||
Obligations related to securities sold under repurchase agreements | 1,500 | ||||||
Derivative instruments | 3,079 | ||||||
Other liabilities | 295 | ||||||
Total liabilities and equities | 33,273 | 31,643 | |||||
2 - 5 years [member] | |||||||
ASSETS | |||||||
Securities | 46,554 | ||||||
Loans | |||||||
Residential mortgages | 128,430 | ||||||
Personal | 3,183 | ||||||
Credit card | 5,648 | ||||||
Business and government | 43,212 | ||||||
Derivative instruments | 6,292 | ||||||
Total assets | 233,319 | 201,231 | |||||
Liabilities | |||||||
Deposits | 52,712 | ||||||
Derivative instruments | 5,542 | ||||||
Other liabilities | 684 | ||||||
Total liabilities and equities | 58,938 | 54,407 | |||||
Over five year [member] | |||||||
ASSETS | |||||||
Securities | 31,288 | ||||||
Loans | |||||||
Residential mortgages | 8,302 | ||||||
Personal | 3,219 | ||||||
Business and government | 16,687 | ||||||
Derivative instruments | 10,525 | ||||||
Total assets | 70,021 | 59,883 | |||||
Liabilities | |||||||
Deposits | 11,488 | ||||||
Derivative instruments | 8,632 | ||||||
Other liabilities | 584 | ||||||
Subordinated indebtedness | 5,712 | ||||||
Total liabilities and equities | 26,416 | 22,781 | |||||
No specific maturity [member] | |||||||
ASSETS | |||||||
Securities | 28,567 | ||||||
Loans | |||||||
Residential mortgages | 649 | ||||||
Personal | 30,227 | ||||||
Business and government | 8,760 | ||||||
Allowance for credit losses | (3,540) | ||||||
Other assets | 34,727 | ||||||
Total assets | 99,390 | 110,775 | |||||
Liabilities | |||||||
Deposits | 320,900 | ||||||
Other liabilities | 20,301 | ||||||
Equity | 41,335 | ||||||
Total liabilities and equities | $ 382,536 | $ 306,712 | |||||
[1] | Includes restricted cash of $463 million (2019: $479 million; 2018: $438 million) and interest-bearing demand deposits with Bank of Canada. |
IFRS 7 - Disclosure - Liquidi_3
IFRS 7 - Disclosure - Liquidity Risk - Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of contractual obligations [line items] | ||
Deposits | $ 570,740 | $ 485,712 |
Personal [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | 202,152 | 178,091 |
Business And Government Deposits And Secured Borrowings [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | 351,600 | 296,400 |
Bank [member] | ||
Disclosure of contractual obligations [line items] | ||
Deposits | $ 17,011 | $ 11,224 |
IFRS 7 - Disclosure - Liquidi_4
IFRS 7 - Disclosure - Liquidity Risk - Summary of Credit Related Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of commitments [line items] | ||
Credit related commitments | $ 337,092 | $ 312,778 |
Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 268,089 | 241,038 |
Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 39,186 | 44,220 |
Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 14,565 | 13,489 |
Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 12,907 | 10,870 |
Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 196 | 224 |
Other [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,149 | 2,937 |
Less than 1 month [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 39,474 | 42,113 |
Less than 1 month [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 989 | |
Less than 1 month [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 33,483 | |
Less than 1 month [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,769 | |
Less than 1 month [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3 | |
Less than 1 month [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 81 | |
Less than 1 month [member] | Other [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,149 | |
Later than one months and not later than three months [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 24,451 | 21,669 |
Later than one months and not later than three months [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 8,554 | |
Later than one months and not later than three months [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,779 | |
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 | 2,567 | |
Later than one months and not later than three months [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 10,480 | |
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 | 71 | |
3 - 6 months [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 11,188 | 9,059 |
3 - 6 months [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 4,819 | |
3 - 6 months [member] | Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,924 | |
3 - 6 months [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,070 | |
3 - 6 months [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,361 | |
3 - 6 months [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 14 | |
6 - 9 months [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 8,798 | 8,063 |
6 - 9 months [Member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 4,601 | |
6 - 9 months [Member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3,567 | |
6 - 9 months [Member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 627 | |
6 - 9 months [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 3 | |
9 - 12 months [Member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 6,427 | 5,825 |
9 - 12 months [Member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 4,127 | |
9 - 12 months [Member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 2,140 | |
9 - 12 months [Member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 145 | |
9 - 12 months [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 15 | |
1 - 2 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 20,638 | 14,784 |
1 - 2 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 19,575 | |
1 - 2 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 785 | |
1 - 2 years [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 278 | |
2 - 5 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 51,245 | 50,210 |
2 - 5 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 50,595 | |
2 - 5 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 625 | |
2 - 5 years [member] | Backstop liquidity facilities [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 13 | |
2 - 5 years [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 12 | |
Over 5 years [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,714 | 2,979 |
Over 5 years [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 1,672 | |
Over 5 years [member] | Standby and performance letters of credit [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 42 | |
No specific maturity [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | 173,157 | $ 158,076 |
No specific maturity [member] | Unutilized credit commitments [member] | ||
Disclosure of commitments [line items] | ||
Credit related commitments | $ 173,157 |
IFRS 7 - Disclosure - Liquidi_5
IFRS 7 - Disclosure - Liquidity Risk - Summary of Credit Related Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of commitments [line items] | ||
Cash collateral on securities lent | $ 1,824 | $ 1,822 |
Personal, home equity, and credit card lines [member] | ||
Disclosure of commitments [line items] | ||
Capital commitment | 131,300 | 122,000 |
Securities lending [member] | ||
Disclosure of commitments [line items] | ||
Cash collateral on securities lent | $ 1,800 | $ 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 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | $ 4,036 | $ 8,110 |
Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 2,038 | |
Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,494 | |
Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 212 | |
Underwriting commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 94 | |
Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 198 | |
Less than 1 month [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 211 | 222 |
Less than 1 month [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 99 | |
Less than 1 month [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1 | |
Less than 1 month [member] | Underwriting commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 94 | |
Less than 1 month [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 17 | |
Later than one months and not later than three months [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 243 | 335 |
Later than one months and not later than three months [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 205 | |
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 | 4 | |
Later than one months and not later than three months [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 33 | |
3 - 6 months [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 231 | 399 |
3 - 6 months [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 174 | |
3 - 6 months [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 8 | |
3 - 6 months [member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 49 | |
6 - 9 months [Member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 239 | 365 |
6 - 9 months [Member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 179 | |
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 | |
6 - 9 months [Member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 49 | |
9 - 12 months [Member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 204 | 344 |
9 - 12 months [Member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 138 | |
9 - 12 months [Member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 12 | |
9 - 12 months [Member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 4 | |
9 - 12 months [Member] | Pension contribution [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 50 | |
1 - 2 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 488 | 981 |
1 - 2 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 440 | |
1 - 2 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 48 | |
2 - 5 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 795 | 1,882 |
2 - 5 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 621 | |
2 - 5 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 166 | |
2 - 5 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 8 | |
Over 5 years [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,625 | $ 3,582 |
Over 5 years [member] | Purchase obligations [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 182 | |
Over 5 years [member] | Future lease commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | 1,249 | |
Over 5 years [member] | Investment commitments [member] | ||
Disclosure Of Other Contractual Obligations [line items] | ||
Contractual obligations | $ 194 |