{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "cm": "http://www.cibc.com/20241031", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.cibc.com/xbrl/2024/2IGI19DL77OX0HC3ZE78-2024-10-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00403": { "value": "CIBC is a leading and well-diversi\ufb01ed North American \ufb01nancial institution committed to creating enduring value for all our stakeholders \u2013 our clients, team, communities \nand shareholders. We are guided by our purpose \u2013 to help make your ambition a reality, \nand we are activating our resources to create positive change and contribute to a more \nequitable, inclusive and sustainable future. \nAcross our bank and our businesses \u2013 Personal and Business Banking, Commercial \nBanking and Wealth Management, and Capital Markets \u2013 our 48,000 employees \nbring our purpose to life every day for our 14 million personal banking, business, \npublic sector and institutional clients in Canada, the U.S. and around the world.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00438": { "value": "Management of risk
We have provided certain disclosures required under IFRS 7 \u201cFinancial Instruments \u2013 Disclosures\u201d (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 \u201cRisk overview\u201d, \u201cCredit
risk\u201d, \u201cMarket risk\u201d, \u201cLiquidity risk\u201d, \u201cOperational risk\u201d, \u201cRegulatory compliance risk\u201d, \u201cReputation and legal risks\u201d and \u201cConduct risk\u201d sections.Risk overviewOur 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:
\u2022
CIBC, SBU, functional group-level and regional risk appetite statements;
\u2022
Risk frameworks, policies, procedures and limits to align activities with our risk appetite;
\u2022
Regular risk reports to identify and communicate risk levels;
\u2022
An independent control framework to identify and test the design and operating effectiveness of our key controls;
\u2022
Stress testing to consider the potential impact of changes in the business environment on capital, liquidity and earnings;
\u2022
Proactive consideration of risk mitigation options in order to optimize results; and
\u2022
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\u2019s approach to enterprise-wide risk management aligns with the
three lines of defence model:
(i)
As the first line of defence, CIBC\u2019s Management, in SBUs and functional groups own the risks and are accountable and responsible for
identifying and assessing risks inherent in its activities in accordance with the CIBC risk appetite. In addition, Management establishes and
maintains controls to mitigate such risks. Management may include Governance Groups within the business to facilitate the Control
Framework, Operational Risk Framework and other risk-related processes. A Governance Group refers to a group within Business Unit
Management (first line of defence) whose focus is to support Management in meeting their governance, risk and control activities. A
Governance Group is considered the first line of defence, in conjunction with Business Unit Management. Control Groups, which typically
reside within centralized functions, provide subject matter expertise to Business Unit Management and/or implement/maintain enterprise-
wide control programs and activities. While Control Groups collaborate with Business Unit Management in identifying and managing risk,
they also challenge risk decisions and risk mitigation strategies.
(ii)
The second line of defence is independent from the first line of defence and provides an enterprise-wide view of specific risk types,
guidance and effective challenge to risk and control activities. Risk Management is the primary second line of defence. Risk Management
may leverage subject matter expertise of other groups (e.g., third parties or Control Groups) to inform their independent assessments, as
appropriate.
(iii)
As the third line of defence, CIBC\u2019s Internal Audit is responsible for providing reasonable assurance to senior management and the Audit
Committee of the Board on the effectiveness of CIBC\u2019s governance practices, risk management processes, and Internal Control as a part of
its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter.
A strong risk culture and communication between the three lines of defence are important characteristics of effective risk management.Risk governance structure
Our risk governance structure is illustrated below:
Board of Directors
Risk Governance Structure
Executive Committee
Global Asset Liability
Committee
Global Risk
Committee
Audit
Committee
Risk
Management
Committee
Corporate
Governance
Committee
Management
Resources and
Compensation
Committee
escalation
oversight
culture
framework
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 internal controls over financial reporting. The Audit Committee also has oversight of the underlying processes and
controls of the ESG disclosures in our Annual Report, Sustainability Report, and other material ESG disclosure documents.
Risk Management Committee (RMC):
This committee assists the Board in fulfilling its responsibilities for defining CIBC\u2019s risk appetite and
overseeing CIBC\u2019s risk profile and performance against the defined risk appetite. This includes oversight of key frameworks, policies and risk
limits related to the identification, measurement and monitoring of CIBC\u2019s principal business risks.
Management Resources and Compensation Committee (MRCC):
This committee is responsible for assisting the Board in its global oversight
of CIBC\u2019s human capital strategy, including talent and total rewards, and the alignment with CIBC\u2019s strategy, risk appetite and controls.
Corporate Governance Committee (CGC):
This committee is responsible for assisting the Board in fulfilling its corporate governance oversight
responsibilities and oversight of the ESG strategy.
Executive Committee (ExCo):
The ExCo, led by the Chief Executive Officer (CEO) and including selected 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:
\u2022
Global Asset Liability Committee (GALCO):
This committee, which comprises members from the ExCo and senior Treasury, Risk
Management and lines of business executives, provides oversight regarding capital management, funding and liquidity management, and
asset/liability management (ALM). It also provides strategic direction regarding structural interest rate risk (SIRR) and structural foreign
exchange risk postures, approval of funds transfer pricing policies/parameters and approval of wholesale funding plans.
\u2022
Global Risk Committee (GRC):
This committee, which comprises selected members of the ExCo and senior leaders from the lines of
business, Risk Management and other functional groups, provides a forum for discussion and oversight of risk appetite, risk profile and risk
mitigation strategies. Key activities include reviewing and providing input regarding CIBC\u2019s risk appetite statements; monitoring risk profile
against risk appetite; reviewing and evaluating business activities in the context of risk appetite; and identifying, reviewing, and advising on
current and emerging risk issues and associated mitigation plans.Credit risk
Credit risk is the risk of financial loss due to a borrower or counterparty failing to meet its obligations in accordance with contractual terms.
Credit risk arises out of the lending businesses in each of our SBUs and in International banking, which is included in Corporate and Other.
Other sources of credit risk consist of our trading activities, which include our over-the-counter (OTC) derivatives, debt securities, and our repo-
style transaction activity. In addition to losses on the default of a borrower or counterparty, unrealized gains or losses may occur due to changes
in the credit spread of the counterparty, which could impact the carrying or fair value of our assets.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\u2019s risk management framework and risk appetite framework, and together with
CIBC\u2019s portfolio concentration limits for credit exposures, CIBC\u2019s 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\u2019s Investment and Lending Authority Resolution sets
thresholds above which credit exposures require reporting to, or approval of, the RMC, ensuring an increasing level of oversight for credit
exposures 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 applied to individual borrowers and geographic regions, but also to different types of credit facilities, such as unsecured credits. 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 12 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 netting processes, and define the
counterparties\u2019 contractual trading relationship. In addition, the agreements formalize non-transaction-specific terms. Master agreements serve
to mitigate our credit risk by outlining default and termination events, which enable parties to close out of all outstanding transactions in the case
of a negative credit event on either party\u2019s side. The mechanism for calculating termination costs in the event of a close-out are outlined in the
master agreement; this allows for the efficient calculation of a single net obligation of one party to another.
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\u2019s exposure to
the other exceeds agreed upon thresholds, subject to a minimum transfer amount. CSAs and other collateral agreements that operate with
master agreements also designate acceptable collateral types, and set out rules for re-hypothecation and interest calculation on collateral.
Collateral types permitted under CSAs and other master agreements are set through our trading credit risk management documentation
procedures. These procedures include requirements around collateral type concentrations.
Consistent with global initiatives to improve resilience in the financial system, we clear derivatives through 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 managed by Risk Management and Retail Operations, with all significant credit requests submitted subject to
adjudication 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 ratings. Higher risk-rated accounts are subject to closer monitoring and are reviewed at least
quarterly. Collections and specialized loan workout groups handle the day-to-day management of high-risk loans to maximize recoveries.
Risk measurement
Exposures subject to IRB approaches
Under the IRB approaches, 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 IRB approaches,
credit risk is measured using the following three key risk parameters
(1)
:
\u2022
PD \u2013 the probability that the obligor will default within the next 12 months.
\u2022
EAD \u2013 the estimate of the amount that will be drawn at the time of default.
\u2022
LGD \u2013 the expected severity of loss as the result of the default, expressed as a percentage of the EAD.
Exposures under the IRB approaches can be further differentiated into two categories, AIRB and FIRB. For portfolios subject to the AIRB
approach, PD, LGD and EAD are internal estimates. Certain portfolios are prescribed to use the FIRB approach, where LGD and EAD are
regulatory defined parameters. Our credit risk exposures are divided into business and government and retail portfolios. Regulatory models
used to measure credit risk exposure under the IRB approach are subject to CIBC\u2019s model risk management process.
(1)
These parameters differ from those used in the calculation of ECL under IFRS 9. See the \u201cAccounting and control matters\u201d section for further details.
Business and government portfolios (excluding scored small business) \u2013 risk-rating method
The portfolios comprise exposures to corporate, sovereign, and bank obligors. Our adjudication process and criteria includes assigning an obligor
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 master internal obligor default rating scale that broadly maps to external agencies\u2019 ratings as presented in the
table below.
\n \n
CIBC
S&P
Moody\u2019s
Grade
rating
equivalent
equivalent
Investment grade
00\u201347
AAA to BBB-
Aaa to Baa3
Non-investment grade
51\u201367
BB+ to B-
Ba1 to B3
Watch list
70\u201380
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 grade categories
noted above. Our credit policies are also defined to manage our exposure to concentration in borrowers in any particular industry or region.
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 average one-year default likelihood. For corporate obligors, PD estimates are calculated using joint maximum likelihood
techniques based on our internal default rate history by rating category and longer dated external default rates as a proxy for the credit cycle to
arrive at long-run average PD estimates. Estimates drawn from third-party statistical default prediction models are used to supplement the
internal default data for some rating bands where internal data is sparse. For small and medium corporate enterprises, PD estimates are
developed using only internal default history. For bank and sovereign obligors, PD estimates are derived from an analysis based on external
default data sets and supplemented with internal data where possible. We examine several different estimation methodologies and compare
results across the different techniques. In addition, we apply the same techniques and estimation methodologies to analogous corporate default
data and compare the results for banks and sovereigns to the corporate estimates for each technique. A regulatory floor is applied to PD
estimates for corporate and bank obligors.
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 subject to the AIRB approach, LGD estimates are primarily derived from internal historical recovery data. Time
to resolution is typically one to two years for most corporate obligors, and one to four 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 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. For obligors subjected to the FIRB
approach, LGD is a regulatory prescribed calculation.
EAD is estimated based on the current exposure to the obligor together with possible future changes in that exposure. For obligors subject
to the AIRB approach, internal EAD estimates are 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. For obligors subjected to the
FIRB approach, EAD is a regulatory prescribed calculation.
Appropriate adjustments are made to internal PD, LGD and EAD estimates to account for various uncertainties associated with estimation
techniques and data limitations, including adjustments for unresolved accounts (for LGD).
Regulatory capital slotting approach is used for part of our uninsured Canadian commercial mortgage portfolio, which comprises
non-residential mortgages and multi-family residential mortgages. These exposures are individually rated on our rating scale using a risk-rating
methodology that considers the property\u2019s key attributes, which include its loan-to-value (LTV) and debt service ratios, the quality of the
property, and the financial strength of the owner/sponsor. All exposures are secured by a lien over the property. In addition, we have insured
multi-family residential mortgages, which are not treated under the slotting approach, but are instead treated as sovereign exposures.
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 assets, unsecured loans, and scored
small business loans).
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:
\n \n
Risk level
PD bands
Exceptionally low
0.01%\u20130.20%
Very low
0.21%\u20130.50%
Low
0.51%\u20132.00%
Medium
2.01%\u201310.00%
High
10.01%\u201399.99%
Default
100%
For the purposes of the AIRB approach for retail portfolios, additional PD, LGD and EAD segmentation into homogeneous 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, transactor/revolver, 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 period,
which is adjusted using internal historical data on default rates over a longer period or comparable external data that includes a period of stress.
A regulatory floor is applied to our PD estimate for all retail exposures with the exception of insured mortgages and government-guaranteed
loans. A higher regulatory floor is applied to qualifying revolving transactors.
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. Higher regulatory floors are applied to unsecured accounts.
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. A
regulatory floor is applied to the percentage of the undrawn exposure that is included in EAD.
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 \u2013 PD, EAD and LGD \u2013 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 the 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 \u201cReal estate secured personal lending\u201d 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 for IRB approaches. Gross credit exposure amounts relating to our business and government portfolios are
reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. Non-trading equity exposures are not
included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting.
\n \n
$ millions, as at October 31
2024
2023
IRB
Standardized
IRB
Standardized
approach
(1)
approach
Total
approach
approach
Total
Business and government portfolios
Corporate
Drawn
$
186,995
$
6,717 $
193,712
$
139,744
$
48,032 $
187,776
Undrawn commitments
54,122
1,005
55,127
49,460
9,388
58,848
Repo-style transactions
308,047
1
308,048
262,175
\u2013
262,175
Other off-balance sheet
13,307
331
13,638
12,527
752
13,279
OTC derivatives
10,970
126
11,096
8,921
128
9,049
573,441
8,180
581,621
472,827
58,300
531,127
Sovereign
Drawn
187,765
7,802
195,567
166,226
31,376
197,602
Undrawn commitments
8,101
178
8,279
8,956
270
9,226
Repo-style transactions
54,661
\u2013
54,661
31,203
\u2013
31,203
Other off-balance sheet
1,595
156
1,751
1,538
181
1,719
OTC derivatives
2,545
\u2013
2,545
2,444
\u2013
2,444
254,667
8,136
262,803
210,367
31,827
242,194
Banks
Drawn
12,076
1,298
13,374
12,396
851
13,247
Undrawn commitments
555
\u2013
555
407
3
410
Repo-style transactions
45,493
\u2013
45,493
46,889
\u2013
46,889
Other off-balance sheet
2,176
\u2013
2,176
1,417
4
1,421
OTC derivatives
5,291
\u2013
5,291
6,323
12
6,335
65,591
1,298
66,889
67,432
870
68,302
Gross business and government portfolios
893,699
17,614
911,313
750,626
90,997
841,623
Less: collateral held for repo-style transactions
388,767
\u2013
388,767
325,118
\u2013
325,118
Net business and government portfolios
504,932
17,614
522,546
425,508
90,997
516,505
Retail portfolios
Real estate secured personal lending
Drawn
290,545
3,028
293,573
285,019
5,742
290,761
Undrawn commitments
36,393
2
36,395
39,210
23
39,233
326,938
3,030
329,968
324,229
5,765
329,994
Qualifying revolving retail
Drawn
22,894
3,119
26,013
18,277
4,238
22,515
Undrawn commitments
63,866
3,979
67,845
61,231
3,740
64,971
Other off-balance sheet
411
114
525
385
116
501
87,171
7,212
94,383
79,893
8,094
87,987
Other retail
Drawn
15,199
829
16,028
14,423
1,032
15,455
Undrawn commitments
3,430
1
3,431
2,170
63
2,233
Other off-balance sheet
6
\u2013
6
4
\u2013
4
18,635
830
19,465
16,597
1,095
17,692
Small and medium enterprises (SME) retail
Drawn
3,183
\u2013
3,183
3,066
\u2013
3,066
Undrawn commitments
1,217
\u2013
1,217
1,235
\u2013
1,235
Other off-balance sheet
27
\u2013
27
24
\u2013
24
4,427
\u2013
4,427
4,325
\u2013
4,325
Total retail portfolios
437,171
11,072
448,243
425,044
14,954
439,998
Securitization exposures
(2)
30,901
21,251
52,152
24,171
13,870
38,041
Gross credit exposure
(3)
1,361,771
49,937
1,411,708
1,199,841
119,821
1,319,662
Less: collateral held for repo-style transactions
388,767
\u2013
388,767
325,118
\u2013
325,118
Net credit exposure
(3)
$
973,004
$
49,937 $
1,022,941
$
874,723
$
119,821 $
994,544
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.
(2)
OSFI guidelines define a hierarchy of approaches for treating securitization exposures in our banking book. Depending on the underlying characteristics, exposures
are eligible for either the SA or the IRB approach. The SEC-ERBA, which is inclusive of SEC-IAA, includes exposures that qualify for the IRB approach, as well as
exposures under the SA.
(3)
Excludes exposures arising from derivative and repo-style transactions which are cleared through qualified central counterparties (QCCPs) as well as credit risk
exposures arising from other assets that are subject to the credit risk framework, including other balance sheet assets which are risk-weighted at 100%, significant
investments in the capital of non-financial institutions which are risk-weighted at 1250%, settlement risk, and amounts below the thresholds for deduction which are
risk-weighted at 250%. Non-trading equity exposures are also excluded and are subject to a range of risk-weightings dependent on the nature of the security starting
in the second quarter of 2023. Risk-weighting for non-trading equity securities was at 100% prior to the second quarter of 2023.
Exposures subject to the standardized approach
(1)
Exposures within CIBC Caribbean, Risk Rated Individuals, Sovereign Wealth funds, Acquired Canadian Costco credit card portfolios, and other
small portfolios are subject to the standardized approach. The standardized approach utilizes a set of risk weightings defined by the regulators,
as opposed to the more data intensive IRB approach. A detailed breakdown of our net credit risk exposures under the standardized approach
by risk-weight category is provided below.
\n \n
$ millions, as at October 31
Risk-weight category
2024
2023
0%
1\u201320%
21\u201350%
51\u201375%
76\u2013100%
101\u2013150%
>150%
Total
Total
Corporate
$
\u2013
$
\u2013
$
\u2013
$
11
$
7,857
$
311
$
\u2013
$
8,179
$
58,300
Sovereign
6,053
821
333
\u2013
862
68
\u2013
8,137
31,827
Banks
\u2013
1,225
21
\u2013
12
40
\u2013
1,298
870
Real estate secured personal lending
\u2013
740
1,903
295
87
5
\u2013
3,030
5,765
Other retail
\u2013
4,203
\u2013
3,696
16
127
\u2013
8,042
9,189
$
6,053
$
6,989
$
2,257
$
4,002
$
8,834
$
551
$
\u2013
$
28,686
$
105,951
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed 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 12 to the consolidated financial statements. Our repo-
style transactions consist of our securities bought or sold under repurchase agreements, and our securities borrowing and lending activity.
The PD of our counterparties is estimated using models consistent with the models used for our direct lending activity, or as prescribed.
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.
Our trading credit exposure also includes CVA risk. 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. CVA exposure is identified and measured in trading systems and monitored and controlled in our risk systems,
including setting limits on risk measures and sensitivities. The Trading Credit Risk Measurement Standards governs the eligibility of credit default
swaps for the purposes of hedging both CVA and counterparty credit risk. CVA risk can also be hedged using derivatives of the underlying
credit exposures risk factor (e.g. foreign exchange options), and all CVA hedges are monitored for effectiveness on a regular basis, utilizing
scenario and profit and loss analysis.
Senior management in CMRM reviews CVA exposures including the capital consumed from the underlying CVA exposures and its hedges
on a regular basis. Senior management also approves CVA capital as part of the overall control framework in place, along with the approval of
limits on the CVA sensitivities. CVA risk is evaluated independently from the trading desks utilizing market data and parameters that are
reviewed and controlled by Risk Management.
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)(2)
The following table provides a geographic distribution of our business and government exposures under the IRB approach, net of collateral held
for repo-style transactions.
\n \n
$ millions, as at October 31, 2024
Canada
U.S.
(3)
Europe
Other
Total
Drawn
$
176,142
$
180,010
$
17,166
$
13,518
$
386,836
Undrawn commitments
36,250
20,678
3,860
1,990
62,778
Repo-style transactions
4,933
6,670
2,695
5,136
19,434
Other off-balance sheet
8,676
6,033
1,470
899
17,078
OTC derivatives
11,345
3,017
2,348
2,096
18,806
$
237,346
$
216,408
$
27,539
$
23,639
$
504,932
October 31, 2023
$
251,282
$
128,255
$
24,930
$
21,041
$
425,508
(1)
Excludes securitization exposures, and exposures under the SA. Substantially all of our retail exposures under the AIRB approach are based in Canada.
(2)
Classification by country is primarily based on domicile of debtor or customer.
(3)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.
Business and government exposure by industry groups
(1)
The following table provides an industry-wide breakdown of our business and government exposures under the IRB approach, net of collateral
held for repo-style transactions.
\n \n
Undrawn
Repo-style
Other off-
OTC
2024
2023
$ millions, as at October 31
Drawn
commitments
transactions
balance sheet
derivatives
Total
Total
Commercial mortgages
$
7,814
$
18
$
\u2013
$
\u2013
$
\u2013
$
7,832
$
7,825
Financial institutions
95,435
12,244
18,516
5,437
10,980
142,612
110,274
Retail and wholesale
12,708
4,377
\u2013
480
279
17,844
13,871
Business services
14,423
3,617
78
925
256
19,299
12,585
Manufacturing \u2013 capital goods
5,715
2,584
\u2013
345
214
8,858
6,039
Manufacturing \u2013 consumer goods
6,939
1,994
\u2013
229
119
9,281
7,195
Real estate and construction
53,325
10,062
\u2013
2,109
430
65,926
55,145
Agriculture
8,148
1,647
\u2013
42
97
9,934
10,268
Oil and gas
2,612
3,063
\u2013
539
608
6,822
9,485
Mining
1,752
1,424
\u2013
745
980
4,901
4,863
Forest products
567
386
\u2013
123
38
1,114
1,031
Hardware and software
5,068
2,054
\u2013
100
160
7,382
5,865
Telecommunications and cable
2,450
820
\u2013
221
405
3,896
3,689
Broadcasting, publishing and printing
652
180
\u2013
14
13
859
471
Transportation
7,249
3,360
\u2013
463
592
11,664
10,121
Utilities
16,891
7,980
\u2013
4,431
1,326
30,628
31,335
Education, health, and social services
10,536
1,630
6
267
96
12,535
5,735
Governments
134,552
5,338
834
608
2,213
143,545
129,711
$
386,836
$
62,778
$
19,434
$
17,078
$
18,806
$
504,932
$
425,508
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.Credit quality of portfolios
Credit quality of the retail portfolios
The following table presents the credit quality of our retail portfolios under the IRB approach.
\n \n
$ millions, as at October 31
2024
2023
EAD
Real estate secured
Qualifying
Other
SME
Risk level
personal lending
revolving retail
retail
retail
Total
Total
Exceptionally low
$
206,683
$
54,416
$
2,806
$
456
$
264,361
$
301,157
Very low
67,795
9,064
5,388
981
83,228
54,718
Low
34,319
13,192
7,004
1,381
55,896
49,439
Medium
16,249
8,831
2,325
1,135
28,540
15,576
High
1,168
1,594
1,028
399
4,189
3,485
Default
724
74
84
75
957
669
$
326,938
$
87,171
$
18,635
$
4,427
$
437,171
$
425,044
Loans contractually past due but not impaired
The following table provides an aging analysis of loans that are not impaired, where repayment of principal or payment of interest is contractually
in arrears. Loans less than 30 days past due are excluded as such loans are not generally indicative of the borrowers\u2019 ability to meet their
payment obligations.
\n \n
31 to
Over
2024
2023
$ millions, as at October 31
90 days
90 days
Total
Total
Residential mortgages
$
1,216
$
\u2013
$
1,216
$
1,019
Personal
261
\u2013
261
280
Credit card
231
161
392
361
Business and government
226
\u2013
226
184
$
1,934
$
161
$
2,095
$
1,844
During the year, gross interest income that would have been recorded if impaired loans were treated as current was $189 million (2023: $155 million),
of which $89 million (2023: $69 million) was in Canada and $100 million (2023: $86 million) was outside Canada. During the year, interest recognized
on impaired loans was $121 million (2023: $69 million), and interest recognized on loans before being classified as impaired was $126 million (2023:
$110 million), of which $77 million (2023: $43 million) was in Canada and $49 million (2023: $67 million) was outside Canada.Market risk
Market risk is the risk of economic and/or financial loss in our trading and non-trading portfolios from adverse changes in underlying market factors,
including interest rates, foreign exchange rates, equity market prices, commodity prices, credit spreads, and customer behaviour for retail
products. Market risk arises in CIBC\u2019s trading and treasury activities, and encompasses all market-related positioning and market-making activity.
The trading portfolio consists of positions in financial instruments and commodities held to meet the near-term needs of our clients.
The non-trading portfolio consists of positions in various currencies that are related to ALM and investment activities.Policies
We have comprehensive policies for the management of market risk. These policies are related to the identification and measurement of various
types of market risk, their inclusion in the trading portfolio, and the establishment of limits within which we monitor, manage and report our overall
exposures. Our policies also outline the requirements for the construction of valuation models, model review and validation, independent
checking of the valuation of positions, the establishment of valuation adjustments, and alignment with accounting policies including MTM and
mark-to-model methodologies. Under the Basel III reforms for market risk, commonly known as the Fundamental Review of the Trading Book
(FRTB), we have our Risk Trading Book / Banking Book Boundary Procedures and Internal Risk Transfer Trading Procedures, which govern the
classification of trading activity and set restrictions on trades crossing the trading book banking book boundary. There are currently no deviations
from the presumptive list of instrument classifications, and over the past year there have been no trading desks that have crossed the boundary.
Trading desk strategies, including hedging strategies, are part of the trading desks operating model and included in each desk\u2019s policies
and procedures. The use of VaR, stress testing, and profit and loss monitoring also help identify and monitor the effectiveness of their trading
strategies, including hedging performance, and fall under the Trading Credit Risk and Market Risk Management Policies and their supporting
standards.
Market risk limits
We have risk tolerance levels, expressed in terms of statistically based VaR measures, potential stress losses, and notional or other limits as
appropriate. We use a multi-tiered approach to set limits on the amounts of risk that we can assume in our trading and non-trading activities, as
follows:
\u2022
Board limits control consolidated market risk;
\u2022
Management limits control market risk for CIBC overall and are lower than the Board limits to allow for a buffer in the event of extreme
market moves and/or extraordinary client needs;
\u2022
Tier 2 limits control market risk at the business unit level; and
\u2022
Tier 3 limits control market risk at the sub-business unit or desk level.
Management limits are established by the CRO, consistent with the risk appetite statement approved by the Board. Tier 2 and Tier 3 limits are
approved at levels of management commensurate with the risk assumed.
Process and control
Market risk exposures are monitored daily against approved risk limits, and processes are in place to monitor that only authorized activities are
undertaken. We generate daily risk and limit-monitoring reports including intraday limit monitoring for active trading desks, based on the
previous day\u2019s positions. Summary market risk and limit compliance reports are produced and reviewed periodically with the GRC and RMC.
Risk measurement
We use the following measures for market risk:
\u2022
VaR enables the meaningful comparison of the risks in different businesses and asset classes. VaR is determined by the combined
modelling of VaR for each of interest rate, credit spread, equity, foreign exchange, and commodity, along with the portfolio effect arising
from the interrelationship of the different risks (diversification effect):
\u2022
Interest rate risk measures the impact of changes in interest rates and volatilities on cash instruments and derivatives.
\u2022
Credit spread risk measures the impact of changes in credit spreads of provincial, municipal and agency bonds, sovereign bonds,
corporate bonds, securitized products, and credit derivatives such as credit default swaps.
\u2022
Equity risk measures the impact of changes in equity prices and volatilities.
\u2022
Foreign exchange risk measures the impact of changes in foreign exchange rates and volatilities.
\u2022
Commodity risk measures the impact of changes in commodity prices and volatilities, including the basis between related commodities.
\u2022
Diversification effect reflects the risk reduction achieved across various financial instrument types, counterparties, currencies and
regions. The extent of the diversification benefit depends on the correlation between the assets and risk factors in the portfolio at a
particular time.
\u2022
Price, rate and volatility sensitivities measure the change in value of a portfolio to a small change in a given underlying parameter, so that
component risks may be examined in isolation, and the portfolio rebalanced accordingly to achieve a desired exposure.
\u2022
Stressed VaR enables the meaningful comparison of the risks in different businesses and asset classes under stressful conditions.
Changes to rates, prices, volatilities, and spreads over a 10-day horizon from a stressful historical period are applied to current positions to
determine stressed VaR.
\u2022
Back-testing validates the effectiveness of risk measurement through analysis of observed and theoretical profit and loss outcomes.
\u2022
Stress testing and scenario analysis provide insight into portfolio behaviour under extreme circumstances.
\u2022
Market risk capital is calculated under the standardized approach, including a default risk charge (DRC) and the residual risk add-on
(RRAO), which is a charge for risk factors not captured well under the sensitivities based method.Trading activities
We hold positions in traded financial contracts to meet client investment and risk management needs. Trading revenue (net interest income and
non-interest income) is generated from these transactions. Trading instruments are recorded at fair value and include debt and equity securities,
as well as interest rate, foreign exchange, equity, commodity, and credit derivative products.
Value-at-risk
Our VaR methodology is a statistical technique that measures the potential overnight loss at a 99% confidence level. We use a full revaluation
historical simulation methodology to compute VaR and other risk measures.
Although a valuable guide to risk, VaR should always be viewed in the context of its limitations. For example:
\u2022
The use of historical data for estimating future events will not encompass all potential events, particularly those that are extreme in nature.
\u2022
The use of a one-day holding period assumes that all positions can be liquidated, or the risks offset in one day. This may not fully reflect the
market risk arising at times of severe illiquidity, when a one-day period may be insufficient to liquidate or hedge all positions fully.
\u2022
The use of a 99% confidence level does not take into account losses that might occur beyond this level of confidence.
\u2022
VaR is calculated on the basis of exposures outstanding at the close of business and assumes no management action to mitigate losses.
The VaR table below presents market risks by type of risk and in aggregate. The risks are interrelated and the diversification effect reflects the
reduction of risk due to portfolio effects among the trading positions. Our trading risk exposures to interest rates and credit spreads arise from
activities in the global debt and derivative markets, particularly from transactions in the Canadian, U.S. and European markets. The primary
instruments are government and corporate debt, and interest rate derivatives. The majority of the trading exposure to foreign exchange risk
arises from transactions involving the Canadian dollar, U.S. dollar, Euro, Pound sterling, Australian dollar, Chinese yuan and Japanese yen,
whereas the primary risks of losses in equities are in the U.S., Canadian and European markets. Trading exposure to commodities arises
primarily from transactions involving North American natural gas, crude oil products, and precious metals.
\n \n
$ millions, as at or for the year ended October 31
2024
2023
High
Low
As at
Average
High
Low
As at
Average
Interest rate risk
$
18.7
$
4.6
$
6.3
$
9.2
$
11.7
$
4.9
$
7.9
$
7.2
Credit spread risk
3.8
1.6
1.9
2.4
2.5
1.0
2.1
1.5
Equity risk
8.4
4.5
6.9
6.0
8.6
3.3
4.6
5.4
Foreign exchange risk
7.3
0.5
0.6
1.3
3.4
0.3
1.2
0.8
Commodity risk
5.2
1.2
1.2
2.8
4.1
1.2
1.9
2.3
Diversification effect
(1)
n/m
n/m
(9.4)
(10.7)
n/m
n/m
(7.2)
(8.0)
Total VaR (one-day measure)
$
18.8
$
5.8
$
7.5
$
11.0
$
13.2
$
6.6
$
10.5
$
9.2
(1)
Total VaR is less than the sum of the VaR of the different market risk types resulting from a portfolio diversification effect. Prior year amounts have been restated to
conform with the current year presentation.
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.Back-testing
To determine the reliability of the trading VaR model, outcomes are monitored regularly through a back-testing process to test the validity of the
assumptions and the parameters used in the trading VaR calculation. The back-testing process includes calculating a hypothetical or static
profit and loss and comparing that result with calculated VaR. Static profit and loss represents the change in value of the prior day\u2019s closing
portfolio due to each day\u2019s price movements, on the assumption that the portfolio remained unchanged. The back-testing process is conducted
on a daily basis at the consolidated CIBC level as well as business lines and individual portfolios.
Static profit and loss in excess of the one-day VaR are investigated. The back-testing process, including the investigation of results, is
performed by risk professionals who are independent of those responsible for development of the model.
Based on our back-testing results, we are able to ensure that our VaR model continues to appropriately measure risk.
During the year, there were zero negative back-testing breaches of the total VaR measure at the consolidated CIBC level.Stress testing and scenario analysis
Stress testing and scenario analysis is designed to add insight into possible outcomes of abnormal market conditions, and to highlight possible
concentration of risk.
We measure the effect on portfolio valuations under a wide range of extreme moves in market risk factors. Our approach simulates the
impact on earnings of extreme market events over a one-month time horizon. Furthermore, in most cases we do not assume that risk-mitigating
actions during this period to reflect the reduced market liquidity that typically accompanies such events.
Scenarios are developed by utilizing historical market data sourced from periods of market disruption, or are based on hypothetical
impacts of economic events, political events, and natural disasters as predicted by economists, business leaders, and risk managers.
Among the historical scenarios are the market events following the 2008 market crisis and the COVID-19 pandemic, along with the 2022
period of U.S. Federal Reserve tightening. The hypothetical scenarios include potential market crises originating in North America, Europe and
Asia, which are informed from current themes in geopolitics, central bank action and various other macro themes. These include considering the
impact of further escalation in Middle East tensions, the war in Ukraine and a possible conflict between Taiwan and China. Furthermore, during
the past year, stress scenarios have been created and iterated to navigate the U.S. presidential election and subsequent policy impacts.
Stress testing scenarios are periodically reviewed and amended as necessary to ensure they remain relevant. Under stress limit
monitoring, limits are placed on the maximum acceptable loss based on risk appetite in aggregate, at the detailed portfolio level, and for specific
asset classes.
Non-trading activities
Structural interest rate risk (SIRR)
SIRR primarily consists of the risk arising due to mismatches in the timing of the repricing of assets and liabilities, which do not arise from trading
and trading-related businesses. The objective of SIRR management is to lock in product spreads and deliver stable and predictable net interest
income over time, while managing the risk to the economic value of our assets arising from changes in interest rates.
SIRR results from differences in the maturities or repricing dates of assets and liabilities, both on- and off-balance sheet, as well as from
embedded optionality in retail products, and other product features that could affect the expected timing of cash flows, such as options to
pre-pay loans or redeem term deposits prior to contractual maturity. A number of assumptions affecting cash flows, product repricing and the
administration of rates underlie the models used to measure SIRR. The key assumptions pertain to the expected funding profile of mortgage rate
commitments, fixed rate loan prepayment behaviour, term deposit redemption behaviour, the treatment of non-maturity deposits and equity.
Assumptions rely on empirical data, based on historical client behaviour, balance sheet composition and product pricing with the consideration
of possible forward-looking changes. All models and assumptions used to measure SIRR are subject to independent oversight by Risk
Management. A variety of cash instruments and derivatives, primarily interest rate swaps, are used to manage these risks.
The Board has oversight of the management of SIRR, approves the risk appetite and the associated SIRR risk limits. GALCO and its
subcommittee, the Asset Liability Management Committee, regularly review structural market risk positions and provide senior management
oversight.
In addition to Board-approved limits on earnings and economic value exposure, more granular management limits are in place to guide
day-to-day management of this risk. The ALM group within Treasury is responsible for the ongoing modelling of structural market risk across the
enterprise, with independent oversight and compliance with SIRR policy provided by Risk Management.
ALM activities are designed to manage the effects of potential interest rate movements while balancing the cost of any hedging activities
on current net revenue. To monitor and control SIRR, two primary metrics, net interest income (NII) risk and economic value of equity (EVE) risk,
are assessed, in addition to stress testing, gap analysis and other market risk metrics. The net interest income sensitivity is a measure of the
impact of potential changes in interest rates on the projected 12-month pre-tax net interest income of the bank\u2019s portfolio of assets, liabilities and
off-balance sheet positions in response to prescribed parallel interest rate movements with interest rates floored at zero. The EVE sensitivity is a
measure of the impact of potential changes in interest rates on the market value of the bank\u2019s assets, liabilities and off-balance sheet positions in
response to prescribed parallel interest rate movements with interest rates floored at zero.
The following table shows the potential before-tax impact of an immediate and sustained 100 basis point increase and 100 basis point
decrease in interest rates on projected 12-month NII and the EVE for our structural balance sheet, assuming no subsequent hedging
management actions or changes in business mix or changes in product margins.
Structural interest rate sensitivity \u2013 measures
\n \n
$ millions (pre-tax), as at October 31
2024
2023
CAD
(1)
USD
Total
CAD
(1)
USD
Total
100 basis point increase in interest rates
Increase (decrease) in net interest income
$
159
$
45
$
204
$
303
$
91
$
394
Increase (decrease) in EVE
(956)
(400)
(1,356)
(588)
(295)
(883)
100 basis point decrease in interest rates
Increase (decrease) in net interest income
(193)
(49)
(242)
(327)
(88)
(415)
Increase (decrease) in EVE
829
408
1,237
507
319
826
(1)
Includes CAD and other currency exposures.
Foreign exchange risk
Structural foreign exchange risk primarily consists of the risk inherent in: (a) net investments in foreign operations (NIFO) due to changes in foreign
exchange rates; and (b) foreign currency denominated RWA and foreign currency denominated capital deductions. This risk, predominantly in
U.S. dollars, is managed using derivative hedges and by funding the investments in matching currencies. We actively manage this position to
ensure that the potential impact on our capital ratios is within an acceptable tolerance in accordance with the policy approved by the CRO, while
giving consideration to the impact on earnings and shareholders\u2019 equity. Structural foreign exchange risk is managed by Treasury under the
guidance of GALCO with monitoring and oversight by Risk Management.
A 1% appreciation of the Canadian dollar would reduce our shareholders\u2019 equity as at October 31, 2024 by approximately $198 million
(2023: $206 million) on an after-tax basis.
Our non-functional currency denominated earnings are converted into the functional currencies through spot or forward foreign exchange
transactions. Typically, there is no significant impact of exchange rate fluctuations on our consolidated statement of income.
Derivatives held for ALM purposes
Where derivatives are held for ALM purposes, and when transactions meet the criteria specified under IFRS, we apply hedge accounting for the
risks being hedged, as discussed in Notes 1, 12 and 13 to the consolidated financial statements. Derivative hedges that do not qualify for hedge
accounting treatment are referred to as economic hedges and are recorded at fair value on the consolidated balance sheet with changes in fair
value recognized in the consolidated statement of income.
Economic hedges for other than FVO financial instruments may lead to income volatility because the hedged items are recorded either on
a cost or amortized cost basis or recorded at fair value on the consolidated balance sheet with changes in fair value recognized through other
comprehensive income (OCI). This accounting income volatility may not be representative of the overall economic risk.
Equity risk
Non-trading equity risk arises primarily in our strategy and corporate development activities and strategic investments portfolio. The investments
comprise public and private equities, investments in limited partnerships, and equity-accounted investments.
The following table provides the amortized cost and fair values of our non-trading equities:
\n \n
$ millions, as at October 31
Cost
Fair value
2024
Equity securities designated at FVOCI
$
653
$
672
Equity-accounted investments in associates
(1)
145
253
$
798
$
925
2023
Equity securities designated at FVOCI
$
556
$
572
Equity-accounted investments in associates
(1)
137
240
$
693
$
812
(1)
Excludes our equity-accounted joint ventures. See Note 24 to the consolidated financial statements for further details.Liquidity risk
Liquidity risk is the risk of having insufficient cash or its equivalent in a timely and cost-effective manner to meet financial obligations as they
come due. Common sources of liquidity risk inherent in banking services include unanticipated withdrawals of deposits, the inability to replace
maturing debt, credit and liquidity commitments, and additional pledging or other collateral requirements.Policies
Our liquidity risk management policy establishes requirements that enable us to meet anticipated liquidity needs in both normal and stressed
conditions by maintaining a sufficient amount of available unencumbered liquid assets and diversified funding sources. Branches and
subsidiaries possessing unique liquidity characteristics, due to distinct businesses or jurisdictional requirements, maintain local liquidity
practices in alignment with CIBC\u2019s liquidity risk management policy.
Our pledging policy sets out consolidated limits for the pledging of CIBC\u2019s assets across a broad range of financial activities. These limits
ensure unencumbered liquid assets are available for liquidity purposes.
We maintain a detailed global contingency funding plan that sets out the strategies for addressing liquidity shortfalls in emergency and
unexpected situations, and delineates the requirements necessary to manage a range of stress conditions, establishes lines of responsibility,
articulates implementation, defines escalation procedures, and is aligned to CIBC\u2019s risk appetite. In order to reflect CIBC\u2019s organizational
complexity, regional and subsidiary contingency funding plans are maintained to respond to liquidity stresses unique to the jurisdictions within
which CIBC operates, and support CIBC as an enterprise.
Risk measurement
Our liquidity risk tolerance is defined by our risk appetite statement, which is approved annually by the Board, and forms the basis for the
delegation of liquidity risk authority to senior management. We use both regulatory-driven and internally developed liquidity risk metrics to
measure our liquidity risk exposure. Internally, our liquidity position is measured using the Liquidity Horizon, which combines contractual and
behavioural cash flows to measure the future point in time when projected cumulative cash outflows exceed cash inflows under a combined
CIBC-specific and market-wide stress scenario. Expected and potential anticipated inflows and outflows of funds generated from on- and
off-balance sheet exposures are measured and monitored on a regular basis to ensure compliance with established limits. These cash flows
incorporate both contractual and behavioural on- and off-balance sheet cash flows.
Our liquidity measurement system provides liquidity risk exposure reports that include the calculation of the internal liquidity stress tests
and regulatory reporting such as the LCR, NSFR and net cumulative cash flow (NCCF). Our liquidity management also incorporates the
monitoring of our unsecured wholesale funding position and funding capacity.
Risk appetite
CIBC\u2019s risk appetite statement ensures prudent management of liquidity risk by outlining qualitative considerations and quantitative metrics
including the LCR and Liquidity Horizon. Quantitative metrics are measured and managed to a set of limits approved by Risk Management.
Stress testing
A key component of our liquidity risk management, and complementing our assessments of liquidity risk exposure, is liquidity risk stress testing.
Liquidity stress testing involves the application of name-specific and market-wide stress scenarios at varying levels of severity to assess the amount
of available liquidity required to satisfy anticipated obligations as they come due. The scenarios model potential liquidity and funding requirements
in the event of changes to unsecured wholesale funding and deposit run-off, contingent liquidity utilization, and liquid asset marketability.
Liquid assets
Available liquid assets include unencumbered cash and marketable securities from on- and off-balance sheet sources, that can be used to
access funding in a timely fashion. Encumbered liquid assets, composed of assets pledged as collateral and those assets that are deemed
restricted due to legal, operational, or other purposes, are not considered as sources of available liquidity when measuring liquidity risk. The
asset mix is supported by concentration monitoring on issuers, tenors and product types to ensure that bank-wide liquid asset portfolios contain
a mix of assets that have appropriate liquidity, including in times of stress.
Encumbered and unencumbered liquid assets from on- and off-balance sheet sources are summarized as follows:
\n \n
Bank owned
Securities received
Total liquid
Encumbered
Unencumbered
$ millions, as at October 31
liquid assets
as collateral
assets
liquid assets
liquid assets
(1)
2024
Cash and deposits with banks
$
48,064
$
\u2013
$
48,064
$
560
$
47,504
Securities issued or guaranteed by sovereigns, central
banks, and multilateral development banks
178,324
108,499
286,823
146,992
139,831
Other debt securities
6,093
11,328
17,421
3,696
13,725
Equities
58,102
33,424
91,526
54,269
37,257
Canadian government guaranteed National Housing Act
mortgage-backed securities
35,155
2,038
37,193
20,263
16,930
Other liquid assets
(2)
16,021
2,849
18,870
8,971
9,899
$
341,759
$
158,138
$
499,897
$
234,751
$
265,146
2023
Cash and deposits with banks
$
55,718
$
\u2013
$
55,718
$
862
$
54,856
Securities issued or guaranteed by sovereigns, central
banks, and multilateral development banks
155,487
94,880
250,367
134,415
115,952
Other debt securities
5,729
11,681
17,410
4,343
13,067
Equities
43,798
28,432
72,230
33,317
38,913
Canadian government guaranteed National Housing Act
mortgage-backed securities
31,733
4,908
36,641
17,365
19,276
Other liquid assets
(2)
12,597
2,685
15,282
8,238
7,044
$
305,062
$
142,586
$
447,648
$
198,540
$
249,108
(1)
Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral
received less encumbered liquid assets.
(2)
Includes cash pledged as collateral for derivatives transactions, select ABS and precious metals.Asset encumbrance
In the course of our day-to-day operations, securities and other assets are pledged to secure obligations, participate in clearing and settlement
systems and for other collateral management purposes.Restrictions on the flow of funds
Our subsidiaries are not subject to significant restrictions that would prevent transfers of funds, dividends or capital distributions. However,
certain subsidiaries have different capital and liquidity requirements, established by applicable banking and securities regulators.
We monitor and manage our capital and liquidity requirements across these entities to ensure that resources are used efficiently and entities
are in compliance with local regulatory and policy requirements.Funding
We fund our operations with client-sourced deposits, supplemented with a wide range of wholesale funding.
Our principal approach aims to fund our consolidated balance sheet with deposits primarily raised from personal and commercial banking
channels. We maintain a foundation of relationship-based core deposits, whose stability is regularly evaluated through internally developed
statistical assessments.
We routinely access a range of short-term and long-term secured and unsecured funding sources diversified by geography, depositor
type, instrument, currency and maturity. We raise long-term funding from existing programs including covered bonds, asset securitizations and
unsecured debt.
We continuously evaluate opportunities to diversify into new funding products and investor segments in an effort to maximize funding
flexibility and minimize concentration and financing costs. We regularly monitor wholesale funding levels and concentrations to internal limits
consistent with our desired liquidity risk profile.
GALCO and RMC review and approve CIBC\u2019s funding plan, which incorporates projected asset and liability growth, funding maturities, and
output from our liquidity position forecasting.Assets and liabilities
The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values.
Contractual analysis is not representative of our liquidity risk exposure, however this information serves to inform our management of liquidity
risk, and provide input when modelling a behavioural balance sheet.
\n \n
No
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
specified
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
maturity
Total
Assets
Cash and non-interest-bearing deposits with banks
(1)
$
8,565 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
8,565
Interest-bearing deposits with banks
39,499
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39,499
Securities
5,034
4,244
9,176
15,914
10,000
40,372
58,208
49,937
61,460
254,345
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
17,028
Securities purchased under resale agreements
46,653
15,321
12,526
3,906
3,735
1,559
7
14
\u2013
83,721
Loans
Residential mortgages
4,890
10,761
18,694
12,763
27,832
91,451
104,067
10,214
\u2013
280,672
Personal
996
488
892
801
948
575
4,828
5,303
31,850
46,681
Credit card
432
863
1,295
1,295
1,295
5,179
10,192
\u2013
\u2013
20,551
Business and government
4,282
6,850
12,453
15,271
15,697
41,432
75,522
29,998
12,794
214,299
Allowance for credit losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3,917)
(3,917)
Derivative instruments
2,623
7,153
2,957
2,144
1,677
5,650
8,151
6,080
\u2013
36,435
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
44,100
44,100
$ 130,008 $ 45,680 $ 57,993 $ 52,094 $ 61,184 $ 186,218 $ 260,975 $ 101,546 $ 146,287 $ 1,041,985
October 31, 2023
(2)
$ 148,846 $ 41,962 $ 44,949 $ 38,144 $ 42,260 $ 151,110 $ 301,854 $
80,914 $ 125,651 $
975,690
Liabilities
Deposits
(3)
$
56,215 $ 32,842 $ 72,169 $ 47,048 $ 44,437 $
46,848 $
66,255 $
21,056 $ 377,987 $
764,857
Obligations related to securities sold short
21,642
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
21,642
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,997
Obligations related to securities sold under
repurchase agreements
99,376
9,528
77
46
\u2013
1,126
\u2013
\u2013
\u2013
110,153
Derivative instruments
3,243
6,415
3,300
2,005
1,654
7,146
6,801
10,090
\u2013
40,654
Acceptances
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Other liabilities
23
48
70
69
67
268
616
867
28,176
30,204
Subordinated indebtedness
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
33
7,432
\u2013
7,465
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
59,007
59,007
$ 188,502 $ 48,833 $ 75,616 $ 49,168 $ 46,158 $
55,388 $
73,705 $
39,445 $ 465,170 $ 1,041,985
October 31, 2023
(2)
$ 143,144 $ 58,442 $ 57,764 $ 58,203 $ 50,934 $
49,917 $
87,009 $
39,861 $ 430,416 $
975,690
(1)
Cash includes interest-bearing demand deposits with the Bank of Canada.
(2)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(3)
Comprises $252.9 billion (2023: $239.0 billion) of personal deposits; $492.0 billion (2023: $462.1 billion) of business and government deposits and secured borrowings;
and $20 billion (2023: $22.3 billion) of bank deposits.Credit-related commitments
The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of
commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity
requirements.
\n \n
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
No specified
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
maturity
(1)
Total
Unutilized credit commitments
$
2,511 $
9,034 $ 5,538 $
6,773 $
8,494 $ 25,926 $ 76,505 $ 3,341
$ 245,760 $ 383,882
Standby and performance letters of credit
5,406
3,689
3,293
4,641
3,545
718
668
221
\u2013
22,181
Backstop liquidity facilities
125
22,677
55
300
10
111
456
\u2013
\u2013
23,734
Documentary and commercial letters of credit
38
62
24
6
35
11
7
\u2013
\u2013
183
Other
10,375
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56
10,431
$ 18,455 $ 35,462 $ 8,910 $ 11,720 $ 12,084 $ 26,766 $ 77,636 $ 3,562
$ 245,816 $ 440,411
October 31, 2023
(3)
$
8,270 $ 24,767 $ 8,078 $ 11,853 $
8,917 $ 29,890 $ 72,394 $ 3,516
$ 232,656 $ 400,341
(1)
Includes $189.6 billion (2023: $179.2 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.
(2)
Includes forward-dated securities financing trades.
(3)
Certain information has been revised to conform to the current year presentation.
Other off-balance sheet contractual obligations
The following table provides the contractual maturities of other off-balance sheet contractual obligations affecting our funding needs:
\n \n
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
Total
Purchase obligations
(1)
$
129
$
234
$
239
$
277
$
229
$
707
$
727
$
284 $
2,826
Investment commitments
\u2013
1
12
\u2013
2
1
32
480
528
Future lease commitments
(2)
\u2013
\u2013
\u2013
3
7
29
91
439
569
Pension contributions
(3)
14
28
41
41
41
\u2013
\u2013
\u2013
165
Underwriting commitments
464
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
464
$
607
$
263
$
292
$
321
$
279
$
737
$
850
$
1,203 $
4,552
October 31, 2023
(2)
$
145
$
172
$
237
$
251
$
201
$
527
$
705
$
1,106 $
3,344
(1)
Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed,
minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date
specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow
us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to
such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases
of debt and equity instruments that settle within standard market time frames.
(2)
Excludes lease obligations that are accounted for under IFRS 16, which are recognized on the consolidated balance sheet, and operating and tax expenses relating to
lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for
which we have not yet recognized a lease liability and right-of-use asset.
(3)
Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum
funding contributions are included only for the next annual period as the minimum contributions are affected by various factors, such as market performance and
regulatory requirements, and are therefore subject to significant variability.Operational risk
Operational risk is the risk of loss resulting from people, inadequate or failed internal processes and systems, or from external events.
Operational risk is inherent in all CIBC activities and transactions. Failure to manage operational risk can result in direct or indirect financial loss,
reputational impact, or regulatory review and penalties. The Operational Risk Management Framework (the Framework) sets out the
requirements and roles and responsibilities in managing operational risk at CIBC.Regulatory compliance risk
Regulatory compliance risk is the risk of CIBC\u2019s potential non-conformance with applicable regulatory requirements.
Our approach to managing and mitigating regulatory compliance risk aligns with CIBC\u2019s Risk Appetite Statement and centers around
fostering a robust risk culture. The foundation of this approach is a comprehensive Regulatory Compliance Management (RCM) Framework. The
RCM Framework, owned by the Senior Vice-President, Chief Compliance and Privacy Officer and Global Regulatory Affairs, and approved by
the RMC, maps regulatory requirements to our internal mitigants (i.e., policies, procedures and/or controls) that evidence regulatory compliance.
Our Compliance department is responsible for developing and maintaining a comprehensive RCM Program, including oversight of the
RCM Framework. This department operates independently from business management and regularly reports to the RMC.
The primary responsibility for complying with all applicable regulatory requirements rests with senior management of the business and
functional groups, and extends to all employees. The Compliance department\u2019s activities support these groups, with a particular focus on
regulatory requirements that govern the relationship between CIBC and its clients.Reputation and legal risks
Our reputation and financial soundness are of fundamental importance to us and to our clients, shareholders, third parties, regulators, team
members and communities.
Reputation risk is the risk of negative publicity regarding our business conduct or practices which, whether true or not, could significantly
harm our reputation as a leading financial institution, or could materially and adversely affect our business, operations or financial condition.
Legal risk is the risk of financial loss arising from one or more of the following factors: (a) civil, criminal or regulatory enforcement
proceedings against us; (b) our failure to correctly document, enforce or comply with contractual obligations; (c) failure to comply with our legal
obligations to clients, investors, team members, counterparties or other stakeholders; (d) failure to take appropriate legal measures to protect
our assets or security interests; or (e) misconduct by our team members or agents.
All team members at CIBC play an important role in protecting our reputation by ensuring that the highest ethical standards are followed in
how we act and what we do. Not only must we act with integrity at all times, we must also ensure that activities being conducted do not pose
undue risks to CIBC\u2019s reputation for ethical, sound and responsible business practices. As a result, requirements for the management and
oversight of potential reputation risk are integrated throughout our framework of policies and related procedures. These processes include the
management of various risks as set out in CIBC\u2019s Risk Appetite Statement, Risk Management Framework and Code of Conduct. Our Reputation
Risk Management Framework, Global Reputation and Legal Risks Policy and business-specific procedures outline how we safeguard our
reputation through identification, assessment, escalation and mitigation of potential reputation and legal risks. Proactive management of potential
reputation and legal risks is a key responsibility of CIBC and all our team members.
Overall governance and oversight of reputation risk is provided by the Board, primarily through the RMC of the Board. Senior management
oversight of reputation and legal risks is provided by the Reputation and Legal Risks Committee, which is a sub-committee of GRC and reports
its activities regularly to the GRC. Additionally, there are specific senior management committees across the enterprise that provide further
oversight to ensure required practices are followed and any material reputation and legal risks are identified, managed, and if required,
escalated, effectively.
Conduct risk
Conduct risk is the risk that the actions or omissions (i.e., behaviour) of CIBC, team members or third parties: do not align with our desired
culture; deliver poor, inappropriate or unfair outcomes for clients, team members or shareholders; result in adverse market practices and
outcomes; impact CIBC\u2019s reputation as a leading financial institution; or materially and adversely affect our business, operations or financial
condition.
Our Conduct and Culture Risk Framework applies enterprise-wide and outlines the proactive management and oversight of potential
conduct risk. Every team member is accountable for the identification and management of conduct risk. The overarching principles and
requirements for maintaining appropriate conduct and addressing inappropriate conduct are covered in the CIBC Code of Conduct (the Code)
and other global, regional and business specific policies, frameworks, processes and procedures. All team members must continually abide by
the Code, and CIBC policies, frameworks, processes and procedures in carrying out the accountabilities of their role. Overall governance of
conduct risk is provided by the Board and its committees, including the CGC, as well as senior management committees.Risk
In the following sections, we discuss the risks related to the use of derivatives and how we manage these risks.
\n
Market risk
\n
Derivatives are financial instruments where valuation is linked to changes in interest rates, foreign exchange rates, equity, commodity, credit prices,
\n
volatilities, indices or other underlying factors. Changes in value as a result of the aforementioned risk factors are referred to as market risk.
\n
Market risk arising from derivative trading activities is managed in order to mitigate risk in line with CIBC\u2019s risk appetite. To manage market
\n
risk, we set market risk limits and may enter into hedging transactions.
\n
Credit risk
\n
Credit risk arises from the potential for a counterparty to default on its contractual obligations and the possibility that prevailing market conditions are
\n
such that a loss would occur in replacing the defaulted transaction.
\n
We limit the credit risk of OTC derivatives through the use of ISDA master netting agreements, collateral, CCPs and other credit mitigation
\n
techniques. We clear eligible derivatives through CCPs in accordance with various global initiatives. Where feasible, we novate existing bilaterally
\n
negotiated and settled derivatives to a CCP in an effort to reduce CIBC\u2019s credit risk exposure. We establish counterparty credit limits and limits for
\n
CCP exposures based on a counterparty\u2019s creditworthiness and the type of trading relationship with each counterparty (underlying agreements,
\n
business volumes, product types, tenors, etc.).
\n
We negotiate netting agreements to contain the build-up of credit exposure resulting from multiple transactions with more active
\n
counterparties. Such agreements provide for the simultaneous close-out and netting of all transactions with a counterparty, in the case of a
\n
counterparty default. A number of these agreements incorporate a Credit Support Annex, which is a bilateral security agreement that, among other
\n
things, provides for the exchange of collateral between parties in the event that one party\u2019s exposure to the other exceeds agreed upon thresholds.
\n
Credit risk on exchange-traded futures and options is limited, as these transactions are standardized contracts executed on established
\n
exchanges, whose CCPs assume the obligations of both counterparties. Similarly, swaps that are centrally cleared represent limited credit risk
\n
because these transactions are novated to the CCP, which assumes the obligations of the original bilateral counterparty. All exchange-traded and
\n
centrally cleared contracts are subject to initial margin and daily settlement of variation margins, designed to protect participants from losses
\n
incurred from a counterparty default.
\n
A CVA is determined using the fair value based exposure we have on derivative contracts. We believe that we have made appropriate fair
\n
value adjustments to date. The establishment of fair value adjustments involves estimates that are based on accounting processes and judgments
\n
by management. We evaluate the adequacy of the fair value adjustments on an ongoing basis. Market and economic conditions relating to
\n
derivative counterparties may change in the future, which could result in significant future losses.
\n
The following table summarizes our credit exposure arising from derivatives, which includes the current replacement cost, credit equivalent amount
\n
and risk-weighted amount.
\n
For the majority of OTC derivative transactions, we use the internal model method (IMM) for the determination of the EAD, using models that
\n
simulate the underlying risk factors and reflect netting and collateral agreements. For the minority of derivative transactions where we do not have
\n
regulatory approval to use IMM, we used the standardized approach for counterparty credit risk (SA-CCR).
$ millions, as at October 31
2024
2023
Credit
Risk-
Credit
Risk-
Current replacement cost
(1)
equivalent
weighted
Current replacement cost
(1)
equivalent
weighted
Trading
ALM
Total
amount
(2)
amount
Trading
ALM
Total
amount
(2)
amount
Interest rate derivatives
Over-the-counter
Forward rate agreements
$
2 $
1 $
3
$
31
$
15
$
1 $
\u2013 $
1
$
7
$
2
Swap contracts
1,070
131
1,201
3,016
710
1,152
36
1,188
2,540
656
Purchased options
22
1
23
68
24
5
\u2013
5
29
14
Written options
2
1
3
20
6
1
\u2013
1
18
7
1,096
134
1,230
3,135
755
1,159
36
1,195
2,594
679
Exchange-traded
2
\u2013
2
35
1
1
\u2013
1
78
2
1,098
134
1,232
3,170
756
1,160
36
1,196
2,672
681
Foreign exchange derivatives
Over-the-counter
Forward contracts
1,923
308
2,231
5,985
2,010
1,551
369
1,920
5,123
1,753
Swap contracts
326
512
838
2,818
482
413
499
912
2,885
794
Purchased options
183
\u2013
183
498
171
202
\u2013
202
495
227
Written options
19
\u2013
19
165
52
31
\u2013
31
162
58
2,451
820
3,271
9,466
2,715
2,197
868
3,065
8,665
2,832
Exchange-traded
\u2013
\u2013
\u2013
499
20
\u2013
\u2013
\u2013
585
23
2,451
820
3,271
9,965
2,735
2,197
868
3,065
9,250
2,855
Credit derivatives
Over-the-counter
Credit default swap contracts
\u2013 protection purchased
2
\u2013
2
121
14
2
4
6
105
18
\u2013 protection sold
\u2013
\u2013
\u2013
18
4
10
\u2013
10
34
15
2
\u2013
2
139
18
12
4
16
139
33
Equity derivatives
Over-the-counter
365
59
424
4,179
1,048
385
10
395
3,972
952
Exchange-traded
1,364
\u2013
1,364
5,502
161
351
\u2013
351
3,147
103
1,729
59
1,788
9,681
1,209
736
10
746
7,119
1,055
Precious metal and other
commodity derivatives
Over-the-counter
1,165
30
1,195
2,406
956
1,553
\u2013
1,553
2,763
1,205
Exchange-traded
83
\u2013
83
1,930
77
13
\u2013
13
2,069
83
1,248
30
1,278
4,336
1,033
1,566
\u2013
1,566
4,832
1,288
RWA related to non-trade exposures
to central counterparties
414
337
RWA related to CVA capital charge
(3)
3,381
5,949
Total derivatives
$
6,528 $
1,043 $
7,571
$
27,291
$
9,546
$
5,671 $
918 $
6,589
$
24,012
$
12,198
\n
(1)
Current replacement cost reflects the current mark-to-market (MTM) value of derivatives offset by eligible financial collateral, where present.
\n
(2)
Under IMM, expected effective positive exposure (EEPE) is used, which computes, through simulation, the expected exposures with consideration to the expected
\n
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
\n
SA-CCR is calculated as the sum of replacement cost and potential future exposure, multiplied by the prescribed alpha factor of 1.4.
\n
(3)
2024 reflects the implementation of Basel III reforms related to market risk and CVA.
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
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
Derivative instruments
By counterparty type
Financial institutions
$
1,389
$
1,826
$
1,102
$
4,317
$
1,509
$
1,029
$
651
$
3,189
Governments
796
\u2013
54
850
829
\u2013
51
880
Corporate
1,524
409
471
2,404
853
1,168
499
2,520
Total derivative instruments
$
3,709
$
2,235
$
1,627
$
7,571
$
3,191
$
2,197
$
1,201
$
6,589
Hedge accounting
We apply hedge accounting as part of managing the market risk of certain non-trading portfolios arising from changes due to interest rates, foreign
exchange rates, and equity market prices. See the shaded sections in \u201cNon-trading activities\u201d in the MD&A for further information on our risk
management strategy for these risks. See Note 12 for further information on the derivatives used by CIBC.
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.
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 TRS in designated cash flow hedge relationships to hedge changes in CIBC\u2019s share price in respect of certain cash-settled
share-based compensation awards. Note 16 provides details on our cash-settled share-based compensation plans.
For the hedge relationships described 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:
\u2022
Utilization of hedging instruments that have a non-zero fair value at the inception of the hedge relationship;
\u2022
Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated;
\u2022
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
\u2022
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 CVA to the valuation of derivatives when they are applicable.Note 22
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- and off-balance sheet financial instruments are summarized in the following table:
Credit exposure by country of ultimate risk
\n \n
$ millions, as at October 31
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
On-balance sheet
Major assets
(1)(2)(3)
$
627,621 $
259,280 $
110,984
$
997,885
$
604,145
$
239,201
$
91,951
$
935,297
Off-balance sheet
Credit-related arrangements
(4)
Financial institutions
$
46,567 $
31,083 $
6,522
$
84,172
$
31,849
$
25,917
$
4,964
$
62,730
Governments
10,913
153
15
11,081
10,103
82
33
10,218
Retail
199,324
1,125
525
200,974
189,006
1,072
511
190,589
Corporate
80,644
49,994
13,546
144,184
79,461
44,886
12,457
136,804
$
337,448 $
82,355 $
20,608
$
440,411
$
310,419
$
71,957
$
17,965
$
400,341
(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 $596.4 billion (2023: $573.1 billion) and foreign currencies of $401.5 billion (2023: $362.2 billion).
(3)
No industry or foreign jurisdiction accounted for 10% or more of loans and acceptances net of allowance for credit losses, with the exception of the U.S., which accounted
for 15% as at October 31, 2024 (2023: 15%) and the real estate and construction industry, which across all jurisdictions accounted for 10% as at October 31, 2024 (2023:
11%). Canadian residential mortgages accounted for 49% as at October 31, 2024 (2023: 50%) of loans and acceptances net of allowance for credit losses.
(4)
Certain information has been revised to conform to the current year presentation.
See Note 12 for derivative instruments by country and counterparty type of ultimate risk. In addition, see Note 20 for details on the client securities
lending of the joint ventures which CIBC has with The Bank of New York Mellon.
Also see the shaded sections in \u201cMD&A \u2013 Management of risk\u201d for a detailed discussion on our credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00417": { "value": "We have provided certain disclosures required under IFRS 7 \u201cFinancial Instruments \u2013 Disclosures\u201d (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 \u201cRisk overview\u201d, \u201cCredit
risk\u201d, \u201cMarket risk\u201d, \u201cLiquidity risk\u201d, \u201cOperational risk\u201d, \u201cRegulatory compliance risk\u201d, \u201cReputation and legal risks\u201d and \u201cConduct risk\u201d sections.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:
\u2022
CIBC, SBU, functional group-level and regional risk appetite statements;
\u2022
Risk frameworks, policies, procedures and limits to align activities with our risk appetite;
\u2022
Regular risk reports to identify and communicate risk levels;
\u2022
An independent control framework to identify and test the design and operating effectiveness of our key controls;
\u2022
Stress testing to consider the potential impact of changes in the business environment on capital, liquidity and earnings;
\u2022
Proactive consideration of risk mitigation options in order to optimize results; and
\u2022
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\u2019s approach to enterprise-wide risk management aligns with the
three lines of defence model:
(i)
As the first line of defence, CIBC\u2019s Management, in SBUs and functional groups own the risks and are accountable and responsible for
identifying and assessing risks inherent in its activities in accordance with the CIBC risk appetite. In addition, Management establishes and
maintains controls to mitigate such risks. Management may include Governance Groups within the business to facilitate the Control
Framework, Operational Risk Framework and other risk-related processes. A Governance Group refers to a group within Business Unit
Management (first line of defence) whose focus is to support Management in meeting their governance, risk and control activities. A
Governance Group is considered the first line of defence, in conjunction with Business Unit Management. Control Groups, which typically
reside within centralized functions, provide subject matter expertise to Business Unit Management and/or implement/maintain enterprise-
wide control programs and activities. While Control Groups collaborate with Business Unit Management in identifying and managing risk,
they also challenge risk decisions and risk mitigation strategies.
(ii)
The second line of defence is independent from the first line of defence and provides an enterprise-wide view of specific risk types,
guidance and effective challenge to risk and control activities. Risk Management is the primary second line of defence. Risk Management
may leverage subject matter expertise of other groups (e.g., third parties or Control Groups) to inform their independent assessments, as
appropriate.
(iii)
As the third line of defence, CIBC\u2019s Internal Audit is responsible for providing reasonable assurance to senior management and the Audit
Committee of the Board on the effectiveness of CIBC\u2019s governance practices, risk management processes, and Internal Control as a part of
its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter.
A strong risk culture and communication between the three lines of defence are important characteristics of effective risk management.Risk governance structure
Our risk governance structure is illustrated below:
Board of Directors
Risk Governance Structure
Executive Committee
Global Asset Liability
Committee
Global Risk
Committee
Audit
Committee
Risk
Management
Committee
Corporate
Governance
Committee
Management
Resources and
Compensation
Committee
escalation
oversight
culture
framework
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 internal controls over financial reporting. The Audit Committee also has oversight of the underlying processes and
controls of the ESG disclosures in our Annual Report, Sustainability Report, and other material ESG disclosure documents.
Risk Management Committee (RMC):
This committee assists the Board in fulfilling its responsibilities for defining CIBC\u2019s risk appetite and
overseeing CIBC\u2019s risk profile and performance against the defined risk appetite. This includes oversight of key frameworks, policies and risk
limits related to the identification, measurement and monitoring of CIBC\u2019s principal business risks.
Management Resources and Compensation Committee (MRCC):
This committee is responsible for assisting the Board in its global oversight
of CIBC\u2019s human capital strategy, including talent and total rewards, and the alignment with CIBC\u2019s strategy, risk appetite and controls.
Corporate Governance Committee (CGC):
This committee is responsible for assisting the Board in fulfilling its corporate governance oversight
responsibilities and oversight of the ESG strategy.
Executive Committee (ExCo):
The ExCo, led by the Chief Executive Officer (CEO) and including selected 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:
\u2022
Global Asset Liability Committee (GALCO):
This committee, which comprises members from the ExCo and senior Treasury, Risk
Management and lines of business executives, provides oversight regarding capital management, funding and liquidity management, and
asset/liability management (ALM). It also provides strategic direction regarding structural interest rate risk (SIRR) and structural foreign
exchange risk postures, approval of funds transfer pricing policies/parameters and approval of wholesale funding plans.
\u2022
Global Risk Committee (GRC):
This committee, which comprises selected members of the ExCo and senior leaders from the lines of
business, Risk Management and other functional groups, provides a forum for discussion and oversight of risk appetite, risk profile and risk
mitigation strategies. Key activities include reviewing and providing input regarding CIBC\u2019s risk appetite statements; monitoring risk profile
against risk appetite; reviewing and evaluating business activities in the context of risk appetite; and identifying, reviewing, and advising on
current and emerging risk issues and associated mitigation plans.Credit risk is the risk of financial loss due to a borrower or counterparty failing to meet its obligations in accordance with contractual terms.
Credit risk arises out of the lending businesses in each of our SBUs and in International banking, which is included in Corporate and Other.
Other sources of credit risk consist of our trading activities, which include our over-the-counter (OTC) derivatives, debt securities, and our repo-
style transaction activity. In addition to losses on the default of a borrower or counterparty, unrealized gains or losses may occur due to changes
in the credit spread of the counterparty, which could impact the carrying or fair value of our assets.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\u2019s risk management framework and risk appetite framework, and together with
CIBC\u2019s portfolio concentration limits for credit exposures, CIBC\u2019s 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\u2019s Investment and Lending Authority Resolution sets
thresholds above which credit exposures require reporting to, or approval of, the RMC, ensuring an increasing level of oversight for credit
exposures 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 applied to individual borrowers and geographic regions, but also to different types of credit facilities, such as unsecured credits. 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 12 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 netting processes, and define the
counterparties\u2019 contractual trading relationship. In addition, the agreements formalize non-transaction-specific terms. Master agreements serve
to mitigate our credit risk by outlining default and termination events, which enable parties to close out of all outstanding transactions in the case
of a negative credit event on either party\u2019s side. The mechanism for calculating termination costs in the event of a close-out are outlined in the
master agreement; this allows for the efficient calculation of a single net obligation of one party to another.
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\u2019s exposure to
the other exceeds agreed upon thresholds, subject to a minimum transfer amount. CSAs and other collateral agreements that operate with
master agreements also designate acceptable collateral types, and set out rules for re-hypothecation and interest calculation on collateral.
Collateral types permitted under CSAs and other master agreements are set through our trading credit risk management documentation
procedures. These procedures include requirements around collateral type concentrations.
Consistent with global initiatives to improve resilience in the financial system, we clear derivatives through 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 managed by Risk Management and Retail Operations, with all significant credit requests submitted subject to
adjudication 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 ratings. Higher risk-rated accounts are subject to closer monitoring and are reviewed at least
quarterly. Collections and specialized loan workout groups handle the day-to-day management of high-risk loans to maximize recoveries.
Risk measurement
Exposures subject to IRB approaches
Under the IRB approaches, 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 IRB approaches,
credit risk is measured using the following three key risk parameters
(1)
:
\u2022
PD \u2013 the probability that the obligor will default within the next 12 months.
\u2022
EAD \u2013 the estimate of the amount that will be drawn at the time of default.
\u2022
LGD \u2013 the expected severity of loss as the result of the default, expressed as a percentage of the EAD.
Exposures under the IRB approaches can be further differentiated into two categories, AIRB and FIRB. For portfolios subject to the AIRB
approach, PD, LGD and EAD are internal estimates. Certain portfolios are prescribed to use the FIRB approach, where LGD and EAD are
regulatory defined parameters. Our credit risk exposures are divided into business and government and retail portfolios. Regulatory models
used to measure credit risk exposure under the IRB approach are subject to CIBC\u2019s model risk management process.
(1)
These parameters differ from those used in the calculation of ECL under IFRS 9. See the \u201cAccounting and control matters\u201d section for further details.
Business and government portfolios (excluding scored small business) \u2013 risk-rating method
The portfolios comprise exposures to corporate, sovereign, and bank obligors. Our adjudication process and criteria includes assigning an obligor
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 master internal obligor default rating scale that broadly maps to external agencies\u2019 ratings as presented in the
table below.
\n \n
CIBC
S&P
Moody\u2019s
Grade
rating
equivalent
equivalent
Investment grade
00\u201347
AAA to BBB-
Aaa to Baa3
Non-investment grade
51\u201367
BB+ to B-
Ba1 to B3
Watch list
70\u201380
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 grade categories
noted above. Our credit policies are also defined to manage our exposure to concentration in borrowers in any particular industry or region.
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 average one-year default likelihood. For corporate obligors, PD estimates are calculated using joint maximum likelihood
techniques based on our internal default rate history by rating category and longer dated external default rates as a proxy for the credit cycle to
arrive at long-run average PD estimates. Estimates drawn from third-party statistical default prediction models are used to supplement the
internal default data for some rating bands where internal data is sparse. For small and medium corporate enterprises, PD estimates are
developed using only internal default history. For bank and sovereign obligors, PD estimates are derived from an analysis based on external
default data sets and supplemented with internal data where possible. We examine several different estimation methodologies and compare
results across the different techniques. In addition, we apply the same techniques and estimation methodologies to analogous corporate default
data and compare the results for banks and sovereigns to the corporate estimates for each technique. A regulatory floor is applied to PD
estimates for corporate and bank obligors.
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 subject to the AIRB approach, LGD estimates are primarily derived from internal historical recovery data. Time
to resolution is typically one to two years for most corporate obligors, and one to four 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 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. For obligors subjected to the FIRB
approach, LGD is a regulatory prescribed calculation.
EAD is estimated based on the current exposure to the obligor together with possible future changes in that exposure. For obligors subject
to the AIRB approach, internal EAD estimates are 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. For obligors subjected to the
FIRB approach, EAD is a regulatory prescribed calculation.
Appropriate adjustments are made to internal PD, LGD and EAD estimates to account for various uncertainties associated with estimation
techniques and data limitations, including adjustments for unresolved accounts (for LGD).
Regulatory capital slotting approach is used for part of our uninsured Canadian commercial mortgage portfolio, which comprises
non-residential mortgages and multi-family residential mortgages. These exposures are individually rated on our rating scale using a risk-rating
methodology that considers the property\u2019s key attributes, which include its loan-to-value (LTV) and debt service ratios, the quality of the
property, and the financial strength of the owner/sponsor. All exposures are secured by a lien over the property. In addition, we have insured
multi-family residential mortgages, which are not treated under the slotting approach, but are instead treated as sovereign exposures.
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 assets, unsecured loans, and scored
small business loans).
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:
\n \n
Risk level
PD bands
Exceptionally low
0.01%\u20130.20%
Very low
0.21%\u20130.50%
Low
0.51%\u20132.00%
Medium
2.01%\u201310.00%
High
10.01%\u201399.99%
Default
100%
For the purposes of the AIRB approach for retail portfolios, additional PD, LGD and EAD segmentation into homogeneous 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, transactor/revolver, 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 period,
which is adjusted using internal historical data on default rates over a longer period or comparable external data that includes a period of stress.
A regulatory floor is applied to our PD estimate for all retail exposures with the exception of insured mortgages and government-guaranteed
loans. A higher regulatory floor is applied to qualifying revolving transactors.
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. Higher regulatory floors are applied to unsecured accounts.
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. A
regulatory floor is applied to the percentage of the undrawn exposure that is included in EAD.
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 \u2013 PD, EAD and LGD \u2013 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 the 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 \u201cReal estate secured personal lending\u201d 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 for IRB approaches. Gross credit exposure amounts relating to our business and government portfolios are
reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. Non-trading equity exposures are not
included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting.
\n \n
$ millions, as at October 31
2024
2023
IRB
Standardized
IRB
Standardized
approach
(1)
approach
Total
approach
approach
Total
Business and government portfolios
Corporate
Drawn
$
186,995
$
6,717 $
193,712
$
139,744
$
48,032 $
187,776
Undrawn commitments
54,122
1,005
55,127
49,460
9,388
58,848
Repo-style transactions
308,047
1
308,048
262,175
\u2013
262,175
Other off-balance sheet
13,307
331
13,638
12,527
752
13,279
OTC derivatives
10,970
126
11,096
8,921
128
9,049
573,441
8,180
581,621
472,827
58,300
531,127
Sovereign
Drawn
187,765
7,802
195,567
166,226
31,376
197,602
Undrawn commitments
8,101
178
8,279
8,956
270
9,226
Repo-style transactions
54,661
\u2013
54,661
31,203
\u2013
31,203
Other off-balance sheet
1,595
156
1,751
1,538
181
1,719
OTC derivatives
2,545
\u2013
2,545
2,444
\u2013
2,444
254,667
8,136
262,803
210,367
31,827
242,194
Banks
Drawn
12,076
1,298
13,374
12,396
851
13,247
Undrawn commitments
555
\u2013
555
407
3
410
Repo-style transactions
45,493
\u2013
45,493
46,889
\u2013
46,889
Other off-balance sheet
2,176
\u2013
2,176
1,417
4
1,421
OTC derivatives
5,291
\u2013
5,291
6,323
12
6,335
65,591
1,298
66,889
67,432
870
68,302
Gross business and government portfolios
893,699
17,614
911,313
750,626
90,997
841,623
Less: collateral held for repo-style transactions
388,767
\u2013
388,767
325,118
\u2013
325,118
Net business and government portfolios
504,932
17,614
522,546
425,508
90,997
516,505
Retail portfolios
Real estate secured personal lending
Drawn
290,545
3,028
293,573
285,019
5,742
290,761
Undrawn commitments
36,393
2
36,395
39,210
23
39,233
326,938
3,030
329,968
324,229
5,765
329,994
Qualifying revolving retail
Drawn
22,894
3,119
26,013
18,277
4,238
22,515
Undrawn commitments
63,866
3,979
67,845
61,231
3,740
64,971
Other off-balance sheet
411
114
525
385
116
501
87,171
7,212
94,383
79,893
8,094
87,987
Other retail
Drawn
15,199
829
16,028
14,423
1,032
15,455
Undrawn commitments
3,430
1
3,431
2,170
63
2,233
Other off-balance sheet
6
\u2013
6
4
\u2013
4
18,635
830
19,465
16,597
1,095
17,692
Small and medium enterprises (SME) retail
Drawn
3,183
\u2013
3,183
3,066
\u2013
3,066
Undrawn commitments
1,217
\u2013
1,217
1,235
\u2013
1,235
Other off-balance sheet
27
\u2013
27
24
\u2013
24
4,427
\u2013
4,427
4,325
\u2013
4,325
Total retail portfolios
437,171
11,072
448,243
425,044
14,954
439,998
Securitization exposures
(2)
30,901
21,251
52,152
24,171
13,870
38,041
Gross credit exposure
(3)
1,361,771
49,937
1,411,708
1,199,841
119,821
1,319,662
Less: collateral held for repo-style transactions
388,767
\u2013
388,767
325,118
\u2013
325,118
Net credit exposure
(3)
$
973,004
$
49,937 $
1,022,941
$
874,723
$
119,821 $
994,544
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.
(2)
OSFI guidelines define a hierarchy of approaches for treating securitization exposures in our banking book. Depending on the underlying characteristics, exposures
are eligible for either the SA or the IRB approach. The SEC-ERBA, which is inclusive of SEC-IAA, includes exposures that qualify for the IRB approach, as well as
exposures under the SA.
(3)
Excludes exposures arising from derivative and repo-style transactions which are cleared through qualified central counterparties (QCCPs) as well as credit risk
exposures arising from other assets that are subject to the credit risk framework, including other balance sheet assets which are risk-weighted at 100%, significant
investments in the capital of non-financial institutions which are risk-weighted at 1250%, settlement risk, and amounts below the thresholds for deduction which are
risk-weighted at 250%. Non-trading equity exposures are also excluded and are subject to a range of risk-weightings dependent on the nature of the security starting
in the second quarter of 2023. Risk-weighting for non-trading equity securities was at 100% prior to the second quarter of 2023.
Exposures subject to the standardized approach
(1)
Exposures within CIBC Caribbean, Risk Rated Individuals, Sovereign Wealth funds, Acquired Canadian Costco credit card portfolios, and other
small portfolios are subject to the standardized approach. The standardized approach utilizes a set of risk weightings defined by the regulators,
as opposed to the more data intensive IRB approach. A detailed breakdown of our net credit risk exposures under the standardized approach
by risk-weight category is provided below.
\n \n
$ millions, as at October 31
Risk-weight category
2024
2023
0%
1\u201320%
21\u201350%
51\u201375%
76\u2013100%
101\u2013150%
>150%
Total
Total
Corporate
$
\u2013
$
\u2013
$
\u2013
$
11
$
7,857
$
311
$
\u2013
$
8,179
$
58,300
Sovereign
6,053
821
333
\u2013
862
68
\u2013
8,137
31,827
Banks
\u2013
1,225
21
\u2013
12
40
\u2013
1,298
870
Real estate secured personal lending
\u2013
740
1,903
295
87
5
\u2013
3,030
5,765
Other retail
\u2013
4,203
\u2013
3,696
16
127
\u2013
8,042
9,189
$
6,053
$
6,989
$
2,257
$
4,002
$
8,834
$
551
$
\u2013
$
28,686
$
105,951
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed 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 12 to the consolidated financial statements. Our repo-
style transactions consist of our securities bought or sold under repurchase agreements, and our securities borrowing and lending activity.
The PD of our counterparties is estimated using models consistent with the models used for our direct lending activity, or as prescribed.
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.
Our trading credit exposure also includes CVA risk. 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. CVA exposure is identified and measured in trading systems and monitored and controlled in our risk systems,
including setting limits on risk measures and sensitivities. The Trading Credit Risk Measurement Standards governs the eligibility of credit default
swaps for the purposes of hedging both CVA and counterparty credit risk. CVA risk can also be hedged using derivatives of the underlying
credit exposures risk factor (e.g. foreign exchange options), and all CVA hedges are monitored for effectiveness on a regular basis, utilizing
scenario and profit and loss analysis.
Senior management in CMRM reviews CVA exposures including the capital consumed from the underlying CVA exposures and its hedges
on a regular basis. Senior management also approves CVA capital as part of the overall control framework in place, along with the approval of
limits on the CVA sensitivities. CVA risk is evaluated independently from the trading desks utilizing market data and parameters that are
reviewed and controlled by Risk Management.
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)(2)
The following table provides a geographic distribution of our business and government exposures under the IRB approach, net of collateral held
for repo-style transactions.
\n \n
$ millions, as at October 31, 2024
Canada
U.S.
(3)
Europe
Other
Total
Drawn
$
176,142
$
180,010
$
17,166
$
13,518
$
386,836
Undrawn commitments
36,250
20,678
3,860
1,990
62,778
Repo-style transactions
4,933
6,670
2,695
5,136
19,434
Other off-balance sheet
8,676
6,033
1,470
899
17,078
OTC derivatives
11,345
3,017
2,348
2,096
18,806
$
237,346
$
216,408
$
27,539
$
23,639
$
504,932
October 31, 2023
$
251,282
$
128,255
$
24,930
$
21,041
$
425,508
(1)
Excludes securitization exposures, and exposures under the SA. Substantially all of our retail exposures under the AIRB approach are based in Canada.
(2)
Classification by country is primarily based on domicile of debtor or customer.
(3)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.
Business and government exposure by industry groups
(1)
The following table provides an industry-wide breakdown of our business and government exposures under the IRB approach, net of collateral
held for repo-style transactions.
\n \n
Undrawn
Repo-style
Other off-
OTC
2024
2023
$ millions, as at October 31
Drawn
commitments
transactions
balance sheet
derivatives
Total
Total
Commercial mortgages
$
7,814
$
18
$
\u2013
$
\u2013
$
\u2013
$
7,832
$
7,825
Financial institutions
95,435
12,244
18,516
5,437
10,980
142,612
110,274
Retail and wholesale
12,708
4,377
\u2013
480
279
17,844
13,871
Business services
14,423
3,617
78
925
256
19,299
12,585
Manufacturing \u2013 capital goods
5,715
2,584
\u2013
345
214
8,858
6,039
Manufacturing \u2013 consumer goods
6,939
1,994
\u2013
229
119
9,281
7,195
Real estate and construction
53,325
10,062
\u2013
2,109
430
65,926
55,145
Agriculture
8,148
1,647
\u2013
42
97
9,934
10,268
Oil and gas
2,612
3,063
\u2013
539
608
6,822
9,485
Mining
1,752
1,424
\u2013
745
980
4,901
4,863
Forest products
567
386
\u2013
123
38
1,114
1,031
Hardware and software
5,068
2,054
\u2013
100
160
7,382
5,865
Telecommunications and cable
2,450
820
\u2013
221
405
3,896
3,689
Broadcasting, publishing and printing
652
180
\u2013
14
13
859
471
Transportation
7,249
3,360
\u2013
463
592
11,664
10,121
Utilities
16,891
7,980
\u2013
4,431
1,326
30,628
31,335
Education, health, and social services
10,536
1,630
6
267
96
12,535
5,735
Governments
134,552
5,338
834
608
2,213
143,545
129,711
$
386,836
$
62,778
$
19,434
$
17,078
$
18,806
$
504,932
$
425,508
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.Credit quality of portfolios
Credit quality of the retail portfolios
The following table presents the credit quality of our retail portfolios under the IRB approach.
\n \n
$ millions, as at October 31
2024
2023
EAD
Real estate secured
Qualifying
Other
SME
Risk level
personal lending
revolving retail
retail
retail
Total
Total
Exceptionally low
$
206,683
$
54,416
$
2,806
$
456
$
264,361
$
301,157
Very low
67,795
9,064
5,388
981
83,228
54,718
Low
34,319
13,192
7,004
1,381
55,896
49,439
Medium
16,249
8,831
2,325
1,135
28,540
15,576
High
1,168
1,594
1,028
399
4,189
3,485
Default
724
74
84
75
957
669
$
326,938
$
87,171
$
18,635
$
4,427
$
437,171
$
425,044
Loans contractually past due but not impaired
The following table provides an aging analysis of loans that are not impaired, where repayment of principal or payment of interest is contractually
in arrears. Loans less than 30 days past due are excluded as such loans are not generally indicative of the borrowers\u2019 ability to meet their
payment obligations.
\n \n
31 to
Over
2024
2023
$ millions, as at October 31
90 days
90 days
Total
Total
Residential mortgages
$
1,216
$
\u2013
$
1,216
$
1,019
Personal
261
\u2013
261
280
Credit card
231
161
392
361
Business and government
226
\u2013
226
184
$
1,934
$
161
$
2,095
$
1,844
During the year, gross interest income that would have been recorded if impaired loans were treated as current was $189 million (2023: $155 million),
of which $89 million (2023: $69 million) was in Canada and $100 million (2023: $86 million) was outside Canada. During the year, interest recognized
on impaired loans was $121 million (2023: $69 million), and interest recognized on loans before being classified as impaired was $126 million (2023:
$110 million), of which $77 million (2023: $43 million) was in Canada and $49 million (2023: $67 million) was outside Canada.Market risk is the risk of economic and/or financial loss in our trading and non-trading portfolios from adverse changes in underlying market factors,
including interest rates, foreign exchange rates, equity market prices, commodity prices, credit spreads, and customer behaviour for retail
products. Market risk arises in CIBC\u2019s trading and treasury activities, and encompasses all market-related positioning and market-making activity.
The trading portfolio consists of positions in financial instruments and commodities held to meet the near-term needs of our clients.
The non-trading portfolio consists of positions in various currencies that are related to ALM and investment activities.Policies
We have comprehensive policies for the management of market risk. These policies are related to the identification and measurement of various
types of market risk, their inclusion in the trading portfolio, and the establishment of limits within which we monitor, manage and report our overall
exposures. Our policies also outline the requirements for the construction of valuation models, model review and validation, independent
checking of the valuation of positions, the establishment of valuation adjustments, and alignment with accounting policies including MTM and
mark-to-model methodologies. Under the Basel III reforms for market risk, commonly known as the Fundamental Review of the Trading Book
(FRTB), we have our Risk Trading Book / Banking Book Boundary Procedures and Internal Risk Transfer Trading Procedures, which govern the
classification of trading activity and set restrictions on trades crossing the trading book banking book boundary. There are currently no deviations
from the presumptive list of instrument classifications, and over the past year there have been no trading desks that have crossed the boundary.
Trading desk strategies, including hedging strategies, are part of the trading desks operating model and included in each desk\u2019s policies
and procedures. The use of VaR, stress testing, and profit and loss monitoring also help identify and monitor the effectiveness of their trading
strategies, including hedging performance, and fall under the Trading Credit Risk and Market Risk Management Policies and their supporting
standards.
Market risk limits
We have risk tolerance levels, expressed in terms of statistically based VaR measures, potential stress losses, and notional or other limits as
appropriate. We use a multi-tiered approach to set limits on the amounts of risk that we can assume in our trading and non-trading activities, as
follows:
\u2022
Board limits control consolidated market risk;
\u2022
Management limits control market risk for CIBC overall and are lower than the Board limits to allow for a buffer in the event of extreme
market moves and/or extraordinary client needs;
\u2022
Tier 2 limits control market risk at the business unit level; and
\u2022
Tier 3 limits control market risk at the sub-business unit or desk level.
Management limits are established by the CRO, consistent with the risk appetite statement approved by the Board. Tier 2 and Tier 3 limits are
approved at levels of management commensurate with the risk assumed.
Process and control
Market risk exposures are monitored daily against approved risk limits, and processes are in place to monitor that only authorized activities are
undertaken. We generate daily risk and limit-monitoring reports including intraday limit monitoring for active trading desks, based on the
previous day\u2019s positions. Summary market risk and limit compliance reports are produced and reviewed periodically with the GRC and RMC.
Risk measurement
We use the following measures for market risk:
\u2022
VaR enables the meaningful comparison of the risks in different businesses and asset classes. VaR is determined by the combined
modelling of VaR for each of interest rate, credit spread, equity, foreign exchange, and commodity, along with the portfolio effect arising
from the interrelationship of the different risks (diversification effect):
\u2022
Interest rate risk measures the impact of changes in interest rates and volatilities on cash instruments and derivatives.
\u2022
Credit spread risk measures the impact of changes in credit spreads of provincial, municipal and agency bonds, sovereign bonds,
corporate bonds, securitized products, and credit derivatives such as credit default swaps.
\u2022
Equity risk measures the impact of changes in equity prices and volatilities.
\u2022
Foreign exchange risk measures the impact of changes in foreign exchange rates and volatilities.
\u2022
Commodity risk measures the impact of changes in commodity prices and volatilities, including the basis between related commodities.
\u2022
Diversification effect reflects the risk reduction achieved across various financial instrument types, counterparties, currencies and
regions. The extent of the diversification benefit depends on the correlation between the assets and risk factors in the portfolio at a
particular time.
\u2022
Price, rate and volatility sensitivities measure the change in value of a portfolio to a small change in a given underlying parameter, so that
component risks may be examined in isolation, and the portfolio rebalanced accordingly to achieve a desired exposure.
\u2022
Stressed VaR enables the meaningful comparison of the risks in different businesses and asset classes under stressful conditions.
Changes to rates, prices, volatilities, and spreads over a 10-day horizon from a stressful historical period are applied to current positions to
determine stressed VaR.
\u2022
Back-testing validates the effectiveness of risk measurement through analysis of observed and theoretical profit and loss outcomes.
\u2022
Stress testing and scenario analysis provide insight into portfolio behaviour under extreme circumstances.
\u2022
Market risk capital is calculated under the standardized approach, including a default risk charge (DRC) and the residual risk add-on
(RRAO), which is a charge for risk factors not captured well under the sensitivities based method.Trading activities
We hold positions in traded financial contracts to meet client investment and risk management needs. Trading revenue (net interest income and
non-interest income) is generated from these transactions. Trading instruments are recorded at fair value and include debt and equity securities,
as well as interest rate, foreign exchange, equity, commodity, and credit derivative products.
Value-at-risk
Our VaR methodology is a statistical technique that measures the potential overnight loss at a 99% confidence level. We use a full revaluation
historical simulation methodology to compute VaR and other risk measures.
Although a valuable guide to risk, VaR should always be viewed in the context of its limitations. For example:
\u2022
The use of historical data for estimating future events will not encompass all potential events, particularly those that are extreme in nature.
\u2022
The use of a one-day holding period assumes that all positions can be liquidated, or the risks offset in one day. This may not fully reflect the
market risk arising at times of severe illiquidity, when a one-day period may be insufficient to liquidate or hedge all positions fully.
\u2022
The use of a 99% confidence level does not take into account losses that might occur beyond this level of confidence.
\u2022
VaR is calculated on the basis of exposures outstanding at the close of business and assumes no management action to mitigate losses.
The VaR table below presents market risks by type of risk and in aggregate. The risks are interrelated and the diversification effect reflects the
reduction of risk due to portfolio effects among the trading positions. Our trading risk exposures to interest rates and credit spreads arise from
activities in the global debt and derivative markets, particularly from transactions in the Canadian, U.S. and European markets. The primary
instruments are government and corporate debt, and interest rate derivatives. The majority of the trading exposure to foreign exchange risk
arises from transactions involving the Canadian dollar, U.S. dollar, Euro, Pound sterling, Australian dollar, Chinese yuan and Japanese yen,
whereas the primary risks of losses in equities are in the U.S., Canadian and European markets. Trading exposure to commodities arises
primarily from transactions involving North American natural gas, crude oil products, and precious metals.
\n \n
$ millions, as at or for the year ended October 31
2024
2023
High
Low
As at
Average
High
Low
As at
Average
Interest rate risk
$
18.7
$
4.6
$
6.3
$
9.2
$
11.7
$
4.9
$
7.9
$
7.2
Credit spread risk
3.8
1.6
1.9
2.4
2.5
1.0
2.1
1.5
Equity risk
8.4
4.5
6.9
6.0
8.6
3.3
4.6
5.4
Foreign exchange risk
7.3
0.5
0.6
1.3
3.4
0.3
1.2
0.8
Commodity risk
5.2
1.2
1.2
2.8
4.1
1.2
1.9
2.3
Diversification effect
(1)
n/m
n/m
(9.4)
(10.7)
n/m
n/m
(7.2)
(8.0)
Total VaR (one-day measure)
$
18.8
$
5.8
$
7.5
$
11.0
$
13.2
$
6.6
$
10.5
$
9.2
(1)
Total VaR is less than the sum of the VaR of the different market risk types resulting from a portfolio diversification effect. Prior year amounts have been restated to
conform with the current year presentation.
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.Back-testing
To determine the reliability of the trading VaR model, outcomes are monitored regularly through a back-testing process to test the validity of the
assumptions and the parameters used in the trading VaR calculation. The back-testing process includes calculating a hypothetical or static
profit and loss and comparing that result with calculated VaR. Static profit and loss represents the change in value of the prior day\u2019s closing
portfolio due to each day\u2019s price movements, on the assumption that the portfolio remained unchanged. The back-testing process is conducted
on a daily basis at the consolidated CIBC level as well as business lines and individual portfolios.
Static profit and loss in excess of the one-day VaR are investigated. The back-testing process, including the investigation of results, is
performed by risk professionals who are independent of those responsible for development of the model.
Based on our back-testing results, we are able to ensure that our VaR model continues to appropriately measure risk.
During the year, there were zero negative back-testing breaches of the total VaR measure at the consolidated CIBC level.Stress testing and scenario analysis
Stress testing and scenario analysis is designed to add insight into possible outcomes of abnormal market conditions, and to highlight possible
concentration of risk.
We measure the effect on portfolio valuations under a wide range of extreme moves in market risk factors. Our approach simulates the
impact on earnings of extreme market events over a one-month time horizon. Furthermore, in most cases we do not assume that risk-mitigating
actions during this period to reflect the reduced market liquidity that typically accompanies such events.
Scenarios are developed by utilizing historical market data sourced from periods of market disruption, or are based on hypothetical
impacts of economic events, political events, and natural disasters as predicted by economists, business leaders, and risk managers.
Among the historical scenarios are the market events following the 2008 market crisis and the COVID-19 pandemic, along with the 2022
period of U.S. Federal Reserve tightening. The hypothetical scenarios include potential market crises originating in North America, Europe and
Asia, which are informed from current themes in geopolitics, central bank action and various other macro themes. These include considering the
impact of further escalation in Middle East tensions, the war in Ukraine and a possible conflict between Taiwan and China. Furthermore, during
the past year, stress scenarios have been created and iterated to navigate the U.S. presidential election and subsequent policy impacts.
Stress testing scenarios are periodically reviewed and amended as necessary to ensure they remain relevant. Under stress limit
monitoring, limits are placed on the maximum acceptable loss based on risk appetite in aggregate, at the detailed portfolio level, and for specific
asset classes.
Non-trading activities
Structural interest rate risk (SIRR)
SIRR primarily consists of the risk arising due to mismatches in the timing of the repricing of assets and liabilities, which do not arise from trading
and trading-related businesses. The objective of SIRR management is to lock in product spreads and deliver stable and predictable net interest
income over time, while managing the risk to the economic value of our assets arising from changes in interest rates.
SIRR results from differences in the maturities or repricing dates of assets and liabilities, both on- and off-balance sheet, as well as from
embedded optionality in retail products, and other product features that could affect the expected timing of cash flows, such as options to
pre-pay loans or redeem term deposits prior to contractual maturity. A number of assumptions affecting cash flows, product repricing and the
administration of rates underlie the models used to measure SIRR. The key assumptions pertain to the expected funding profile of mortgage rate
commitments, fixed rate loan prepayment behaviour, term deposit redemption behaviour, the treatment of non-maturity deposits and equity.
Assumptions rely on empirical data, based on historical client behaviour, balance sheet composition and product pricing with the consideration
of possible forward-looking changes. All models and assumptions used to measure SIRR are subject to independent oversight by Risk
Management. A variety of cash instruments and derivatives, primarily interest rate swaps, are used to manage these risks.
The Board has oversight of the management of SIRR, approves the risk appetite and the associated SIRR risk limits. GALCO and its
subcommittee, the Asset Liability Management Committee, regularly review structural market risk positions and provide senior management
oversight.
In addition to Board-approved limits on earnings and economic value exposure, more granular management limits are in place to guide
day-to-day management of this risk. The ALM group within Treasury is responsible for the ongoing modelling of structural market risk across the
enterprise, with independent oversight and compliance with SIRR policy provided by Risk Management.
ALM activities are designed to manage the effects of potential interest rate movements while balancing the cost of any hedging activities
on current net revenue. To monitor and control SIRR, two primary metrics, net interest income (NII) risk and economic value of equity (EVE) risk,
are assessed, in addition to stress testing, gap analysis and other market risk metrics. The net interest income sensitivity is a measure of the
impact of potential changes in interest rates on the projected 12-month pre-tax net interest income of the bank\u2019s portfolio of assets, liabilities and
off-balance sheet positions in response to prescribed parallel interest rate movements with interest rates floored at zero. The EVE sensitivity is a
measure of the impact of potential changes in interest rates on the market value of the bank\u2019s assets, liabilities and off-balance sheet positions in
response to prescribed parallel interest rate movements with interest rates floored at zero.
The following table shows the potential before-tax impact of an immediate and sustained 100 basis point increase and 100 basis point
decrease in interest rates on projected 12-month NII and the EVE for our structural balance sheet, assuming no subsequent hedging
management actions or changes in business mix or changes in product margins.
Structural interest rate sensitivity \u2013 measures
\n \n
$ millions (pre-tax), as at October 31
2024
2023
CAD
(1)
USD
Total
CAD
(1)
USD
Total
100 basis point increase in interest rates
Increase (decrease) in net interest income
$
159
$
45
$
204
$
303
$
91
$
394
Increase (decrease) in EVE
(956)
(400)
(1,356)
(588)
(295)
(883)
100 basis point decrease in interest rates
Increase (decrease) in net interest income
(193)
(49)
(242)
(327)
(88)
(415)
Increase (decrease) in EVE
829
408
1,237
507
319
826
(1)
Includes CAD and other currency exposures.
Foreign exchange risk
Structural foreign exchange risk primarily consists of the risk inherent in: (a) net investments in foreign operations (NIFO) due to changes in foreign
exchange rates; and (b) foreign currency denominated RWA and foreign currency denominated capital deductions. This risk, predominantly in
U.S. dollars, is managed using derivative hedges and by funding the investments in matching currencies. We actively manage this position to
ensure that the potential impact on our capital ratios is within an acceptable tolerance in accordance with the policy approved by the CRO, while
giving consideration to the impact on earnings and shareholders\u2019 equity. Structural foreign exchange risk is managed by Treasury under the
guidance of GALCO with monitoring and oversight by Risk Management.
A 1% appreciation of the Canadian dollar would reduce our shareholders\u2019 equity as at October 31, 2024 by approximately $198 million
(2023: $206 million) on an after-tax basis.
Our non-functional currency denominated earnings are converted into the functional currencies through spot or forward foreign exchange
transactions. Typically, there is no significant impact of exchange rate fluctuations on our consolidated statement of income.
Derivatives held for ALM purposes
Where derivatives are held for ALM purposes, and when transactions meet the criteria specified under IFRS, we apply hedge accounting for the
risks being hedged, as discussed in Notes 1, 12 and 13 to the consolidated financial statements. Derivative hedges that do not qualify for hedge
accounting treatment are referred to as economic hedges and are recorded at fair value on the consolidated balance sheet with changes in fair
value recognized in the consolidated statement of income.
Economic hedges for other than FVO financial instruments may lead to income volatility because the hedged items are recorded either on
a cost or amortized cost basis or recorded at fair value on the consolidated balance sheet with changes in fair value recognized through other
comprehensive income (OCI). This accounting income volatility may not be representative of the overall economic risk.
Equity risk
Non-trading equity risk arises primarily in our strategy and corporate development activities and strategic investments portfolio. The investments
comprise public and private equities, investments in limited partnerships, and equity-accounted investments.
The following table provides the amortized cost and fair values of our non-trading equities:
\n \n
$ millions, as at October 31
Cost
Fair value
2024
Equity securities designated at FVOCI
$
653
$
672
Equity-accounted investments in associates
(1)
145
253
$
798
$
925
2023
Equity securities designated at FVOCI
$
556
$
572
Equity-accounted investments in associates
(1)
137
240
$
693
$
812
(1)
Excludes our equity-accounted joint ventures. See Note 24 to the consolidated financial statements for further details.Liquidity risk is the risk of having insufficient cash or its equivalent in a timely and cost-effective manner to meet financial obligations as they
come due. Common sources of liquidity risk inherent in banking services include unanticipated withdrawals of deposits, the inability to replace
maturing debt, credit and liquidity commitments, and additional pledging or other collateral requirements.Policies
Our liquidity risk management policy establishes requirements that enable us to meet anticipated liquidity needs in both normal and stressed
conditions by maintaining a sufficient amount of available unencumbered liquid assets and diversified funding sources. Branches and
subsidiaries possessing unique liquidity characteristics, due to distinct businesses or jurisdictional requirements, maintain local liquidity
practices in alignment with CIBC\u2019s liquidity risk management policy.
Our pledging policy sets out consolidated limits for the pledging of CIBC\u2019s assets across a broad range of financial activities. These limits
ensure unencumbered liquid assets are available for liquidity purposes.
We maintain a detailed global contingency funding plan that sets out the strategies for addressing liquidity shortfalls in emergency and
unexpected situations, and delineates the requirements necessary to manage a range of stress conditions, establishes lines of responsibility,
articulates implementation, defines escalation procedures, and is aligned to CIBC\u2019s risk appetite. In order to reflect CIBC\u2019s organizational
complexity, regional and subsidiary contingency funding plans are maintained to respond to liquidity stresses unique to the jurisdictions within
which CIBC operates, and support CIBC as an enterprise.
Risk measurement
Our liquidity risk tolerance is defined by our risk appetite statement, which is approved annually by the Board, and forms the basis for the
delegation of liquidity risk authority to senior management. We use both regulatory-driven and internally developed liquidity risk metrics to
measure our liquidity risk exposure. Internally, our liquidity position is measured using the Liquidity Horizon, which combines contractual and
behavioural cash flows to measure the future point in time when projected cumulative cash outflows exceed cash inflows under a combined
CIBC-specific and market-wide stress scenario. Expected and potential anticipated inflows and outflows of funds generated from on- and
off-balance sheet exposures are measured and monitored on a regular basis to ensure compliance with established limits. These cash flows
incorporate both contractual and behavioural on- and off-balance sheet cash flows.
Our liquidity measurement system provides liquidity risk exposure reports that include the calculation of the internal liquidity stress tests
and regulatory reporting such as the LCR, NSFR and net cumulative cash flow (NCCF). Our liquidity management also incorporates the
monitoring of our unsecured wholesale funding position and funding capacity.
Risk appetite
CIBC\u2019s risk appetite statement ensures prudent management of liquidity risk by outlining qualitative considerations and quantitative metrics
including the LCR and Liquidity Horizon. Quantitative metrics are measured and managed to a set of limits approved by Risk Management.
Stress testing
A key component of our liquidity risk management, and complementing our assessments of liquidity risk exposure, is liquidity risk stress testing.
Liquidity stress testing involves the application of name-specific and market-wide stress scenarios at varying levels of severity to assess the amount
of available liquidity required to satisfy anticipated obligations as they come due. The scenarios model potential liquidity and funding requirements
in the event of changes to unsecured wholesale funding and deposit run-off, contingent liquidity utilization, and liquid asset marketability.
Liquid assets
Available liquid assets include unencumbered cash and marketable securities from on- and off-balance sheet sources, that can be used to
access funding in a timely fashion. Encumbered liquid assets, composed of assets pledged as collateral and those assets that are deemed
restricted due to legal, operational, or other purposes, are not considered as sources of available liquidity when measuring liquidity risk. The
asset mix is supported by concentration monitoring on issuers, tenors and product types to ensure that bank-wide liquid asset portfolios contain
a mix of assets that have appropriate liquidity, including in times of stress.
Encumbered and unencumbered liquid assets from on- and off-balance sheet sources are summarized as follows:
\n \n
Bank owned
Securities received
Total liquid
Encumbered
Unencumbered
$ millions, as at October 31
liquid assets
as collateral
assets
liquid assets
liquid assets
(1)
2024
Cash and deposits with banks
$
48,064
$
\u2013
$
48,064
$
560
$
47,504
Securities issued or guaranteed by sovereigns, central
banks, and multilateral development banks
178,324
108,499
286,823
146,992
139,831
Other debt securities
6,093
11,328
17,421
3,696
13,725
Equities
58,102
33,424
91,526
54,269
37,257
Canadian government guaranteed National Housing Act
mortgage-backed securities
35,155
2,038
37,193
20,263
16,930
Other liquid assets
(2)
16,021
2,849
18,870
8,971
9,899
$
341,759
$
158,138
$
499,897
$
234,751
$
265,146
2023
Cash and deposits with banks
$
55,718
$
\u2013
$
55,718
$
862
$
54,856
Securities issued or guaranteed by sovereigns, central
banks, and multilateral development banks
155,487
94,880
250,367
134,415
115,952
Other debt securities
5,729
11,681
17,410
4,343
13,067
Equities
43,798
28,432
72,230
33,317
38,913
Canadian government guaranteed National Housing Act
mortgage-backed securities
31,733
4,908
36,641
17,365
19,276
Other liquid assets
(2)
12,597
2,685
15,282
8,238
7,044
$
305,062
$
142,586
$
447,648
$
198,540
$
249,108
(1)
Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral
received less encumbered liquid assets.
(2)
Includes cash pledged as collateral for derivatives transactions, select ABS and precious metals.In the course of our day-to-day operations, securities and other assets are pledged to secure obligations, participate in clearing and settlement systems and for other collateral management purposes.Restrictions on the flow of funds
Our subsidiaries are not subject to significant restrictions that would prevent transfers of funds, dividends or capital distributions. However,
certain subsidiaries have different capital and liquidity requirements, established by applicable banking and securities regulators.
We monitor and manage our capital and liquidity requirements across these entities to ensure that resources are used efficiently and entities
are in compliance with local regulatory and policy requirements.Funding
We fund our operations with client-sourced deposits, supplemented with a wide range of wholesale funding.
Our principal approach aims to fund our consolidated balance sheet with deposits primarily raised from personal and commercial banking
channels. We maintain a foundation of relationship-based core deposits, whose stability is regularly evaluated through internally developed
statistical assessments.
We routinely access a range of short-term and long-term secured and unsecured funding sources diversified by geography, depositor
type, instrument, currency and maturity. We raise long-term funding from existing programs including covered bonds, asset securitizations and
unsecured debt.
We continuously evaluate opportunities to diversify into new funding products and investor segments in an effort to maximize funding
flexibility and minimize concentration and financing costs. We regularly monitor wholesale funding levels and concentrations to internal limits
consistent with our desired liquidity risk profile.
GALCO and RMC review and approve CIBC\u2019s funding plan, which incorporates projected asset and liability growth, funding maturities, and
output from our liquidity position forecasting.Assets and liabilities
The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values.
Contractual analysis is not representative of our liquidity risk exposure, however this information serves to inform our management of liquidity
risk, and provide input when modelling a behavioural balance sheet.
\n \n
No
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
specified
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
maturity
Total
Assets
Cash and non-interest-bearing deposits with banks
(1)
$
8,565 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
8,565
Interest-bearing deposits with banks
39,499
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39,499
Securities
5,034
4,244
9,176
15,914
10,000
40,372
58,208
49,937
61,460
254,345
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
17,028
Securities purchased under resale agreements
46,653
15,321
12,526
3,906
3,735
1,559
7
14
\u2013
83,721
Loans
Residential mortgages
4,890
10,761
18,694
12,763
27,832
91,451
104,067
10,214
\u2013
280,672
Personal
996
488
892
801
948
575
4,828
5,303
31,850
46,681
Credit card
432
863
1,295
1,295
1,295
5,179
10,192
\u2013
\u2013
20,551
Business and government
4,282
6,850
12,453
15,271
15,697
41,432
75,522
29,998
12,794
214,299
Allowance for credit losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3,917)
(3,917)
Derivative instruments
2,623
7,153
2,957
2,144
1,677
5,650
8,151
6,080
\u2013
36,435
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
44,100
44,100
$ 130,008 $ 45,680 $ 57,993 $ 52,094 $ 61,184 $ 186,218 $ 260,975 $ 101,546 $ 146,287 $ 1,041,985
October 31, 2023
(2)
$ 148,846 $ 41,962 $ 44,949 $ 38,144 $ 42,260 $ 151,110 $ 301,854 $
80,914 $ 125,651 $
975,690
Liabilities
Deposits
(3)
$
56,215 $ 32,842 $ 72,169 $ 47,048 $ 44,437 $
46,848 $
66,255 $
21,056 $ 377,987 $
764,857
Obligations related to securities sold short
21,642
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
21,642
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,997
Obligations related to securities sold under
repurchase agreements
99,376
9,528
77
46
\u2013
1,126
\u2013
\u2013
\u2013
110,153
Derivative instruments
3,243
6,415
3,300
2,005
1,654
7,146
6,801
10,090
\u2013
40,654
Acceptances
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Other liabilities
23
48
70
69
67
268
616
867
28,176
30,204
Subordinated indebtedness
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
33
7,432
\u2013
7,465
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
59,007
59,007
$ 188,502 $ 48,833 $ 75,616 $ 49,168 $ 46,158 $
55,388 $
73,705 $
39,445 $ 465,170 $ 1,041,985
October 31, 2023
(2)
$ 143,144 $ 58,442 $ 57,764 $ 58,203 $ 50,934 $
49,917 $
87,009 $
39,861 $ 430,416 $
975,690
(1)
Cash includes interest-bearing demand deposits with the Bank of Canada.
(2)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(3)
Comprises $252.9 billion (2023: $239.0 billion) of personal deposits; $492.0 billion (2023: $462.1 billion) of business and government deposits and secured borrowings;
and $20 billion (2023: $22.3 billion) of bank deposits.Credit-related commitments
The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of
commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity
requirements.
\n \n
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
No specified
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
maturity
(1)
Total
Unutilized credit commitments
$
2,511 $
9,034 $ 5,538 $
6,773 $
8,494 $ 25,926 $ 76,505 $ 3,341
$ 245,760 $ 383,882
Standby and performance letters of credit
5,406
3,689
3,293
4,641
3,545
718
668
221
\u2013
22,181
Backstop liquidity facilities
125
22,677
55
300
10
111
456
\u2013
\u2013
23,734
Documentary and commercial letters of credit
38
62
24
6
35
11
7
\u2013
\u2013
183
Other
10,375
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56
10,431
$ 18,455 $ 35,462 $ 8,910 $ 11,720 $ 12,084 $ 26,766 $ 77,636 $ 3,562
$ 245,816 $ 440,411
October 31, 2023
(3)
$
8,270 $ 24,767 $ 8,078 $ 11,853 $
8,917 $ 29,890 $ 72,394 $ 3,516
$ 232,656 $ 400,341
(1)
Includes $189.6 billion (2023: $179.2 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.
(2)
Includes forward-dated securities financing trades.
(3)
Certain information has been revised to conform to the current year presentation.
Other off-balance sheet contractual obligations
The following table provides the contractual maturities of other off-balance sheet contractual obligations affecting our funding needs:
\n \n
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
Total
Purchase obligations
(1)
$
129
$
234
$
239
$
277
$
229
$
707
$
727
$
284 $
2,826
Investment commitments
\u2013
1
12
\u2013
2
1
32
480
528
Future lease commitments
(2)
\u2013
\u2013
\u2013
3
7
29
91
439
569
Pension contributions
(3)
14
28
41
41
41
\u2013
\u2013
\u2013
165
Underwriting commitments
464
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
464
$
607
$
263
$
292
$
321
$
279
$
737
$
850
$
1,203 $
4,552
October 31, 2023
(2)
$
145
$
172
$
237
$
251
$
201
$
527
$
705
$
1,106 $
3,344
(1)
Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed,
minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date
specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow
us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to
such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases
of debt and equity instruments that settle within standard market time frames.
(2)
Excludes lease obligations that are accounted for under IFRS 16, which are recognized on the consolidated balance sheet, and operating and tax expenses relating to
lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for
which we have not yet recognized a lease liability and right-of-use asset.
(3)
Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum
funding contributions are included only for the next annual period as the minimum contributions are affected by various factors, such as market performance and
regulatory requirements, and are therefore subject to significant variability.Operational risk
Operational risk is the risk of loss resulting from people, inadequate or failed internal processes and systems, or from external events.
Operational risk is inherent in all CIBC activities and transactions. Failure to manage operational risk can result in direct or indirect financial loss,
reputational impact, or regulatory review and penalties. The Operational Risk Management Framework (the Framework) sets out the
requirements and roles and responsibilities in managing operational risk at CIBC.Regulatory compliance risk
Regulatory compliance risk is the risk of CIBC\u2019s potential non-conformance with applicable regulatory requirements.
Our approach to managing and mitigating regulatory compliance risk aligns with CIBC\u2019s Risk Appetite Statement and centers around
fostering a robust risk culture. The foundation of this approach is a comprehensive Regulatory Compliance Management (RCM) Framework. The
RCM Framework, owned by the Senior Vice-President, Chief Compliance and Privacy Officer and Global Regulatory Affairs, and approved by
the RMC, maps regulatory requirements to our internal mitigants (i.e., policies, procedures and/or controls) that evidence regulatory compliance.
Our Compliance department is responsible for developing and maintaining a comprehensive RCM Program, including oversight of the
RCM Framework. This department operates independently from business management and regularly reports to the RMC.
The primary responsibility for complying with all applicable regulatory requirements rests with senior management of the business and
functional groups, and extends to all employees. The Compliance department\u2019s activities support these groups, with a particular focus on
regulatory requirements that govern the relationship between CIBC and its clients.Reputation and legal risks
Our reputation and financial soundness are of fundamental importance to us and to our clients, shareholders, third parties, regulators, team
members and communities.
Reputation risk is the risk of negative publicity regarding our business conduct or practices which, whether true or not, could significantly
harm our reputation as a leading financial institution, or could materially and adversely affect our business, operations or financial condition.
Legal risk is the risk of financial loss arising from one or more of the following factors: (a) civil, criminal or regulatory enforcement
proceedings against us; (b) our failure to correctly document, enforce or comply with contractual obligations; (c) failure to comply with our legal
obligations to clients, investors, team members, counterparties or other stakeholders; (d) failure to take appropriate legal measures to protect
our assets or security interests; or (e) misconduct by our team members or agents.
All team members at CIBC play an important role in protecting our reputation by ensuring that the highest ethical standards are followed in
how we act and what we do. Not only must we act with integrity at all times, we must also ensure that activities being conducted do not pose
undue risks to CIBC\u2019s reputation for ethical, sound and responsible business practices. As a result, requirements for the management and
oversight of potential reputation risk are integrated throughout our framework of policies and related procedures. These processes include the
management of various risks as set out in CIBC\u2019s Risk Appetite Statement, Risk Management Framework and Code of Conduct. Our Reputation
Risk Management Framework, Global Reputation and Legal Risks Policy and business-specific procedures outline how we safeguard our
reputation through identification, assessment, escalation and mitigation of potential reputation and legal risks. Proactive management of potential
reputation and legal risks is a key responsibility of CIBC and all our team members.
Overall governance and oversight of reputation risk is provided by the Board, primarily through the RMC of the Board. Senior management
oversight of reputation and legal risks is provided by the Reputation and Legal Risks Committee, which is a sub-committee of GRC and reports
its activities regularly to the GRC. Additionally, there are specific senior management committees across the enterprise that provide further
oversight to ensure required practices are followed and any material reputation and legal risks are identified, managed, and if required,
escalated, effectively.
Conduct risk
Conduct risk is the risk that the actions or omissions (i.e., behaviour) of CIBC, team members or third parties: do not align with our desired
culture; deliver poor, inappropriate or unfair outcomes for clients, team members or shareholders; result in adverse market practices and
outcomes; impact CIBC\u2019s reputation as a leading financial institution; or materially and adversely affect our business, operations or financial
condition.
Our Conduct and Culture Risk Framework applies enterprise-wide and outlines the proactive management and oversight of potential
conduct risk. Every team member is accountable for the identification and management of conduct risk. The overarching principles and
requirements for maintaining appropriate conduct and addressing inappropriate conduct are covered in the CIBC Code of Conduct (the Code)
and other global, regional and business specific policies, frameworks, processes and procedures. All team members must continually abide by
the Code, and CIBC policies, frameworks, processes and procedures in carrying out the accountabilities of their role. Overall governance of
conduct risk is provided by the Board and its committees, including the CGC, as well as senior management committees.Note 2
Fair value measurement
This note presents the fair values of financial instruments and explains how we determine those values. Note 1, \u201cBasis of preparation and summary
of material accounting policies\u201d, 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.
\u2022
Level 1 \u2013 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.
\u2022
Level 2 \u2013 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.
\u2022
Level 3 \u2013 Non-observable or indicative prices or use of valuation techniques where one or more significant inputs are 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\u2019s-length market transactions, any relevant observable market inputs, indicative dealer or broker quotations, and our own
internal model-based estimates.
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
spreads, illiquidity due to lack of market depth, parameter uncertainty and other market risks, model risk and credit risk of our derivative assets and
liabilities, as well as adjustments for valuing our uncollateralized derivative assets and liabilities based on an estimated market cost of funds curve.
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, no inception profit or loss (the difference between the
determined fair value and the transaction price) is recognized at the time the asset or liability is initially recorded. Any gains or losses at inception
are deferred and recognized only in future periods over the term of the instruments or when the inputs become significantly 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 market volatility inputs, 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 deposits with banks; short-
term interest-bearing deposits with banks; cash collateral on securities borrowed; certain shorter-dated securities purchased under resale
agreements; customers\u2019 liability under acceptances; cash collateral on securities lent; obligations related to securities sold under repurchase
agreements; acceptances; deposits with demand features; and certain other financial assets and liabilities.
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
\n
consensus pricing sources.
\n
Asset-backed securities (ABS) and mortgage-backed securities (MBS) not issued or guaranteed by a government are valued using
\n
discounted cash flow models making maximum use of market observable inputs, such as broker quotes on identical or similar securities and other
\n
pricing information obtained from third-party pricing sources adjusted for the characteristics and the performance of the underlying collateral. Other
\n
key inputs used include prepayment and liquidation rates, credit spreads, and discount rates commensurate with the risks involved. These
\n
assumptions factor in information that is derived from actual transactions, underlying reference asset performance, external market research, and
\n
market indices, where appropriate.
\n
Privately issued debt and equity securities are valued using recent market transactions, where available. Otherwise, fair values are derived
\n
from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings,
\n
revenue or other third-party evidence as available. The fair value of limited partnership investments is based upon net asset values published by
\n
third-party fund managers and is adjusted for more recent information where available and appropriate. The carrying value of
Community
\n
Reinvestment Act
equity investments and Federal Home Loan Bank (FHLB) stock approximates fair value.
\n
Loans
\n
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.
\n
The fair value for fixed-rate loans is estimated using a discounted cash flow calculation that uses market interest rates.
\n
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
\n
value of any credit derivatives used to manage the credit risk associated with them. The fair value of these credit derivatives is disclosed separately.
\n
Securities purchased under resale agreements or sold under repurchase agreements
\n
The fair values of these contracts are determined using valuation techniques such as the discounted cash flow method using interest rate curves as
\n
inputs.
\n
Other assets and other liabilities
\n
Other assets and other liabilities mainly comprise accrued interest receivable or payable, brokers\u2019 client accounts receivable or payable, derivative
\n
collateral receivable or payable, precious metals, commodities and accounts receivable or payable.
\n
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
\n
be a reasonable approximation of fair value, except for the fair value of certain precious metals, other commodities and related receivables, which
\n
are based upon prices quoted in an active market. Other assets also include investment in bank-owned life insurance carried at the cash surrender
\n
value, which is assumed to be a reasonable approximation of fair value.
\n
Deposits
\n
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
\n
is determined by discounting the contractual cash flows using either current market interest rates with similar remaining terms or rates estimated
\n
using internal models and broker quotes. The fair value of deposit liabilities with embedded optionality includes the fair value of those options. The
\n
fair value of equity- and commodity-linked notes includes the fair value of embedded equity and commodity derivatives.
\n
Certain deposits designated at FVTPL are structured notes that have coupons or repayment terms linked to the performance of commodities,
\n
debt or equity securities or specific market indices. The fair value of these structured notes is estimated using internally vetted valuation models for
\n
the debt and embedded derivative portions of the notes by incorporating market observable prices of the referenced securities or comparable
\n
securities, and other inputs such as interest rate yield curves, equity prices or indices, market volatility levels, foreign exchange rates and changes
\n
in our own credit risk, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine fair
\n
values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through
\n
extrapolation and interpolation techniques. Appropriate market risk valuation adjustments for such inputs are assessed in all such instances.
\n
The fair value of secured borrowings, which comprises liabilities issued by or as a result of activities associated with the securitization of
\n
residential mortgages, the Covered Bond Programme, and consolidated securitization vehicles, is based on identical or proxy market observable
\n
quoted bond prices or determined by discounting the contractual cash flows using maximum market observable inputs, such as market interest
\n
rates, or credit spreads implied by debt instruments of similar credit quality, as appropriate.
\n
Subordinated indebtedness
\n
The fair value of subordinated indebtedness is determined by reference to market prices for the same or similar debt instruments.
\n
Derivative instruments
\n
The fair value of exchange-traded derivatives such as options and futures is based on quoted market prices. OTC derivatives primarily consist of
\n
interest rate swaps, foreign exchange forwards, equity and commodity derivatives, interest rate and currency derivatives, and credit derivatives. For
\n
such instruments, where quoted market prices or third-party consensus pricing information are not available, valuation techniques are employed to
\n
estimate fair value on the basis of pricing models. Such vetted pricing models incorporate current market measures for interest rates, foreign
\n
exchange rates, equity and commodity prices and indices, credit spreads, corresponding market volatility levels, and other market-based pricing
\n
factors.
\n
In order to reflect the observed market practice of pricing collateralized and uncollateralized derivatives, our valuation approach uses
\n
overnight indexed swap (OIS) curves as the discount rate for valuing collateralized derivatives and uses an estimated market cost of funds curve as
\n
the discount rate for valuing uncollateralized derivatives. The use of an estimated market cost of funds curve reduces the fair value of
\n
uncollateralized derivative assets incremental to the reduction in fair value for credit risk already reflected through the credit valuation adjustment
\n
(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
\n
includes adjustments for our own credit. As market practices continue to evolve in regard to derivative valuation, further adjustments may be
\n
required in the future.
\n
In addition to reflecting estimated market funding costs in our valuation of uncollateralized derivative receivables, we also consider whether a
\n
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
\n
market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk (CCR) exposure. In assessing this
\n
exposure, we also take into account credit mitigants such as collateral, master netting arrangements, and settlements through clearing houses. As
\n
noted above, the fair value of uncollateralized derivative liabilities based on market cost of funding generally includes adjustments for our own
\n
credit.
\n
In determining the fair value of complex and customized derivatives, such as equity, credit, and commodity derivatives written in reference to
\n
indices or baskets of reference, we consider all reasonably available information including any relevant observable market inputs, third-party consensus
\n
pricing inputs, indicative dealer and broker quotations, and our own internal model-based estimates, which are vetted and approved in accordance with
our model risk policy, and are regularly and periodically calibrated. The model calculates fair value based on inputs specific to the type of contract,
which may include stock prices, correlation for multiple assets, interest rates, foreign exchange rates, yield curves, volatility surfaces, and the
probability of early termination. 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 parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation
adjustments are assessed in all such instances.
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
\n \n
Carrying value
Mandatorily
Fair value
Fair value
Amortized
measured
Designated
through
Fair
over (under)
$ millions, as at October 31
cost
at FVTPL
at FVTPL
OCI
Total
value
carrying value
2024 Financial assets
Cash and deposits with banks
$
48,064
$
\u2013
$
\u2013
$
\u2013
$
48,064
$
48,064
$
\u2013
Securities
71,610
106,042
\u2013
76,693
254,345
253,437
(908)
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
17,028
17,028
\u2013
Securities purchased under resale agreements
58,744
24,977
\u2013
\u2013
83,721
83,721
\u2013
Loans
Residential mortgages
280,220
3
\u2013
\u2013
280,223
279,805
(418)
Personal
45,739
\u2013
\u2013
\u2013
45,739
45,750
11
Credit card
19,649
\u2013
\u2013
\u2013
19,649
19,682
33
Business and government
212,454
116
105
\u2013
212,675
212,744
69
Derivative instruments
\u2013
36,435
\u2013
\u2013
36,435
36,435
\u2013
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Other assets
20,121
364
\u2013
\u2013
20,485
20,485
\u2013
Financial liabilities
Deposits
Personal
$
235,593
$
\u2013
$
17,301
$
\u2013
$
252,894
$
253,378
$
484
Business and government
414,441
\u2013
21,058
\u2013
435,499
436,528
1,029
Bank
20,009
\u2013
\u2013
\u2013
20,009
20,009
\u2013
Secured borrowings
55,285
\u2013
1,170
\u2013
56,455
56,588
133
Derivative instruments
\u2013
40,654
\u2013
\u2013
40,654
40,654
\u2013
Acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Obligations related to securities sold short
\u2013
21,642
\u2013
\u2013
21,642
21,642
\u2013
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
7,997
7,997
\u2013
Obligations related to securities sold under
repurchase agreements
100,407
\u2013
9,746
\u2013
110,153
110,153
\u2013
Other liabilities
20,651
158
19
\u2013
20,828
20,828
\u2013
Subordinated indebtedness
7,465
\u2013
\u2013
\u2013
7,465
7,698
233
2023
Financial assets
Cash and deposits with banks
$
55,718
$
\u2013
$
\u2013
$
\u2013
$
55,718
$
55,718
$
\u2013
Securities
67,294
82,723
\u2013
61,331
211,348
209,326
(2,022)
Cash collateral on securities borrowed
14,651
\u2013
\u2013
\u2013
14,651
14,651
\u2013
Securities purchased under resale agreements
66,797
13,387
\u2013
\u2013
80,184
80,184
\u2013
Loans
Residential mortgages
273,785
3
\u2013
\u2013
273,788
268,403
(5,385)
Personal
44,570
\u2013
\u2013
\u2013
44,570
44,454
(116)
Credit card
17,853
\u2013
\u2013
\u2013
17,853
17,909
56
Business and government
192,856
126
144
\u2013
193,126
192,727
(399)
Derivative instruments
\u2013
33,243
\u2013
\u2013
33,243
33,243
\u2013
Customers\u2019 liability under acceptances
10,816
\u2013
\u2013
\u2013
10,816
10,816
\u2013
Other assets
18,651
\u2013
\u2013
\u2013
18,651
18,651
\u2013
Financial liabilities
Deposits
Personal
$
225,183
$
\u2013
$
13,852
$
\u2013
$
239,035
$
238,725
$
(310)
Business and government
392,021
\u2013
20,540
\u2013
412,561
412,983
422
Bank
22,296
\u2013
\u2013
\u2013
22,296
22,296
\u2013
Secured borrowings
48,098
\u2013
1,386
\u2013
49,484
49,353
(131)
Derivative instruments
\u2013
41,290
\u2013
\u2013
41,290
41,290
\u2013
Acceptances
10,820
\u2013
\u2013
\u2013
10,820
10,820
\u2013
Obligations related to securities sold short
\u2013
18,666
\u2013
\u2013
18,666
18,666
\u2013
Cash collateral on securities lent
8,081
\u2013
\u2013
\u2013
8,081
8,081
\u2013
Obligations related to securities sold under
repurchase agreements
82,403
\u2013
4,715
\u2013
87,118
87,118
\u2013
Other liabilities
18,459
119
16
\u2013
18,594
18,594
\u2013
Subordinated indebtedness
6,483
\u2013
\u2013
\u2013
6,483
6,561
78
Fair value of derivative instruments
\n \n
$ millions, as at October 31
2024
2023
Positive
Negative
Net
Positive
Negative
Net
Held for trading
Interest rate derivatives
Over-the-counter
\u2013 Forward rate agreements
$
135
$
239
$
(104)
$
550
$
47
$
503
\u2013 Swap contracts
6,149
9,124
(2,975)
8,259
16,934
(8,675)
\u2013 Purchased options
358
\u2013
358
411
\u2013
411
\u2013 Written options
\u2013
309
(309)
\u2013
365
(365)
6,642
9,672
(3,030)
9,220
17,346
(8,126)
Exchange-traded
\u2013 Futures contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Purchased options
2
\u2013
2
1
\u2013
1
\u2013 Written options
\u2013
2
(2)
\u2013
1
(1)
2
2
\u2013
1
1
\u2013
Total interest rate derivatives
6,644
9,674
(3,030)
9,221
17,347
(8,126)
Foreign exchange derivatives
Over-the-counter
\u2013 Forward contracts
7,378
6,379
999
7,395
6,978
417
\u2013 Swap contracts
5,056
7,944
(2,888)
5,423
8,013
(2,590)
\u2013 Purchased options
443
\u2013
443
446
\u2013
446
\u2013 Written options
\u2013
535
(535)
\u2013
364
(364)
Total foreign exchange derivatives
12,877
14,858
(1,981)
13,264
15,355
(2,091)
Credit derivatives
Over-the-counter
\u2013 Credit default swap contracts \u2013 protection purchased
46
3
43
47
11
36
\u2013 Credit default swap contracts \u2013 protection sold
\u2013
52
(52)
17
52
(35)
Total credit derivatives
46
55
(9)
64
63
1
Equity derivatives
Over-the-counter
4,989
6,401
(1,412)
2,899
3,396
(497)
Exchange-traded
5,821
4,712
1,109
2,331
2,406
(75)
Total equity derivatives
10,810
11,113
(303)
5,230
5,802
(572)
Precious metal and other commodity derivatives
Over-the-counter
2,692
3,906
(1,214)
2,874
1,791
1,083
Exchange-traded
416
241
175
154
251
(97)
Total precious metal and other commodity derivatives
3,108
4,147
(1,039)
3,028
2,042
986
Total held for trading
33,485
39,847
(6,362)
30,807
40,609
(9,802)
Held for ALM
Interest rate derivatives
Over-the-counter
\u2013 Forward rate agreements
\u2013
\u2013
\u2013
1
\u2013
1
\u2013 Swap contracts
124
(410)
534
179
(1,752)
1,931
\u2013 Purchased options
3
\u2013
3
6
1
5
\u2013 Written options
\u2013
2
(2)
\u2013
3
(3)
Total interest rate derivatives
127
(408)
535
186
(1,748)
1,934
Foreign exchange derivatives
Over-the-counter
\u2013 Forward contracts
28
82
(54)
23
63
(40)
\u2013 Swap contracts
2,620
1,129
1,491
2,222
2,259
(37)
Total foreign exchange derivatives
2,648
1,211
1,437
2,245
2,322
(77)
Equity derivatives
Over-the-counter
174
4
170
5
107
(102)
Total equity derivatives
174
4
170
5
107
(102)
Precious metal and other commodity derivatives
Over-the-counter
1
\u2013
1
\u2013
\u2013
\u2013
Total precious metal and other commodity derivatives
1
\u2013
1
\u2013
\u2013
\u2013
Total held for ALM
2,950
807
2,143
2,436
681
1,755
Total fair value
36,435
40,654
(4,219)
33,243
41,290
(8,047)
Less: effect of netting
(21,777)
(21,777)
\u2013
(21,787)
(21,787)
\u2013
$
14,658
$
18,877
$
(4,219)
$
11,456
$
19,503
$
(8,047)
Financial assets and liabilities not carried on the consolidated balance sheet at fair value
The table below presents the fair values by level within the fair value hierarchy for those financial instruments in which fair value is not assumed to
equal the carrying value:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Amortized cost securities
$
\u2013
$
\u2013
$
69,961
$
64,530
$
741
$
742
$
70,702
$
65,272
Loans
Residential mortgages
\u2013
\u2013
\u2013
\u2013
279,802
268,400
279,802
268,400
Personal
\u2013
\u2013
\u2013
\u2013
45,750
44,454
45,750
44,454
Credit card
\u2013
\u2013
\u2013
\u2013
19,682
17,909
19,682
17,909
Business and government
\u2013
\u2013
\u2013
\u2013
212,523
192,457
212,523
192,457
Financial liabilities
Deposits
Personal
$
\u2013
$
\u2013
$
82,620
$
82,701
$
5,232
$
2,242
$
87,852
$
84,943
Business and government
\u2013
\u2013
191,616
187,216
4,681
5,796
196,297
193,012
Bank
\u2013
\u2013
9,420
9,079
\u2013
\u2013
9,420
9,079
Secured borrowings
\u2013
\u2013
50,546
43,996
4,872
3,971
55,418
47,967
Subordinated indebtedness
\u2013
\u2013
7,698
6,561
\u2013
\u2013
7,698
6,561
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:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Debt securities measured at FVTPL
Government issued or guaranteed
$
4,258
$
4,194
$
32,328
$
25,128
$
\u2013
$
\u2013
$
36,586
$
29,322
Corporate debt
\u2013
\u2013
4,385
4,455
\u2013
\u2013
4,385
4,455
Mortgage- and asset-backed
\u2013
\u2013
4,213
3,056
70
151
4,283
3,207
4,258
4,194
40,926
32,639
70
151
45,254
36,984
Loans measured at FVTPL
Business and government
\u2013
\u2013
116
126
105
(1)
144
(1)
221
270
Residential mortgages
\u2013
\u2013
3
3
\u2013
\u2013
3
3
\u2013
\u2013
119
129
105
144
224
273
Debt securities measured at FVOCI
Government issued or guaranteed
2,760
3,468
60,051
48,717
\u2013
\u2013
62,811
52,185
Corporate debt
\u2013
\u2013
9,083
6,658
\u2013
\u2013
9,083
6,658
Mortgage- and asset-backed
\u2013
\u2013
4,127
1,916
\u2013
\u2013
4,127
1,916
2,760
3,468
73,261
57,291
\u2013
\u2013
76,021
60,759
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
59,904
44,852
916
872
640
587
61,460
46,311
Securities purchased under resale agreements
measured at FVTPL
\u2013
\u2013
24,977
13,387
(2)
\u2013
\u2013
24,977
13,387
Other assets
\u2013
\u2013
364
\u2013
\u2013
\u2013
364
\u2013
Derivative instruments
Interest rate
2
1
6,718
9,385
51
21
6,771
9,407
Foreign exchange
\u2013
\u2013
15,525
15,509
\u2013
\u2013
15,525
15,509
Credit
\u2013
\u2013
2
18
44
46
46
64
Equity
5,821
2,331
5,157
2,900
6
4
10,984
5,235
Precious metal and other commodity
32
15
3,077
3,013
\u2013
\u2013
3,109
3,028
5,855
2,347
30,479
30,825
101
71
36,435
33,243
Total financial assets
$
72,777
$
54,861
$
171,042
$
135,143
$
916
$
953
$
244,735
$
190,957
Financial liabilities
Deposits and other liabilities
(3)
$
\u2013
$
\u2013
$
(39,290)
$
(35,671)
$
(416)
$
(242)
$
(39,706)
$
(35,913)
Obligations related to securities sold short
(9,199)
(6,265)
(12,443)
(12,401)
\u2013
\u2013
(21,642)
(18,666)
Obligations related to securities sold under
repurchase agreements
\u2013
\u2013
(9,746)
(4,715)
\u2013
\u2013
(9,746)
(4,715)
Derivative instruments
Interest rate
(2)
(1)
(8,236)
(13,781)
(1,028)
(1,817)
(9,266)
(15,599)
Foreign exchange
\u2013
\u2013
(16,065)
(17,677)
(4)
\u2013
(16,069)
(17,677)
Credit
\u2013
\u2013
(5)
(11)
(50)
(52)
(55)
(63)
Equity
(4,712)
(2,406)
(6,404)
(3,498)
(1)
(5)
(11,117)
(5,909)
Precious metal and other commodity
(39)
(68)
(4,108)
(1,974)
\u2013
\u2013
(4,147)
(2,042)
(4,753)
(2,475)
(34,818)
(36,941)
(1,083)
(1,874)
(40,654)
(41,290)
Total financial liabilities
$
(13,952)
$
(8,740)
$
(96,297)
$
(89,728)
$
(1,499)
$
(2,116)
$
(111,748)
$
(100,584)
(1)
Relates to loans designated at FVTPL.
(2)
The disclosed amount has been restated with no impact on the measurement of the related financial instruments in the consolidated financial statements.
(3)
Comprises deposits designated at FVTPL of $39,008 million (2023: $35,639 million), net bifurcated embedded derivative liabilities of $521 million (2023: net bifurcated
embedded derivative liabilities of $139 million), other liabilities designated at FVTPL of $19 million (2023: $16 million), and other financial liabilities measured at fair value
of $158 million (2023: $119 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 $922 million of securities mandatorily measured at FVTPL (2023: $650 million) from Level 1 to Level 2 and $2,068 million of
securities sold short (2023: $933 million) from Level 1 to Level 2 due to changes in the observability of the inputs used to value these securities.
Transfers from Level 2 to Level 1 were not significant. In addition, transfers between Level 2 and Level 3 were made during 2024 and 2023, primarily
due to changes in the assessment of the observability of certain correlation, market volatility and probability inputs that were used in measuring the
fair value of our fair value option liabilities and 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
\n
utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the
\n
gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses
\n
on the related hedging instruments that are classified in Level 1 and Level 2.
\n\n \n
Net gains (losses)
included in income
(1)
Net
Transfer
Transfer
Opening
gains (losses)
in to
out of
Purchases/
Sales/
Closing
$ millions, for the year ended October 31
balance
Realized
Unrealized
(2)
included in OCI
(3)
Level 3
Level 3
Issuances
Settlements
balance
2024
Debt securities measured at FVTPL
Corporate debt
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
Mortgage- and asset-backed
151
\u2013
(3)
\u2013
\u2013
\u2013
84
(162)
70
Loans measured at FVTPL
144
\u2013
5
\u2013
\u2013
\u2013
\u2013
(44)
105
Business and government
Corporate equity mandatorily measured at
587
7
26
(17)
\u2013
\u2013
113
(76)
640
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
21
\u2013
97
\u2013
\u2013
\u2013
(67)
\u2013
51
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
46
(6)
2
\u2013
\u2013
\u2013
2
\u2013
44
Equity
4
\u2013
2
\u2013
2
(6)
5
(1)
6
Total assets
$
953
$
1
$
129
$
(17)
$
2
$
(73)
$
204
$
(283) $
916
Deposits and other liabilities
(4)
$
(242)
$
(14)
$
(156)
$
\u2013
$
(3)
$
17
$
(120)
$
102
$
(416)
Derivative instruments
Interest rate
(1,817)
\u2013
297
\u2013
\u2013
425
(8)
75
(1,028)
Foreign exchange
\u2013
\u2013
(31)
\u2013
\u2013
27
\u2013
\u2013
(4)
Credit
(52)
1
1
\u2013
(2)
\u2013
\u2013
2
(50)
Equity
(5)
\u2013
(1)
\u2013
(3)
4
\u2013
4
(1)
Total liabilities
$
(2,116)
$
(13)
$
110
$
\u2013
$
(8)
$
473
$
(128)
$
183
$
(1,499)
2023
Debt securities measured at FVTPL
Corporate debt
$
2
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
(2) $
\u2013
Mortgage- and asset-backed
207
\u2013
\u2013
\u2013
\u2013
\u2013
159
(215)
151
Loans measured at FVTPL
687
\u2013
6
(2)
\u2013
\u2013
\u2013
(547)
144
Business and government
Corporate equity mandatorily measured at
459
6
53
16
\u2013
\u2013
213
(160)
587
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
18
\u2013
\u2013
\u2013
\u2013
(10)
12
1
21
Foreign exchange
\u2013
\u2013
24
\u2013
\u2013
(24)
\u2013
\u2013
\u2013
Credit
45
(3)
5
\u2013
\u2013
\u2013
\u2013
(1)
46
Equity
4
1
\u2013
\u2013
4
(2)
5
(8)
4
Total assets
$
1,422
$
4
$
88
$
14
$
4
$
(36)
$
389
$
(932) $
953
Deposits and other liabilities
(4)
$
(409)
$
(40)
$
85
$
\u2013
$
(2)
$
1
$
(129)
$
252
$
(242)
Derivative instruments
Interest rate
(1,533)
\u2013
(728)
\u2013
\u2013
407
(11)
48
(1,817)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
(50)
3
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
(52)
Equity
(3)
\u2013
(1)
\u2013
(5)
6
(3)
1
(5)
Total liabilities
$
(1,995)
$
(37)
$
(649)
$
\u2013
$
(7)
$
414
$
(143)
$
301
$
(2,116)
\n
(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.
\n
(2)
Comprises unrealized gains and losses relating to these assets and liabilities held at the end of the reporting year.
\n
(3)
Foreign exchange translation on loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
\n
(4)
Includes deposits designated at FVTPL of $211 million (2023: $115 million), net bifurcated embedded derivative liabilities of $186 million (2023: net bifurcated embedded
\n
derivative liabilities of $111 million) and other liabilities designated at FVTPL of $19 million (2023: $14 million).
Quantitative information about significant non-observable inputs
Valuation techniques using one or more non-observable inputs are used for a number of financial instruments. The following table discloses the
valuation techniques and quantitative information about the significant non-observable inputs used in Level 3 financial instruments:
\n \n
Range of inputs
$ millions, as at October 31
2024
Valuation techniques
Key non-observable inputs
Low
High
Debt securities measured at FVTPL
Mortgage- and asset-backed
$
70
Discounted cash flow
Credit spread
4.5 %
6.4 %
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
Limited partnerships and private
companies
640
Adjusted net asset value
(1)
Net asset value
(2)
n/a
n/a
Valuation multiple
Earnings multiple
12.4 x
24.2 x
Proxy share price
Proxy share price
(2)
n/a
n/a
Loans measured at FVTPL
Business and government
105
Discounted cash flow
Credit spread
2.1 %
2.1 %
Derivative instruments
Interest rate
51
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Credit
44
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
6
Option model
Market correlation
31.0 %
96.4 %
Total assets
$
916
Deposits and other liabilities
Deposits designated at FVTPL and
net bifurcated embedded derivative
liabilities
$
(397)
Option model
Market volatility
8.7 %
142.4 %
Market correlation
(100.0)%
100.0 %
Other liabilities designated at FVTPL
(19)
Option model
Funding ratio
53.0 %
53.0 %
Derivative instruments
Interest rate
(1,028)
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Foreign exchange
(4)
Option model
Probability of contingent settlement
100.0 %
100.0 %
Credit
(50)
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
(1)
Option model
Market correlation
23.8 %
97.8 %
Total liabilities
$
(1,499)
(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)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be non-observable.
n/a Not applicable.
Sensitivity of Level 3 financial assets and liabilities
The following section describes the significant non-observable inputs identified in the table above, the interrelationships between those inputs,
where applicable, and the change in fair value if changing one or more of the non-observable inputs within a reasonably possible range would
impact the fair value significantly.
The fair value of our limited partnerships is determined based on the net asset value provided by the fund managers, adjusted as appropriate.
The fair value of limited partnerships is sensitive to changes in the net asset value, and by adjusting the net asset value within a reasonably possible
range, the aggregate fair value of our limited partnerships would increase or decrease by $145 million (2023: $138 million).
While our standalone derivatives are recorded as derivative assets or derivative liabilities, our derivatives embedded in our structured note
deposit liabilities or deposit liabilities designated at FVTPL are recorded within deposits and other liabilities. The determination of the fair value of
certain Level 3 embedded derivatives and certain standalone derivatives requires significant assumptions and judgment to be applied to both the
inputs and the valuation techniques employed. These derivatives are sensitive to long-dated market volatility and correlation inputs, which we
consider to be non-observable. Market volatility is a measure of the anticipated future variability of a market price and is an important input for
pricing options, which are inherent in many of our Level 3 derivatives. A higher market volatility generally results in a higher option price, with all else
held constant, due to the higher probability of obtaining a greater return from the option, and results in an increase in the fair value of our Level 3
derivatives. Correlation inputs are used to value those derivatives where the payout is dependent upon more than one market price. For example,
the payout of an equity basket option is based upon the performance of a basket of stocks, and the interrelationships between the price movements
of those stocks. A positive correlation implies that two inputs tend to change the fair value in the same direction, while a negative correlation implies
that two inputs tend to change the fair value in the opposite direction. Changes in market correlation could result in an increase or a decrease in the
fair value of our Level 3 derivatives and embedded derivatives. By adjusting the non-observable inputs by reasonably alternative amounts, the fair
value of our net Level 3 standalone derivatives and embedded derivatives would increase by $149 million or decrease by $142 million (2023:
increase by $105 million or decrease by $99 million).
For certain interest rate and foreign exchange derivatives, the probability of contingent settlement not occurring was a significant Level 3
valuation input. By increasing the probability of contingent settlement not occurring by 10%, the fair value of those derivatives in an asset position
would decrease by less than $4 million, while the fair value of those derivatives in a liability position would decrease by up to $13 million. If the
probably of contingent settlement decreased by 100% for our largest derivative asset position, the fair value of the corresponding derivative would
decrease by $22 million.
Financial instruments designated at FVTPL
Financial assets designated at FVTPL include loans that were designated at FVTPL on the basis of being managed together with derivatives to
eliminate or significantly reduce financial risks.
Deposits and other liabilities designated at FVTPL include:
\u2022
Certain business and government deposit liabilities, certain secured borrowings and certain obligations related to securities sold under
repurchase agreements that are economically hedged with derivatives and other financial instruments, and certain financial liabilities that have
one or more embedded derivatives that significantly modify the cash flows of the host liability but are not bifurcated from the host instrument; and
\u2022
Our mortgage commitments to retail clients to provide mortgages at fixed rates that are economically hedged with derivatives and other
financial instruments.
The carrying value of our loans designated at FVTPL represents our maximum exposure to credit risk related to these assets designated at FVTPL.
The change in fair value attributable to change in credit risk of these assets designated at FVTPL during the year is insignificant (2023: insignificant).
The fair value of a liability designated at FVTPL reflects the credit risk relating to that liability. For those liabilities designated at FVTPL for which we
believe changes in our credit risk would impact the fair value from the note holders\u2019 perspective, the related fair value changes were recognized in
OCI. Changes in fair value attributable to changes in our own credit are measured as the difference between: (i) the period-over-period change in
the present value of the expected cash flows using a discount curve adjusted for our own credit; and (ii) the period-over-period change in the
present value of the same expected cash flows using a discount curve based on the benchmark curve adjusted for our own credit as implied at
inception of the liability designated at FVTPL. The pre-tax impact of changes in CIBC\u2019s own credit risk on our liabilities designated at FVTPL was
losses of $299 million for the year and losses of $125 million cumulatively (2023: losses of $144 million for the year and gains of $211 million
cumulatively). A net gain of $34 million, net of hedges (2023: a net loss of $10 million), was realized for assets designated at FVTPL and liabilities
designated at FVTPL, which is included in the consolidated statement of income under Gains (losses) from financial instruments measured/
designated at FVTPL, net.
The estimated contractual amount payable at maturity of deposits designated at FVTPL, which for certain notes is based on the par value and
the intrinsic value of the applicable embedded derivatives, is $3,859 million higher (2023: $4,332 million higher) than its fair value. The intrinsic value
of the embedded derivatives reflects the structured payoff of certain FVO deposit liabilities, which we hedge economically with derivatives and other
FVTPL financial instruments.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, prepayment and other price risks
whereas the rewards include income streams associated with the assets. Due to the retention of risks, the transferred financial assets are not
derecognized and such transfers are accounted for as secured borrowing transactions.
The majority of our financial assets transferred to non-consolidated entities that do not qualify for derecognition are: (i) residential mortgage
loans under securitization transactions; (ii) securities held by counterparties as collateral under repurchase agreements; and (iii) securities lent
under securities lending agreements.
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\u2019s Insured Mortgage Purchase Program.
The sale of mortgage pools that comprise the NHA MBS does not qualify for derecognition as we retain prepayment, credit, and interest rate
risks associated with the mortgages, which represent substantially all the risks and rewards. As a result, the mortgages remain on our consolidated
balance sheet and are carried at amortized cost. We also recognize the cash proceeds from the securitization as Deposits \u2013 Secured borrowings.
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
2024
2023
Carrying
Carrying
Fair
amount
Fair value
amount
value
Residential mortgage securitizations
(1)
$
14,612
$
14,598
$
14,227
$
13,959
Securities held by counterparties as collateral under repurchase agreements
(2)
72,433
72,433
49,794
49,794
Securities lent for cash collateral
(2)
2,637
2,637
2,716
2,716
Securities lent for securities collateral
(2)
21,712
21,712
24,355
24,355
$
111,394
$
111,380
$
91,092
$
90,824
Associated liabilities
(3)
$
111,704
$
111,655
$
90,901
$
90,868
(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 $410 million (2023: $541 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 sheet securities collateral on securities lent and fair value hedge basis adjustments.Note 12
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.
\n \n
$ millions, as at October 31
2024
2023
Assets
Liabilities
Assets
Liabilities
Trading
(Note 2)
$
33,485
$
39,847
$
30,807
$
40,609
ALM
(Note 2)
(1)
2,950
807
2,436
681
$
36,435
$
40,654
$
33,243
$
41,290
(1)
Comprised of derivatives that qualify for hedge accounting under IAS 39 and derivatives used for economic hedges.
Derivatives used by CIBC
\n
The majority of our derivative contracts are OTC transactions, which consist of: (i) contracts that are bilaterally negotiated and settled between CIBC
\n
and the counterparty to the contract; and (ii) contracts that are bilaterally negotiated and then cleared through a central counterparty (CCP).
\n
Bilaterally negotiated and settled contracts are usually traded under a standardized International Swaps and Derivatives Association (ISDA)
\n
agreement with collateral posting arrangements between CIBC and its counterparties. Terms are negotiated directly with counterparties and the
\n
contracts have industry-standard settlement mechanisms prescribed by ISDA. Centrally cleared contracts are generally bilaterally negotiated and
\n
then novated to, and cleared through, a CCP. The industry promotes the use of CCPs to clear OTC trades. The central clearing of derivative
\n
contracts generally facilitates the reduction of credit exposures due to the ability to net settle offsetting positions. Consequently, derivative contracts
\n
cleared through CCPs generally attract less capital relative to those settled with non-CCPs.
\n
The remainder of our derivative contracts are exchange-traded derivatives, which are standardized in terms of their amounts and settlement
\n
dates, and are bought and sold on organized and regulated exchanges. These exchange-traded derivative contracts consist primarily of options
\n
and futures.
\n
Interest rate derivatives
\n
Forward rate agreements are OTC contracts that effectively fix a future interest rate for a period of time. A typical forward rate agreement provides
\n
that at a pre-determined future date, a cash settlement will be made between the counterparties based upon the difference between a contracted
\n
rate and a market rate to be determined in the future, calculated on a specified notional principal amount. No exchange of principal amount takes
\n
place. Certain forward rate agreements are bilaterally transacted and then novated and settled through a clearing house which acts as a CCP.
\n
Interest rate swaps are OTC contracts in which two counterparties agree to exchange cash flows over a period of time based on rates applied
\n
to a specified notional principal amount. A typical interest rate swap would require one counterparty to pay a fixed market interest rate in exchange
\n
for a variable market interest rate determined from time to time, with both calculated on a specified notional principal amount. No exchange of
\n
principal amount takes place. Certain interest rate swaps are bilaterally transacted and then novated and settled through a clearing house which
\n
acts as a CCP.
\n
Interest rate options are contracts in which one party (the purchaser of an option) acquires from another party (the writer of an option), in
\n
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
\n
financial instrument at a contracted price. The underlying financial instrument has a market price which varies in response to changes in interest
\n
rates. Options are transacted in both OTC and exchange-traded markets.
\n
Interest rate futures are standardized contracts transacted on an exchange. They are based upon an agreement to buy or sell a specified
\n
quantity of a financial instrument on a specified future date, at a contracted price. These contracts differ from forward rate agreements in that they
\n
are in standard amounts with standard settlement dates and are transacted through an exchange.
\n
Foreign exchange derivatives
\n
Foreign exchange forwards are OTC contracts in which one counterparty contracts with another to exchange a specified amount of one currency for
\n
a specified amount of a second currency, at a future date or range of dates.
\n
Foreign exchange futures contracts are similar in mechanics to foreign exchange forward contracts except that they are in standard currency
\n
amounts with standard settlement dates and are transacted through an exchange.
\n
Foreign exchange swap contracts comprise foreign exchange swaps and cross-currency interest rate swaps. Foreign exchange swaps are
\n
transactions in which a currency is simultaneously purchased in the spot market and sold for a different currency in the forward market, or vice
\n
versa. Cross-currency interest rate swaps are transactions in which counterparties exchange principal and interest flows in different currencies over
\n
a period of time. These contracts are used to manage both currency and interest rate exposures.
\n
Credit derivatives
\n
Credit derivatives are OTC contracts designed to transfer the credit risk in an underlying financial instrument (usually termed as a reference asset)
\n
from one counterparty to another. The most common credit derivatives are CDS and certain TRS.
\n
CDS contracts provide protection against the decline in value of a reference asset as a result of specified credit events such as default or
\n
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
\n
for payment contingent on the occurrence of a credit event. The protection purchaser has recourse to the protection seller for the difference
\n
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
\n
under the CDS contract has recourse to the entity that issued the reference asset. Certain CDS contracts are cleared through a CCP.
\n
In credit derivative TRS contracts, one counterparty agrees to pay or receive cash amounts based on the returns of a reference asset,
\n
including interest earned on these assets in exchange for amounts that are based on prevailing market funding rates. These cash settlements are
\n
made regardless of whether there is a credit event. Upon the occurrence of a credit event, the parties may either exchange cash payments
\n
according to the value of the defaulted assets or exchange cash based on the notional amount for physical delivery of the defaulted assets.
\n
Equity derivatives
\n
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
\n
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
\n
the value of a different stock index, basket of stocks or a single stock. These contracts generally include payments in respect of dividends.
\n
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
\n
underlying stock index, basket of stocks, or a single stock at a contracted price. Options are transacted in both OTC and exchange markets.
\n
Equity index futures are standardized contracts transacted on an exchange. They are based on an agreement to pay or receive a cash
\n
amount based on the difference between the contracted price level of an underlying stock index and its corresponding market price level at a
\n
specified future date. There is generally no actual delivery of stocks that comprise the underlying index. These contracts are in standard amounts
\n
with standard settlement dates.
\n
Precious metal and other commodity derivatives
\n
We also transact in other derivative products, including commodity forwards, futures, swaps and options, such as precious metal and
\n
energy-related products in both OTC and exchange markets.
Notional amounts
\n
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
\n
determine the amount of cash flows to be exchanged. In most cases, notional amounts do not represent the potential gain or loss associated with
\n
market or credit risk of such instruments.
\n
The following table presents the notional amounts of derivative instruments:
$ millions, as at October 31
2024
2023
Residual term to contractual maturity
Less
Total
than
1 to
Over
notional
1 year
5 years
5 years
amounts
Trading
ALM
Trading
ALM
Interest rate derivatives
Over-the-counter
Forward rate agreements
$
9,357 $
118 $
\u2013
$
9,475 $
9,420 $
55
$
8,802
$
1,246
Centrally cleared forward rate agreements
85,320
3,379
\u2013
88,699
88,699
\u2013
88,710
\u2013
Swap contracts
44,245
154,361
93,414
292,020
273,138
18,882
264,672
16,365
Centrally cleared swap contracts
2,213,143
2,338,530
1,175,370
5,727,043
4,805,504
921,539
4,395,595
735,655
Purchased options
38,488
9,575
353
48,416
47,772
644
29,906
864
Written options
43,354
9,791
1,087
54,232
54,189
43
29,005
88
2,433,907
2,515,754
1,270,224
6,219,885
5,278,722
941,163
4,816,690
754,218
Exchange-traded
Futures contracts
13,516
2,602
\u2013
16,118
16,112
6
43,600
30
Purchased options
1,069
\u2013
\u2013
1,069
1,069
\u2013
1,502
\u2013
Written options
4,069
\u2013
\u2013
4,069
4,069
\u2013
2
\u2013
18,654
2,602
\u2013
21,256
21,250
6
45,104
30
Total interest rate derivatives
2,452,561
2,518,356
1,270,224
6,241,141
5,299,972
941,169
4,861,794
754,248
Foreign exchange derivatives
Over-the-counter
Forward contracts
844,731
20,484
714
865,929
851,206
14,723
636,536
8,007
Swap contracts
191,480
288,812
159,178
639,470
567,930
71,540
516,001
74,788
Purchased options
70,395
1,763
22
72,180
72,180
\u2013
35,005
21
Written options
81,633
1,429
\u2013
83,062
82,384
678
41,981
1,072
1,188,239
312,488
159,914
1,660,641
1,573,700
86,941
1,229,523
83,888
Exchange-traded
Futures contracts
352
\u2013
\u2013
352
352
\u2013
64
\u2013
Purchased options
67
\u2013
\u2013
67
67
\u2013
185
\u2013
Written options
292
\u2013
\u2013
292
292
\u2013
289
\u2013
711
\u2013
\u2013
711
711
\u2013
538
\u2013
Total foreign exchange derivatives
1,188,950
312,488
159,914
1,661,352
1,574,411
86,941
1,230,061
83,888
Credit derivatives
Over-the-counter
Credit default swap contracts \u2013 protection
purchased
1,411
1,073
317
2,801
2,782
19
1,854
19
Centrally cleared credit default swap
contracts \u2013 protection purchased
49
2,393
629
3,071
3,071
\u2013
748
\u2013
Credit default swap contracts \u2013 protection sold
314
497
125
936
936
\u2013
1,736
\u2013
Centrally cleared credit default swap
contracts \u2013 protection sold
43
1,277
423
1,743
1,743
\u2013
1,263
\u2013
Total credit derivatives
1,817
5,240
1,494
8,551
8,532
19
5,601
19
Equity derivatives
Over-the-counter
103,002
62,227
1,093
166,322
163,965
2,357
166,539
1,380
Exchange-traded
121,217
37,254
870
159,341
159,341
\u2013
121,614
\u2013
Total equity derivatives
224,219
99,481
1,963
325,663
323,306
2,357
288,153
1,380
Precious metal and other commodity derivatives
Over-the-counter
55,798
26,678
1,011
83,487
83,474
13
62,400
2
Centrally cleared commodity derivatives
118
218
\u2013
336
336
\u2013
469
\u2013
Exchange-traded
22,830
9,080
184
32,094
32,094
\u2013
31,590
\u2013
Total precious metal and other commodity derivatives
78,746
35,976
1,195
115,917
115,904
13
94,459
2
Total notional amount of which:
$
3,946,293 $
2,971,541 $
1,434,790
$
8,352,624 $
7,322,125 $
1,030,499
$
6,480,068
$
839,537
Over-the-counter
(1)
3,782,881
2,922,605
1,433,736
8,139,222
7,108,729
1,030,493
6,281,222
839,507
Exchange-traded
163,412
48,936
1,054
213,402
213,396
6
198,846
30
\n
(1)
For OTC derivatives that are not centrally cleared, $2,152.6 billion (2023: $1,757.1 billion) are with counterparties that have two-way collateral posting arrangements,
\n
$55.6 billion (2023: $44.6 billion) are with counterparties that have one-way collateral posting arrangements, and $110.1 billion (2023: $96.6 billion) are with counterparties
\n
that have no collateral posting arrangements. Counterparties with whom we have more than insignificant OTC derivative portfolios and one-way collateral posting
\n
arrangements are either sovereign entities or supra national financial institutions.
\n
Risk
\n
In the following sections, we discuss the risks related to the use of derivatives and how we manage these risks.
\n
Market risk
\n
Derivatives are financial instruments where valuation is linked to changes in interest rates, foreign exchange rates, equity, commodity, credit prices,
\n
volatilities, indices or other underlying factors. Changes in value as a result of the aforementioned risk factors are referred to as market risk.
\n
Market risk arising from derivative trading activities is managed in order to mitigate risk in line with CIBC\u2019s risk appetite. To manage market
\n
risk, we set market risk limits and may enter into hedging transactions.
Credit risk
\n
Credit risk arises from the potential for a counterparty to default on its contractual obligations and the possibility that prevailing market conditions are
\n
such that a loss would occur in replacing the defaulted transaction.
\n
We limit the credit risk of OTC derivatives through the use of ISDA master netting agreements, collateral, CCPs and other credit mitigation
\n
techniques. We clear eligible derivatives through CCPs in accordance with various global initiatives. Where feasible, we novate existing bilaterally
\n
negotiated and settled derivatives to a CCP in an effort to reduce CIBC\u2019s credit risk exposure. We establish counterparty credit limits and limits for
\n
CCP exposures based on a counterparty\u2019s creditworthiness and the type of trading relationship with each counterparty (underlying agreements,
\n
business volumes, product types, tenors, etc.).
\n
We negotiate netting agreements to contain the build-up of credit exposure resulting from multiple transactions with more active
\n
counterparties. Such agreements provide for the simultaneous close-out and netting of all transactions with a counterparty, in the case of a
\n
counterparty default. A number of these agreements incorporate a Credit Support Annex, which is a bilateral security agreement that, among other
\n
things, provides for the exchange of collateral between parties in the event that one party\u2019s exposure to the other exceeds agreed upon thresholds.
\n
Credit risk on exchange-traded futures and options is limited, as these transactions are standardized contracts executed on established
\n
exchanges, whose CCPs assume the obligations of both counterparties. Similarly, swaps that are centrally cleared represent limited credit risk
\n
because these transactions are novated to the CCP, which assumes the obligations of the original bilateral counterparty. All exchange-traded and
\n
centrally cleared contracts are subject to initial margin and daily settlement of variation margins, designed to protect participants from losses
\n
incurred from a counterparty default.
\n
A CVA is determined using the fair value based exposure we have on derivative contracts. We believe that we have made appropriate fair
\n
value adjustments to date. The establishment of fair value adjustments involves estimates that are based on accounting processes and judgments
\n
by management. We evaluate the adequacy of the fair value adjustments on an ongoing basis. Market and economic conditions relating to
\n
derivative counterparties may change in the future, which could result in significant future losses.
\n
The following table summarizes our credit exposure arising from derivatives, which includes the current replacement cost, credit equivalent amount
\n
and risk-weighted amount.
\n
For the majority of OTC derivative transactions, we use the internal model method (IMM) for the determination of the EAD, using models that
\n
simulate the underlying risk factors and reflect netting and collateral agreements. For the minority of derivative transactions where we do not have
\n
regulatory approval to use IMM, we used the standardized approach for counterparty credit risk (SA-CCR).
$ millions, as at October 31
2024
2023
Credit
Risk-
Credit
Risk-
Current replacement cost
(1)
equivalent
weighted
Current replacement cost
(1)
equivalent
weighted
Trading
ALM
Total
amount
(2)
amount
Trading
ALM
Total
amount
(2)
amount
Interest rate derivatives
Over-the-counter
Forward rate agreements
$
2 $
1 $
3
$
31
$
15
$
1 $
\u2013 $
1
$
7
$
2
Swap contracts
1,070
131
1,201
3,016
710
1,152
36
1,188
2,540
656
Purchased options
22
1
23
68
24
5
\u2013
5
29
14
Written options
2
1
3
20
6
1
\u2013
1
18
7
1,096
134
1,230
3,135
755
1,159
36
1,195
2,594
679
Exchange-traded
2
\u2013
2
35
1
1
\u2013
1
78
2
1,098
134
1,232
3,170
756
1,160
36
1,196
2,672
681
Foreign exchange derivatives
Over-the-counter
Forward contracts
1,923
308
2,231
5,985
2,010
1,551
369
1,920
5,123
1,753
Swap contracts
326
512
838
2,818
482
413
499
912
2,885
794
Purchased options
183
\u2013
183
498
171
202
\u2013
202
495
227
Written options
19
\u2013
19
165
52
31
\u2013
31
162
58
2,451
820
3,271
9,466
2,715
2,197
868
3,065
8,665
2,832
Exchange-traded
\u2013
\u2013
\u2013
499
20
\u2013
\u2013
\u2013
585
23
2,451
820
3,271
9,965
2,735
2,197
868
3,065
9,250
2,855
Credit derivatives
Over-the-counter
Credit default swap contracts
\u2013 protection purchased
2
\u2013
2
121
14
2
4
6
105
18
\u2013 protection sold
\u2013
\u2013
\u2013
18
4
10
\u2013
10
34
15
2
\u2013
2
139
18
12
4
16
139
33
Equity derivatives
Over-the-counter
365
59
424
4,179
1,048
385
10
395
3,972
952
Exchange-traded
1,364
\u2013
1,364
5,502
161
351
\u2013
351
3,147
103
1,729
59
1,788
9,681
1,209
736
10
746
7,119
1,055
Precious metal and other
commodity derivatives
Over-the-counter
1,165
30
1,195
2,406
956
1,553
\u2013
1,553
2,763
1,205
Exchange-traded
83
\u2013
83
1,930
77
13
\u2013
13
2,069
83
1,248
30
1,278
4,336
1,033
1,566
\u2013
1,566
4,832
1,288
RWA related to non-trade exposures
to central counterparties
414
337
RWA related to CVA capital charge
(3)
3,381
5,949
Total derivatives
$
6,528 $
1,043 $
7,571
$
27,291
$
9,546
$
5,671 $
918 $
6,589
$
24,012
$
12,198
\n
(1)
Current replacement cost reflects the current mark-to-market (MTM) value of derivatives offset by eligible financial collateral, where present.
\n
(2)
Under IMM, expected effective positive exposure (EEPE) is used, which computes, through simulation, the expected exposures with consideration to the expected
\n
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
\n
SA-CCR is calculated as the sum of replacement cost and potential future exposure, multiplied by the prescribed alpha factor of 1.4.
\n
(3)
2024 reflects the implementation of Basel III reforms related to market risk and CVA.
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
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
Derivative instruments
By counterparty type
Financial institutions
$
1,389
$
1,826
$
1,102
$
4,317
$
1,509
$
1,029
$
651
$
3,189
Governments
796
\u2013
54
850
829
\u2013
51
880
Corporate
1,524
409
471
2,404
853
1,168
499
2,520
Total derivative instruments
$
3,709
$
2,235
$
1,627
$
7,571
$
3,191
$
2,197
$
1,201
$
6,589
Note 13
Designated accounting hedges
Hedge accounting
We apply hedge accounting as part of managing the market risk of certain non-trading portfolios arising from changes due to interest rates, foreign
exchange rates, and equity market prices. See the shaded sections in \u201cNon-trading activities\u201d in the MD&A for further information on our risk
management strategy for these risks. See Note 12 for further information on the derivatives used by CIBC.
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.
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 TRS in designated cash flow hedge relationships to hedge changes in CIBC\u2019s share price in respect of certain cash-settled
share-based compensation awards. Note 16 provides details on our cash-settled share-based compensation plans.
For the hedge relationships described 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:
\u2022
Utilization of hedging instruments that have a non-zero fair value at the inception of the hedge relationship;
\u2022
Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated;
\u2022
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
\u2022
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 CVA to the valuation of derivatives when they are applicable.
Designated hedging instruments
\n
The following table provides a summary of financial instruments designated as hedging instruments:
\n\n \n
Notional
Fair value of the
Gains (losses) on
amount of
Maturity range
hedging derivatives
changes in fair value
the hedging
Less than
1-5
Over 5
used for calculating
$ millions, as at October 31
instrument
(1)
1 year
years
years
Assets
Liabilities
hedge ineffectiveness
2024
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
$
29,207
$
14,559
$
14,648
$
\u2013
$
1,008
$
366
$
713
Interest rate risk
Interest rate swaps
41,233
1,462
38,178
1,593
\u2013
8
1,625
Equity share price risk
Equity swaps
2,087
1,810
277
\u2013
156
3
920
$
72,527
$
17,831
$
53,103
$
1,593
$
1,164
$
377
$
3,258
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
$
7,658
$
7,658
$
\u2013
$
\u2013
$
15
$
106
$
(51)
Deposits
(2)
32,084
32,084
\u2013
\u2013
n/a
n/a
(216)
$
39,742
$
39,742
$
\u2013
$
\u2013
$
15
$
106
$
(267)
Fair value hedges
Interest rate risk
Interest rate swaps
$
267,334
$
118,011
$
117,322
$
32,001
$
77
$
926
$
(2,116)
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
41,491
13,249
25,647
2,595
1,617
758
51
Interest rate swaps
21,336
6,591
14,257
488
\u2013
15
694
$
330,161
$
137,851
$
157,226
$
35,084
$
1,694
$
1,699
$
(1,371)
$
442,430
$
195,424
$
210,329
$
36,677
$
2,873
$
2,182
$
1,620
2023
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
$
30,110
$
15,853
$
14,257
$
\u2013
$
884
$
796
$
609
Interest rate risk
Interest rate swaps
38,508
5,542
32,775
191
\u2013
76
(649)
Equity share price risk
Equity swaps
1,227
499
728
\u2013
3
100
(288)
$
69,845
$
21,894
$
47,760
$
191
$
887
$
972
$
(328)
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
$
2,603
$
2,603
$
\u2013
$
\u2013
$
86
$
133
$
(63)
Deposits
(2)
31,816
31,816
\u2013
\u2013
n/a
n/a
(775)
$
34,419
$
34,419
$
\u2013
$
\u2013
$
86
$
133
$
(838)
Fair value hedges
Interest rate risk
Interest rate swaps
$
209,012
$
60,917
$
93,141
$
54,954
$
73
$
1,125
$
1,531
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
43,676
15,413
21,510
6,753
1,340
1,440
(73)
Interest rate swaps
25,689
13,127
9,619
2,943
\u2013
39
326
$
278,377
$
89,457
$
124,270
$
64,650
$
1,413
$
2,604
$
1,784
$
382,641
$
145,770
$
172,030
$
64,841
$
2,386
$
3,709
$
618
\n
(1)
For some hedge relationships, we apply a combination of derivatives to hedge the underlying exposures; therefore, the notional amounts of the derivatives generally
\n
exceed the carrying amount of the hedged items.
\n
(2)
Notional amount represents the principal amount of deposits as at October 31, 2024 and October 31, 2023.
\n
n/a Not applicable.
The following table provides the average rate or price of the hedging derivatives:
\n\n \n
Average
Average fixed
Average
As at October 31
exchange rate
(1)
interest rate
(1)
share price
2024
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
AUD \u2013 CAD
0.91
n/a
n/a
EUR \u2013 CAD
1.47
n/a
n/a
GBP \u2013 CAD
1.70
n/a
n/a
Interest rate risk
Interest rate swaps
n/a
CAD
3.44 %
n/a
n/a
USD
4.09 %
n/a
Equity share price risk
Equity swaps
n/a
n/a
$
72.68
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
AUD \u2013 CAD
0.92
n/a
n/a
HKD \u2013 CAD
0.18
n/a
n/a
Fair value hedges
Interest rate risk
Interest rate swaps
n/a
CAD
3.71 %
n/a
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
EUR \u2013 CAD
1.46
0.63 %
n/a
CHF \u2013 CAD
1.38
n/a
n/a
USD \u2013 CAD
1.32
2.06 %
n/a
Interest rate swaps
n/a
CHF
0.23 %
n/a
n/a
EUR
0.89 %
n/a
n/a
GBP
0.82 %
n/a
2023
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
AUD \u2013 CAD
0.90
n/a
n/a
EUR \u2013 CAD
1.44
n/a
n/a
GBP \u2013 CAD
1.68
n/a
n/a
Interest rate risk
Interest rate swaps
n/a
CAD
3.81 %
n/a
n/a
USD
4.86 %
n/a
Equity share price risk
Equity swaps
n/a
n/a
$
66.46
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
AUD \u2013 CAD
0.89
n/a
n/a
HKD \u2013 CAD
0.18
n/a
n/a
Fair value hedges
Interest rate risk
Interest rate swaps
n/a
CAD
3.41 %
n/a
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
EUR \u2013 CAD
1.46
0.38 %
n/a
CHF \u2013 CAD
1.38
n/a
n/a
USD \u2013 CAD
1.34
3.86 %
n/a
Interest rate swaps
n/a
CHF
0.23 %
n/a
n/a
EUR
0.82 %
n/a
n/a
GBP
0.84 %
n/a
\n
(1)
Includes average foreign exchange rates and interest rates relating to significant hedging relationships.
\n
n/a Not applicable.
Designated hedged items
\n
The following table provides information on designated hedged items:
\n\n \n
Gains (losses) on
Accumulated amount of
change in fair
Carrying amount of
fair value hedge adjustments
value used for
the hedged item
on the hedged item
calculating hedge
$ millions, as at or for the year ended October 31
Assets
Liabilities
Assets
Liabilities
ineffectiveness
2024
Cash flow hedges
(1)
Foreign exchange risk
Deposits
$
\u2013
$
16,524
n/a
n/a
$
(710)
Interest rate risk
Loans
41,233
\u2013
n/a
n/a
(1,622)
Equity share price risk
Share-based payment
\u2013
2,074
n/a
n/a
(920)
$
41,233
$
18,598
n/a
n/a
$
(3,252)
NIFO hedges
$
39,742
$
\u2013
n/a
n/a
$
267
Fair value hedges
(2)
Interest rate risk
Securities
$
72,816
$
\u2013
$
(115)
$
\u2013
$
3,446
Loans
51,302
\u2013
770
\u2013
1,057
Deposits
\u2013
133,104
\u2013
(1,142)
(2,135)
Subordinated indebtedness
\u2013
6,189
\u2013
96
(207)
Foreign exchange / interest rate risk
Deposits
\u2013
21,531
\u2013
(733)
(741)
$
124,118
$
160,824
$
655
$
(1,779)
$
1,420
2023
Cash flow hedges
(1)
Foreign exchange risk
Deposits
$
\u2013
$
16,010
n/a
n/a
$
(609)
Interest rate risk
Loans
38,508
\u2013
n/a
n/a
650
Equity share price risk
Share-based payment
\u2013
1,106
n/a
n/a
288
$
38,508
$
17,116
n/a
n/a
$
329
NIFO hedges
$
34,419
$
\u2013
n/a
n/a
$
838
Fair value hedges
(2)
Interest rate risk
Securities
$
58,605
$
\u2013
$
(3,830)
$
\u2013
$
(1,655)
Loans
43,475
\u2013
(683)
\u2013
(297)
Deposits
\u2013
90,317
\u2013
(3,278)
329
Subordinated indebtedness
\u2013
4,206
\u2013
(97)
76
Foreign exchange / interest rate risk
Deposits
\u2013
21,087
\u2013
(1,447)
(255)
$
102,080
$
115,610
$
(4,513)
$
(4,822)
$
(1,802)
\n
(1)
As at October 31, 2024, the amount remaining in AOCI related to discontinued cash flow hedges was a net loss of $198 million (2023: net loss of $641 million).
\n
(2)
As at October 31, 2024, the accumulated fair value hedge net liability adjustment remaining on the consolidated balance sheet related to discontinued fair value hedges
\n
was $286 million (2023: net liability adjustment of $159 million).
\n
n/a Not applicable.
\n
Hedge accounting gains (losses) in the consolidated statement of comprehensive income
\n\n \n
Change in
Amount
Hedge
Beginning
the value of the
reclassified from
Ending balance
ineffectiveness
balance of
hedging instrument
accumulated
Tax
of AOCI
gains (losses)
AOCI \u2013 hedge
recognized in
OCI to income
benefit
hedge reserve
recognized
$ millions, for the year ended October 31
reserve (after-tax)
OCI (before-tax)
(before-tax)
(1)
(expense)
(after-tax)
in income
2024
Cash flow hedges
Foreign exchange risk
$
(27)
$
710
$
(701)
$
(2)
$
(20)
$
3
Interest rate risk
(970)
1,622
270
(526)
396
3
Equity share price risk
(29)
920
(696)
(62)
133
\u2013
$
(1,026)
$
3,252
$
(1,127)
$
(590)
$
509
$
6
NIFO hedges \u2013 foreign exchange risk
Hedges of net investment in foreign operations
$
(2,948)
$
(267)
$
\u2013
$
\u2013
$
(3,215)
$
\u2013
2023
Cash flow hedges
Foreign exchange risk
$
(13)
$
609
$
(628)
$
5
$
(27)
$
\u2013
Interest rate risk
(655)
(649)
200
134
(970)
1
Equity share price risk
6
(288)
240
13
(29)
\u2013
$
(662)
$
(328)
$
(188)
$
152
$
(1,026)
$
1
NIFO hedges \u2013 foreign exchange risk
Hedges of net investment in foreign operations
$
(2,136)
$
(838)
$
\u2013
$
26
$
(2,948)
$
\u2013
\n
(1)
During the year ended October 31, 2024, the amount reclassified from AOCI to net income for cash flow hedges of forecasted transactions that were no longer expected to
\n
occur was nil (2023: nil).
Hedge accounting gains (losses) in the consolidated statement of income
\n \n
Gains (losses) on
Hedge
Gains (losses)
the hedged items
ineffectiveness
on the hedging
attributable
gains (losses)
$ millions, for the year ended October 31
instruments
to hedged risk
recognized in income
2024
Fair value hedges
Interest rate risk
$
(2,116)
$
2,161
$
45
Foreign exchange / interest rate risk
745
(741)
4
$
(1,371)
$
1,420
$
49
2023
Fair value hedges
Interest rate risk
$
1,531
$
(1,547)
$
(16)
Foreign exchange / interest rate risk
253
(255)
(2)
$
1,784
$
(1,802)
$
(18)
Pledged assets
In the normal course of business, on- and off-balance sheet assets are pledged as collateral for various activities. The following table summarizes
asset pledging amounts and the activities to which they relate:
\n \n
$ millions, as at October 31
2024
2023
Assets pledged in relation to:
Securities lending
$
63,072
$
54,870
Obligations related to securities sold under repurchase agreements
109,151
89,971
Obligations related to securities sold short
21,642
18,666
Securitizations
20,105
18,504
Covered bonds
39,257
33,628
Derivatives
24,200
22,245
Foreign governments and central banks
(1)
560
862
Clearing systems, payment systems, and depositories
(2)
1,605
999
Other
11
13
$
279,603
$
239,758
(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.Note 22
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- and off-balance sheet financial instruments are summarized in the following table:
Credit exposure by country of ultimate risk
\n \n
$ millions, as at October 31
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
On-balance sheet
Major assets
(1)(2)(3)
$
627,621 $
259,280 $
110,984
$
997,885
$
604,145
$
239,201
$
91,951
$
935,297
Off-balance sheet
Credit-related arrangements
(4)
Financial institutions
$
46,567 $
31,083 $
6,522
$
84,172
$
31,849
$
25,917
$
4,964
$
62,730
Governments
10,913
153
15
11,081
10,103
82
33
10,218
Retail
199,324
1,125
525
200,974
189,006
1,072
511
190,589
Corporate
80,644
49,994
13,546
144,184
79,461
44,886
12,457
136,804
$
337,448 $
82,355 $
20,608
$
440,411
$
310,419
$
71,957
$
17,965
$
400,341
(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 $596.4 billion (2023: $573.1 billion) and foreign currencies of $401.5 billion (2023: $362.2 billion).
(3)
No industry or foreign jurisdiction accounted for 10% or more of loans and acceptances net of allowance for credit losses, with the exception of the U.S., which accounted
for 15% as at October 31, 2024 (2023: 15%) and the real estate and construction industry, which across all jurisdictions accounted for 10% as at October 31, 2024 (2023:
11%). Canadian residential mortgages accounted for 49% as at October 31, 2024 (2023: 50%) of loans and acceptances net of allowance for credit losses.
(4)
Certain information has been revised to conform to the current year presentation.
See Note 12 for derivative instruments by country and counterparty type of ultimate risk. In addition, see Note 20 for details on the client securities
lending of the joint ventures which CIBC has with The Bank of New York Mellon.
Also see the shaded sections in \u201cMD&A \u2013 Management of risk\u201d for a detailed discussion on our credit risk.Note 26
Financial instruments \u2013 disclosures
Certain disclosures required by IFRS 7 are provided in the shaded sections of the \u201cMD&A \u2013 Management of risk\u201d, as permitted by IFRS. The
following table provides a cross referencing of those disclosures in the MD&A.
\n \n
Description
Section
For each type of risk arising from financial instruments, an entity shall disclose: the exposure to risks and how they
Risk overview
arise; objectives, policies and processes used for managing the risks; methods used to measure the risk; and
Credit risk
description of collateral.
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 \u2013 Value-at-Risk; non-trading portfolios \u2013 interest rate risk, foreign exchange risk and
Market risk
equity 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 \u201cCredit risk\u201d section of the MD&A. The table
below sets out the categories of the on-balance sheet exposures that are subject to the credit risk framework as set out in the CAR Guideline issued
by OSFI under the different Basel approaches based on the carrying value of those exposures in our consolidated financial statements. The credit
risk framework includes CCR exposures arising from OTC derivatives, repo-style transactions and trades cleared through CCPs, as well as
securitization exposures. Items not subject to the credit risk framework include exposures that are subject to the market risk framework, amounts
that are not subject to capital requirements or are subject to deduction from capital, and amounts relating to CIBC\u2019s insurance subsidiaries, which
are excluded from the scope of regulatory consolidation.
\n \n
Total
Not
Total
IRB
Standardized
Other
Securitization
subject to
subject to
consolidated
$ millions, as at October 31
approach
approach
credit risk
(1)
approach
credit risk
credit risk
balance sheet
2024
Cash and deposits with banks
$
42,869
$
2,941
$
2,254
$
\u2013
$
48,064
$
\u2013
$
48,064
Securities
144,993
5,156
\u2013
2,976
153,125
101,220
254,345
Cash collateral on securities borrowed
15,934
1,094
\u2013
\u2013
17,028
\u2013
17,028
Securities purchased under resale
agreements
56,853
\u2013
\u2013
1,891
58,744
24,977
83,721
Loans
524,427
15,477
1,240
18,545
559,689
2,514
562,203
Allowance for credit losses
(3,607)
(310)
\u2013
\u2013
(3,917)
\u2013
(3,917)
Derivative instruments
36,435
\u2013
\u2013
\u2013
36,435
\u2013
36,435
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
6
\u2013
6
Other assets
21,733
135
8,613
97
30,578
13,522
44,100
Total credit exposures
$
839,643
$
24,493
$
12,107
$
23,509
$
899,752
$
142,233
$
1,041,985
2023
(2)(3)
Total credit exposures
$
774,042
$
90,815
$
10,915
$
18,168
$
893,940
$
81,750
$
975,690
(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 IRB frameworks, including
other balance sheet assets which are risk-weighted at 100%, significant investments in the capital of non-financial institutions, and amounts below the thresholds for capital
deduction that are risk-weighted at 250%.
(2)
Certain prior year information has been restated to conform to the current year presentation.
(3)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
Note 27
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
\u201cFinancial Instruments: Presentation\u201d, 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 the recognized amounts, or because we
do not intend to settle on a net basis or to realize the asset and settle the liability simultaneously.
\n \n
Amounts subject to enforceable netting agreements
Gross
Gross
Amounts not
amounts of
amounts
Related amounts not set-off on
subject to
Net amounts
recognized
offset on the
the consolidated balance sheet
enforceable
presented on
financial
consolidated
Net
Financial
Collateral
Net
netting
the consolidated
$ millions, as at October 31
instruments
balance sheet
(1)
amounts
instruments
(2)
received
(3)
amounts
agreements
(4)
balance sheet
2024 Financial assets
Derivatives
$
29,965
$
(40) $
29,925
$ (21,777) $
(4,394) $
3,754
$ 6,510
$
36,435
Cash collateral on securities borrowed
17,028
\u2013
17,028
\u2013
(14,432)
2,596
\u2013
17,028
Securities purchased under resale
agreements
86,497
(2,776)
83,721
\u2013
(80,010)
3,711
\u2013
83,721
$ 133,490
$ (2,816) $ 130,674
$ (21,777) $
(98,836) $ 10,061
$ 6,510
$ 137,184
Financial liabilities
Derivatives
$
35,361
$
(40) $
35,321
$ (21,777) $
(7,842) $
5,702
$ 5,333
$
40,654
Cash collateral on securities lent
7,997
\u2013
7,997
\u2013
(5,169)
2,828
\u2013
7,997
Obligations related to securities sold
under repurchase agreements
112,929
(2,776)
110,153
\u2013
(109,368)
785
\u2013
110,153
$ 156,287
$ (2,816) $ 153,471
$ (21,777) $ (122,379) $
9,315
$ 5,333
$ 158,804
2023
Financial assets
Derivatives
$
30,610
$
(49) $
30,561
$ (21,787) $
(2,184) $
6,590
$ 2,682
$
33,243
Cash collateral on securities borrowed
14,651
\u2013
14,651
\u2013
(13,236)
1,415
\u2013
14,651
Securities purchased under resale
agreements
83,454
(3,270)
80,184
\u2013
(75,851)
4,333
\u2013
80,184
$ 128,715
$ (3,319) $ 125,396
$ (21,787) $
(91,271) $ 12,338
$ 2,682
$ 128,078
Financial liabilities
Derivatives
$
38,349
$
(49) $
38,300
$ (21,787) $
(7,367) $
9,146
$ 2,990
$
41,290
Cash collateral on securities lent
8,081
\u2013
8,081
\u2013
(7,182)
899
\u2013
8,081
Obligations related to securities sold
under repurchase agreements
90,388
(3,270)
87,118
\u2013
(86,645)
473
\u2013
87,118
$ 136,818
$ (3,319) $ 133,499
$ (21,787) $ (101,194) $ 10,518
$ 2,990
$ 136,489
(1)
Comprises amounts related to financial instruments which qualify for offsetting. This amount excludes derivatives which are settled-to-market (STM) as STM derivatives are
settled on a daily basis, resulting in derecognition, rather than offsetting, of the related amounts.
(2)
Comprises amounts subject to set-off under enforceable netting agreements, such as ISDA agreements, derivative exchange or clearing counterparty agreements, global
master repurchase agreements, and global master securities lending agreements. Under such arrangements, all outstanding transactions governed by the relevant
agreement can be offset if an event of default or other predetermined event occurs.
(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 exchange-traded derivatives and derivatives which are STM.
The offsetting and collateral arrangements discussed above and other credit risk mitigation strategies used by CIBC are further explained in the
\u201cCredit risk\u201d section of the MD&A. Certain amounts of securities received as collateral are restricted from being sold or re-pledged.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00439": { "value": "Credit risk
Credit risk is the risk of financial loss due to a borrower or counterparty failing to meet its obligations in accordance with contractual terms.
Credit risk arises out of the lending businesses in each of our SBUs and in International banking, which is included in Corporate and Other.
Other sources of credit risk consist of our trading activities, which include our over-the-counter (OTC) derivatives, debt securities, and our repo-
style transaction activity. In addition to losses on the default of a borrower or counterparty, unrealized gains or losses may occur due to changes
in the credit spread of the counterparty, which could impact the carrying or fair value of our assets.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\u2019s risk management framework and risk appetite framework, and together with
CIBC\u2019s portfolio concentration limits for credit exposures, CIBC\u2019s 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\u2019s Investment and Lending Authority Resolution sets
thresholds above which credit exposures require reporting to, or approval of, the RMC, ensuring an increasing level of oversight for credit
exposures 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 applied to individual borrowers and geographic regions, but also to different types of credit facilities, such as unsecured credits. 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 12 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 netting processes, and define the
counterparties\u2019 contractual trading relationship. In addition, the agreements formalize non-transaction-specific terms. Master agreements serve
to mitigate our credit risk by outlining default and termination events, which enable parties to close out of all outstanding transactions in the case
of a negative credit event on either party\u2019s side. The mechanism for calculating termination costs in the event of a close-out are outlined in the
master agreement; this allows for the efficient calculation of a single net obligation of one party to another.
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\u2019s exposure to
the other exceeds agreed upon thresholds, subject to a minimum transfer amount. CSAs and other collateral agreements that operate with
master agreements also designate acceptable collateral types, and set out rules for re-hypothecation and interest calculation on collateral.
Collateral types permitted under CSAs and other master agreements are set through our trading credit risk management documentation
procedures. These procedures include requirements around collateral type concentrations.
Consistent with global initiatives to improve resilience in the financial system, we clear derivatives through 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 managed by Risk Management and Retail Operations, with all significant credit requests submitted subject to
adjudication 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 ratings. Higher risk-rated accounts are subject to closer monitoring and are reviewed at least
quarterly. Collections and specialized loan workout groups handle the day-to-day management of high-risk loans to maximize recoveries.
Risk measurement
Exposures subject to IRB approaches
Under the IRB approaches, 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 IRB approaches,
credit risk is measured using the following three key risk parameters
(1)
:
\u2022
PD \u2013 the probability that the obligor will default within the next 12 months.
\u2022
EAD \u2013 the estimate of the amount that will be drawn at the time of default.
\u2022
LGD \u2013 the expected severity of loss as the result of the default, expressed as a percentage of the EAD.
Exposures under the IRB approaches can be further differentiated into two categories, AIRB and FIRB. For portfolios subject to the AIRB
approach, PD, LGD and EAD are internal estimates. Certain portfolios are prescribed to use the FIRB approach, where LGD and EAD are
regulatory defined parameters. Our credit risk exposures are divided into business and government and retail portfolios. Regulatory models
used to measure credit risk exposure under the IRB approach are subject to CIBC\u2019s model risk management process.
(1)
These parameters differ from those used in the calculation of ECL under IFRS 9. See the \u201cAccounting and control matters\u201d section for further details.
Business and government portfolios (excluding scored small business) \u2013 risk-rating method
The portfolios comprise exposures to corporate, sovereign, and bank obligors. Our adjudication process and criteria includes assigning an obligor
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 master internal obligor default rating scale that broadly maps to external agencies\u2019 ratings as presented in the
table below.
\n \n
CIBC
S&P
Moody\u2019s
Grade
rating
equivalent
equivalent
Investment grade
00\u201347
AAA to BBB-
Aaa to Baa3
Non-investment grade
51\u201367
BB+ to B-
Ba1 to B3
Watch list
70\u201380
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 grade categories
noted above. Our credit policies are also defined to manage our exposure to concentration in borrowers in any particular industry or region.
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 average one-year default likelihood. For corporate obligors, PD estimates are calculated using joint maximum likelihood
techniques based on our internal default rate history by rating category and longer dated external default rates as a proxy for the credit cycle to
arrive at long-run average PD estimates. Estimates drawn from third-party statistical default prediction models are used to supplement the
internal default data for some rating bands where internal data is sparse. For small and medium corporate enterprises, PD estimates are
developed using only internal default history. For bank and sovereign obligors, PD estimates are derived from an analysis based on external
default data sets and supplemented with internal data where possible. We examine several different estimation methodologies and compare
results across the different techniques. In addition, we apply the same techniques and estimation methodologies to analogous corporate default
data and compare the results for banks and sovereigns to the corporate estimates for each technique. A regulatory floor is applied to PD
estimates for corporate and bank obligors.
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 subject to the AIRB approach, LGD estimates are primarily derived from internal historical recovery data. Time
to resolution is typically one to two years for most corporate obligors, and one to four 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 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. For obligors subjected to the FIRB
approach, LGD is a regulatory prescribed calculation.
EAD is estimated based on the current exposure to the obligor together with possible future changes in that exposure. For obligors subject
to the AIRB approach, internal EAD estimates are 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. For obligors subjected to the
FIRB approach, EAD is a regulatory prescribed calculation.
Appropriate adjustments are made to internal PD, LGD and EAD estimates to account for various uncertainties associated with estimation
techniques and data limitations, including adjustments for unresolved accounts (for LGD).
Regulatory capital slotting approach is used for part of our uninsured Canadian commercial mortgage portfolio, which comprises
non-residential mortgages and multi-family residential mortgages. These exposures are individually rated on our rating scale using a risk-rating
methodology that considers the property\u2019s key attributes, which include its loan-to-value (LTV) and debt service ratios, the quality of the
property, and the financial strength of the owner/sponsor. All exposures are secured by a lien over the property. In addition, we have insured
multi-family residential mortgages, which are not treated under the slotting approach, but are instead treated as sovereign exposures.
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 assets, unsecured loans, and scored
small business loans).
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:
\n \n
Risk level
PD bands
Exceptionally low
0.01%\u20130.20%
Very low
0.21%\u20130.50%
Low
0.51%\u20132.00%
Medium
2.01%\u201310.00%
High
10.01%\u201399.99%
Default
100%
For the purposes of the AIRB approach for retail portfolios, additional PD, LGD and EAD segmentation into homogeneous 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, transactor/revolver, 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 period,
which is adjusted using internal historical data on default rates over a longer period or comparable external data that includes a period of stress.
A regulatory floor is applied to our PD estimate for all retail exposures with the exception of insured mortgages and government-guaranteed
loans. A higher regulatory floor is applied to qualifying revolving transactors.
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. Higher regulatory floors are applied to unsecured accounts.
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. A
regulatory floor is applied to the percentage of the undrawn exposure that is included in EAD.
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 \u2013 PD, EAD and LGD \u2013 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 the 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 \u201cReal estate secured personal lending\u201d 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 for IRB approaches. Gross credit exposure amounts relating to our business and government portfolios are
reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. Non-trading equity exposures are not
included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting.
\n \n
$ millions, as at October 31
2024
2023
IRB
Standardized
IRB
Standardized
approach
(1)
approach
Total
approach
approach
Total
Business and government portfolios
Corporate
Drawn
$
186,995
$
6,717 $
193,712
$
139,744
$
48,032 $
187,776
Undrawn commitments
54,122
1,005
55,127
49,460
9,388
58,848
Repo-style transactions
308,047
1
308,048
262,175
\u2013
262,175
Other off-balance sheet
13,307
331
13,638
12,527
752
13,279
OTC derivatives
10,970
126
11,096
8,921
128
9,049
573,441
8,180
581,621
472,827
58,300
531,127
Sovereign
Drawn
187,765
7,802
195,567
166,226
31,376
197,602
Undrawn commitments
8,101
178
8,279
8,956
270
9,226
Repo-style transactions
54,661
\u2013
54,661
31,203
\u2013
31,203
Other off-balance sheet
1,595
156
1,751
1,538
181
1,719
OTC derivatives
2,545
\u2013
2,545
2,444
\u2013
2,444
254,667
8,136
262,803
210,367
31,827
242,194
Banks
Drawn
12,076
1,298
13,374
12,396
851
13,247
Undrawn commitments
555
\u2013
555
407
3
410
Repo-style transactions
45,493
\u2013
45,493
46,889
\u2013
46,889
Other off-balance sheet
2,176
\u2013
2,176
1,417
4
1,421
OTC derivatives
5,291
\u2013
5,291
6,323
12
6,335
65,591
1,298
66,889
67,432
870
68,302
Gross business and government portfolios
893,699
17,614
911,313
750,626
90,997
841,623
Less: collateral held for repo-style transactions
388,767
\u2013
388,767
325,118
\u2013
325,118
Net business and government portfolios
504,932
17,614
522,546
425,508
90,997
516,505
Retail portfolios
Real estate secured personal lending
Drawn
290,545
3,028
293,573
285,019
5,742
290,761
Undrawn commitments
36,393
2
36,395
39,210
23
39,233
326,938
3,030
329,968
324,229
5,765
329,994
Qualifying revolving retail
Drawn
22,894
3,119
26,013
18,277
4,238
22,515
Undrawn commitments
63,866
3,979
67,845
61,231
3,740
64,971
Other off-balance sheet
411
114
525
385
116
501
87,171
7,212
94,383
79,893
8,094
87,987
Other retail
Drawn
15,199
829
16,028
14,423
1,032
15,455
Undrawn commitments
3,430
1
3,431
2,170
63
2,233
Other off-balance sheet
6
\u2013
6
4
\u2013
4
18,635
830
19,465
16,597
1,095
17,692
Small and medium enterprises (SME) retail
Drawn
3,183
\u2013
3,183
3,066
\u2013
3,066
Undrawn commitments
1,217
\u2013
1,217
1,235
\u2013
1,235
Other off-balance sheet
27
\u2013
27
24
\u2013
24
4,427
\u2013
4,427
4,325
\u2013
4,325
Total retail portfolios
437,171
11,072
448,243
425,044
14,954
439,998
Securitization exposures
(2)
30,901
21,251
52,152
24,171
13,870
38,041
Gross credit exposure
(3)
1,361,771
49,937
1,411,708
1,199,841
119,821
1,319,662
Less: collateral held for repo-style transactions
388,767
\u2013
388,767
325,118
\u2013
325,118
Net credit exposure
(3)
$
973,004
$
49,937 $
1,022,941
$
874,723
$
119,821 $
994,544
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.
(2)
OSFI guidelines define a hierarchy of approaches for treating securitization exposures in our banking book. Depending on the underlying characteristics, exposures
are eligible for either the SA or the IRB approach. The SEC-ERBA, which is inclusive of SEC-IAA, includes exposures that qualify for the IRB approach, as well as
exposures under the SA.
(3)
Excludes exposures arising from derivative and repo-style transactions which are cleared through qualified central counterparties (QCCPs) as well as credit risk
exposures arising from other assets that are subject to the credit risk framework, including other balance sheet assets which are risk-weighted at 100%, significant
investments in the capital of non-financial institutions which are risk-weighted at 1250%, settlement risk, and amounts below the thresholds for deduction which are
risk-weighted at 250%. Non-trading equity exposures are also excluded and are subject to a range of risk-weightings dependent on the nature of the security starting
in the second quarter of 2023. Risk-weighting for non-trading equity securities was at 100% prior to the second quarter of 2023.
Exposures subject to the standardized approach
(1)
Exposures within CIBC Caribbean, Risk Rated Individuals, Sovereign Wealth funds, Acquired Canadian Costco credit card portfolios, and other
small portfolios are subject to the standardized approach. The standardized approach utilizes a set of risk weightings defined by the regulators,
as opposed to the more data intensive IRB approach. A detailed breakdown of our net credit risk exposures under the standardized approach
by risk-weight category is provided below.
\n \n
$ millions, as at October 31
Risk-weight category
2024
2023
0%
1\u201320%
21\u201350%
51\u201375%
76\u2013100%
101\u2013150%
>150%
Total
Total
Corporate
$
\u2013
$
\u2013
$
\u2013
$
11
$
7,857
$
311
$
\u2013
$
8,179
$
58,300
Sovereign
6,053
821
333
\u2013
862
68
\u2013
8,137
31,827
Banks
\u2013
1,225
21
\u2013
12
40
\u2013
1,298
870
Real estate secured personal lending
\u2013
740
1,903
295
87
5
\u2013
3,030
5,765
Other retail
\u2013
4,203
\u2013
3,696
16
127
\u2013
8,042
9,189
$
6,053
$
6,989
$
2,257
$
4,002
$
8,834
$
551
$
\u2013
$
28,686
$
105,951
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed 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 12 to the consolidated financial statements. Our repo-
style transactions consist of our securities bought or sold under repurchase agreements, and our securities borrowing and lending activity.
The PD of our counterparties is estimated using models consistent with the models used for our direct lending activity, or as prescribed.
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.
Our trading credit exposure also includes CVA risk. 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. CVA exposure is identified and measured in trading systems and monitored and controlled in our risk systems,
including setting limits on risk measures and sensitivities. The Trading Credit Risk Measurement Standards governs the eligibility of credit default
swaps for the purposes of hedging both CVA and counterparty credit risk. CVA risk can also be hedged using derivatives of the underlying
credit exposures risk factor (e.g. foreign exchange options), and all CVA hedges are monitored for effectiveness on a regular basis, utilizing
scenario and profit and loss analysis.
Senior management in CMRM reviews CVA exposures including the capital consumed from the underlying CVA exposures and its hedges
on a regular basis. Senior management also approves CVA capital as part of the overall control framework in place, along with the approval of
limits on the CVA sensitivities. CVA risk is evaluated independently from the trading desks utilizing market data and parameters that are
reviewed and controlled by Risk Management.
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)(2)
The following table provides a geographic distribution of our business and government exposures under the IRB approach, net of collateral held
for repo-style transactions.
\n \n
$ millions, as at October 31, 2024
Canada
U.S.
(3)
Europe
Other
Total
Drawn
$
176,142
$
180,010
$
17,166
$
13,518
$
386,836
Undrawn commitments
36,250
20,678
3,860
1,990
62,778
Repo-style transactions
4,933
6,670
2,695
5,136
19,434
Other off-balance sheet
8,676
6,033
1,470
899
17,078
OTC derivatives
11,345
3,017
2,348
2,096
18,806
$
237,346
$
216,408
$
27,539
$
23,639
$
504,932
October 31, 2023
$
251,282
$
128,255
$
24,930
$
21,041
$
425,508
(1)
Excludes securitization exposures, and exposures under the SA. Substantially all of our retail exposures under the AIRB approach are based in Canada.
(2)
Classification by country is primarily based on domicile of debtor or customer.
(3)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.
Business and government exposure by industry groups
(1)
The following table provides an industry-wide breakdown of our business and government exposures under the IRB approach, net of collateral
held for repo-style transactions.
\n \n
Undrawn
Repo-style
Other off-
OTC
2024
2023
$ millions, as at October 31
Drawn
commitments
transactions
balance sheet
derivatives
Total
Total
Commercial mortgages
$
7,814
$
18
$
\u2013
$
\u2013
$
\u2013
$
7,832
$
7,825
Financial institutions
95,435
12,244
18,516
5,437
10,980
142,612
110,274
Retail and wholesale
12,708
4,377
\u2013
480
279
17,844
13,871
Business services
14,423
3,617
78
925
256
19,299
12,585
Manufacturing \u2013 capital goods
5,715
2,584
\u2013
345
214
8,858
6,039
Manufacturing \u2013 consumer goods
6,939
1,994
\u2013
229
119
9,281
7,195
Real estate and construction
53,325
10,062
\u2013
2,109
430
65,926
55,145
Agriculture
8,148
1,647
\u2013
42
97
9,934
10,268
Oil and gas
2,612
3,063
\u2013
539
608
6,822
9,485
Mining
1,752
1,424
\u2013
745
980
4,901
4,863
Forest products
567
386
\u2013
123
38
1,114
1,031
Hardware and software
5,068
2,054
\u2013
100
160
7,382
5,865
Telecommunications and cable
2,450
820
\u2013
221
405
3,896
3,689
Broadcasting, publishing and printing
652
180
\u2013
14
13
859
471
Transportation
7,249
3,360
\u2013
463
592
11,664
10,121
Utilities
16,891
7,980
\u2013
4,431
1,326
30,628
31,335
Education, health, and social services
10,536
1,630
6
267
96
12,535
5,735
Governments
134,552
5,338
834
608
2,213
143,545
129,711
$
386,836
$
62,778
$
19,434
$
17,078
$
18,806
$
504,932
$
425,508
(1)
Beginning the first quarter of 2024, the IRB approach was applied to the majority of our credit portfolios within CIBC Bank USA, which previously followed the
standardized approach.Credit quality of portfolios
Credit quality of the retail portfolios
The following table presents the credit quality of our retail portfolios under the IRB approach.
\n \n
$ millions, as at October 31
2024
2023
EAD
Real estate secured
Qualifying
Other
SME
Risk level
personal lending
revolving retail
retail
retail
Total
Total
Exceptionally low
$
206,683
$
54,416
$
2,806
$
456
$
264,361
$
301,157
Very low
67,795
9,064
5,388
981
83,228
54,718
Low
34,319
13,192
7,004
1,381
55,896
49,439
Medium
16,249
8,831
2,325
1,135
28,540
15,576
High
1,168
1,594
1,028
399
4,189
3,485
Default
724
74
84
75
957
669
$
326,938
$
87,171
$
18,635
$
4,427
$
437,171
$
425,044
Loans contractually past due but not impaired
The following table provides an aging analysis of loans that are not impaired, where repayment of principal or payment of interest is contractually
in arrears. Loans less than 30 days past due are excluded as such loans are not generally indicative of the borrowers\u2019 ability to meet their
payment obligations.
\n \n
31 to
Over
2024
2023
$ millions, as at October 31
90 days
90 days
Total
Total
Residential mortgages
$
1,216
$
\u2013
$
1,216
$
1,019
Personal
261
\u2013
261
280
Credit card
231
161
392
361
Business and government
226
\u2013
226
184
$
1,934
$
161
$
2,095
$
1,844
During the year, gross interest income that would have been recorded if impaired loans were treated as current was $189 million (2023: $155 million),
of which $89 million (2023: $69 million) was in Canada and $100 million (2023: $86 million) was outside Canada. During the year, interest recognized
on impaired loans was $121 million (2023: $69 million), and interest recognized on loans before being classified as impaired was $126 million (2023:
$110 million), of which $77 million (2023: $43 million) was in Canada and $49 million (2023: $67 million) was outside Canada.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
\n
such that a loss would occur in replacing the defaulted transaction.
\n
We limit the credit risk of OTC derivatives through the use of ISDA master netting agreements, collateral, CCPs and other credit mitigation
\n
techniques. We clear eligible derivatives through CCPs in accordance with various global initiatives. Where feasible, we novate existing bilaterally
\n
negotiated and settled derivatives to a CCP in an effort to reduce CIBC\u2019s credit risk exposure. We establish counterparty credit limits and limits for
\n
CCP exposures based on a counterparty\u2019s creditworthiness and the type of trading relationship with each counterparty (underlying agreements,
\n
business volumes, product types, tenors, etc.).
\n
We negotiate netting agreements to contain the build-up of credit exposure resulting from multiple transactions with more active
\n
counterparties. Such agreements provide for the simultaneous close-out and netting of all transactions with a counterparty, in the case of a
\n
counterparty default. A number of these agreements incorporate a Credit Support Annex, which is a bilateral security agreement that, among other
\n
things, provides for the exchange of collateral between parties in the event that one party\u2019s exposure to the other exceeds agreed upon thresholds.
\n
Credit risk on exchange-traded futures and options is limited, as these transactions are standardized contracts executed on established
\n
exchanges, whose CCPs assume the obligations of both counterparties. Similarly, swaps that are centrally cleared represent limited credit risk
\n
because these transactions are novated to the CCP, which assumes the obligations of the original bilateral counterparty. All exchange-traded and
\n
centrally cleared contracts are subject to initial margin and daily settlement of variation margins, designed to protect participants from losses
\n
incurred from a counterparty default.
\n
A CVA is determined using the fair value based exposure we have on derivative contracts. We believe that we have made appropriate fair
\n
value adjustments to date. The establishment of fair value adjustments involves estimates that are based on accounting processes and judgments
\n
by management. We evaluate the adequacy of the fair value adjustments on an ongoing basis. Market and economic conditions relating to
\n
derivative counterparties may change in the future, which could result in significant future losses.
\n
The following table summarizes our credit exposure arising from derivatives, which includes the current replacement cost, credit equivalent amount
\n
and risk-weighted amount.
\n
For the majority of OTC derivative transactions, we use the internal model method (IMM) for the determination of the EAD, using models that
\n
simulate the underlying risk factors and reflect netting and collateral agreements. For the minority of derivative transactions where we do not have
\n
regulatory approval to use IMM, we used the standardized approach for counterparty credit risk (SA-CCR).
$ millions, as at October 31
2024
2023
Credit
Risk-
Credit
Risk-
Current replacement cost
(1)
equivalent
weighted
Current replacement cost
(1)
equivalent
weighted
Trading
ALM
Total
amount
(2)
amount
Trading
ALM
Total
amount
(2)
amount
Interest rate derivatives
Over-the-counter
Forward rate agreements
$
2 $
1 $
3
$
31
$
15
$
1 $
\u2013 $
1
$
7
$
2
Swap contracts
1,070
131
1,201
3,016
710
1,152
36
1,188
2,540
656
Purchased options
22
1
23
68
24
5
\u2013
5
29
14
Written options
2
1
3
20
6
1
\u2013
1
18
7
1,096
134
1,230
3,135
755
1,159
36
1,195
2,594
679
Exchange-traded
2
\u2013
2
35
1
1
\u2013
1
78
2
1,098
134
1,232
3,170
756
1,160
36
1,196
2,672
681
Foreign exchange derivatives
Over-the-counter
Forward contracts
1,923
308
2,231
5,985
2,010
1,551
369
1,920
5,123
1,753
Swap contracts
326
512
838
2,818
482
413
499
912
2,885
794
Purchased options
183
\u2013
183
498
171
202
\u2013
202
495
227
Written options
19
\u2013
19
165
52
31
\u2013
31
162
58
2,451
820
3,271
9,466
2,715
2,197
868
3,065
8,665
2,832
Exchange-traded
\u2013
\u2013
\u2013
499
20
\u2013
\u2013
\u2013
585
23
2,451
820
3,271
9,965
2,735
2,197
868
3,065
9,250
2,855
Credit derivatives
Over-the-counter
Credit default swap contracts
\u2013 protection purchased
2
\u2013
2
121
14
2
4
6
105
18
\u2013 protection sold
\u2013
\u2013
\u2013
18
4
10
\u2013
10
34
15
2
\u2013
2
139
18
12
4
16
139
33
Equity derivatives
Over-the-counter
365
59
424
4,179
1,048
385
10
395
3,972
952
Exchange-traded
1,364
\u2013
1,364
5,502
161
351
\u2013
351
3,147
103
1,729
59
1,788
9,681
1,209
736
10
746
7,119
1,055
Precious metal and other
commodity derivatives
Over-the-counter
1,165
30
1,195
2,406
956
1,553
\u2013
1,553
2,763
1,205
Exchange-traded
83
\u2013
83
1,930
77
13
\u2013
13
2,069
83
1,248
30
1,278
4,336
1,033
1,566
\u2013
1,566
4,832
1,288
RWA related to non-trade exposures
to central counterparties
414
337
RWA related to CVA capital charge
(3)
3,381
5,949
Total derivatives
$
6,528 $
1,043 $
7,571
$
27,291
$
9,546
$
5,671 $
918 $
6,589
$
24,012
$
12,198
\n
(1)
Current replacement cost reflects the current mark-to-market (MTM) value of derivatives offset by eligible financial collateral, where present.
\n
(2)
Under IMM, expected effective positive exposure (EEPE) is used, which computes, through simulation, the expected exposures with consideration to the expected
\n
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
\n
SA-CCR is calculated as the sum of replacement cost and potential future exposure, multiplied by the prescribed alpha factor of 1.4.
\n
(3)
2024 reflects the implementation of Basel III reforms related to market risk and CVA.
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
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
Derivative instruments
By counterparty type
Financial institutions
$
1,389
$
1,826
$
1,102
$
4,317
$
1,509
$
1,029
$
651
$
3,189
Governments
796
\u2013
54
850
829
\u2013
51
880
Corporate
1,524
409
471
2,404
853
1,168
499
2,520
Total derivative instruments
$
3,709
$
2,235
$
1,627
$
7,571
$
3,191
$
2,197
$
1,201
$
6,589
Note 22
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- and off-balance sheet financial instruments are summarized in the following table:
Credit exposure by country of ultimate risk
\n \n
$ millions, as at October 31
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
On-balance sheet
Major assets
(1)(2)(3)
$
627,621 $
259,280 $
110,984
$
997,885
$
604,145
$
239,201
$
91,951
$
935,297
Off-balance sheet
Credit-related arrangements
(4)
Financial institutions
$
46,567 $
31,083 $
6,522
$
84,172
$
31,849
$
25,917
$
4,964
$
62,730
Governments
10,913
153
15
11,081
10,103
82
33
10,218
Retail
199,324
1,125
525
200,974
189,006
1,072
511
190,589
Corporate
80,644
49,994
13,546
144,184
79,461
44,886
12,457
136,804
$
337,448 $
82,355 $
20,608
$
440,411
$
310,419
$
71,957
$
17,965
$
400,341
(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 $596.4 billion (2023: $573.1 billion) and foreign currencies of $401.5 billion (2023: $362.2 billion).
(3)
No industry or foreign jurisdiction accounted for 10% or more of loans and acceptances net of allowance for credit losses, with the exception of the U.S., which accounted
for 15% as at October 31, 2024 (2023: 15%) and the real estate and construction industry, which across all jurisdictions accounted for 10% as at October 31, 2024 (2023:
11%). Canadian residential mortgages accounted for 49% as at October 31, 2024 (2023: 50%) of loans and acceptances net of allowance for credit losses.
(4)
Certain information has been revised to conform to the current year presentation.
See Note 12 for derivative instruments by country and counterparty type of ultimate risk. In addition, see Note 20 for details on the client securities
lending of the joint ventures which CIBC has with The Bank of New York Mellon.
Also see the shaded sections in \u201cMD&A \u2013 Management of risk\u201d for a detailed discussion on our credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00440": { "value": "Market risk
Market risk is the risk of economic and/or financial loss in our trading and non-trading portfolios from adverse changes in underlying market factors,
including interest rates, foreign exchange rates, equity market prices, commodity prices, credit spreads, and customer behaviour for retail
products. Market risk arises in CIBC\u2019s trading and treasury activities, and encompasses all market-related positioning and market-making activity.
The trading portfolio consists of positions in financial instruments and commodities held to meet the near-term needs of our clients.
The non-trading portfolio consists of positions in various currencies that are related to ALM and investment activities.Policies
We have comprehensive policies for the management of market risk. These policies are related to the identification and measurement of various
types of market risk, their inclusion in the trading portfolio, and the establishment of limits within which we monitor, manage and report our overall
exposures. Our policies also outline the requirements for the construction of valuation models, model review and validation, independent
checking of the valuation of positions, the establishment of valuation adjustments, and alignment with accounting policies including MTM and
mark-to-model methodologies. Under the Basel III reforms for market risk, commonly known as the Fundamental Review of the Trading Book
(FRTB), we have our Risk Trading Book / Banking Book Boundary Procedures and Internal Risk Transfer Trading Procedures, which govern the
classification of trading activity and set restrictions on trades crossing the trading book banking book boundary. There are currently no deviations
from the presumptive list of instrument classifications, and over the past year there have been no trading desks that have crossed the boundary.
Trading desk strategies, including hedging strategies, are part of the trading desks operating model and included in each desk\u2019s policies
and procedures. The use of VaR, stress testing, and profit and loss monitoring also help identify and monitor the effectiveness of their trading
strategies, including hedging performance, and fall under the Trading Credit Risk and Market Risk Management Policies and their supporting
standards.
Market risk limits
We have risk tolerance levels, expressed in terms of statistically based VaR measures, potential stress losses, and notional or other limits as
appropriate. We use a multi-tiered approach to set limits on the amounts of risk that we can assume in our trading and non-trading activities, as
follows:
\u2022
Board limits control consolidated market risk;
\u2022
Management limits control market risk for CIBC overall and are lower than the Board limits to allow for a buffer in the event of extreme
market moves and/or extraordinary client needs;
\u2022
Tier 2 limits control market risk at the business unit level; and
\u2022
Tier 3 limits control market risk at the sub-business unit or desk level.
Management limits are established by the CRO, consistent with the risk appetite statement approved by the Board. Tier 2 and Tier 3 limits are
approved at levels of management commensurate with the risk assumed.
Process and control
Market risk exposures are monitored daily against approved risk limits, and processes are in place to monitor that only authorized activities are
undertaken. We generate daily risk and limit-monitoring reports including intraday limit monitoring for active trading desks, based on the
previous day\u2019s positions. Summary market risk and limit compliance reports are produced and reviewed periodically with the GRC and RMC.
Risk measurement
We use the following measures for market risk:
\u2022
VaR enables the meaningful comparison of the risks in different businesses and asset classes. VaR is determined by the combined
modelling of VaR for each of interest rate, credit spread, equity, foreign exchange, and commodity, along with the portfolio effect arising
from the interrelationship of the different risks (diversification effect):
\u2022
Interest rate risk measures the impact of changes in interest rates and volatilities on cash instruments and derivatives.
\u2022
Credit spread risk measures the impact of changes in credit spreads of provincial, municipal and agency bonds, sovereign bonds,
corporate bonds, securitized products, and credit derivatives such as credit default swaps.
\u2022
Equity risk measures the impact of changes in equity prices and volatilities.
\u2022
Foreign exchange risk measures the impact of changes in foreign exchange rates and volatilities.
\u2022
Commodity risk measures the impact of changes in commodity prices and volatilities, including the basis between related commodities.
\u2022
Diversification effect reflects the risk reduction achieved across various financial instrument types, counterparties, currencies and
regions. The extent of the diversification benefit depends on the correlation between the assets and risk factors in the portfolio at a
particular time.
\u2022
Price, rate and volatility sensitivities measure the change in value of a portfolio to a small change in a given underlying parameter, so that
component risks may be examined in isolation, and the portfolio rebalanced accordingly to achieve a desired exposure.
\u2022
Stressed VaR enables the meaningful comparison of the risks in different businesses and asset classes under stressful conditions.
Changes to rates, prices, volatilities, and spreads over a 10-day horizon from a stressful historical period are applied to current positions to
determine stressed VaR.
\u2022
Back-testing validates the effectiveness of risk measurement through analysis of observed and theoretical profit and loss outcomes.
\u2022
Stress testing and scenario analysis provide insight into portfolio behaviour under extreme circumstances.
\u2022
Market risk capital is calculated under the standardized approach, including a default risk charge (DRC) and the residual risk add-on
(RRAO), which is a charge for risk factors not captured well under the sensitivities based method.Trading activities
We hold positions in traded financial contracts to meet client investment and risk management needs. Trading revenue (net interest income and
non-interest income) is generated from these transactions. Trading instruments are recorded at fair value and include debt and equity securities,
as well as interest rate, foreign exchange, equity, commodity, and credit derivative products.
Value-at-risk
Our VaR methodology is a statistical technique that measures the potential overnight loss at a 99% confidence level. We use a full revaluation
historical simulation methodology to compute VaR and other risk measures.
Although a valuable guide to risk, VaR should always be viewed in the context of its limitations. For example:
\u2022
The use of historical data for estimating future events will not encompass all potential events, particularly those that are extreme in nature.
\u2022
The use of a one-day holding period assumes that all positions can be liquidated, or the risks offset in one day. This may not fully reflect the
market risk arising at times of severe illiquidity, when a one-day period may be insufficient to liquidate or hedge all positions fully.
\u2022
The use of a 99% confidence level does not take into account losses that might occur beyond this level of confidence.
\u2022
VaR is calculated on the basis of exposures outstanding at the close of business and assumes no management action to mitigate losses.
The VaR table below presents market risks by type of risk and in aggregate. The risks are interrelated and the diversification effect reflects the
reduction of risk due to portfolio effects among the trading positions. Our trading risk exposures to interest rates and credit spreads arise from
activities in the global debt and derivative markets, particularly from transactions in the Canadian, U.S. and European markets. The primary
instruments are government and corporate debt, and interest rate derivatives. The majority of the trading exposure to foreign exchange risk
arises from transactions involving the Canadian dollar, U.S. dollar, Euro, Pound sterling, Australian dollar, Chinese yuan and Japanese yen,
whereas the primary risks of losses in equities are in the U.S., Canadian and European markets. Trading exposure to commodities arises
primarily from transactions involving North American natural gas, crude oil products, and precious metals.
\n \n
$ millions, as at or for the year ended October 31
2024
2023
High
Low
As at
Average
High
Low
As at
Average
Interest rate risk
$
18.7
$
4.6
$
6.3
$
9.2
$
11.7
$
4.9
$
7.9
$
7.2
Credit spread risk
3.8
1.6
1.9
2.4
2.5
1.0
2.1
1.5
Equity risk
8.4
4.5
6.9
6.0
8.6
3.3
4.6
5.4
Foreign exchange risk
7.3
0.5
0.6
1.3
3.4
0.3
1.2
0.8
Commodity risk
5.2
1.2
1.2
2.8
4.1
1.2
1.9
2.3
Diversification effect
(1)
n/m
n/m
(9.4)
(10.7)
n/m
n/m
(7.2)
(8.0)
Total VaR (one-day measure)
$
18.8
$
5.8
$
7.5
$
11.0
$
13.2
$
6.6
$
10.5
$
9.2
(1)
Total VaR is less than the sum of the VaR of the different market risk types resulting from a portfolio diversification effect. Prior year amounts have been restated to
conform with the current year presentation.
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.Back-testing
To determine the reliability of the trading VaR model, outcomes are monitored regularly through a back-testing process to test the validity of the
assumptions and the parameters used in the trading VaR calculation. The back-testing process includes calculating a hypothetical or static
profit and loss and comparing that result with calculated VaR. Static profit and loss represents the change in value of the prior day\u2019s closing
portfolio due to each day\u2019s price movements, on the assumption that the portfolio remained unchanged. The back-testing process is conducted
on a daily basis at the consolidated CIBC level as well as business lines and individual portfolios.
Static profit and loss in excess of the one-day VaR are investigated. The back-testing process, including the investigation of results, is
performed by risk professionals who are independent of those responsible for development of the model.
Based on our back-testing results, we are able to ensure that our VaR model continues to appropriately measure risk.
During the year, there were zero negative back-testing breaches of the total VaR measure at the consolidated CIBC level.Stress testing and scenario analysis
Stress testing and scenario analysis is designed to add insight into possible outcomes of abnormal market conditions, and to highlight possible
concentration of risk.
We measure the effect on portfolio valuations under a wide range of extreme moves in market risk factors. Our approach simulates the
impact on earnings of extreme market events over a one-month time horizon. Furthermore, in most cases we do not assume that risk-mitigating
actions during this period to reflect the reduced market liquidity that typically accompanies such events.
Scenarios are developed by utilizing historical market data sourced from periods of market disruption, or are based on hypothetical
impacts of economic events, political events, and natural disasters as predicted by economists, business leaders, and risk managers.
Among the historical scenarios are the market events following the 2008 market crisis and the COVID-19 pandemic, along with the 2022
period of U.S. Federal Reserve tightening. The hypothetical scenarios include potential market crises originating in North America, Europe and
Asia, which are informed from current themes in geopolitics, central bank action and various other macro themes. These include considering the
impact of further escalation in Middle East tensions, the war in Ukraine and a possible conflict between Taiwan and China. Furthermore, during
the past year, stress scenarios have been created and iterated to navigate the U.S. presidential election and subsequent policy impacts.
Stress testing scenarios are periodically reviewed and amended as necessary to ensure they remain relevant. Under stress limit
monitoring, limits are placed on the maximum acceptable loss based on risk appetite in aggregate, at the detailed portfolio level, and for specific
asset classes.
Non-trading activities
Structural interest rate risk (SIRR)
SIRR primarily consists of the risk arising due to mismatches in the timing of the repricing of assets and liabilities, which do not arise from trading
and trading-related businesses. The objective of SIRR management is to lock in product spreads and deliver stable and predictable net interest
income over time, while managing the risk to the economic value of our assets arising from changes in interest rates.
SIRR results from differences in the maturities or repricing dates of assets and liabilities, both on- and off-balance sheet, as well as from
embedded optionality in retail products, and other product features that could affect the expected timing of cash flows, such as options to
pre-pay loans or redeem term deposits prior to contractual maturity. A number of assumptions affecting cash flows, product repricing and the
administration of rates underlie the models used to measure SIRR. The key assumptions pertain to the expected funding profile of mortgage rate
commitments, fixed rate loan prepayment behaviour, term deposit redemption behaviour, the treatment of non-maturity deposits and equity.
Assumptions rely on empirical data, based on historical client behaviour, balance sheet composition and product pricing with the consideration
of possible forward-looking changes. All models and assumptions used to measure SIRR are subject to independent oversight by Risk
Management. A variety of cash instruments and derivatives, primarily interest rate swaps, are used to manage these risks.
The Board has oversight of the management of SIRR, approves the risk appetite and the associated SIRR risk limits. GALCO and its
subcommittee, the Asset Liability Management Committee, regularly review structural market risk positions and provide senior management
oversight.
In addition to Board-approved limits on earnings and economic value exposure, more granular management limits are in place to guide
day-to-day management of this risk. The ALM group within Treasury is responsible for the ongoing modelling of structural market risk across the
enterprise, with independent oversight and compliance with SIRR policy provided by Risk Management.
ALM activities are designed to manage the effects of potential interest rate movements while balancing the cost of any hedging activities
on current net revenue. To monitor and control SIRR, two primary metrics, net interest income (NII) risk and economic value of equity (EVE) risk,
are assessed, in addition to stress testing, gap analysis and other market risk metrics. The net interest income sensitivity is a measure of the
impact of potential changes in interest rates on the projected 12-month pre-tax net interest income of the bank\u2019s portfolio of assets, liabilities and
off-balance sheet positions in response to prescribed parallel interest rate movements with interest rates floored at zero. The EVE sensitivity is a
measure of the impact of potential changes in interest rates on the market value of the bank\u2019s assets, liabilities and off-balance sheet positions in
response to prescribed parallel interest rate movements with interest rates floored at zero.
The following table shows the potential before-tax impact of an immediate and sustained 100 basis point increase and 100 basis point
decrease in interest rates on projected 12-month NII and the EVE for our structural balance sheet, assuming no subsequent hedging
management actions or changes in business mix or changes in product margins.
Structural interest rate sensitivity \u2013 measures
\n \n
$ millions (pre-tax), as at October 31
2024
2023
CAD
(1)
USD
Total
CAD
(1)
USD
Total
100 basis point increase in interest rates
Increase (decrease) in net interest income
$
159
$
45
$
204
$
303
$
91
$
394
Increase (decrease) in EVE
(956)
(400)
(1,356)
(588)
(295)
(883)
100 basis point decrease in interest rates
Increase (decrease) in net interest income
(193)
(49)
(242)
(327)
(88)
(415)
Increase (decrease) in EVE
829
408
1,237
507
319
826
(1)
Includes CAD and other currency exposures.
Foreign exchange risk
Structural foreign exchange risk primarily consists of the risk inherent in: (a) net investments in foreign operations (NIFO) due to changes in foreign
exchange rates; and (b) foreign currency denominated RWA and foreign currency denominated capital deductions. This risk, predominantly in
U.S. dollars, is managed using derivative hedges and by funding the investments in matching currencies. We actively manage this position to
ensure that the potential impact on our capital ratios is within an acceptable tolerance in accordance with the policy approved by the CRO, while
giving consideration to the impact on earnings and shareholders\u2019 equity. Structural foreign exchange risk is managed by Treasury under the
guidance of GALCO with monitoring and oversight by Risk Management.
A 1% appreciation of the Canadian dollar would reduce our shareholders\u2019 equity as at October 31, 2024 by approximately $198 million
(2023: $206 million) on an after-tax basis.
Our non-functional currency denominated earnings are converted into the functional currencies through spot or forward foreign exchange
transactions. Typically, there is no significant impact of exchange rate fluctuations on our consolidated statement of income.
Derivatives held for ALM purposes
Where derivatives are held for ALM purposes, and when transactions meet the criteria specified under IFRS, we apply hedge accounting for the
risks being hedged, as discussed in Notes 1, 12 and 13 to the consolidated financial statements. Derivative hedges that do not qualify for hedge
accounting treatment are referred to as economic hedges and are recorded at fair value on the consolidated balance sheet with changes in fair
value recognized in the consolidated statement of income.
Economic hedges for other than FVO financial instruments may lead to income volatility because the hedged items are recorded either on
a cost or amortized cost basis or recorded at fair value on the consolidated balance sheet with changes in fair value recognized through other
comprehensive income (OCI). This accounting income volatility may not be representative of the overall economic risk.
Equity risk
Non-trading equity risk arises primarily in our strategy and corporate development activities and strategic investments portfolio. The investments
comprise public and private equities, investments in limited partnerships, and equity-accounted investments.
The following table provides the amortized cost and fair values of our non-trading equities:
\n \n
$ millions, as at October 31
Cost
Fair value
2024
Equity securities designated at FVOCI
$
653
$
672
Equity-accounted investments in associates
(1)
145
253
$
798
$
925
2023
Equity securities designated at FVOCI
$
556
$
572
Equity-accounted investments in associates
(1)
137
240
$
693
$
812
(1)
Excludes our equity-accounted joint ventures. See Note 24 to the consolidated financial statements for further details.Market risk
Derivatives are financial instruments where valuation is linked to changes in interest rates, foreign exchange rates, equity, commodity, credit prices,
\n
volatilities, indices or other underlying factors. Changes in value as a result of the aforementioned risk factors are referred to as market risk.
\n
Market risk arising from derivative trading activities is managed in order to mitigate risk in line with CIBC\u2019s risk appetite. To manage market
\nrisk, we set market risk limits and may enter into hedging transactions.Hedge accounting
We apply hedge accounting as part of managing the market risk of certain non-trading portfolios arising from changes due to interest rates, foreign
exchange rates, and equity market prices. See the shaded sections in \u201cNon-trading activities\u201d in the MD&A for further information on our risk
management strategy for these risks. See Note 12 for further information on the derivatives used by CIBC.
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.
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 TRS in designated cash flow hedge relationships to hedge changes in CIBC\u2019s share price in respect of certain cash-settled
share-based compensation awards. Note 16 provides details on our cash-settled share-based compensation plans.
For the hedge relationships described 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:
\u2022
Utilization of hedging instruments that have a non-zero fair value at the inception of the hedge relationship;
\u2022
Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated;
\u2022
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
\u2022
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 CVA to the valuation of derivatives when they are applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00442": { "value": "Foreign exchange risk
Structural foreign exchange risk primarily consists of the risk inherent in: (a) net investments in foreign operations (NIFO) due to changes in foreign
exchange rates; and (b) foreign currency denominated RWA and foreign currency denominated capital deductions. This risk, predominantly in
U.S. dollars, is managed using derivative hedges and by funding the investments in matching currencies. We actively manage this position to
ensure that the potential impact on our capital ratios is within an acceptable tolerance in accordance with the policy approved by the CRO, while
giving consideration to the impact on earnings and shareholders\u2019 equity. Structural foreign exchange risk is managed by Treasury under the
guidance of GALCO with monitoring and oversight by Risk Management.
A 1% appreciation of the Canadian dollar would reduce our shareholders\u2019 equity as at October 31, 2024 by approximately $198 million
(2023: $206 million) on an after-tax basis.
Our non-functional currency denominated earnings are converted into the functional currencies through spot or forward foreign exchange
transactions. Typically, there is no significant impact of exchange rate fluctuations on our consolidated statement of income.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.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00441": { "value": "Liquidity risk
Liquidity risk is the risk of having insufficient cash or its equivalent in a timely and cost-effective manner to meet financial obligations as they
come due. Common sources of liquidity risk inherent in banking services include unanticipated withdrawals of deposits, the inability to replace
maturing debt, credit and liquidity commitments, and additional pledging or other collateral requirements.Policies
Our liquidity risk management policy establishes requirements that enable us to meet anticipated liquidity needs in both normal and stressed
conditions by maintaining a sufficient amount of available unencumbered liquid assets and diversified funding sources. Branches and
subsidiaries possessing unique liquidity characteristics, due to distinct businesses or jurisdictional requirements, maintain local liquidity
practices in alignment with CIBC\u2019s liquidity risk management policy.
Our pledging policy sets out consolidated limits for the pledging of CIBC\u2019s assets across a broad range of financial activities. These limits
ensure unencumbered liquid assets are available for liquidity purposes.
We maintain a detailed global contingency funding plan that sets out the strategies for addressing liquidity shortfalls in emergency and
unexpected situations, and delineates the requirements necessary to manage a range of stress conditions, establishes lines of responsibility,
articulates implementation, defines escalation procedures, and is aligned to CIBC\u2019s risk appetite. In order to reflect CIBC\u2019s organizational
complexity, regional and subsidiary contingency funding plans are maintained to respond to liquidity stresses unique to the jurisdictions within
which CIBC operates, and support CIBC as an enterprise.
Risk measurement
Our liquidity risk tolerance is defined by our risk appetite statement, which is approved annually by the Board, and forms the basis for the
delegation of liquidity risk authority to senior management. We use both regulatory-driven and internally developed liquidity risk metrics to
measure our liquidity risk exposure. Internally, our liquidity position is measured using the Liquidity Horizon, which combines contractual and
behavioural cash flows to measure the future point in time when projected cumulative cash outflows exceed cash inflows under a combined
CIBC-specific and market-wide stress scenario. Expected and potential anticipated inflows and outflows of funds generated from on- and
off-balance sheet exposures are measured and monitored on a regular basis to ensure compliance with established limits. These cash flows
incorporate both contractual and behavioural on- and off-balance sheet cash flows.
Our liquidity measurement system provides liquidity risk exposure reports that include the calculation of the internal liquidity stress tests
and regulatory reporting such as the LCR, NSFR and net cumulative cash flow (NCCF). Our liquidity management also incorporates the
monitoring of our unsecured wholesale funding position and funding capacity.
Risk appetite
CIBC\u2019s risk appetite statement ensures prudent management of liquidity risk by outlining qualitative considerations and quantitative metrics
including the LCR and Liquidity Horizon. Quantitative metrics are measured and managed to a set of limits approved by Risk Management.
Stress testing
A key component of our liquidity risk management, and complementing our assessments of liquidity risk exposure, is liquidity risk stress testing.
Liquidity stress testing involves the application of name-specific and market-wide stress scenarios at varying levels of severity to assess the amount
of available liquidity required to satisfy anticipated obligations as they come due. The scenarios model potential liquidity and funding requirements
in the event of changes to unsecured wholesale funding and deposit run-off, contingent liquidity utilization, and liquid asset marketability.
Liquid assets
Available liquid assets include unencumbered cash and marketable securities from on- and off-balance sheet sources, that can be used to
access funding in a timely fashion. Encumbered liquid assets, composed of assets pledged as collateral and those assets that are deemed
restricted due to legal, operational, or other purposes, are not considered as sources of available liquidity when measuring liquidity risk. The
asset mix is supported by concentration monitoring on issuers, tenors and product types to ensure that bank-wide liquid asset portfolios contain
a mix of assets that have appropriate liquidity, including in times of stress.
Encumbered and unencumbered liquid assets from on- and off-balance sheet sources are summarized as follows:
\n \n
Bank owned
Securities received
Total liquid
Encumbered
Unencumbered
$ millions, as at October 31
liquid assets
as collateral
assets
liquid assets
liquid assets
(1)
2024
Cash and deposits with banks
$
48,064
$
\u2013
$
48,064
$
560
$
47,504
Securities issued or guaranteed by sovereigns, central
banks, and multilateral development banks
178,324
108,499
286,823
146,992
139,831
Other debt securities
6,093
11,328
17,421
3,696
13,725
Equities
58,102
33,424
91,526
54,269
37,257
Canadian government guaranteed National Housing Act
mortgage-backed securities
35,155
2,038
37,193
20,263
16,930
Other liquid assets
(2)
16,021
2,849
18,870
8,971
9,899
$
341,759
$
158,138
$
499,897
$
234,751
$
265,146
2023
Cash and deposits with banks
$
55,718
$
\u2013
$
55,718
$
862
$
54,856
Securities issued or guaranteed by sovereigns, central
banks, and multilateral development banks
155,487
94,880
250,367
134,415
115,952
Other debt securities
5,729
11,681
17,410
4,343
13,067
Equities
43,798
28,432
72,230
33,317
38,913
Canadian government guaranteed National Housing Act
mortgage-backed securities
31,733
4,908
36,641
17,365
19,276
Other liquid assets
(2)
12,597
2,685
15,282
8,238
7,044
$
305,062
$
142,586
$
447,648
$
198,540
$
249,108
(1)
Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral
received less encumbered liquid assets.
(2)
Includes cash pledged as collateral for derivatives transactions, select ABS and precious metals.Asset encumbrance
In the course of our day-to-day operations, securities and other assets are pledged to secure obligations, participate in clearing and settlement
systems and for other collateral management purposes.Restrictions on the flow of funds
Our subsidiaries are not subject to significant restrictions that would prevent transfers of funds, dividends or capital distributions. However,
certain subsidiaries have different capital and liquidity requirements, established by applicable banking and securities regulators.
We monitor and manage our capital and liquidity requirements across these entities to ensure that resources are used efficiently and entities
are in compliance with local regulatory and policy requirements.Funding
We fund our operations with client-sourced deposits, supplemented with a wide range of wholesale funding.
Our principal approach aims to fund our consolidated balance sheet with deposits primarily raised from personal and commercial banking
channels. We maintain a foundation of relationship-based core deposits, whose stability is regularly evaluated through internally developed
statistical assessments.
We routinely access a range of short-term and long-term secured and unsecured funding sources diversified by geography, depositor
type, instrument, currency and maturity. We raise long-term funding from existing programs including covered bonds, asset securitizations and
unsecured debt.
We continuously evaluate opportunities to diversify into new funding products and investor segments in an effort to maximize funding
flexibility and minimize concentration and financing costs. We regularly monitor wholesale funding levels and concentrations to internal limits
consistent with our desired liquidity risk profile.
GALCO and RMC review and approve CIBC\u2019s funding plan, which incorporates projected asset and liability growth, funding maturities, and
output from our liquidity position forecasting.Assets and liabilities
The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values.
Contractual analysis is not representative of our liquidity risk exposure, however this information serves to inform our management of liquidity
risk, and provide input when modelling a behavioural balance sheet.
\n \n
No
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
specified
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
maturity
Total
Assets
Cash and non-interest-bearing deposits with banks
(1)
$
8,565 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
\u2013 $
8,565
Interest-bearing deposits with banks
39,499
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
39,499
Securities
5,034
4,244
9,176
15,914
10,000
40,372
58,208
49,937
61,460
254,345
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
17,028
Securities purchased under resale agreements
46,653
15,321
12,526
3,906
3,735
1,559
7
14
\u2013
83,721
Loans
Residential mortgages
4,890
10,761
18,694
12,763
27,832
91,451
104,067
10,214
\u2013
280,672
Personal
996
488
892
801
948
575
4,828
5,303
31,850
46,681
Credit card
432
863
1,295
1,295
1,295
5,179
10,192
\u2013
\u2013
20,551
Business and government
4,282
6,850
12,453
15,271
15,697
41,432
75,522
29,998
12,794
214,299
Allowance for credit losses
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(3,917)
(3,917)
Derivative instruments
2,623
7,153
2,957
2,144
1,677
5,650
8,151
6,080
\u2013
36,435
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Other assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
44,100
44,100
$ 130,008 $ 45,680 $ 57,993 $ 52,094 $ 61,184 $ 186,218 $ 260,975 $ 101,546 $ 146,287 $ 1,041,985
October 31, 2023
(2)
$ 148,846 $ 41,962 $ 44,949 $ 38,144 $ 42,260 $ 151,110 $ 301,854 $
80,914 $ 125,651 $
975,690
Liabilities
Deposits
(3)
$
56,215 $ 32,842 $ 72,169 $ 47,048 $ 44,437 $
46,848 $
66,255 $
21,056 $ 377,987 $
764,857
Obligations related to securities sold short
21,642
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
21,642
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7,997
Obligations related to securities sold under
repurchase agreements
99,376
9,528
77
46
\u2013
1,126
\u2013
\u2013
\u2013
110,153
Derivative instruments
3,243
6,415
3,300
2,005
1,654
7,146
6,801
10,090
\u2013
40,654
Acceptances
6
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
6
Other liabilities
23
48
70
69
67
268
616
867
28,176
30,204
Subordinated indebtedness
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
33
7,432
\u2013
7,465
Equity
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
59,007
59,007
$ 188,502 $ 48,833 $ 75,616 $ 49,168 $ 46,158 $
55,388 $
73,705 $
39,445 $ 465,170 $ 1,041,985
October 31, 2023
(2)
$ 143,144 $ 58,442 $ 57,764 $ 58,203 $ 50,934 $
49,917 $
87,009 $
39,861 $ 430,416 $
975,690
(1)
Cash includes interest-bearing demand deposits with the Bank of Canada.
(2)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(3)
Comprises $252.9 billion (2023: $239.0 billion) of personal deposits; $492.0 billion (2023: $462.1 billion) of business and government deposits and secured borrowings;
and $20 billion (2023: $22.3 billion) of bank deposits.Credit-related commitments
The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of
commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity
requirements.
\n \n
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
No specified
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
maturity
(1)
Total
Unutilized credit commitments
$
2,511 $
9,034 $ 5,538 $
6,773 $
8,494 $ 25,926 $ 76,505 $ 3,341
$ 245,760 $ 383,882
Standby and performance letters of credit
5,406
3,689
3,293
4,641
3,545
718
668
221
\u2013
22,181
Backstop liquidity facilities
125
22,677
55
300
10
111
456
\u2013
\u2013
23,734
Documentary and commercial letters of credit
38
62
24
6
35
11
7
\u2013
\u2013
183
Other
10,375
(2)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
56
10,431
$ 18,455 $ 35,462 $ 8,910 $ 11,720 $ 12,084 $ 26,766 $ 77,636 $ 3,562
$ 245,816 $ 440,411
October 31, 2023
(3)
$
8,270 $ 24,767 $ 8,078 $ 11,853 $
8,917 $ 29,890 $ 72,394 $ 3,516
$ 232,656 $ 400,341
(1)
Includes $189.6 billion (2023: $179.2 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.
(2)
Includes forward-dated securities financing trades.
(3)
Certain information has been revised to conform to the current year presentation.
Other off-balance sheet contractual obligations
The following table provides the contractual maturities of other off-balance sheet contractual obligations affecting our funding needs:
\n \n
Less than
1\u20133
3\u20136
6\u20139
9\u201312
1\u20132
2\u20135
Over
$ millions, as at October 31, 2024
1 month
months
months
months
months
years
years
5 years
Total
Purchase obligations
(1)
$
129
$
234
$
239
$
277
$
229
$
707
$
727
$
284 $
2,826
Investment commitments
\u2013
1
12
\u2013
2
1
32
480
528
Future lease commitments
(2)
\u2013
\u2013
\u2013
3
7
29
91
439
569
Pension contributions
(3)
14
28
41
41
41
\u2013
\u2013
\u2013
165
Underwriting commitments
464
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
464
$
607
$
263
$
292
$
321
$
279
$
737
$
850
$
1,203 $
4,552
October 31, 2023
(2)
$
145
$
172
$
237
$
251
$
201
$
527
$
705
$
1,106 $
3,344
(1)
Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed,
minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date
specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow
us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to
such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases
of debt and equity instruments that settle within standard market time frames.
(2)
Excludes lease obligations that are accounted for under IFRS 16, which are recognized on the consolidated balance sheet, and operating and tax expenses relating to
lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for
which we have not yet recognized a lease liability and right-of-use asset.
(3)
Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum
funding contributions are included only for the next annual period as the minimum contributions are affected by various factors, such as market performance and
regulatory requirements, and are therefore subject to significant variability.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "ConsolidatedBalanceSheet_Label_002": { "value": "8565000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_001": { "value": "20816000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_004": { "value": "39499000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_003": { "value": "34902000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShorttermDepositsNotClassifiedAsCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_005": { "value": "254345000000.0", "decimals": -6, "dimensions": { "concept": "cm:FinancialAssetsSecurities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_006": { "value": "211348000000.0", "decimals": -6, "dimensions": { "concept": "cm:FinancialAssetsSecurities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_008": { "value": "17028000000.0", "decimals": -6, "dimensions": { "concept": "cm:CashCollateralOnSecuritiesBorrowed", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_007": { "value": "14651000000.0", "decimals": -6, "dimensions": { "concept": "cm:CashCollateralOnSecuritiesBorrowed", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0010": { "value": "83721000000.0", "decimals": -6, "dimensions": { "concept": "cm:SecuritiesPurchasedUnderResaleAgreements", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_009": { "value": "80184000000.0", "decimals": -6, "dimensions": { "concept": "cm:SecuritiesPurchasedUnderResaleAgreements", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0040": { "value": "280672000000.0", "decimals": -6, "dimensions": { "concept": "cm:ResidentialMortgageLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0039": { "value": "274244000000.0", "decimals": -6, "dimensions": { "concept": "cm:ResidentialMortgageLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0060": { "value": "46681000000.0", "decimals": -6, "dimensions": { "concept": "cm:PersonalLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0059": { "value": "45587000000.0", "decimals": -6, "dimensions": { "concept": "cm:PersonalLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0064": { "value": "20551000000.0", "decimals": -6, "dimensions": { "concept": "cm:CreditCardLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0063": { "value": "18538000000.0", "decimals": -6, "dimensions": { "concept": "cm:CreditCardLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0066": { "value": "214299000000.0", "decimals": -6, "dimensions": { "concept": "cm:LoansToBusinessAndGovernment", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0065": { "value": "194870000000.0", "decimals": -6, "dimensions": { "concept": "cm:LoansToBusinessAndGovernment", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_NegatedLabel_0072": { "value": "3917000000.0", "decimals": -6, "dimensions": { "concept": "cm:AllowanceAccountForCreditLossesOfLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_NegatedLabel_0071": { "value": "3902000000.0", "decimals": -6, "dimensions": { "concept": "cm:AllowanceAccountForCreditLossesOfLoans", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_0074": { "value": "558286000000.0", "decimals": -6, "dimensions": { "concept": "cm:LoansNetOfAllowanceForCreditLosses", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_0073": { "value": "529337000000.0", "decimals": -6, "dimensions": { "concept": "cm:LoansNetOfAllowanceForCreditLosses", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0076": { "value": "36435000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DerivativeFinancialAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0075": { "value": "33243000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DerivativeFinancialAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0078": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankAcceptanceAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0077": { "value": "10816000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankAcceptanceAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0080": { "value": "3359000000.0", "decimals": -6, "dimensions": { "concept": "cm:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0079": { "value": "3251000000.0", "decimals": -6, "dimensions": { "concept": "cm:PropertyPlantAndEquipmentIncludingRightofuseAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0081": { "value": "5443000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0082": { "value": "5425000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Goodwill", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0084": { "value": "2830000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0083": { "value": "2742000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0086": { "value": "785000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0085": { "value": "669000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0088": { "value": "821000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0087": { "value": "647000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0089": { "value": "30862000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0090": { "value": "27659000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_0092": { "value": "80541000000.0", "decimals": -6, "dimensions": { "concept": "cm:OtherMiscellaneousAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_0091": { "value": "84452000000.0", "decimals": -6, "dimensions": { "concept": "cm:OtherMiscellaneousAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_00266": { "value": "1041985000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_00265": { "value": "975690000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0094": { "value": "252894000000.0", "decimals": -6, "dimensions": { "concept": "cm:PersonalDeposits", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0093": { "value": "239035000000.0", "decimals": -6, "dimensions": { "concept": "cm:PersonalDeposits", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0096": { "value": "435499000000.0", "decimals": -6, "dimensions": { "concept": "cm:DepositsFromBusinessAndGovernment", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0095": { "value": "412561000000.0", "decimals": -6, "dimensions": { "concept": "cm:DepositsFromBusinessAndGovernment", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0098": { "value": "20009000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepositsFromBanks", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0097": { "value": "22296000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DepositsFromBanks", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00100": { "value": "56455000000.0", "decimals": -6, "dimensions": { "concept": "cm:SecuredBorrowings", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_0099": { "value": "49484000000.0", "decimals": -6, "dimensions": { "concept": "cm:SecuredBorrowings", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_00102": { "value": "764857000000.0", "decimals": -6, "dimensions": { "concept": "cm:Deposits1", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_TotalLabel_00101": { "value": "723376000000.0", "decimals": -6, "dimensions": { "concept": "cm:Deposits1", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00104": { "value": "21642000000.0", "decimals": -6, "dimensions": { "concept": "cm:ObligationsRelatedToSecuritiesSoldShort", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00103": { "value": "18666000000.0", "decimals": -6, "dimensions": { "concept": "cm:ObligationsRelatedToSecuritiesSoldShort", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00106": { "value": "7997000000.0", "decimals": -6, "dimensions": { "concept": "cm:CashCollateralOnSecuritiesLent", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00105": { "value": "8081000000.0", "decimals": -6, "dimensions": { "concept": "cm:CashCollateralOnSecuritiesLent", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00108": { "value": "110153000000.0", "decimals": -6, "dimensions": { "concept": "cm:ObligationsRelatedToSecuritiesSoldUnderRepurchaseAgreements", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00107": { "value": "87118000000.0", "decimals": -6, "dimensions": { "concept": "cm:ObligationsRelatedToSecuritiesSoldUnderRepurchaseAgreements", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00110": { "value": "40654000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DerivativeFinancialLiabilities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00109": { "value": "41290000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DerivativeFinancialLiabilities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00112": { "value": "6000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankAcceptanceLiabilities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00111": { "value": "10820000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:BankAcceptanceLiabilities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedBalanceSheet_Label_00114": { "value": "49000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", 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"ConsolidatedStatementOfCashFlows_Label_00350": { "value": "996000000.0", "decimals": -6, "dimensions": { "concept": "cm:ProceedsFromIssueOfPreferenceSharesNetOfIssuanceCost", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00349": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "cm:ProceedsFromIssueOfPreferenceSharesNetOfIssuanceCost", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00352": { "value": "975000000.0", "decimals": -6, "dimensions": { "concept": "cm:RedemptionOfPreferredShares", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00351": { "value": "0.0", "decimals": -6, "dimensions": { "concept": 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"unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00355": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "cm:PaymentForPurchaseOfCommonSharesForCancellation", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00358": { "value": "-4000000.0", "decimals": -6, "dimensions": { "concept": "cm:PurchaseOfProceedsFromSaleOfTreasuryStockNet", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00357": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "cm:PurchaseOfProceedsFromSaleOfTreasuryStockNet", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00360": { "value": "2947000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00359": { "value": "2261000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00362": { "value": "287000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00361": { "value": "331000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00364": { "value": "-2610000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00363": { "value": "-2159000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00366": { "value": "76528000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00365": { "value": "79487000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00367": { "value": "29761000000.0", "decimals": -6, "dimensions": { "concept": "cm:ProceedsFromSaleOfSecuritiesMeasuredDesignatedAtFairValueOtherComprehensiveIncomeAndAmortizedCost", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00368": { "value": "26914000000.0", "decimals": -6, "dimensions": { "concept": "cm:ProceedsFromSaleOfSecuritiesMeasuredDesignatedAtFairValueOtherComprehensiveIncomeAndAmortizedCost", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00370": { "value": "27105000000.0", "decimals": -6, "dimensions": { "concept": "cm:ProceedsFromMaturityOfDebtSecuritiesMeasuredAtFairValueOtherComprehensiveIncomeAndAmortizedCost", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00369": { "value": "32824000000.0", "decimals": -6, "dimensions": { "concept": "cm:ProceedsFromMaturityOfDebtSecuritiesMeasuredAtFairValueOtherComprehensiveIncomeAndAmortizedCost", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00372": { "value": "-1089000000.0", "decimals": -6, "dimensions": { "concept": "cm:NetSalePurchaseOfPropertyEquipmentSoftwareAndOtherIntangibleAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00371": { "value": "-1014000000.0", "decimals": -6, "dimensions": { "concept": "cm:NetSalePurchaseOfPropertyEquipmentSoftwareAndOtherIntangibleAssets", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00374": { "value": "-20751000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00373": { "value": "-20763000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00376": { "value": "22000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00375": { "value": "49000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00378": { "value": "-12251000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00377": { "value": "-10719000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00380": { "value": "20816000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00379": { "value": "31535000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00382": { "value": "8565000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00381": { "value": "20816000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00388": { "value": "38038000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00387": { "value": "29673000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00390": { "value": "49761000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00389": { "value": "42600000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00392": { "value": "1713000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00391": { "value": "1147000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00394": { "value": "2513000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlows_Label_00393": { "value": "1657000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2022-11-01T00:00:00/2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00398": { "value": "466000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2024-11-01T00:00:00", "unit": "iso4217:CAD" } }, "ConsolidatedStatementOfCashFlowsParenthetical_Label_00397": { "value": "491000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RestrictedCashAndCashEquivalents", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00", "unit": "iso4217:CAD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00413": { "value": "Canadian Imperial Bank of Commerce (CIBC) is a diversified financial institution governed by the
Bank Act
(Canada). CIBC was formed through the
amalgamation of the Canadian Bank of Commerce and Imperial Bank of Canada in 1961. Through our four strategic business units (SBUs) \u2013
Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth
Management, and Capital Markets and Direct Financial Services \u2013 CIBC provides a full range of financial products and services to our personal
banking, business, public sector and institutional clients in Canada, the United States (U.S.) and around the world. Refer to Note 29 for further
details on our business units. CIBC is incorporated and domiciled in Canada, with our registered and principal business offices located at CIBC
SQUARE, Toronto, Ontario.These consolidated financial statements are presented in millions of Canadian dollars, unless otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00402": { "value": "Canadian Imperial Bank of Commerce", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "Canadian Imperial Bank of Commerce", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00406": { "value": "the Bank Act (Canada).", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00405": { "value": "Canada", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00401": { "value": "Canada", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "CIBC SQUARE, Toronto, Ontario.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00414": { "value": "Note 1
Basis of preparation and summary of material 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
(Canada) and the requirements of the Office of the Superintendent of Financial Institutions (OSFI).
CIBC has consistently applied the same accounting policies throughout all periods presented, except as indicated in the \u201cChanges in
accounting policies\u201d section below.
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 4, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00415": { "value": "Note 1
Basis of preparation and summary of material 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
(Canada) and the requirements of the Office of the Superintendent of Financial Institutions (OSFI).
CIBC has consistently applied the same accounting policies throughout all periods presented, except as indicated in the \u201cChanges in
accounting policies\u201d section below.
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 4, 2024.
Summary of material accounting policies
The following paragraphs describe our material 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), leases, asset impairment, income taxes, provisions and contingent liabilities, post-employment and other long-term benefit
plan assumptions and the 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 25.
Structured entities
A 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, capital vehicles 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\u2019s ability to
make decisions over significant activities, and whether CIBC is acting as a principal or as an agent.
We do not have control over an investee when we are acting as the agent for a third-party. In assessing whether we are an agent we
determine: (i) the scope of our decision-making authority; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and
(iv) our exposure to variability of returns from other interests that we hold in the investee.
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 interests
Non-controlling interests are presented on the consolidated balance sheet as a separate component of equity that is distinct from CIBC\u2019s
shareholders\u2019 equity. The net income attributable to non-controlling interests is presented separately in the consolidated statement of income.
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 partner. Significant influence also may exist where we hold less than 20% of the voting
rights of an entity, for example if we have influence over policy-making processes through representation on the entity\u2019s Board of Directors, or by
other means. Where we are a party to a contractual arrangement whereby we undertake an economic activity that is subject to joint control together
with one or more parties, we classify our interest in the venture as a joint venture.
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\u2019s reporting date.
Foreign currency translation
Monetary assets and liabilities and non-monetary assets and liabilities measured at fair value that are denominated in foreign currencies are
translated into the functional currencies of operations at prevailing exchange rates at the date of the consolidated balance sheet. Revenue and
expenses are translated using average monthly exchange rates. Realized and unrealized gains and losses arising from translation into functional
currencies are included in the consolidated statement of income, with the exception of unrealized foreign exchange gains and losses on FVOCI
equity securities, which are included in AOCI.
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),
financial instruments measured at amortized cost, debt financial instruments measured at FVOCI, equity financial instruments designated at FVOCI,
or financial instruments designated at FVTPL (fair value option), based on the contractual cash flow characteristics of the financial assets and the
business model under which the financial assets are managed. All financial assets and derivatives are required to be measured at fair value with the
exception of financial assets measured at amortized cost. Financial assets are required to be reclassified when and only when the business model
under which they are managed has changed. All reclassifications are to be applied prospectively from the reclassification date.
The classification and measurement model requires that all debt instrument financial assets that do not meet a \u201csolely payment of principal and
interest\u201d (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 \u201csolely payments of principal and interest\u201d such that any variability in the
contractual cash flows is consistent with a \u201cbasic lending arrangement\u201d. \u201cPrincipal\u201d 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. \u201cInterest\u201d 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
lending features, such as equity conversion options and equity-linked payouts, are measured at FVTPL.
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 \u201cheld for trading\u201d or \u201cfair value\u201d basis are classified as
FVTPL. Debt instruments that are managed on a \u201chold to collect and for sale\u201d basis are classified as FVOCI for debt. Debt instruments that are
managed on a \u201chold to collect\u201d 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 basis to manage the risks;
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.
Derivatives, obligations related to securities sold short and FVO financial liabilities are measured at fair value. Other financial liabilities are
measured at amortized cost.
Derivatives are measured at FVTPL, except to the extent that they are designated in a hedging relationship, in which case the International
Accounting Standard (IAS) 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39) 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 financial assets are also mandatorily measured at fair value if their contractual cash flow
characteristics do not meet the SPPI test or if they are managed together with other financial instruments on a fair value basis.
Trading and non-trading financial instruments mandatorily measured at FVTPL are remeasured at fair value as at the consolidated balance
sheet date. Gains and losses realized on disposition and unrealized gains and losses from changes in fair value are included in Non-interest income
as Gains (losses) from financial instruments measured/designated at FVTPL, net. Interest income and dividends earned on trading and non-trading
securities and dividends and interest expense incurred on securities sold short are included in net interest income.
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 \u201chold to collect\u201d basis. These financial assets are recognized initially at fair value plus 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 \u201chold to collect\u201d basis are also classified as amortized cost.
Most deposits with banks, securities purchased under resale agreements, cash collateral on securities borrowed and most customers\u2019 liability
under acceptances are accounted for at amortized cost.
Debt financial assets measured at FVOCI
Debt financial instruments measured at FVOCI are non-derivative financial assets with contractual cash flows that meet the SPPI test and are
managed on a \u201chold to collect and for sale\u201d basis.
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 \u201chold to collect and for sale\u201d 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 difficulty, or a default or delinquency has occurred.
Equity financial instruments designated at FVOCI
Equity financial instruments are measured at FVTPL unless an irrevocable designation is made to measure them at FVOCI. Gains or losses from
changes in the fair value of equity instruments designated at FVOCI, including any related foreign exchange gains or losses, are recognized in OCI.
Amounts recognized in OCI will not be subsequently recycled to profit or loss, with the exception of dividends that are not considered a return of
capital, which are recognized as interest income when received in the consolidated statement of income. Instead, cumulative gains or losses upon
derecognition of the equity instrument will be transferred within equity from AOCI to retained earnings and presented in Realized gains (losses) on
equity securities designated at FVOCI reclassified to retained earnings in the consolidated statement of changes in equity. Financial assets
designated as FVOCI include non-trading equity securities, primarily related to our investment in private companies and certain limited partnerships.
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 5 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 ECL; or (ii) lifetime ECL for those financial instruments which have
experienced a significant increase in credit risk (SICR) since initial recognition or when there is objective evidence of impairment.
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:
\u2022
The probability of default (PD) is an estimate of the likelihood of default over a given time horizon;
\u2022
The loss given default (LGD) is an estimate of the loss arising in the case where a default occurs at a given time; and
\u2022
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 ECL
is the portion of lifetime expected credit losses that represent the expected credit losses that result from default events on the financial instrument
that are possible within the 12 months after the reporting date.
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 SICR 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 SICR 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 SICR since initial recognition, we then 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 SICR 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 SICR (see Note 5 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 difficulty, or a default or delinquency has occurred. Generally, financial instruments on which repayment of principal or payment
of interest is contractually more than 90 days in arrears are 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 it is determined that there is reasonable assurance 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 SICR has occurred. Subsequent to the acquisition date, ECL
allowances are estimated in a manner consistent with our SICR 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\u2019s 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 the expected cash flows for purchased credit-impaired loans. Decreases in the expected cash flows will
result in an increase in our ECL allowance. Increases in the expected cash flows will result in a recovery of the ECL allowance. ECL allowances for
purchased credit-impaired loans are reported in stage 3.
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 2 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\u2019s 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 are 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 income over the commitment period. Loan syndication fees are included in Non-interest income on completion of
the syndication arrangement, provided that the yield on the portion of the loan we retain is at least equal to the average yield earned by the other
lenders involved in the financing; otherwise, an appropriate portion of the fee is deferred as unearned income and amortized to interest income
using the effective interest rate method.
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 \u2013
secured borrowings.
Securitizations to non-consolidated SEs are accounted for as sales, with the related assets being derecognized, only where:
\u2022
Our contractual right to receive cash flows from the assets has expired; or
\u2022
We transfer our contractual rights to receive the cash flows of the financial asset or where applicable the transfer also meets the criteria of a
qualifying pass-through arrangement, 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.
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 is recognized on our consolidated balance sheet for those commitments where 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, net. 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 in the consolidated balance sheet, 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\u2019 liability under acceptances
Acceptances constitute a liability of CIBC on negotiable instruments issued to third parties by our customers. We earned 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\u2019 liability under acceptances. See the \u201cInterest rate benchmark reform\u201d section below for details on the impact of Canadian Dollar Offered Rate
(CDOR) cessation on acceptances and customers\u2019 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. Securities subject to these transactions
include certain loans that are readily securitizable. The agreements include certain total return swap arrangements that are economically equivalent to
resale agreements. These transactions meet the SPPI criteria and are generally classified and measured at amortized cost, as they are also managed
under a hold to collect business model. Certain transactions are classified at FVTPL as they are managed on a held for sale basis or are designated at
FVTPL 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 \u2013 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 \u2013 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
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 \u2013 Securities borrowed or purchased
under resale agreements and Interest expense \u2013 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 for which CIBC retains the risks and
rewards remain on the consolidated balance sheet and securities received by CIBC are not recognized on the consolidated balance sheet.
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 activities. We may also take proprietary trading positions within prescribed risk limits 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 are 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 (OTC) derivatives, including
OTC derivatives that are centrally cleared, are obtained using valuation techniques, including discounted cash flow models and option pricing
models. See Note 12 for further information on the valuation of derivatives.
Derivatives used for ALM purposes that qualify for hedge accounting
As permitted at the time of transition to IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9), we elected to continue to apply the hedge accounting requirements
of IAS 39.
We apply hedge accounting for derivatives held for ALM purposes that meet specified criteria. There are three types of hedges under IAS 39:
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 the \u201cDerivatives used for ALM purposes that are not designated
for hedge accounting\u201d section 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.
Interest rate benchmark reform
In response to interest rate benchmark reform, the IASB issued \u201cInterest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7\u201d
(Phase 1 amendments) in September 2019, and \u201cInterest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and
IFRS 16\u201d (Phase 2 amendments) in August 2020. Only the amendments to the classification and measurement sections of IFRS 9, the hedge
accounting sections of IAS 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39), IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, IFRS 4
\u201cInsurance Contracts\u201d, and IFRS 16 \u201cLeases\u201d apply to us since we elected to continue to apply the hedge accounting requirements of IAS 39 upon
the adoption of IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9). We adopted the Phase 1 and Phase 2 amendments effective November 1, 2019 and
November 1, 2020, respectively.
During the period prior to the replacement of Interbank Offered Rates (IBORs), the Phase 1 amendments allowed us to continue hedge
accounting by assuming that the interest rate benchmarks which were the basis for the hedged risk and the cash flows of the hedged item or the
hedging instrument would not be altered as a result of the reform. For the bank\u2019s cash flow hedges of forecast transactions that were directly
impacted by IBOR reform, for the purpose of assessing whether a forecast transaction was highly probable or expected to occur, the amendments
allowed us to assume that the benchmark interest rate on which the hedged cash flows were based would not be altered as a result of IBOR reform.
Phase 1 amendments also provided temporary exceptions to allow hedge accounting to continue if a hedge relationship did not meet certain hedge
effectiveness assessment criteria solely as a result of IBOR reform.
The Phase 2 amendments addressed issues once an existing rate is replaced with an alternative rate. The amendments provided temporary relief
that allowed for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain
qualifying conditions. The amendments also allowed us to redefine the hedged risk to an alternative rate, and to amend the description of the hedged
item and the hedging instrument, and the description of how we assessed hedge effectiveness to reflect changes required by the reform without
discontinuing the hedge relationship. The amendments also provided temporary relief that allowed us to designate an alternative rate as a risk
component to hedge provided that we reasonably expected that the alternative rate would become separately identifiable within 24 months of its first
designation.
See the \u201cInterest rate benchmark reform\u201d section below for further detail.
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 are included in FXOTT. Changes in the
fair value of the hedged item from the hedged foreign exchange risk are accounted for as basis adjustments and are also included in FXOTT. Any
difference between the two represents hedge ineffectiveness.
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\u2019s 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 expenses immediately as it arises.
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 \u201cForeign currency
translation\u201d 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 income as FXOTT or Other, as
appropriate, or in the case of economic hedges of cash-settled share-based payment obligations, in compensation expense.
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 subsequent changes in fair value 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
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
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
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 and could obligate us to deliver a variable number of our own shares or it is a
derivative other than one that can be settled by the delivery of a fixed amount of cash or another financial asset for a fixed number of our own equity
instruments. An instrument is classified as equity if it evidences a residual interest in our assets after deducting all liabilities. The components of a
compound financial instrument are classified and accounted for separately as assets, liabilities, or equity as appropriate. Incremental costs directly
attributable to the issuance of equity instruments are shown in equity, net of income tax.
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:
\u2022
Buildings \u2013 40 years
\u2022
Computer equipment \u2013 3 to 7 years
\u2022
Office furniture, equipment and other \u2013 4 to 15 years
\u2022
Leasehold improvements \u2013 over the lesser of the estimated useful life of the asset and the lease term, including reasonably assured renewal
periods
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 income \u2013 Other.
Leases
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, any lease payments made or lease incentives received prior to lease commencement, and
the estimated cost of remediating the underlying asset at the end of the lease term. Discount rates are based on the rate implicit in the lease, if
determinable, or on CIBC\u2019s 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 is amortized on a straight-line basis over the lease term. Right-of-use assets and the corresponding
lease liabilities, including asset retirement obligations, 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 \u201cImpairment of
Assets\u201d (IAS 36). Refer to the \u201cImpairment of non-financial assets\u201d policy below. In addition, the evaluation of the useful life for depreciation is
assessed under IAS 16 \u201cProperty, Plant and Equipment\u201d (IAS 16).
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.
We are also lessors in both financing leases and operating leases related to client financing activities. Leases are classified as financing
leases if they transfer substantially all the risks and rewards related to ownership of the leased asset to the lessee. Otherwise they are classified as
operating leases, as we retain substantially all the risks and rewards of asset ownership. In a financing lease, the leased asset is derecognized and
a net investment in the lease is recognized, which is initially measured as the present value of the lease payments to be received from the lessee
and any unguaranteed residual value we expect to recover at the end of the lease, discounted at the interest rate implicit in the lease. The net
investment in the financing lease is presented as part of Business and government loans on our consolidated balance sheet. Finance lease income
is recognized in Interest income, loans, in our consolidated statement of income.
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 \u201cImpairment of non-financial assets\u201d policy below.
Intangible assets include software and customer relationships, core deposit intangibles and investment management contracts 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:
\u2022
Software \u2013 5 to 10 years
\u2022
Contract-based intangibles \u2013 8 to 15 years
\u2022
Core deposit and customer relationship intangibles \u2013 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 \u201cImpairment of non-financial
assets\u201d policy below.
Impairment of non-financial assets
The carrying values of non-financial assets with definite useful lives, including right-of-use assets, buildings and equipment, and intangible assets
with definite useful lives are reviewed to determine whether there is any indication of impairment. Goodwill and intangible assets with indefinite
useful lives are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If any such indication of
impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
For the purpose of reviewing non-financial assets with definite useful lives for impairment, asset groups are reviewed at their lowest level for
which identifiable cash inflows are largely independent of cash inflows of other assets or groups of assets. This grouping is referred to as a cash-
generating unit (CGU).
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. 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. 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 tax includes current tax and deferred tax which 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 accordingly recognized therein.
Current tax is recognized as the tax calculated as payable on the taxable profit for the year, based on the applicable laws of each jurisdiction,
using tax rates enacted or substantively enacted as at the reporting date, and any adjustment 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 is recognized using 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 on different taxable entities which intend to settle current tax liabilities
and assets on a net basis or to realize the asset and settle the liability simultaneously.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which deductible
temporary differences can be utilized.
Deferred tax is not recognized for taxable temporary differences arising from NIFOs if they are not expected to reverse in the foreseeable
future and we expect to control the timing of reversal, deductible temporary differences arising from NIFOs if they are not expected to reverse in the
foreseeable future or it is not probable future taxable profits will be available against which these deductible temporary differences can be utilized,
temporary differences arising from 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 taxable temporary differences on the initial recognition of goodwill.
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. Changes
in our assessment of these factors could increase or decrease our provision for income taxes in future periods.
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\u2019s 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\u2019s 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
CIBC offers 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
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\u2019s 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\u2019s 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 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\u2019s performance relative to the other major Canadian banks and to internal targets.
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.
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\u2019 Plan entitles 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 expense \u2013 Other for Directors\u2019 DSUs.
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 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, of one or more uncertain future events not wholly within the control of CIBC, or are present obligations that have arisen from past
events but are not recognized because it is not probable that settlement will require the outflow of economic benefits.
Provisions and contingent liabilities are disclosed in the consolidated financial statements.
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. The net income attributable to CIBC common shareholders is determined after deducting the
after-tax amount of dividends on preferred shares and distributions on other equity instruments, which are accounted for in retained earnings, from
the net income attributable to equity shareholders.
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 the exercise of stock options based
on the treasury stock method. 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
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. 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. Consideration payable to a customer, including cash amounts payable to a customer, credits or other items
that can be applied against amounts owing to us, is recognized as a reduction of revenue unless the payment to the customer is in exchange for a
distinct good or service, in which case the purchase of the good or service is accounted for in the same way as for other purchases from suppliers.
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 is recognized as an adjustment to the
effective interest rate.
In addition to these general principles, the following specific policies are also applied:
Underwriting and advisory fees are earned on debt and equity securities placements and transaction-based advisory services. Underwriting
fees are typically recognized at the point in time when the transaction is completed. 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. Monthly and annual fees are
recognized over the period that the related services are provided. Transactional fees are recognized at the point in time when the related services
are provided.
Credit fees consist of loan syndication fees, loan commitment fees, letter of credit fees, banker\u2019s acceptance stamping fees, and securitization
fees. 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. Card fees are recognized at the point in
time that the related services are provided, except for annual fees, which are recognized over the 12-month period to which they relate. The cost of
credit card loyalty points is recognized as a reduction of interchange income when the loyalty points are issued for both self-managed and third-
party loyalty points programs. Credit card loyalty point liabilities are recognized for self-managed loyalty point programs and are subject to periodic
remeasurement to reflect the expected cost of redemption as this expectation changes over time.
Commissions on securities transactions include brokerage commissions for transactions executed on behalf of clients, trailer fees and mutual
fund sales commissions. Brokerage commissions and mutual fund sales commissions are generally recognized at the point in time that the related
transaction is executed. Trailer fees are typically calculated based upon the average daily net asset value of the mutual fund units held by clients
and are recognized over time as the related services are provided.
Investment management fees are primarily based on the respective value of the assets under management (AUM) or assets under
administration (AUA) and are recognized over the period that the related services are provided. Investment management fees relating to our asset
management and private wealth management business are generally calculated based on point-in-time AUM balances, and investment
management fees relating to our retail brokerage business are generally calculated based on point-in-time AUM or AUA balances. Custodial fees
are recognized as revenue over the applicable service period, which is generally the contract term.
Mutual fund fees include management fees and administration fees, which are earned on fund management services and are recognized over
the period that the mutual funds are managed based upon a specified percentage of the daily net asset values of the respective mutual funds.
Interest rate benchmark reform
Various interest rate and other indices deemed to be \u201cbenchmarks\u201d including the London Interbank Offered Rate (LIBOR) and CDOR were the
subject of international regulatory guidance and proposals for reform. Regulators in various jurisdictions had advocated for the transition from IBORs
to alternative benchmark rates (alternative rates), based upon risk-free rates determined using actual market transactions. Following the previous
announcements by various regulators, the publication of LIBOR settings for all sterling, Japanese yen, Swiss franc and euro, as well as 1-week and
2-month USD LIBOR settings was discontinued on December 31, 2021. The publication of the remaining USD LIBOR settings was discontinued on
June 30, 2023. 6-month and 12-month CDOR tenors ceased to be published in 2021, while the remaining tenors of CDOR ceased following a final
publication on June 28, 2024.
The IASB addressed the impact of IBOR reform on financial reporting by issuing Phase 1 and Phase 2 amendments. We adopted the Phase 1 and
Phase 2 amendments effective November 1, 2019 and November 1, 2020, respectively. See \u201cDerivatives used for ALM purposes that qualify for hedge
accounting\u201d for details on temporary relief relating to hedge accounting provided by the IASB. The Phase 2 amendments also permit modifications of
amortized cost financial assets and financial liabilities that are made as a direct consequence of IBOR reform and on an economically equivalent basis
to be accounted for by updating the effective interest rate prospectively with no immediate gain or loss recognition.
As IBORs were widely referenced by large volumes of derivative, loan and cash products, the transition presented a number of risks to us, and the
industry as a whole. These transition risks included market risk (as new basis risks emerged), model risk, operational risk (as processes were changed or
newly introduced), legal risk (as contracts were revised) and conduct risk (in ensuring clients were adequately informed/prepared). In response to the
reforms to interest rate benchmarks, we had established an Enterprise IBOR Transition Program (Program). The Program was supported by a formal
governance structure and dedicated working groups that included stakeholders from frontline businesses as well as functional groups such as
Treasury, Technology and Operations, Risk Management, Legal and Finance, to facilitate the transition.
As part of the Program, we previously transitioned our exposures from Sterling, Japanese yen, Swiss franc and Euro LIBOR settings to the new
alternative rates in fiscal 2022. We completed the transition of our USD LIBOR referenced contracts to alternative rates as of June 30, 2023. As a
result of the Financial Conduct Authority\u2019s announcement that the LIBOR administrator will continue to publish certain USD LIBOR settings on a non-
representative synthetic basis after June 30, 2023, for a limited period to allow market participants to use such rates in legacy contracts, we
continue to have subordinated debenture liabilities amounting to US$48 million (see Note 14 for additional details) that continue to reference LIBOR.
Consistent with regulatory expectations, we also completed the transition of CDOR and bankers\u2019 acceptance based contracts, including
centrally cleared derivatives, to alternative rates in the third quarter of 2024. We continue to make information available to our clients, advising them
on recent developments.
Changes in accounting policies
Effective November 1, 2023, CIBC adopted new accounting pronouncements as described below.
a) Retrospective application of new standards
IFRS 17 \u201cInsurance Contracts\u201d (IFRS 17)
CIBC adopted IFRS 17 \u201cInsurance Contracts\u201d as at November 1, 2023, in place of IFRS 4 \u201cInsurance Contracts\u201d (IFRS 4). IFRS 17 provides
comprehensive guidance on the recognition and measurement of insurance contracts we issue and reinsurance contracts we hold. We applied
IFRS 17 on a retrospective basis beginning on November 1, 2023, with the restatement of the 2023 comparative period. We recognized an after-tax
reduction of $56 million to retained earnings at November 1, 2022, the beginning of the 2023 comparative year, due to the adoption of IFRS 17.
IFRS 17 requires groups of insurance contracts to be established and measured on the basis of fulfilment cash flows using the measurement
models outlined by the standard. Insurance contracts under the General Measurement Model (GMM) are measured based on the present value of
fulfilment cash flows, a risk adjustment for non-financial risks, and a contractual service margin (CSM) representing our unearned profits on a
portfolio basis, further disaggregated into profitability groups. We have applied GMM to our insurance contracts with contract boundaries exceeding
a year. Contracts under the Premium Allocation Approach (PAA) are measured on the basis of premiums received and related cash flows, which
has been applied to our insurance contracts with contract boundaries shorter than one year. Under both measurement models, we have measured
the liability for incurred claims on the basis of fulfilment cash flows relating to claims incurred.
On transition, we applied the full retrospective approach to transition contracts with contract boundaries shorter than one year, which
constitutes the majority of our insurance business. The full retrospective approach required us to measure the insurance contracts as if IFRS 17 had
always been applied. We applied the fair value approach to transition contracts with contract boundaries exceeding a year and to which we were
unable to apply the full retrospective approach. Under the fair value approach, we determined the CSM of the liability for remaining coverage as at
the transition date, as the difference between the fair value of the group of insurance contracts and the fulfilment cash flows measured at that date.
Upon adoption, no reclassifications were made to our financial assets under IFRS 9.
The impacted lines on the opening November 1, 2022 consolidated balance sheet as a result of the retrospective application of IFRS 17 were
as follows:
IFRS 17
Reported as at
transitional
Restated as at opening
$ millions
October 31, 2022
adjustments
November 1, 2022
Assets
Deferred tax assets
$
480
$
20
$
500
Other assets
35,197
(44)
35,153
Liabilities and equity
Other liabilities
$
28,072
$
32
$
28,104
Retained earnings
28,823
(56)
28,767
As part of the adoption of IFRS 17, we present our insurance results as part of Income from insurance activities, net (formerly Insurance fees, net of
claims). The adoption of IFRS 17 resulted in an increase in Net income before tax of $9 million and an increase in Income taxes of $3 million for the
year ended October 31, 2023.
b) Prospective application of new standards
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 \u201cIncome Taxes\u201d (IAS 12)
On May 23, 2023, the IASB issued \u201cInternational Tax Reform \u2013 Pillar Two Model Rules\u201d, which amended IAS 12 to provide a temporary exception
from the recognition and disclosure for deferred taxes arising from the implementation of Pillar Two Model Rules. CIBC has applied the exception to
recognizing and disclosing deferred taxes related to Pillar Two income taxes. Further amendments to IAS 12 require additional disclosures, for the
periods where the Pillar Two legislation has been enacted or substantively enacted but is not yet in effect, as reflected in Note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00416": { "value": "Basis of preparationThese consolidated financial statements were authorized for issue by the Board of Directors (the Board) on December 4, 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00475": { "value": "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), leases, asset impairment, income taxes, provisions and contingent liabilities, post-employment and other long-term benefit
plan assumptions and the valuation of self-managed loyalty points programs. Actual results could differ from these estimates and assumptions.Sensitivity of Level 3 financial assets and liabilities
The following section describes the significant non-observable inputs identified in the table above, the interrelationships between those inputs,
where applicable, and the change in fair value if changing one or more of the non-observable inputs within a reasonably possible range would
impact the fair value significantly.
The fair value of our limited partnerships is determined based on the net asset value provided by the fund managers, adjusted as appropriate.
The fair value of limited partnerships is sensitive to changes in the net asset value, and by adjusting the net asset value within a reasonably possible
range, the aggregate fair value of our limited partnerships would increase or decrease by $145 million (2023: $138 million).
While our standalone derivatives are recorded as derivative assets or derivative liabilities, our derivatives embedded in our structured note
deposit liabilities or deposit liabilities designated at FVTPL are recorded within deposits and other liabilities. The determination of the fair value of
certain Level 3 embedded derivatives and certain standalone derivatives requires significant assumptions and judgment to be applied to both the
inputs and the valuation techniques employed. These derivatives are sensitive to long-dated market volatility and correlation inputs, which we
consider to be non-observable. Market volatility is a measure of the anticipated future variability of a market price and is an important input for
pricing options, which are inherent in many of our Level 3 derivatives. A higher market volatility generally results in a higher option price, with all else
held constant, due to the higher probability of obtaining a greater return from the option, and results in an increase in the fair value of our Level 3
derivatives. Correlation inputs are used to value those derivatives where the payout is dependent upon more than one market price. For example,
the payout of an equity basket option is based upon the performance of a basket of stocks, and the interrelationships between the price movements
of those stocks. A positive correlation implies that two inputs tend to change the fair value in the same direction, while a negative correlation implies
that two inputs tend to change the fair value in the opposite direction. Changes in market correlation could result in an increase or a decrease in the
fair value of our Level 3 derivatives and embedded derivatives. By adjusting the non-observable inputs by reasonably alternative amounts, the fair
value of our net Level 3 standalone derivatives and embedded derivatives would increase by $149 million or decrease by $142 million (2023:
increase by $105 million or decrease by $99 million).
For certain interest rate and foreign exchange derivatives, the probability of contingent settlement not occurring was a significant Level 3
valuation input. By increasing the probability of contingent settlement not occurring by 10%, the fair value of those derivatives in an asset position
would decrease by less than $4 million, while the fair value of those derivatives in a liability position would decrease by up to $13 million. If the
probably of contingent settlement decreased by 100% for our largest derivative asset position, the fair value of the corresponding derivative would
decrease by $22 million.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:
\u2022
Determining when a SICR of a loan has occurred;
\u2022
Measuring both 12-month and lifetime credit losses; and
\u2022
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.
We continue to operate in an uncertain macroeconomic environment. There is inherent uncertainty in forecasting forward-looking information and
estimating the impact that the macroeconomic environment, including moderating levels of interest rates, and geopolitical events will have on the
level of ECL allowance and period-over-period volatility of the provision for credit losses. As a result, a heightened level of judgment in estimating
ECLs in respect of all these elements, as discussed below, continued to be required.Impairment testing of goodwill and key assumptions
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 using a five-year cash flow projection approved by management, and an estimate of the capital required to be
maintained to support ongoing operations.
We have determined that for the impairment testing performed as at August 1, 2024, 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 2024.
A terminal growth rate of 4.5% as at August 1, 2024 (August 1, 2023: 4.5%) was applied to the years after the five-year forecast. All of the
forecasted cash flows were discounted at an after-tax rate of 10.0% as at August 1, 2024 (11.6% pre-tax) which we believe to be a risk-adjusted
discount rate appropriate to U.S. Commercial Banking and Wealth Management (we used an after-tax rate of 10.3% as at August 1, 2023). The
determination of a discount rate and a terminal growth rate require the exercise of judgment. The discount rate was determined based on the
following primary factors: (i) the risk-free rate; (ii) an equity risk premium; and (iii) beta adjustment to the equity risk premium based on a review of
betas of comparable publicly traded financial institutions in the region. The terminal growth rate was based on management\u2019s expectations of real
growth and forecasted inflation rates.
If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ.
Estimation of the recoverable amount is an area of significant judgment. The recoverable amount 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.
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 multiples of comparable wealth management institutions. The price-to-earnings multiples of those comparable wealth
management institutions ranged from 5.7 to 12.4 as at August 1, 2024 (August 1, 2023: 6.0 to 11.6).
We have determined that the estimated recoverable amount of the Wealth Management CGU was in excess of its carrying amount as at
August 1, 2024. As a result, no impairment charge was recognized during 2024.
If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ.
Other
The goodwill relating to the Other CGUs, which includes the CIBC Caribbean CGU, 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, 2024, the estimated recoverable amount of each of
these CGUs was in excess of their carrying amounts.
Allocation to strategic business units
Goodwill of $5,443 million (2023: $5,425 million) is allocated to the SBUs as follows: Canadian Commercial Banking and Wealth Management of
$954 million (2023: $954 million), Corporate and Other of $100 million (2023: $100 million), U.S. Commercial Banking and Wealth Management of
$4,318 million (2023: $4,300 million), Capital Markets and Direct Financial Services of $64 million (2023: $64 million), and Canadian Personal and
Business Banking of $7 million (2023: $7 million).Principal actuarial assumptions
The weighted-average principal assumptions used to determine the defined benefit obligation for our Canadian plans are as follows:
\n \n
Pension plans
Other post-employment plans
As at October 31
2024
2023
2024
2023
Discount rate
4.8 %
5.7 %
4.8 %
5.7 %
Rate of compensation increase
(1)
2.5 %
2.5 %
n/a
n/a
(1)
Rates of compensation increase for 2024 and 2023 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 2.5% per annum (2023: 2.5%).
n/a Not applicable
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):
\n \n
As at October 31
2024
2023
Longevity at age 65 for current retired members
Males
23.6
23.5
Females
24.7
24.6
Longevity at age 65 for current members aged 45
Males
24.5
24.5
Females
25.6
25.5
The assumed health-care cost trend rates of the Canadian other post-employment plan providing medical, dental, and life insurance benefits are as
follows:
\n \n
For the year ended October 31
2024
2023
Health-care cost trend rates assumed for next year
4.9 %
4.8 %
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:
\n \n
Estimated increase (decrease) in defined benefit obligation
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2024
Discount rate (100 basis point change)
Decrease in assumption
$
1,028
$
45
Increase in assumption
(861)
(37)
Rate of compensation increase (100 basis point change)
Decrease in assumption
(195)
\u2013
Increase in assumption
204
\u2013
Health-care cost trend rates (100 basis point change)
Decrease in assumption
n/a
(12)
Increase in assumption
n/a
14
Future mortality
1 year shorter life expectancy
(164)
(7)
1 year longer life expectancy
156
8
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00476": { "value": "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 25.
Structured entities
A 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, capital vehicles 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\u2019s ability to
make decisions over significant activities, and whether CIBC is acting as a principal or as an agent.
We do not have control over an investee when we are acting as the agent for a third-party. In assessing whether we are an agent we
determine: (i) the scope of our decision-making authority; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and
(iv) our exposure to variability of returns from other interests that we hold in the investee.
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 interests
Non-controlling interests are presented on the consolidated balance sheet as a separate component of equity that is distinct from CIBC\u2019s
shareholders\u2019 equity. The net income attributable to non-controlling interests is presented separately in the consolidated statement of income.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00477": { "value": "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 25.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00478": { "value": "Non-controlling interests
Non-controlling interests are presented on the consolidated balance sheet as a separate component of equity that is distinct from CIBC\u2019s
shareholders\u2019 equity. The net income attributable to non-controlling interests is presented separately in the consolidated statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00479": { "value": "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 partner. Significant influence also may exist where we hold less than 20% of the voting
rights of an entity, for example if we have influence over policy-making processes through representation on the entity\u2019s Board of Directors, or by
other means. Where we are a party to a contractual arrangement whereby we undertake an economic activity that is subject to joint control together
with one or more parties, we classify our interest in the venture as a joint venture.
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\u2019s reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00480": { "value": "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 partner. Significant influence also may exist where we hold less than 20% of the voting
rights of an entity, for example if we have influence over policy-making processes through representation on the entity\u2019s Board of Directors, or by
other means. Where we are a party to a contractual arrangement whereby we undertake an economic activity that is subject to joint control together
with one or more parties, we classify our interest in the venture as a joint venture.
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\u2019s reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00481": { "value": "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 partner. Significant influence also may exist where we hold less than 20% of the voting
rights of an entity, for example if we have influence over policy-making processes through representation on the entity\u2019s Board of Directors, or by
other means. Where we are a party to a contractual arrangement whereby we undertake an economic activity that is subject to joint control together
with one or more parties, we classify our interest in the venture as a joint venture.
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\u2019s reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00482": { "value": "Foreign currency translation
Monetary assets and liabilities and non-monetary assets and liabilities measured at fair value that are denominated in foreign currencies are
translated into the functional currencies of operations at prevailing exchange rates at the date of the consolidated balance sheet. Revenue and
expenses are translated using average monthly exchange rates. Realized and unrealized gains and losses arising from translation into functional
currencies are included in the consolidated statement of income, with the exception of unrealized foreign exchange gains and losses on FVOCI
equity securities, which are included in AOCI.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00483": { "value": "Foreign currency translationAssets 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00484": { "value": "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),
financial instruments measured at amortized cost, debt financial instruments measured at FVOCI, equity financial instruments designated at FVOCI,
or financial instruments designated at FVTPL (fair value option), based on the contractual cash flow characteristics of the financial assets and the
business model under which the financial assets are managed. All financial assets and derivatives are required to be measured at fair value with the
exception of financial assets measured at amortized cost. Financial assets are required to be reclassified when and only when the business model
under which they are managed has changed. All reclassifications are to be applied prospectively from the reclassification date.
The classification and measurement model requires that all debt instrument financial assets that do not meet a \u201csolely payment of principal and
interest\u201d (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 \u201csolely payments of principal and interest\u201d such that any variability in the
contractual cash flows is consistent with a \u201cbasic lending arrangement\u201d. \u201cPrincipal\u201d 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. \u201cInterest\u201d 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
lending features, such as equity conversion options and equity-linked payouts, are measured at FVTPL.
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 \u201cheld for trading\u201d or \u201cfair value\u201d basis are classified as
FVTPL. Debt instruments that are managed on a \u201chold to collect and for sale\u201d basis are classified as FVOCI for debt. Debt instruments that are
managed on a \u201chold to collect\u201d 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 basis to manage the risks;
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.
Derivatives, obligations related to securities sold short and FVO financial liabilities are measured at fair value. Other financial liabilities are
measured at amortized cost.
Derivatives are measured at FVTPL, except to the extent that they are designated in a hedging relationship, in which case the International
Accounting Standard (IAS) 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39) 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 financial assets are also mandatorily measured at fair value if their contractual cash flow
characteristics do not meet the SPPI test or if they are managed together with other financial instruments on a fair value basis.
Trading and non-trading financial instruments mandatorily measured at FVTPL are remeasured at fair value as at the consolidated balance
sheet date. Gains and losses realized on disposition and unrealized gains and losses from changes in fair value are included in Non-interest income
as Gains (losses) from financial instruments measured/designated at FVTPL, net. Interest income and dividends earned on trading and non-trading
securities and dividends and interest expense incurred on securities sold short are included in net interest income.
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 \u201chold to collect\u201d basis. These financial assets are recognized initially at fair value plus 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 \u201chold to collect\u201d basis are also classified as amortized cost.
Most deposits with banks, securities purchased under resale agreements, cash collateral on securities borrowed and most customers\u2019 liability
under acceptances are accounted for at amortized cost.
Debt financial assets measured at FVOCI
Debt financial instruments measured at FVOCI are non-derivative financial assets with contractual cash flows that meet the SPPI test and are
managed on a \u201chold to collect and for sale\u201d basis.
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 \u201chold to collect and for sale\u201d 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 difficulty, or a default or delinquency has occurred.
Equity financial instruments designated at FVOCI
Equity financial instruments are measured at FVTPL unless an irrevocable designation is made to measure them at FVOCI. Gains or losses from
changes in the fair value of equity instruments designated at FVOCI, including any related foreign exchange gains or losses, are recognized in OCI.
Amounts recognized in OCI will not be subsequently recycled to profit or loss, with the exception of dividends that are not considered a return of
capital, which are recognized as interest income when received in the consolidated statement of income. Instead, cumulative gains or losses upon
derecognition of the equity instrument will be transferred within equity from AOCI to retained earnings and presented in Realized gains (losses) on
equity securities designated at FVOCI reclassified to retained earnings in the consolidated statement of changes in equity. Financial assets
designated as FVOCI include non-trading equity securities, primarily related to our investment in private companies and certain limited partnerships.
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 5 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 ECL; or (ii) lifetime ECL for those financial instruments which have
experienced a significant increase in credit risk (SICR) since initial recognition or when there is objective evidence of impairment.
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:
\u2022
The probability of default (PD) is an estimate of the likelihood of default over a given time horizon;
\u2022
The loss given default (LGD) is an estimate of the loss arising in the case where a default occurs at a given time; and
\u2022
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 ECL
is the portion of lifetime expected credit losses that represent the expected credit losses that result from default events on the financial instrument
that are possible within the 12 months after the reporting date.
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 SICR 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 SICR 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 SICR since initial recognition, we then 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 SICR 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 SICR (see Note 5 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 difficulty, or a default or delinquency has occurred. Generally, financial instruments on which repayment of principal or payment
of interest is contractually more than 90 days in arrears are 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 it is determined that there is reasonable assurance 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 SICR has occurred. Subsequent to the acquisition date, ECL
allowances are estimated in a manner consistent with our SICR 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\u2019s 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 the expected cash flows for purchased credit-impaired loans. Decreases in the expected cash flows will
result in an increase in our ECL allowance. Increases in the expected cash flows will result in a recovery of the ECL allowance. ECL allowances for
purchased credit-impaired loans are reported in stage 3.
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 2 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\u2019s 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 are 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 income over the commitment period. Loan syndication fees are included in Non-interest income on completion of
the syndication arrangement, provided that the yield on the portion of the loan we retain is at least equal to the average yield earned by the other
lenders involved in the financing; otherwise, an appropriate portion of the fee is deferred as unearned income and amortized to interest income
using the effective interest rate method.
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 \u2013
secured borrowings.
Securitizations to non-consolidated SEs are accounted for as sales, with the related assets being derecognized, only where:
\u2022
Our contractual right to receive cash flows from the assets has expired; or
\u2022
We transfer our contractual rights to receive the cash flows of the financial asset or where applicable the transfer also meets the criteria of a
qualifying pass-through arrangement, 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.
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 is recognized on our consolidated balance sheet for those commitments where 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, net. 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 in the consolidated balance sheet, 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\u2019 liability under acceptances
Acceptances constitute a liability of CIBC on negotiable instruments issued to third parties by our customers. We earned 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\u2019 liability under acceptances. See the \u201cInterest rate benchmark reform\u201d section below for details on the impact of Canadian Dollar Offered Rate
(CDOR) cessation on acceptances and customers\u2019 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. Securities subject to these transactions
include certain loans that are readily securitizable. The agreements include certain total return swap arrangements that are economically equivalent to
resale agreements. These transactions meet the SPPI criteria and are generally classified and measured at amortized cost, as they are also managed
under a hold to collect business model. Certain transactions are classified at FVTPL as they are managed on a held for sale basis or are designated at
FVTPL 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 \u2013 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 \u2013 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
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 \u2013 Securities borrowed or purchased
under resale agreements and Interest expense \u2013 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 for which CIBC retains the risks and
rewards remain on the consolidated balance sheet and securities received by CIBC are not recognized on the consolidated balance sheet.
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 activities. We may also take proprietary trading positions within prescribed risk limits 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 are 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 (OTC) derivatives, including
OTC derivatives that are centrally cleared, are obtained using valuation techniques, including discounted cash flow models and option pricing
models. See Note 12 for further information on the valuation of derivatives.
Derivatives used for ALM purposes that qualify for hedge accounting
As permitted at the time of transition to IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9), we elected to continue to apply the hedge accounting requirements
of IAS 39.
We apply hedge accounting for derivatives held for ALM purposes that meet specified criteria. There are three types of hedges under IAS 39:
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 the \u201cDerivatives used for ALM purposes that are not designated
for hedge accounting\u201d section 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.
Interest rate benchmark reform
In response to interest rate benchmark reform, the IASB issued \u201cInterest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7\u201d
(Phase 1 amendments) in September 2019, and \u201cInterest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and
IFRS 16\u201d (Phase 2 amendments) in August 2020. Only the amendments to the classification and measurement sections of IFRS 9, the hedge
accounting sections of IAS 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39), IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, IFRS 4
\u201cInsurance Contracts\u201d, and IFRS 16 \u201cLeases\u201d apply to us since we elected to continue to apply the hedge accounting requirements of IAS 39 upon
the adoption of IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9). We adopted the Phase 1 and Phase 2 amendments effective November 1, 2019 and
November 1, 2020, respectively.
During the period prior to the replacement of Interbank Offered Rates (IBORs), the Phase 1 amendments allowed us to continue hedge
accounting by assuming that the interest rate benchmarks which were the basis for the hedged risk and the cash flows of the hedged item or the
hedging instrument would not be altered as a result of the reform. For the bank\u2019s cash flow hedges of forecast transactions that were directly
impacted by IBOR reform, for the purpose of assessing whether a forecast transaction was highly probable or expected to occur, the amendments
allowed us to assume that the benchmark interest rate on which the hedged cash flows were based would not be altered as a result of IBOR reform.
Phase 1 amendments also provided temporary exceptions to allow hedge accounting to continue if a hedge relationship did not meet certain hedge
effectiveness assessment criteria solely as a result of IBOR reform.
The Phase 2 amendments addressed issues once an existing rate is replaced with an alternative rate. The amendments provided temporary relief
that allowed for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain
qualifying conditions. The amendments also allowed us to redefine the hedged risk to an alternative rate, and to amend the description of the hedged
item and the hedging instrument, and the description of how we assessed hedge effectiveness to reflect changes required by the reform without
discontinuing the hedge relationship. The amendments also provided temporary relief that allowed us to designate an alternative rate as a risk
component to hedge provided that we reasonably expected that the alternative rate would become separately identifiable within 24 months of its first
designation.
See the \u201cInterest rate benchmark reform\u201d section below for further detail.
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 are included in FXOTT. Changes in the
fair value of the hedged item from the hedged foreign exchange risk are accounted for as basis adjustments and are also included in FXOTT. Any
difference between the two represents hedge ineffectiveness.
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\u2019s 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 expenses immediately as it arises.
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 \u201cForeign currency
translation\u201d 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 income as FXOTT or Other, as
appropriate, or in the case of economic hedges of cash-settled share-based payment obligations, in compensation expense.
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 subsequent changes in fair value 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.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 and could obligate us to deliver a variable number of our own shares or it is a
derivative other than one that can be settled by the delivery of a fixed amount of cash or another financial asset for a fixed number of our own equity
instruments. An instrument is classified as equity if it evidences a residual interest in our assets after deducting all liabilities. The components of a
compound financial instrument are classified and accounted for separately as assets, liabilities, or equity as appropriate. Incremental costs directly
attributable to the issuance of equity instruments are shown in equity, net of income tax.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00485": { "value": "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 financial assets are also mandatorily measured at fair value if their contractual cash flow
characteristics do not meet the SPPI test or if they are managed together with other financial instruments on a fair value basis.
Trading and non-trading financial instruments mandatorily measured at FVTPL are remeasured at fair value as at the consolidated balance
sheet date. Gains and losses realized on disposition and unrealized gains and losses from changes in fair value are included in Non-interest income
as Gains (losses) from financial instruments measured/designated at FVTPL, net. Interest income and dividends earned on trading and non-trading
securities and dividends and interest expense incurred on securities sold short are included in net interest income.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00486": { "value": "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 5 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 ECL; or (ii) lifetime ECL for those financial instruments which have
experienced a significant increase in credit risk (SICR) since initial recognition or when there is objective evidence of impairment.
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:
\u2022
The probability of default (PD) is an estimate of the likelihood of default over a given time horizon;
\u2022
The loss given default (LGD) is an estimate of the loss arising in the case where a default occurs at a given time; and
\u2022
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 ECL
is the portion of lifetime expected credit losses that represent the expected credit losses that result from default events on the financial instrument
that are possible within the 12 months after the reporting date.
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 SICR 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 SICR 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 SICR since initial recognition, we then 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 SICR 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 SICR (see Note 5 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 difficulty, or a default or delinquency has occurred. Generally, financial instruments on which repayment of principal or payment
of interest is contractually more than 90 days in arrears are 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 it is determined that there is reasonable assurance 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 SICR has occurred. Subsequent to the acquisition date, ECL
allowances are estimated in a manner consistent with our SICR 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\u2019s 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 the expected cash flows for purchased credit-impaired loans. Decreases in the expected cash flows will
result in an increase in our ECL allowance. Increases in the expected cash flows will result in a recovery of the ECL allowance. ECL allowances for
purchased credit-impaired loans are reported in stage 3.
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.Impairment of non-financial assets
The carrying values of non-financial assets with definite useful lives, including right-of-use assets, buildings and equipment, and intangible assets
with definite useful lives are reviewed to determine whether there is any indication of impairment. Goodwill and intangible assets with indefinite
useful lives are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If any such indication of
impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
For the purpose of reviewing non-financial assets with definite useful lives for impairment, asset groups are reviewed at their lowest level for
which identifiable cash inflows are largely independent of cash inflows of other assets or groups of assets. This grouping is referred to as a cash-
generating unit (CGU).
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. 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00487": { "value": "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 5 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 ECL; or (ii) lifetime ECL for those financial instruments which have
experienced a significant increase in credit risk (SICR) since initial recognition or when there is objective evidence of impairment.
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:
\u2022
The probability of default (PD) is an estimate of the likelihood of default over a given time horizon;
\u2022
The loss given default (LGD) is an estimate of the loss arising in the case where a default occurs at a given time; and
\u2022
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 ECL
is the portion of lifetime expected credit losses that represent the expected credit losses that result from default events on the financial instrument
that are possible within the 12 months after the reporting date.
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 SICR 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 SICR 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 SICR since initial recognition, we then 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 SICR 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 SICR (see Note 5 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 difficulty, or a default or delinquency has occurred. Generally, financial instruments on which repayment of principal or payment
of interest is contractually more than 90 days in arrears are 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 it is determined that there is reasonable assurance 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 SICR has occurred. Subsequent to the acquisition date, ECL
allowances are estimated in a manner consistent with our SICR 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\u2019s 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 the expected cash flows for purchased credit-impaired loans. Decreases in the expected cash flows will
result in an increase in our ECL allowance. Increases in the expected cash flows will result in a recovery of the ECL allowance. ECL allowances for
purchased credit-impaired loans are reported in stage 3.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00488": { "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 2 for more details about fair value measurement subsequent to initial recognition by type of financial instrument.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00489": { "value": "Effective interest rate
Interest income and expense for all financial instruments measured at amortized cost and for debt securities measured at FVOCI are 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 income over the commitment period. Loan syndication fees are included in Non-interest income on completion of
the syndication arrangement, provided that the yield on the portion of the loan we retain is at least equal to the average yield earned by the other
lenders involved in the financing; otherwise, an appropriate portion of the fee is deferred as unearned income and amortized to interest income
using the effective interest rate method.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00490": { "value": "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 \u2013
secured borrowings.
Securitizations to non-consolidated SEs are accounted for as sales, with the related assets being derecognized, only where:
\u2022
Our contractual right to receive cash flows from the assets has expired; or
\u2022
We transfer our contractual rights to receive the cash flows of the financial asset or where applicable the transfer also meets the criteria of a
qualifying pass-through arrangement, 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.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00491": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00492": { "value": "Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are offset, and the amount presented net in the consolidated balance sheet, 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "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. Securities subject to these transactions
include certain loans that are readily securitizable. The agreements include certain total return swap arrangements that are economically equivalent to
resale agreements. These transactions meet the SPPI criteria and are generally classified and measured at amortized cost, as they are also managed
under a hold to collect business model. Certain transactions are classified at FVTPL as they are managed on a held for sale basis or are designated at
FVTPL 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 \u2013 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 \u2013 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "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 \u2013 Securities borrowed or purchased
under resale agreements and Interest expense \u2013 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 for which CIBC retains the risks and
rewards remain on the consolidated balance sheet and securities received by CIBC are not recognized on the consolidated balance sheet.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00495": { "value": "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 activities. We may also take proprietary trading positions within prescribed risk limits 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 are 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 (OTC) derivatives, including
OTC derivatives that are centrally cleared, are obtained using valuation techniques, including discounted cash flow models and option pricing
models. See Note 12 for further information on the valuation of derivatives.
Derivatives used for ALM purposes that qualify for hedge accounting
As permitted at the time of transition to IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9), we elected to continue to apply the hedge accounting requirements
of IAS 39.
We apply hedge accounting for derivatives held for ALM purposes that meet specified criteria. There are three types of hedges under IAS 39:
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 the \u201cDerivatives used for ALM purposes that are not designated
for hedge accounting\u201d section 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.
Interest rate benchmark reform
In response to interest rate benchmark reform, the IASB issued \u201cInterest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7\u201d
(Phase 1 amendments) in September 2019, and \u201cInterest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and
IFRS 16\u201d (Phase 2 amendments) in August 2020. Only the amendments to the classification and measurement sections of IFRS 9, the hedge
accounting sections of IAS 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39), IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, IFRS 4
\u201cInsurance Contracts\u201d, and IFRS 16 \u201cLeases\u201d apply to us since we elected to continue to apply the hedge accounting requirements of IAS 39 upon
the adoption of IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9). We adopted the Phase 1 and Phase 2 amendments effective November 1, 2019 and
November 1, 2020, respectively.
During the period prior to the replacement of Interbank Offered Rates (IBORs), the Phase 1 amendments allowed us to continue hedge
accounting by assuming that the interest rate benchmarks which were the basis for the hedged risk and the cash flows of the hedged item or the
hedging instrument would not be altered as a result of the reform. For the bank\u2019s cash flow hedges of forecast transactions that were directly
impacted by IBOR reform, for the purpose of assessing whether a forecast transaction was highly probable or expected to occur, the amendments
allowed us to assume that the benchmark interest rate on which the hedged cash flows were based would not be altered as a result of IBOR reform.
Phase 1 amendments also provided temporary exceptions to allow hedge accounting to continue if a hedge relationship did not meet certain hedge
effectiveness assessment criteria solely as a result of IBOR reform.
The Phase 2 amendments addressed issues once an existing rate is replaced with an alternative rate. The amendments provided temporary relief
that allowed for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain
qualifying conditions. The amendments also allowed us to redefine the hedged risk to an alternative rate, and to amend the description of the hedged
item and the hedging instrument, and the description of how we assessed hedge effectiveness to reflect changes required by the reform without
discontinuing the hedge relationship. The amendments also provided temporary relief that allowed us to designate an alternative rate as a risk
component to hedge provided that we reasonably expected that the alternative rate would become separately identifiable within 24 months of its first
designation.
See the \u201cInterest rate benchmark reform\u201d section below for further detail.
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 are included in FXOTT. Changes in the
fair value of the hedged item from the hedged foreign exchange risk are accounted for as basis adjustments and are also included in FXOTT. Any
difference between the two represents hedge ineffectiveness.
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\u2019s 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 expenses immediately as it arises.
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 \u201cForeign currency
translation\u201d 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 income as FXOTT or Other, as
appropriate, or in the case of economic hedges of cash-settled share-based payment obligations, in compensation expense.
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 subsequent changes in fair value 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00496": { "value": "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 activities. We may also take proprietary trading positions within prescribed risk limits 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 are 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 (OTC) derivatives, including
OTC derivatives that are centrally cleared, are obtained using valuation techniques, including discounted cash flow models and option pricing
models. See Note 12 for further information on the valuation of derivatives.
Derivatives used for ALM purposes that qualify for hedge accounting
As permitted at the time of transition to IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9), we elected to continue to apply the hedge accounting requirements
of IAS 39.
We apply hedge accounting for derivatives held for ALM purposes that meet specified criteria. There are three types of hedges under IAS 39:
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 the \u201cDerivatives used for ALM purposes that are not designated
for hedge accounting\u201d section 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.
Interest rate benchmark reform
In response to interest rate benchmark reform, the IASB issued \u201cInterest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7\u201d
(Phase 1 amendments) in September 2019, and \u201cInterest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and
IFRS 16\u201d (Phase 2 amendments) in August 2020. Only the amendments to the classification and measurement sections of IFRS 9, the hedge
accounting sections of IAS 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39), IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, IFRS 4
\u201cInsurance Contracts\u201d, and IFRS 16 \u201cLeases\u201d apply to us since we elected to continue to apply the hedge accounting requirements of IAS 39 upon
the adoption of IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9). We adopted the Phase 1 and Phase 2 amendments effective November 1, 2019 and
November 1, 2020, respectively.
During the period prior to the replacement of Interbank Offered Rates (IBORs), the Phase 1 amendments allowed us to continue hedge
accounting by assuming that the interest rate benchmarks which were the basis for the hedged risk and the cash flows of the hedged item or the
hedging instrument would not be altered as a result of the reform. For the bank\u2019s cash flow hedges of forecast transactions that were directly
impacted by IBOR reform, for the purpose of assessing whether a forecast transaction was highly probable or expected to occur, the amendments
allowed us to assume that the benchmark interest rate on which the hedged cash flows were based would not be altered as a result of IBOR reform.
Phase 1 amendments also provided temporary exceptions to allow hedge accounting to continue if a hedge relationship did not meet certain hedge
effectiveness assessment criteria solely as a result of IBOR reform.
The Phase 2 amendments addressed issues once an existing rate is replaced with an alternative rate. The amendments provided temporary relief
that allowed for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain
qualifying conditions. The amendments also allowed us to redefine the hedged risk to an alternative rate, and to amend the description of the hedged
item and the hedging instrument, and the description of how we assessed hedge effectiveness to reflect changes required by the reform without
discontinuing the hedge relationship. The amendments also provided temporary relief that allowed us to designate an alternative rate as a risk
component to hedge provided that we reasonably expected that the alternative rate would become separately identifiable within 24 months of its first
designation.
See the \u201cInterest rate benchmark reform\u201d section below for further detail.
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 are included in FXOTT. Changes in the
fair value of the hedged item from the hedged foreign exchange risk are accounted for as basis adjustments and are also included in FXOTT. Any
difference between the two represents hedge ineffectiveness.
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\u2019s 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 expenses immediately as it arises.
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 \u201cForeign currency
translation\u201d 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 income as FXOTT or Other, as
appropriate, or in the case of economic hedges of cash-settled share-based payment obligations, in compensation expense.
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 subsequent changes in fair value 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "Derivatives used for ALM purposes that qualify for hedge accounting
As permitted at the time of transition to IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9), we elected to continue to apply the hedge accounting requirements
of IAS 39.
We apply hedge accounting for derivatives held for ALM purposes that meet specified criteria. There are three types of hedges under IAS 39:
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 the \u201cDerivatives used for ALM purposes that are not designated
for hedge accounting\u201d section 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.
Interest rate benchmark reform
In response to interest rate benchmark reform, the IASB issued \u201cInterest Rate Benchmark Reform: Amendments to IFRS 9, IAS 39 and IFRS 7\u201d
(Phase 1 amendments) in September 2019, and \u201cInterest Rate Benchmark Reform: Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4, and
IFRS 16\u201d (Phase 2 amendments) in August 2020. Only the amendments to the classification and measurement sections of IFRS 9, the hedge
accounting sections of IAS 39 \u201cFinancial Instruments: Recognition and Measurement\u201d (IAS 39), IFRS 7 \u201cFinancial Instruments: Disclosures\u201d, IFRS 4
\u201cInsurance Contracts\u201d, and IFRS 16 \u201cLeases\u201d apply to us since we elected to continue to apply the hedge accounting requirements of IAS 39 upon
the adoption of IFRS 9 \u201cFinancial Instruments\u201d (IFRS 9). We adopted the Phase 1 and Phase 2 amendments effective November 1, 2019 and
November 1, 2020, respectively.
During the period prior to the replacement of Interbank Offered Rates (IBORs), the Phase 1 amendments allowed us to continue hedge
accounting by assuming that the interest rate benchmarks which were the basis for the hedged risk and the cash flows of the hedged item or the
hedging instrument would not be altered as a result of the reform. For the bank\u2019s cash flow hedges of forecast transactions that were directly
impacted by IBOR reform, for the purpose of assessing whether a forecast transaction was highly probable or expected to occur, the amendments
allowed us to assume that the benchmark interest rate on which the hedged cash flows were based would not be altered as a result of IBOR reform.
Phase 1 amendments also provided temporary exceptions to allow hedge accounting to continue if a hedge relationship did not meet certain hedge
effectiveness assessment criteria solely as a result of IBOR reform.
The Phase 2 amendments addressed issues once an existing rate is replaced with an alternative rate. The amendments provided temporary relief
that allowed for hedging relationships to continue upon the replacement of an existing interest rate benchmark with an alternative rate under certain
qualifying conditions. The amendments also allowed us to redefine the hedged risk to an alternative rate, and to amend the description of the hedged
item and the hedging instrument, and the description of how we assessed hedge effectiveness to reflect changes required by the reform without
discontinuing the hedge relationship. The amendments also provided temporary relief that allowed us to designate an alternative rate as a risk
component to hedge provided that we reasonably expected that the alternative rate would become separately identifiable within 24 months of its first
designation.
See the \u201cInterest rate benchmark reform\u201d section below for further detail.
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 are included in FXOTT. Changes in the
fair value of the hedged item from the hedged foreign exchange risk are accounted for as basis adjustments and are also included in FXOTT. Any
difference between the two represents hedge ineffectiveness.
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\u2019s 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 expenses immediately as it arises.
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 \u201cForeign currency
translation\u201d 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 income as FXOTT or Other, as
appropriate, or in the case of economic hedges of cash-settled share-based payment obligations, in compensation expense.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00498": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00499": { "value": "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 and could obligate us to deliver a variable number of our own shares or it is a
derivative other than one that can be settled by the delivery of a fixed amount of cash or another financial asset for a fixed number of our own equity
instruments. An instrument is classified as equity if it evidences a residual interest in our assets after deducting all liabilities. The components of a
compound financial instrument are classified and accounted for separately as assets, liabilities, or equity as appropriate. Incremental costs directly
attributable to the issuance of equity instruments are shown in equity, net of income tax.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "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:
\u2022
Buildings \u2013 40 years
\u2022
Computer equipment \u2013 3 to 7 years
\u2022
Office furniture, equipment and other \u2013 4 to 15 years
\u2022
Leasehold improvements \u2013 over the lesser of the estimated useful life of the asset and the lease term, including reasonably assured renewal
periods
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 income \u2013 Other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00501": { "value": "Property and equipmentDepreciation 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:
\u2022
Buildings \u2013 40 years
\u2022
Computer equipment \u2013 3 to 7 years
\u2022
Office furniture, equipment and other \u2013 4 to 15 years
\u2022
Leasehold improvements \u2013 over the lesser of the estimated useful life of the asset and the lease term, including reasonably assured renewal
periods
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 income \u2013 Other.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00502": { "value": "Leases
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, any lease payments made or lease incentives received prior to lease commencement, and
the estimated cost of remediating the underlying asset at the end of the lease term. Discount rates are based on the rate implicit in the lease, if
determinable, or on CIBC\u2019s 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 is amortized on a straight-line basis over the lease term. Right-of-use assets and the corresponding
lease liabilities, including asset retirement obligations, 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 \u201cImpairment of
Assets\u201d (IAS 36). Refer to the \u201cImpairment of non-financial assets\u201d policy below. In addition, the evaluation of the useful life for depreciation is
assessed under IAS 16 \u201cProperty, Plant and Equipment\u201d (IAS 16).
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.
We are also lessors in both financing leases and operating leases related to client financing activities. Leases are classified as financing
leases if they transfer substantially all the risks and rewards related to ownership of the leased asset to the lessee. Otherwise they are classified as
operating leases, as we retain substantially all the risks and rewards of asset ownership. In a financing lease, the leased asset is derecognized and
a net investment in the lease is recognized, which is initially measured as the present value of the lease payments to be received from the lessee
and any unguaranteed residual value we expect to recover at the end of the lease, discounted at the interest rate implicit in the lease. The net
investment in the financing lease is presented as part of Business and government loans on our consolidated balance sheet. Finance lease income
is recognized in Interest income, loans, in our consolidated statement of income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00504": { "value": "Goodwill, software and other intangible assetsIntangible assets include software and customer relationships, core deposit intangibles and investment management contracts 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:
\u2022
Software \u2013 5 to 10 years
\u2022
Contract-based intangibles \u2013 8 to 15 years
\u2022
Core deposit and customer relationship intangibles \u2013 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 \u201cImpairment of non-financial
assets\u201d policy below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00505": { "value": "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 \u201cImpairment of non-financial assets\u201d policy below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00503": { "value": "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 \u201cImpairment of non-financial assets\u201d policy below.
Intangible assets include software and customer relationships, core deposit intangibles and investment management contracts 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:
\u2022
Software \u2013 5 to 10 years
\u2022
Contract-based intangibles \u2013 8 to 15 years
\u2022
Core deposit and customer relationship intangibles \u2013 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 \u201cImpairment of non-financial
assets\u201d policy below.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00516": { "value": "Impairment of non-financial assets
The carrying values of non-financial assets with definite useful lives, including right-of-use assets, buildings and equipment, and intangible assets
with definite useful lives are reviewed to determine whether there is any indication of impairment. Goodwill and intangible assets with indefinite
useful lives are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired. If any such indication of
impairment exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any.
For the purpose of reviewing non-financial assets with definite useful lives for impairment, asset groups are reviewed at their lowest level for
which identifiable cash inflows are largely independent of cash inflows of other assets or groups of assets. This grouping is referred to as a cash-
generating unit (CGU).
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. 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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00517": { "value": "Income taxes
Income tax includes current tax and deferred tax which 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 accordingly recognized therein.
Current tax is recognized as the tax calculated as payable on the taxable profit for the year, based on the applicable laws of each jurisdiction,
using tax rates enacted or substantively enacted as at the reporting date, and any adjustment 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 is recognized using 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 on different taxable entities which intend to settle current tax liabilities
and assets on a net basis or to realize the asset and settle the liability simultaneously.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which deductible
temporary differences can be utilized.
Deferred tax is not recognized for taxable temporary differences arising from NIFOs if they are not expected to reverse in the foreseeable
future and we expect to control the timing of reversal, deductible temporary differences arising from NIFOs if they are not expected to reverse in the
foreseeable future or it is not probable future taxable profits will be available against which these deductible temporary differences can be utilized,
temporary differences arising from 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 taxable temporary differences on the initial recognition of goodwill.
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. Changes
in our assessment of these factors could increase or decrease our provision for income taxes in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00518": { "value": "Income taxesDeferred 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 is recognized using 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 on different taxable entities which intend to settle current tax liabilities
and assets on a net basis or to realize the asset and settle the liability simultaneously.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which deductible
temporary differences can be utilized.
Deferred tax is not recognized for taxable temporary differences arising from NIFOs if they are not expected to reverse in the foreseeable
future and we expect to control the timing of reversal, deductible temporary differences arising from NIFOs if they are not expected to reverse in the
foreseeable future or it is not probable future taxable profits will be available against which these deductible temporary differences can be utilized,
temporary differences arising from 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 taxable temporary differences on the initial recognition of goodwill.
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. Changes
in our assessment of these factors could increase or decrease our provision for income taxes in future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00519": { "value": "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\u2019s 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\u2019s 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
CIBC offers 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00520": { "value": "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\u2019s 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\u2019s 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 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\u2019s performance relative to the other major Canadian banks and to internal targets.
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.
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\u2019 Plan entitles 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 expense \u2013 Other for Directors\u2019 DSUs.
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00521": { "value": "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, of one or more uncertain future events not wholly within the control of CIBC, or are present obligations that have arisen from past
events but are not recognized because it is not probable that settlement will require the outflow of economic benefits.
Provisions and contingent liabilities are disclosed in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00522": { "value": "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, of one or more uncertain future events not wholly within the control of CIBC, or are present obligations that have arisen from past
events but are not recognized because it is not probable that settlement will require the outflow of economic benefits.
Provisions and contingent liabilities are disclosed in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00533": { "value": "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. The net income attributable to CIBC common shareholders is determined after deducting the
after-tax amount of dividends on preferred shares and distributions on other equity instruments, which are accounted for in retained earnings, from
the net income attributable to equity shareholders.
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 the exercise of stock options based
on the treasury stock method. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00562": { "value": "Fee and commission income
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. 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. Consideration payable to a customer, including cash amounts payable to a customer, credits or other items
that can be applied against amounts owing to us, is recognized as a reduction of revenue unless the payment to the customer is in exchange for a
distinct good or service, in which case the purchase of the good or service is accounted for in the same way as for other purchases from suppliers.
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 is recognized as an adjustment to the
effective interest rate.
In addition to these general principles, the following specific policies are also applied:
Underwriting and advisory fees are earned on debt and equity securities placements and transaction-based advisory services. Underwriting
fees are typically recognized at the point in time when the transaction is completed. 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. Monthly and annual fees are
recognized over the period that the related services are provided. Transactional fees are recognized at the point in time when the related services
are provided.
Credit fees consist of loan syndication fees, loan commitment fees, letter of credit fees, banker\u2019s acceptance stamping fees, and securitization
fees. 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. Card fees are recognized at the point in
time that the related services are provided, except for annual fees, which are recognized over the 12-month period to which they relate. The cost of
credit card loyalty points is recognized as a reduction of interchange income when the loyalty points are issued for both self-managed and third-
party loyalty points programs. Credit card loyalty point liabilities are recognized for self-managed loyalty point programs and are subject to periodic
remeasurement to reflect the expected cost of redemption as this expectation changes over time.
Commissions on securities transactions include brokerage commissions for transactions executed on behalf of clients, trailer fees and mutual
fund sales commissions. Brokerage commissions and mutual fund sales commissions are generally recognized at the point in time that the related
transaction is executed. Trailer fees are typically calculated based upon the average daily net asset value of the mutual fund units held by clients
and are recognized over time as the related services are provided.
Investment management fees are primarily based on the respective value of the assets under management (AUM) or assets under
administration (AUA) and are recognized over the period that the related services are provided. Investment management fees relating to our asset
management and private wealth management business are generally calculated based on point-in-time AUM balances, and investment
management fees relating to our retail brokerage business are generally calculated based on point-in-time AUM or AUA balances. Custodial fees
are recognized as revenue over the applicable service period, which is generally the contract term.
Mutual fund fees include management fees and administration fees, which are earned on fund management services and are recognized over
the period that the mutual funds are managed based upon a specified percentage of the daily net asset values of the respective mutual funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00473": { "value": "Changes in accounting policies
Effective November 1, 2023, CIBC adopted new accounting pronouncements as described below.
a) Retrospective application of new standards
IFRS 17 \u201cInsurance Contracts\u201d (IFRS 17)
CIBC adopted IFRS 17 \u201cInsurance Contracts\u201d as at November 1, 2023, in place of IFRS 4 \u201cInsurance Contracts\u201d (IFRS 4). IFRS 17 provides
comprehensive guidance on the recognition and measurement of insurance contracts we issue and reinsurance contracts we hold. We applied
IFRS 17 on a retrospective basis beginning on November 1, 2023, with the restatement of the 2023 comparative period. We recognized an after-tax
reduction of $56 million to retained earnings at November 1, 2022, the beginning of the 2023 comparative year, due to the adoption of IFRS 17.
IFRS 17 requires groups of insurance contracts to be established and measured on the basis of fulfilment cash flows using the measurement
models outlined by the standard. Insurance contracts under the General Measurement Model (GMM) are measured based on the present value of
fulfilment cash flows, a risk adjustment for non-financial risks, and a contractual service margin (CSM) representing our unearned profits on a
portfolio basis, further disaggregated into profitability groups. We have applied GMM to our insurance contracts with contract boundaries exceeding
a year. Contracts under the Premium Allocation Approach (PAA) are measured on the basis of premiums received and related cash flows, which
has been applied to our insurance contracts with contract boundaries shorter than one year. Under both measurement models, we have measured
the liability for incurred claims on the basis of fulfilment cash flows relating to claims incurred.
On transition, we applied the full retrospective approach to transition contracts with contract boundaries shorter than one year, which
constitutes the majority of our insurance business. The full retrospective approach required us to measure the insurance contracts as if IFRS 17 had
always been applied. We applied the fair value approach to transition contracts with contract boundaries exceeding a year and to which we were
unable to apply the full retrospective approach. Under the fair value approach, we determined the CSM of the liability for remaining coverage as at
the transition date, as the difference between the fair value of the group of insurance contracts and the fulfilment cash flows measured at that date.
Upon adoption, no reclassifications were made to our financial assets under IFRS 9.
The impacted lines on the opening November 1, 2022 consolidated balance sheet as a result of the retrospective application of IFRS 17 were
as follows:
IFRS 17
Reported as at
transitional
Restated as at opening
$ millions
October 31, 2022
adjustments
November 1, 2022
Assets
Deferred tax assets
$
480
$
20
$
500
Other assets
35,197
(44)
35,153
Liabilities and equity
Other liabilities
$
28,072
$
32
$
28,104
Retained earnings
28,823
(56)
28,767
As part of the adoption of IFRS 17, we present our insurance results as part of Income from insurance activities, net (formerly Insurance fees, net of
claims). The adoption of IFRS 17 resulted in an increase in Net income before tax of $9 million and an increase in Income taxes of $3 million for the
year ended October 31, 2023.
b) Prospective application of new standards
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 \u201cIncome Taxes\u201d (IAS 12)
On May 23, 2023, the IASB issued \u201cInternational Tax Reform \u2013 Pillar Two Model Rules\u201d, which amended IAS 12 to provide a temporary exception
from the recognition and disclosure for deferred taxes arising from the implementation of Pillar Two Model Rules. CIBC has applied the exception to
recognizing and disclosing deferred taxes related to Pillar Two income taxes. Further amendments to IAS 12 require additional disclosures, for the
periods where the Pillar Two legislation has been enacted or substantively enacted but is not yet in effect, as reflected in Note 18.Note 30
Future accounting policy changes
IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d (IFRS 18)
On April 9, 2024, the IASB issued IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which replaces IAS 1 \u201cPresentation of Financial
Statements\u201d. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, which for CIBC will be for the fiscal year beginning
November 1, 2027, with the requirement to restate comparative financial periods. Early adoption is permitted. IFRS 18 is a result of the IASB\u2019s
Primary Financial Statements project, which aimed to improve the comparability and transparency of communication in financial statements. It
introduces a number of new requirements including a more structured consolidated statement of income, new disclosure for certain management-
defined performance measures and new guidance on how to aggregate and disaggregate information on the face of the consolidated financial
statements and notes. We are currently evaluating the impact that adopting this standard will have on our consolidated financial statements.
Amendments to Classification and Measurement of Financial Instruments: Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued \u201cAmendments to Classification and Measurement of Financial Instruments: Amendments to IFRS 9 and IFRS 7\u201d (the
amendments). The amendments provide guidance on the application of the SPPI test to financial instruments with environmental, social and
governance (ESG) linked features, the derecognition of financial liabilities including those which are settled using electronic payment systems and
introduce additional disclosure requirements for equity instruments designated as FVOCI and for financial instruments with cash flows contingent on
certain events. These amendments are effective for annual periods beginning on or after January 1, 2026, which for us will be November 1, 2026.
Earlier application is permitted.
We are currently evaluating the impact of the amendments to IFRS 9 and IFRS 7 on our consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00474": { "value": "Changes in accounting policies
Effective November 1, 2023, CIBC adopted new accounting pronouncements as described below.
a) Retrospective application of new standards
IFRS 17 \u201cInsurance Contracts\u201d (IFRS 17)
CIBC adopted IFRS 17 \u201cInsurance Contracts\u201d as at November 1, 2023, in place of IFRS 4 \u201cInsurance Contracts\u201d (IFRS 4). IFRS 17 provides
comprehensive guidance on the recognition and measurement of insurance contracts we issue and reinsurance contracts we hold. We applied
IFRS 17 on a retrospective basis beginning on November 1, 2023, with the restatement of the 2023 comparative period. We recognized an after-tax
reduction of $56 million to retained earnings at November 1, 2022, the beginning of the 2023 comparative year, due to the adoption of IFRS 17.
IFRS 17 requires groups of insurance contracts to be established and measured on the basis of fulfilment cash flows using the measurement
models outlined by the standard. Insurance contracts under the General Measurement Model (GMM) are measured based on the present value of
fulfilment cash flows, a risk adjustment for non-financial risks, and a contractual service margin (CSM) representing our unearned profits on a
portfolio basis, further disaggregated into profitability groups. We have applied GMM to our insurance contracts with contract boundaries exceeding
a year. Contracts under the Premium Allocation Approach (PAA) are measured on the basis of premiums received and related cash flows, which
has been applied to our insurance contracts with contract boundaries shorter than one year. Under both measurement models, we have measured
the liability for incurred claims on the basis of fulfilment cash flows relating to claims incurred.
On transition, we applied the full retrospective approach to transition contracts with contract boundaries shorter than one year, which
constitutes the majority of our insurance business. The full retrospective approach required us to measure the insurance contracts as if IFRS 17 had
always been applied. We applied the fair value approach to transition contracts with contract boundaries exceeding a year and to which we were
unable to apply the full retrospective approach. Under the fair value approach, we determined the CSM of the liability for remaining coverage as at
the transition date, as the difference between the fair value of the group of insurance contracts and the fulfilment cash flows measured at that date.
Upon adoption, no reclassifications were made to our financial assets under IFRS 9.
The impacted lines on the opening November 1, 2022 consolidated balance sheet as a result of the retrospective application of IFRS 17 were
as follows:
IFRS 17
Reported as at
transitional
Restated as at opening
$ millions
October 31, 2022
adjustments
November 1, 2022
Assets
Deferred tax assets
$
480
$
20
$
500
Other assets
35,197
(44)
35,153
Liabilities and equity
Other liabilities
$
28,072
$
32
$
28,104
Retained earnings
28,823
(56)
28,767
As part of the adoption of IFRS 17, we present our insurance results as part of Income from insurance activities, net (formerly Insurance fees, net of
claims). The adoption of IFRS 17 resulted in an increase in Net income before tax of $9 million and an increase in Income taxes of $3 million for the
year ended October 31, 2023.
b) Prospective application of new standards
International Tax Reform \u2013 Pillar Two Model Rules \u2013 Amendments to IAS 12 \u201cIncome Taxes\u201d (IAS 12)
On May 23, 2023, the IASB issued \u201cInternational Tax Reform \u2013 Pillar Two Model Rules\u201d, which amended IAS 12 to provide a temporary exception
from the recognition and disclosure for deferred taxes arising from the implementation of Pillar Two Model Rules. CIBC has applied the exception to
recognizing and disclosing deferred taxes related to Pillar Two income taxes. Further amendments to IAS 12 require additional disclosures, for the
periods where the Pillar Two legislation has been enacted or substantively enacted but is not yet in effect, as reflected in Note 18.Note 30
Future accounting policy changes
IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d (IFRS 18)
On April 9, 2024, the IASB issued IFRS 18 \u201cPresentation and Disclosure in Financial Statements\u201d, which replaces IAS 1 \u201cPresentation of Financial
Statements\u201d. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027, which for CIBC will be for the fiscal year beginning
November 1, 2027, with the requirement to restate comparative financial periods. Early adoption is permitted. IFRS 18 is a result of the IASB\u2019s
Primary Financial Statements project, which aimed to improve the comparability and transparency of communication in financial statements. It
introduces a number of new requirements including a more structured consolidated statement of income, new disclosure for certain management-
defined performance measures and new guidance on how to aggregate and disaggregate information on the face of the consolidated financial
statements and notes. We are currently evaluating the impact that adopting this standard will have on our consolidated financial statements.
Amendments to Classification and Measurement of Financial Instruments: Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued \u201cAmendments to Classification and Measurement of Financial Instruments: Amendments to IFRS 9 and IFRS 7\u201d (the
amendments). The amendments provide guidance on the application of the SPPI test to financial instruments with environmental, social and
governance (ESG) linked features, the derecognition of financial liabilities including those which are settled using electronic payment systems and
introduce additional disclosure requirements for equity instruments designated as FVOCI and for financial instruments with cash flows contingent on
certain events. These amendments are effective for annual periods beginning on or after January 1, 2026, which for us will be November 1, 2026.
Earlier application is permitted.
We are currently evaluating the impact of the amendments to IFRS 9 and IFRS 7 on our consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00418": { "value": "Note 2
Fair value measurement
This note presents the fair values of financial instruments and explains how we determine those values. Note 1, \u201cBasis of preparation and summary
of material accounting policies\u201d, 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.
\u2022
Level 1 \u2013 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.
\u2022
Level 2 \u2013 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.
\u2022
Level 3 \u2013 Non-observable or indicative prices or use of valuation techniques where one or more significant inputs are 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\u2019s-length market transactions, any relevant observable market inputs, indicative dealer or broker quotations, and our own
internal model-based estimates.
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
spreads, illiquidity due to lack of market depth, parameter uncertainty and other market risks, model risk and credit risk of our derivative assets and
liabilities, as well as adjustments for valuing our uncollateralized derivative assets and liabilities based on an estimated market cost of funds curve.
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, no inception profit or loss (the difference between the
determined fair value and the transaction price) is recognized at the time the asset or liability is initially recorded. Any gains or losses at inception
are deferred and recognized only in future periods over the term of the instruments or when the inputs become significantly 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 market volatility inputs, 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 deposits with banks; short-
term interest-bearing deposits with banks; cash collateral on securities borrowed; certain shorter-dated securities purchased under resale
agreements; customers\u2019 liability under acceptances; cash collateral on securities lent; obligations related to securities sold under repurchase
agreements; acceptances; deposits with demand features; and certain other financial assets and liabilities.
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
\n
benchmark and government yield curves and spread differentials observed through independent dealers, brokers, and third-party multi-contributor
\n
consensus pricing sources.
\n
Asset-backed securities (ABS) and mortgage-backed securities (MBS) not issued or guaranteed by a government are valued using
\n
discounted cash flow models making maximum use of market observable inputs, such as broker quotes on identical or similar securities and other
\n
pricing information obtained from third-party pricing sources adjusted for the characteristics and the performance of the underlying collateral. Other
\n
key inputs used include prepayment and liquidation rates, credit spreads, and discount rates commensurate with the risks involved. These
\n
assumptions factor in information that is derived from actual transactions, underlying reference asset performance, external market research, and
\n
market indices, where appropriate.
\n
Privately issued debt and equity securities are valued using recent market transactions, where available. Otherwise, fair values are derived
\n
from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings,
\n
revenue or other third-party evidence as available. The fair value of limited partnership investments is based upon net asset values published by
\n
third-party fund managers and is adjusted for more recent information where available and appropriate. The carrying value of
Community
\n
Reinvestment Act
equity investments and Federal Home Loan Bank (FHLB) stock approximates fair value.
\n
Loans
\n
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.
\n
The fair value for fixed-rate loans is estimated using a discounted cash flow calculation that uses market interest rates.
\n
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
\n
value of any credit derivatives used to manage the credit risk associated with them. The fair value of these credit derivatives is disclosed separately.
\n
Securities purchased under resale agreements or sold under repurchase agreements
\n
The fair values of these contracts are determined using valuation techniques such as the discounted cash flow method using interest rate curves as
\n
inputs.
\n
Other assets and other liabilities
\n
Other assets and other liabilities mainly comprise accrued interest receivable or payable, brokers\u2019 client accounts receivable or payable, derivative
\n
collateral receivable or payable, precious metals, commodities and accounts receivable or payable.
\n
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
\n
be a reasonable approximation of fair value, except for the fair value of certain precious metals, other commodities and related receivables, which
\n
are based upon prices quoted in an active market. Other assets also include investment in bank-owned life insurance carried at the cash surrender
\n
value, which is assumed to be a reasonable approximation of fair value.
\n
Deposits
\n
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
\n
is determined by discounting the contractual cash flows using either current market interest rates with similar remaining terms or rates estimated
\n
using internal models and broker quotes. The fair value of deposit liabilities with embedded optionality includes the fair value of those options. The
\n
fair value of equity- and commodity-linked notes includes the fair value of embedded equity and commodity derivatives.
\n
Certain deposits designated at FVTPL are structured notes that have coupons or repayment terms linked to the performance of commodities,
\n
debt or equity securities or specific market indices. The fair value of these structured notes is estimated using internally vetted valuation models for
\n
the debt and embedded derivative portions of the notes by incorporating market observable prices of the referenced securities or comparable
\n
securities, and other inputs such as interest rate yield curves, equity prices or indices, market volatility levels, foreign exchange rates and changes
\n
in our own credit risk, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine fair
\n
values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through
\n
extrapolation and interpolation techniques. Appropriate market risk valuation adjustments for such inputs are assessed in all such instances.
\n
The fair value of secured borrowings, which comprises liabilities issued by or as a result of activities associated with the securitization of
\n
residential mortgages, the Covered Bond Programme, and consolidated securitization vehicles, is based on identical or proxy market observable
\n
quoted bond prices or determined by discounting the contractual cash flows using maximum market observable inputs, such as market interest
\n
rates, or credit spreads implied by debt instruments of similar credit quality, as appropriate.
\n
Subordinated indebtedness
\n
The fair value of subordinated indebtedness is determined by reference to market prices for the same or similar debt instruments.
\n
Derivative instruments
\n
The fair value of exchange-traded derivatives such as options and futures is based on quoted market prices. OTC derivatives primarily consist of
\n
interest rate swaps, foreign exchange forwards, equity and commodity derivatives, interest rate and currency derivatives, and credit derivatives. For
\n
such instruments, where quoted market prices or third-party consensus pricing information are not available, valuation techniques are employed to
\n
estimate fair value on the basis of pricing models. Such vetted pricing models incorporate current market measures for interest rates, foreign
\n
exchange rates, equity and commodity prices and indices, credit spreads, corresponding market volatility levels, and other market-based pricing
\n
factors.
\n
In order to reflect the observed market practice of pricing collateralized and uncollateralized derivatives, our valuation approach uses
\n
overnight indexed swap (OIS) curves as the discount rate for valuing collateralized derivatives and uses an estimated market cost of funds curve as
\n
the discount rate for valuing uncollateralized derivatives. The use of an estimated market cost of funds curve reduces the fair value of
\n
uncollateralized derivative assets incremental to the reduction in fair value for credit risk already reflected through the credit valuation adjustment
\n
(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
\n
includes adjustments for our own credit. As market practices continue to evolve in regard to derivative valuation, further adjustments may be
\n
required in the future.
\n
In addition to reflecting estimated market funding costs in our valuation of uncollateralized derivative receivables, we also consider whether a
\n
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
\n
market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk (CCR) exposure. In assessing this
\n
exposure, we also take into account credit mitigants such as collateral, master netting arrangements, and settlements through clearing houses. As
\n
noted above, the fair value of uncollateralized derivative liabilities based on market cost of funding generally includes adjustments for our own
\n
credit.
\n
In determining the fair value of complex and customized derivatives, such as equity, credit, and commodity derivatives written in reference to
\n
indices or baskets of reference, we consider all reasonably available information including any relevant observable market inputs, third-party consensus
\n
pricing inputs, indicative dealer and broker quotations, and our own internal model-based estimates, which are vetted and approved in accordance with
our model risk policy, and are regularly and periodically calibrated. The model calculates fair value based on inputs specific to the type of contract,
which may include stock prices, correlation for multiple assets, interest rates, foreign exchange rates, yield curves, volatility surfaces, and the
probability of early termination. 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 parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation
adjustments are assessed in all such instances.
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
\n \n
Carrying value
Mandatorily
Fair value
Fair value
Amortized
measured
Designated
through
Fair
over (under)
$ millions, as at October 31
cost
at FVTPL
at FVTPL
OCI
Total
value
carrying value
2024 Financial assets
Cash and deposits with banks
$
48,064
$
\u2013
$
\u2013
$
\u2013
$
48,064
$
48,064
$
\u2013
Securities
71,610
106,042
\u2013
76,693
254,345
253,437
(908)
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
17,028
17,028
\u2013
Securities purchased under resale agreements
58,744
24,977
\u2013
\u2013
83,721
83,721
\u2013
Loans
Residential mortgages
280,220
3
\u2013
\u2013
280,223
279,805
(418)
Personal
45,739
\u2013
\u2013
\u2013
45,739
45,750
11
Credit card
19,649
\u2013
\u2013
\u2013
19,649
19,682
33
Business and government
212,454
116
105
\u2013
212,675
212,744
69
Derivative instruments
\u2013
36,435
\u2013
\u2013
36,435
36,435
\u2013
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Other assets
20,121
364
\u2013
\u2013
20,485
20,485
\u2013
Financial liabilities
Deposits
Personal
$
235,593
$
\u2013
$
17,301
$
\u2013
$
252,894
$
253,378
$
484
Business and government
414,441
\u2013
21,058
\u2013
435,499
436,528
1,029
Bank
20,009
\u2013
\u2013
\u2013
20,009
20,009
\u2013
Secured borrowings
55,285
\u2013
1,170
\u2013
56,455
56,588
133
Derivative instruments
\u2013
40,654
\u2013
\u2013
40,654
40,654
\u2013
Acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Obligations related to securities sold short
\u2013
21,642
\u2013
\u2013
21,642
21,642
\u2013
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
7,997
7,997
\u2013
Obligations related to securities sold under
repurchase agreements
100,407
\u2013
9,746
\u2013
110,153
110,153
\u2013
Other liabilities
20,651
158
19
\u2013
20,828
20,828
\u2013
Subordinated indebtedness
7,465
\u2013
\u2013
\u2013
7,465
7,698
233
2023
Financial assets
Cash and deposits with banks
$
55,718
$
\u2013
$
\u2013
$
\u2013
$
55,718
$
55,718
$
\u2013
Securities
67,294
82,723
\u2013
61,331
211,348
209,326
(2,022)
Cash collateral on securities borrowed
14,651
\u2013
\u2013
\u2013
14,651
14,651
\u2013
Securities purchased under resale agreements
66,797
13,387
\u2013
\u2013
80,184
80,184
\u2013
Loans
Residential mortgages
273,785
3
\u2013
\u2013
273,788
268,403
(5,385)
Personal
44,570
\u2013
\u2013
\u2013
44,570
44,454
(116)
Credit card
17,853
\u2013
\u2013
\u2013
17,853
17,909
56
Business and government
192,856
126
144
\u2013
193,126
192,727
(399)
Derivative instruments
\u2013
33,243
\u2013
\u2013
33,243
33,243
\u2013
Customers\u2019 liability under acceptances
10,816
\u2013
\u2013
\u2013
10,816
10,816
\u2013
Other assets
18,651
\u2013
\u2013
\u2013
18,651
18,651
\u2013
Financial liabilities
Deposits
Personal
$
225,183
$
\u2013
$
13,852
$
\u2013
$
239,035
$
238,725
$
(310)
Business and government
392,021
\u2013
20,540
\u2013
412,561
412,983
422
Bank
22,296
\u2013
\u2013
\u2013
22,296
22,296
\u2013
Secured borrowings
48,098
\u2013
1,386
\u2013
49,484
49,353
(131)
Derivative instruments
\u2013
41,290
\u2013
\u2013
41,290
41,290
\u2013
Acceptances
10,820
\u2013
\u2013
\u2013
10,820
10,820
\u2013
Obligations related to securities sold short
\u2013
18,666
\u2013
\u2013
18,666
18,666
\u2013
Cash collateral on securities lent
8,081
\u2013
\u2013
\u2013
8,081
8,081
\u2013
Obligations related to securities sold under
repurchase agreements
82,403
\u2013
4,715
\u2013
87,118
87,118
\u2013
Other liabilities
18,459
119
16
\u2013
18,594
18,594
\u2013
Subordinated indebtedness
6,483
\u2013
\u2013
\u2013
6,483
6,561
78
Fair value of derivative instruments
\n \n
$ millions, as at October 31
2024
2023
Positive
Negative
Net
Positive
Negative
Net
Held for trading
Interest rate derivatives
Over-the-counter
\u2013 Forward rate agreements
$
135
$
239
$
(104)
$
550
$
47
$
503
\u2013 Swap contracts
6,149
9,124
(2,975)
8,259
16,934
(8,675)
\u2013 Purchased options
358
\u2013
358
411
\u2013
411
\u2013 Written options
\u2013
309
(309)
\u2013
365
(365)
6,642
9,672
(3,030)
9,220
17,346
(8,126)
Exchange-traded
\u2013 Futures contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Purchased options
2
\u2013
2
1
\u2013
1
\u2013 Written options
\u2013
2
(2)
\u2013
1
(1)
2
2
\u2013
1
1
\u2013
Total interest rate derivatives
6,644
9,674
(3,030)
9,221
17,347
(8,126)
Foreign exchange derivatives
Over-the-counter
\u2013 Forward contracts
7,378
6,379
999
7,395
6,978
417
\u2013 Swap contracts
5,056
7,944
(2,888)
5,423
8,013
(2,590)
\u2013 Purchased options
443
\u2013
443
446
\u2013
446
\u2013 Written options
\u2013
535
(535)
\u2013
364
(364)
Total foreign exchange derivatives
12,877
14,858
(1,981)
13,264
15,355
(2,091)
Credit derivatives
Over-the-counter
\u2013 Credit default swap contracts \u2013 protection purchased
46
3
43
47
11
36
\u2013 Credit default swap contracts \u2013 protection sold
\u2013
52
(52)
17
52
(35)
Total credit derivatives
46
55
(9)
64
63
1
Equity derivatives
Over-the-counter
4,989
6,401
(1,412)
2,899
3,396
(497)
Exchange-traded
5,821
4,712
1,109
2,331
2,406
(75)
Total equity derivatives
10,810
11,113
(303)
5,230
5,802
(572)
Precious metal and other commodity derivatives
Over-the-counter
2,692
3,906
(1,214)
2,874
1,791
1,083
Exchange-traded
416
241
175
154
251
(97)
Total precious metal and other commodity derivatives
3,108
4,147
(1,039)
3,028
2,042
986
Total held for trading
33,485
39,847
(6,362)
30,807
40,609
(9,802)
Held for ALM
Interest rate derivatives
Over-the-counter
\u2013 Forward rate agreements
\u2013
\u2013
\u2013
1
\u2013
1
\u2013 Swap contracts
124
(410)
534
179
(1,752)
1,931
\u2013 Purchased options
3
\u2013
3
6
1
5
\u2013 Written options
\u2013
2
(2)
\u2013
3
(3)
Total interest rate derivatives
127
(408)
535
186
(1,748)
1,934
Foreign exchange derivatives
Over-the-counter
\u2013 Forward contracts
28
82
(54)
23
63
(40)
\u2013 Swap contracts
2,620
1,129
1,491
2,222
2,259
(37)
Total foreign exchange derivatives
2,648
1,211
1,437
2,245
2,322
(77)
Equity derivatives
Over-the-counter
174
4
170
5
107
(102)
Total equity derivatives
174
4
170
5
107
(102)
Precious metal and other commodity derivatives
Over-the-counter
1
\u2013
1
\u2013
\u2013
\u2013
Total precious metal and other commodity derivatives
1
\u2013
1
\u2013
\u2013
\u2013
Total held for ALM
2,950
807
2,143
2,436
681
1,755
Total fair value
36,435
40,654
(4,219)
33,243
41,290
(8,047)
Less: effect of netting
(21,777)
(21,777)
\u2013
(21,787)
(21,787)
\u2013
$
14,658
$
18,877
$
(4,219)
$
11,456
$
19,503
$
(8,047)
Financial assets and liabilities not carried on the consolidated balance sheet at fair value
The table below presents the fair values by level within the fair value hierarchy for those financial instruments in which fair value is not assumed to
equal the carrying value:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Amortized cost securities
$
\u2013
$
\u2013
$
69,961
$
64,530
$
741
$
742
$
70,702
$
65,272
Loans
Residential mortgages
\u2013
\u2013
\u2013
\u2013
279,802
268,400
279,802
268,400
Personal
\u2013
\u2013
\u2013
\u2013
45,750
44,454
45,750
44,454
Credit card
\u2013
\u2013
\u2013
\u2013
19,682
17,909
19,682
17,909
Business and government
\u2013
\u2013
\u2013
\u2013
212,523
192,457
212,523
192,457
Financial liabilities
Deposits
Personal
$
\u2013
$
\u2013
$
82,620
$
82,701
$
5,232
$
2,242
$
87,852
$
84,943
Business and government
\u2013
\u2013
191,616
187,216
4,681
5,796
196,297
193,012
Bank
\u2013
\u2013
9,420
9,079
\u2013
\u2013
9,420
9,079
Secured borrowings
\u2013
\u2013
50,546
43,996
4,872
3,971
55,418
47,967
Subordinated indebtedness
\u2013
\u2013
7,698
6,561
\u2013
\u2013
7,698
6,561
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:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Debt securities measured at FVTPL
Government issued or guaranteed
$
4,258
$
4,194
$
32,328
$
25,128
$
\u2013
$
\u2013
$
36,586
$
29,322
Corporate debt
\u2013
\u2013
4,385
4,455
\u2013
\u2013
4,385
4,455
Mortgage- and asset-backed
\u2013
\u2013
4,213
3,056
70
151
4,283
3,207
4,258
4,194
40,926
32,639
70
151
45,254
36,984
Loans measured at FVTPL
Business and government
\u2013
\u2013
116
126
105
(1)
144
(1)
221
270
Residential mortgages
\u2013
\u2013
3
3
\u2013
\u2013
3
3
\u2013
\u2013
119
129
105
144
224
273
Debt securities measured at FVOCI
Government issued or guaranteed
2,760
3,468
60,051
48,717
\u2013
\u2013
62,811
52,185
Corporate debt
\u2013
\u2013
9,083
6,658
\u2013
\u2013
9,083
6,658
Mortgage- and asset-backed
\u2013
\u2013
4,127
1,916
\u2013
\u2013
4,127
1,916
2,760
3,468
73,261
57,291
\u2013
\u2013
76,021
60,759
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
59,904
44,852
916
872
640
587
61,460
46,311
Securities purchased under resale agreements
measured at FVTPL
\u2013
\u2013
24,977
13,387
(2)
\u2013
\u2013
24,977
13,387
Other assets
\u2013
\u2013
364
\u2013
\u2013
\u2013
364
\u2013
Derivative instruments
Interest rate
2
1
6,718
9,385
51
21
6,771
9,407
Foreign exchange
\u2013
\u2013
15,525
15,509
\u2013
\u2013
15,525
15,509
Credit
\u2013
\u2013
2
18
44
46
46
64
Equity
5,821
2,331
5,157
2,900
6
4
10,984
5,235
Precious metal and other commodity
32
15
3,077
3,013
\u2013
\u2013
3,109
3,028
5,855
2,347
30,479
30,825
101
71
36,435
33,243
Total financial assets
$
72,777
$
54,861
$
171,042
$
135,143
$
916
$
953
$
244,735
$
190,957
Financial liabilities
Deposits and other liabilities
(3)
$
\u2013
$
\u2013
$
(39,290)
$
(35,671)
$
(416)
$
(242)
$
(39,706)
$
(35,913)
Obligations related to securities sold short
(9,199)
(6,265)
(12,443)
(12,401)
\u2013
\u2013
(21,642)
(18,666)
Obligations related to securities sold under
repurchase agreements
\u2013
\u2013
(9,746)
(4,715)
\u2013
\u2013
(9,746)
(4,715)
Derivative instruments
Interest rate
(2)
(1)
(8,236)
(13,781)
(1,028)
(1,817)
(9,266)
(15,599)
Foreign exchange
\u2013
\u2013
(16,065)
(17,677)
(4)
\u2013
(16,069)
(17,677)
Credit
\u2013
\u2013
(5)
(11)
(50)
(52)
(55)
(63)
Equity
(4,712)
(2,406)
(6,404)
(3,498)
(1)
(5)
(11,117)
(5,909)
Precious metal and other commodity
(39)
(68)
(4,108)
(1,974)
\u2013
\u2013
(4,147)
(2,042)
(4,753)
(2,475)
(34,818)
(36,941)
(1,083)
(1,874)
(40,654)
(41,290)
Total financial liabilities
$
(13,952)
$
(8,740)
$
(96,297)
$
(89,728)
$
(1,499)
$
(2,116)
$
(111,748)
$
(100,584)
(1)
Relates to loans designated at FVTPL.
(2)
The disclosed amount has been restated with no impact on the measurement of the related financial instruments in the consolidated financial statements.
(3)
Comprises deposits designated at FVTPL of $39,008 million (2023: $35,639 million), net bifurcated embedded derivative liabilities of $521 million (2023: net bifurcated
embedded derivative liabilities of $139 million), other liabilities designated at FVTPL of $19 million (2023: $16 million), and other financial liabilities measured at fair value
of $158 million (2023: $119 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 $922 million of securities mandatorily measured at FVTPL (2023: $650 million) from Level 1 to Level 2 and $2,068 million of
securities sold short (2023: $933 million) from Level 1 to Level 2 due to changes in the observability of the inputs used to value these securities.
Transfers from Level 2 to Level 1 were not significant. In addition, transfers between Level 2 and Level 3 were made during 2024 and 2023, primarily
due to changes in the assessment of the observability of certain correlation, market volatility and probability inputs that were used in measuring the
fair value of our fair value option liabilities and derivatives.
\n
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value
\n
utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the
\n
gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses
\n
on the related hedging instruments that are classified in Level 1 and Level 2.
\n\n \n
Net gains (losses)
included in income
(1)
Net
Transfer
Transfer
Opening
gains (losses)
in to
out of
Purchases/
Sales/
Closing
$ millions, for the year ended October 31
balance
Realized
Unrealized
(2)
included in OCI
(3)
Level 3
Level 3
Issuances
Settlements
balance
2024
Debt securities measured at FVTPL
Corporate debt
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
Mortgage- and asset-backed
151
\u2013
(3)
\u2013
\u2013
\u2013
84
(162)
70
Loans measured at FVTPL
144
\u2013
5
\u2013
\u2013
\u2013
\u2013
(44)
105
Business and government
Corporate equity mandatorily measured at
587
7
26
(17)
\u2013
\u2013
113
(76)
640
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
21
\u2013
97
\u2013
\u2013
\u2013
(67)
\u2013
51
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
46
(6)
2
\u2013
\u2013
\u2013
2
\u2013
44
Equity
4
\u2013
2
\u2013
2
(6)
5
(1)
6
Total assets
$
953
$
1
$
129
$
(17)
$
2
$
(73)
$
204
$
(283) $
916
Deposits and other liabilities
(4)
$
(242)
$
(14)
$
(156)
$
\u2013
$
(3)
$
17
$
(120)
$
102
$
(416)
Derivative instruments
Interest rate
(1,817)
\u2013
297
\u2013
\u2013
425
(8)
75
(1,028)
Foreign exchange
\u2013
\u2013
(31)
\u2013
\u2013
27
\u2013
\u2013
(4)
Credit
(52)
1
1
\u2013
(2)
\u2013
\u2013
2
(50)
Equity
(5)
\u2013
(1)
\u2013
(3)
4
\u2013
4
(1)
Total liabilities
$
(2,116)
$
(13)
$
110
$
\u2013
$
(8)
$
473
$
(128)
$
183
$
(1,499)
2023
Debt securities measured at FVTPL
Corporate debt
$
2
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
(2) $
\u2013
Mortgage- and asset-backed
207
\u2013
\u2013
\u2013
\u2013
\u2013
159
(215)
151
Loans measured at FVTPL
687
\u2013
6
(2)
\u2013
\u2013
\u2013
(547)
144
Business and government
Corporate equity mandatorily measured at
459
6
53
16
\u2013
\u2013
213
(160)
587
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
18
\u2013
\u2013
\u2013
\u2013
(10)
12
1
21
Foreign exchange
\u2013
\u2013
24
\u2013
\u2013
(24)
\u2013
\u2013
\u2013
Credit
45
(3)
5
\u2013
\u2013
\u2013
\u2013
(1)
46
Equity
4
1
\u2013
\u2013
4
(2)
5
(8)
4
Total assets
$
1,422
$
4
$
88
$
14
$
4
$
(36)
$
389
$
(932) $
953
Deposits and other liabilities
(4)
$
(409)
$
(40)
$
85
$
\u2013
$
(2)
$
1
$
(129)
$
252
$
(242)
Derivative instruments
Interest rate
(1,533)
\u2013
(728)
\u2013
\u2013
407
(11)
48
(1,817)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
(50)
3
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
(52)
Equity
(3)
\u2013
(1)
\u2013
(5)
6
(3)
1
(5)
Total liabilities
$
(1,995)
$
(37)
$
(649)
$
\u2013
$
(7)
$
414
$
(143)
$
301
$
(2,116)
\n
(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.
\n
(2)
Comprises unrealized gains and losses relating to these assets and liabilities held at the end of the reporting year.
\n
(3)
Foreign exchange translation on loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
\n
(4)
Includes deposits designated at FVTPL of $211 million (2023: $115 million), net bifurcated embedded derivative liabilities of $186 million (2023: net bifurcated embedded
\n
derivative liabilities of $111 million) and other liabilities designated at FVTPL of $19 million (2023: $14 million).
Quantitative information about significant non-observable inputs
Valuation techniques using one or more non-observable inputs are used for a number of financial instruments. The following table discloses the
valuation techniques and quantitative information about the significant non-observable inputs used in Level 3 financial instruments:
\n \n
Range of inputs
$ millions, as at October 31
2024
Valuation techniques
Key non-observable inputs
Low
High
Debt securities measured at FVTPL
Mortgage- and asset-backed
$
70
Discounted cash flow
Credit spread
4.5 %
6.4 %
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
Limited partnerships and private
companies
640
Adjusted net asset value
(1)
Net asset value
(2)
n/a
n/a
Valuation multiple
Earnings multiple
12.4 x
24.2 x
Proxy share price
Proxy share price
(2)
n/a
n/a
Loans measured at FVTPL
Business and government
105
Discounted cash flow
Credit spread
2.1 %
2.1 %
Derivative instruments
Interest rate
51
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Credit
44
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
6
Option model
Market correlation
31.0 %
96.4 %
Total assets
$
916
Deposits and other liabilities
Deposits designated at FVTPL and
net bifurcated embedded derivative
liabilities
$
(397)
Option model
Market volatility
8.7 %
142.4 %
Market correlation
(100.0)%
100.0 %
Other liabilities designated at FVTPL
(19)
Option model
Funding ratio
53.0 %
53.0 %
Derivative instruments
Interest rate
(1,028)
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Foreign exchange
(4)
Option model
Probability of contingent settlement
100.0 %
100.0 %
Credit
(50)
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
(1)
Option model
Market correlation
23.8 %
97.8 %
Total liabilities
$
(1,499)
(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)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be non-observable.
n/a Not applicable.
Sensitivity of Level 3 financial assets and liabilities
The following section describes the significant non-observable inputs identified in the table above, the interrelationships between those inputs,
where applicable, and the change in fair value if changing one or more of the non-observable inputs within a reasonably possible range would
impact the fair value significantly.
The fair value of our limited partnerships is determined based on the net asset value provided by the fund managers, adjusted as appropriate.
The fair value of limited partnerships is sensitive to changes in the net asset value, and by adjusting the net asset value within a reasonably possible
range, the aggregate fair value of our limited partnerships would increase or decrease by $145 million (2023: $138 million).
While our standalone derivatives are recorded as derivative assets or derivative liabilities, our derivatives embedded in our structured note
deposit liabilities or deposit liabilities designated at FVTPL are recorded within deposits and other liabilities. The determination of the fair value of
certain Level 3 embedded derivatives and certain standalone derivatives requires significant assumptions and judgment to be applied to both the
inputs and the valuation techniques employed. These derivatives are sensitive to long-dated market volatility and correlation inputs, which we
consider to be non-observable. Market volatility is a measure of the anticipated future variability of a market price and is an important input for
pricing options, which are inherent in many of our Level 3 derivatives. A higher market volatility generally results in a higher option price, with all else
held constant, due to the higher probability of obtaining a greater return from the option, and results in an increase in the fair value of our Level 3
derivatives. Correlation inputs are used to value those derivatives where the payout is dependent upon more than one market price. For example,
the payout of an equity basket option is based upon the performance of a basket of stocks, and the interrelationships between the price movements
of those stocks. A positive correlation implies that two inputs tend to change the fair value in the same direction, while a negative correlation implies
that two inputs tend to change the fair value in the opposite direction. Changes in market correlation could result in an increase or a decrease in the
fair value of our Level 3 derivatives and embedded derivatives. By adjusting the non-observable inputs by reasonably alternative amounts, the fair
value of our net Level 3 standalone derivatives and embedded derivatives would increase by $149 million or decrease by $142 million (2023:
increase by $105 million or decrease by $99 million).
For certain interest rate and foreign exchange derivatives, the probability of contingent settlement not occurring was a significant Level 3
valuation input. By increasing the probability of contingent settlement not occurring by 10%, the fair value of those derivatives in an asset position
would decrease by less than $4 million, while the fair value of those derivatives in a liability position would decrease by up to $13 million. If the
probably of contingent settlement decreased by 100% for our largest derivative asset position, the fair value of the corresponding derivative would
decrease by $22 million.
Financial instruments designated at FVTPL
Financial assets designated at FVTPL include loans that were designated at FVTPL on the basis of being managed together with derivatives to
eliminate or significantly reduce financial risks.
Deposits and other liabilities designated at FVTPL include:
\u2022
Certain business and government deposit liabilities, certain secured borrowings and certain obligations related to securities sold under
repurchase agreements that are economically hedged with derivatives and other financial instruments, and certain financial liabilities that have
one or more embedded derivatives that significantly modify the cash flows of the host liability but are not bifurcated from the host instrument; and
\u2022
Our mortgage commitments to retail clients to provide mortgages at fixed rates that are economically hedged with derivatives and other
financial instruments.
The carrying value of our loans designated at FVTPL represents our maximum exposure to credit risk related to these assets designated at FVTPL.
The change in fair value attributable to change in credit risk of these assets designated at FVTPL during the year is insignificant (2023: insignificant).
The fair value of a liability designated at FVTPL reflects the credit risk relating to that liability. For those liabilities designated at FVTPL for which we
believe changes in our credit risk would impact the fair value from the note holders\u2019 perspective, the related fair value changes were recognized in
OCI. Changes in fair value attributable to changes in our own credit are measured as the difference between: (i) the period-over-period change in
the present value of the expected cash flows using a discount curve adjusted for our own credit; and (ii) the period-over-period change in the
present value of the same expected cash flows using a discount curve based on the benchmark curve adjusted for our own credit as implied at
inception of the liability designated at FVTPL. The pre-tax impact of changes in CIBC\u2019s own credit risk on our liabilities designated at FVTPL was
losses of $299 million for the year and losses of $125 million cumulatively (2023: losses of $144 million for the year and gains of $211 million
cumulatively). A net gain of $34 million, net of hedges (2023: a net loss of $10 million), was realized for assets designated at FVTPL and liabilities
designated at FVTPL, which is included in the consolidated statement of income under Gains (losses) from financial instruments measured/
designated at FVTPL, net.
The estimated contractual amount payable at maturity of deposits designated at FVTPL, which for certain notes is based on the par value and
the intrinsic value of the applicable embedded derivatives, is $3,859 million higher (2023: $4,332 million higher) than its fair value. The intrinsic value
of the embedded derivatives reflects the structured payoff of certain FVO deposit liabilities, which we hedge economically with derivatives and other
FVTPL financial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00419": { "value": "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 deposits with banks; short-
term interest-bearing deposits with banks; cash collateral on securities borrowed; certain shorter-dated securities purchased under resale
agreements; customers\u2019 liability under acceptances; cash collateral on securities lent; obligations related to securities sold under repurchase
agreements; acceptances; deposits with demand features; and certain other financial assets and liabilities.
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
\n
benchmark and government yield curves and spread differentials observed through independent dealers, brokers, and third-party multi-contributor
\n
consensus pricing sources.
\n
Asset-backed securities (ABS) and mortgage-backed securities (MBS) not issued or guaranteed by a government are valued using
\n
discounted cash flow models making maximum use of market observable inputs, such as broker quotes on identical or similar securities and other
\n
pricing information obtained from third-party pricing sources adjusted for the characteristics and the performance of the underlying collateral. Other
\n
key inputs used include prepayment and liquidation rates, credit spreads, and discount rates commensurate with the risks involved. These
\n
assumptions factor in information that is derived from actual transactions, underlying reference asset performance, external market research, and
\n
market indices, where appropriate.
\n
Privately issued debt and equity securities are valued using recent market transactions, where available. Otherwise, fair values are derived
\n
from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings,
\n
revenue or other third-party evidence as available. The fair value of limited partnership investments is based upon net asset values published by
\n
third-party fund managers and is adjusted for more recent information where available and appropriate. The carrying value of
Community
\n
Reinvestment Act
equity investments and Federal Home Loan Bank (FHLB) stock approximates fair value.
\n
Loans
\n
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.
\n
The fair value for fixed-rate loans is estimated using a discounted cash flow calculation that uses market interest rates.
\n
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
\n
value of any credit derivatives used to manage the credit risk associated with them. The fair value of these credit derivatives is disclosed separately.
\n
Securities purchased under resale agreements or sold under repurchase agreements
\n
The fair values of these contracts are determined using valuation techniques such as the discounted cash flow method using interest rate curves as
\n
inputs.
\n
Other assets and other liabilities
\n
Other assets and other liabilities mainly comprise accrued interest receivable or payable, brokers\u2019 client accounts receivable or payable, derivative
\n
collateral receivable or payable, precious metals, commodities and accounts receivable or payable.
\n
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
\n
be a reasonable approximation of fair value, except for the fair value of certain precious metals, other commodities and related receivables, which
\n
are based upon prices quoted in an active market. Other assets also include investment in bank-owned life insurance carried at the cash surrender
\n
value, which is assumed to be a reasonable approximation of fair value.
\n
Deposits
\n
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
\n
is determined by discounting the contractual cash flows using either current market interest rates with similar remaining terms or rates estimated
\n
using internal models and broker quotes. The fair value of deposit liabilities with embedded optionality includes the fair value of those options. The
\n
fair value of equity- and commodity-linked notes includes the fair value of embedded equity and commodity derivatives.
\n
Certain deposits designated at FVTPL are structured notes that have coupons or repayment terms linked to the performance of commodities,
\n
debt or equity securities or specific market indices. The fair value of these structured notes is estimated using internally vetted valuation models for
\n
the debt and embedded derivative portions of the notes by incorporating market observable prices of the referenced securities or comparable
\n
securities, and other inputs such as interest rate yield curves, equity prices or indices, market volatility levels, foreign exchange rates and changes
\n
in our own credit risk, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine fair
\n
values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through
\n
extrapolation and interpolation techniques. Appropriate market risk valuation adjustments for such inputs are assessed in all such instances.
\n
The fair value of secured borrowings, which comprises liabilities issued by or as a result of activities associated with the securitization of
\n
residential mortgages, the Covered Bond Programme, and consolidated securitization vehicles, is based on identical or proxy market observable
\n
quoted bond prices or determined by discounting the contractual cash flows using maximum market observable inputs, such as market interest
\n
rates, or credit spreads implied by debt instruments of similar credit quality, as appropriate.
\n
Subordinated indebtedness
\n
The fair value of subordinated indebtedness is determined by reference to market prices for the same or similar debt instruments.
\n
Derivative instruments
\n
The fair value of exchange-traded derivatives such as options and futures is based on quoted market prices. OTC derivatives primarily consist of
\n
interest rate swaps, foreign exchange forwards, equity and commodity derivatives, interest rate and currency derivatives, and credit derivatives. For
\n
such instruments, where quoted market prices or third-party consensus pricing information are not available, valuation techniques are employed to
\n
estimate fair value on the basis of pricing models. Such vetted pricing models incorporate current market measures for interest rates, foreign
\n
exchange rates, equity and commodity prices and indices, credit spreads, corresponding market volatility levels, and other market-based pricing
\n
factors.
\n
In order to reflect the observed market practice of pricing collateralized and uncollateralized derivatives, our valuation approach uses
\n
overnight indexed swap (OIS) curves as the discount rate for valuing collateralized derivatives and uses an estimated market cost of funds curve as
\n
the discount rate for valuing uncollateralized derivatives. The use of an estimated market cost of funds curve reduces the fair value of
\n
uncollateralized derivative assets incremental to the reduction in fair value for credit risk already reflected through the credit valuation adjustment
\n
(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
\n
includes adjustments for our own credit. As market practices continue to evolve in regard to derivative valuation, further adjustments may be
\n
required in the future.
\n
In addition to reflecting estimated market funding costs in our valuation of uncollateralized derivative receivables, we also consider whether a
\n
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
\n
market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk (CCR) exposure. In assessing this
\n
exposure, we also take into account credit mitigants such as collateral, master netting arrangements, and settlements through clearing houses. As
\n
noted above, the fair value of uncollateralized derivative liabilities based on market cost of funding generally includes adjustments for our own
\n
credit.
\n
In determining the fair value of complex and customized derivatives, such as equity, credit, and commodity derivatives written in reference to
\n
indices or baskets of reference, we consider all reasonably available information including any relevant observable market inputs, third-party consensus
\n
pricing inputs, indicative dealer and broker quotations, and our own internal model-based estimates, which are vetted and approved in accordance with
our model risk policy, and are regularly and periodically calibrated. The model calculates fair value based on inputs specific to the type of contract,
which may include stock prices, correlation for multiple assets, interest rates, foreign exchange rates, yield curves, volatility surfaces, and the
probability of early termination. 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 parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation
adjustments are assessed in all such instances.
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
\n \n
Carrying value
Mandatorily
Fair value
Fair value
Amortized
measured
Designated
through
Fair
over (under)
$ millions, as at October 31
cost
at FVTPL
at FVTPL
OCI
Total
value
carrying value
2024 Financial assets
Cash and deposits with banks
$
48,064
$
\u2013
$
\u2013
$
\u2013
$
48,064
$
48,064
$
\u2013
Securities
71,610
106,042
\u2013
76,693
254,345
253,437
(908)
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
17,028
17,028
\u2013
Securities purchased under resale agreements
58,744
24,977
\u2013
\u2013
83,721
83,721
\u2013
Loans
Residential mortgages
280,220
3
\u2013
\u2013
280,223
279,805
(418)
Personal
45,739
\u2013
\u2013
\u2013
45,739
45,750
11
Credit card
19,649
\u2013
\u2013
\u2013
19,649
19,682
33
Business and government
212,454
116
105
\u2013
212,675
212,744
69
Derivative instruments
\u2013
36,435
\u2013
\u2013
36,435
36,435
\u2013
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Other assets
20,121
364
\u2013
\u2013
20,485
20,485
\u2013
Financial liabilities
Deposits
Personal
$
235,593
$
\u2013
$
17,301
$
\u2013
$
252,894
$
253,378
$
484
Business and government
414,441
\u2013
21,058
\u2013
435,499
436,528
1,029
Bank
20,009
\u2013
\u2013
\u2013
20,009
20,009
\u2013
Secured borrowings
55,285
\u2013
1,170
\u2013
56,455
56,588
133
Derivative instruments
\u2013
40,654
\u2013
\u2013
40,654
40,654
\u2013
Acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Obligations related to securities sold short
\u2013
21,642
\u2013
\u2013
21,642
21,642
\u2013
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
7,997
7,997
\u2013
Obligations related to securities sold under
repurchase agreements
100,407
\u2013
9,746
\u2013
110,153
110,153
\u2013
Other liabilities
20,651
158
19
\u2013
20,828
20,828
\u2013
Subordinated indebtedness
7,465
\u2013
\u2013
\u2013
7,465
7,698
233
2023
Financial assets
Cash and deposits with banks
$
55,718
$
\u2013
$
\u2013
$
\u2013
$
55,718
$
55,718
$
\u2013
Securities
67,294
82,723
\u2013
61,331
211,348
209,326
(2,022)
Cash collateral on securities borrowed
14,651
\u2013
\u2013
\u2013
14,651
14,651
\u2013
Securities purchased under resale agreements
66,797
13,387
\u2013
\u2013
80,184
80,184
\u2013
Loans
Residential mortgages
273,785
3
\u2013
\u2013
273,788
268,403
(5,385)
Personal
44,570
\u2013
\u2013
\u2013
44,570
44,454
(116)
Credit card
17,853
\u2013
\u2013
\u2013
17,853
17,909
56
Business and government
192,856
126
144
\u2013
193,126
192,727
(399)
Derivative instruments
\u2013
33,243
\u2013
\u2013
33,243
33,243
\u2013
Customers\u2019 liability under acceptances
10,816
\u2013
\u2013
\u2013
10,816
10,816
\u2013
Other assets
18,651
\u2013
\u2013
\u2013
18,651
18,651
\u2013
Financial liabilities
Deposits
Personal
$
225,183
$
\u2013
$
13,852
$
\u2013
$
239,035
$
238,725
$
(310)
Business and government
392,021
\u2013
20,540
\u2013
412,561
412,983
422
Bank
22,296
\u2013
\u2013
\u2013
22,296
22,296
\u2013
Secured borrowings
48,098
\u2013
1,386
\u2013
49,484
49,353
(131)
Derivative instruments
\u2013
41,290
\u2013
\u2013
41,290
41,290
\u2013
Acceptances
10,820
\u2013
\u2013
\u2013
10,820
10,820
\u2013
Obligations related to securities sold short
\u2013
18,666
\u2013
\u2013
18,666
18,666
\u2013
Cash collateral on securities lent
8,081
\u2013
\u2013
\u2013
8,081
8,081
\u2013
Obligations related to securities sold under
repurchase agreements
82,403
\u2013
4,715
\u2013
87,118
87,118
\u2013
Other liabilities
18,459
119
16
\u2013
18,594
18,594
\u2013
Subordinated indebtedness
6,483
\u2013
\u2013
\u2013
6,483
6,561
78
Fair value of derivative instruments \n \n
$ millions, as at October 31
2024
2023
Positive
Negative
Net
Positive
Negative
Net
Held for trading
Interest rate derivatives
Over-the-counter
\u2013 Forward rate agreements
$
135
$
239
$
(104)
$
550
$
47
$
503
\u2013 Swap contracts
6,149
9,124
(2,975)
8,259
16,934
(8,675)
\u2013 Purchased options
358
\u2013
358
411
\u2013
411
\u2013 Written options
\u2013
309
(309)
\u2013
365
(365)
6,642
9,672
(3,030)
9,220
17,346
(8,126)
Exchange-traded
\u2013 Futures contracts
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Purchased options
2
\u2013
2
1
\u2013
1
\u2013 Written options
\u2013
2
(2)
\u2013
1
(1)
2
2
\u2013
1
1
\u2013
Total interest rate derivatives
6,644
9,674
(3,030)
9,221
17,347
(8,126)
Foreign exchange derivatives
Over-the-counter
\u2013 Forward contracts
7,378
6,379
999
7,395
6,978
417
\u2013 Swap contracts
5,056
7,944
(2,888)
5,423
8,013
(2,590)
\u2013 Purchased options
443
\u2013
443
446
\u2013
446
\u2013 Written options
\u2013
535
(535)
\u2013
364
(364)
Total foreign exchange derivatives
12,877
14,858
(1,981)
13,264
15,355
(2,091)
Credit derivatives
Over-the-counter
\u2013 Credit default swap contracts \u2013 protection purchased
46
3
43
47
11
36
\u2013 Credit default swap contracts \u2013 protection sold
\u2013
52
(52)
17
52
(35)
Total credit derivatives
46
55
(9)
64
63
1
Equity derivatives
Over-the-counter
4,989
6,401
(1,412)
2,899
3,396
(497)
Exchange-traded
5,821
4,712
1,109
2,331
2,406
(75)
Total equity derivatives
10,810
11,113
(303)
5,230
5,802
(572)
Precious metal and other commodity derivatives
Over-the-counter
2,692
3,906
(1,214)
2,874
1,791
1,083
Exchange-traded
416
241
175
154
251
(97)
Total precious metal and other commodity derivatives
3,108
4,147
(1,039)
3,028
2,042
986
Total held for trading
33,485
39,847
(6,362)
30,807
40,609
(9,802)
Held for ALM
Interest rate derivatives
Over-the-counter
\u2013 Forward rate agreements
\u2013
\u2013
\u2013
1
\u2013
1
\u2013 Swap contracts
124
(410)
534
179
(1,752)
1,931
\u2013 Purchased options
3
\u2013
3
6
1
5
\u2013 Written options
\u2013
2
(2)
\u2013
3
(3)
Total interest rate derivatives
127
(408)
535
186
(1,748)
1,934
Foreign exchange derivatives
Over-the-counter
\u2013 Forward contracts
28
82
(54)
23
63
(40)
\u2013 Swap contracts
2,620
1,129
1,491
2,222
2,259
(37)
Total foreign exchange derivatives
2,648
1,211
1,437
2,245
2,322
(77)
Equity derivatives
Over-the-counter
174
4
170
5
107
(102)
Total equity derivatives
174
4
170
5
107
(102)
Precious metal and other commodity derivatives
Over-the-counter
1
\u2013
1
\u2013
\u2013
\u2013
Total precious metal and other commodity derivatives
1
\u2013
1
\u2013
\u2013
\u2013
Total held for ALM
2,950
807
2,143
2,436
681
1,755
Total fair value
36,435
40,654
(4,219)
33,243
41,290
(8,047)
Less: effect of netting
(21,777)
(21,777)
\u2013
(21,787)
(21,787)
\u2013
$
14,658
$
18,877
$
(4,219)
$
11,456
$
19,503
$
(8,047)
Financial assets and liabilities not carried on the consolidated balance sheet at fair value
The table below presents the fair values by level within the fair value hierarchy for those financial instruments in which fair value is not assumed to
equal the carrying value:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Amortized cost securities
$
\u2013
$
\u2013
$
69,961
$
64,530
$
741
$
742
$
70,702
$
65,272
Loans
Residential mortgages
\u2013
\u2013
\u2013
\u2013
279,802
268,400
279,802
268,400
Personal
\u2013
\u2013
\u2013
\u2013
45,750
44,454
45,750
44,454
Credit card
\u2013
\u2013
\u2013
\u2013
19,682
17,909
19,682
17,909
Business and government
\u2013
\u2013
\u2013
\u2013
212,523
192,457
212,523
192,457
Financial liabilities
Deposits
Personal
$
\u2013
$
\u2013
$
82,620
$
82,701
$
5,232
$
2,242
$
87,852
$
84,943
Business and government
\u2013
\u2013
191,616
187,216
4,681
5,796
196,297
193,012
Bank
\u2013
\u2013
9,420
9,079
\u2013
\u2013
9,420
9,079
Secured borrowings
\u2013
\u2013
50,546
43,996
4,872
3,971
55,418
47,967
Subordinated indebtedness
\u2013
\u2013
7,698
6,561
\u2013
\u2013
7,698
6,561
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:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Debt securities measured at FVTPL
Government issued or guaranteed
$
4,258
$
4,194
$
32,328
$
25,128
$
\u2013
$
\u2013
$
36,586
$
29,322
Corporate debt
\u2013
\u2013
4,385
4,455
\u2013
\u2013
4,385
4,455
Mortgage- and asset-backed
\u2013
\u2013
4,213
3,056
70
151
4,283
3,207
4,258
4,194
40,926
32,639
70
151
45,254
36,984
Loans measured at FVTPL
Business and government
\u2013
\u2013
116
126
105
(1)
144
(1)
221
270
Residential mortgages
\u2013
\u2013
3
3
\u2013
\u2013
3
3
\u2013
\u2013
119
129
105
144
224
273
Debt securities measured at FVOCI
Government issued or guaranteed
2,760
3,468
60,051
48,717
\u2013
\u2013
62,811
52,185
Corporate debt
\u2013
\u2013
9,083
6,658
\u2013
\u2013
9,083
6,658
Mortgage- and asset-backed
\u2013
\u2013
4,127
1,916
\u2013
\u2013
4,127
1,916
2,760
3,468
73,261
57,291
\u2013
\u2013
76,021
60,759
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
59,904
44,852
916
872
640
587
61,460
46,311
Securities purchased under resale agreements
measured at FVTPL
\u2013
\u2013
24,977
13,387
(2)
\u2013
\u2013
24,977
13,387
Other assets
\u2013
\u2013
364
\u2013
\u2013
\u2013
364
\u2013
Derivative instruments
Interest rate
2
1
6,718
9,385
51
21
6,771
9,407
Foreign exchange
\u2013
\u2013
15,525
15,509
\u2013
\u2013
15,525
15,509
Credit
\u2013
\u2013
2
18
44
46
46
64
Equity
5,821
2,331
5,157
2,900
6
4
10,984
5,235
Precious metal and other commodity
32
15
3,077
3,013
\u2013
\u2013
3,109
3,028
5,855
2,347
30,479
30,825
101
71
36,435
33,243
Total financial assets
$
72,777
$
54,861
$
171,042
$
135,143
$
916
$
953
$
244,735
$
190,957
Financial liabilities
Deposits and other liabilities
(3)
$
\u2013
$
\u2013
$
(39,290)
$
(35,671)
$
(416)
$
(242)
$
(39,706)
$
(35,913)
Obligations related to securities sold short
(9,199)
(6,265)
(12,443)
(12,401)
\u2013
\u2013
(21,642)
(18,666)
Obligations related to securities sold under
repurchase agreements
\u2013
\u2013
(9,746)
(4,715)
\u2013
\u2013
(9,746)
(4,715)
Derivative instruments
Interest rate
(2)
(1)
(8,236)
(13,781)
(1,028)
(1,817)
(9,266)
(15,599)
Foreign exchange
\u2013
\u2013
(16,065)
(17,677)
(4)
\u2013
(16,069)
(17,677)
Credit
\u2013
\u2013
(5)
(11)
(50)
(52)
(55)
(63)
Equity
(4,712)
(2,406)
(6,404)
(3,498)
(1)
(5)
(11,117)
(5,909)
Precious metal and other commodity
(39)
(68)
(4,108)
(1,974)
\u2013
\u2013
(4,147)
(2,042)
(4,753)
(2,475)
(34,818)
(36,941)
(1,083)
(1,874)
(40,654)
(41,290)
Total financial liabilities
$
(13,952)
$
(8,740)
$
(96,297)
$
(89,728)
$
(1,499)
$
(2,116)
$
(111,748)
$
(100,584)
(1)
Relates to loans designated at FVTPL.
(2)
The disclosed amount has been restated with no impact on the measurement of the related financial instruments in the consolidated financial statements.
(3)
Comprises deposits designated at FVTPL of $39,008 million (2023: $35,639 million), net bifurcated embedded derivative liabilities of $521 million (2023: net bifurcated
embedded derivative liabilities of $139 million), other liabilities designated at FVTPL of $19 million (2023: $16 million), and other financial liabilities measured at fair value
of $158 million (2023: $119 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 $922 million of securities mandatorily measured at FVTPL (2023: $650 million) from Level 1 to Level 2 and $2,068 million of
securities sold short (2023: $933 million) from Level 1 to Level 2 due to changes in the observability of the inputs used to value these securities.
Transfers from Level 2 to Level 1 were not significant. In addition, transfers between Level 2 and Level 3 were made during 2024 and 2023, primarily
due to changes in the assessment of the observability of certain correlation, market volatility and probability inputs that were used in measuring the
fair value of our fair value option liabilities and derivatives.
\n
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value
\n
utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the
\n
gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses
\n
on the related hedging instruments that are classified in Level 1 and Level 2.
\n\n \n
Net gains (losses)
included in income
(1)
Net
Transfer
Transfer
Opening
gains (losses)
in to
out of
Purchases/
Sales/
Closing
$ millions, for the year ended October 31
balance
Realized
Unrealized
(2)
included in OCI
(3)
Level 3
Level 3
Issuances
Settlements
balance
2024
Debt securities measured at FVTPL
Corporate debt
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
Mortgage- and asset-backed
151
\u2013
(3)
\u2013
\u2013
\u2013
84
(162)
70
Loans measured at FVTPL
144
\u2013
5
\u2013
\u2013
\u2013
\u2013
(44)
105
Business and government
Corporate equity mandatorily measured at
587
7
26
(17)
\u2013
\u2013
113
(76)
640
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
21
\u2013
97
\u2013
\u2013
\u2013
(67)
\u2013
51
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
46
(6)
2
\u2013
\u2013
\u2013
2
\u2013
44
Equity
4
\u2013
2
\u2013
2
(6)
5
(1)
6
Total assets
$
953
$
1
$
129
$
(17)
$
2
$
(73)
$
204
$
(283) $
916
Deposits and other liabilities
(4)
$
(242)
$
(14)
$
(156)
$
\u2013
$
(3)
$
17
$
(120)
$
102
$
(416)
Derivative instruments
Interest rate
(1,817)
\u2013
297
\u2013
\u2013
425
(8)
75
(1,028)
Foreign exchange
\u2013
\u2013
(31)
\u2013
\u2013
27
\u2013
\u2013
(4)
Credit
(52)
1
1
\u2013
(2)
\u2013
\u2013
2
(50)
Equity
(5)
\u2013
(1)
\u2013
(3)
4
\u2013
4
(1)
Total liabilities
$
(2,116)
$
(13)
$
110
$
\u2013
$
(8)
$
473
$
(128)
$
183
$
(1,499)
2023
Debt securities measured at FVTPL
Corporate debt
$
2
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
(2) $
\u2013
Mortgage- and asset-backed
207
\u2013
\u2013
\u2013
\u2013
\u2013
159
(215)
151
Loans measured at FVTPL
687
\u2013
6
(2)
\u2013
\u2013
\u2013
(547)
144
Business and government
Corporate equity mandatorily measured at
459
6
53
16
\u2013
\u2013
213
(160)
587
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
18
\u2013
\u2013
\u2013
\u2013
(10)
12
1
21
Foreign exchange
\u2013
\u2013
24
\u2013
\u2013
(24)
\u2013
\u2013
\u2013
Credit
45
(3)
5
\u2013
\u2013
\u2013
\u2013
(1)
46
Equity
4
1
\u2013
\u2013
4
(2)
5
(8)
4
Total assets
$
1,422
$
4
$
88
$
14
$
4
$
(36)
$
389
$
(932) $
953
Deposits and other liabilities
(4)
$
(409)
$
(40)
$
85
$
\u2013
$
(2)
$
1
$
(129)
$
252
$
(242)
Derivative instruments
Interest rate
(1,533)
\u2013
(728)
\u2013
\u2013
407
(11)
48
(1,817)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
(50)
3
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
(52)
Equity
(3)
\u2013
(1)
\u2013
(5)
6
(3)
1
(5)
Total liabilities
$
(1,995)
$
(37)
$
(649)
$
\u2013
$
(7)
$
414
$
(143)
$
301
$
(2,116)
\n
(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.
\n
(2)
Comprises unrealized gains and losses relating to these assets and liabilities held at the end of the reporting year.
\n
(3)
Foreign exchange translation on loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
\n
(4)
Includes deposits designated at FVTPL of $211 million (2023: $115 million), net bifurcated embedded derivative liabilities of $186 million (2023: net bifurcated embedded
\n
derivative liabilities of $111 million) and other liabilities designated at FVTPL of $19 million (2023: $14 million).
Quantitative information about significant non-observable inputs
Valuation techniques using one or more non-observable inputs are used for a number of financial instruments. The following table discloses the
valuation techniques and quantitative information about the significant non-observable inputs used in Level 3 financial instruments:
\n \n
Range of inputs
$ millions, as at October 31
2024
Valuation techniques
Key non-observable inputs
Low
High
Debt securities measured at FVTPL
Mortgage- and asset-backed
$
70
Discounted cash flow
Credit spread
4.5 %
6.4 %
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
Limited partnerships and private
companies
640
Adjusted net asset value
(1)
Net asset value
(2)
n/a
n/a
Valuation multiple
Earnings multiple
12.4 x
24.2 x
Proxy share price
Proxy share price
(2)
n/a
n/a
Loans measured at FVTPL
Business and government
105
Discounted cash flow
Credit spread
2.1 %
2.1 %
Derivative instruments
Interest rate
51
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Credit
44
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
6
Option model
Market correlation
31.0 %
96.4 %
Total assets
$
916
Deposits and other liabilities
Deposits designated at FVTPL and
net bifurcated embedded derivative
liabilities
$
(397)
Option model
Market volatility
8.7 %
142.4 %
Market correlation
(100.0)%
100.0 %
Other liabilities designated at FVTPL
(19)
Option model
Funding ratio
53.0 %
53.0 %
Derivative instruments
Interest rate
(1,028)
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Foreign exchange
(4)
Option model
Probability of contingent settlement
100.0 %
100.0 %
Credit
(50)
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
(1)
Option model
Market correlation
23.8 %
97.8 %
Total liabilities
$
(1,499)
(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)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be non-observable.
n/a Not applicable.
Sensitivity of Level 3 financial assets and liabilities
The following section describes the significant non-observable inputs identified in the table above, the interrelationships between those inputs,
where applicable, and the change in fair value if changing one or more of the non-observable inputs within a reasonably possible range would
impact the fair value significantly.
The fair value of our limited partnerships is determined based on the net asset value provided by the fund managers, adjusted as appropriate.
The fair value of limited partnerships is sensitive to changes in the net asset value, and by adjusting the net asset value within a reasonably possible
range, the aggregate fair value of our limited partnerships would increase or decrease by $145 million (2023: $138 million).
While our standalone derivatives are recorded as derivative assets or derivative liabilities, our derivatives embedded in our structured note
deposit liabilities or deposit liabilities designated at FVTPL are recorded within deposits and other liabilities. The determination of the fair value of
certain Level 3 embedded derivatives and certain standalone derivatives requires significant assumptions and judgment to be applied to both the
inputs and the valuation techniques employed. These derivatives are sensitive to long-dated market volatility and correlation inputs, which we
consider to be non-observable. Market volatility is a measure of the anticipated future variability of a market price and is an important input for
pricing options, which are inherent in many of our Level 3 derivatives. A higher market volatility generally results in a higher option price, with all else
held constant, due to the higher probability of obtaining a greater return from the option, and results in an increase in the fair value of our Level 3
derivatives. Correlation inputs are used to value those derivatives where the payout is dependent upon more than one market price. For example,
the payout of an equity basket option is based upon the performance of a basket of stocks, and the interrelationships between the price movements
of those stocks. A positive correlation implies that two inputs tend to change the fair value in the same direction, while a negative correlation implies
that two inputs tend to change the fair value in the opposite direction. Changes in market correlation could result in an increase or a decrease in the
fair value of our Level 3 derivatives and embedded derivatives. By adjusting the non-observable inputs by reasonably alternative amounts, the fair
value of our net Level 3 standalone derivatives and embedded derivatives would increase by $149 million or decrease by $142 million (2023:
increase by $105 million or decrease by $99 million).
For certain interest rate and foreign exchange derivatives, the probability of contingent settlement not occurring was a significant Level 3
valuation input. By increasing the probability of contingent settlement not occurring by 10%, the fair value of those derivatives in an asset position
would decrease by less than $4 million, while the fair value of those derivatives in a liability position would decrease by up to $13 million. If the
probably of contingent settlement decreased by 100% for our largest derivative asset position, the fair value of the corresponding derivative would
decrease by $22 million.
Financial instruments designated at FVTPL
Financial assets designated at FVTPL include loans that were designated at FVTPL on the basis of being managed together with derivatives to
eliminate or significantly reduce financial risks.
Deposits and other liabilities designated at FVTPL include:
\u2022
Certain business and government deposit liabilities, certain secured borrowings and certain obligations related to securities sold under
repurchase agreements that are economically hedged with derivatives and other financial instruments, and certain financial liabilities that have
one or more embedded derivatives that significantly modify the cash flows of the host liability but are not bifurcated from the host instrument; and
\u2022
Our mortgage commitments to retail clients to provide mortgages at fixed rates that are economically hedged with derivatives and other
financial instruments.
The carrying value of our loans designated at FVTPL represents our maximum exposure to credit risk related to these assets designated at FVTPL.
The change in fair value attributable to change in credit risk of these assets designated at FVTPL during the year is insignificant (2023: insignificant).
The fair value of a liability designated at FVTPL reflects the credit risk relating to that liability. For those liabilities designated at FVTPL for which we
believe changes in our credit risk would impact the fair value from the note holders\u2019 perspective, the related fair value changes were recognized in
OCI. Changes in fair value attributable to changes in our own credit are measured as the difference between: (i) the period-over-period change in
the present value of the expected cash flows using a discount curve adjusted for our own credit; and (ii) the period-over-period change in the
present value of the same expected cash flows using a discount curve based on the benchmark curve adjusted for our own credit as implied at
inception of the liability designated at FVTPL. The pre-tax impact of changes in CIBC\u2019s own credit risk on our liabilities designated at FVTPL was
losses of $299 million for the year and losses of $125 million cumulatively (2023: losses of $144 million for the year and gains of $211 million
cumulatively). A net gain of $34 million, net of hedges (2023: a net loss of $10 million), was realized for assets designated at FVTPL and liabilities
designated at FVTPL, which is included in the consolidated statement of income under Gains (losses) from financial instruments measured/
designated at FVTPL, net.
The estimated contractual amount payable at maturity of deposits designated at FVTPL, which for certain notes is based on the par value and
the intrinsic value of the applicable embedded derivatives, is $3,859 million higher (2023: $4,332 million higher) than its fair value. The intrinsic value
of the embedded derivatives reflects the structured payoff of certain FVO deposit liabilities, which we hedge economically with derivatives and other
FVTPL financial instruments.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00420": { "value": "Fair value of financial instruments \n \n
Carrying value
Mandatorily
Fair value
Fair value
Amortized
measured
Designated
through
Fair
over (under)
$ millions, as at October 31
cost
at FVTPL
at FVTPL
OCI
Total
value
carrying value
2024 Financial assets
Cash and deposits with banks
$
48,064
$
\u2013
$
\u2013
$
\u2013
$
48,064
$
48,064
$
\u2013
Securities
71,610
106,042
\u2013
76,693
254,345
253,437
(908)
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
17,028
17,028
\u2013
Securities purchased under resale agreements
58,744
24,977
\u2013
\u2013
83,721
83,721
\u2013
Loans
Residential mortgages
280,220
3
\u2013
\u2013
280,223
279,805
(418)
Personal
45,739
\u2013
\u2013
\u2013
45,739
45,750
11
Credit card
19,649
\u2013
\u2013
\u2013
19,649
19,682
33
Business and government
212,454
116
105
\u2013
212,675
212,744
69
Derivative instruments
\u2013
36,435
\u2013
\u2013
36,435
36,435
\u2013
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Other assets
20,121
364
\u2013
\u2013
20,485
20,485
\u2013
Financial liabilities
Deposits
Personal
$
235,593
$
\u2013
$
17,301
$
\u2013
$
252,894
$
253,378
$
484
Business and government
414,441
\u2013
21,058
\u2013
435,499
436,528
1,029
Bank
20,009
\u2013
\u2013
\u2013
20,009
20,009
\u2013
Secured borrowings
55,285
\u2013
1,170
\u2013
56,455
56,588
133
Derivative instruments
\u2013
40,654
\u2013
\u2013
40,654
40,654
\u2013
Acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Obligations related to securities sold short
\u2013
21,642
\u2013
\u2013
21,642
21,642
\u2013
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
7,997
7,997
\u2013
Obligations related to securities sold under
repurchase agreements
100,407
\u2013
9,746
\u2013
110,153
110,153
\u2013
Other liabilities
20,651
158
19
\u2013
20,828
20,828
\u2013
Subordinated indebtedness
7,465
\u2013
\u2013
\u2013
7,465
7,698
233
2023
Financial assets
Cash and deposits with banks
$
55,718
$
\u2013
$
\u2013
$
\u2013
$
55,718
$
55,718
$
\u2013
Securities
67,294
82,723
\u2013
61,331
211,348
209,326
(2,022)
Cash collateral on securities borrowed
14,651
\u2013
\u2013
\u2013
14,651
14,651
\u2013
Securities purchased under resale agreements
66,797
13,387
\u2013
\u2013
80,184
80,184
\u2013
Loans
Residential mortgages
273,785
3
\u2013
\u2013
273,788
268,403
(5,385)
Personal
44,570
\u2013
\u2013
\u2013
44,570
44,454
(116)
Credit card
17,853
\u2013
\u2013
\u2013
17,853
17,909
56
Business and government
192,856
126
144
\u2013
193,126
192,727
(399)
Derivative instruments
\u2013
33,243
\u2013
\u2013
33,243
33,243
\u2013
Customers\u2019 liability under acceptances
10,816
\u2013
\u2013
\u2013
10,816
10,816
\u2013
Other assets
18,651
\u2013
\u2013
\u2013
18,651
18,651
\u2013
Financial liabilities
Deposits
Personal
$
225,183
$
\u2013
$
13,852
$
\u2013
$
239,035
$
238,725
$
(310)
Business and government
392,021
\u2013
20,540
\u2013
412,561
412,983
422
Bank
22,296
\u2013
\u2013
\u2013
22,296
22,296
\u2013
Secured borrowings
48,098
\u2013
1,386
\u2013
49,484
49,353
(131)
Derivative instruments
\u2013
41,290
\u2013
\u2013
41,290
41,290
\u2013
Acceptances
10,820
\u2013
\u2013
\u2013
10,820
10,820
\u2013
Obligations related to securities sold short
\u2013
18,666
\u2013
\u2013
18,666
18,666
\u2013
Cash collateral on securities lent
8,081
\u2013
\u2013
\u2013
8,081
8,081
\u2013
Obligations related to securities sold under
repurchase agreements
82,403
\u2013
4,715
\u2013
87,118
87,118
\u2013
Other liabilities
18,459
119
16
\u2013
18,594
18,594
\u2013
Subordinated indebtedness
6,483
\u2013
\u2013
\u2013
6,483
6,561
78
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:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Debt securities measured at FVTPL
Government issued or guaranteed
$
4,258
$
4,194
$
32,328
$
25,128
$
\u2013
$
\u2013
$
36,586
$
29,322
Corporate debt
\u2013
\u2013
4,385
4,455
\u2013
\u2013
4,385
4,455
Mortgage- and asset-backed
\u2013
\u2013
4,213
3,056
70
151
4,283
3,207
4,258
4,194
40,926
32,639
70
151
45,254
36,984
Loans measured at FVTPL
Business and government
\u2013
\u2013
116
126
105
(1)
144
(1)
221
270
Residential mortgages
\u2013
\u2013
3
3
\u2013
\u2013
3
3
\u2013
\u2013
119
129
105
144
224
273
Debt securities measured at FVOCI
Government issued or guaranteed
2,760
3,468
60,051
48,717
\u2013
\u2013
62,811
52,185
Corporate debt
\u2013
\u2013
9,083
6,658
\u2013
\u2013
9,083
6,658
Mortgage- and asset-backed
\u2013
\u2013
4,127
1,916
\u2013
\u2013
4,127
1,916
2,760
3,468
73,261
57,291
\u2013
\u2013
76,021
60,759
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
59,904
44,852
916
872
640
587
61,460
46,311
Securities purchased under resale agreements
measured at FVTPL
\u2013
\u2013
24,977
13,387
(2)
\u2013
\u2013
24,977
13,387
Other assets
\u2013
\u2013
364
\u2013
\u2013
\u2013
364
\u2013
Derivative instruments
Interest rate
2
1
6,718
9,385
51
21
6,771
9,407
Foreign exchange
\u2013
\u2013
15,525
15,509
\u2013
\u2013
15,525
15,509
Credit
\u2013
\u2013
2
18
44
46
46
64
Equity
5,821
2,331
5,157
2,900
6
4
10,984
5,235
Precious metal and other commodity
32
15
3,077
3,013
\u2013
\u2013
3,109
3,028
5,855
2,347
30,479
30,825
101
71
36,435
33,243
Total financial assets
$
72,777
$
54,861
$
171,042
$
135,143
$
916
$
953
$
244,735
$
190,957
Financial liabilities
Deposits and other liabilities
(3)
$
\u2013
$
\u2013
$
(39,290)
$
(35,671)
$
(416)
$
(242)
$
(39,706)
$
(35,913)
Obligations related to securities sold short
(9,199)
(6,265)
(12,443)
(12,401)
\u2013
\u2013
(21,642)
(18,666)
Obligations related to securities sold under
repurchase agreements
\u2013
\u2013
(9,746)
(4,715)
\u2013
\u2013
(9,746)
(4,715)
Derivative instruments
Interest rate
(2)
(1)
(8,236)
(13,781)
(1,028)
(1,817)
(9,266)
(15,599)
Foreign exchange
\u2013
\u2013
(16,065)
(17,677)
(4)
\u2013
(16,069)
(17,677)
Credit
\u2013
\u2013
(5)
(11)
(50)
(52)
(55)
(63)
Equity
(4,712)
(2,406)
(6,404)
(3,498)
(1)
(5)
(11,117)
(5,909)
Precious metal and other commodity
(39)
(68)
(4,108)
(1,974)
\u2013
\u2013
(4,147)
(2,042)
(4,753)
(2,475)
(34,818)
(36,941)
(1,083)
(1,874)
(40,654)
(41,290)
Total financial liabilities
$
(13,952)
$
(8,740)
$
(96,297)
$
(89,728)
$
(1,499)
$
(2,116)
$
(111,748)
$
(100,584)
(1)
Relates to loans designated at FVTPL.
(2)
The disclosed amount has been restated with no impact on the measurement of the related financial instruments in the consolidated financial statements.
(3)
Comprises deposits designated at FVTPL of $39,008 million (2023: $35,639 million), net bifurcated embedded derivative liabilities of $521 million (2023: net bifurcated
embedded derivative liabilities of $139 million), other liabilities designated at FVTPL of $19 million (2023: $16 million), and other financial liabilities measured at fair value
of $158 million (2023: $119 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 $922 million of securities mandatorily measured at FVTPL (2023: $650 million) from Level 1 to Level 2 and $2,068 million of
securities sold short (2023: $933 million) from Level 1 to Level 2 due to changes in the observability of the inputs used to value these securities.
Transfers from Level 2 to Level 1 were not significant. In addition, transfers between Level 2 and Level 3 were made during 2024 and 2023, primarily
due to changes in the assessment of the observability of certain correlation, market volatility and probability inputs that were used in measuring the
fair value of our fair value option liabilities and derivatives.
\n
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value
\n
utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the
\n
gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses
\n
on the related hedging instruments that are classified in Level 1 and Level 2.
\n\n \n
Net gains (losses)
included in income
(1)
Net
Transfer
Transfer
Opening
gains (losses)
in to
out of
Purchases/
Sales/
Closing
$ millions, for the year ended October 31
balance
Realized
Unrealized
(2)
included in OCI
(3)
Level 3
Level 3
Issuances
Settlements
balance
2024
Debt securities measured at FVTPL
Corporate debt
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
Mortgage- and asset-backed
151
\u2013
(3)
\u2013
\u2013
\u2013
84
(162)
70
Loans measured at FVTPL
144
\u2013
5
\u2013
\u2013
\u2013
\u2013
(44)
105
Business and government
Corporate equity mandatorily measured at
587
7
26
(17)
\u2013
\u2013
113
(76)
640
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
21
\u2013
97
\u2013
\u2013
\u2013
(67)
\u2013
51
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
46
(6)
2
\u2013
\u2013
\u2013
2
\u2013
44
Equity
4
\u2013
2
\u2013
2
(6)
5
(1)
6
Total assets
$
953
$
1
$
129
$
(17)
$
2
$
(73)
$
204
$
(283) $
916
Deposits and other liabilities
(4)
$
(242)
$
(14)
$
(156)
$
\u2013
$
(3)
$
17
$
(120)
$
102
$
(416)
Derivative instruments
Interest rate
(1,817)
\u2013
297
\u2013
\u2013
425
(8)
75
(1,028)
Foreign exchange
\u2013
\u2013
(31)
\u2013
\u2013
27
\u2013
\u2013
(4)
Credit
(52)
1
1
\u2013
(2)
\u2013
\u2013
2
(50)
Equity
(5)
\u2013
(1)
\u2013
(3)
4
\u2013
4
(1)
Total liabilities
$
(2,116)
$
(13)
$
110
$
\u2013
$
(8)
$
473
$
(128)
$
183
$
(1,499)
2023
Debt securities measured at FVTPL
Corporate debt
$
2
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
(2) $
\u2013
Mortgage- and asset-backed
207
\u2013
\u2013
\u2013
\u2013
\u2013
159
(215)
151
Loans measured at FVTPL
687
\u2013
6
(2)
\u2013
\u2013
\u2013
(547)
144
Business and government
Corporate equity mandatorily measured at
459
6
53
16
\u2013
\u2013
213
(160)
587
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
18
\u2013
\u2013
\u2013
\u2013
(10)
12
1
21
Foreign exchange
\u2013
\u2013
24
\u2013
\u2013
(24)
\u2013
\u2013
\u2013
Credit
45
(3)
5
\u2013
\u2013
\u2013
\u2013
(1)
46
Equity
4
1
\u2013
\u2013
4
(2)
5
(8)
4
Total assets
$
1,422
$
4
$
88
$
14
$
4
$
(36)
$
389
$
(932) $
953
Deposits and other liabilities
(4)
$
(409)
$
(40)
$
85
$
\u2013
$
(2)
$
1
$
(129)
$
252
$
(242)
Derivative instruments
Interest rate
(1,533)
\u2013
(728)
\u2013
\u2013
407
(11)
48
(1,817)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
(50)
3
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
(52)
Equity
(3)
\u2013
(1)
\u2013
(5)
6
(3)
1
(5)
Total liabilities
$
(1,995)
$
(37)
$
(649)
$
\u2013
$
(7)
$
414
$
(143)
$
301
$
(2,116)
\n
(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.
\n
(2)
Comprises unrealized gains and losses relating to these assets and liabilities held at the end of the reporting year.
\n
(3)
Foreign exchange translation on loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
\n
(4)
Includes deposits designated at FVTPL of $211 million (2023: $115 million), net bifurcated embedded derivative liabilities of $186 million (2023: net bifurcated embedded
\n
derivative liabilities of $111 million) and other liabilities designated at FVTPL of $19 million (2023: $14 million).
Quantitative information about significant non-observable inputs
Valuation techniques using one or more non-observable inputs are used for a number of financial instruments. The following table discloses the
valuation techniques and quantitative information about the significant non-observable inputs used in Level 3 financial instruments:
\n \n
Range of inputs
$ millions, as at October 31
2024
Valuation techniques
Key non-observable inputs
Low
High
Debt securities measured at FVTPL
Mortgage- and asset-backed
$
70
Discounted cash flow
Credit spread
4.5 %
6.4 %
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
Limited partnerships and private
companies
640
Adjusted net asset value
(1)
Net asset value
(2)
n/a
n/a
Valuation multiple
Earnings multiple
12.4 x
24.2 x
Proxy share price
Proxy share price
(2)
n/a
n/a
Loans measured at FVTPL
Business and government
105
Discounted cash flow
Credit spread
2.1 %
2.1 %
Derivative instruments
Interest rate
51
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Credit
44
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
6
Option model
Market correlation
31.0 %
96.4 %
Total assets
$
916
Deposits and other liabilities
Deposits designated at FVTPL and
net bifurcated embedded derivative
liabilities
$
(397)
Option model
Market volatility
8.7 %
142.4 %
Market correlation
(100.0)%
100.0 %
Other liabilities designated at FVTPL
(19)
Option model
Funding ratio
53.0 %
53.0 %
Derivative instruments
Interest rate
(1,028)
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Foreign exchange
(4)
Option model
Probability of contingent settlement
100.0 %
100.0 %
Credit
(50)
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
(1)
Option model
Market correlation
23.8 %
97.8 %
Total liabilities
$
(1,499)
(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)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be non-observable.
n/a Not applicable.Financial instruments designated at FVTPL
Financial assets designated at FVTPL include loans that were designated at FVTPL on the basis of being managed together with derivatives to
eliminate or significantly reduce financial risks.
Deposits and other liabilities designated at FVTPL include:
\u2022
Certain business and government deposit liabilities, certain secured borrowings and certain obligations related to securities sold under
repurchase agreements that are economically hedged with derivatives and other financial instruments, and certain financial liabilities that have
one or more embedded derivatives that significantly modify the cash flows of the host liability but are not bifurcated from the host instrument; and
\u2022
Our mortgage commitments to retail clients to provide mortgages at fixed rates that are economically hedged with derivatives and other
financial instruments.
The carrying value of our loans designated at FVTPL represents our maximum exposure to credit risk related to these assets designated at FVTPL.
The change in fair value attributable to change in credit risk of these assets designated at FVTPL during the year is insignificant (2023: insignificant).
The fair value of a liability designated at FVTPL reflects the credit risk relating to that liability. For those liabilities designated at FVTPL for which we
believe changes in our credit risk would impact the fair value from the note holders\u2019 perspective, the related fair value changes were recognized in
OCI. Changes in fair value attributable to changes in our own credit are measured as the difference between: (i) the period-over-period change in
the present value of the expected cash flows using a discount curve adjusted for our own credit; and (ii) the period-over-period change in the
present value of the same expected cash flows using a discount curve based on the benchmark curve adjusted for our own credit as implied at
inception of the liability designated at FVTPL. The pre-tax impact of changes in CIBC\u2019s own credit risk on our liabilities designated at FVTPL was
losses of $299 million for the year and losses of $125 million cumulatively (2023: losses of $144 million for the year and gains of $211 million
cumulatively). A net gain of $34 million, net of hedges (2023: a net loss of $10 million), was realized for assets designated at FVTPL and liabilities
designated at FVTPL, which is included in the consolidated statement of income under Gains (losses) from financial instruments measured/
designated at FVTPL, net.
The estimated contractual amount payable at maturity of deposits designated at FVTPL, which for certain notes is based on the par value and
the intrinsic value of the applicable embedded derivatives, is $3,859 million higher (2023: $4,332 million higher) than its fair value. The intrinsic value
of the embedded derivatives reflects the structured payoff of certain FVO deposit liabilities, which we hedge economically with derivatives and other
FVTPL financial instruments.Note 4
Securities
Securities
\n \n
$ millions, as at October 31
2024
2023
Securities measured and designated at FVOCI
$
76,693
$
61,331
Securities measured at amortized cost
(1)
71,610
67,294
Securities mandatorily measured and designated at FVTPL
106,042
82,723
$
254,345
$
211,348
(1)
During the year, less than $1 million of amortized cost debt securities were disposed of, generally shortly before their maturity, resulting in a realized gain of nil (2023: a
realized gain of less than $1 million).
\n \n
Residual term to contractual maturity
No specific
2024
2023
$ millions, as at October 31
Within 1 year
1 to 5 years
5 to 10 years
Over 10 years
maturity
Total
Total
Carrying
Carrying
Carrying
Carrying
Carrying
Carrying
Carrying
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
Debt securities measured at FVOCI
Securities issued or guaranteed by:
Canadian federal government
$
1,767
4.5 % $
9,112
3.7 % $
806
3.3 % $
\u2013
\u2013 % $
\u2013
\u2013%
$
11,685
3.8 %
$
10,897
4.7 %
Other Canadian governments
59
3.5
1,604
3.9
14,257
3.1
494
3.6
\u2013
\u2013
16,414
3.2
13,485
4.2
U.S. Treasury and agencies
15,174
4.4
10,767
3.3
3,211
4.0
\u2013
\u2013
\u2013
\u2013
29,152
3.9
22,164
3.7
Other foreign governments
3,329
4.0
2,103
4.9
101
5.5
27
5.3
\u2013
\u2013
5,560
4.4
5,639
4.7
Mortgage-backed securities
(2)
3
2.4
2,853
4.1
204
2.8
410
5.1
\u2013
\u2013
3,470
4.1
978
4.5
Asset-backed securities
264
5.1
\u2013
\u2013
\u2013
\u2013
393
6.4
\u2013
\u2013
657
5.9
938
6.8
Corporate debt
1,123
4.3
7,668
4.8
275
4.1
17
4.3
\u2013
\u2013
9,083
4.7
6,658
5.1
$ 21,719
$ 34,107
$ 18,854
$
1,341
$
\u2013
$
76,021
$
60,759
Securities measured at amortized cost
Securities issued or guaranteed by:
Canadian federal government
$
961
1.6 % $
1,441
2.8 % $
502
3.6 % $
\u2013
\u2013 % $
\u2013
\u2013%
$
2,904
2.5 %
$
3,241
2.7 %
Other Canadian governments
3,069
1.8
8,885
2.9
9,309
3.5
371
3.8
\u2013
\u2013
21,634
3.0
20,129
4.3
U.S. Treasury and agencies
8,957
1.9
21,843
2.5
2,927
3.9
\u2013
\u2013
\u2013
\u2013
33,727
2.5
32,272
2.3
Other foreign governments
216
1.4
815
3.4
340
1.1
156
2.6
\u2013
\u2013
1,527
2.5
1,530
2.5
Mortgage-backed securities
(3)
643
1.8
3,445
3.8
802
2.1
407
3.2
\u2013
\u2013
5,297
3.3
5,286
3.5
Asset-backed securities
\u2013
\u2013
844
5.0
52
6.2
1,340
6.6
\u2013
\u2013
2,236
6.0
1,018
5.4
Corporate debt
984
4.8
3,265
2.8
36
3.4
\u2013
\u2013
\u2013
\u2013
4,285
3.3
3,818
3.2
$ 14,830
$ 40,538
$ 13,968
$
2,274
$
\u2013
$
71,610
$
67,294
Debt securities mandatorily measured and
designated at FVTPL
Securities issued or guaranteed by:
Canadian federal government
$
3,142
$ 10,977
$
1,748
$
1,932
$
\u2013
$
17,799
$
11,302
Other Canadian governments
1,697
1,668
969
5,575
\u2013
9,909
7,628
U.S. Treasury and agencies
453
4,659
1,236
402
\u2013
6,750
6,045
Other foreign governments
1,228
820
56
24
\u2013
2,128
4,347
Mortgage-backed securities
(4)
277
3,504
199
\u2013
\u2013
3,980
2,898
Asset-backed securities
117
62
3
121
\u2013
303
309
Corporate debt
905
2,245
899
336
\u2013
4,385
4,455
$
7,819
$ 23,935
$
5,110
$
8,390
$
\u2013
$
45,254
$
36,984
Corporate equity mandatorily measured
at FVTPL and designated at
FVOCI
$
\u2013
\u2013 % $
\u2013
\u2013 % $
\u2013
\u2013 % $
\u2013
\u2013 % $ 61,460 n/m
$
61,460 n/m
$
46,311
n/m
Total securities
(5)
$ 44,368
$ 98,580
$ 37,932
$ 12,005
$ 61,460
$ 254,345
$ 211,348
(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 $2,832 million (2023: $220 million)
and fair value of $2,827 million (2023: $220 million); securities issued by Federal National Mortgage Association (Fannie Mae), with amortized cost of $284 million
(2023: $356 million) and fair value of $275 million (2023: $334 million); securities issued by Federal Home Loan Mortgage Corporation (Freddie Mac), with amortized cost
of $103 million (2023: $134 million) and fair value of $99 million (2023: $124 million); and securities issued by Government National Mortgage Association, a U.S.
government corporation (Ginnie Mae), with amortized cost of $274 million (2023: $311 million) and fair value of $269 million (2023: $300 million).
(3)
Includes securities backed by mortgages insured by the CMHC, with amortized cost of $2,585 million (2023: $2,342 million) and fair value of $2,582 million
(2023: $2,309 million); securities issued by Fannie Mae, with amortized cost of $471 million (2023: $621 million) and fair value of $448 million (2023: $571 million);
securities issued by Freddie Mac, with amortized cost of $1,536 million (2023: $1,667 million) and fair value of $1,450 million (2023: $1,501 million); and securities issued
by Ginnie Mae, with amortized cost of $123 million (2023: $51 million) and fair value of $118 million (2023: $45 million).
(4)
Includes securities backed by mortgages insured by the CMHC of $3,977 million (2023: $2,898 million).
(5)
Includes securities denominated in U.S. dollars with carrying value of $126.7 billion (2023: $110.9 billion) and securities denominated in other foreign currencies with
carrying value of $12,369 million (2023: $10,106 million).
n/m Not meaningful.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00421": { "value": "Fair value of financial instruments \n \n
Carrying value
Mandatorily
Fair value
Fair value
Amortized
measured
Designated
through
Fair
over (under)
$ millions, as at October 31
cost
at FVTPL
at FVTPL
OCI
Total
value
carrying value
2024 Financial assets
Cash and deposits with banks
$
48,064
$
\u2013
$
\u2013
$
\u2013
$
48,064
$
48,064
$
\u2013
Securities
71,610
106,042
\u2013
76,693
254,345
253,437
(908)
Cash collateral on securities borrowed
17,028
\u2013
\u2013
\u2013
17,028
17,028
\u2013
Securities purchased under resale agreements
58,744
24,977
\u2013
\u2013
83,721
83,721
\u2013
Loans
Residential mortgages
280,220
3
\u2013
\u2013
280,223
279,805
(418)
Personal
45,739
\u2013
\u2013
\u2013
45,739
45,750
11
Credit card
19,649
\u2013
\u2013
\u2013
19,649
19,682
33
Business and government
212,454
116
105
\u2013
212,675
212,744
69
Derivative instruments
\u2013
36,435
\u2013
\u2013
36,435
36,435
\u2013
Customers\u2019 liability under acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Other assets
20,121
364
\u2013
\u2013
20,485
20,485
\u2013
Financial liabilities
Deposits
Personal
$
235,593
$
\u2013
$
17,301
$
\u2013
$
252,894
$
253,378
$
484
Business and government
414,441
\u2013
21,058
\u2013
435,499
436,528
1,029
Bank
20,009
\u2013
\u2013
\u2013
20,009
20,009
\u2013
Secured borrowings
55,285
\u2013
1,170
\u2013
56,455
56,588
133
Derivative instruments
\u2013
40,654
\u2013
\u2013
40,654
40,654
\u2013
Acceptances
6
\u2013
\u2013
\u2013
6
6
\u2013
Obligations related to securities sold short
\u2013
21,642
\u2013
\u2013
21,642
21,642
\u2013
Cash collateral on securities lent
7,997
\u2013
\u2013
\u2013
7,997
7,997
\u2013
Obligations related to securities sold under
repurchase agreements
100,407
\u2013
9,746
\u2013
110,153
110,153
\u2013
Other liabilities
20,651
158
19
\u2013
20,828
20,828
\u2013
Subordinated indebtedness
7,465
\u2013
\u2013
\u2013
7,465
7,698
233
2023
Financial assets
Cash and deposits with banks
$
55,718
$
\u2013
$
\u2013
$
\u2013
$
55,718
$
55,718
$
\u2013
Securities
67,294
82,723
\u2013
61,331
211,348
209,326
(2,022)
Cash collateral on securities borrowed
14,651
\u2013
\u2013
\u2013
14,651
14,651
\u2013
Securities purchased under resale agreements
66,797
13,387
\u2013
\u2013
80,184
80,184
\u2013
Loans
Residential mortgages
273,785
3
\u2013
\u2013
273,788
268,403
(5,385)
Personal
44,570
\u2013
\u2013
\u2013
44,570
44,454
(116)
Credit card
17,853
\u2013
\u2013
\u2013
17,853
17,909
56
Business and government
192,856
126
144
\u2013
193,126
192,727
(399)
Derivative instruments
\u2013
33,243
\u2013
\u2013
33,243
33,243
\u2013
Customers\u2019 liability under acceptances
10,816
\u2013
\u2013
\u2013
10,816
10,816
\u2013
Other assets
18,651
\u2013
\u2013
\u2013
18,651
18,651
\u2013
Financial liabilities
Deposits
Personal
$
225,183
$
\u2013
$
13,852
$
\u2013
$
239,035
$
238,725
$
(310)
Business and government
392,021
\u2013
20,540
\u2013
412,561
412,983
422
Bank
22,296
\u2013
\u2013
\u2013
22,296
22,296
\u2013
Secured borrowings
48,098
\u2013
1,386
\u2013
49,484
49,353
(131)
Derivative instruments
\u2013
41,290
\u2013
\u2013
41,290
41,290
\u2013
Acceptances
10,820
\u2013
\u2013
\u2013
10,820
10,820
\u2013
Obligations related to securities sold short
\u2013
18,666
\u2013
\u2013
18,666
18,666
\u2013
Cash collateral on securities lent
8,081
\u2013
\u2013
\u2013
8,081
8,081
\u2013
Obligations related to securities sold under
repurchase agreements
82,403
\u2013
4,715
\u2013
87,118
87,118
\u2013
Other liabilities
18,459
119
16
\u2013
18,594
18,594
\u2013
Subordinated indebtedness
6,483
\u2013
\u2013
\u2013
6,483
6,561
78
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:
\n \n
Level 1
Level 2
Level 3
Valuation technique \u2013
Valuation technique \u2013
Quoted market price
observable market inputs
non-observable market inputs
Total
Total
$ millions, as at October 31
2024
2023
2024
2023
2024
2023
2024
2023
Financial assets
Debt securities measured at FVTPL
Government issued or guaranteed
$
4,258
$
4,194
$
32,328
$
25,128
$
\u2013
$
\u2013
$
36,586
$
29,322
Corporate debt
\u2013
\u2013
4,385
4,455
\u2013
\u2013
4,385
4,455
Mortgage- and asset-backed
\u2013
\u2013
4,213
3,056
70
151
4,283
3,207
4,258
4,194
40,926
32,639
70
151
45,254
36,984
Loans measured at FVTPL
Business and government
\u2013
\u2013
116
126
105
(1)
144
(1)
221
270
Residential mortgages
\u2013
\u2013
3
3
\u2013
\u2013
3
3
\u2013
\u2013
119
129
105
144
224
273
Debt securities measured at FVOCI
Government issued or guaranteed
2,760
3,468
60,051
48,717
\u2013
\u2013
62,811
52,185
Corporate debt
\u2013
\u2013
9,083
6,658
\u2013
\u2013
9,083
6,658
Mortgage- and asset-backed
\u2013
\u2013
4,127
1,916
\u2013
\u2013
4,127
1,916
2,760
3,468
73,261
57,291
\u2013
\u2013
76,021
60,759
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
59,904
44,852
916
872
640
587
61,460
46,311
Securities purchased under resale agreements
measured at FVTPL
\u2013
\u2013
24,977
13,387
(2)
\u2013
\u2013
24,977
13,387
Other assets
\u2013
\u2013
364
\u2013
\u2013
\u2013
364
\u2013
Derivative instruments
Interest rate
2
1
6,718
9,385
51
21
6,771
9,407
Foreign exchange
\u2013
\u2013
15,525
15,509
\u2013
\u2013
15,525
15,509
Credit
\u2013
\u2013
2
18
44
46
46
64
Equity
5,821
2,331
5,157
2,900
6
4
10,984
5,235
Precious metal and other commodity
32
15
3,077
3,013
\u2013
\u2013
3,109
3,028
5,855
2,347
30,479
30,825
101
71
36,435
33,243
Total financial assets
$
72,777
$
54,861
$
171,042
$
135,143
$
916
$
953
$
244,735
$
190,957
Financial liabilities
Deposits and other liabilities
(3)
$
\u2013
$
\u2013
$
(39,290)
$
(35,671)
$
(416)
$
(242)
$
(39,706)
$
(35,913)
Obligations related to securities sold short
(9,199)
(6,265)
(12,443)
(12,401)
\u2013
\u2013
(21,642)
(18,666)
Obligations related to securities sold under
repurchase agreements
\u2013
\u2013
(9,746)
(4,715)
\u2013
\u2013
(9,746)
(4,715)
Derivative instruments
Interest rate
(2)
(1)
(8,236)
(13,781)
(1,028)
(1,817)
(9,266)
(15,599)
Foreign exchange
\u2013
\u2013
(16,065)
(17,677)
(4)
\u2013
(16,069)
(17,677)
Credit
\u2013
\u2013
(5)
(11)
(50)
(52)
(55)
(63)
Equity
(4,712)
(2,406)
(6,404)
(3,498)
(1)
(5)
(11,117)
(5,909)
Precious metal and other commodity
(39)
(68)
(4,108)
(1,974)
\u2013
\u2013
(4,147)
(2,042)
(4,753)
(2,475)
(34,818)
(36,941)
(1,083)
(1,874)
(40,654)
(41,290)
Total financial liabilities
$
(13,952)
$
(8,740)
$
(96,297)
$
(89,728)
$
(1,499)
$
(2,116)
$
(111,748)
$
(100,584)
(1)
Relates to loans designated at FVTPL.
(2)
The disclosed amount has been restated with no impact on the measurement of the related financial instruments in the consolidated financial statements.
(3)
Comprises deposits designated at FVTPL of $39,008 million (2023: $35,639 million), net bifurcated embedded derivative liabilities of $521 million (2023: net bifurcated
embedded derivative liabilities of $139 million), other liabilities designated at FVTPL of $19 million (2023: $16 million), and other financial liabilities measured at fair value
of $158 million (2023: $119 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 $922 million of securities mandatorily measured at FVTPL (2023: $650 million) from Level 1 to Level 2 and $2,068 million of
securities sold short (2023: $933 million) from Level 1 to Level 2 due to changes in the observability of the inputs used to value these securities.
Transfers from Level 2 to Level 1 were not significant. In addition, transfers between Level 2 and Level 3 were made during 2024 and 2023, primarily
due to changes in the assessment of the observability of certain correlation, market volatility and probability inputs that were used in measuring the
fair value of our fair value option liabilities and derivatives.
\n
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value
\n
utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the
\n
gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses
\n
on the related hedging instruments that are classified in Level 1 and Level 2.
\n\n \n
Net gains (losses)
included in income
(1)
Net
Transfer
Transfer
Opening
gains (losses)
in to
out of
Purchases/
Sales/
Closing
$ millions, for the year ended October 31
balance
Realized
Unrealized
(2)
included in OCI
(3)
Level 3
Level 3
Issuances
Settlements
balance
2024
Debt securities measured at FVTPL
Corporate debt
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
Mortgage- and asset-backed
151
\u2013
(3)
\u2013
\u2013
\u2013
84
(162)
70
Loans measured at FVTPL
144
\u2013
5
\u2013
\u2013
\u2013
\u2013
(44)
105
Business and government
Corporate equity mandatorily measured at
587
7
26
(17)
\u2013
\u2013
113
(76)
640
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
21
\u2013
97
\u2013
\u2013
\u2013
(67)
\u2013
51
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
46
(6)
2
\u2013
\u2013
\u2013
2
\u2013
44
Equity
4
\u2013
2
\u2013
2
(6)
5
(1)
6
Total assets
$
953
$
1
$
129
$
(17)
$
2
$
(73)
$
204
$
(283) $
916
Deposits and other liabilities
(4)
$
(242)
$
(14)
$
(156)
$
\u2013
$
(3)
$
17
$
(120)
$
102
$
(416)
Derivative instruments
Interest rate
(1,817)
\u2013
297
\u2013
\u2013
425
(8)
75
(1,028)
Foreign exchange
\u2013
\u2013
(31)
\u2013
\u2013
27
\u2013
\u2013
(4)
Credit
(52)
1
1
\u2013
(2)
\u2013
\u2013
2
(50)
Equity
(5)
\u2013
(1)
\u2013
(3)
4
\u2013
4
(1)
Total liabilities
$
(2,116)
$
(13)
$
110
$
\u2013
$
(8)
$
473
$
(128)
$
183
$
(1,499)
2023
Debt securities measured at FVTPL
Corporate debt
$
2
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
\u2013
$
(2) $
\u2013
Mortgage- and asset-backed
207
\u2013
\u2013
\u2013
\u2013
\u2013
159
(215)
151
Loans measured at FVTPL
687
\u2013
6
(2)
\u2013
\u2013
\u2013
(547)
144
Business and government
Corporate equity mandatorily measured at
459
6
53
16
\u2013
\u2013
213
(160)
587
FVTPL and designated at FVOCI
Derivative instruments
Interest rate
18
\u2013
\u2013
\u2013
\u2013
(10)
12
1
21
Foreign exchange
\u2013
\u2013
24
\u2013
\u2013
(24)
\u2013
\u2013
\u2013
Credit
45
(3)
5
\u2013
\u2013
\u2013
\u2013
(1)
46
Equity
4
1
\u2013
\u2013
4
(2)
5
(8)
4
Total assets
$
1,422
$
4
$
88
$
14
$
4
$
(36)
$
389
$
(932) $
953
Deposits and other liabilities
(4)
$
(409)
$
(40)
$
85
$
\u2013
$
(2)
$
1
$
(129)
$
252
$
(242)
Derivative instruments
Interest rate
(1,533)
\u2013
(728)
\u2013
\u2013
407
(11)
48
(1,817)
Foreign exchange
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Credit
(50)
3
(5)
\u2013
\u2013
\u2013
\u2013
\u2013
(52)
Equity
(3)
\u2013
(1)
\u2013
(5)
6
(3)
1
(5)
Total liabilities
$
(1,995)
$
(37)
$
(649)
$
\u2013
$
(7)
$
414
$
(143)
$
301
$
(2,116)
\n
(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.
\n
(2)
Comprises unrealized gains and losses relating to these assets and liabilities held at the end of the reporting year.
\n
(3)
Foreign exchange translation on loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
\n
(4)
Includes deposits designated at FVTPL of $211 million (2023: $115 million), net bifurcated embedded derivative liabilities of $186 million (2023: net bifurcated embedded
\n
derivative liabilities of $111 million) and other liabilities designated at FVTPL of $19 million (2023: $14 million).
Quantitative information about significant non-observable inputs
Valuation techniques using one or more non-observable inputs are used for a number of financial instruments. The following table discloses the
valuation techniques and quantitative information about the significant non-observable inputs used in Level 3 financial instruments:
\n \n
Range of inputs
$ millions, as at October 31
2024
Valuation techniques
Key non-observable inputs
Low
High
Debt securities measured at FVTPL
Mortgage- and asset-backed
$
70
Discounted cash flow
Credit spread
4.5 %
6.4 %
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
Limited partnerships and private
companies
640
Adjusted net asset value
(1)
Net asset value
(2)
n/a
n/a
Valuation multiple
Earnings multiple
12.4 x
24.2 x
Proxy share price
Proxy share price
(2)
n/a
n/a
Loans measured at FVTPL
Business and government
105
Discounted cash flow
Credit spread
2.1 %
2.1 %
Derivative instruments
Interest rate
51
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Credit
44
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
6
Option model
Market correlation
31.0 %
96.4 %
Total assets
$
916
Deposits and other liabilities
Deposits designated at FVTPL and
net bifurcated embedded derivative
liabilities
$
(397)
Option model
Market volatility
8.7 %
142.4 %
Market correlation
(100.0)%
100.0 %
Other liabilities designated at FVTPL
(19)
Option model
Funding ratio
53.0 %
53.0 %
Derivative instruments
Interest rate
(1,028)
Proprietary model
(3)
n/a
n/a
n/a
Option model
Market volatility
62.7 %
142.4 %
Probability of contingent settlement
100.0 %
100.0 %
Foreign exchange
(4)
Option model
Probability of contingent settlement
100.0 %
100.0 %
Credit
(50)
Market proxy or direct broker quote
Market proxy or direct broker quote
29.6 %
29.6 %
Equity
(1)
Option model
Market correlation
23.8 %
97.8 %
Total liabilities
$
(1,499)
(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)
The range of net asset value price or proxy share price has not been disclosed due to the wide range and diverse nature of the investments.
(3)
Using valuation techniques that we consider to be non-observable.
n/a Not applicable.Financial instruments designated at FVTPL
Financial assets designated at FVTPL include loans that were designated at FVTPL on the basis of being managed together with derivatives to
eliminate or significantly reduce financial risks.
Deposits and other liabilities designated at FVTPL include:
\u2022
Certain business and government deposit liabilities, certain secured borrowings and certain obligations related to securities sold under
repurchase agreements that are economically hedged with derivatives and other financial instruments, and certain financial liabilities that have
one or more embedded derivatives that significantly modify the cash flows of the host liability but are not bifurcated from the host instrument; and
\u2022
Our mortgage commitments to retail clients to provide mortgages at fixed rates that are economically hedged with derivatives and other
financial instruments.
The carrying value of our loans designated at FVTPL represents our maximum exposure to credit risk related to these assets designated at FVTPL.
The change in fair value attributable to change in credit risk of these assets designated at FVTPL during the year is insignificant (2023: insignificant).
The fair value of a liability designated at FVTPL reflects the credit risk relating to that liability. For those liabilities designated at FVTPL for which we
believe changes in our credit risk would impact the fair value from the note holders\u2019 perspective, the related fair value changes were recognized in
OCI. Changes in fair value attributable to changes in our own credit are measured as the difference between: (i) the period-over-period change in
the present value of the expected cash flows using a discount curve adjusted for our own credit; and (ii) the period-over-period change in the
present value of the same expected cash flows using a discount curve based on the benchmark curve adjusted for our own credit as implied at
inception of the liability designated at FVTPL. The pre-tax impact of changes in CIBC\u2019s own credit risk on our liabilities designated at FVTPL was
losses of $299 million for the year and losses of $125 million cumulatively (2023: losses of $144 million for the year and gains of $211 million
cumulatively). A net gain of $34 million, net of hedges (2023: a net loss of $10 million), was realized for assets designated at FVTPL and liabilities
designated at FVTPL, which is included in the consolidated statement of income under Gains (losses) from financial instruments measured/
designated at FVTPL, net.
The estimated contractual amount payable at maturity of deposits designated at FVTPL, which for certain notes is based on the par value and
the intrinsic value of the applicable embedded derivatives, is $3,859 million higher (2023: $4,332 million higher) than its fair value. The intrinsic value
of the embedded derivatives reflects the structured payoff of certain FVO deposit liabilities, which we hedge economically with derivatives and other
FVTPL financial instruments.Note 4
Securities
Securities
\n \n
$ millions, as at October 31
2024
2023
Securities measured and designated at FVOCI
$
76,693
$
61,331
Securities measured at amortized cost
(1)
71,610
67,294
Securities mandatorily measured and designated at FVTPL
106,042
82,723
$
254,345
$
211,348
(1)
During the year, less than $1 million of amortized cost debt securities were disposed of, generally shortly before their maturity, resulting in a realized gain of nil (2023: a
realized gain of less than $1 million).
\n \n
Residual term to contractual maturity
No specific
2024
2023
$ millions, as at October 31
Within 1 year
1 to 5 years
5 to 10 years
Over 10 years
maturity
Total
Total
Carrying
Carrying
Carrying
Carrying
Carrying
Carrying
Carrying
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
Debt securities measured at FVOCI
Securities issued or guaranteed by:
Canadian federal government
$
1,767
4.5 % $
9,112
3.7 % $
806
3.3 % $
\u2013
\u2013 % $
\u2013
\u2013%
$
11,685
3.8 %
$
10,897
4.7 %
Other Canadian governments
59
3.5
1,604
3.9
14,257
3.1
494
3.6
\u2013
\u2013
16,414
3.2
13,485
4.2
U.S. Treasury and agencies
15,174
4.4
10,767
3.3
3,211
4.0
\u2013
\u2013
\u2013
\u2013
29,152
3.9
22,164
3.7
Other foreign governments
3,329
4.0
2,103
4.9
101
5.5
27
5.3
\u2013
\u2013
5,560
4.4
5,639
4.7
Mortgage-backed securities
(2)
3
2.4
2,853
4.1
204
2.8
410
5.1
\u2013
\u2013
3,470
4.1
978
4.5
Asset-backed securities
264
5.1
\u2013
\u2013
\u2013
\u2013
393
6.4
\u2013
\u2013
657
5.9
938
6.8
Corporate debt
1,123
4.3
7,668
4.8
275
4.1
17
4.3
\u2013
\u2013
9,083
4.7
6,658
5.1
$ 21,719
$ 34,107
$ 18,854
$
1,341
$
\u2013
$
76,021
$
60,759
Securities measured at amortized cost
Securities issued or guaranteed by:
Canadian federal government
$
961
1.6 % $
1,441
2.8 % $
502
3.6 % $
\u2013
\u2013 % $
\u2013
\u2013%
$
2,904
2.5 %
$
3,241
2.7 %
Other Canadian governments
3,069
1.8
8,885
2.9
9,309
3.5
371
3.8
\u2013
\u2013
21,634
3.0
20,129
4.3
U.S. Treasury and agencies
8,957
1.9
21,843
2.5
2,927
3.9
\u2013
\u2013
\u2013
\u2013
33,727
2.5
32,272
2.3
Other foreign governments
216
1.4
815
3.4
340
1.1
156
2.6
\u2013
\u2013
1,527
2.5
1,530
2.5
Mortgage-backed securities
(3)
643
1.8
3,445
3.8
802
2.1
407
3.2
\u2013
\u2013
5,297
3.3
5,286
3.5
Asset-backed securities
\u2013
\u2013
844
5.0
52
6.2
1,340
6.6
\u2013
\u2013
2,236
6.0
1,018
5.4
Corporate debt
984
4.8
3,265
2.8
36
3.4
\u2013
\u2013
\u2013
\u2013
4,285
3.3
3,818
3.2
$ 14,830
$ 40,538
$ 13,968
$
2,274
$
\u2013
$
71,610
$
67,294
Debt securities mandatorily measured and
designated at FVTPL
Securities issued or guaranteed by:
Canadian federal government
$
3,142
$ 10,977
$
1,748
$
1,932
$
\u2013
$
17,799
$
11,302
Other Canadian governments
1,697
1,668
969
5,575
\u2013
9,909
7,628
U.S. Treasury and agencies
453
4,659
1,236
402
\u2013
6,750
6,045
Other foreign governments
1,228
820
56
24
\u2013
2,128
4,347
Mortgage-backed securities
(4)
277
3,504
199
\u2013
\u2013
3,980
2,898
Asset-backed securities
117
62
3
121
\u2013
303
309
Corporate debt
905
2,245
899
336
\u2013
4,385
4,455
$
7,819
$ 23,935
$
5,110
$
8,390
$
\u2013
$
45,254
$
36,984
Corporate equity mandatorily measured
at FVTPL and designated at
FVOCI
$
\u2013
\u2013 % $
\u2013
\u2013 % $
\u2013
\u2013 % $
\u2013
\u2013 % $ 61,460 n/m
$
61,460 n/m
$
46,311
n/m
Total securities
(5)
$ 44,368
$ 98,580
$ 37,932
$ 12,005
$ 61,460
$ 254,345
$ 211,348
(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 $2,832 million (2023: $220 million)
and fair value of $2,827 million (2023: $220 million); securities issued by Federal National Mortgage Association (Fannie Mae), with amortized cost of $284 million
(2023: $356 million) and fair value of $275 million (2023: $334 million); securities issued by Federal Home Loan Mortgage Corporation (Freddie Mac), with amortized cost
of $103 million (2023: $134 million) and fair value of $99 million (2023: $124 million); and securities issued by Government National Mortgage Association, a U.S.
government corporation (Ginnie Mae), with amortized cost of $274 million (2023: $311 million) and fair value of $269 million (2023: $300 million).
(3)
Includes securities backed by mortgages insured by the CMHC, with amortized cost of $2,585 million (2023: $2,342 million) and fair value of $2,582 million
(2023: $2,309 million); securities issued by Fannie Mae, with amortized cost of $471 million (2023: $621 million) and fair value of $448 million (2023: $571 million);
securities issued by Freddie Mac, with amortized cost of $1,536 million (2023: $1,667 million) and fair value of $1,450 million (2023: $1,501 million); and securities issued
by Ginnie Mae, with amortized cost of $123 million (2023: $51 million) and fair value of $118 million (2023: $45 million).
(4)
Includes securities backed by mortgages insured by the CMHC of $3,977 million (2023: $2,898 million).
(5)
Includes securities denominated in U.S. dollars with carrying value of $126.7 billion (2023: $110.9 billion) and securities denominated in other foreign currencies with
carrying value of $12,369 million (2023: $10,106 million).
n/m Not meaningful.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00422": { "value": "Note 3
Significant transactions
Sale of certain banking assets in the Caribbean
CIBC Caribbean Bank Limited (formerly known as FirstCaribbean International Bank Limited) sold its banking assets in St. Vincent and Grenada in
March 2023 and July 2023, respectively. CIBC Caribbean Bank Limited (CIBC Caribbean) ceased its operations in Dominica on January 31, 2023.
The impacts of these transactions and closures were not material.
On October 31, 2023, CIBC Caribbean announced that it had entered into an agreement to sell its banking assets in Cura\u00e7ao and Sint
Maarten. The sale of banking assets in Cura\u00e7ao was completed on May 24, 2024 upon the satisfaction of the closing conditions, and was not
material. The Sint Maarten transaction is subject to closing conditions, and is expected to be finalized in the second quarter of 2025. The impact
upon closing is not expected to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00423": { "value": "Note 4
Securities
Securities
\n \n
$ millions, as at October 31
2024
2023
Securities measured and designated at FVOCI
$
76,693
$
61,331
Securities measured at amortized cost
(1)
71,610
67,294
Securities mandatorily measured and designated at FVTPL
106,042
82,723
$
254,345
$
211,348
(1)
During the year, less than $1 million of amortized cost debt securities were disposed of, generally shortly before their maturity, resulting in a realized gain of nil (2023: a
realized gain of less than $1 million).
\n \n
Residual term to contractual maturity
No specific
2024
2023
$ millions, as at October 31
Within 1 year
1 to 5 years
5 to 10 years
Over 10 years
maturity
Total
Total
Carrying
Carrying
Carrying
Carrying
Carrying
Carrying
Carrying
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
value Yield
(1)
Debt securities measured at FVOCI
Securities issued or guaranteed by:
Canadian federal government
$
1,767
4.5 % $
9,112
3.7 % $
806
3.3 % $
\u2013
\u2013 % $
\u2013
\u2013%
$
11,685
3.8 %
$
10,897
4.7 %
Other Canadian governments
59
3.5
1,604
3.9
14,257
3.1
494
3.6
\u2013
\u2013
16,414
3.2
13,485
4.2
U.S. Treasury and agencies
15,174
4.4
10,767
3.3
3,211
4.0
\u2013
\u2013
\u2013
\u2013
29,152
3.9
22,164
3.7
Other foreign governments
3,329
4.0
2,103
4.9
101
5.5
27
5.3
\u2013
\u2013
5,560
4.4
5,639
4.7
Mortgage-backed securities
(2)
3
2.4
2,853
4.1
204
2.8
410
5.1
\u2013
\u2013
3,470
4.1
978
4.5
Asset-backed securities
264
5.1
\u2013
\u2013
\u2013
\u2013
393
6.4
\u2013
\u2013
657
5.9
938
6.8
Corporate debt
1,123
4.3
7,668
4.8
275
4.1
17
4.3
\u2013
\u2013
9,083
4.7
6,658
5.1
$ 21,719
$ 34,107
$ 18,854
$
1,341
$
\u2013
$
76,021
$
60,759
Securities measured at amortized cost
Securities issued or guaranteed by:
Canadian federal government
$
961
1.6 % $
1,441
2.8 % $
502
3.6 % $
\u2013
\u2013 % $
\u2013
\u2013%
$
2,904
2.5 %
$
3,241
2.7 %
Other Canadian governments
3,069
1.8
8,885
2.9
9,309
3.5
371
3.8
\u2013
\u2013
21,634
3.0
20,129
4.3
U.S. Treasury and agencies
8,957
1.9
21,843
2.5
2,927
3.9
\u2013
\u2013
\u2013
\u2013
33,727
2.5
32,272
2.3
Other foreign governments
216
1.4
815
3.4
340
1.1
156
2.6
\u2013
\u2013
1,527
2.5
1,530
2.5
Mortgage-backed securities
(3)
643
1.8
3,445
3.8
802
2.1
407
3.2
\u2013
\u2013
5,297
3.3
5,286
3.5
Asset-backed securities
\u2013
\u2013
844
5.0
52
6.2
1,340
6.6
\u2013
\u2013
2,236
6.0
1,018
5.4
Corporate debt
984
4.8
3,265
2.8
36
3.4
\u2013
\u2013
\u2013
\u2013
4,285
3.3
3,818
3.2
$ 14,830
$ 40,538
$ 13,968
$
2,274
$
\u2013
$
71,610
$
67,294
Debt securities mandatorily measured and
designated at FVTPL
Securities issued or guaranteed by:
Canadian federal government
$
3,142
$ 10,977
$
1,748
$
1,932
$
\u2013
$
17,799
$
11,302
Other Canadian governments
1,697
1,668
969
5,575
\u2013
9,909
7,628
U.S. Treasury and agencies
453
4,659
1,236
402
\u2013
6,750
6,045
Other foreign governments
1,228
820
56
24
\u2013
2,128
4,347
Mortgage-backed securities
(4)
277
3,504
199
\u2013
\u2013
3,980
2,898
Asset-backed securities
117
62
3
121
\u2013
303
309
Corporate debt
905
2,245
899
336
\u2013
4,385
4,455
$
7,819
$ 23,935
$
5,110
$
8,390
$
\u2013
$
45,254
$
36,984
Corporate equity mandatorily measured
at FVTPL and designated at
FVOCI
$
\u2013
\u2013 % $
\u2013
\u2013 % $
\u2013
\u2013 % $
\u2013
\u2013 % $ 61,460 n/m
$
61,460 n/m
$
46,311
n/m
Total securities
(5)
$ 44,368
$ 98,580
$ 37,932
$ 12,005
$ 61,460
$ 254,345
$ 211,348
(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 $2,832 million (2023: $220 million)
and fair value of $2,827 million (2023: $220 million); securities issued by Federal National Mortgage Association (Fannie Mae), with amortized cost of $284 million
(2023: $356 million) and fair value of $275 million (2023: $334 million); securities issued by Federal Home Loan Mortgage Corporation (Freddie Mac), with amortized cost
of $103 million (2023: $134 million) and fair value of $99 million (2023: $124 million); and securities issued by Government National Mortgage Association, a U.S.
government corporation (Ginnie Mae), with amortized cost of $274 million (2023: $311 million) and fair value of $269 million (2023: $300 million).
(3)
Includes securities backed by mortgages insured by the CMHC, with amortized cost of $2,585 million (2023: $2,342 million) and fair value of $2,582 million
(2023: $2,309 million); securities issued by Fannie Mae, with amortized cost of $471 million (2023: $621 million) and fair value of $448 million (2023: $571 million);
securities issued by Freddie Mac, with amortized cost of $1,536 million (2023: $1,667 million) and fair value of $1,450 million (2023: $1,501 million); and securities issued
by Ginnie Mae, with amortized cost of $123 million (2023: $51 million) and fair value of $118 million (2023: $45 million).
(4)
Includes securities backed by mortgages insured by the CMHC of $3,977 million (2023: $2,898 million).
(5)
Includes securities denominated in U.S. dollars with carrying value of $126.7 billion (2023: $110.9 billion) and securities denominated in other foreign currencies with
carrying value of $12,369 million (2023: $10,106 million).
n/m Not meaningful.
Fair value of debt securities measured and equity securities designated at FVOCI
\n \n
$ millions, as at October 31
2024
2023
Cost/
Gross
Gross
Cost/
Gross
Gross
Amortized
unrealized
unrealized
Fair
Amortized
unrealized
unrealized
Fair
cost
(1)
gains
losses
value
cost
(1)
gains
losses
value
Securities issued or guaranteed by:
Canadian federal government
$
11,715
$
1
$
(31)
$
11,685
$
10,890
$
16
$
(9)
$
10,897
Other Canadian governments
16,506
9
(101)
16,414
13,526
33
(74)
13,485
U.S. Treasury and agencies
29,362
10
(220)
29,152
22,383
4
(223)
22,164
Other foreign governments
5,542
22
(4)
5,560
5,632
21
(14)
5,639
Mortgage-backed securities
3,493
\u2013
(23)
3,470
1,021
\u2013
(43)
978
Asset-backed securities
656
1
\u2013
657
944
\u2013
(6)
938
Corporate debt
9,085
7
(9)
9,083
6,691
1
(34)
6,658
76,359
50
(388)
76,021
61,087
75
(403)
60,759
Corporate equity
(2)
653
51
(32)
672
556
48
(32)
572
$
77,012
$
101
$
(420)
$
76,693
$
61,643
$
123
$
(435)
$
61,331
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $19 million (2023: $22 million).
(2) Includes restricted stock.
Fair value of equity securities designated at FVOCI that were disposed of during the year was nil (2023: $10 million) at the time of disposal. Net
realized cumulative after-tax losses of $15 million for the year (2023: nil) were reclassified from AOCI to retained earnings, resulting from
dispositions of equity securities designated at FVOCI and return on capital distributions from limited partnerships designated at FVOCI.
Dividend income recognized on equity securities designated at FVOCI that were still held as at October 31, 2024 was $3 million
(2023: $3 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of during the year was nil (2023: nil).
The table below presents profit or loss recognized on FVOCI debt securities:
\n \n
$ millions, for the year ended October 31
2024
2023
Realized gains
$
64
$
114
Realized losses
(26)
(24)
(Provision for) reversal of credit losses on debt securities
3
2
$
41
$
92
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
and amortized cost:
\n \n
Stage 1
Stage 2
Stage 3
Collective and
Collective provision
Collective provision
individual provision
12-month ECL
lifetime ECL
lifetime ECL
$ millions, as at or for the year ended October 31
performing
performing
credit-impaired
(1)
Total
2024
Debt securities measured at FVOCI and amortized cost
Balance at beginning of year
$
8
$
20
$
14
$
42
Reversal of credit losses
(2)
\u2013
(3)
(2)
(5)
Write-offs
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
(1)
\u2013
\u2013
(1)
Balance at end of year
$
7
$
17
$
12
$
36
Comprises:
Debt securities measured at FVOCI
$
2
$
17
$
\u2013
$
19
Debt securities measured at amortized cost
5
\u2013
12
17
2023
Debt securities measured at FVOCI and amortized cost
Balance at beginning of year
$
7
$
20
$
12
$
39
Provision for credit losses
(2)
2
\u2013
1
3
Write-offs
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
(1)
\u2013
1
\u2013
Balance at end of year
$
8
$
20
$
14
$
42
Comprises:
Debt securities measured at FVOCI
$
2
$
20
$
\u2013
$
22
Debt securities measured at amortized cost
6
\u2013
14
20
(1)
Includes stage 3 ECL allowance on originated credit-impaired amortized cost debt securities.
(2)
Included in Gains (losses) from debt securities measured at FVOCI and amortized cost, net on our consolidated statement of income.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00424": { "value": "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
and amortized cost:
\n \n
Stage 1
Stage 2
Stage 3
Collective and
Collective provision
Collective provision
individual provision
12-month ECL
lifetime ECL
lifetime ECL
$ millions, as at or for the year ended October 31
performing
performing
credit-impaired
(1)
Total
2024
Debt securities measured at FVOCI and amortized cost
Balance at beginning of year
$
8
$
20
$
14
$
42
Reversal of credit losses
(2)
\u2013
(3)
(2)
(5)
Write-offs
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
(1)
\u2013
\u2013
(1)
Balance at end of year
$
7
$
17
$
12
$
36
Comprises:
Debt securities measured at FVOCI
$
2
$
17
$
\u2013
$
19
Debt securities measured at amortized cost
5
\u2013
12
17
2023
Debt securities measured at FVOCI and amortized cost
Balance at beginning of year
$
7
$
20
$
12
$
39
Provision for credit losses
(2)
2
\u2013
1
3
Write-offs
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
(1)
\u2013
1
\u2013
Balance at end of year
$
8
$
20
$
14
$
42
Comprises:
Debt securities measured at FVOCI
$
2
$
20
$
\u2013
$
22
Debt securities measured at amortized cost
6
\u2013
14
20
(1)
Includes stage 3 ECL allowance on originated credit-impaired amortized cost debt securities.
(2)
Included in Gains (losses) from debt securities measured at FVOCI and amortized cost, net on our consolidated statement of income.Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance:
\n \n
$ millions, as at or for the year ended October 31
2024
Stage 1
Stage 2
Stage 3
Collective and
Collective provision
Collective provision
individual provision
12-month ECL
lifetime ECL
lifetime ECL
performing
performing
credit-impaired
Total
Residential mortgages
Balance at beginning of year
$
90
$
142
$
224
$
456
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
15
(19)
(55)
(59)
Changes in model
\u2013
4
11
15
Net remeasurement
(2)
(115)
96
95
76
Transfers
(2)
\u2013 to 12-month ECL
109
(107)
(2)
\u2013
\u2013 to lifetime ECL performing
(10)
19
(9)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(8)
8
\u2013
Total provision for (reversal of) credit losses
(3)
(1)
(15)
48
32
Write-offs
(4)
\u2013
\u2013
(18)
(18)
Recoveries
\u2013
\u2013
7
7
Interest income on impaired loans
\u2013
\u2013
(30)
(30)
Foreign exchange and other
\u2013
(1)
3
2
Balance at end of year
$
89
$
126
$
234
$
449
Personal
Balance at beginning of year
$
174
$
709
$
181
$
1,064
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
32
(58)
(42)
(68)
Changes in model
54
(127)
(6)
(79)
Net remeasurement
(2)
(544)
631
466
553
Transfers
(2)
\u2013 to 12-month ECL
591
(588)
(3)
\u2013
\u2013 to lifetime ECL performing
(63)
74
(11)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(96)
96
\u2013
Total provision for (reversal of) credit losses
(3)
70
(164)
500
406
Write-offs
(4)
\u2013
\u2013
(545)
(545)
Recoveries
\u2013
\u2013
62
62
Interest income on impaired loans
\u2013
\u2013
(7)
(7)
Foreign exchange and other
3
1
(1)
3
Balance at end of year
$
247
$
546
$
190
$
983
Credit card
Balance at beginning of year
$
181
$
591
$
\u2013
$
772
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
22
(30)
\u2013
(8)
Changes in model
86
(34)
\u2013
52
Net remeasurement
(2)
(413)
771
394
752
Transfers
(2)
\u2013 to 12-month ECL
491
(491)
\u2013
\u2013
\u2013 to lifetime ECL performing
(72)
72
\u2013
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(219)
219
\u2013
Total provision for (reversal of) credit losses
(3)
114
69
613
796
Write-offs
(4)
\u2013
\u2013
(739)
(739)
Recoveries
\u2013
\u2013
126
126
Interest income on impaired loans
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
\u2013
\u2013
\u2013
\u2013
Balance at end of year
$
295
$
660
$
\u2013
$
955
Business and government
Balance at beginning of year
$
294
$
864
$
667
$
1,825
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
22
(82)
(48)
(108)
Changes in model
(28)
46
\u2013
18
Net remeasurement
(2)
(194)
569
482
857
Transfers
(2)
\u2013 to 12-month ECL
215
(201)
(14)
\u2013
\u2013 to lifetime ECL performing
(39)
47
(8)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(187)
187
\u2013
Total provision for (reversal of) credit losses
(3)
(24)
192
599
767
Write-offs
(4)
\u2013
\u2013
(874)
(874)
Recoveries
\u2013
\u2013
77
77
Interest income on impaired loans
\u2013
\u2013
(84)
(84)
Foreign exchange and other
(5)
5
16
16
Balance at end of year
$
265
$
1,061
$
401
$
1,727
Total ECL allowance
(5)
$
896
$
2,393
$
825
$
4,114
Comprises:
Loans
$
800
$
2,301
$
816
$
3,917
Undrawn credit facilities and other off-balance sheet exposures
(6)
96
92
9
197
(1)
Excludes the disposal and write-off of impaired loans.
(2)
Transfers represent stage movements of ECL allowances before net remeasurement. Net remeasurement represents the current period change in ECL allowances for transfers, net
write-offs, changes in forecasts of forward-looking information, parameter updates, and partial repayments in the year.
(3)
Provision for (reversal of) credit losses for loans, and undrawn credit facilities and other off-balance sheet exposures is presented as Provision for (reversal of) credit losses on our
consolidated statement of income.
(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 4 for the ECL allowance on debt securities measured at FVOCI and amortized cost. The ECL allowances for other financial assets classified at amortized cost were
immaterial as at October 31, 2024 and October 31, 2023 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.
(7)
Includes the impact of a change in the internal risk rating methodology applied in the first quarter of 2023 at CIBC Bank USA.
\n\n \n
$ millions, as at or for the year ended October 31
2023
Stage 1
Stage 2
Stage 3
Collective and
Collective provision
Collective provision
individual provision
12-month ECL
lifetime ECL
lifetime ECL
performing
performing
credit-impaired
Total
Residential mortgages
Balance at beginning of year
$
57
$
69
$
167
$
293
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
13
(9)
(32)
(28)
Changes in model
4
5
12
21
Net remeasurement
(2)
(62)
159
122
219
Transfers
(2)
\u2013 to 12-month ECL
97
(96)
(1)
\u2013
\u2013 to lifetime ECL performing
(18)
22
(4)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(7)
7
\u2013
Total provision for (reversal of) credit losses
(3)
34
74
104
212
Write-offs
(4)
\u2013
\u2013
(33)
(33)
Recoveries
\u2013
\u2013
5
5
Interest income on impaired loans
\u2013
\u2013
(17)
(17)
Foreign exchange and other
(1)
(1)
(2)
(4)
Balance at end of year
$
90
$
142
$
224
$
456
Personal
Balance at beginning of year
$
137
$
656
$
146
$
939
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
43
(62)
(31)
(50)
Changes in model
(1)
\u2013
\u2013
(1)
Net remeasurement
(2)
(421)
591
373
543
Transfers
(2)
\u2013 to 12-month ECL
468
(465)
(3)
\u2013
\u2013 to lifetime ECL performing
(53)
63
(10)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(73)
73
\u2013
Total provision for (reversal of) credit losses
(3)
36
54
402
492
Write-offs
(4)
\u2013
\u2013
(428)
(428)
Recoveries
\u2013
\u2013
65
65
Interest income on impaired loans
\u2013
\u2013
(5)
(5)
Foreign exchange and other
1
(1)
1
1
Balance at end of year
$
174
$
709
$
181
$
1,064
Credit card
Balance at beginning of year
$
159
$
709
$
\u2013
$
868
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
18
(76)
\u2013
(58)
Changes in model
\u2013
\u2013
\u2013
\u2013
Net remeasurement
(2)
(493)
684
223
414
Transfers
(2)
\u2013 to 12-month ECL
553
(553)
\u2013
\u2013
\u2013 to lifetime ECL performing
(56)
56
\u2013
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(229)
229
\u2013
Total provision for (reversal of) credit losses
(3)
22
(118)
452
356
Write-offs
(4)
\u2013
\u2013
(572)
(572)
Recoveries
\u2013
\u2013
120
120
Interest income on impaired loans
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
\u2013
\u2013
\u2013
\u2013
Balance at end of year
$
181
$
591
$
\u2013
$
772
Business and government
Balance at beginning of year
$
335
$
490
$
351
$
1,176
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
21
(19)
(33)
(31)
Changes in model
(2)
11
\u2013
9
Net remeasurement
(2)(7)
(230)
583
619
972
Transfers
(2)
\u2013 to 12-month ECL
205
(199)
(6)
\u2013
\u2013 to lifetime ECL performing
(36)
52
(16)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(72)
72
\u2013
Total provision for (reversal of) credit losses
(3)
(42)
356
636
950
Write-offs
(4)
\u2013
\u2013
(316)
(316)
Recoveries
\u2013
\u2013
23
23
Interest income on impaired loans
\u2013
\u2013
(47)
(47)
Foreign exchange and other
1
18
20
39
Balance at end of year
$
294
$
864
$
667
$
1,825
Total ECL allowance
(5)
$
739
$
2,306
$
1,072
$
4,117
Comprises:
Loans
$
650
$
2,180
$
1,072
$
3,902
Undrawn credit facilities and other off-balance sheet exposures
(6)
89
126
\u2013
215
\n
See previous page for footnote references.
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:
\u2022
Determining when a SICR of a loan has occurred;
\u2022
Measuring both 12-month and lifetime credit losses; and
\u2022
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.
We continue to operate in an uncertain macroeconomic environment. There is inherent uncertainty in forecasting forward-looking information and
estimating the impact that the macroeconomic environment, including moderating levels of interest rates, and geopolitical events will have on the
level of ECL allowance and period-over-period volatility of the provision for credit losses. As a result, a heightened level of judgment in estimating
ECLs in respect of all these elements, as discussed below, continued to be required.
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 ECL, while loans in stage 2 are measured at lifetime ECL. Migration of loans between stage 1 and stage 2 can cause
significant volatility in the amount of the recognized ECL allowances and the provision for credit losses in a particular period.
For the majority of our retail loan portfolios, we determine a SICR based on relative changes in the loan\u2019s 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 PDs, in determining the probability weightings of
the scenarios, and in determining the relative changes in PDs that are indicative of a SICR for our various retail products. Increases in the expected PDs or
decreases in the thresholds for changes in PDs that are indicative of a SICR can cause significant migration of loans from stage 1 to stage 2, which in turn
can cause a significant increase in the amount of ECL allowances recognized. In contrast, decreases in the expected PDs or increases in the thresholds for
changes in PDs that are indicative of a SICR can cause significant migration of loans from stage 2 to stage 1.
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.
Loans for which repayment of principal or payment of interest is contractually 30 days or more in arrears and all business and government loans that
have migrated to the watch list risk rating are normally automatically migrated to stage 2 from stage 1.
As at October 31, 2024, if the ECL for the stage 2 performing loans were measured using stage 1 ECL as opposed to lifetime ECL, the ECLs would
be $854 million lower than the total recognized IFRS 9 ECL on performing loans (2023: $724 million).
Measuring both 12-month and lifetime expected credit losses
Our ECL models leverage the data, systems and processes that are used to calculate Basel expected loss regulatory adjustments for the portion of
our retail and business and government portfolios under the internal ratings-based (IRB) approach. Significant judgment is applied in leveraging the
data and modelling techniques used to calculate Basel risk parameters to meet IFRS 9 requirements, including the conversion of through-the-cycle
estimates to the point-in-time parameters used under IFRS 9 that consider forward-looking information. For standardized business and government
portfolios, available long-run PDs, LGDs and EADs are also converted to point-in-time parameters through the incorporation of forward-looking
information for the purpose of measuring ECL under IFRS 9.
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 parameters should be adjusted for forward-looking information to determine point-in-time
parameters. While changes in the set of forward-looking information variables used to convert through-the-cycle PDs, LGDs and EADs into point-in-
time parameters can either increase or decrease ECL allowances in a particular period, changes to the mapping of forward-looking information
variables to particular portfolios are expected to be infrequent. However, changes in the particular forward-looking information parameters used to
quantify point-in-time parameters will be frequent as our forecasts are updated on a quarterly basis. Increases in the level of pessimism in the forward-
looking information variables will cause increases in ECL, while increases in the level of optimism in the forward-looking information variables will
cause decreases in ECL. These increases and decreases could be significant in any particular period and will start to occur in the period where our
outlook of the future changes.
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.
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, gross domestic product (GDP) growth and household debt service ratios. 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 GDP growth and BBB corporate bond yields, while forward-looking information variables
such as Canadian and U.S. commercial real estate price indices and oil prices 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 \u201cbase case\u201d 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 and Development, the International Monetary Fund,
and the Bank of Canada, as well as private sector economists. We then derive reasonably possible \u201cupside case\u201d and \u201cdownside case\u201d scenarios
using external forecasts that are above and below our base case and the application of management judgment. A probability weighting is assigned
to our base case, upside case and downside case scenarios based on management judgment.
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.
The forecasting of forward-looking information and the determination of scenario weightings continued to require a heightened application of
judgment in a number of areas as our forecast reflects numerous assumptions and uncertainties inherent in the current macroeconomic
environment.
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.
\n \n
Base case
Upside case
Downside case
Average
Average
Average
Average
Average
Average
value over
value over
value over
value over
value over
value over
the next
the remaining
the next
the remaining
the next
the remaining
As at October 31, 2024
12 months
forecast period
(1)
12 months
forecast period
(1)
12 months
forecast period
(1)
Real GDP year-over-year growth
Canada
(2)
1.6 %
2.3 %
2.5 %
2.7 %
0.4 %
1.4 %
United States
2.0 %
2.0 %
3.0 %
2.9 %
0.7 %
0.9 %
Unemployment rate
Canada
(2)
6.6 %
5.9 %
5.7 %
5.2 %
7.2 %
6.8 %
United States
4.5 %
4.0 %
3.7 %
3.3 %
5.1 %
4.7 %
Canadian Housing Price Index growth
(2)
2.6 %
2.5 %
7.1 %
4.0 %
(2.3)%
0.9 %
Canadian household debt service ratio
14.8 %
14.8 %
14.4 %
14.7 %
15.3 %
15.2 %
West Texas Intermediate Oil Price (US$)
$
78
$
74
$
88
$
100
$
60
$
61
As at October 31, 2023
Real GDP year-over-year growth
Canada
(2)
0.6 %
1.9 %
2.0 %
2.7 %
(0.7)%
1.3 %
United States
0.9 %
1.7 %
3.0 %
3.1 %
(0.8)%
0.9 %
Unemployment rate
Canada
(2)
6.1 %
5.8 %
5.3 %
5.4 %
7.1 %
6.9 %
United States
4.1 %
4.0 %
3.2 %
3.2 %
5.4 %
4.9 %
Canadian Housing Price Index growth
(2)
0.8 %
3.0 %
4.4 %
5.4 %
(7.8)%
0.4 %
Canadian household debt service ratio
15.5 %
14.8 %
14.9 %
14.5 %
16.1 %
15.0 %
West Texas Intermediate Oil Price (US$)
$
84
$
76
$
97
$
110
$
70
$
58
(1)
The remaining forecast period is generally four years.
(2)
National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL.
Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in
our ECL will differ from the national forecasts presented above.
As required, the forward-looking information used to estimate ECLs reflects our expectations as at October 31, 2024 and October 31, 2023,
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 underlying base case projection as at October 31, 2024 continues to be characterized by relatively slow real GDP growth in Canada for
the near term with the expectation of better economic growth in 2025 and beyond in response to interest rate reductions, and moderate growth in
the U.S. which has generally been more resilient to higher interest rates. Our base case assumes that interest rates will continue to decline until the
middle of calendar 2025, but remain at higher than pre-pandemic levels.
Our downside case forecast as at October 31, 2024 assumes slower growth and higher unemployment rates in Canada accompanied by a
modest housing market correction and lower consumer spending resulting from past interest rate hikes. The downside case forecast for the U.S.
assumes slow growth for calendar 2025. The downside forecasts also reflect slower recoveries thereafter to lower levels of sustained economic
activity and unemployment rates persistently above where they stood pre-pandemic. The upside scenario continues to reflect a better economic
environment than the base case forecast.
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. Assumptions concerning measures used by governments to ease inflationary pressures, the
economic impact from moderating interest rates, and geopolitical events are material to these forecasts.
If we were to only use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $246 million
lower than the recognized ECL as at October 31, 2024 (2023: $284 million). If we were to only use our downside case scenario for the measurement of
ECL for our performing loans, our ECL allowance would be $737 million higher than the recognized ECL as at October 31, 2024 (2023: $926 million).
This sensitivity is isolated to the measurement of ECL and therefore did not consider changes in the migration of exposures between stage 1 and stage 2
from the determination of the SICR that would have resulted in a 100% base case scenario or a 100% downside case scenario. As a result, our ECL
\n
allowance on performing loans could exceed the amount implied by the 100% downside case scenario from the migration of additional exposures from
\n
stage 1 to stage 2. Actual credit losses could differ materially from those reflected in our estimates.
\n
Use of management overlays
\n
Management overlays to ECL allowance estimates are adjustments which we use in circumstances where we judge that our existing inputs,
\n
assumptions and model techniques do not capture all relevant risk factors. The emergence of new macroeconomic or geopolitical events, along
\n
with expected changes to parameters, models or data that are not incorporated in our current parameters, internal risk rating migrations, or forward-
\n
looking information are examples of such circumstances. To address the uncertainties inherent in the current environment, we utilize management
\n
overlays with respect to the impact of certain forward-looking information and credit metrics that are not expected to be as indicative of the credit
\n
condition of the portfolios as the historical experience in our models would have otherwise suggested. The use of management overlays requires the
\n
application of significant judgment that impacts the amount of ECL allowances recognized. Actual credit losses could differ materially from those
\n
reflected in our estimates.
\n
The following tables provide the gross carrying amount of loans, and the contractual amounts of undrawn credit facilities and other off-balance
\n
sheet exposures based on our risk management PD bands for retail exposures, and based on our internal risk ratings for business and government
\n
exposures. Refer to the \u201cCredit risk\u201d section of the MD&A for details on the CIBC risk categories.
\n
Loans
\n
(1)
\n\n \n
$ millions, as at October 31
2024
2023
Stage 1
Stage 2
Stage 3
(2)(3)
Total
Stage 1
Stage 2
Stage 3
(2)(3)
Total
Residential mortgages
\u2013 Exceptionally low
$
160,515
$
6,130
$
\u2013
$
166,645
$
150,022
$
14,999
$
\u2013
$
165,021
\u2013 Very low
81,198
5,926
\u2013
87,124
74,149
9,107
\u2013
83,256
\u2013 Low
10,329
3,638
\u2013
13,967
10,817
5,112
\u2013
15,929
\u2013 Medium
851
6,534
\u2013
7,385
322
4,980
\u2013
5,302
\u2013 High
7
1,561
\u2013
1,568
\u2013
1,100
\u2013
1,100
\u2013 Default
\u2013
\u2013
790
790
\u2013
\u2013
585
585
\u2013 Not rated
2,757
232
204
3,193
2,630
219
202
3,051
Gross residential mortgages
(4)(5)
255,657
24,021
994
280,672
237,940
35,517
787
274,244
ECL allowance
89
126
234
449
90
142
224
456
Net residential mortgages
255,568
23,895
760
280,223
237,850
35,375
563
273,788
Personal
\u2013 Exceptionally low
16,689
83
\u2013
16,772
18,785
3
\u2013
18,788
\u2013 Very low
9,685
12
\u2013
9,697
4,389
12
\u2013
4,401
\u2013 Low
10,498
1,374
\u2013
11,872
11,031
4,311
\u2013
15,342
\u2013 Medium
3,848
1,822
\u2013
5,670
1,165
3,062
\u2013
4,227
\u2013 High
465
1,102
\u2013
1,567
211
1,624
\u2013
1,835
\u2013 Default
\u2013
\u2013
260
260
\u2013
\u2013
214
214
\u2013 Not rated
782
29
32
843
723
24
33
780
Gross personal
(5)
41,967
4,422
292
46,681
36,304
9,036
247
45,587
ECL allowance
221
531
190
942
141
695
181
1,017
Net personal
41,746
3,891
102
45,739
36,163
8,341
66
44,570
Credit card
\u2013 Exceptionally low
7,185
\u2013
\u2013
7,185
4,279
\u2013
\u2013
4,279
\u2013 Very low
502
\u2013
\u2013
502
1,061
\u2013
\u2013
1,061
\u2013 Low
6,800
4
\u2013
6,804
6,642
35
\u2013
6,677
\u2013 Medium
3,853
1,512
\u2013
5,365
2,626
2,953
\u2013
5,579
\u2013 High
2
522
\u2013
524
6
777
\u2013
783
\u2013 Default
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Not rated
165
6
\u2013
171
153
6
\u2013
159
Gross credit card
18,507
2,044
\u2013
20,551
14,767
3,771
\u2013
18,538
ECL allowance
279
623
\u2013
902
166
519
\u2013
685
Net credit card
18,228
1,421
\u2013
19,649
14,601
3,252
\u2013
17,853
Business and government
\u2013 Investment grade
101,809
722
\u2013
102,531
99,322
512
\u2013
99,834
\u2013 Non-investment grade
97,131
9,000
\u2013
106,131
91,920
7,190
\u2013
99,110
\u2013 Watch list
25
3,745
\u2013
3,770
101
4,478
\u2013
4,579
\u2013 Default
\u2013
\u2013
1,628
1,628
\u2013
\u2013
1,956
1,956
\u2013 Not rated
230
15
\u2013
245
192
15
\u2013
207
Gross business and government
(4)(6)
199,195
13,482
1,628
214,305
191,535
12,195
1,956
205,686
ECL allowance
211
1,021
392
1,624
253
824
667
1,744
Net business and government
198,984
12,461
1,236
212,681
191,282
11,371
1,289
203,942
Total net amount of loans
$
514,526
$
41,668
$
2,098
$
558,292
$
479,896
$
58,339
$
1,918
$
540,153
\n
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $19 million (2023: $22 million) were recognized in AOCI. In addition, the table
\n
excludes debt securities classified at amortized cost, for which ECL allowances of $17 million were recognized as at October 31, 2024 (2023: $20 million). Other financial
\n
assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at October 31, 2024 and October 31, 2023.
\n
Financial assets other than loans that are classified as amortized cost are presented on our consolidated balance sheet net of ECL allowances.
\n
(2)
Excludes foreclosed assets of $8 million (2023: $13 million), which were included in Other assets on our consolidated balance sheet.
\n
(3)
As at October 31, 2024, 93% (2023: 93%) of stage 3 impaired loans were either fully or partially collateralized.
\n
(4)
Includes $3 million (2023: $3 million) of residential mortgages and $221 million (2023: $270 million) of business and government loans that are measured and designated
\n
at FVTPL.
\n
(5)
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
\n
Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the determination of whether a SICR has occurred for these loans is
\n
based on relative changes in the loans\u2019 lifetime PD without considering collateral or other credit enhancements.
\n
(6)
Includes customers\u2019 liability under acceptances of $6 million (2023: $10,816 million).
Undrawn credit facilities and other off-balance sheet exposures
\n \n
$ millions, as at October 31
2024
2023
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Retail
\u2013 Exceptionally low
$
164,577
$
117
$
\u2013
$
164,694
$
159,254
$
7
$
\u2013
$
159,261
\u2013 Very low
15,112
4
\u2013
15,116
15,367
26
\u2013
15,393
\u2013 Low
14,988
984
\u2013
15,972
10,723
1,405
\u2013
12,128
\u2013 Medium
2,263
1,280
\u2013
3,543
1,256
986
\u2013
2,242
\u2013 High
325
539
\u2013
864
118
763
\u2013
881
\u2013 Default
\u2013
\u2013
43
43
\u2013
\u2013
37
37
\u2013 Not rated
565
9
\u2013
574
506
6
\u2013
512
Gross retail
197,830
2,933
43
200,806
187,224
3,193
37
190,454
ECL allowance
42
52
\u2013
94
48
86
\u2013
134
Net retail
197,788
2,881
43
200,712
187,176
3,107
37
190,320
Business and government
\u2013 Investment grade
156,560
571
\u2013
157,131
147,206
361
\u2013
147,567
\u2013 Non-investment grade
66,788
3,018
\u2013
69,806
56,707
2,097
\u2013
58,804
\u2013 Watch list
28
878
\u2013
906
7
1,000
\u2013
1,007
\u2013 Default
\u2013
\u2013
123
123
\u2013
\u2013
161
161
\u2013 Not rated
1,117
91
\u2013
1,208
614
30
\u2013
644
Gross business and government
224,493
4,558
123
229,174
204,534
3,488
161
208,183
ECL allowance
54
40
9
103
41
40
\u2013
81
Net business and government
224,439
4,518
114
229,071
204,493
3,448
161
208,102
Total net undrawn credit facilities and
other off-balance sheet exposures
$
422,227
$
7,399
$
157
$
429,783
$
391,669
$
6,555
$
198
$
398,422
Net interest income after provision for credit losses
\n \n
$ millions, for the year ended October 31
2024
2023
Interest income
$
52,185
$
45,019
Interest expense
38,490
32,194
Net interest income
13,695
12,825
Provision for credit losses
2,001
2,010
Net interest income after provision for credit losses
$
11,694
$
10,815
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00425": { "value": "Note 5
Loans
(1)(2)
\n \n
$ millions, as at October 31
2024
2023
Stages 1
Allowances
Stages 1
Allowances
Gross
Stage 3
and 2
Total
Net
as a % of
Gross
Stage 3
and 2
Total
Net
as a % of
amount
allowance
allowance
allowance
(3)
total
gross loans
amount
allowance
allowance
allowance
(3)
total
gross loans
Residential mortgages
(4)
$
280,672
$
234
$
215
$
449 $
280,223
0.2 %
$
274,244 $
224 $
232 $
456 $
273,788
0.2 %
Personal
46,681
190
752
942
45,739
2.0
45,587
181
836
1,017
44,570
2.2
Credit card
20,551
\u2013
902
902
19,649
4.4
18,538
\u2013
685
685
17,853
3.7
Business and government
(4)
214,299
392
1,232
1,624
212,675
0.8
194,870
667
1,077
1,744
193,126
0.9
$
562,203
$
816
$
3,101
$
3,917 $
558,286
0.7 %
$
533,239 $
1,072 $
2,830 $
3,902 $
529,337
0.7 %
(1)
Loans are net of unearned income of $815 million (2023: $706 million).
(2)
Includes gross loans of $120.4 billion (2023: $112.6 billion) denominated in U.S. dollars and $11.2 billion (2023: $10.5 billion) denominated in other foreign currencies.
(3)
Includes ECL allowances for customers\u2019 liability under acceptances.
(4)
Includes $3 million of residential mortgages (2023: $3 million) and $221 million of business and government loans (2023: $270 million) that are measured and designated at FVTPL.
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance:
\n \n
$ millions, as at or for the year ended October 31
2024
Stage 1
Stage 2
Stage 3
Collective and
Collective provision
Collective provision
individual provision
12-month ECL
lifetime ECL
lifetime ECL
performing
performing
credit-impaired
Total
Residential mortgages
Balance at beginning of year
$
90
$
142
$
224
$
456
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
15
(19)
(55)
(59)
Changes in model
\u2013
4
11
15
Net remeasurement
(2)
(115)
96
95
76
Transfers
(2)
\u2013 to 12-month ECL
109
(107)
(2)
\u2013
\u2013 to lifetime ECL performing
(10)
19
(9)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(8)
8
\u2013
Total provision for (reversal of) credit losses
(3)
(1)
(15)
48
32
Write-offs
(4)
\u2013
\u2013
(18)
(18)
Recoveries
\u2013
\u2013
7
7
Interest income on impaired loans
\u2013
\u2013
(30)
(30)
Foreign exchange and other
\u2013
(1)
3
2
Balance at end of year
$
89
$
126
$
234
$
449
Personal
Balance at beginning of year
$
174
$
709
$
181
$
1,064
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
32
(58)
(42)
(68)
Changes in model
54
(127)
(6)
(79)
Net remeasurement
(2)
(544)
631
466
553
Transfers
(2)
\u2013 to 12-month ECL
591
(588)
(3)
\u2013
\u2013 to lifetime ECL performing
(63)
74
(11)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(96)
96
\u2013
Total provision for (reversal of) credit losses
(3)
70
(164)
500
406
Write-offs
(4)
\u2013
\u2013
(545)
(545)
Recoveries
\u2013
\u2013
62
62
Interest income on impaired loans
\u2013
\u2013
(7)
(7)
Foreign exchange and other
3
1
(1)
3
Balance at end of year
$
247
$
546
$
190
$
983
Credit card
Balance at beginning of year
$
181
$
591
$
\u2013
$
772
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
22
(30)
\u2013
(8)
Changes in model
86
(34)
\u2013
52
Net remeasurement
(2)
(413)
771
394
752
Transfers
(2)
\u2013 to 12-month ECL
491
(491)
\u2013
\u2013
\u2013 to lifetime ECL performing
(72)
72
\u2013
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(219)
219
\u2013
Total provision for (reversal of) credit losses
(3)
114
69
613
796
Write-offs
(4)
\u2013
\u2013
(739)
(739)
Recoveries
\u2013
\u2013
126
126
Interest income on impaired loans
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
\u2013
\u2013
\u2013
\u2013
Balance at end of year
$
295
$
660
$
\u2013
$
955
Business and government
Balance at beginning of year
$
294
$
864
$
667
$
1,825
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
22
(82)
(48)
(108)
Changes in model
(28)
46
\u2013
18
Net remeasurement
(2)
(194)
569
482
857
Transfers
(2)
\u2013 to 12-month ECL
215
(201)
(14)
\u2013
\u2013 to lifetime ECL performing
(39)
47
(8)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(187)
187
\u2013
Total provision for (reversal of) credit losses
(3)
(24)
192
599
767
Write-offs
(4)
\u2013
\u2013
(874)
(874)
Recoveries
\u2013
\u2013
77
77
Interest income on impaired loans
\u2013
\u2013
(84)
(84)
Foreign exchange and other
(5)
5
16
16
Balance at end of year
$
265
$
1,061
$
401
$
1,727
Total ECL allowance
(5)
$
896
$
2,393
$
825
$
4,114
Comprises:
Loans
$
800
$
2,301
$
816
$
3,917
Undrawn credit facilities and other off-balance sheet exposures
(6)
96
92
9
197
(1)
Excludes the disposal and write-off of impaired loans.
(2)
Transfers represent stage movements of ECL allowances before net remeasurement. Net remeasurement represents the current period change in ECL allowances for transfers, net
write-offs, changes in forecasts of forward-looking information, parameter updates, and partial repayments in the year.
(3)
Provision for (reversal of) credit losses for loans, and undrawn credit facilities and other off-balance sheet exposures is presented as Provision for (reversal of) credit losses on our
consolidated statement of income.
(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 4 for the ECL allowance on debt securities measured at FVOCI and amortized cost. The ECL allowances for other financial assets classified at amortized cost were
immaterial as at October 31, 2024 and October 31, 2023 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.
(7)
Includes the impact of a change in the internal risk rating methodology applied in the first quarter of 2023 at CIBC Bank USA.
\n \n
$ millions, as at or for the year ended October 31
2023
Stage 1
Stage 2
Stage 3
Collective and
Collective provision
Collective provision
individual provision
12-month ECL
lifetime ECL
lifetime ECL
performing
performing
credit-impaired
Total
Residential mortgages
Balance at beginning of year
$
57
$
69
$
167
$
293
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
13
(9)
(32)
(28)
Changes in model
4
5
12
21
Net remeasurement
(2)
(62)
159
122
219
Transfers
(2)
\u2013 to 12-month ECL
97
(96)
(1)
\u2013
\u2013 to lifetime ECL performing
(18)
22
(4)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(7)
7
\u2013
Total provision for (reversal of) credit losses
(3)
34
74
104
212
Write-offs
(4)
\u2013
\u2013
(33)
(33)
Recoveries
\u2013
\u2013
5
5
Interest income on impaired loans
\u2013
\u2013
(17)
(17)
Foreign exchange and other
(1)
(1)
(2)
(4)
Balance at end of year
$
90
$
142
$
224
$
456
Personal
Balance at beginning of year
$
137
$
656
$
146
$
939
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
43
(62)
(31)
(50)
Changes in model
(1)
\u2013
\u2013
(1)
Net remeasurement
(2)
(421)
591
373
543
Transfers
(2)
\u2013 to 12-month ECL
468
(465)
(3)
\u2013
\u2013 to lifetime ECL performing
(53)
63
(10)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(73)
73
\u2013
Total provision for (reversal of) credit losses
(3)
36
54
402
492
Write-offs
(4)
\u2013
\u2013
(428)
(428)
Recoveries
\u2013
\u2013
65
65
Interest income on impaired loans
\u2013
\u2013
(5)
(5)
Foreign exchange and other
1
(1)
1
1
Balance at end of year
$
174
$
709
$
181
$
1,064
Credit card
Balance at beginning of year
$
159
$
709
$
\u2013
$
868
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
18
(76)
\u2013
(58)
Changes in model
\u2013
\u2013
\u2013
\u2013
Net remeasurement
(2)
(493)
684
223
414
Transfers
(2)
\u2013 to 12-month ECL
553
(553)
\u2013
\u2013
\u2013 to lifetime ECL performing
(56)
56
\u2013
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(229)
229
\u2013
Total provision for (reversal of) credit losses
(3)
22
(118)
452
356
Write-offs
(4)
\u2013
\u2013
(572)
(572)
Recoveries
\u2013
\u2013
120
120
Interest income on impaired loans
\u2013
\u2013
\u2013
\u2013
Foreign exchange and other
\u2013
\u2013
\u2013
\u2013
Balance at end of year
$
181
$
591
$
\u2013
$
772
Business and government
Balance at beginning of year
$
335
$
490
$
351
$
1,176
Provision for (reversal of) credit losses
Originations net of repayments and other derecognitions
(1)
21
(19)
(33)
(31)
Changes in model
(2)
11
\u2013
9
Net remeasurement
(2)(7)
(230)
583
619
972
Transfers
(2)
\u2013 to 12-month ECL
205
(199)
(6)
\u2013
\u2013 to lifetime ECL performing
(36)
52
(16)
\u2013
\u2013 to lifetime ECL credit-impaired
\u2013
(72)
72
\u2013
Total provision for (reversal of) credit losses
(3)
(42)
356
636
950
Write-offs
(4)
\u2013
\u2013
(316)
(316)
Recoveries
\u2013
\u2013
23
23
Interest income on impaired loans
\u2013
\u2013
(47)
(47)
Foreign exchange and other
1
18
20
39
Balance at end of year
$
294
$
864
$
667
$
1,825
Total ECL allowance
(5)
$
739
$
2,306
$
1,072
$
4,117
Comprises:
Loans
$
650
$
2,180
$
1,072
$
3,902
Undrawn credit facilities and other off-balance sheet exposures
(6)
89
126
\u2013
215
\n
See previous page for footnote references.
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:
\u2022
Determining when a SICR of a loan has occurred;
\u2022
Measuring both 12-month and lifetime credit losses; and
\u2022
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.
We continue to operate in an uncertain macroeconomic environment. There is inherent uncertainty in forecasting forward-looking information and
estimating the impact that the macroeconomic environment, including moderating levels of interest rates, and geopolitical events will have on the
level of ECL allowance and period-over-period volatility of the provision for credit losses. As a result, a heightened level of judgment in estimating
ECLs in respect of all these elements, as discussed below, continued to be required.
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 ECL, while loans in stage 2 are measured at lifetime ECL. Migration of loans between stage 1 and stage 2 can cause
significant volatility in the amount of the recognized ECL allowances and the provision for credit losses in a particular period.
For the majority of our retail loan portfolios, we determine a SICR based on relative changes in the loan\u2019s 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 PDs, in determining the probability weightings of
the scenarios, and in determining the relative changes in PDs that are indicative of a SICR for our various retail products. Increases in the expected PDs or
decreases in the thresholds for changes in PDs that are indicative of a SICR can cause significant migration of loans from stage 1 to stage 2, which in turn
can cause a significant increase in the amount of ECL allowances recognized. In contrast, decreases in the expected PDs or increases in the thresholds for
changes in PDs that are indicative of a SICR can cause significant migration of loans from stage 2 to stage 1.
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.
Loans for which repayment of principal or payment of interest is contractually 30 days or more in arrears and all business and government loans that
have migrated to the watch list risk rating are normally automatically migrated to stage 2 from stage 1.
As at October 31, 2024, if the ECL for the stage 2 performing loans were measured using stage 1 ECL as opposed to lifetime ECL, the ECLs would
be $854 million lower than the total recognized IFRS 9 ECL on performing loans (2023: $724 million).
Measuring both 12-month and lifetime expected credit losses
Our ECL models leverage the data, systems and processes that are used to calculate Basel expected loss regulatory adjustments for the portion of
our retail and business and government portfolios under the internal ratings-based (IRB) approach. Significant judgment is applied in leveraging the
data and modelling techniques used to calculate Basel risk parameters to meet IFRS 9 requirements, including the conversion of through-the-cycle
estimates to the point-in-time parameters used under IFRS 9 that consider forward-looking information. For standardized business and government
portfolios, available long-run PDs, LGDs and EADs are also converted to point-in-time parameters through the incorporation of forward-looking
information for the purpose of measuring ECL under IFRS 9.
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 parameters should be adjusted for forward-looking information to determine point-in-time
parameters. While changes in the set of forward-looking information variables used to convert through-the-cycle PDs, LGDs and EADs into point-in-
time parameters can either increase or decrease ECL allowances in a particular period, changes to the mapping of forward-looking information
variables to particular portfolios are expected to be infrequent. However, changes in the particular forward-looking information parameters used to
quantify point-in-time parameters will be frequent as our forecasts are updated on a quarterly basis. Increases in the level of pessimism in the forward-
looking information variables will cause increases in ECL, while increases in the level of optimism in the forward-looking information variables will
cause decreases in ECL. These increases and decreases could be significant in any particular period and will start to occur in the period where our
outlook of the future changes.
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.
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, gross domestic product (GDP) growth and household debt service ratios. 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 GDP growth and BBB corporate bond yields, while forward-looking information variables
such as Canadian and U.S. commercial real estate price indices and oil prices 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 \u201cbase case\u201d 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 and Development, the International Monetary Fund,
and the Bank of Canada, as well as private sector economists. We then derive reasonably possible \u201cupside case\u201d and \u201cdownside case\u201d scenarios
using external forecasts that are above and below our base case and the application of management judgment. A probability weighting is assigned
to our base case, upside case and downside case scenarios based on management judgment.
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.
The forecasting of forward-looking information and the determination of scenario weightings continued to require a heightened application of
judgment in a number of areas as our forecast reflects numerous assumptions and uncertainties inherent in the current macroeconomic
environment.
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.
\n \n
Base case
Upside case
Downside case
Average
Average
Average
Average
Average
Average
value over
value over
value over
value over
value over
value over
the next
the remaining
the next
the remaining
the next
the remaining
As at October 31, 2024
12 months
forecast period
(1)
12 months
forecast period
(1)
12 months
forecast period
(1)
Real GDP year-over-year growth
Canada
(2)
1.6 %
2.3 %
2.5 %
2.7 %
0.4 %
1.4 %
United States
2.0 %
2.0 %
3.0 %
2.9 %
0.7 %
0.9 %
Unemployment rate
Canada
(2)
6.6 %
5.9 %
5.7 %
5.2 %
7.2 %
6.8 %
United States
4.5 %
4.0 %
3.7 %
3.3 %
5.1 %
4.7 %
Canadian Housing Price Index growth
(2)
2.6 %
2.5 %
7.1 %
4.0 %
(2.3)%
0.9 %
Canadian household debt service ratio
14.8 %
14.8 %
14.4 %
14.7 %
15.3 %
15.2 %
West Texas Intermediate Oil Price (US$)
$
78
$
74
$
88
$
100
$
60
$
61
As at October 31, 2023
Real GDP year-over-year growth
Canada
(2)
0.6 %
1.9 %
2.0 %
2.7 %
(0.7)%
1.3 %
United States
0.9 %
1.7 %
3.0 %
3.1 %
(0.8)%
0.9 %
Unemployment rate
Canada
(2)
6.1 %
5.8 %
5.3 %
5.4 %
7.1 %
6.9 %
United States
4.1 %
4.0 %
3.2 %
3.2 %
5.4 %
4.9 %
Canadian Housing Price Index growth
(2)
0.8 %
3.0 %
4.4 %
5.4 %
(7.8)%
0.4 %
Canadian household debt service ratio
15.5 %
14.8 %
14.9 %
14.5 %
16.1 %
15.0 %
West Texas Intermediate Oil Price (US$)
$
84
$
76
$
97
$
110
$
70
$
58
(1)
The remaining forecast period is generally four years.
(2)
National-level forward-looking forecasts are presented in the table above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL.
Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in
our ECL will differ from the national forecasts presented above.
As required, the forward-looking information used to estimate ECLs reflects our expectations as at October 31, 2024 and October 31, 2023,
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 underlying base case projection as at October 31, 2024 continues to be characterized by relatively slow real GDP growth in Canada for
the near term with the expectation of better economic growth in 2025 and beyond in response to interest rate reductions, and moderate growth in
the U.S. which has generally been more resilient to higher interest rates. Our base case assumes that interest rates will continue to decline until the
middle of calendar 2025, but remain at higher than pre-pandemic levels.
Our downside case forecast as at October 31, 2024 assumes slower growth and higher unemployment rates in Canada accompanied by a
modest housing market correction and lower consumer spending resulting from past interest rate hikes. The downside case forecast for the U.S.
assumes slow growth for calendar 2025. The downside forecasts also reflect slower recoveries thereafter to lower levels of sustained economic
activity and unemployment rates persistently above where they stood pre-pandemic. The upside scenario continues to reflect a better economic
environment than the base case forecast.
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. Assumptions concerning measures used by governments to ease inflationary pressures, the
economic impact from moderating interest rates, and geopolitical events are material to these forecasts.
If we were to only use our base case scenario for the measurement of ECL for our performing loans, our ECL allowance would be $246 million
lower than the recognized ECL as at October 31, 2024 (2023: $284 million). If we were to only use our downside case scenario for the measurement of
ECL for our performing loans, our ECL allowance would be $737 million higher than the recognized ECL as at October 31, 2024 (2023: $926 million).
This sensitivity is isolated to the measurement of ECL and therefore did not consider changes in the migration of exposures between stage 1 and stage 2
from the determination of the SICR that would have resulted in a 100% base case scenario or a 100% downside case scenario. As a result, our ECL
allowance on performing loans could exceed the amount implied by the 100% downside case scenario from the migration of additional exposures from
\n
stage 1 to stage 2. Actual credit losses could differ materially from those reflected in our estimates.
\n
Use of management overlays
\n
Management overlays to ECL allowance estimates are adjustments which we use in circumstances where we judge that our existing inputs,
\n
assumptions and model techniques do not capture all relevant risk factors. The emergence of new macroeconomic or geopolitical events, along
\n
with expected changes to parameters, models or data that are not incorporated in our current parameters, internal risk rating migrations, or forward-
\n
looking information are examples of such circumstances. To address the uncertainties inherent in the current environment, we utilize management
\n
overlays with respect to the impact of certain forward-looking information and credit metrics that are not expected to be as indicative of the credit
\n
condition of the portfolios as the historical experience in our models would have otherwise suggested. The use of management overlays requires the
\n
application of significant judgment that impacts the amount of ECL allowances recognized. Actual credit losses could differ materially from those
\n
reflected in our estimates.
\n
The following tables provide the gross carrying amount of loans, and the contractual amounts of undrawn credit facilities and other off-balance
\n
sheet exposures based on our risk management PD bands for retail exposures, and based on our internal risk ratings for business and government
\n
exposures. Refer to the \u201cCredit risk\u201d section of the MD&A for details on the CIBC risk categories.
\n
Loans
\n
(1)
\n\n \n
$ millions, as at October 31
2024
2023
Stage 1
Stage 2
Stage 3
(2)(3)
Total
Stage 1
Stage 2
Stage 3
(2)(3)
Total
Residential mortgages
\u2013 Exceptionally low
$
160,515
$
6,130
$
\u2013
$
166,645
$
150,022
$
14,999
$
\u2013
$
165,021
\u2013 Very low
81,198
5,926
\u2013
87,124
74,149
9,107
\u2013
83,256
\u2013 Low
10,329
3,638
\u2013
13,967
10,817
5,112
\u2013
15,929
\u2013 Medium
851
6,534
\u2013
7,385
322
4,980
\u2013
5,302
\u2013 High
7
1,561
\u2013
1,568
\u2013
1,100
\u2013
1,100
\u2013 Default
\u2013
\u2013
790
790
\u2013
\u2013
585
585
\u2013 Not rated
2,757
232
204
3,193
2,630
219
202
3,051
Gross residential mortgages
(4)(5)
255,657
24,021
994
280,672
237,940
35,517
787
274,244
ECL allowance
89
126
234
449
90
142
224
456
Net residential mortgages
255,568
23,895
760
280,223
237,850
35,375
563
273,788
Personal
\u2013 Exceptionally low
16,689
83
\u2013
16,772
18,785
3
\u2013
18,788
\u2013 Very low
9,685
12
\u2013
9,697
4,389
12
\u2013
4,401
\u2013 Low
10,498
1,374
\u2013
11,872
11,031
4,311
\u2013
15,342
\u2013 Medium
3,848
1,822
\u2013
5,670
1,165
3,062
\u2013
4,227
\u2013 High
465
1,102
\u2013
1,567
211
1,624
\u2013
1,835
\u2013 Default
\u2013
\u2013
260
260
\u2013
\u2013
214
214
\u2013 Not rated
782
29
32
843
723
24
33
780
Gross personal
(5)
41,967
4,422
292
46,681
36,304
9,036
247
45,587
ECL allowance
221
531
190
942
141
695
181
1,017
Net personal
41,746
3,891
102
45,739
36,163
8,341
66
44,570
Credit card
\u2013 Exceptionally low
7,185
\u2013
\u2013
7,185
4,279
\u2013
\u2013
4,279
\u2013 Very low
502
\u2013
\u2013
502
1,061
\u2013
\u2013
1,061
\u2013 Low
6,800
4
\u2013
6,804
6,642
35
\u2013
6,677
\u2013 Medium
3,853
1,512
\u2013
5,365
2,626
2,953
\u2013
5,579
\u2013 High
2
522
\u2013
524
6
777
\u2013
783
\u2013 Default
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 Not rated
165
6
\u2013
171
153
6
\u2013
159
Gross credit card
18,507
2,044
\u2013
20,551
14,767
3,771
\u2013
18,538
ECL allowance
279
623
\u2013
902
166
519
\u2013
685
Net credit card
18,228
1,421
\u2013
19,649
14,601
3,252
\u2013
17,853
Business and government
\u2013 Investment grade
101,809
722
\u2013
102,531
99,322
512
\u2013
99,834
\u2013 Non-investment grade
97,131
9,000
\u2013
106,131
91,920
7,190
\u2013
99,110
\u2013 Watch list
25
3,745
\u2013
3,770
101
4,478
\u2013
4,579
\u2013 Default
\u2013
\u2013
1,628
1,628
\u2013
\u2013
1,956
1,956
\u2013 Not rated
230
15
\u2013
245
192
15
\u2013
207
Gross business and government
(4)(6)
199,195
13,482
1,628
214,305
191,535
12,195
1,956
205,686
ECL allowance
211
1,021
392
1,624
253
824
667
1,744
Net business and government
198,984
12,461
1,236
212,681
191,282
11,371
1,289
203,942
Total net amount of loans
$
514,526
$
41,668
$
2,098
$
558,292
$
479,896
$
58,339
$
1,918
$
540,153
\n
(1)
The table excludes debt securities measured at FVOCI, for which ECL allowances of $19 million (2023: $22 million) were recognized in AOCI. In addition, the table
\n
excludes debt securities classified at amortized cost, for which ECL allowances of $17 million were recognized as at October 31, 2024 (2023: $20 million). Other financial
\n
assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at October 31, 2024 and October 31, 2023.
\n
Financial assets other than loans that are classified as amortized cost are presented on our consolidated balance sheet net of ECL allowances.
\n
(2)
Excludes foreclosed assets of $8 million (2023: $13 million), which were included in Other assets on our consolidated balance sheet.
\n
(3)
As at October 31, 2024, 93% (2023: 93%) of stage 3 impaired loans were either fully or partially collateralized.
\n
(4)
Includes $3 million (2023: $3 million) of residential mortgages and $221 million (2023: $270 million) of business and government loans that are measured and designated
\n
at FVTPL.
\n
(5)
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
\n
Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the determination of whether a SICR has occurred for these loans is
\n
based on relative changes in the loans\u2019 lifetime PD without considering collateral or other credit enhancements.
\n
(6)
Includes customers\u2019 liability under acceptances of $6 million (2023: $10,816 million).
Undrawn credit facilities and other off-balance sheet exposures
\n \n
$ millions, as at October 31
2024
2023
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
Retail
\u2013 Exceptionally low
$
164,577
$
117
$
\u2013
$
164,694
$
159,254
$
7
$
\u2013
$
159,261
\u2013 Very low
15,112
4
\u2013
15,116
15,367
26
\u2013
15,393
\u2013 Low
14,988
984
\u2013
15,972
10,723
1,405
\u2013
12,128
\u2013 Medium
2,263
1,280
\u2013
3,543
1,256
986
\u2013
2,242
\u2013 High
325
539
\u2013
864
118
763
\u2013
881
\u2013 Default
\u2013
\u2013
43
43
\u2013
\u2013
37
37
\u2013 Not rated
565
9
\u2013
574
506
6
\u2013
512
Gross retail
197,830
2,933
43
200,806
187,224
3,193
37
190,454
ECL allowance
42
52
\u2013
94
48
86
\u2013
134
Net retail
197,788
2,881
43
200,712
187,176
3,107
37
190,320
Business and government
\u2013 Investment grade
156,560
571
\u2013
157,131
147,206
361
\u2013
147,567
\u2013 Non-investment grade
66,788
3,018
\u2013
69,806
56,707
2,097
\u2013
58,804
\u2013 Watch list
28
878
\u2013
906
7
1,000
\u2013
1,007
\u2013 Default
\u2013
\u2013
123
123
\u2013
\u2013
161
161
\u2013 Not rated
1,117
91
\u2013
1,208
614
30
\u2013
644
Gross business and government
224,493
4,558
123
229,174
204,534
3,488
161
208,183
ECL allowance
54
40
9
103
41
40
\u2013
81
Net business and government
224,439
4,518
114
229,071
204,493
3,448
161
208,102
Total net undrawn credit facilities and
other off-balance sheet exposures
$
422,227
$
7,399
$
157
$
429,783
$
391,669
$
6,555
$
198
$
398,422
Net interest income after provision for credit losses
\n \n
$ millions, for the year ended October 31
2024
2023
Interest income
$
52,185
$
45,019
Interest expense
38,490
32,194
Net interest income
13,695
12,825
Provision for credit losses
2,001
2,010
Net interest income after provision for credit losses
$
11,694
$
10,815
Modified financial assets
As part of CIBC\u2019s 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, 2024, loans classified as stage 2 or stage 3 with an amortized cost of $655 million (2023: $1,422 million) before
modification were modified through the granting of a financial concession in response to the borrower having experienced financial difficulties. In
addition, the gross carrying amount of previously modified stage 2 or stage 3 loans that have returned to stage 1 during the year ended
October 31, 2024 was $274 million (2023: $500 million), including loans that were previously subject to the client deferral programs.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00426": { "value": "Note 6
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 a SE when the substance of the relationship indicates that we control the SE.
Consolidated structured entities
We consolidate the following SEs:
Credit card securitization trust
We sell ownership interests 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. We consolidate this trust because we have the power to direct the relevant activities and have exposure to substantially all the variability of
returns from the excess spread (the deferred purchase price) that we receive over time.
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, 2024, Cards II held $5.4 billion of credit card receivable assets and other eligible assets of $1.9 billion with an aggregated
fair value of $7.3 billion (2023: $6.9 billion with a fair value of $6.9 billion), which supported $4.3 billion of associated funding liabilities with a fair
value of $4.4 billion (2023: $4.0 billion with a fair value of $4.0 billion).
HELOC securitization trust
We sell co-ownership interests in a pool of home equity line of credit and loans (HELOC) to HELOCS Trust, which purchases the co-ownership
interests in these receivables using proceeds received from issuance of notes. The noteholders have recourse limited to the co-ownership interests
in the underlying pool of receivables.
We consolidate this trust as we have the power to direct the relevant activities of this trust and have exposure to substantially all the variability
of returns through our retained interest.
HELOC balances may fluctuate from month to month as clients repay their balances and additional HELOC may be added to the pool.
The notes are presented as Secured borrowings within Deposits on the consolidated balance sheet. As at October 31, 2024, HELOCS Trust
held $520 million of HELOC included in Personal Loans with an aggregated fair value of $520 million, which supported $500 million of associated
funding liabilities with a fair value of $512 million.
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\u2019s insolvency. We consolidate this entity because we have the
ability to direct the relevant activities and retain substantially all of the variability of returns on the underlying mortgages.
As at October 31, 2024, our Legislative Covered Bond Programme had outstanding covered bond liabilities of $36.7 billion with a fair value
of $36.8 billion (2023: $31.4 billion with a fair value of $31.4 billion).
Multi-seller conduit
We sponsor a consolidated multi-seller conduit in Canada that acquires direct or indirect ownership or security interests in pools of financial assets
from clients and finance the acquisitions by issuing ABS and asset-backed commercial paper (ABCP). 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 and ABCP. As at October 31, 2024, $894 million of financial assets held by the conduit were included in Securities (2023: $671 million), of
which $84 million are measured at FVTPL (2023: $178 million) and $810 million at amortized cost (2023: $493 million), and $677 million were
included in Loans (2023: $811 million) on our consolidated balance sheet. These financial assets are related to third-party SEs and are included in
the non-consolidated SEs table below.
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, is 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, 2024, the total assets and non-controlling interests in
consolidated CIBC-managed investment funds were $141 million and $44 million, respectively (2023: $264 million and $69 million, respectively).
Non-controlling interests in consolidated CIBC-managed investment funds are included in Other liabilities as the investment fund units are
mandatorily redeemable at the option of the investor.
Community-based tax-advantaged investments
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, 2024, the program had outstanding loans of $132 million (2023: $129 million).
We consolidate these entities because we have the ability to direct the relevant activities and retain substantially all of the variability of returns on the
underlying loans.
Non-consolidated structured entities
The following SEs are not consolidated by CIBC because we do not have control over these SEs:
Single-seller and multi-seller conduits
We manage and administer a single-seller conduit and several CIBC-sponsored multi-seller conduits in Canada and the U.S. 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
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. The sellers and/or third-party providers are
exposed to credit losses realized on these assets, through the provision of over-collateralization or another form of credit enhancement. As at
October 31, 2024, the total assets in the single-seller conduit and multi-seller conduits amounted to $0.6 billion and $16.9 billion, respectively
(2023: $0.5 billion and $13.4 billion, respectively).
We provide the multi-seller conduits with commercial paper backstop liquidity facilities. We may also provide securities distribution to
multi-seller conduits, and to 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 for ABCP not placed with external investors. We also
may purchase ABCP issued by the multi-seller conduits for market-making purposes and, in respect of our U.S. ABCP conduits, hold some of the
ABCP for voluntary risk retention 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 in Canada. 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 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
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 partner and have
significant influence over the limited partnerships. Similar to other limited partners, we are obligated to provide funding up to our commitment level
to these limited partnerships.
Loan financing
We provide interim financing for the purpose of future securitization, and term senior financing to third-party SEs. The SE is established by a third-
party investor, who provides the initial investment into the SE (the equity investors). The senior financing enables the SE to purchase a loan portfolio
at the direction of a collateral manager during the warehousing phase of the securitization. The senior lenders are repaid by proceeds from the
issuance of debt securities to investors when the deal closes or by the cash flows from the repayment of the underlying assets held by the SE or
alternative financing obtained by the investor from third-party lenders.
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 $715 million (2023: $555 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, 2024, the total assets of these limited liability entities were $10.1 billion
(2023: $9.0 billion).
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, 2024, the total AUM in the non-consolidated CIBC-managed investment funds amounted to $165.1 billion (2023: $133.6 billion).
Capital vehicles
We purchase credit protection from capital vehicles on certain referenced loan assets, which issue guarantee-linked notes held only by third-party
investors. We do not consolidate the capital vehicles and the underlying loan assets remain on the consolidated balance sheet.
Our on-balance sheet amounts and maximum exposure to loss related to SEs that are not consolidated are set out in the table below. The maximum
exposure comprises the carrying value of unhedged investments, the notional amounts for liquidity and credit facilities, and the notional amounts
less accumulated fair value losses for unhedged written credit derivatives on SE reference assets. The impact of CVA is not considered in the table
below.
\n \n
Single-seller
Third-party
and multi-seller
structured
Loan
$ millions, as at October 31, 2024
conduits
vehicles
financing
Other
(1)
On-balance sheet assets at carrying value
(2)
Cash and non-interest-bearing deposits with banks
$
\u2013
$
\u2013
$
\u2013
$
727
Securities
276
4,052
\u2013
741
Loans
101
872
10,640
305
Investments in equity-accounted associates and joint ventures
\u2013
53
\u2013
22
$
377
$
4,977
$
10,640
$
1,795
October 31, 2023
$
505
$
4,351
$
6,858
$
1,127
On-balance sheet liabilities at carrying value
(2)
Deposits
$
\u2013
$
\u2013
$
\u2013
$
730
Derivatives
(3)
\u2013
\u2013
\u2013
50
Other
\u2013
\u2013
\u2013
270
$
\u2013
$
\u2013
$
\u2013
$
1,050
October 31, 2023
$
\u2013
$
\u2013
$
\u2013
$
654
Maximum exposure to loss, net of hedges
Investments and loans
$
377
$
4,977
$
10,640
$
1,068
Notional of written derivatives, less fair value losses
\u2013
\u2013
\u2013
22
Liquidity, credit facilities and commitments
16,637
(4)
1,653
8,526
255
Less: hedges of investments, loans and written derivatives exposure
\u2013
\u2013
\u2013
(22)
$
17,014
$
6,630
$
19,166
$
1,323
October 31, 2023
$
13,636
$
6,390
$
12,358
$
912
(1) Includes
Community Reinvestment Act
-related investment vehicles, CIBC-managed investment funds, Capital vehicles and third-party structured vehicles related to
structured credit run-off.
(2)
Excludes SEs established by CMHC, Fannie Mae, Freddie Mac, Ginnie Mae, FHLB, Federal Farm Credit Bank, and Student Loan Marketing Association.
(3)
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.
(4)
Excludes an additional $6.2 billion (2023: $4.3 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 $276 million (2023: $414 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.Note 24
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 Inc. (collectively referred to as CIBC Mellon), which provide trust and asset servicing, both in Canada. As at
October 31, 2024, the carrying value of our investments in the joint ventures was $640 million (2023: $532 million), which was included in Corporate
and Other. On November 1, 2024, CIBC Mellon Global Securities Services Company Inc. and CIBC Mellon Trust Company were amalgamated to
form a single entity, CIBC Mellon Trust Company, with no impact to our consolidated financial statements.
As at October 31, 2024, loans to the joint ventures totalled nil (2023: nil) and undrawn credit commitments totalled $138 million (2023:
$131 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 20 for additional details.
There was no unrecognized share of losses of any joint ventures, either for the year or cumulatively. In 2024 and 2023, 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
2024
2023
Net income
$
68
$
46
OCI
113
61
Total comprehensive income
$
181
$
107
Associates
As at October 31, 2024, the total carrying value of our investments in associates was $145 million (2023: $137 million). These investments are
unlisted associates with a fair value of $253 million (2023: $240 million), based on non-observable valuation inputs categorized as Level 3 valuation
inputs within the fair value hierarchy. Of the total carrying value of our investments in associates, $39 million (2023: $19 million) was included in
Canadian Personal and Business Banking, $23 million (2023: $33 million) in Canadian Commercial Banking and Wealth Management, nil (2023: nil)
in U.S. Commercial Banking and Wealth Management, $45 million (2023: $42 million) in Capital Markets and Direct Financial Services, and
$38 million (2023: $43 million) in Corporate and Other.
As at October 31, 2024, loans to associates totalled nil (2023: nil) and undrawn credit commitments totalled $5 million (2023: $1 million). We
also had commitments to invest up to nil (2023: nil) in our associates.
There was an unrecognized share of losses for associates of $6 million (2023: nil) for the year and $6 million (2023: nil) cumulatively. In 2024
and 2023, 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
2024
2023
Net income (loss)
$
11
$
(16)
OCI
\u2013
5
Total comprehensive income (loss)
$
11
$
(11)
Note 25
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, 2024
Book value of
Address of head
shares owned
Subsidiary name
(1)
or principal office
by CIBC
(2)
Canada and U.S.
CIBC Asset Management Inc.
Toronto, Ontario, Canada
$
444
CIBC BA Limited
Toronto, Ontario, Canada
\u2013
(3)
CIBC Bancorp USA Inc.
Chicago, Illinois, U.S.
10,595
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
72
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
1,207
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
CIBC Caribbean Bank Limited (91.7%)
(4)
Warrens, St. Michael, Barbados
CIBC Caribbean 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
CIBC Caribbean Bank (Bahamas) Limited (87.3%)
Nassau, The Bahamas
Sentry Insurance Brokers Ltd. (87.3%)
Nassau, The Bahamas
CIBC Caribbean Bank (Barbados) Limited (91.7%)
Warrens, St. Michael, Barbados
CIBC Caribbean 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
CIBC Caribbean Bank (Jamaica) Limited (91.7%)
Kingston, Jamaica
CIBC Caribbean Bank (Trinidad and Tobago) Limited (91.7%)
Maraval, Port of Spain, Trinidad & Tobago
CIBC Caribbean Trust Company (Bahamas) Limited (91.7%)
Nassau, The Bahamas
CIBC Caribbean 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 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 common and preferred shares. These amounts are eliminated upon consolidation.
(3)
The book value of shares owned by CIBC is less than $1 million.
(4)
In 2024, FirstCaribbean International Bank Limited and its subsidiaries were rebranded under the CIBC Caribbean name. FirstCaribbean International Bank Limited,
FirstCaribbean International Bank and Trust Company (Cayman) Limited, FirstCaribbean International Bank (Bahamas) Limited, FirstCaribbean International Bank
(Barbados) Limited, FirstCaribbean International Bank (Cayman) Limited, FirstCaribbean International Bank (Jamaica) Limited, FirstCaribbean International Bank
(Trinidad & Tobago) Limited, FirstCaribbean International Trust Company (Bahamas) Limited, and FirstCaribbean International Wealth Management Bank (Barbados)
Limited were renamed to CIBC Caribbean Bank Limited, CIBC Caribbean Bank and Trust Company (Cayman) Limited, CIBC Caribbean Bank (Bahamas) Limited,
CIBC Caribbean Bank (Barbados) Limited, CIBC Caribbean Bank (Cayman) Limited, CIBC Caribbean Bank (Jamaica) Limited, CIBC Caribbean Bank (Trinidad and
Tobago) Limited, CIBC Caribbean Trust Company (Bahamas) Limited, and CIBC Caribbean Wealth Management Bank (Barbados) Limited, respectively.
In addition to the above, we consolidate certain SEs where we have control over the SE. See Note 6 for additional details.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00427": { "value": "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, prepayment and other price risks
whereas the rewards include income streams associated with the assets. Due to the retention of risks, the transferred financial assets are not
derecognized and such transfers are accounted for as secured borrowing transactions.
The majority of our financial assets transferred to non-consolidated entities that do not qualify for derecognition are: (i) residential mortgage
loans under securitization transactions; (ii) securities held by counterparties as collateral under repurchase agreements; and (iii) securities lent
under securities lending agreements.
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\u2019s Insured Mortgage Purchase Program.
The sale of mortgage pools that comprise the NHA MBS does not qualify for derecognition as we retain prepayment, credit, and interest rate
risks associated with the mortgages, which represent substantially all the risks and rewards. As a result, the mortgages remain on our consolidated
balance sheet and are carried at amortized cost. We also recognize the cash proceeds from the securitization as Deposits \u2013 Secured borrowings.
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
2024
2023
Carrying
Carrying
Fair
amount
Fair value
amount
value
Residential mortgage securitizations
(1)
$
14,612
$
14,598
$
14,227
$
13,959
Securities held by counterparties as collateral under repurchase agreements
(2)
72,433
72,433
49,794
49,794
Securities lent for cash collateral
(2)
2,637
2,637
2,716
2,716
Securities lent for securities collateral
(2)
21,712
21,712
24,355
24,355
$
111,394
$
111,380
$
91,092
$
90,824
Associated liabilities
(3)
$
111,704
$
111,655
$
90,901
$
90,868
(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 $410 million (2023: $541 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 sheet securities collateral on securities lent and fair value hedge basis adjustments.", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00428": { "value": "Note 7
Property and equipment
\n \n
Office furniture,
Right-of-
Land and
Computer
equipment
Leasehold
$ millions, as at or for the year ended October 31
use assets
buildings
(1)
equipment
and other
(1)
improvements
(1)
Total
2024
Cost
Balance at beginning of year
$
2,692
$
804
$
1,054
$
875
$
1,572
$
6,997
Additions
(2)
267
31
101
117
107
623
Disposals
(3)
(31)
(5)
(69)
(38)
(12)
(155)
Adjustments
(4)
5
1
1
2
3
12
Balance at end of year
$
2,933
$
831
$
1,087
$
956
$
1,670
$
7,477
2023
Balance at end of year
$
2,692
$
804
$
1,054
$
875
$
1,572
$
6,997
2024
Accumulated depreciation
Balance at beginning of year
$
1,050
$
345
$
879
$
523
$
949
$
3,746
Depreciation
269
16
87
56
86
514
Disposals
(3)
(31)
(3)
(69)
(34)
(10)
(147)
Adjustments
(4)
2
1
\u2013
2
\u2013
5
Balance at end of year
$
1,290
$
359
$
897
$
547
$
1,025
$
4,118
2023
Balance at end of year
$
1,050
$
345
$
879
$
523
$
949
$
3,746
Net book value
As at October 31, 2024
$
1,643
$
472
$
190
$
409
$
645
$
3,359
As at October 31, 2023
$
1,642
$
459
$
175
$
352
$
623
$
3,251
(1)
Includes $196 million (2023: $172 million) of work-in-progress not subject to depreciation.
(2)
Includes impact of lease modifications.
(3)
Includes write-offs of fully depreciated assets.
(4)
Includes foreign currency translation adjustments.
Cost of net additions and disposals during the year was: Canadian Personal and Business Banking net additions of $246 million (2023: net additions
of $215 million); Canadian Commercial Banking and Wealth Management net additions of $21 million (2023: net disposals of $5 million);
U.S. Commercial Banking and Wealth Management net additions of $64 million (2023: net additions of $23 million); Capital Markets and Direct
Financial Services net additions of $30 million (2023: net additions of $9 million); and Corporate and Other net additions of $107 million (2023: net
disposals of $199 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00429": { "value": "\n \n
Office furniture,
Right-of-
Land and
Computer
equipment
Leasehold
$ millions, as at or for the year ended October 31
use assets
buildings
(1)
equipment
and other
(1)
improvements
(1)
Total
2024
Cost
Balance at beginning of year
$
2,692
$
804
$
1,054
$
875
$
1,572
$
6,997
Additions
(2)
267
31
101
117
107
623
Disposals
(3)
(31)
(5)
(69)
(38)
(12)
(155)
Adjustments
(4)
5
1
1
2
3
12
Balance at end of year
$
2,933
$
831
$
1,087
$
956
$
1,670
$
7,477
2023
Balance at end of year
$
2,692
$
804
$
1,054
$
875
$
1,572
$
6,997
2024
Accumulated depreciation
Balance at beginning of year
$
1,050
$
345
$
879
$
523
$
949
$
3,746
Depreciation
269
16
87
56
86
514
Disposals
(3)
(31)
(3)
(69)
(34)
(10)
(147)
Adjustments
(4)
2
1
\u2013
2
\u2013
5
Balance at end of year
$
1,290
$
359
$
897
$
547
$
1,025
$
4,118
2023
Balance at end of year
$
1,050
$
345
$
879
$
523
$
949
$
3,746
Net book value
As at October 31, 2024
$
1,643
$
472
$
190
$
409
$
645
$
3,359
As at October 31, 2023
$
1,642
$
459
$
175
$
352
$
623
$
3,251
(1)
Includes $196 million (2023: $172 million) of work-in-progress not subject to depreciation.
(2)
Includes impact of lease modifications.
(3)
Includes write-offs of fully depreciated assets.
(4)
Includes foreign currency translation adjustments.\n \n
Core deposit
Contract
Customer
$ millions, as at or for the year ended October 31
Software
(1)
intangibles
(2)
based
relationships
(3)
Total
2024
Gross carrying amount
Balance at beginning of year
$
5,610
$
55
$
21
$
474
$
6,160
Additions
741
\u2013
\u2013
\u2013
741
Disposals
(4)
(650)
(2)
(10)
(94)
(756)
Adjustments
(5)
4
\u2013
\u2013
1
5
Balance at end of year
$
5,705
$
53
$
11
$
381
$
6,150
2023
Balance at end of year
$
5,610
$
55
$
21
$
474
$
6,160
2024
Accumulated amortization
Balance at beginning of year
$
3,243
$
39
$
14
$
238
$
3,534
Amortization and impairment
(4)
561
6
5
49
621
Disposals
(4)
(615)
(2)
(10)
(94)
(721)
Adjustments
(5)
1
\u2013
\u2013
1
2
Balance at end of year
$
3,190
$
43
$
9
$
194
$
3,436
2023
Balance at end of year
$
3,243
$
39
$
14
$
238
$
3,534
Net book value
As at October 31, 2024
$
2,515
$
10
$
2
$
187
$
2,714
As at October 31, 2023
$
2,367
$
16
$
7
$
236
$
2,626
(1)
Includes $1,062 million (2023: $1,021 million) of work-in-progress not subject to amortization.
(2)
Acquired as part of the acquisition of The PrivateBank.
(3)
Represents customer relationships associated with past acquisitions including of the Canadian Costco credit card portfolio in 2022.
(4)
Includes write-offs of fully amortized assets.
(5) Includes foreign currency translation.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00430": { "value": "Note 8
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 two significant CGUs to which goodwill has been allocated. The changes in the carrying amount of goodwill are allocated to each
CGU as follows:
\n \n
CGUs
U.S. Commercial
Canadian
Banking and
Wealth
Wealth
$ millions, as at or for the year ended October 31
Management
Management
Other
Total
2024
Balance at beginning of year
$
884
$
4,300
$
241
$
5,425
Impairment
\u2013
\u2013
\u2013
\u2013
Adjustments
(1)
\u2013
18
\u2013
18
Balance at end of year
$
884
$
4,318
$
241
$
5,443
2023
Balance at beginning of year
$
884
$
4,224
$
240
$
5,348
Impairment
\u2013
\u2013
\u2013
\u2013
Adjustments
(1)
\u2013
76
1
77
Balance at end of year
$
884
$
4,300
$
241
$
5,425
(1)
Includes foreign currency translation adjustments.
Impairment testing of goodwill and key assumptions
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 using a five-year cash flow projection approved by management, and an estimate of the capital required to be
maintained to support ongoing operations.
We have determined that for the impairment testing performed as at August 1, 2024, 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 2024.
A terminal growth rate of 4.5% as at August 1, 2024 (August 1, 2023: 4.5%) was applied to the years after the five-year forecast. All of the
forecasted cash flows were discounted at an after-tax rate of 10.0% as at August 1, 2024 (11.6% pre-tax) which we believe to be a risk-adjusted
discount rate appropriate to U.S. Commercial Banking and Wealth Management (we used an after-tax rate of 10.3% as at August 1, 2023). The
determination of a discount rate and a terminal growth rate require the exercise of judgment. The discount rate was determined based on the
following primary factors: (i) the risk-free rate; (ii) an equity risk premium; and (iii) beta adjustment to the equity risk premium based on a review of
betas of comparable publicly traded financial institutions in the region. The terminal growth rate was based on management\u2019s expectations of real
growth and forecasted inflation rates.
If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ.
Estimation of the recoverable amount is an area of significant judgment. The recoverable amount 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.
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 multiples of comparable wealth management institutions. The price-to-earnings multiples of those comparable wealth
management institutions ranged from 5.7 to 12.4 as at August 1, 2024 (August 1, 2023: 6.0 to 11.6).
We have determined that the estimated recoverable amount of the Wealth Management CGU was in excess of its carrying amount as at
August 1, 2024. As a result, no impairment charge was recognized during 2024.
If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ.
Other
The goodwill relating to the Other CGUs, which includes the CIBC Caribbean CGU, 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, 2024, the estimated recoverable amount of each of
these CGUs was in excess of their carrying amounts.
Allocation to strategic business units
Goodwill of $5,443 million (2023: $5,425 million) is allocated to the SBUs as follows: Canadian Commercial Banking and Wealth Management of
$954 million (2023: $954 million), Corporate and Other of $100 million (2023: $100 million), U.S. Commercial Banking and Wealth Management of
$4,318 million (2023: $4,300 million), Capital Markets and Direct Financial Services of $64 million (2023: $64 million), and Canadian Personal and
Business Banking of $7 million (2023: $7 million).
Software and other intangible assets
The carrying amount of indefinite-lived intangible assets is provided in the following table:
\n \n
Contract
$ millions, as at or for the year ended October 31
based
(1)
Brand name
(2)
Total
2024
Balance at beginning of year
$
116
$
\u2013
$
116
Impairment
\u2013
\u2013
\u2013
Balance at end of year
$
116
$
\u2013
$
116
2023
Balance at beginning of year
$
116
$
27
$
143
Impairment
\u2013
(27)
(27)
Balance at end of year
$
116
$
\u2013
$
116
(1)
Represents management contracts purchased as part of past acquisitions.
(2)
Acquired as part of the CIBC Caribbean acquisition. On October 31, 2023, CIBC Caribbean announced its intent to rebrand as CIBC, and we therefore recognized an
impairment charge of $27 million in Corporate and Other related to the impairment of the indefinite-lived brand name intangible asset.
The components of finite-lived software and other intangible assets are as follows:
\n \n
Core deposit
Contract
Customer
$ millions, as at or for the year ended October 31
Software
(1)
intangibles
(2)
based
relationships
(3)
Total
2024
Gross carrying amount
Balance at beginning of year
$
5,610
$
55
$
21
$
474
$
6,160
Additions
741
\u2013
\u2013
\u2013
741
Disposals
(4)
(650)
(2)
(10)
(94)
(756)
Adjustments
(5)
4
\u2013
\u2013
1
5
Balance at end of year
$
5,705
$
53
$
11
$
381
$
6,150
2023
Balance at end of year
$
5,610
$
55
$
21
$
474
$
6,160
2024
Accumulated amortization
Balance at beginning of year
$
3,243
$
39
$
14
$
238
$
3,534
Amortization and impairment
(4)
561
6
5
49
621
Disposals
(4)
(615)
(2)
(10)
(94)
(721)
Adjustments
(5)
1
\u2013
\u2013
1
2
Balance at end of year
$
3,190
$
43
$
9
$
194
$
3,436
2023
Balance at end of year
$
3,243
$
39
$
14
$
238
$
3,534
Net book value
As at October 31, 2024
$
2,515
$
10
$
2
$
187
$
2,714
As at October 31, 2023
$
2,367
$
16
$
7
$
236
$
2,626
(1)
Includes $1,062 million (2023: $1,021 million) of work-in-progress not subject to amortization.
(2)
Acquired as part of the acquisition of The PrivateBank.
(3)
Represents customer relationships associated with past acquisitions including of the Canadian Costco credit card portfolio in 2022.
(4)
Includes write-offs of fully amortized assets.
(5) Includes foreign currency translation.
Net additions and disposals of gross carrying amount during the year were: Canadian Personal and Business Banking net additions of $1 million
(2023: net additions of nil); Canadian Commercial Banking and Wealth Management net disposals of $1 million (2023: net disposals of $10 million);
U.S. Commercial Banking and Wealth Management net disposals of $55 million (2023: net disposals of $255 million); Capital Markets and Direct
Financial Services net additions of $1 million (2023: net additions of nil); and Corporate and Other net additions of $39 million (2023: net additions of
$361 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "Note 8
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 two significant CGUs to which goodwill has been allocated. The changes in the carrying amount of goodwill are allocated to each
CGU as follows:
\n \n
CGUs
U.S. Commercial
Canadian
Banking and
Wealth
Wealth
$ millions, as at or for the year ended October 31
Management
Management
Other
Total
2024
Balance at beginning of year
$
884
$
4,300
$
241
$
5,425
Impairment
\u2013
\u2013
\u2013
\u2013
Adjustments
(1)
\u2013
18
\u2013
18
Balance at end of year
$
884
$
4,318
$
241
$
5,443
2023
Balance at beginning of year
$
884
$
4,224
$
240
$
5,348
Impairment
\u2013
\u2013
\u2013
\u2013
Adjustments
(1)
\u2013
76
1
77
Balance at end of year
$
884
$
4,300
$
241
$
5,425
(1)
Includes foreign currency translation adjustments.
Impairment testing of goodwill and key assumptions
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 using a five-year cash flow projection approved by management, and an estimate of the capital required to be
maintained to support ongoing operations.
We have determined that for the impairment testing performed as at August 1, 2024, 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 2024.
A terminal growth rate of 4.5% as at August 1, 2024 (August 1, 2023: 4.5%) was applied to the years after the five-year forecast. All of the
forecasted cash flows were discounted at an after-tax rate of 10.0% as at August 1, 2024 (11.6% pre-tax) which we believe to be a risk-adjusted
discount rate appropriate to U.S. Commercial Banking and Wealth Management (we used an after-tax rate of 10.3% as at August 1, 2023). The
determination of a discount rate and a terminal growth rate require the exercise of judgment. The discount rate was determined based on the
following primary factors: (i) the risk-free rate; (ii) an equity risk premium; and (iii) beta adjustment to the equity risk premium based on a review of
betas of comparable publicly traded financial institutions in the region. The terminal growth rate was based on management\u2019s expectations of real
growth and forecasted inflation rates.
If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ.
Estimation of the recoverable amount is an area of significant judgment. The recoverable amount 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.
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 multiples of comparable wealth management institutions. The price-to-earnings multiples of those comparable wealth
management institutions ranged from 5.7 to 12.4 as at August 1, 2024 (August 1, 2023: 6.0 to 11.6).
We have determined that the estimated recoverable amount of the Wealth Management CGU was in excess of its carrying amount as at
August 1, 2024. As a result, no impairment charge was recognized during 2024.
If alternative reasonably possible changes in key assumptions were applied, the result of the impairment test would not differ.
Other
The goodwill relating to the Other CGUs, which includes the CIBC Caribbean CGU, 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, 2024, the estimated recoverable amount of each of
these CGUs was in excess of their carrying amounts.
Allocation to strategic business units
Goodwill of $5,443 million (2023: $5,425 million) is allocated to the SBUs as follows: Canadian Commercial Banking and Wealth Management of
$954 million (2023: $954 million), Corporate and Other of $100 million (2023: $100 million), U.S. Commercial Banking and Wealth Management of
$4,318 million (2023: $4,300 million), Capital Markets and Direct Financial Services of $64 million (2023: $64 million), and Canadian Personal and
Business Banking of $7 million (2023: $7 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "Software and other intangible assets
The carrying amount of indefinite-lived intangible assets is provided in the following table:
\n \n
Contract
$ millions, as at or for the year ended October 31
based
(1)
Brand name
(2)
Total
2024
Balance at beginning of year
$
116
$
\u2013
$
116
Impairment
\u2013
\u2013
\u2013
Balance at end of year
$
116
$
\u2013
$
116
2023
Balance at beginning of year
$
116
$
27
$
143
Impairment
\u2013
(27)
(27)
Balance at end of year
$
116
$
\u2013
$
116
(1)
Represents management contracts purchased as part of past acquisitions.
(2)
Acquired as part of the CIBC Caribbean acquisition. On October 31, 2023, CIBC Caribbean announced its intent to rebrand as CIBC, and we therefore recognized an
impairment charge of $27 million in Corporate and Other related to the impairment of the indefinite-lived brand name intangible asset.
The components of finite-lived software and other intangible assets are as follows:
\n \n
Core deposit
Contract
Customer
$ millions, as at or for the year ended October 31
Software
(1)
intangibles
(2)
based
relationships
(3)
Total
2024
Gross carrying amount
Balance at beginning of year
$
5,610
$
55
$
21
$
474
$
6,160
Additions
741
\u2013
\u2013
\u2013
741
Disposals
(4)
(650)
(2)
(10)
(94)
(756)
Adjustments
(5)
4
\u2013
\u2013
1
5
Balance at end of year
$
5,705
$
53
$
11
$
381
$
6,150
2023
Balance at end of year
$
5,610
$
55
$
21
$
474
$
6,160
2024
Accumulated amortization
Balance at beginning of year
$
3,243
$
39
$
14
$
238
$
3,534
Amortization and impairment
(4)
561
6
5
49
621
Disposals
(4)
(615)
(2)
(10)
(94)
(721)
Adjustments
(5)
1
\u2013
\u2013
1
2
Balance at end of year
$
3,190
$
43
$
9
$
194
$
3,436
2023
Balance at end of year
$
3,243
$
39
$
14
$
238
$
3,534
Net book value
As at October 31, 2024
$
2,515
$
10
$
2
$
187
$
2,714
As at October 31, 2023
$
2,367
$
16
$
7
$
236
$
2,626
(1)
Includes $1,062 million (2023: $1,021 million) of work-in-progress not subject to amortization.
(2)
Acquired as part of the acquisition of The PrivateBank.
(3)
Represents customer relationships associated with past acquisitions including of the Canadian Costco credit card portfolio in 2022.
(4)
Includes write-offs of fully amortized assets.
(5) Includes foreign currency translation.
Net additions and disposals of gross carrying amount during the year were: Canadian Personal and Business Banking net additions of $1 million
(2023: net additions of nil); Canadian Commercial Banking and Wealth Management net disposals of $1 million (2023: net disposals of $10 million);
U.S. Commercial Banking and Wealth Management net disposals of $55 million (2023: net disposals of $255 million); Capital Markets and Direct
Financial Services net additions of $1 million (2023: net additions of nil); and Corporate and Other net additions of $39 million (2023: net additions of
$361 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "Note 9
Other assets
\n \n
$ millions, as at October 31
2024
2023
Accrued interest receivable
$
4,213
$
3,502
Defined benefit asset
(Note 17)
1,378
1,055
Precious metals
(1)
4,195
2,481
Brokers\u2019 client accounts
7,967
7,452
Current tax receivable
2,611
2,729
Other prepayments
588
607
Derivative collateral receivable
7,067
6,846
Accounts receivable
1,238
851
Other
(2)(3)
1,605
2,136
$
30,862
$
27,659
(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 $625 million as at October 31, 2024 (2023: $671 million). For the year ended October 31, 2024, finance income related to our
investments in subleases was $43 million (2023: $46 million). Future lease payments receivable are $518 million over the next five years, and $437 million thereafter until
expiry of the subleases.
(3)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "Note 10
Deposits
(1)(2)
\n \n
Payable on
Payable after
Payable on a
2024
2023
$ millions, as at October 31
demand
(3)
notice
(4)
fixed date
(5)(6)
Total
Total
Personal
$
14,093
$
134,132
$
104,669
$
252,894
$
239,035
Business and government
(7)
105,191
113,982
216,326
435,499
412,561
Bank
10,340
249
9,420
20,009
22,296
Secured borrowings
(8)
\u2013
\u2013
56,455
56,455
49,484
$
129,624
$
248,363
$
386,870
$
764,857
$
723,376
Comprises:
Held at amortized cost
$
725,849
$
687,737
Designated at fair value
39,008
35,639
$
764,857
$
723,376
Total deposits include:
(9)
Non-interest-bearing deposits
Canada
$
84,460
$
84,165
U.S.
12,927
12,816
Other international
5,691
5,821
Interest-bearing deposits
Canada
526,186
488,490
U.S.
101,141
95,109
Other international
34,452
36,975
$
764,857
$
723,376
(1)
Includes deposits of $288.4 billion (2023: $258.4 billion) denominated in U.S. dollars and deposits of $52.9 billion (2023: $53.6 billion) denominated in other foreign
currencies.
(2)
Net of purchased notes of $0.6 billion (2023: $1.6 billion).
(3)
Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts.
(4)
Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts.
(5)
Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments.
(6)
Includes $61.1 billion (2023: $60.8 billion) 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, 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 $15.5 billion (2023: $14.6 billion) of structured note liabilities that were sold upon issuance to third-party financial intermediaries, who may resell the notes to retail
investors in foreign jurisdictions.
(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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00435": { "value": "Note 10
Deposits
(1)(2)
\n \n
Payable on
Payable after
Payable on a
2024
2023
$ millions, as at October 31
demand
(3)
notice
(4)
fixed date
(5)(6)
Total
Total
Personal
$
14,093
$
134,132
$
104,669
$
252,894
$
239,035
Business and government
(7)
105,191
113,982
216,326
435,499
412,561
Bank
10,340
249
9,420
20,009
22,296
Secured borrowings
(8)
\u2013
\u2013
56,455
56,455
49,484
$
129,624
$
248,363
$
386,870
$
764,857
$
723,376
Comprises:
Held at amortized cost
$
725,849
$
687,737
Designated at fair value
39,008
35,639
$
764,857
$
723,376
Total deposits include:
(9)
Non-interest-bearing deposits
Canada
$
84,460
$
84,165
U.S.
12,927
12,816
Other international
5,691
5,821
Interest-bearing deposits
Canada
526,186
488,490
U.S.
101,141
95,109
Other international
34,452
36,975
$
764,857
$
723,376
(1)
Includes deposits of $288.4 billion (2023: $258.4 billion) denominated in U.S. dollars and deposits of $52.9 billion (2023: $53.6 billion) denominated in other foreign
currencies.
(2)
Net of purchased notes of $0.6 billion (2023: $1.6 billion).
(3)
Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts.
(4)
Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts.
(5)
Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments.
(6)
Includes $61.1 billion (2023: $60.8 billion) 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, 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 $15.5 billion (2023: $14.6 billion) of structured note liabilities that were sold upon issuance to third-party financial intermediaries, who may resell the notes to retail
investors in foreign jurisdictions.
(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.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00436": { "value": "Note 11
Other liabilities
\n \n
$ millions, as at October 31
2024
2023
Accrued interest payable
$
4,982
$
4,530
Defined benefit liability
(Note 17)
460
462
Gold and silver certificates
158
119
Brokers\u2019 client accounts
5,951
5,907
Derivative collateral payable
4,459
3,381
Negotiable instruments
1,079
1,228
Accrued employee compensation and benefits
3,899
2,580
Accounts payable and accrued expenses
3,202
2,804
Other
(1)(2)
5,965
5,642
$
30,155
$
26,653
(1)
Includes the carrying value of our lease liabilities, which was $2,028 million as at October 31, 2024 (2023: $2,018 million). The undiscounted cash flows related to the
contractual maturity of our lease liabilities is $346 million for the period less than 1 year, $1,066 million between years 1-5, and $1,058 million thereafter until expiry of the
leases. During the year ended October 31, 2024, interest expense on lease liabilities was $72 million (2023: $67 million).
(2)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00437": { "value": "Note 12
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.
\n \n
$ millions, as at October 31
2024
2023
Assets
Liabilities
Assets
Liabilities
Trading
(Note 2)
$
33,485
$
39,847
$
30,807
$
40,609
ALM
(Note 2)
(1)
2,950
807
2,436
681
$
36,435
$
40,654
$
33,243
$
41,290
(1)
Comprised of derivatives that qualify for hedge accounting under IAS 39 and derivatives used for economic hedges.
\n
Derivatives used by CIBC
\n
The majority of our derivative contracts are OTC transactions, which consist of: (i) contracts that are bilaterally negotiated and settled between CIBC
\n
and the counterparty to the contract; and (ii) contracts that are bilaterally negotiated and then cleared through a central counterparty (CCP).
\n
Bilaterally negotiated and settled contracts are usually traded under a standardized International Swaps and Derivatives Association (ISDA)
\n
agreement with collateral posting arrangements between CIBC and its counterparties. Terms are negotiated directly with counterparties and the
\n
contracts have industry-standard settlement mechanisms prescribed by ISDA. Centrally cleared contracts are generally bilaterally negotiated and
\n
then novated to, and cleared through, a CCP. The industry promotes the use of CCPs to clear OTC trades. The central clearing of derivative
\n
contracts generally facilitates the reduction of credit exposures due to the ability to net settle offsetting positions. Consequently, derivative contracts
\n
cleared through CCPs generally attract less capital relative to those settled with non-CCPs.
\n
The remainder of our derivative contracts are exchange-traded derivatives, which are standardized in terms of their amounts and settlement
\n
dates, and are bought and sold on organized and regulated exchanges. These exchange-traded derivative contracts consist primarily of options
\n
and futures.
\n
Interest rate derivatives
\n
Forward rate agreements are OTC contracts that effectively fix a future interest rate for a period of time. A typical forward rate agreement provides
\n
that at a pre-determined future date, a cash settlement will be made between the counterparties based upon the difference between a contracted
\n
rate and a market rate to be determined in the future, calculated on a specified notional principal amount. No exchange of principal amount takes
\n
place. Certain forward rate agreements are bilaterally transacted and then novated and settled through a clearing house which acts as a CCP.
\n
Interest rate swaps are OTC contracts in which two counterparties agree to exchange cash flows over a period of time based on rates applied
\n
to a specified notional principal amount. A typical interest rate swap would require one counterparty to pay a fixed market interest rate in exchange
\n
for a variable market interest rate determined from time to time, with both calculated on a specified notional principal amount. No exchange of
\n
principal amount takes place. Certain interest rate swaps are bilaterally transacted and then novated and settled through a clearing house which
\n
acts as a CCP.
\n
Interest rate options are contracts in which one party (the purchaser of an option) acquires from another party (the writer of an option), in
\n
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
\n
financial instrument at a contracted price. The underlying financial instrument has a market price which varies in response to changes in interest
\n
rates. Options are transacted in both OTC and exchange-traded markets.
\n
Interest rate futures are standardized contracts transacted on an exchange. They are based upon an agreement to buy or sell a specified
\n
quantity of a financial instrument on a specified future date, at a contracted price. These contracts differ from forward rate agreements in that they
\n
are in standard amounts with standard settlement dates and are transacted through an exchange.
\n
Foreign exchange derivatives
\n
Foreign exchange forwards are OTC contracts in which one counterparty contracts with another to exchange a specified amount of one currency for
\n
a specified amount of a second currency, at a future date or range of dates.
\n
Foreign exchange futures contracts are similar in mechanics to foreign exchange forward contracts except that they are in standard currency
\n
amounts with standard settlement dates and are transacted through an exchange.
\n
Foreign exchange swap contracts comprise foreign exchange swaps and cross-currency interest rate swaps. Foreign exchange swaps are
\n
transactions in which a currency is simultaneously purchased in the spot market and sold for a different currency in the forward market, or vice
\n
versa. Cross-currency interest rate swaps are transactions in which counterparties exchange principal and interest flows in different currencies over
\n
a period of time. These contracts are used to manage both currency and interest rate exposures.
\n
Credit derivatives
\n
Credit derivatives are OTC contracts designed to transfer the credit risk in an underlying financial instrument (usually termed as a reference asset)
\n
from one counterparty to another. The most common credit derivatives are CDS and certain TRS.
\n
CDS contracts provide protection against the decline in value of a reference asset as a result of specified credit events such as default or
\n
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
\n
for payment contingent on the occurrence of a credit event. The protection purchaser has recourse to the protection seller for the difference
\n
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
\n
under the CDS contract has recourse to the entity that issued the reference asset. Certain CDS contracts are cleared through a CCP.
\n
In credit derivative TRS contracts, one counterparty agrees to pay or receive cash amounts based on the returns of a reference asset,
\n
including interest earned on these assets in exchange for amounts that are based on prevailing market funding rates. These cash settlements are
\n
made regardless of whether there is a credit event. Upon the occurrence of a credit event, the parties may either exchange cash payments
\n
according to the value of the defaulted assets or exchange cash based on the notional amount for physical delivery of the defaulted assets.
\n
Equity derivatives
\n
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
\n
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
\n
the value of a different stock index, basket of stocks or a single stock. These contracts generally include payments in respect of dividends.
\n
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
\n
underlying stock index, basket of stocks, or a single stock at a contracted price. Options are transacted in both OTC and exchange markets.
\n
Equity index futures are standardized contracts transacted on an exchange. They are based on an agreement to pay or receive a cash
\n
amount based on the difference between the contracted price level of an underlying stock index and its corresponding market price level at a
\n
specified future date. There is generally no actual delivery of stocks that comprise the underlying index. These contracts are in standard amounts
\n
with standard settlement dates.
\n
Precious metal and other commodity derivatives
\n
We also transact in other derivative products, including commodity forwards, futures, swaps and options, such as precious metal and
\n
energy-related products in both OTC and exchange markets.
\n
Notional amounts
\n
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
\n
determine the amount of cash flows to be exchanged. In most cases, notional amounts do not represent the potential gain or loss associated with
\n
market or credit risk of such instruments.
\n
The following table presents the notional amounts of derivative instruments:
$ millions, as at October 31
2024
2023
Residual term to contractual maturity
Less
Total
than
1 to
Over
notional
1 year
5 years
5 years
amounts
Trading
ALM
Trading
ALM
Interest rate derivatives
Over-the-counter
Forward rate agreements
$
9,357 $
118 $
\u2013
$
9,475 $
9,420 $
55
$
8,802
$
1,246
Centrally cleared forward rate agreements
85,320
3,379
\u2013
88,699
88,699
\u2013
88,710
\u2013
Swap contracts
44,245
154,361
93,414
292,020
273,138
18,882
264,672
16,365
Centrally cleared swap contracts
2,213,143
2,338,530
1,175,370
5,727,043
4,805,504
921,539
4,395,595
735,655
Purchased options
38,488
9,575
353
48,416
47,772
644
29,906
864
Written options
43,354
9,791
1,087
54,232
54,189
43
29,005
88
2,433,907
2,515,754
1,270,224
6,219,885
5,278,722
941,163
4,816,690
754,218
Exchange-traded
Futures contracts
13,516
2,602
\u2013
16,118
16,112
6
43,600
30
Purchased options
1,069
\u2013
\u2013
1,069
1,069
\u2013
1,502
\u2013
Written options
4,069
\u2013
\u2013
4,069
4,069
\u2013
2
\u2013
18,654
2,602
\u2013
21,256
21,250
6
45,104
30
Total interest rate derivatives
2,452,561
2,518,356
1,270,224
6,241,141
5,299,972
941,169
4,861,794
754,248
Foreign exchange derivatives
Over-the-counter
Forward contracts
844,731
20,484
714
865,929
851,206
14,723
636,536
8,007
Swap contracts
191,480
288,812
159,178
639,470
567,930
71,540
516,001
74,788
Purchased options
70,395
1,763
22
72,180
72,180
\u2013
35,005
21
Written options
81,633
1,429
\u2013
83,062
82,384
678
41,981
1,072
1,188,239
312,488
159,914
1,660,641
1,573,700
86,941
1,229,523
83,888
Exchange-traded
Futures contracts
352
\u2013
\u2013
352
352
\u2013
64
\u2013
Purchased options
67
\u2013
\u2013
67
67
\u2013
185
\u2013
Written options
292
\u2013
\u2013
292
292
\u2013
289
\u2013
711
\u2013
\u2013
711
711
\u2013
538
\u2013
Total foreign exchange derivatives
1,188,950
312,488
159,914
1,661,352
1,574,411
86,941
1,230,061
83,888
Credit derivatives
Over-the-counter
Credit default swap contracts \u2013 protection
purchased
1,411
1,073
317
2,801
2,782
19
1,854
19
Centrally cleared credit default swap
contracts \u2013 protection purchased
49
2,393
629
3,071
3,071
\u2013
748
\u2013
Credit default swap contracts \u2013 protection sold
314
497
125
936
936
\u2013
1,736
\u2013
Centrally cleared credit default swap
contracts \u2013 protection sold
43
1,277
423
1,743
1,743
\u2013
1,263
\u2013
Total credit derivatives
1,817
5,240
1,494
8,551
8,532
19
5,601
19
Equity derivatives
Over-the-counter
103,002
62,227
1,093
166,322
163,965
2,357
166,539
1,380
Exchange-traded
121,217
37,254
870
159,341
159,341
\u2013
121,614
\u2013
Total equity derivatives
224,219
99,481
1,963
325,663
323,306
2,357
288,153
1,380
Precious metal and other commodity derivatives
Over-the-counter
55,798
26,678
1,011
83,487
83,474
13
62,400
2
Centrally cleared commodity derivatives
118
218
\u2013
336
336
\u2013
469
\u2013
Exchange-traded
22,830
9,080
184
32,094
32,094
\u2013
31,590
\u2013
Total precious metal and other commodity derivatives
78,746
35,976
1,195
115,917
115,904
13
94,459
2
Total notional amount of which:
$
3,946,293 $
2,971,541 $
1,434,790
$
8,352,624 $
7,322,125 $
1,030,499
$
6,480,068
$
839,537
Over-the-counter
(1)
3,782,881
2,922,605
1,433,736
8,139,222
7,108,729
1,030,493
6,281,222
839,507
Exchange-traded
163,412
48,936
1,054
213,402
213,396
6
198,846
30
\n
(1)
For OTC derivatives that are not centrally cleared, $2,152.6 billion (2023: $1,757.1 billion) are with counterparties that have two-way collateral posting arrangements,
\n
$55.6 billion (2023: $44.6 billion) are with counterparties that have one-way collateral posting arrangements, and $110.1 billion (2023: $96.6 billion) are with counterparties
\n
that have no collateral posting arrangements. Counterparties with whom we have more than insignificant OTC derivative portfolios and one-way collateral posting
\n
arrangements are either sovereign entities or supra national financial institutions.
\n
Risk
\n
In the following sections, we discuss the risks related to the use of derivatives and how we manage these risks.
\n
Market risk
\n
Derivatives are financial instruments where valuation is linked to changes in interest rates, foreign exchange rates, equity, commodity, credit prices,
\n
volatilities, indices or other underlying factors. Changes in value as a result of the aforementioned risk factors are referred to as market risk.
\n
Market risk arising from derivative trading activities is managed in order to mitigate risk in line with CIBC\u2019s risk appetite. To manage market
\n
risk, we set market risk limits and may enter into hedging transactions.
\n
Credit risk
\n
Credit risk arises from the potential for a counterparty to default on its contractual obligations and the possibility that prevailing market conditions are
\n
such that a loss would occur in replacing the defaulted transaction.
\n
We limit the credit risk of OTC derivatives through the use of ISDA master netting agreements, collateral, CCPs and other credit mitigation
\n
techniques. We clear eligible derivatives through CCPs in accordance with various global initiatives. Where feasible, we novate existing bilaterally
\n
negotiated and settled derivatives to a CCP in an effort to reduce CIBC\u2019s credit risk exposure. We establish counterparty credit limits and limits for
\n
CCP exposures based on a counterparty\u2019s creditworthiness and the type of trading relationship with each counterparty (underlying agreements,
\n
business volumes, product types, tenors, etc.).
\n
We negotiate netting agreements to contain the build-up of credit exposure resulting from multiple transactions with more active
\n
counterparties. Such agreements provide for the simultaneous close-out and netting of all transactions with a counterparty, in the case of a
\n
counterparty default. A number of these agreements incorporate a Credit Support Annex, which is a bilateral security agreement that, among other
\n
things, provides for the exchange of collateral between parties in the event that one party\u2019s exposure to the other exceeds agreed upon thresholds.
\n
Credit risk on exchange-traded futures and options is limited, as these transactions are standardized contracts executed on established
\n
exchanges, whose CCPs assume the obligations of both counterparties. Similarly, swaps that are centrally cleared represent limited credit risk
\n
because these transactions are novated to the CCP, which assumes the obligations of the original bilateral counterparty. All exchange-traded and
\n
centrally cleared contracts are subject to initial margin and daily settlement of variation margins, designed to protect participants from losses
\n
incurred from a counterparty default.
\n
A CVA is determined using the fair value based exposure we have on derivative contracts. We believe that we have made appropriate fair
\n
value adjustments to date. The establishment of fair value adjustments involves estimates that are based on accounting processes and judgments
\n
by management. We evaluate the adequacy of the fair value adjustments on an ongoing basis. Market and economic conditions relating to
\n
derivative counterparties may change in the future, which could result in significant future losses.
\n
The following table summarizes our credit exposure arising from derivatives, which includes the current replacement cost, credit equivalent amount
\n
and risk-weighted amount.
\n
For the majority of OTC derivative transactions, we use the internal model method (IMM) for the determination of the EAD, using models that
\n
simulate the underlying risk factors and reflect netting and collateral agreements. For the minority of derivative transactions where we do not have
\n
regulatory approval to use IMM, we used the standardized approach for counterparty credit risk (SA-CCR).
$ millions, as at October 31
2024
2023
Credit
Risk-
Credit
Risk-
Current replacement cost
(1)
equivalent
weighted
Current replacement cost
(1)
equivalent
weighted
Trading
ALM
Total
amount
(2)
amount
Trading
ALM
Total
amount
(2)
amount
Interest rate derivatives
Over-the-counter
Forward rate agreements
$
2 $
1 $
3
$
31
$
15
$
1 $
\u2013 $
1
$
7
$
2
Swap contracts
1,070
131
1,201
3,016
710
1,152
36
1,188
2,540
656
Purchased options
22
1
23
68
24
5
\u2013
5
29
14
Written options
2
1
3
20
6
1
\u2013
1
18
7
1,096
134
1,230
3,135
755
1,159
36
1,195
2,594
679
Exchange-traded
2
\u2013
2
35
1
1
\u2013
1
78
2
1,098
134
1,232
3,170
756
1,160
36
1,196
2,672
681
Foreign exchange derivatives
Over-the-counter
Forward contracts
1,923
308
2,231
5,985
2,010
1,551
369
1,920
5,123
1,753
Swap contracts
326
512
838
2,818
482
413
499
912
2,885
794
Purchased options
183
\u2013
183
498
171
202
\u2013
202
495
227
Written options
19
\u2013
19
165
52
31
\u2013
31
162
58
2,451
820
3,271
9,466
2,715
2,197
868
3,065
8,665
2,832
Exchange-traded
\u2013
\u2013
\u2013
499
20
\u2013
\u2013
\u2013
585
23
2,451
820
3,271
9,965
2,735
2,197
868
3,065
9,250
2,855
Credit derivatives
Over-the-counter
Credit default swap contracts
\u2013 protection purchased
2
\u2013
2
121
14
2
4
6
105
18
\u2013 protection sold
\u2013
\u2013
\u2013
18
4
10
\u2013
10
34
15
2
\u2013
2
139
18
12
4
16
139
33
Equity derivatives
Over-the-counter
365
59
424
4,179
1,048
385
10
395
3,972
952
Exchange-traded
1,364
\u2013
1,364
5,502
161
351
\u2013
351
3,147
103
1,729
59
1,788
9,681
1,209
736
10
746
7,119
1,055
Precious metal and other
commodity derivatives
Over-the-counter
1,165
30
1,195
2,406
956
1,553
\u2013
1,553
2,763
1,205
Exchange-traded
83
\u2013
83
1,930
77
13
\u2013
13
2,069
83
1,248
30
1,278
4,336
1,033
1,566
\u2013
1,566
4,832
1,288
RWA related to non-trade exposures
to central counterparties
414
337
RWA related to CVA capital charge
(3)
3,381
5,949
Total derivatives
$
6,528 $
1,043 $
7,571
$
27,291
$
9,546
$
5,671 $
918 $
6,589
$
24,012
$
12,198
\n
(1)
Current replacement cost reflects the current mark-to-market (MTM) value of derivatives offset by eligible financial collateral, where present.
\n
(2)
Under IMM, expected effective positive exposure (EEPE) is used, which computes, through simulation, the expected exposures with consideration to the expected
\n
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
\n
SA-CCR is calculated as the sum of replacement cost and potential future exposure, multiplied by the prescribed alpha factor of 1.4.
\n
(3)
2024 reflects the implementation of Basel III reforms related to market risk and CVA.
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
2024
2023
Other
Other
Canada
U.S.
countries
Total
Canada
U.S.
countries
Total
Derivative instruments
By counterparty type
Financial institutions
$
1,389
$
1,826
$
1,102
$
4,317
$
1,509
$
1,029
$
651
$
3,189
Governments
796
\u2013
54
850
829
\u2013
51
880
Corporate
1,524
409
471
2,404
853
1,168
499
2,520
Total derivative instruments
$
3,709
$
2,235
$
1,627
$
7,571
$
3,191
$
2,197
$
1,201
$
6,589
Note 13
Designated accounting hedges
Hedge accounting
We apply hedge accounting as part of managing the market risk of certain non-trading portfolios arising from changes due to interest rates, foreign
exchange rates, and equity market prices. See the shaded sections in \u201cNon-trading activities\u201d in the MD&A for further information on our risk
management strategy for these risks. See Note 12 for further information on the derivatives used by CIBC.
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.
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 TRS in designated cash flow hedge relationships to hedge changes in CIBC\u2019s share price in respect of certain cash-settled
share-based compensation awards. Note 16 provides details on our cash-settled share-based compensation plans.
For the hedge relationships described 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:
\u2022
Utilization of hedging instruments that have a non-zero fair value at the inception of the hedge relationship;
\u2022
Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated;
\u2022
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
\u2022
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 CVA to the valuation of derivatives when they are applicable.
\n
Designated hedging instruments
\n
The following table provides a summary of financial instruments designated as hedging instruments:
\n\n \n
Notional
Fair value of the
Gains (losses) on
amount of
Maturity range
hedging derivatives
changes in fair value
the hedging
Less than
1-5
Over 5
used for calculating
$ millions, as at October 31
instrument
(1)
1 year
years
years
Assets
Liabilities
hedge ineffectiveness
2024
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
$
29,207
$
14,559
$
14,648
$
\u2013
$
1,008
$
366
$
713
Interest rate risk
Interest rate swaps
41,233
1,462
38,178
1,593
\u2013
8
1,625
Equity share price risk
Equity swaps
2,087
1,810
277
\u2013
156
3
920
$
72,527
$
17,831
$
53,103
$
1,593
$
1,164
$
377
$
3,258
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
$
7,658
$
7,658
$
\u2013
$
\u2013
$
15
$
106
$
(51)
Deposits
(2)
32,084
32,084
\u2013
\u2013
n/a
n/a
(216)
$
39,742
$
39,742
$
\u2013
$
\u2013
$
15
$
106
$
(267)
Fair value hedges
Interest rate risk
Interest rate swaps
$
267,334
$
118,011
$
117,322
$
32,001
$
77
$
926
$
(2,116)
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
41,491
13,249
25,647
2,595
1,617
758
51
Interest rate swaps
21,336
6,591
14,257
488
\u2013
15
694
$
330,161
$
137,851
$
157,226
$
35,084
$
1,694
$
1,699
$
(1,371)
$
442,430
$
195,424
$
210,329
$
36,677
$
2,873
$
2,182
$
1,620
2023
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
$
30,110
$
15,853
$
14,257
$
\u2013
$
884
$
796
$
609
Interest rate risk
Interest rate swaps
38,508
5,542
32,775
191
\u2013
76
(649)
Equity share price risk
Equity swaps
1,227
499
728
\u2013
3
100
(288)
$
69,845
$
21,894
$
47,760
$
191
$
887
$
972
$
(328)
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
$
2,603
$
2,603
$
\u2013
$
\u2013
$
86
$
133
$
(63)
Deposits
(2)
31,816
31,816
\u2013
\u2013
n/a
n/a
(775)
$
34,419
$
34,419
$
\u2013
$
\u2013
$
86
$
133
$
(838)
Fair value hedges
Interest rate risk
Interest rate swaps
$
209,012
$
60,917
$
93,141
$
54,954
$
73
$
1,125
$
1,531
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
43,676
15,413
21,510
6,753
1,340
1,440
(73)
Interest rate swaps
25,689
13,127
9,619
2,943
\u2013
39
326
$
278,377
$
89,457
$
124,270
$
64,650
$
1,413
$
2,604
$
1,784
$
382,641
$
145,770
$
172,030
$
64,841
$
2,386
$
3,709
$
618
\n
(1)
For some hedge relationships, we apply a combination of derivatives to hedge the underlying exposures; therefore, the notional amounts of the derivatives generally
\n
exceed the carrying amount of the hedged items.
\n
(2)
Notional amount represents the principal amount of deposits as at October 31, 2024 and October 31, 2023.
\n
n/a Not applicable.
\n
The following table provides the average rate or price of the hedging derivatives:
\n\n \n
Average
Average fixed
Average
As at October 31
exchange rate
(1)
interest rate
(1)
share price
2024
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
AUD \u2013 CAD
0.91
n/a
n/a
EUR \u2013 CAD
1.47
n/a
n/a
GBP \u2013 CAD
1.70
n/a
n/a
Interest rate risk
Interest rate swaps
n/a
CAD
3.44 %
n/a
n/a
USD
4.09 %
n/a
Equity share price risk
Equity swaps
n/a
n/a
$
72.68
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
AUD \u2013 CAD
0.92
n/a
n/a
HKD \u2013 CAD
0.18
n/a
n/a
Fair value hedges
Interest rate risk
Interest rate swaps
n/a
CAD
3.71 %
n/a
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
EUR \u2013 CAD
1.46
0.63 %
n/a
CHF \u2013 CAD
1.38
n/a
n/a
USD \u2013 CAD
1.32
2.06 %
n/a
Interest rate swaps
n/a
CHF
0.23 %
n/a
n/a
EUR
0.89 %
n/a
n/a
GBP
0.82 %
n/a
2023
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
AUD \u2013 CAD
0.90
n/a
n/a
EUR \u2013 CAD
1.44
n/a
n/a
GBP \u2013 CAD
1.68
n/a
n/a
Interest rate risk
Interest rate swaps
n/a
CAD
3.81 %
n/a
n/a
USD
4.86 %
n/a
Equity share price risk
Equity swaps
n/a
n/a
$
66.46
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
AUD \u2013 CAD
0.89
n/a
n/a
HKD \u2013 CAD
0.18
n/a
n/a
Fair value hedges
Interest rate risk
Interest rate swaps
n/a
CAD
3.41 %
n/a
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
EUR \u2013 CAD
1.46
0.38 %
n/a
CHF \u2013 CAD
1.38
n/a
n/a
USD \u2013 CAD
1.34
3.86 %
n/a
Interest rate swaps
n/a
CHF
0.23 %
n/a
n/a
EUR
0.82 %
n/a
n/a
GBP
0.84 %
n/a
\n
(1)
Includes average foreign exchange rates and interest rates relating to significant hedging relationships.
\n
n/a Not applicable.
\n
Designated hedged items
\n
The following table provides information on designated hedged items:
\n\n \n
Gains (losses) on
Accumulated amount of
change in fair
Carrying amount of
fair value hedge adjustments
value used for
the hedged item
on the hedged item
calculating hedge
$ millions, as at or for the year ended October 31
Assets
Liabilities
Assets
Liabilities
ineffectiveness
2024
Cash flow hedges
(1)
Foreign exchange risk
Deposits
$
\u2013
$
16,524
n/a
n/a
$
(710)
Interest rate risk
Loans
41,233
\u2013
n/a
n/a
(1,622)
Equity share price risk
Share-based payment
\u2013
2,074
n/a
n/a
(920)
$
41,233
$
18,598
n/a
n/a
$
(3,252)
NIFO hedges
$
39,742
$
\u2013
n/a
n/a
$
267
Fair value hedges
(2)
Interest rate risk
Securities
$
72,816
$
\u2013
$
(115)
$
\u2013
$
3,446
Loans
51,302
\u2013
770
\u2013
1,057
Deposits
\u2013
133,104
\u2013
(1,142)
(2,135)
Subordinated indebtedness
\u2013
6,189
\u2013
96
(207)
Foreign exchange / interest rate risk
Deposits
\u2013
21,531
\u2013
(733)
(741)
$
124,118
$
160,824
$
655
$
(1,779)
$
1,420
2023
Cash flow hedges
(1)
Foreign exchange risk
Deposits
$
\u2013
$
16,010
n/a
n/a
$
(609)
Interest rate risk
Loans
38,508
\u2013
n/a
n/a
650
Equity share price risk
Share-based payment
\u2013
1,106
n/a
n/a
288
$
38,508
$
17,116
n/a
n/a
$
329
NIFO hedges
$
34,419
$
\u2013
n/a
n/a
$
838
Fair value hedges
(2)
Interest rate risk
Securities
$
58,605
$
\u2013
$
(3,830)
$
\u2013
$
(1,655)
Loans
43,475
\u2013
(683)
\u2013
(297)
Deposits
\u2013
90,317
\u2013
(3,278)
329
Subordinated indebtedness
\u2013
4,206
\u2013
(97)
76
Foreign exchange / interest rate risk
Deposits
\u2013
21,087
\u2013
(1,447)
(255)
$
102,080
$
115,610
$
(4,513)
$
(4,822)
$
(1,802)
\n
(1)
As at October 31, 2024, the amount remaining in AOCI related to discontinued cash flow hedges was a net loss of $198 million (2023: net loss of $641 million).
\n
(2)
As at October 31, 2024, the accumulated fair value hedge net liability adjustment remaining on the consolidated balance sheet related to discontinued fair value hedges
\n
was $286 million (2023: net liability adjustment of $159 million).
\n
n/a Not applicable.
\n
Hedge accounting gains (losses) in the consolidated statement of comprehensive income
\n\n \n
Change in
Amount
Hedge
Beginning
the value of the
reclassified from
Ending balance
ineffectiveness
balance of
hedging instrument
accumulated
Tax
of AOCI
gains (losses)
AOCI \u2013 hedge
recognized in
OCI to income
benefit
hedge reserve
recognized
$ millions, for the year ended October 31
reserve (after-tax)
OCI (before-tax)
(before-tax)
(1)
(expense)
(after-tax)
in income
2024
Cash flow hedges
Foreign exchange risk
$
(27)
$
710
$
(701)
$
(2)
$
(20)
$
3
Interest rate risk
(970)
1,622
270
(526)
396
3
Equity share price risk
(29)
920
(696)
(62)
133
\u2013
$
(1,026)
$
3,252
$
(1,127)
$
(590)
$
509
$
6
NIFO hedges \u2013 foreign exchange risk
Hedges of net investment in foreign operations
$
(2,948)
$
(267)
$
\u2013
$
\u2013
$
(3,215)
$
\u2013
2023
Cash flow hedges
Foreign exchange risk
$
(13)
$
609
$
(628)
$
5
$
(27)
$
\u2013
Interest rate risk
(655)
(649)
200
134
(970)
1
Equity share price risk
6
(288)
240
13
(29)
\u2013
$
(662)
$
(328)
$
(188)
$
152
$
(1,026)
$
1
NIFO hedges \u2013 foreign exchange risk
Hedges of net investment in foreign operations
$
(2,136)
$
(838)
$
\u2013
$
26
$
(2,948)
$
\u2013
\n
(1)
During the year ended October 31, 2024, the amount reclassified from AOCI to net income for cash flow hedges of forecasted transactions that were no longer expected to
\n
occur was nil (2023: nil).
Hedge accounting gains (losses) in the consolidated statement of income
\n \n
Gains (losses) on
Hedge
Gains (losses)
the hedged items
ineffectiveness
on the hedging
attributable
gains (losses)
$ millions, for the year ended October 31
instruments
to hedged risk
recognized in income
2024
Fair value hedges
Interest rate risk
$
(2,116)
$
2,161
$
45
Foreign exchange / interest rate risk
745
(741)
4
$
(1,371)
$
1,420
$
49
2023
Fair value hedges
Interest rate risk
$
1,531
$
(1,547)
$
(16)
Foreign exchange / interest rate risk
253
(255)
(2)
$
1,784
$
(1,802)
$
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00443": { "value": "Note 13
Designated accounting hedges
Hedge accounting
We apply hedge accounting as part of managing the market risk of certain non-trading portfolios arising from changes due to interest rates, foreign
exchange rates, and equity market prices. See the shaded sections in \u201cNon-trading activities\u201d in the MD&A for further information on our risk
management strategy for these risks. See Note 12 for further information on the derivatives used by CIBC.
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.
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 TRS in designated cash flow hedge relationships to hedge changes in CIBC\u2019s share price in respect of certain cash-settled
share-based compensation awards. Note 16 provides details on our cash-settled share-based compensation plans.
For the hedge relationships described 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:
\u2022
Utilization of hedging instruments that have a non-zero fair value at the inception of the hedge relationship;
\u2022
Differences in fixed rates, when contractual coupons of the fixed rate hedged items are designated;
\u2022
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
\u2022
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 CVA to the valuation of derivatives when they are applicable.
\n
Designated hedging instruments
\n
The following table provides a summary of financial instruments designated as hedging instruments:
\n\n \n
Notional
Fair value of the
Gains (losses) on
amount of
Maturity range
hedging derivatives
changes in fair value
the hedging
Less than
1-5
Over 5
used for calculating
$ millions, as at October 31
instrument
(1)
1 year
years
years
Assets
Liabilities
hedge ineffectiveness
2024
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
$
29,207
$
14,559
$
14,648
$
\u2013
$
1,008
$
366
$
713
Interest rate risk
Interest rate swaps
41,233
1,462
38,178
1,593
\u2013
8
1,625
Equity share price risk
Equity swaps
2,087
1,810
277
\u2013
156
3
920
$
72,527
$
17,831
$
53,103
$
1,593
$
1,164
$
377
$
3,258
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
$
7,658
$
7,658
$
\u2013
$
\u2013
$
15
$
106
$
(51)
Deposits
(2)
32,084
32,084
\u2013
\u2013
n/a
n/a
(216)
$
39,742
$
39,742
$
\u2013
$
\u2013
$
15
$
106
$
(267)
Fair value hedges
Interest rate risk
Interest rate swaps
$
267,334
$
118,011
$
117,322
$
32,001
$
77
$
926
$
(2,116)
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
41,491
13,249
25,647
2,595
1,617
758
51
Interest rate swaps
21,336
6,591
14,257
488
\u2013
15
694
$
330,161
$
137,851
$
157,226
$
35,084
$
1,694
$
1,699
$
(1,371)
$
442,430
$
195,424
$
210,329
$
36,677
$
2,873
$
2,182
$
1,620
2023
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
$
30,110
$
15,853
$
14,257
$
\u2013
$
884
$
796
$
609
Interest rate risk
Interest rate swaps
38,508
5,542
32,775
191
\u2013
76
(649)
Equity share price risk
Equity swaps
1,227
499
728
\u2013
3
100
(288)
$
69,845
$
21,894
$
47,760
$
191
$
887
$
972
$
(328)
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
$
2,603
$
2,603
$
\u2013
$
\u2013
$
86
$
133
$
(63)
Deposits
(2)
31,816
31,816
\u2013
\u2013
n/a
n/a
(775)
$
34,419
$
34,419
$
\u2013
$
\u2013
$
86
$
133
$
(838)
Fair value hedges
Interest rate risk
Interest rate swaps
$
209,012
$
60,917
$
93,141
$
54,954
$
73
$
1,125
$
1,531
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
43,676
15,413
21,510
6,753
1,340
1,440
(73)
Interest rate swaps
25,689
13,127
9,619
2,943
\u2013
39
326
$
278,377
$
89,457
$
124,270
$
64,650
$
1,413
$
2,604
$
1,784
$
382,641
$
145,770
$
172,030
$
64,841
$
2,386
$
3,709
$
618
\n
(1)
For some hedge relationships, we apply a combination of derivatives to hedge the underlying exposures; therefore, the notional amounts of the derivatives generally
\n
exceed the carrying amount of the hedged items.
\n
(2)
Notional amount represents the principal amount of deposits as at October 31, 2024 and October 31, 2023.
\n
n/a Not applicable.
\n
The following table provides the average rate or price of the hedging derivatives:
\n\n \n
Average
Average fixed
Average
As at October 31
exchange rate
(1)
interest rate
(1)
share price
2024
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
AUD \u2013 CAD
0.91
n/a
n/a
EUR \u2013 CAD
1.47
n/a
n/a
GBP \u2013 CAD
1.70
n/a
n/a
Interest rate risk
Interest rate swaps
n/a
CAD
3.44 %
n/a
n/a
USD
4.09 %
n/a
Equity share price risk
Equity swaps
n/a
n/a
$
72.68
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
AUD \u2013 CAD
0.92
n/a
n/a
HKD \u2013 CAD
0.18
n/a
n/a
Fair value hedges
Interest rate risk
Interest rate swaps
n/a
CAD
3.71 %
n/a
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
EUR \u2013 CAD
1.46
0.63 %
n/a
CHF \u2013 CAD
1.38
n/a
n/a
USD \u2013 CAD
1.32
2.06 %
n/a
Interest rate swaps
n/a
CHF
0.23 %
n/a
n/a
EUR
0.89 %
n/a
n/a
GBP
0.82 %
n/a
2023
Cash flow hedges
Foreign exchange risk
Cross-currency interest rate swaps
AUD \u2013 CAD
0.90
n/a
n/a
EUR \u2013 CAD
1.44
n/a
n/a
GBP \u2013 CAD
1.68
n/a
n/a
Interest rate risk
Interest rate swaps
n/a
CAD
3.81 %
n/a
n/a
USD
4.86 %
n/a
Equity share price risk
Equity swaps
n/a
n/a
$
66.46
NIFO hedges
Foreign exchange risk
Foreign exchange forwards
AUD \u2013 CAD
0.89
n/a
n/a
HKD \u2013 CAD
0.18
n/a
n/a
Fair value hedges
Interest rate risk
Interest rate swaps
n/a
CAD
3.41 %
n/a
Foreign exchange / interest rate risk
Cross-currency interest rate swaps
EUR \u2013 CAD
1.46
0.38 %
n/a
CHF \u2013 CAD
1.38
n/a
n/a
USD \u2013 CAD
1.34
3.86 %
n/a
Interest rate swaps
n/a
CHF
0.23 %
n/a
n/a
EUR
0.82 %
n/a
n/a
GBP
0.84 %
n/a
\n
(1)
Includes average foreign exchange rates and interest rates relating to significant hedging relationships.
\n
n/a Not applicable.
\n
Designated hedged items
\n
The following table provides information on designated hedged items:
\n\n \n
Gains (losses) on
Accumulated amount of
change in fair
Carrying amount of
fair value hedge adjustments
value used for
the hedged item
on the hedged item
calculating hedge
$ millions, as at or for the year ended October 31
Assets
Liabilities
Assets
Liabilities
ineffectiveness
2024
Cash flow hedges
(1)
Foreign exchange risk
Deposits
$
\u2013
$
16,524
n/a
n/a
$
(710)
Interest rate risk
Loans
41,233
\u2013
n/a
n/a
(1,622)
Equity share price risk
Share-based payment
\u2013
2,074
n/a
n/a
(920)
$
41,233
$
18,598
n/a
n/a
$
(3,252)
NIFO hedges
$
39,742
$
\u2013
n/a
n/a
$
267
Fair value hedges
(2)
Interest rate risk
Securities
$
72,816
$
\u2013
$
(115)
$
\u2013
$
3,446
Loans
51,302
\u2013
770
\u2013
1,057
Deposits
\u2013
133,104
\u2013
(1,142)
(2,135)
Subordinated indebtedness
\u2013
6,189
\u2013
96
(207)
Foreign exchange / interest rate risk
Deposits
\u2013
21,531
\u2013
(733)
(741)
$
124,118
$
160,824
$
655
$
(1,779)
$
1,420
2023
Cash flow hedges
(1)
Foreign exchange risk
Deposits
$
\u2013
$
16,010
n/a
n/a
$
(609)
Interest rate risk
Loans
38,508
\u2013
n/a
n/a
650
Equity share price risk
Share-based payment
\u2013
1,106
n/a
n/a
288
$
38,508
$
17,116
n/a
n/a
$
329
NIFO hedges
$
34,419
$
\u2013
n/a
n/a
$
838
Fair value hedges
(2)
Interest rate risk
Securities
$
58,605
$
\u2013
$
(3,830)
$
\u2013
$
(1,655)
Loans
43,475
\u2013
(683)
\u2013
(297)
Deposits
\u2013
90,317
\u2013
(3,278)
329
Subordinated indebtedness
\u2013
4,206
\u2013
(97)
76
Foreign exchange / interest rate risk
Deposits
\u2013
21,087
\u2013
(1,447)
(255)
$
102,080
$
115,610
$
(4,513)
$
(4,822)
$
(1,802)
\n
(1)
As at October 31, 2024, the amount remaining in AOCI related to discontinued cash flow hedges was a net loss of $198 million (2023: net loss of $641 million).
\n
(2)
As at October 31, 2024, the accumulated fair value hedge net liability adjustment remaining on the consolidated balance sheet related to discontinued fair value hedges
\n
was $286 million (2023: net liability adjustment of $159 million).
\n
n/a Not applicable.
\n
Hedge accounting gains (losses) in the consolidated statement of comprehensive income
\n\n \n
Change in
Amount
Hedge
Beginning
the value of the
reclassified from
Ending balance
ineffectiveness
balance of
hedging instrument
accumulated
Tax
of AOCI
gains (losses)
AOCI \u2013 hedge
recognized in
OCI to income
benefit
hedge reserve
recognized
$ millions, for the year ended October 31
reserve (after-tax)
OCI (before-tax)
(before-tax)
(1)
(expense)
(after-tax)
in income
2024
Cash flow hedges
Foreign exchange risk
$
(27)
$
710
$
(701)
$
(2)
$
(20)
$
3
Interest rate risk
(970)
1,622
270
(526)
396
3
Equity share price risk
(29)
920
(696)
(62)
133
\u2013
$
(1,026)
$
3,252
$
(1,127)
$
(590)
$
509
$
6
NIFO hedges \u2013 foreign exchange risk
Hedges of net investment in foreign operations
$
(2,948)
$
(267)
$
\u2013
$
\u2013
$
(3,215)
$
\u2013
2023
Cash flow hedges
Foreign exchange risk
$
(13)
$
609
$
(628)
$
5
$
(27)
$
\u2013
Interest rate risk
(655)
(649)
200
134
(970)
1
Equity share price risk
6
(288)
240
13
(29)
\u2013
$
(662)
$
(328)
$
(188)
$
152
$
(1,026)
$
1
NIFO hedges \u2013 foreign exchange risk
Hedges of net investment in foreign operations
$
(2,136)
$
(838)
$
\u2013
$
26
$
(2,948)
$
\u2013
\n
(1)
During the year ended October 31, 2024, the amount reclassified from AOCI to net income for cash flow hedges of forecasted transactions that were no longer expected to
\n
occur was nil (2023: nil).
Hedge accounting gains (losses) in the consolidated statement of income
\n \n
Gains (losses) on
Hedge
Gains (losses)
the hedged items
ineffectiveness
on the hedging
attributable
gains (losses)
$ millions, for the year ended October 31
instruments
to hedged risk
recognized in income
2024
Fair value hedges
Interest rate risk
$
(2,116)
$
2,161
$
45
Foreign exchange / interest rate risk
745
(741)
4
$
(1,371)
$
1,420
$
49
2023
Fair value hedges
Interest rate risk
$
1,531
$
(1,547)
$
(16)
Foreign exchange / interest rate risk
253
(255)
(2)
$
1,784
$
(1,802)
$
(18)
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00444": { "value": "Note 14
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
\n \n
$ millions, as at October 31
2024
2023
Earliest date redeemable
At greater of
Interest
Contractual
Canada Yield Price
(1)
Denominated
Par
Carrying
Par
Carrying
rate %
maturity date
and par
At par
in foreign
currency
value
value
(2)
value
value
(2)
5.75
(3)
July 11, 2024
(4)
TT$175 million
$
\u2013
$
\u2013
$
36
$
36
8.70
May 25, 2029
(4)
25
31
25
30
2.95
(5)(6)
June 19, 2029
June 19, 2024
\u2013
\u2013
1,500
1,501
2.01
(5)(7)
July 21, 2030
July 21, 2025
1,000
979
1,000
793
11.60
January 7, 2031
January 7, 1996
200
186
200
200
1.96
(5)(8)
April 21, 2031
April 21, 2026
1,000
958
1,000
1,000
10.80
May 15, 2031
May 15, 2021
150
140
150
145
4.20
(5)(9)
April 7, 2032
April 7, 2027
1,000
993
1,000
945
8.70
May 25, 2032
(4)
25
33
25
31
5.33
(5)(10)
January 20, 2033
January 20, 2028
1,000
1,060
1,000
918
5.35
(5)(11)
April 20, 2033
April 20, 2028
750
750
750
750
8.70
May 25, 2033
(4)
25
34
25
32
5.30
(5)(12)
January 16, 2034
January 16, 2029
1,250
1,250
\u2013
\u2013
4.90
(5)(13)
June 12, 2034
June 12, 2029
1,000
1,000
\u2013
\u2013
8.70
May 25, 2035
(4)
25
35
25
33
Floating
(14)
July 31, 2084
July 27, 1990
US$38 million
53
53
53
53
Floating
(15)
August 31, 2085
August 20, 1991
US$10 million
13
13
13
13
7,516
7,515
6,802
6,480
Subordinated indebtedness sold short (held) for trading purposes
(50)
(50)
3
3
$
7,466
$
7,465
$
6,805
$
6,483
(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 spread.
(2)
Carrying values of fixed-rate subordinated indebtedness notes reflect the impact of interest rate hedges in an effective hedge relationship.
(3)
On July 11, 2024, we redeemed all $36 million (TT$175 million) of the 5.75% Debentures due July 11, 2024, issued by FirstCaribbean International Bank (Trinidad &
Tobago) Limited, guaranteed on a subordinated basis by CIBC Caribbean Bank Limited. In accordance with their terms, the Debentures were redeemed at 100% of their
principal amount, plus accrued and unpaid interest thereon.
(4)
Not redeemable prior to maturity date.
(5)
Debentures are also subject to a non-viability contingent capital (NVCC) provision, necessary for the Debentures to qualify as Tier 2 regulatory capital under Basel III. As
such, the Debentures are automatically converted into common shares upon the occurrence of a Trigger Event as described in the capital adequacy guidelines. In such
an event, the Debentures are convertible into a number of common shares, determined by dividing 150% of the par value plus accrued and unpaid interest by the
average common share price (as defined in the relevant prospectus supplements) subject to a minimum price of $2.50 per share (subject to adjustment in certain events
as defined in the relevant prospectus supplements).
(6)
On June 19, 2024, we redeemed all $1.5 billion of our 2.95% Debentures due June 19, 2029. In accordance with their terms, the Debentures were redeemed at 100% of
their principal amount, together with accrued and unpaid interest thereon.
(7)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.28% above the three-month Canadian dollar
bankers\u2019 acceptance rate or an appropriate alternative rate.
(8)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 0.56% above the three-month Canadian dollar
bankers\u2019 acceptance rate or an appropriate alternative rate.
(9)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded Canadian Overnight Repo Rate
Average (CORRA) plus 1.69%.
(10)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.37%.
(11)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.23%.
(12)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.02%.
(13)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 1.56%.
(14)
Interest rate is based on the six-month US$ LIBOR plus 0.25%. After June 30, 2023, we used the six-month US$ LIBOR published on Bloomberg using an
unrepresentative \u201csynthetic\u201d methodology, as per the April 3, 2023 FCA announcement.
(15)
Interest rate is based on the six-month US$ LIBOR plus 0.125%. After June 30, 2023, we used the six-month US$ LIBOR published on Bloomberg using an
unrepresentative \u201csynthetic\u201d methodology, as per the April 3, 2023 FCA announcement.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00446": { "value": "Note 15
Common and preferred shares and other equity instruments
The following table presents the number of common and preferred shares outstanding and dividends paid, and other equity instruments and
distributions paid thereon:
Common and preferred shares outstanding and other equity instruments
\n \n
$ millions, except number of shares and per share
amounts, as at or for the year ended October 31
2024
2023
Dividends and
Dividends and
Shares outstanding
distributions paid
Shares outstanding
distributions paid
Number
$ per
Number
$ per
of shares
Amount
Amount
share
of shares
Amount
Amount
share
Common shares
942,285,419
$
17,009
$
3,382
$
3.60
931,078,785
$
16,080
$
3,149
$
3.44
Class A Preferred Shares
Series 39
(1)
\u2013
\u2013
11
0.70
16,000,000
400
15
0.93
Series 41
12,000,000
300
12
0.98
12,000,000
300
12
0.98
Series 43
12,000,000
300
9
0.79
12,000,000
300
9
0.79
Series 47
18,000,000
450
27
1.47
18,000,000
450
25
1.38
Series 49
(2)
\u2013
\u2013
8
0.65
13,000,000
325
17
1.30
Series 51
(3)
\u2013
\u2013
10
0.97
10,000,000
250
13
1.29
Series 56
600,000
600
44
73.65
600,000
600
49
82.12
Series 57
500,000
500
22
42.92
\u2013
\u2013
\u2013
\u2013
$
2,150
$
143
$
2,625
$
140
Treasury shares \u2013 common shares
(4)
9,179
$
2
20,156
$
2
Treasury shares \u2013 preferred shares
(4)
(3,778)
(4)
(18)
\u2013
Other Equity Instruments
(5)
Limited recourse capital notes Series 1
$
750
$
33
4.375 %
$
750
$
33
4.375 %
Limited recourse capital notes Series 2
$
750
$
30
4.000 %
$
750
$
30
4.000 %
Limited recourse capital notes Series 3
$
800
$
57
7.150 %
$
800
$
64
7.150 %
Limited recourse capital notes Series 4
$
500
$
\u2013
6.987 %
$
\u2013
$
\u2013
(1)
Series 39 preferred shares were redeemed at par value for a total price of $400 million on July 31, 2024.
(2)
Series 49 preferred shares were redeemed at par value for a total price of $325 million on April 30, 2024.
(3)
Series 51 preferred shares were redeemed at par value for a total price of $250 million on July 31, 2024.
(4)
A long position in our own shares is shown as a negative number, which reduces the number of shares outstanding. A short position is shown as a positive number, which
adds to the number of shares outstanding. See Note 1 to the consolidated financial statements for the accounting policy on treasury shares.
(5)
See the \u201cLimited Recourse Capital Notes (LRCNs)\u201d section below for details.
Common shares
CIBC\u2019s authorized capital consists of an unlimited number of common shares, without nominal or par value.
Common shares issued
\n \n
$ millions, except number of shares, as at or for the year ended October 31
2024
2023
Number
Number
of shares
Amount
of shares
Amount
Balance at beginning of year
931,098,941
$
16,082
906,040,097
$
14,726
Issuance pursuant to:
Equity-settled share-based compensation plans
(1)
2,593,751
148
548,516
27
Shareholder investment plan
(2)
10,986,157
698
21,455,322
1,155
Employee share purchase plan
(3)
2,626,726
173
3,081,055
176
947,305,575
$
17,101
931,124,990
$
16,084
Purchase of common shares for cancellation
(5,000,000)
(90)
\u2013
\u2013
Treasury shares
(10,977)
\u2013
(26,049)
(2)
Balance at end of year
942,294,598
$
17,011
931,098,941
$
16,082
(1)
Includes the settlement of contingent consideration related to prior acquisitions.
(2)
Commencing with the dividends paid on July 29, 2024, common shares received by participants were issued from Treasury without a discount. Previously, effective from
January 27, 2023, common shares received by participants under the Dividend reinvestment and Stock dividend options within the Shareholder investment plan were
issued from Treasury at a 2% discount to the Average Market Price as defined in the Shareholder investment plan.
(3)
Commencing October 11, 2024, employee contributions to our Canadian ESPP were invested to acquire common shares in the open market. Previously, these shares were
issued from Treasury.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00445": { "value": "Note 15
Common and preferred shares and other equity instruments
The following table presents the number of common and preferred shares outstanding and dividends paid, and other equity instruments and
distributions paid thereon:
Common and preferred shares outstanding and other equity instruments
\n \n
$ millions, except number of shares and per share
amounts, as at or for the year ended October 31
2024
2023
Dividends and
Dividends and
Shares outstanding
distributions paid
Shares outstanding
distributions paid
Number
$ per
Number
$ per
of shares
Amount
Amount
share
of shares
Amount
Amount
share
Common shares
942,285,419
$
17,009
$
3,382
$
3.60
931,078,785
$
16,080
$
3,149
$
3.44
Class A Preferred Shares
Series 39
(1)
\u2013
\u2013
11
0.70
16,000,000
400
15
0.93
Series 41
12,000,000
300
12
0.98
12,000,000
300
12
0.98
Series 43
12,000,000
300
9
0.79
12,000,000
300
9
0.79
Series 47
18,000,000
450
27
1.47
18,000,000
450
25
1.38
Series 49
(2)
\u2013
\u2013
8
0.65
13,000,000
325
17
1.30
Series 51
(3)
\u2013
\u2013
10
0.97
10,000,000
250
13
1.29
Series 56
600,000
600
44
73.65
600,000
600
49
82.12
Series 57
500,000
500
22
42.92
\u2013
\u2013
\u2013
\u2013
$
2,150
$
143
$
2,625
$
140
Treasury shares \u2013 common shares
(4)
9,179
$
2
20,156
$
2
Treasury shares \u2013 preferred shares
(4)
(3,778)
(4)
(18)
\u2013
Other Equity Instruments
(5)
Limited recourse capital notes Series 1
$
750
$
33
4.375 %
$
750
$
33
4.375 %
Limited recourse capital notes Series 2
$
750
$
30
4.000 %
$
750
$
30
4.000 %
Limited recourse capital notes Series 3
$
800
$
57
7.150 %
$
800
$
64
7.150 %
Limited recourse capital notes Series 4
$
500
$
\u2013
6.987 %
$
\u2013
$
\u2013
(1)
Series 39 preferred shares were redeemed at par value for a total price of $400 million on July 31, 2024.
(2)
Series 49 preferred shares were redeemed at par value for a total price of $325 million on April 30, 2024.
(3)
Series 51 preferred shares were redeemed at par value for a total price of $250 million on July 31, 2024.
(4)
A long position in our own shares is shown as a negative number, which reduces the number of shares outstanding. A short position is shown as a positive number, which
adds to the number of shares outstanding. See Note 1 to the consolidated financial statements for the accounting policy on treasury shares.
(5)
See the \u201cLimited Recourse Capital Notes (LRCNs)\u201d section below for details.
Common shares
CIBC\u2019s authorized capital consists of an unlimited number of common shares, without nominal or par value.
Common shares issued
\n \n
$ millions, except number of shares, as at or for the year ended October 31
2024
2023
Number
Number
of shares
Amount
of shares
Amount
Balance at beginning of year
931,098,941
$
16,082
906,040,097
$
14,726
Issuance pursuant to:
Equity-settled share-based compensation plans
(1)
2,593,751
148
548,516
27
Shareholder investment plan
(2)
10,986,157
698
21,455,322
1,155
Employee share purchase plan
(3)
2,626,726
173
3,081,055
176
947,305,575
$
17,101
931,124,990
$
16,084
Purchase of common shares for cancellation
(5,000,000)
(90)
\u2013
\u2013
Treasury shares
(10,977)
\u2013
(26,049)
(2)
Balance at end of year
942,294,598
$
17,011
931,098,941
$
16,082
(1)
Includes the settlement of contingent consideration related to prior acquisitions.
(2)
Commencing with the dividends paid on July 29, 2024, common shares received by participants were issued from Treasury without a discount. Previously, effective from
January 27, 2023, common shares received by participants under the Dividend reinvestment and Stock dividend options within the Shareholder investment plan were
issued from Treasury at a 2% discount to the Average Market Price as defined in the Shareholder investment plan.
(3)
Commencing October 11, 2024, employee contributions to our Canadian ESPP were invested to acquire common shares in the open market. Previously, these shares were
issued from Treasury.
Common shares reserved for issue
\n
As at October 31, 2024, 22,773,705 common shares (2023: 25,367,456) were reserved for future issue pursuant to stock option plans, 33,960,700
\n
common shares (2023: 44,946,857) were reserved for future issue pursuant to the Shareholder Investment Plan, 3,731,131 common shares (2023:
\n
6,357,857) were reserved for future issue pursuant to the ESPP and other activities, and 6,318,544,500 common shares (2023: 5,825,898,000) were
\n
reserved for future issue pursuant to instruments which include an NVCC provision requiring conversion into common shares upon the occurrence
\n
of a Trigger Event as described in the capital adequacy guidelines.
\n
Normal course issuer bid (NCIB)
\n
On September 6, 2024, we announced that the Toronto Stock Exchange had accepted the notice of our intention to commence a normal course
\n
issuer bid. Purchases under this bid will be completed upon the earlier of: (i) CIBC purchasing 20 million common shares; (ii) CIBC providing a
\n
notice of termination; or (iii) September 9, 2025. 5,000,000 common shares have been purchased and cancelled during the quarter at an average
\n
price of $83.75 for a total amount of $419 million.
\n
Preferred shares and other equity instruments
\n
Preferred shares
\n
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
\n
series, provided that, for each class of preferred shares, the maximum aggregate consideration for all outstanding shares at any time does not
\n
exceed $10 billion. There are no Class B Preferred Shares currently outstanding.
\n
Terms of Class A Preferred Shares
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 41, 43, 47, 56, and 57 (NVCC) are redeemable instruments, subject to regulatory
\n
approval, for cash by CIBC on or after the specified redemption dates at the cash redemption prices indicated in the terms of the preferred shares.
\n
These preferred shares are compound instruments with both equity and liability features as payments of dividends and principal in cash are made
\n
at our discretion. The liability component has a nominal value and, as a result, the full proceeds received upon issuance have been presented as
\n
equity on the consolidated balance sheet, and any dividend payments paid thereon are accounted for as equity distributions.
\n\n \n
Semi-annually
Quarterly
Earliest specified
Cash redemption
Outstanding as at October 31, 2024
dividends per share
(1)
dividends per share
(1)
redemption date
price per share
Series 41
$
0.244313
January 31, 2025
$
25.00
Series 43
0.196438
July 31, 2025
25.00
Series 47
0.367375
January 31, 2028
25.00
Series 56
$
36.825000
September 28, 2027
1,000.00
Series 57
36.685800
March 12, 2029
1,000.00
\n
(1)
Dividends may be adjusted depending on the timing of issuance or redemption.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares)
\n
On December 16, 2014, we issued 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares) with a par
\n
value of $25.00 per share, for gross proceeds of $300 million. The dividend was reset to 3.909%, payable quarterly as and when declared by the
\n
Board, effective for the five-year period commencing January 31, 2020. On January 31, 2025, and on January 31 every five years thereafter, the
\n
dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.24%.
\n
Holders of the Series 41 shares had the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A
\n
Preferred Shares Series 42 (NVCC) (Series 42 shares), subject to certain conditions, on January 31, 2020. As the conditions for conversion were not
\n
met, no Series 42 shares were issued, and all of the Series 41 shares remain outstanding. Holders of the Series 41 shares will have the right to
\n
convert their shares on a one-for-one basis into Series 42 shares, subject to certain conditions, on January 31, 2025 and on January 31 every five
\n
years thereafter. Holders of the Series 42 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.24%. Holders of the then outstanding Series 42 shares may convert their shares on a one-for-one
\n
basis into Series 41 shares, subject to certain conditions, on January 31, 2030 and on January 31 every five years thereafter.
\n
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
\n
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
\n
par on January 31, 2030 and on January 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 43 (NVCC) (Series 43 shares)
\n
On March 11, 2015, we issued 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 43 (NVCC) (Series 43 shares)
with a par value
\n
of $25.00 per share, for gross proceeds of $300 million. The dividend was reset to 3.143%, payable quarterly as and when declared by the Board,
\n
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
\n
to be equal to the then current five-year Government of Canada bond yield plus 2.79%.
\n
Holders of the Series 43 shares had the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A
\n
Preferred Shares Series 44 (NVCC) (Series 44 shares), subject to certain conditions, on July 31, 2020. As the conditions for conversion were not
\n
met, no Series 44 shares were issued, and all of the Series 43 shares remain outstanding. Holders of the Series 43 shares will have the right to
\n
convert their shares on a one-for-one basis into Series 44 shares, subject to certain conditions, on July 31, 2025 and on July 31 every five years
\n
thereafter. Holders of the Series 44 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.79%. Holders of the then outstanding Series 44 shares may convert their shares on a one-for-one
\n
basis into Series 43 shares, subject to certain conditions, on July 31, 2030 and on July 31 every five years thereafter.
\n
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
\n
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
\n
July 31, 2030 and on July 31 every five years thereafter.
Non-cumulative Rate Reset Class A Preferred Shares Series 47 (NVCC) (Series 47 shares)
\n
On January 18, 2018, we issued 18 million Non-cumulative Rate Reset Class A Preferred Shares Series 47 (NVCC) (Series 47 shares) with a par
\n
value of $25.00 per share, for gross proceeds of $450 million. The dividend was reset to 5.878%, payable quarterly as and when declared by the
\n
Board, effective for the five-year period commencing January 31, 2023. On January 31, 2028, and on January 31 every five years thereafter, the
\n
dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.45%.
\n
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
\n
Preferred Shares Series 48 (NVCC) (Series 48 shares), subject to certain conditions, on January 31, 2023 and on January 31 every five years
\n
thereafter. Holders of the Series 48 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.45%. Holders of the then outstanding Series 48 shares may convert their shares on a one-for-one
\n
basis into Series 47 shares, subject to certain conditions, on January 31, 2028 and on January 31 every five years thereafter.
\n
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
\n
par on January 31, 2028 and on January 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 48 shares at
\n
par on January 31, 2033 and on January 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 56 (NVCC) (Series 56 shares)
\n
On September 16, 2022, we issued 600,000 Non-cumulative Rate Reset Class A Preferred Shares Series 56 (NVCC) (Series 56 shares) with a par
\n
value of $1,000.00 per share, for gross proceeds of $600 million. For the initial five-year period to October 28, 2027, the Series 56 shares pay
\n
semi-annual cash dividends on the 28th day of April and October in each year, as declared, at a rate of 7.365%. On October 28, 2027, and on
\n
October 28 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield
\n
plus 4.20%.
\n
Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 56 shares at
\n
par during the period from September 28, 2027 to and including October 28, 2027 and during the period from September 28 to and including
\n
October 28 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 57 (NVCC) (Series 57 shares)
\n
On March 12, 2024, we issued 500,000 Non-cumulative Rate Reset Class A Preferred Shares Series 57 (NVCC) (Series 57 shares) with a par
\n
value of $1,000.00 per share, for gross proceeds of $500 million. For the initial five-year period to April 12, 2029, the Series 57 shares pay
\n
semi-annual cash dividends on the 12th day of April and October in each year, as declared, at a rate of 7.337%. The first dividend was paid on
\n
October 12, 2024. On April 12, 2029, and on April 12 every five years thereafter, the dividend rate will reset to be equal to the then current five-year
\n
Government of Canada bond yield plus 3.90%.
\n
Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 57 shares at
\n
par during the period from March 12, 2029 to and including April 12, 2029 and during the period from March 12 to and including April 12 every
\n
five years thereafter.
\n
Limited Recourse Capital Notes (LRCNs)
\n
The LRCNs are compound instruments with both equity and liability features as payments of interest and principal in cash are made at our
\n
discretion, as the sole recourse of each Note holder in the event of non-payment will be limited to that holder\u2019s proportionate share of the
\n
non-cumulative Rate Reset Class A Preferred Shares Series held in the CIBC LRCN Limited Recourse Trust (Limited Recourse Trust). The liability
\n
component of the LRCNs has a nominal value and, as a result, the full proceeds received upon the issuance of the LRCNs have been presented as
\n
equity on the consolidated balance sheet, and any interest payments paid thereon are accounted for as equity distributions.
\n
4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) (LRCN Series 1 Notes)
\n
On September 16, 2020, we issued $750 million principal amount of 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated
\n
indebtedness). The LRCN Series 1 Notes mature on October 28, 2080, and bear interest at a fixed rate of 4.375% per annum (paid semi-annually)
\n
until October 28, 2025. Starting on October 28, 2025, and every five years thereafter until October 28, 2075, the interest rate will be reset to the then
\n
current five-year Government of Canada bond yield plus 4.000% per annum.
\n
Concurrently with the issuance of the LRCN Series 1 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
\n
Series 53 (NVCC) (Series 53 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC, and as a result, the Series 53
\n
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
\n
interest on, or redemption price for the LRCN Series 1 Notes when due, the sole remedy of each LRCN Series 1 Note holder is limited to that
\n
holder\u2019s proportionate share of the Series 53 Preferred Shares held in the Limited Recourse Trust.
\n
Subject to regulatory approval, we may redeem the LRCN Series 1 Notes, in whole or in part, every five years during the period from
\n
September 28 to and including October 28, commencing in 2025, at par.
\n
4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated indebtedness) (LRCN Series 2 Notes)
\n
On September 14, 2021, we issued $750 million principal amount of 4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated
\n
indebtedness). The LRCN Series 2 Notes mature on January 28, 2082, and bear interest at a fixed rate of 4.000% per annum (paid semi-annually)
\n
until January 28, 2027. Starting on January 28, 2027, and every five years thereafter until January 28, 2077, the interest rate will be reset to the then
\n
current five-year Government of Canada bond yield plus 3.102% per annum.
\n
Concurrently with the issuance of the LRCN Series 2 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
\n
Series 54 (NVCC) (Series 54 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC, and as a result, the Series 54
\n
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
\n
interest on, or redemption price for the LRCN Series 2 Notes when due, the sole remedy of each LRCN Series 2 Note holder is limited to that
\n
holder\u2019s proportionate share of the Series 54 Preferred Shares held in the Limited Recourse Trust.
\n
Subject to regulatory approval, we may redeem the LRCN Series 2 Notes, in whole or in part, every five years during the period from
\n
December 28 to and including January 28, commencing on December 28, 2026, at par.
7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness) (LRCN Series 3 Notes)
On June 15, 2022, we issued $800 million principal amount of 7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness).
The LRCN Series 3 Notes mature on July 28, 2082, and bear interest at a fixed rate of 7.150% per annum (paid semi-annually) until July 28, 2027.
Starting on July 28, 2027, and every five years thereafter until July 28, 2077, 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 LRCN Series 3 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 55 (NVCC) (Series 55 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 55
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
interest on, or redemption price for the LRCN Series 3 Notes when due, the sole remedy of each LRCN Series 3 Note holder is limited to that
holder\u2019s proportionate share of the Series 55 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 3 Notes, in whole or in part, every five years during the period from June 28
to and including July 28, commencing on June 28, 2027, at par.
6.987% Limited Recourse Capital Notes Series 4 (NVCC) (subordinated indebtedness) (LRCN Series 4 Notes)
On June 25, 2024, we issued $500 million principal amount of 6.987% Limited Recourse Capital Notes Series 4 (NVCC) (subordinated
indebtedness). The LRCN Series 4 Notes mature on July 28, 2084, and bear interest at a fixed rate of 6.987% per annum (paid semi-annually) until
July 28, 2029. Starting on July 28, 2029, and every five years thereafter until July 28, 2079, the interest rate will be reset to the then current five-year
Government of Canada bond yield plus 3.70% per annum.
Concurrently with the issuance of the LRCN Series 4 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 58 (NVCC) (the Series 58 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the
Series 58 Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount
of, interest on, or redemption price for, the LRCN Series 4 Notes when due, the sole remedy of each LRCN Series 4 Note holder is limited to that
holder\u2019s proportionate share of the Series 58 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 4 Notes, in whole or in part, every five years during the period from June 28
to and including July 28, commencing on June 28, 2029, at par.
6.950% Limited Recourse Capital Notes Series 5 (NVCC) (subordinated indebtedness) (LRCN Series 5 Notes)
On November 5, 2024, we issued USD$500 million principal amount of 6.950% Limited Recourse Capital Notes Series 5 (NVCC) (subordinated
indebtedness). The LRCN Series 5 Notes mature on January 28, 2085, and bear interest at a fixed rate of 6.950% per annum (paid quarterly) until
January 28, 2030. Starting on January 28, 2030, and every five years thereafter until January 28, 2080, the interest rate will be reset to the then
current five-year U.S. Treasury Rate plus 2.833% per annum.
Concurrently with the issuance of the LRCN Series 5 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 59 (NVCC) (the Series 59 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the
Series 59 Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount
of, interest on, or redemption price for, the LRCN Series 5 Notes when due, the sole remedy of each LRCN Series 5 Note holder is limited to that
holder\u2019s proportionate share of the Series 59 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 5 Notes, in whole or in part, on each January 28, April 28, July 28, and
October 28, commencing on January 28, 2030, at par.
NVCC conversion mechanics
Each series of Class A Preferred Shares and LRCNs discussed above are subject to an NVCC provision, necessary for the shares and LCRNs to
qualify as Tier 1 regulatory capital under Basel III. As such, the Class A Preferred Shares and LRCNs 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 and, if after conversion of all contingent instruments and consideration of any other relevant factors or
circumstances, it is reasonably likely that its viability will be restored or maintained; or if the bank has accepted or agreed to accept a capital
injection or equivalent support from a federal or provincial government, without which OSFI would have determined the bank to be non-viable. In
such an event, Class A Preferred Shares Series 41, 43, 47, 56, and 57 will be converted into a number of common shares, determined by dividing
the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplements) subject to
a minimum price of $2.50 per share (subject to adjustment in certain events as defined in the relevant prospectus supplements). Series 53, 54, 55,
58, and 59 Preferred Shares held in the Limited Recourse Trust, will automatically and immediately be converted, without the consent of LRCN Note
holders, into a variable number of common shares which will be delivered to LRCN Note holders in satisfaction of the principal amount of, and
accrued and unpaid interest on, all of the LRCNs. All claims of LRCN Note holders against CIBC under the LRCNs will be extinguished upon receipt
of such common shares.
Restrictions on the payment of dividends
Under Section 79 of the
Bank Act
(Canada), a bank, including CIBC, is prohibited from declaring or paying any dividends on its preferred or
common shares if there are reasonable grounds for believing that the bank is, or the payment would cause it to be, in contravention of any capital
adequacy or liquidity regulation or any direction to the bank made by OSFI.
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, 54, 55, 58 and 59
Preferred Shares further limit the payment of dividends on the outstanding Class A Preferred Shares Series 41, 43, 47, 56, and 57 in certain limited
circumstances.
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, leverage and total loss absorbing capacity (TLAC) requirements
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 domestic systemically important bank (D-SIB) in Canada, and is subject to a Common Equity Tier 1
(CET1) surcharge equal to 1.0% of risk-weighted assets (RWA). OSFI also expected D-SIBs to hold a Domestic Stability Buffer (DSB) of 3.5% as at
October 31, 2024, which was increased from 3.0% effective November 1, 2023. The resulting targets established by OSFI for D-SIBs, including all
buffer requirements, for CET1, Tier 1 and Total capital ratios are 11.5%, 13.0%, and 15.0%, respectively.
Regulatory capital 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,
LRCNs, and qualifying instruments issued by a consolidated subsidiary to third parties. Tier 2 capital includes NVCC subordinated indebtedness,
eligible general allowance, and qualifying instruments issued by a consolidated subsidiary to third parties.
To supplement risk-based capital requirements, OSFI expects federally regulated deposit-taking institutions to have a leverage ratio, which is a
non-risk-based capital metric, that meets or exceeds 3.5%, including a 0.5% D-SIB buffer.
OSFI also requires D-SIBs to maintain a supervisory target TLAC ratio (which builds on the risk-based capital ratios) and a minimum TLAC
leverage ratio (which builds on the leverage ratio). OSFI expects D-SIBs to have a minimum risk-based TLAC ratio of 21.5% plus the then applicable
DSB requirement (3.5% as noted above), and a minimum TLAC leverage ratio of 7.25%. TLAC consists of regulatory capital and bail-in eligible
liabilities that have residual maturity greater than one year.
These targets may be higher for certain institutions at OSFI\u2019s discretion. During the years ended October 31, 2024 and 2023, we have
complied with OSFI\u2019s regulatory capital, leverage ratio, and TLAC requirements.
Our capital, leverage and TLAC ratios are presented in the table below:
\n \n
$ millions, as at October 31
2024
2023
CET1 capital
$
44,516
$
40,327
Tier 1 capital
A
49,481
45,270
Total capital
56,809
52,119
Total RWA
B
333,502
326,120
CET1 ratio
13.3 %
12.4 %
Tier 1 capital ratio
14.8 %
13.9 %
Total capital ratio
17.0 %
16.0 %
Leverage ratio exposure
C
$
1,155,432
$
1,079,103
Leverage ratio
A/C
4.3 %
4.2 %
TLAC available
D
$
101,062
$
100,176
TLAC ratio
D/B
30.3 %
30.7 %
TLAC leverage ratio
D/C
8.7 %
9.3 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00449": { "value": "Note 15
Common and preferred shares and other equity instruments
The following table presents the number of common and preferred shares outstanding and dividends paid, and other equity instruments and
distributions paid thereon:
Common and preferred shares outstanding and other equity instruments
\n \n
$ millions, except number of shares and per share
amounts, as at or for the year ended October 31
2024
2023
Dividends and
Dividends and
Shares outstanding
distributions paid
Shares outstanding
distributions paid
Number
$ per
Number
$ per
of shares
Amount
Amount
share
of shares
Amount
Amount
share
Common shares
942,285,419
$
17,009
$
3,382
$
3.60
931,078,785
$
16,080
$
3,149
$
3.44
Class A Preferred Shares
Series 39
(1)
\u2013
\u2013
11
0.70
16,000,000
400
15
0.93
Series 41
12,000,000
300
12
0.98
12,000,000
300
12
0.98
Series 43
12,000,000
300
9
0.79
12,000,000
300
9
0.79
Series 47
18,000,000
450
27
1.47
18,000,000
450
25
1.38
Series 49
(2)
\u2013
\u2013
8
0.65
13,000,000
325
17
1.30
Series 51
(3)
\u2013
\u2013
10
0.97
10,000,000
250
13
1.29
Series 56
600,000
600
44
73.65
600,000
600
49
82.12
Series 57
500,000
500
22
42.92
\u2013
\u2013
\u2013
\u2013
$
2,150
$
143
$
2,625
$
140
Treasury shares \u2013 common shares
(4)
9,179
$
2
20,156
$
2
Treasury shares \u2013 preferred shares
(4)
(3,778)
(4)
(18)
\u2013
Other Equity Instruments
(5)
Limited recourse capital notes Series 1
$
750
$
33
4.375 %
$
750
$
33
4.375 %
Limited recourse capital notes Series 2
$
750
$
30
4.000 %
$
750
$
30
4.000 %
Limited recourse capital notes Series 3
$
800
$
57
7.150 %
$
800
$
64
7.150 %
Limited recourse capital notes Series 4
$
500
$
\u2013
6.987 %
$
\u2013
$
\u2013
(1)
Series 39 preferred shares were redeemed at par value for a total price of $400 million on July 31, 2024.
(2)
Series 49 preferred shares were redeemed at par value for a total price of $325 million on April 30, 2024.
(3)
Series 51 preferred shares were redeemed at par value for a total price of $250 million on July 31, 2024.
(4)
A long position in our own shares is shown as a negative number, which reduces the number of shares outstanding. A short position is shown as a positive number, which
adds to the number of shares outstanding. See Note 1 to the consolidated financial statements for the accounting policy on treasury shares.
(5)
See the \u201cLimited Recourse Capital Notes (LRCNs)\u201d section below for details.
Common shares
CIBC\u2019s authorized capital consists of an unlimited number of common shares, without nominal or par value.
Common shares issued
\n \n
$ millions, except number of shares, as at or for the year ended October 31
2024
2023
Number
Number
of shares
Amount
of shares
Amount
Balance at beginning of year
931,098,941
$
16,082
906,040,097
$
14,726
Issuance pursuant to:
Equity-settled share-based compensation plans
(1)
2,593,751
148
548,516
27
Shareholder investment plan
(2)
10,986,157
698
21,455,322
1,155
Employee share purchase plan
(3)
2,626,726
173
3,081,055
176
947,305,575
$
17,101
931,124,990
$
16,084
Purchase of common shares for cancellation
(5,000,000)
(90)
\u2013
\u2013
Treasury shares
(10,977)
\u2013
(26,049)
(2)
Balance at end of year
942,294,598
$
17,011
931,098,941
$
16,082
(1)
Includes the settlement of contingent consideration related to prior acquisitions.
(2)
Commencing with the dividends paid on July 29, 2024, common shares received by participants were issued from Treasury without a discount. Previously, effective from
January 27, 2023, common shares received by participants under the Dividend reinvestment and Stock dividend options within the Shareholder investment plan were
issued from Treasury at a 2% discount to the Average Market Price as defined in the Shareholder investment plan.
(3)
Commencing October 11, 2024, employee contributions to our Canadian ESPP were invested to acquire common shares in the open market. Previously, these shares were
issued from Treasury.
\n
Common shares reserved for issue
\n
As at October 31, 2024, 22,773,705 common shares (2023: 25,367,456) were reserved for future issue pursuant to stock option plans, 33,960,700
\n
common shares (2023: 44,946,857) were reserved for future issue pursuant to the Shareholder Investment Plan, 3,731,131 common shares (2023:
\n
6,357,857) were reserved for future issue pursuant to the ESPP and other activities, and 6,318,544,500 common shares (2023: 5,825,898,000) were
\n
reserved for future issue pursuant to instruments which include an NVCC provision requiring conversion into common shares upon the occurrence
\n
of a Trigger Event as described in the capital adequacy guidelines.
\n
Normal course issuer bid (NCIB)
\n
On September 6, 2024, we announced that the Toronto Stock Exchange had accepted the notice of our intention to commence a normal course
\n
issuer bid. Purchases under this bid will be completed upon the earlier of: (i) CIBC purchasing 20 million common shares; (ii) CIBC providing a
\n
notice of termination; or (iii) September 9, 2025. 5,000,000 common shares have been purchased and cancelled during the quarter at an average
\n
price of $83.75 for a total amount of $419 million.
\n
Preferred shares and other equity instruments
\n
Preferred shares
\n
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
\n
series, provided that, for each class of preferred shares, the maximum aggregate consideration for all outstanding shares at any time does not
\n
exceed $10 billion. There are no Class B Preferred Shares currently outstanding.
\n
Terms of Class A Preferred Shares
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 41, 43, 47, 56, and 57 (NVCC) are redeemable instruments, subject to regulatory
\n
approval, for cash by CIBC on or after the specified redemption dates at the cash redemption prices indicated in the terms of the preferred shares.
\n
These preferred shares are compound instruments with both equity and liability features as payments of dividends and principal in cash are made
\n
at our discretion. The liability component has a nominal value and, as a result, the full proceeds received upon issuance have been presented as
\n
equity on the consolidated balance sheet, and any dividend payments paid thereon are accounted for as equity distributions.
\n\n \n
Semi-annually
Quarterly
Earliest specified
Cash redemption
Outstanding as at October 31, 2024
dividends per share
(1)
dividends per share
(1)
redemption date
price per share
Series 41
$
0.244313
January 31, 2025
$
25.00
Series 43
0.196438
July 31, 2025
25.00
Series 47
0.367375
January 31, 2028
25.00
Series 56
$
36.825000
September 28, 2027
1,000.00
Series 57
36.685800
March 12, 2029
1,000.00
\n
(1)
Dividends may be adjusted depending on the timing of issuance or redemption.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares)
\n
On December 16, 2014, we issued 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares) with a par
\n
value of $25.00 per share, for gross proceeds of $300 million. The dividend was reset to 3.909%, payable quarterly as and when declared by the
\n
Board, effective for the five-year period commencing January 31, 2020. On January 31, 2025, and on January 31 every five years thereafter, the
\n
dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.24%.
\n
Holders of the Series 41 shares had the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A
\n
Preferred Shares Series 42 (NVCC) (Series 42 shares), subject to certain conditions, on January 31, 2020. As the conditions for conversion were not
\n
met, no Series 42 shares were issued, and all of the Series 41 shares remain outstanding. Holders of the Series 41 shares will have the right to
\n
convert their shares on a one-for-one basis into Series 42 shares, subject to certain conditions, on January 31, 2025 and on January 31 every five
\n
years thereafter. Holders of the Series 42 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.24%. Holders of the then outstanding Series 42 shares may convert their shares on a one-for-one
\n
basis into Series 41 shares, subject to certain conditions, on January 31, 2030 and on January 31 every five years thereafter.
\n
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
\n
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
\n
par on January 31, 2030 and on January 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 43 (NVCC) (Series 43 shares)
\n
On March 11, 2015, we issued 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 43 (NVCC) (Series 43 shares)
with a par value
\n
of $25.00 per share, for gross proceeds of $300 million. The dividend was reset to 3.143%, payable quarterly as and when declared by the Board,
\n
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
\n
to be equal to the then current five-year Government of Canada bond yield plus 2.79%.
\n
Holders of the Series 43 shares had the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A
\n
Preferred Shares Series 44 (NVCC) (Series 44 shares), subject to certain conditions, on July 31, 2020. As the conditions for conversion were not
\n
met, no Series 44 shares were issued, and all of the Series 43 shares remain outstanding. Holders of the Series 43 shares will have the right to
\n
convert their shares on a one-for-one basis into Series 44 shares, subject to certain conditions, on July 31, 2025 and on July 31 every five years
\n
thereafter. Holders of the Series 44 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.79%. Holders of the then outstanding Series 44 shares may convert their shares on a one-for-one
\n
basis into Series 43 shares, subject to certain conditions, on July 31, 2030 and on July 31 every five years thereafter.
\n
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
\n
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
\n
July 31, 2030 and on July 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 47 (NVCC) (Series 47 shares)
\n
On January 18, 2018, we issued 18 million Non-cumulative Rate Reset Class A Preferred Shares Series 47 (NVCC) (Series 47 shares) with a par
\n
value of $25.00 per share, for gross proceeds of $450 million. The dividend was reset to 5.878%, payable quarterly as and when declared by the
\n
Board, effective for the five-year period commencing January 31, 2023. On January 31, 2028, and on January 31 every five years thereafter, the
\n
dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.45%.
\n
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
\n
Preferred Shares Series 48 (NVCC) (Series 48 shares), subject to certain conditions, on January 31, 2023 and on January 31 every five years
\n
thereafter. Holders of the Series 48 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.45%. Holders of the then outstanding Series 48 shares may convert their shares on a one-for-one
\n
basis into Series 47 shares, subject to certain conditions, on January 31, 2028 and on January 31 every five years thereafter.
\n
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
\n
par on January 31, 2028 and on January 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 48 shares at
\n
par on January 31, 2033 and on January 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 56 (NVCC) (Series 56 shares)
\n
On September 16, 2022, we issued 600,000 Non-cumulative Rate Reset Class A Preferred Shares Series 56 (NVCC) (Series 56 shares) with a par
\n
value of $1,000.00 per share, for gross proceeds of $600 million. For the initial five-year period to October 28, 2027, the Series 56 shares pay
\n
semi-annual cash dividends on the 28th day of April and October in each year, as declared, at a rate of 7.365%. On October 28, 2027, and on
\n
October 28 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield
\n
plus 4.20%.
\n
Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 56 shares at
\n
par during the period from September 28, 2027 to and including October 28, 2027 and during the period from September 28 to and including
\n
October 28 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 57 (NVCC) (Series 57 shares)
\n
On March 12, 2024, we issued 500,000 Non-cumulative Rate Reset Class A Preferred Shares Series 57 (NVCC) (Series 57 shares) with a par
\n
value of $1,000.00 per share, for gross proceeds of $500 million. For the initial five-year period to April 12, 2029, the Series 57 shares pay
\n
semi-annual cash dividends on the 12th day of April and October in each year, as declared, at a rate of 7.337%. The first dividend was paid on
\n
October 12, 2024. On April 12, 2029, and on April 12 every five years thereafter, the dividend rate will reset to be equal to the then current five-year
\n
Government of Canada bond yield plus 3.90%.
\n
Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 57 shares at
\n
par during the period from March 12, 2029 to and including April 12, 2029 and during the period from March 12 to and including April 12 every
\n
five years thereafter.
\n
Limited Recourse Capital Notes (LRCNs)
\n
The LRCNs are compound instruments with both equity and liability features as payments of interest and principal in cash are made at our
\n
discretion, as the sole recourse of each Note holder in the event of non-payment will be limited to that holder\u2019s proportionate share of the
\n
non-cumulative Rate Reset Class A Preferred Shares Series held in the CIBC LRCN Limited Recourse Trust (Limited Recourse Trust). The liability
\n
component of the LRCNs has a nominal value and, as a result, the full proceeds received upon the issuance of the LRCNs have been presented as
\n
equity on the consolidated balance sheet, and any interest payments paid thereon are accounted for as equity distributions.
\n
4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) (LRCN Series 1 Notes)
\n
On September 16, 2020, we issued $750 million principal amount of 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated
\n
indebtedness). The LRCN Series 1 Notes mature on October 28, 2080, and bear interest at a fixed rate of 4.375% per annum (paid semi-annually)
\n
until October 28, 2025. Starting on October 28, 2025, and every five years thereafter until October 28, 2075, the interest rate will be reset to the then
\n
current five-year Government of Canada bond yield plus 4.000% per annum.
\n
Concurrently with the issuance of the LRCN Series 1 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
\n
Series 53 (NVCC) (Series 53 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC, and as a result, the Series 53
\n
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
\n
interest on, or redemption price for the LRCN Series 1 Notes when due, the sole remedy of each LRCN Series 1 Note holder is limited to that
\n
holder\u2019s proportionate share of the Series 53 Preferred Shares held in the Limited Recourse Trust.
\n
Subject to regulatory approval, we may redeem the LRCN Series 1 Notes, in whole or in part, every five years during the period from
\n
September 28 to and including October 28, commencing in 2025, at par.
\n
4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated indebtedness) (LRCN Series 2 Notes)
\n
On September 14, 2021, we issued $750 million principal amount of 4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated
\n
indebtedness). The LRCN Series 2 Notes mature on January 28, 2082, and bear interest at a fixed rate of 4.000% per annum (paid semi-annually)
\n
until January 28, 2027. Starting on January 28, 2027, and every five years thereafter until January 28, 2077, the interest rate will be reset to the then
\n
current five-year Government of Canada bond yield plus 3.102% per annum.
\n
Concurrently with the issuance of the LRCN Series 2 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
\n
Series 54 (NVCC) (Series 54 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC, and as a result, the Series 54
\n
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
\n
interest on, or redemption price for the LRCN Series 2 Notes when due, the sole remedy of each LRCN Series 2 Note holder is limited to that
\n
holder\u2019s proportionate share of the Series 54 Preferred Shares held in the Limited Recourse Trust.
\n
Subject to regulatory approval, we may redeem the LRCN Series 2 Notes, in whole or in part, every five years during the period from
\n
December 28 to and including January 28, commencing on December 28, 2026, at par.
7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness) (LRCN Series 3 Notes)
On June 15, 2022, we issued $800 million principal amount of 7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness).
The LRCN Series 3 Notes mature on July 28, 2082, and bear interest at a fixed rate of 7.150% per annum (paid semi-annually) until July 28, 2027.
Starting on July 28, 2027, and every five years thereafter until July 28, 2077, 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 LRCN Series 3 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 55 (NVCC) (Series 55 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 55
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
interest on, or redemption price for the LRCN Series 3 Notes when due, the sole remedy of each LRCN Series 3 Note holder is limited to that
holder\u2019s proportionate share of the Series 55 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 3 Notes, in whole or in part, every five years during the period from June 28
to and including July 28, commencing on June 28, 2027, at par.
6.987% Limited Recourse Capital Notes Series 4 (NVCC) (subordinated indebtedness) (LRCN Series 4 Notes)
On June 25, 2024, we issued $500 million principal amount of 6.987% Limited Recourse Capital Notes Series 4 (NVCC) (subordinated
indebtedness). The LRCN Series 4 Notes mature on July 28, 2084, and bear interest at a fixed rate of 6.987% per annum (paid semi-annually) until
July 28, 2029. Starting on July 28, 2029, and every five years thereafter until July 28, 2079, the interest rate will be reset to the then current five-year
Government of Canada bond yield plus 3.70% per annum.
Concurrently with the issuance of the LRCN Series 4 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 58 (NVCC) (the Series 58 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the
Series 58 Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount
of, interest on, or redemption price for, the LRCN Series 4 Notes when due, the sole remedy of each LRCN Series 4 Note holder is limited to that
holder\u2019s proportionate share of the Series 58 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 4 Notes, in whole or in part, every five years during the period from June 28
to and including July 28, commencing on June 28, 2029, at par.
6.950% Limited Recourse Capital Notes Series 5 (NVCC) (subordinated indebtedness) (LRCN Series 5 Notes)
On November 5, 2024, we issued USD$500 million principal amount of 6.950% Limited Recourse Capital Notes Series 5 (NVCC) (subordinated
indebtedness). The LRCN Series 5 Notes mature on January 28, 2085, and bear interest at a fixed rate of 6.950% per annum (paid quarterly) until
January 28, 2030. Starting on January 28, 2030, and every five years thereafter until January 28, 2080, the interest rate will be reset to the then
current five-year U.S. Treasury Rate plus 2.833% per annum.
Concurrently with the issuance of the LRCN Series 5 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 59 (NVCC) (the Series 59 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the
Series 59 Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount
of, interest on, or redemption price for, the LRCN Series 5 Notes when due, the sole remedy of each LRCN Series 5 Note holder is limited to that
holder\u2019s proportionate share of the Series 59 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 5 Notes, in whole or in part, on each January 28, April 28, July 28, and
October 28, commencing on January 28, 2030, at par.
NVCC conversion mechanics
Each series of Class A Preferred Shares and LRCNs discussed above are subject to an NVCC provision, necessary for the shares and LCRNs to
qualify as Tier 1 regulatory capital under Basel III. As such, the Class A Preferred Shares and LRCNs 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 and, if after conversion of all contingent instruments and consideration of any other relevant factors or
circumstances, it is reasonably likely that its viability will be restored or maintained; or if the bank has accepted or agreed to accept a capital
injection or equivalent support from a federal or provincial government, without which OSFI would have determined the bank to be non-viable. In
such an event, Class A Preferred Shares Series 41, 43, 47, 56, and 57 will be converted into a number of common shares, determined by dividing
the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplements) subject to
a minimum price of $2.50 per share (subject to adjustment in certain events as defined in the relevant prospectus supplements). Series 53, 54, 55,
58, and 59 Preferred Shares held in the Limited Recourse Trust, will automatically and immediately be converted, without the consent of LRCN Note
holders, into a variable number of common shares which will be delivered to LRCN Note holders in satisfaction of the principal amount of, and
accrued and unpaid interest on, all of the LRCNs. All claims of LRCN Note holders against CIBC under the LRCNs will be extinguished upon receipt
of such common shares.
Restrictions on the payment of dividends
Under Section 79 of the
Bank Act
(Canada), a bank, including CIBC, is prohibited from declaring or paying any dividends on its preferred or
common shares if there are reasonable grounds for believing that the bank is, or the payment would cause it to be, in contravention of any capital
adequacy or liquidity regulation or any direction to the bank made by OSFI.
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, 54, 55, 58 and 59
Preferred Shares further limit the payment of dividends on the outstanding Class A Preferred Shares Series 41, 43, 47, 56, and 57 in certain limited
circumstances.
Currently, these limitations do not restrict the payment of dividends on our preferred or common shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00447": { "value": "Common and preferred shares outstanding and other equity instruments \n \n
$ millions, except number of shares and per share
amounts, as at or for the year ended October 31
2024
2023
Dividends and
Dividends and
Shares outstanding
distributions paid
Shares outstanding
distributions paid
Number
$ per
Number
$ per
of shares
Amount
Amount
share
of shares
Amount
Amount
share
Common shares
942,285,419
$
17,009
$
3,382
$
3.60
931,078,785
$
16,080
$
3,149
$
3.44
Class A Preferred Shares
Series 39
(1)
\u2013
\u2013
11
0.70
16,000,000
400
15
0.93
Series 41
12,000,000
300
12
0.98
12,000,000
300
12
0.98
Series 43
12,000,000
300
9
0.79
12,000,000
300
9
0.79
Series 47
18,000,000
450
27
1.47
18,000,000
450
25
1.38
Series 49
(2)
\u2013
\u2013
8
0.65
13,000,000
325
17
1.30
Series 51
(3)
\u2013
\u2013
10
0.97
10,000,000
250
13
1.29
Series 56
600,000
600
44
73.65
600,000
600
49
82.12
Series 57
500,000
500
22
42.92
\u2013
\u2013
\u2013
\u2013
$
2,150
$
143
$
2,625
$
140
Treasury shares \u2013 common shares
(4)
9,179
$
2
20,156
$
2
Treasury shares \u2013 preferred shares
(4)
(3,778)
(4)
(18)
\u2013
Other Equity Instruments
(5)
Limited recourse capital notes Series 1
$
750
$
33
4.375 %
$
750
$
33
4.375 %
Limited recourse capital notes Series 2
$
750
$
30
4.000 %
$
750
$
30
4.000 %
Limited recourse capital notes Series 3
$
800
$
57
7.150 %
$
800
$
64
7.150 %
Limited recourse capital notes Series 4
$
500
$
\u2013
6.987 %
$
\u2013
$
\u2013
(1)
Series 39 preferred shares were redeemed at par value for a total price of $400 million on July 31, 2024.
(2)
Series 49 preferred shares were redeemed at par value for a total price of $325 million on April 30, 2024.
(3)
Series 51 preferred shares were redeemed at par value for a total price of $250 million on July 31, 2024.
(4)
A long position in our own shares is shown as a negative number, which reduces the number of shares outstanding. A short position is shown as a positive number, which
adds to the number of shares outstanding. See Note 1 to the consolidated financial statements for the accounting policy on treasury shares.
(5)
See the \u201cLimited Recourse Capital Notes (LRCNs)\u201d section below for details.
Common shares
CIBC\u2019s authorized capital consists of an unlimited number of common shares, without nominal or par value.
Common shares issued
\n \n
$ millions, except number of shares, as at or for the year ended October 31
2024
2023
Number
Number
of shares
Amount
of shares
Amount
Balance at beginning of year
931,098,941
$
16,082
906,040,097
$
14,726
Issuance pursuant to:
Equity-settled share-based compensation plans
(1)
2,593,751
148
548,516
27
Shareholder investment plan
(2)
10,986,157
698
21,455,322
1,155
Employee share purchase plan
(3)
2,626,726
173
3,081,055
176
947,305,575
$
17,101
931,124,990
$
16,084
Purchase of common shares for cancellation
(5,000,000)
(90)
\u2013
\u2013
Treasury shares
(10,977)
\u2013
(26,049)
(2)
Balance at end of year
942,294,598
$
17,011
931,098,941
$
16,082
(1)
Includes the settlement of contingent consideration related to prior acquisitions.
(2)
Commencing with the dividends paid on July 29, 2024, common shares received by participants were issued from Treasury without a discount. Previously, effective from
January 27, 2023, common shares received by participants under the Dividend reinvestment and Stock dividend options within the Shareholder investment plan were
issued from Treasury at a 2% discount to the Average Market Price as defined in the Shareholder investment plan.
(3)
Commencing October 11, 2024, employee contributions to our Canadian ESPP were invested to acquire common shares in the open market. Previously, these shares were
issued from Treasury.
\n
Common shares reserved for issue
\n
As at October 31, 2024, 22,773,705 common shares (2023: 25,367,456) were reserved for future issue pursuant to stock option plans, 33,960,700
\n
common shares (2023: 44,946,857) were reserved for future issue pursuant to the Shareholder Investment Plan, 3,731,131 common shares (2023:
\n
6,357,857) were reserved for future issue pursuant to the ESPP and other activities, and 6,318,544,500 common shares (2023: 5,825,898,000) were
\n
reserved for future issue pursuant to instruments which include an NVCC provision requiring conversion into common shares upon the occurrence
\n
of a Trigger Event as described in the capital adequacy guidelines.
\n
Normal course issuer bid (NCIB)
\n
On September 6, 2024, we announced that the Toronto Stock Exchange had accepted the notice of our intention to commence a normal course
\n
issuer bid. Purchases under this bid will be completed upon the earlier of: (i) CIBC purchasing 20 million common shares; (ii) CIBC providing a
\n
notice of termination; or (iii) September 9, 2025. 5,000,000 common shares have been purchased and cancelled during the quarter at an average
\n
price of $83.75 for a total amount of $419 million.
\n
Preferred shares and other equity instruments
\n
Preferred shares
\n
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
\n
series, provided that, for each class of preferred shares, the maximum aggregate consideration for all outstanding shares at any time does not
\n
exceed $10 billion. There are no Class B Preferred Shares currently outstanding.
\n
Terms of Class A Preferred Shares
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 41, 43, 47, 56, and 57 (NVCC) are redeemable instruments, subject to regulatory
\n
approval, for cash by CIBC on or after the specified redemption dates at the cash redemption prices indicated in the terms of the preferred shares.
\n
These preferred shares are compound instruments with both equity and liability features as payments of dividends and principal in cash are made
\n
at our discretion. The liability component has a nominal value and, as a result, the full proceeds received upon issuance have been presented as
\n
equity on the consolidated balance sheet, and any dividend payments paid thereon are accounted for as equity distributions.
\n\n \n
Semi-annually
Quarterly
Earliest specified
Cash redemption
Outstanding as at October 31, 2024
dividends per share
(1)
dividends per share
(1)
redemption date
price per share
Series 41
$
0.244313
January 31, 2025
$
25.00
Series 43
0.196438
July 31, 2025
25.00
Series 47
0.367375
January 31, 2028
25.00
Series 56
$
36.825000
September 28, 2027
1,000.00
Series 57
36.685800
March 12, 2029
1,000.00
\n
(1)
Dividends may be adjusted depending on the timing of issuance or redemption.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares)
\n
On December 16, 2014, we issued 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 41 (NVCC) (Series 41 shares) with a par
\n
value of $25.00 per share, for gross proceeds of $300 million. The dividend was reset to 3.909%, payable quarterly as and when declared by the
\n
Board, effective for the five-year period commencing January 31, 2020. On January 31, 2025, and on January 31 every five years thereafter, the
\n
dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.24%.
\n
Holders of the Series 41 shares had the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A
\n
Preferred Shares Series 42 (NVCC) (Series 42 shares), subject to certain conditions, on January 31, 2020. As the conditions for conversion were not
\n
met, no Series 42 shares were issued, and all of the Series 41 shares remain outstanding. Holders of the Series 41 shares will have the right to
\n
convert their shares on a one-for-one basis into Series 42 shares, subject to certain conditions, on January 31, 2025 and on January 31 every five
\n
years thereafter. Holders of the Series 42 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.24%. Holders of the then outstanding Series 42 shares may convert their shares on a one-for-one
\n
basis into Series 41 shares, subject to certain conditions, on January 31, 2030 and on January 31 every five years thereafter.
\n
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
\n
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
\n
par on January 31, 2030 and on January 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 43 (NVCC) (Series 43 shares)
\n
On March 11, 2015, we issued 12 million Non-cumulative Rate Reset Class A Preferred Shares Series 43 (NVCC) (Series 43 shares)
with a par value
\n
of $25.00 per share, for gross proceeds of $300 million. The dividend was reset to 3.143%, payable quarterly as and when declared by the Board,
\n
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
\n
to be equal to the then current five-year Government of Canada bond yield plus 2.79%.
\n
Holders of the Series 43 shares had the right to convert their shares on a one-for-one basis into Non-cumulative Floating Rate Class A
\n
Preferred Shares Series 44 (NVCC) (Series 44 shares), subject to certain conditions, on July 31, 2020. As the conditions for conversion were not
\n
met, no Series 44 shares were issued, and all of the Series 43 shares remain outstanding. Holders of the Series 43 shares will have the right to
\n
convert their shares on a one-for-one basis into Series 44 shares, subject to certain conditions, on July 31, 2025 and on July 31 every five years
\n
thereafter. Holders of the Series 44 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.79%. Holders of the then outstanding Series 44 shares may convert their shares on a one-for-one
\n
basis into Series 43 shares, subject to certain conditions, on July 31, 2030 and on July 31 every five years thereafter.
\n
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
\n
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
\n
July 31, 2030 and on July 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 47 (NVCC) (Series 47 shares)
\n
On January 18, 2018, we issued 18 million Non-cumulative Rate Reset Class A Preferred Shares Series 47 (NVCC) (Series 47 shares) with a par
\n
value of $25.00 per share, for gross proceeds of $450 million. The dividend was reset to 5.878%, payable quarterly as and when declared by the
\n
Board, effective for the five-year period commencing January 31, 2023. On January 31, 2028, and on January 31 every five years thereafter, the
\n
dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 2.45%.
\n
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
\n
Preferred Shares Series 48 (NVCC) (Series 48 shares), subject to certain conditions, on January 31, 2023 and on January 31 every five years
\n
thereafter. Holders of the Series 48 shares will be entitled to receive a quarterly floating rate dividend, if declared, equal to the three-month
\n
Government of Canada Treasury Bill yield plus 2.45%. Holders of the then outstanding Series 48 shares may convert their shares on a one-for-one
\n
basis into Series 47 shares, subject to certain conditions, on January 31, 2028 and on January 31 every five years thereafter.
\n
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
\n
par on January 31, 2028 and on January 31 every five years thereafter; we may redeem all or any part of the then outstanding Series 48 shares at
\n
par on January 31, 2033 and on January 31 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 56 (NVCC) (Series 56 shares)
\n
On September 16, 2022, we issued 600,000 Non-cumulative Rate Reset Class A Preferred Shares Series 56 (NVCC) (Series 56 shares) with a par
\n
value of $1,000.00 per share, for gross proceeds of $600 million. For the initial five-year period to October 28, 2027, the Series 56 shares pay
\n
semi-annual cash dividends on the 28th day of April and October in each year, as declared, at a rate of 7.365%. On October 28, 2027, and on
\n
October 28 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield
\n
plus 4.20%.
\n
Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 56 shares at
\n
par during the period from September 28, 2027 to and including October 28, 2027 and during the period from September 28 to and including
\n
October 28 every five years thereafter.
\n
Non-cumulative Rate Reset Class A Preferred Shares Series 57 (NVCC) (Series 57 shares)
\n
On March 12, 2024, we issued 500,000 Non-cumulative Rate Reset Class A Preferred Shares Series 57 (NVCC) (Series 57 shares) with a par
\n
value of $1,000.00 per share, for gross proceeds of $500 million. For the initial five-year period to April 12, 2029, the Series 57 shares pay
\n
semi-annual cash dividends on the 12th day of April and October in each year, as declared, at a rate of 7.337%. The first dividend was paid on
\n
October 12, 2024. On April 12, 2029, and on April 12 every five years thereafter, the dividend rate will reset to be equal to the then current five-year
\n
Government of Canada bond yield plus 3.90%.
\n
Subject to regulatory approval and certain provisions of the shares, we may redeem all or any part of the then outstanding Series 57 shares at
\n
par during the period from March 12, 2029 to and including April 12, 2029 and during the period from March 12 to and including April 12 every
\n
five years thereafter.
\n
Limited Recourse Capital Notes (LRCNs)
\n
The LRCNs are compound instruments with both equity and liability features as payments of interest and principal in cash are made at our
\n
discretion, as the sole recourse of each Note holder in the event of non-payment will be limited to that holder\u2019s proportionate share of the
\n
non-cumulative Rate Reset Class A Preferred Shares Series held in the CIBC LRCN Limited Recourse Trust (Limited Recourse Trust). The liability
\n
component of the LRCNs has a nominal value and, as a result, the full proceeds received upon the issuance of the LRCNs have been presented as
\n
equity on the consolidated balance sheet, and any interest payments paid thereon are accounted for as equity distributions.
\n
4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated indebtedness) (LRCN Series 1 Notes)
\n
On September 16, 2020, we issued $750 million principal amount of 4.375% Limited Recourse Capital Notes Series 1 (NVCC) (subordinated
\n
indebtedness). The LRCN Series 1 Notes mature on October 28, 2080, and bear interest at a fixed rate of 4.375% per annum (paid semi-annually)
\n
until October 28, 2025. Starting on October 28, 2025, and every five years thereafter until October 28, 2075, the interest rate will be reset to the then
\n
current five-year Government of Canada bond yield plus 4.000% per annum.
\n
Concurrently with the issuance of the LRCN Series 1 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
\n
Series 53 (NVCC) (Series 53 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC, and as a result, the Series 53
\n
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
\n
interest on, or redemption price for the LRCN Series 1 Notes when due, the sole remedy of each LRCN Series 1 Note holder is limited to that
\n
holder\u2019s proportionate share of the Series 53 Preferred Shares held in the Limited Recourse Trust.
\n
Subject to regulatory approval, we may redeem the LRCN Series 1 Notes, in whole or in part, every five years during the period from
\n
September 28 to and including October 28, commencing in 2025, at par.
\n
4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated indebtedness) (LRCN Series 2 Notes)
\n
On September 14, 2021, we issued $750 million principal amount of 4.000% Limited Recourse Capital Notes Series 2 (NVCC) (subordinated
\n
indebtedness). The LRCN Series 2 Notes mature on January 28, 2082, and bear interest at a fixed rate of 4.000% per annum (paid semi-annually)
\n
until January 28, 2027. Starting on January 28, 2027, and every five years thereafter until January 28, 2077, the interest rate will be reset to the then
\n
current five-year Government of Canada bond yield plus 3.102% per annum.
\n
Concurrently with the issuance of the LRCN Series 2 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
\n
Series 54 (NVCC) (Series 54 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC, and as a result, the Series 54
\n
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
\n
interest on, or redemption price for the LRCN Series 2 Notes when due, the sole remedy of each LRCN Series 2 Note holder is limited to that
\n
holder\u2019s proportionate share of the Series 54 Preferred Shares held in the Limited Recourse Trust.
\n
Subject to regulatory approval, we may redeem the LRCN Series 2 Notes, in whole or in part, every five years during the period from
\n
December 28 to and including January 28, commencing on December 28, 2026, at par.
7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness) (LRCN Series 3 Notes)
On June 15, 2022, we issued $800 million principal amount of 7.150% Limited Recourse Capital Notes Series 3 (NVCC) (subordinated indebtedness).
The LRCN Series 3 Notes mature on July 28, 2082, and bear interest at a fixed rate of 7.150% per annum (paid semi-annually) until July 28, 2027.
Starting on July 28, 2027, and every five years thereafter until July 28, 2077, 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 LRCN Series 3 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 55 (NVCC) (Series 55 shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the Series 55
Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount of,
interest on, or redemption price for the LRCN Series 3 Notes when due, the sole remedy of each LRCN Series 3 Note holder is limited to that
holder\u2019s proportionate share of the Series 55 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 3 Notes, in whole or in part, every five years during the period from June 28
to and including July 28, commencing on June 28, 2027, at par.
6.987% Limited Recourse Capital Notes Series 4 (NVCC) (subordinated indebtedness) (LRCN Series 4 Notes)
On June 25, 2024, we issued $500 million principal amount of 6.987% Limited Recourse Capital Notes Series 4 (NVCC) (subordinated
indebtedness). The LRCN Series 4 Notes mature on July 28, 2084, and bear interest at a fixed rate of 6.987% per annum (paid semi-annually) until
July 28, 2029. Starting on July 28, 2029, and every five years thereafter until July 28, 2079, the interest rate will be reset to the then current five-year
Government of Canada bond yield plus 3.70% per annum.
Concurrently with the issuance of the LRCN Series 4 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 58 (NVCC) (the Series 58 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the
Series 58 Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount
of, interest on, or redemption price for, the LRCN Series 4 Notes when due, the sole remedy of each LRCN Series 4 Note holder is limited to that
holder\u2019s proportionate share of the Series 58 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 4 Notes, in whole or in part, every five years during the period from June 28
to and including July 28, commencing on June 28, 2029, at par.
6.950% Limited Recourse Capital Notes Series 5 (NVCC) (subordinated indebtedness) (LRCN Series 5 Notes)
On November 5, 2024, we issued USD$500 million principal amount of 6.950% Limited Recourse Capital Notes Series 5 (NVCC) (subordinated
indebtedness). The LRCN Series 5 Notes mature on January 28, 2085, and bear interest at a fixed rate of 6.950% per annum (paid quarterly) until
January 28, 2030. Starting on January 28, 2030, and every five years thereafter until January 28, 2080, the interest rate will be reset to the then
current five-year U.S. Treasury Rate plus 2.833% per annum.
Concurrently with the issuance of the LRCN Series 5 Notes, we issued Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares
Series 59 (NVCC) (the Series 59 Preferred Shares), which are held in the Limited Recourse Trust that is consolidated by CIBC and, as a result, the
Series 59 Preferred Shares are eliminated in CIBC\u2019s consolidated financial statements. In the event of non-payment by CIBC of the principal amount
of, interest on, or redemption price for, the LRCN Series 5 Notes when due, the sole remedy of each LRCN Series 5 Note holder is limited to that
holder\u2019s proportionate share of the Series 59 Preferred Shares held in the Limited Recourse Trust.
Subject to regulatory approval, we may redeem the LRCN Series 5 Notes, in whole or in part, on each January 28, April 28, July 28, and
October 28, commencing on January 28, 2030, at par.
NVCC conversion mechanics
Each series of Class A Preferred Shares and LRCNs discussed above are subject to an NVCC provision, necessary for the shares and LCRNs to
qualify as Tier 1 regulatory capital under Basel III. As such, the Class A Preferred Shares and LRCNs 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 and, if after conversion of all contingent instruments and consideration of any other relevant factors or
circumstances, it is reasonably likely that its viability will be restored or maintained; or if the bank has accepted or agreed to accept a capital
injection or equivalent support from a federal or provincial government, without which OSFI would have determined the bank to be non-viable. In
such an event, Class A Preferred Shares Series 41, 43, 47, 56, and 57 will be converted into a number of common shares, determined by dividing
the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplements) subject to
a minimum price of $2.50 per share (subject to adjustment in certain events as defined in the relevant prospectus supplements). Series 53, 54, 55,
58, and 59 Preferred Shares held in the Limited Recourse Trust, will automatically and immediately be converted, without the consent of LRCN Note
holders, into a variable number of common shares which will be delivered to LRCN Note holders in satisfaction of the principal amount of, and
accrued and unpaid interest on, all of the LRCNs. All claims of LRCN Note holders against CIBC under the LRCNs will be extinguished upon receipt
of such common shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00448": { "value": "Restrictions on the payment of dividends
Under Section 79 of the
Bank Act
(Canada), a bank, including CIBC, is prohibited from declaring or paying any dividends on its preferred or
common shares if there are reasonable grounds for believing that the bank is, or the payment would cause it to be, in contravention of any capital
adequacy or liquidity regulation or any direction to the bank made by OSFI.
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, 54, 55, 58 and 59
Preferred Shares further limit the payment of dividends on the outstanding Class A Preferred Shares Series 41, 43, 47, 56, and 57 in certain limited
circumstances.
Currently, these limitations do not restrict the payment of dividends on our preferred or common shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00450": { "value": "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, leverage and total loss absorbing capacity (TLAC) requirements
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 domestic systemically important bank (D-SIB) in Canada, and is subject to a Common Equity Tier 1
(CET1) surcharge equal to 1.0% of risk-weighted assets (RWA). OSFI also expected D-SIBs to hold a Domestic Stability Buffer (DSB) of 3.5% as at
October 31, 2024, which was increased from 3.0% effective November 1, 2023. The resulting targets established by OSFI for D-SIBs, including all
buffer requirements, for CET1, Tier 1 and Total capital ratios are 11.5%, 13.0%, and 15.0%, respectively.
Regulatory capital 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,
LRCNs, and qualifying instruments issued by a consolidated subsidiary to third parties. Tier 2 capital includes NVCC subordinated indebtedness,
eligible general allowance, and qualifying instruments issued by a consolidated subsidiary to third parties.
To supplement risk-based capital requirements, OSFI expects federally regulated deposit-taking institutions to have a leverage ratio, which is a
non-risk-based capital metric, that meets or exceeds 3.5%, including a 0.5% D-SIB buffer.
OSFI also requires D-SIBs to maintain a supervisory target TLAC ratio (which builds on the risk-based capital ratios) and a minimum TLAC
leverage ratio (which builds on the leverage ratio). OSFI expects D-SIBs to have a minimum risk-based TLAC ratio of 21.5% plus the then applicable
DSB requirement (3.5% as noted above), and a minimum TLAC leverage ratio of 7.25%. TLAC consists of regulatory capital and bail-in eligible
liabilities that have residual maturity greater than one year.
These targets may be higher for certain institutions at OSFI\u2019s discretion. During the years ended October 31, 2024 and 2023, we have
complied with OSFI\u2019s regulatory capital, leverage ratio, and TLAC requirements.
Our capital, leverage and TLAC ratios are presented in the table below:
\n \n
$ millions, as at October 31
2024
2023
CET1 capital
$
44,516
$
40,327
Tier 1 capital
A
49,481
45,270
Total capital
56,809
52,119
Total RWA
B
333,502
326,120
CET1 ratio
13.3 %
12.4 %
Tier 1 capital ratio
14.8 %
13.9 %
Total capital ratio
17.0 %
16.0 %
Leverage ratio exposure
C
$
1,155,432
$
1,079,103
Leverage ratio
A/C
4.3 %
4.2 %
TLAC available
D
$
101,062
$
100,176
TLAC ratio
D/B
30.3 %
30.7 %
TLAC leverage ratio
D/C
8.7 %
9.3 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00451": { "value": "Note 16
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
annually beginning one year after the date of the grant. 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.
Grant date fair value of each cash-settled RSA unit granted is calculated based on the average closing price per common share on the
Toronto Stock Exchange (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, 7,327,029 RSAs were granted at a weighted-average price of $53.93 (2023: 6,687,379 granted at a weighted-average price of
$63.78) and the number of RSAs outstanding as at October 31, 2024 was 19,761,344 (2023: 18,281,700). Compensation expense in respect of
RSAs, before the impact of hedging for changes in share price, totalled $1,007 million in 2024 (2023: $224 million). As at October 31, 2024, liabilities
in respect of RSAs, which are included in Other liabilities, were $1,506 million (2023: $829 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.
The 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\u2019s performance relative to the other major Canadian banks. Beginning with awards granted in December 2023, the final
number of PSUs that will vest is also based upon CIBC\u2019s performance relative to internal targets. 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, 2,220,555 PSUs were granted at a weighted-average price of $53.77 (2023: 1,842,253 granted at a weighted-average price of
$64.28). As at October 31, 2024, the number of PSUs outstanding, before the impact of CIBC\u2019s relative performance, was 6,227,116 (2023:
5,762,949). Compensation expense in respect of PSUs, before the impact of hedging for changes in share price, totalled $380 million in 2024 (2023:
$56 million). As at October 31, 2024, liabilities in respect of PSUs, which are included in Other liabilities, were $568 million (2023: $277 million).
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. Effective January 1, 2024, the DCP was amended to no longer permit
the grant of new DSU awards.
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\u2019s termination of employment.
The grant date fair value for DCP grants was based on the closing stock price on the New York Stock Exchange (NYSE) on the last day of the
calendar quarter. Upon distribution, DSUs granted under the DCP plan are settled in cash based on the closing price per common share on the
NYSE on the business day that the payment is made.
During the year, 413,925 DSUs were granted at a weighted-average price of $56.06 (2023: 310,647 granted at a weighted-average price of
$64.15) and the number of DSUs outstanding as at October 31, 2024 was 2,463,430 (2023: 2,048,785). Compensation expense in respect of DSUs,
before the impact of hedging for changes in share price, totalled $126 million in 2024 (2023: ($5) million). As at October 31, 2024, liabilities in
respect of DSUs, which are included in Other liabilities, were $238 million (2023: $135 million).
Directors\u2019 plans
Each director who is not an officer or employee of CIBC may elect to receive: 1) the annual equity retainer as either DSUs or common shares, under
the Director DSU/Common Share Election Plan; and 2) all or a portion of their remuneration in the form of cash, common shares or DSUs 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
(Canada).
Other non-interest expense in respect of the DSU components, before the impact of hedging for changes in share price of these plans, totalled
$14 million in 2024 (2023: ($1) million). As at October 31, 2024, liabilities in respect of DSUs, which are included in Other liabilities, were $25 million
(2023: $15 million).
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.
\n \n
As at or for the year ended October 31
2024
2023
Weighted-
Weighted-
Number
average
Number
average
of stock
exercise
of stock
exercise
options
price
(1)
options
price
Outstanding at beginning of year
14,688,079
$
58.47
11,438,024
$
57.73
Granted
3,973,361
56.55
3,490,610
59.39
Exercised
(2)
(2,593,751)
52.72
(212,090)
27.20
Forfeited/cancelled/expired
(100,108)
60.44
(28,465)
62.09
Outstanding at end of year
15,967,581
$
58.55
14,688,079
$
58.47
Exercisable at end of year
5,033,423
$
55.17
5,807,176
$
54.42
Available for grant
6,806,124
10,679,377
Reserved for future issue
22,773,705
25,367,456
(1)
For foreign currency-denominated options granted and exercised during the year, the weighted-average exercise prices are converted using exchange rates as at the
grant date and settlement date, respectively. The weighted-average exercise price of outstanding balances as at October 31, 2024 reflects the conversion of foreign
currency-denominated options at the year-end exchange rate.
(2)
The weighted-average share price at the date of exercise was $65.04 (2023: $59.49).
\n \n
As at October 31, 2024
Stock options outstanding
Stock options vested
Weighted-
Weighted-
Weighted-
average
average
average
Number
contractual life
exercise
Number
exercise
Range of exercise prices
outstanding
remaining
price
outstanding
price
$1.00 \u2013 $40.00
125,660
0.85
$
30.81
125,660
$
30.81
$40.01 \u2013 $50.00
198,902
1.10
48.91
198,902
48.91
$50.01 \u2013 $60.00
12,259,105
7.09
56.73
3,857,737
55.21
$60.01 \u2013 $70.00
851,124
3.12
60.01
851,124
60.01
$70.01 \u2013 $80.00
2,532,790
7.09
70.05
\u2013
70.05
15,967,581
6.76
$
58.79
5,033,423
$
55.17
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:
\n \n
For the year ended October 31
2024
2023
Weighted-average assumptions
Risk-free interest rate
3.74 %
3.27 %
Expected dividend yield
7.50 %
6.84 %
Expected share price volatility
19.47 %
19.86 %
Expected life
6 years
6 years
Share price/exercise price
$
56.55
$
59.39
For 2024, the weighted-average grant date fair value of options was $4.01 (2023: $4.41).
Compensation expense in respect of stock options totalled $16 million in 2024 (2023: $12 million).
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\u2019s provisions.
Commencing October 11, 2024, employee contributions to our Canadian ESPP were used to acquire common shares in the open market.
Previously, these shares were issued from Treasury. CIBC Caribbean operates an ESPP locally, in which contributions are used by the plan trustee
to purchase CIBC Caribbean common shares in the open market.
Our contributions are expensed as incurred and totalled $63 million in 2024 (2023: $60 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00452": { "value": "Directors\u2019 plans
Each director who is not an officer or employee of CIBC may elect to receive: 1) the annual equity retainer as either DSUs or common shares, under
the Director DSU/Common Share Election Plan; and 2) all or a portion of their remuneration in the form of cash, common shares or DSUs 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
(Canada).
Other non-interest expense in respect of the DSU components, before the impact of hedging for changes in share price of these plans, totalled
$14 million in 2024 (2023: ($1) million). As at October 31, 2024, liabilities in respect of DSUs, which are included in Other liabilities, were $25 million
(2023: $15 million).Note 17
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\u2019s Canadian, U.S., and Caribbean pension plans. CIBC\u2019s 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 68,000 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 waiting period for members to join the CIBC Pension Plan.
The CIBC Pension Plan is funded through a separate trust. Actuarial funding valuations are prepared by the Plan\u2019s external actuary at least
once every three years or more frequently as required by Canadian pension legislation to determine CIBC\u2019s 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\u2019s 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 (CRA) and is subject to the acts and regulations that govern
federally regulated pension plans.
Other post-employment plans
Other post-employment plans include CIBC\u2019s Canadian, U.S. and Caribbean post-retirement health-care benefit plans (referred to for disclosure
purposes as other post-employment plans). CIBC\u2019s 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 basis.
Benefit changes
There were no material changes to the terms of our Canadian defined benefit pension plans in 2024. The CIBC Pension Plan was amended in 2023
to introduce caps on pensionable earnings based on job level effective November 1, 2023. This change resulted in a $73 million negative past
service cost for the year ended October 31, 2023. Certain plan amendments were made to our other pension plans in 2023, which resulted in a past
service cost.
Risks
CIBC\u2019s 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\u2019s 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\u2019s 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.
\n
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
\n
financial market conditions. Factors evaluated before adopting the asset mix include demographics, cash-flow payout requirements, liquidity
\n
requirements, actuarial assumptions, expected benefit increases, and plan funding requirements.
\n
Management of the assets of the various Canadian plans has been delegated primarily to the PIC, which is a committee that is composed of
\n
CIBC management. The PIC is responsible for the appointment and termination of individual investment managers (which includes CIBC Asset
\n
Management Inc., a wholly owned subsidiary of CIBC), who each have investment discretion within established target asset mix ranges as set by
\n
the PBMC. Should a fund\u2019s actual asset mix fall outside specified ranges, the assets are re-balanced as required to be within the target asset mix
\n
ranges. On a periodic basis, an Asset-Liability Matching study is performed in which the consequences of the strategic investment policies are
\n
analyzed.
\n
Management of the actuarial valuations of the various Canadian plans is primarily the responsibility of the PBMC. The PBMC is responsible for
\n
approving the actuarial assumptions for the valuations of the plans, and for recommending the level of annual funding for the Canadian plans to
\n
CIBC senior management.
\n
Local committees with similar mandates manage our non-Canadian plans and annually report back to the MRCC on all material governance
\n
activities.
\n
Amounts recognized on the consolidated balance sheet
\n
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.,
\n
and our Caribbean subsidiaries. Other minor plans operated by some of our subsidiaries are not material and are not included in these disclosures.
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at or for the year ended October 31
2024
2023
2024
2023
Defined benefit obligation
Balance at beginning of year
$
7,060
$
7,040
$
422
$
436
Current service cost
190
212
5
5
Past service cost
\u2013
(69)
\u2013
\u2013
Interest cost on defined benefit obligation
396
380
24
23
Employee contributions
4
4
\u2013
\u2013
Benefits paid
(365)
(362)
(32)
(29)
Settlement payments
(79)
\u2013
\u2013
\u2013
Special termination benefits
\u2013
2
\u2013
\u2013
Foreign exchange rate changes and other
5
16
\u2013
1
Net actuarial (gains) losses on defined benefit obligation
731
(163)
\u2013
(14)
Balance at end of year
$
7,942
$
7,060
$
419
$
422
Plan assets
Fair value at beginning of year
$
8,091
$
8,435
$
\u2013
$
\u2013
Interest income on plan assets
(1)
459
460
\u2013
\u2013
Net actuarial gains (losses) on plan assets
(1)
1,079
(493)
\u2013
\u2013
Employer contributions
146
36
32
29
Employee contributions
4
4
\u2013
\u2013
Benefits paid
(365)
(362)
(32)
(29)
Settlement payments
(79)
\u2013
\u2013
\u2013
Plan administration costs
(8)
(7)
\u2013
\u2013
Increase (decrease) due to plan settlements
(10)
\u2013
\u2013
\u2013
Foreign exchange rate changes and other
9
18
\u2013
\u2013
Fair value at end of year
$
9,326
$
8,091
$
\u2013
$
\u2013
Net defined benefit asset (liability)
1,384
1,031
(419)
(422)
Valuation allowance
(2)
(47)
(16)
\u2013
\u2013
Net defined benefit asset (liability), net of valuation allowance
$
1,337
$
1,015
$
(419)
$
(422)
\n
(1)
The actual return on plan assets for the year was a gain of $1,538 million (2023: loss of $33 million).
\n
(2)
The valuation allowance reflects the effect of asset ceiling on plans with a net defined benefit asset.
\n
The net defined benefit asset (liability), net of valuation allowance, included in other assets and other liabilities is as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2023
2024
2023
Other assets
$
1,378
$
1,055
$
\u2013
$
\u2013
Other liabilities
(41)
(40)
(419)
(422)
$
1,337
$
1,015
$
(419)
$
(422)
\n
The defined benefit obligation and plan assets by region are as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2023
2024
2023
Defined benefit obligation
Canada
$
7,291
$
6,373
$
389
$
392
U.S., U.K., and the Caribbean
651
687
30
30
Defined benefit obligation at the end of year
$
7,942
$
7,060
$
419
$
422
Plan assets
Canada
$
8,441
$
7,292
$
\u2013
$
\u2013
U.S., U.K., and the Caribbean
885
799
\u2013
\u2013
Plan assets at the end of year
$
9,326
$
8,091
$
\u2013
$
\u2013
\n
Amounts recognized in the consolidated statement of income
\n
The net defined benefit expense for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, for the year ended October 31
2024
2023
2024
2023
Current service cost
(1)
$
190
$
212
$
5
$
5
Past service cost
\u2013
(69)
\u2013
\u2013
Interest cost on defined benefit obligation
396
380
24
23
Interest income on plan assets
(459)
(460)
\u2013
\u2013
Interest expense on effect of asset ceiling
1
1
\u2013
\u2013
Special termination benefits
\u2013
2
\u2013
\u2013
Plan administration costs
8
7
\u2013
\u2013
Net defined benefit plan expense recognized in net income
$
136
$
73
$
29
$
28
\n
(1)
The 2024 and 2023 current service costs were calculated using separate discount rates of 5.61% and 5.44%, respectively, to reflect the longer duration of future benefits
\n
payments associated with the additional year of service to be earned by the plan\u2019s active participants.
\n
Amounts recognized in the consolidated statement of comprehensive income
\n
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
\n
follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, for the year ended October 31
2024
(1)
2023
2024
2023
Actuarial gains (losses) on defined benefit obligation arising from changes in:
Demographic assumptions
$
(1)
$
(1)
$
34
$
\u2013
Financial assumptions
(768)
200
(36)
11
Experience
38
(36)
2
3
Net actuarial gains (losses) on plan assets
1,079
(493)
\u2013
\u2013
Changes in asset ceiling excluding interest income
(30)
1
\u2013
\u2013
Net remeasurement gains (losses) recognized in OCI
$
318
$
(329)
$
\u2013
$
14
\n
(1)
Includes the transfer of the accumulated actuarial losses of $5 million to retained earnings upon the settlement of a pension plan for one of our subsidiaries.
\n
Canadian defined benefit plans
\n
As the Canadian defined benefit pension and other post-employment benefit plans represent approximately 92% of our consolidated defined benefit
\n
obligation, they are the subject and focus of the disclosures in the balance of this note.
\n
Disaggregation and maturity profile of defined benefit obligation
\n
The breakdown of the defined benefit obligation for our Canadian plans between active, deferred and retired members is as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2023
2024
2023
Active members
$
3,558
$
3,043
$
74
$
75
Deferred members
490
415
\u2013
\u2013
Retired members
3,243
2,915
315
317
Total
$
7,291
$
6,373
$
389
$
392
\n
The weighted-average duration of the defined benefit obligation for our Canadian plans is as follows:
\n\n \n
Pension plans
Other post-employment plans
As at October 31
2024
2023
2024
2023
Weighted-average duration, in years
12.9
12.4
10.3
10.2
Plan assets
The major categories of our defined benefit pension plan assets for our Canadian plans are as follows:
\n \n
$ millions, as at October 31
2024
2023
Asset category
(1)
Canadian equity securities
(2)
$
472
6%
$
430
6%
Debt securities
(3)
Government bonds
5,419
64
3,872
53
Corporate bonds
403
5
519
7
5,822
69
4,391
60
Investment funds
(4)
Canadian equity funds
35
\u2013
27
\u2013
U.S. equity funds
694
8
454
6
International equity funds
(5)
37
\u2013
30
1
Global equity funds
(5)
1,150
15
1,081
15
Fixed income funds
103
1
92
1
2,019
24
1,684
23
Other
(2)
Alternative investments
(6)
2,399
28
2,463
34
Cash and cash equivalents and other
339
4
226
3
Obligations related to securities sold under repurchase agreements and securities sold short
(2,610)
(31)
(1,902)
(26)
128
1
787
11
$
8,441
100 %
$
7,292
100 %
(1)
Asset categories are based upon risk classification including synthetic exposure through derivatives. The fair value of derivatives as at October 31, 2024 was a net
derivative liability of $30 million (2023: net derivative liability of $49 million).
(2)
Pension benefit plan assets include CIBC issued securities and deposits of nil (2023: nil), representing nil of Canadian plan assets (2023: nil). All of the equity securities
held as at October 31, 2024 and 2023 have daily quoted prices in active markets except hedge funds, infrastructure, and private equity.
(3)
All debt securities held as at October 31, 2024 and 2023 are investment grade, of which $285 million (2023: $142 million) have daily quoted prices in active markets.
(4)
$33 million (2023: $26 million) of the investment funds are directly held as at October 31, 2024 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)
Comprised of private equity, infrastructure, private debt and real estate funds.
Principal actuarial assumptions
The weighted-average principal assumptions used to determine the defined benefit obligation for our Canadian plans are as follows:
\n \n
Pension plans
Other post-employment plans
As at October 31
2024
2023
2024
2023
Discount rate
4.8 %
5.7 %
4.8 %
5.7 %
Rate of compensation increase
(1)
2.5 %
2.5 %
n/a
n/a
(1)
Rates of compensation increase for 2024 and 2023 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 2.5% per annum (2023: 2.5%).
n/a Not applicable
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):
\n \n
As at October 31
2024
2023
Longevity at age 65 for current retired members
Males
23.6
23.5
Females
24.7
24.6
Longevity at age 65 for current members aged 45
Males
24.5
24.5
Females
25.6
25.5
The assumed health-care cost trend rates of the Canadian other post-employment plan providing medical, dental, and life insurance benefits are as
follows:
\n \n
For the year ended October 31
2024
2023
Health-care cost trend rates assumed for next year
4.9 %
4.8 %
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:
\n \n
Estimated increase (decrease) in defined benefit obligation
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2024
Discount rate (100 basis point change)
Decrease in assumption
$
1,028
$
45
Increase in assumption
(861)
(37)
Rate of compensation increase (100 basis point change)
Decrease in assumption
(195)
\u2013
Increase in assumption
204
\u2013
Health-care cost trend rates (100 basis point change)
Decrease in assumption
n/a
(12)
Increase in assumption
n/a
14
Future mortality
1 year shorter life expectancy
(164)
(7)
1 year longer life expectancy
156
8
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, 2023. The next actuarial
valuation of this plan for funding purposes will be effective as of October 31, 2024.
The employer contributions for 2025 are anticipated to be $165 million for the CIBC Pension Plan and the benefit payments are anticipated to
be $26 million for the Canadian other post-employment plans. These estimates are subject to change since contributions are affected by various
factors, such as market performance, regulatory requirements, and management\u2019s 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:
\n \n
$ millions, for the year ended October 31
2025
2026
2027
2028
2029
2030\u20132034
Total
Defined benefit pension plans
$
365
$
368
$
382
$
396
$
409
$
2,251
$
4,171
Other post-employment plans
26
26
27
27
28
141
275
$
391
$
394
$
409
$
423
$
437
$
2,392
$
4,446
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:
\n \n
$ millions, for the year ended October 31
2024
2023
Defined contribution pension plans
$
72
$
60
Government pension plans
(1)
197
194
$
269
$
254
(1)
Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act.Note 23
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 also include associates and joint ventures accounted for under the equity method, and post-
employment benefit plans for CIBC employees. Loans to these related parties are made in the ordinary course of business and on substantially the
same terms as for comparable transactions with unrelated parties. As CIBC\u2019s subsidiaries are consolidated, transactions with these entities have
been eliminated and are not reported as related-party transactions. We offer a subsidy on annual fees and preferential interest rates on credit card
balances to senior officers, which is the same offer extended to all employees of CIBC.
Key management personnel and their affiliates
As at October 31, 2024, loans to key management personnel
(1)
and their close family members and to entities that they or their close family
members control or jointly control totalled $35 million (2023: $35 million), letters of credit and guarantees were nil (2023: nil), and undrawn credit
commitments totalled $30 million (2023: $25 million). Of these outstanding balances, $33 million (2023: $34 million) were secured and $2 million
(2023: $1 million) were unsecured. We have no provision for credit losses on impaired loans relating to these amounts for the years ended
October 31, 2024 and 2023. Loans to these related parties are made in the ordinary course of business and on substantially the same terms as for
comparable transactions with unrelated parties. We offer a subsidy on annual fees and preferential interest rates on credit card balances to senior
officers which is the same offer extended to all employees of CIBC.
(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
(Canada) (collectively
referred to as senior officers). Board members who are also Executive Committee members are included as senior officers.
Compensation of key management personnel
\n \n
$ millions, for the year ended October 31
2024
2023
Senior
Senior
Directors
officers
Directors
officers
Short-term benefits
(1)
$
2
$
20
$
2
$
19
Post-employment benefits
\u2013
2
\u2013
2
Share-based benefits
(2)
2
35
2
32
Termination benefits
(3)
\u2013
1
\u2013
1
Total compensation
$
4
$
58
$
4
$
54
(1)
Comprises salaries, statutory and non-statutory benefits related to senior officers and fees related to directors recognized during the year. Also includes annual incentive
plan payments related to senior officers on a cash basis.
(2)
Comprises grant-date fair values of awards granted in the year.
(3)
Comprises payments made in the period to key management personnel and former key management personnel.
Refer to the following Notes for additional details on related-party transactions:
Share-based payment plans
See Note 16 for details of these plans offered to directors and senior officers.
Post-employment benefit plans
See Note 17 for related-party transactions between CIBC and the post-employment benefit plans.
Equity-accounted associates and joint ventures
See Note 24 for details of our investments in equity-accounted associates and joint ventures.Note 24
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 Inc. (collectively referred to as CIBC Mellon), which provide trust and asset servicing, both in Canada. As at
October 31, 2024, the carrying value of our investments in the joint ventures was $640 million (2023: $532 million), which was included in Corporate
and Other. On November 1, 2024, CIBC Mellon Global Securities Services Company Inc. and CIBC Mellon Trust Company were amalgamated to
form a single entity, CIBC Mellon Trust Company, with no impact to our consolidated financial statements.
As at October 31, 2024, loans to the joint ventures totalled nil (2023: nil) and undrawn credit commitments totalled $138 million (2023:
$131 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 20 for additional details.
There was no unrecognized share of losses of any joint ventures, either for the year or cumulatively. In 2024 and 2023, 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
2024
2023
Net income
$
68
$
46
OCI
113
61
Total comprehensive income
$
181
$
107
Associates
As at October 31, 2024, the total carrying value of our investments in associates was $145 million (2023: $137 million). These investments are
unlisted associates with a fair value of $253 million (2023: $240 million), based on non-observable valuation inputs categorized as Level 3 valuation
inputs within the fair value hierarchy. Of the total carrying value of our investments in associates, $39 million (2023: $19 million) was included in
Canadian Personal and Business Banking, $23 million (2023: $33 million) in Canadian Commercial Banking and Wealth Management, nil (2023: nil)
in U.S. Commercial Banking and Wealth Management, $45 million (2023: $42 million) in Capital Markets and Direct Financial Services, and
$38 million (2023: $43 million) in Corporate and Other.
As at October 31, 2024, loans to associates totalled nil (2023: nil) and undrawn credit commitments totalled $5 million (2023: $1 million). We
also had commitments to invest up to nil (2023: nil) in our associates.
There was an unrecognized share of losses for associates of $6 million (2023: nil) for the year and $6 million (2023: nil) cumulatively. In 2024
and 2023, 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
2024
2023
Net income (loss)
$
11
$
(16)
OCI
\u2013
5
Total comprehensive income (loss)
$
11
$
(11)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00453": { "value": "Note 17
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\u2019s Canadian, U.S., and Caribbean pension plans. CIBC\u2019s 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 68,000 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 waiting period for members to join the CIBC Pension Plan.
The CIBC Pension Plan is funded through a separate trust. Actuarial funding valuations are prepared by the Plan\u2019s external actuary at least
once every three years or more frequently as required by Canadian pension legislation to determine CIBC\u2019s 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\u2019s 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 (CRA) and is subject to the acts and regulations that govern
federally regulated pension plans.
Other post-employment plans
Other post-employment plans include CIBC\u2019s Canadian, U.S. and Caribbean post-retirement health-care benefit plans (referred to for disclosure
purposes as other post-employment plans). CIBC\u2019s 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 basis.
Benefit changes
There were no material changes to the terms of our Canadian defined benefit pension plans in 2024. The CIBC Pension Plan was amended in 2023
to introduce caps on pensionable earnings based on job level effective November 1, 2023. This change resulted in a $73 million negative past
service cost for the year ended October 31, 2023. Certain plan amendments were made to our other pension plans in 2023, which resulted in a past
service cost.
Risks
CIBC\u2019s 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\u2019s 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\u2019s 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
\n
financial market conditions. Factors evaluated before adopting the asset mix include demographics, cash-flow payout requirements, liquidity
\n
requirements, actuarial assumptions, expected benefit increases, and plan funding requirements.
\n
Management of the assets of the various Canadian plans has been delegated primarily to the PIC, which is a committee that is composed of
\n
CIBC management. The PIC is responsible for the appointment and termination of individual investment managers (which includes CIBC Asset
\n
Management Inc., a wholly owned subsidiary of CIBC), who each have investment discretion within established target asset mix ranges as set by
\n
the PBMC. Should a fund\u2019s actual asset mix fall outside specified ranges, the assets are re-balanced as required to be within the target asset mix
\n
ranges. On a periodic basis, an Asset-Liability Matching study is performed in which the consequences of the strategic investment policies are
\n
analyzed.
\n
Management of the actuarial valuations of the various Canadian plans is primarily the responsibility of the PBMC. The PBMC is responsible for
\n
approving the actuarial assumptions for the valuations of the plans, and for recommending the level of annual funding for the Canadian plans to
\n
CIBC senior management.
\n
Local committees with similar mandates manage our non-Canadian plans and annually report back to the MRCC on all material governance
\n
activities.
\n
Amounts recognized on the consolidated balance sheet
\n
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.,
\n
and our Caribbean subsidiaries. Other minor plans operated by some of our subsidiaries are not material and are not included in these disclosures.
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at or for the year ended October 31
2024
2023
2024
2023
Defined benefit obligation
Balance at beginning of year
$
7,060
$
7,040
$
422
$
436
Current service cost
190
212
5
5
Past service cost
\u2013
(69)
\u2013
\u2013
Interest cost on defined benefit obligation
396
380
24
23
Employee contributions
4
4
\u2013
\u2013
Benefits paid
(365)
(362)
(32)
(29)
Settlement payments
(79)
\u2013
\u2013
\u2013
Special termination benefits
\u2013
2
\u2013
\u2013
Foreign exchange rate changes and other
5
16
\u2013
1
Net actuarial (gains) losses on defined benefit obligation
731
(163)
\u2013
(14)
Balance at end of year
$
7,942
$
7,060
$
419
$
422
Plan assets
Fair value at beginning of year
$
8,091
$
8,435
$
\u2013
$
\u2013
Interest income on plan assets
(1)
459
460
\u2013
\u2013
Net actuarial gains (losses) on plan assets
(1)
1,079
(493)
\u2013
\u2013
Employer contributions
146
36
32
29
Employee contributions
4
4
\u2013
\u2013
Benefits paid
(365)
(362)
(32)
(29)
Settlement payments
(79)
\u2013
\u2013
\u2013
Plan administration costs
(8)
(7)
\u2013
\u2013
Increase (decrease) due to plan settlements
(10)
\u2013
\u2013
\u2013
Foreign exchange rate changes and other
9
18
\u2013
\u2013
Fair value at end of year
$
9,326
$
8,091
$
\u2013
$
\u2013
Net defined benefit asset (liability)
1,384
1,031
(419)
(422)
Valuation allowance
(2)
(47)
(16)
\u2013
\u2013
Net defined benefit asset (liability), net of valuation allowance
$
1,337
$
1,015
$
(419)
$
(422)
\n
(1)
The actual return on plan assets for the year was a gain of $1,538 million (2023: loss of $33 million).
\n
(2)
The valuation allowance reflects the effect of asset ceiling on plans with a net defined benefit asset.
\n
The net defined benefit asset (liability), net of valuation allowance, included in other assets and other liabilities is as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2023
2024
2023
Other assets
$
1,378
$
1,055
$
\u2013
$
\u2013
Other liabilities
(41)
(40)
(419)
(422)
$
1,337
$
1,015
$
(419)
$
(422)
\n
The defined benefit obligation and plan assets by region are as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2023
2024
2023
Defined benefit obligation
Canada
$
7,291
$
6,373
$
389
$
392
U.S., U.K., and the Caribbean
651
687
30
30
Defined benefit obligation at the end of year
$
7,942
$
7,060
$
419
$
422
Plan assets
Canada
$
8,441
$
7,292
$
\u2013
$
\u2013
U.S., U.K., and the Caribbean
885
799
\u2013
\u2013
Plan assets at the end of year
$
9,326
$
8,091
$
\u2013
$
\u2013
Amounts recognized in the consolidated statement of income
\n
The net defined benefit expense for our defined benefit plans in Canada, the U.S., the U.K., and the Caribbean is as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, for the year ended October 31
2024
2023
2024
2023
Current service cost
(1)
$
190
$
212
$
5
$
5
Past service cost
\u2013
(69)
\u2013
\u2013
Interest cost on defined benefit obligation
396
380
24
23
Interest income on plan assets
(459)
(460)
\u2013
\u2013
Interest expense on effect of asset ceiling
1
1
\u2013
\u2013
Special termination benefits
\u2013
2
\u2013
\u2013
Plan administration costs
8
7
\u2013
\u2013
Net defined benefit plan expense recognized in net income
$
136
$
73
$
29
$
28
\n
(1)
The 2024 and 2023 current service costs were calculated using separate discount rates of 5.61% and 5.44%, respectively, to reflect the longer duration of future benefits
\n
payments associated with the additional year of service to be earned by the plan\u2019s active participants.
\n
Amounts recognized in the consolidated statement of comprehensive income
\n
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
\n
follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, for the year ended October 31
2024
(1)
2023
2024
2023
Actuarial gains (losses) on defined benefit obligation arising from changes in:
Demographic assumptions
$
(1)
$
(1)
$
34
$
\u2013
Financial assumptions
(768)
200
(36)
11
Experience
38
(36)
2
3
Net actuarial gains (losses) on plan assets
1,079
(493)
\u2013
\u2013
Changes in asset ceiling excluding interest income
(30)
1
\u2013
\u2013
Net remeasurement gains (losses) recognized in OCI
$
318
$
(329)
$
\u2013
$
14
\n
(1)
Includes the transfer of the accumulated actuarial losses of $5 million to retained earnings upon the settlement of a pension plan for one of our subsidiaries.
\n
Canadian defined benefit plans
\n
As the Canadian defined benefit pension and other post-employment benefit plans represent approximately 92% of our consolidated defined benefit
\n
obligation, they are the subject and focus of the disclosures in the balance of this note.
\n
Disaggregation and maturity profile of defined benefit obligation
\n
The breakdown of the defined benefit obligation for our Canadian plans between active, deferred and retired members is as follows:
\n\n \n
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2023
2024
2023
Active members
$
3,558
$
3,043
$
74
$
75
Deferred members
490
415
\u2013
\u2013
Retired members
3,243
2,915
315
317
Total
$
7,291
$
6,373
$
389
$
392
\n
The weighted-average duration of the defined benefit obligation for our Canadian plans is as follows:
\n\n \n
Pension plans
Other post-employment plans
As at October 31
2024
2023
2024
2023
Weighted-average duration, in years
12.9
12.4
10.3
10.2
Plan assets
The major categories of our defined benefit pension plan assets for our Canadian plans are as follows:
\n \n
$ millions, as at October 31
2024
2023
Asset category
(1)
Canadian equity securities
(2)
$
472
6%
$
430
6%
Debt securities
(3)
Government bonds
5,419
64
3,872
53
Corporate bonds
403
5
519
7
5,822
69
4,391
60
Investment funds
(4)
Canadian equity funds
35
\u2013
27
\u2013
U.S. equity funds
694
8
454
6
International equity funds
(5)
37
\u2013
30
1
Global equity funds
(5)
1,150
15
1,081
15
Fixed income funds
103
1
92
1
2,019
24
1,684
23
Other
(2)
Alternative investments
(6)
2,399
28
2,463
34
Cash and cash equivalents and other
339
4
226
3
Obligations related to securities sold under repurchase agreements and securities sold short
(2,610)
(31)
(1,902)
(26)
128
1
787
11
$
8,441
100 %
$
7,292
100 %
(1)
Asset categories are based upon risk classification including synthetic exposure through derivatives. The fair value of derivatives as at October 31, 2024 was a net
derivative liability of $30 million (2023: net derivative liability of $49 million).
(2)
Pension benefit plan assets include CIBC issued securities and deposits of nil (2023: nil), representing nil of Canadian plan assets (2023: nil). All of the equity securities
held as at October 31, 2024 and 2023 have daily quoted prices in active markets except hedge funds, infrastructure, and private equity.
(3)
All debt securities held as at October 31, 2024 and 2023 are investment grade, of which $285 million (2023: $142 million) have daily quoted prices in active markets.
(4)
$33 million (2023: $26 million) of the investment funds are directly held as at October 31, 2024 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)
Comprised of private equity, infrastructure, private debt and real estate funds.
Principal actuarial assumptions
The weighted-average principal assumptions used to determine the defined benefit obligation for our Canadian plans are as follows:
\n \n
Pension plans
Other post-employment plans
As at October 31
2024
2023
2024
2023
Discount rate
4.8 %
5.7 %
4.8 %
5.7 %
Rate of compensation increase
(1)
2.5 %
2.5 %
n/a
n/a
(1)
Rates of compensation increase for 2024 and 2023 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 2.5% per annum (2023: 2.5%).
n/a Not applicable
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):
\n \n
As at October 31
2024
2023
Longevity at age 65 for current retired members
Males
23.6
23.5
Females
24.7
24.6
Longevity at age 65 for current members aged 45
Males
24.5
24.5
Females
25.6
25.5
The assumed health-care cost trend rates of the Canadian other post-employment plan providing medical, dental, and life insurance benefits are as
follows:
\n \n
For the year ended October 31
2024
2023
Health-care cost trend rates assumed for next year
4.9 %
4.8 %
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:
\n \n
Estimated increase (decrease) in defined benefit obligation
Pension plans
Other post-employment plans
$ millions, as at October 31
2024
2024
Discount rate (100 basis point change)
Decrease in assumption
$
1,028
$
45
Increase in assumption
(861)
(37)
Rate of compensation increase (100 basis point change)
Decrease in assumption
(195)
\u2013
Increase in assumption
204
\u2013
Health-care cost trend rates (100 basis point change)
Decrease in assumption
n/a
(12)
Increase in assumption
n/a
14
Future mortality
1 year shorter life expectancy
(164)
(7)
1 year longer life expectancy
156
8
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, 2023. The next actuarial
valuation of this plan for funding purposes will be effective as of October 31, 2024.
The employer contributions for 2025 are anticipated to be $165 million for the CIBC Pension Plan and the benefit payments are anticipated to
be $26 million for the Canadian other post-employment plans. These estimates are subject to change since contributions are affected by various
factors, such as market performance, regulatory requirements, and management\u2019s 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:
\n \n
$ millions, for the year ended October 31
2025
2026
2027
2028
2029
2030\u20132034
Total
Defined benefit pension plans
$
365
$
368
$
382
$
396
$
409
$
2,251
$
4,171
Other post-employment plans
26
26
27
27
28
141
275
$
391
$
394
$
409
$
423
$
437
$
2,392
$
4,446
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:
\n \n
$ millions, for the year ended October 31
2024
2023
Defined contribution pension plans
$
72
$
60
Government pension plans
(1)
197
194
$
269
$
254
(1)
Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00454": { "value": "Note 18
Income taxes
Total income taxes
\n \n
$ millions, for the year ended October 31
2024
2023
(1)
Consolidated statement of income
Provision for (reversal of) current income taxes
Adjustments for prior years
$
(38)
$
607
(2)
Current income tax expense
2,294
1,411
2,256
2,018
Provision for (reversal of) deferred income taxes
Adjustments for prior years
37
(11)
Effect of changes in tax rates and laws
4
(9)
Origination and reversal of temporary differences
(285)
(64)
(244)
(84)
2,012
1,934
OCI
578
(219)
Total comprehensive income
$
2,590
$
1,715
(1)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(2)
The first quarter of 2023 included an income tax charge to recognize the Canada Recovery Dividend (CRD) tax and the retroactive impact of the 1.5% tax rate increase.
Components of income tax
\n \n
$ millions, for the year ended October 31
2024
2023
(1)
Current income taxes
Federal
$
1,242
$
748
Provincial
795
481
Foreign
671
634
2,708
1,863
Deferred income taxes
Federal
(116)
(35)
Provincial
(82)
(23)
Foreign
80
(90)
(118)
(148)
$
2,590
$
1,715
(1)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
We are 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\u2019 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
\n \n
$ millions, for the year ended October 31
2024
2023
(1)
Combined Canadian federal and provincial income tax rate applied to income before
income taxes
$
2,548
27.8 %
$
1,938
27.8 %
Income taxes adjusted for the effect of:
Foreign operations subject to different tax rates
(485)
(5.4)
(332)
(4.8)
Tax-exempt income
(12)
(0.1)
(184)
(2.7)
Canada Recovery Dividend (CRD) tax
\u2013
\u2013
525
7.5
Other
(39)
(0.4)
(13)
(0.1)
Income taxes in the consolidated statement of income
$
2,012
21.9 %
$
1,934
27.7 %
(1)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
Deferred income taxes
Sources of and movement in deferred tax assets and liabilities
Deferred tax assets
\n \n
Net asset
Recognized in
Recognized in
Net asset
$ millions, for the year ended October 31, 2024
Nov. 1, 2023
net income
OCI
Other
(1)
Oct. 31, 2024
Allowance for credit losses
$
401
$
38
$
\u2013
$
1
$
440
Deferred compensation
427
255
\u2013
46
728
Financial instruments revaluation
91
(19)
(59)
(5)
8
Deferred income
235
13
\u2013
\u2013
248
Other
158
31
2
6
197
$
1,312
$
318
$
(57)
$
48
$
1,621
Deferred tax liabilities
Intangible assets
$
(392)
$
(10)
$
\u2013
$
\u2013
$
(402)
Property and equipment
(67)
(22)
\u2013
(1)
(90)
Pension and employee benefits
(132)
(19)
(68)
1
(218)
Goodwill
(91)
(1)
\u2013
(1)
(93)
Financial instruments revaluation
(13)
\u2013
\u2013
1
(12)
Other
(10)
(22)
1
(3)
(34)
$
(705)
$
(74)
$
(67)
$
(3)
$
(849)
Total net deferred tax assets
$
607
$
244
$
(124)
$
45
$
772
(1)
Includes foreign currency translation adjustments.
Deferred tax assets
\n \n
Net asset
Recognized in
Recognized in
Net asset
$ millions, for the year ended October 31, 2023
Nov. 1, 2022
net income
OCI
Other
(1)
Oct. 31, 2023
(2)
Allowance for credit losses
$
256
$
142
$
\u2013
$
3
$
401
Deferred compensation
445
(20)
\u2013
2
427
Financial instruments revaluation
125
(7)
(27)
\u2013
91
Deferred income
236
(2)
\u2013
1
235
Other
162
\u2013
\u2013
(4)
158
$
1,224
$
113
$
(27)
$
2
$
1,312
Deferred tax liabilities
Intangible assets
$
(341)
$
(50)
$
\u2013
$
(1)
$
(392)
Property and equipment
(69)
1
\u2013
1
(67)
Pension and employee benefits
(241)
33
75
1
(132)
Goodwill
(89)
(2)
\u2013
\u2013
(91)
Financial instruments revaluation
(13)
\u2013
\u2013
\u2013
(13)
Other
(16)
(11)
16
1
(10)
$
(769)
$
(29)
$
91
$
2
$
(705)
Total net deferred tax assets
$
455
$
84
$
64
$
4
$
607
(1)
Includes foreign currency translation adjustments.
(2)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
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 $772 million (2023: $607 million) are presented in the consolidated balance sheet as deferred tax assets of $821 million (2023: $647 million) and
deferred tax liabilities of $49 million (2023: $40 million).
The deferred tax effect of tax loss carryforwards related to operating losses is $12 million (2023: $4 million), of which $3 million relate to the U.S.,
$4 million relate to Canada, and $5 million relate to the Caribbean that expire in various years commencing in 2025.
The amount of unused operating tax losses for which deferred tax assets have not been recognized was $735 million as at October 31, 2024 (2023:
$1,515 million), of which $3 million (2023: $756 million) relates to the U.S. region and $732 million (2023: $759 million) relates to the Caribbean
region, which will generally expire within 7 years.
The amount of unused capital tax losses for which deferred tax assets have not been recognized was $482 million as at October 31, 2024
(2023: $482 million). These unused capital tax losses relate to Canada.
Tax Examinations and Disputes
The CRA has reassessed CIBC\u2019s 2011\u20132019 taxation years for approximately $1,847 million of income taxes related to the denial of deductions of
certain dividends. Subsequent taxation years may also be similarly reassessed. CIBC filed a Notice of Appeal in 2021 and the matter is in litigation.
CIBC is confident that its tax filings are appropriate and will defend its position vigorously. Accordingly, no amounts have been accrued in the
consolidated financial statements.
CIBC has potential aggregate exposure remaining in respect of foreign exchange capital loss matters of approximately $76 million. No
amounts have been accrued in the consolidated financial statements.
In prior years, the CRA issued reassessments disallowing the deduction of Enron settlement payments and related legal expenses (the Enron
expenses). The CRA later entered into a settlement agreement with CIBC in respect to the portion of the Enron expenses deductible in Canada.
CIBC has also been in discussions with the Internal Revenue Service (IRS) as to the remaining portion that is deductible in the U.S. In the fourth
quarter of 2024, CIBC accepted a proposal from the IRS as to the deductible portion of these expenses in the U.S. No adjustments to U.S. federal
income taxes are required as a result.
Canadian Federal Tax Measures
In the third quarter of 2024, Bill C-59 was enacted, which included certain tax measures from the 2023 fall economic statement and 2023 federal
budget. Bill C-59 included the denial of the dividends received deduction in respect of Canadian shares held by Canadian banks as mark-to-market
property, as well as a 2% tax on certain share buybacks, each with an application date of January 1, 2024. Additional proposals in respect of the
buyback tax were released on August 12, 2024. The impact of the denial of the dividends received deduction has been recognized in income tax
expense for the year.
Bill C-69, which included certain tax measures from the 2024 federal budget and the 2023 fall economic statement, as well as other tax
measures, including the
Global Minimum Tax Act
(GMTA), was enacted on June 20, 2024. The GMTA implements the Organisation for Economic
Co-operation and Development\u2019s (OECD) Pillar Two 15% global minimum tax regime in Canada. Additional proposals in respect of the GMTA were
released on August 12, 2024. The Pillar Two rules are in different stages of adoption globally by more than 135 OECD member countries. Canada
and certain other countries have enacted Pillar Two legislation that will apply to CIBC beginning in fiscal year 2025. A number of other countries in
which CIBC operates are in different stages of adopting the Pillar Two regime.
At this time, we estimate Pillar Two to increase the consolidated effective tax rate approximately within a 1% range for fiscal year 2025. This
estimate is impacted by the different stages of adoption of Pillar Two across our global operations, the complexity in the application of Pillar Two,
and the variables impacting the projections which form the basis of the estimate.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00455": { "value": "Deferred income taxes
Sources of and movement in deferred tax assets and liabilities
Deferred tax assets
\n \n
Net asset
Recognized in
Recognized in
Net asset
$ millions, for the year ended October 31, 2024
Nov. 1, 2023
net income
OCI
Other
(1)
Oct. 31, 2024
Allowance for credit losses
$
401
$
38
$
\u2013
$
1
$
440
Deferred compensation
427
255
\u2013
46
728
Financial instruments revaluation
91
(19)
(59)
(5)
8
Deferred income
235
13
\u2013
\u2013
248
Other
158
31
2
6
197
$
1,312
$
318
$
(57)
$
48
$
1,621
Deferred tax liabilities
Intangible assets
$
(392)
$
(10)
$
\u2013
$
\u2013
$
(402)
Property and equipment
(67)
(22)
\u2013
(1)
(90)
Pension and employee benefits
(132)
(19)
(68)
1
(218)
Goodwill
(91)
(1)
\u2013
(1)
(93)
Financial instruments revaluation
(13)
\u2013
\u2013
1
(12)
Other
(10)
(22)
1
(3)
(34)
$
(705)
$
(74)
$
(67)
$
(3)
$
(849)
Total net deferred tax assets
$
607
$
244
$
(124)
$
45
$
772
(1)
Includes foreign currency translation adjustments.
Deferred tax assets
\n \n
Net asset
Recognized in
Recognized in
Net asset
$ millions, for the year ended October 31, 2023
Nov. 1, 2022
net income
OCI
Other
(1)
Oct. 31, 2023
(2)
Allowance for credit losses
$
256
$
142
$
\u2013
$
3
$
401
Deferred compensation
445
(20)
\u2013
2
427
Financial instruments revaluation
125
(7)
(27)
\u2013
91
Deferred income
236
(2)
\u2013
1
235
Other
162
\u2013
\u2013
(4)
158
$
1,224
$
113
$
(27)
$
2
$
1,312
Deferred tax liabilities
Intangible assets
$
(341)
$
(50)
$
\u2013
$
(1)
$
(392)
Property and equipment
(69)
1
\u2013
1
(67)
Pension and employee benefits
(241)
33
75
1
(132)
Goodwill
(89)
(2)
\u2013
\u2013
(91)
Financial instruments revaluation
(13)
\u2013
\u2013
\u2013
(13)
Other
(16)
(11)
16
1
(10)
$
(769)
$
(29)
$
91
$
2
$
(705)
Total net deferred tax assets
$
455
$
84
$
64
$
4
$
607
(1)
Includes foreign currency translation adjustments.
(2)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
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 $772 million (2023: $607 million) are presented in the consolidated balance sheet as deferred tax assets of $821 million (2023: $647 million) and
deferred tax liabilities of $49 million (2023: $40 million).
The deferred tax effect of tax loss carryforwards related to operating losses is $12 million (2023: $4 million), of which $3 million relate to the U.S.,
$4 million relate to Canada, and $5 million relate to the Caribbean that expire in various years commencing in 2025.
The amount of unused operating tax losses for which deferred tax assets have not been recognized was $735 million as at October 31, 2024 (2023:
$1,515 million), of which $3 million (2023: $756 million) relates to the U.S. region and $732 million (2023: $759 million) relates to the Caribbean
region, which will generally expire within 7 years.
The amount of unused capital tax losses for which deferred tax assets have not been recognized was $482 million as at October 31, 2024
(2023: $482 million). These unused capital tax losses relate to Canada.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00456": { "value": "Note 19
Earnings per share
\n \n
$ millions, except per share amounts, for the year ended October 31
2024
2023
(1)
Basic EPS
Net income attributable to equity shareholders
$
7,115
$
5,001
Less: Preferred share dividends and distributions on other equity instruments
263
267
Net income attributable to common shareholders
6,852
4,734
Weighted-average common shares outstanding (thousands)
939,352
915,631
Basic EPS
$
7.29
$
5.17
Diluted EPS
Net income attributable to common shareholders
$
6,852
$
4,734
Weighted-average common shares outstanding (thousands)
939,352
915,631
Add: Stock options potentially exercisable
(2)
(thousands)
2,360
431
Add: Equity-settled consideration (thousands)
\u2013
161
Weighted-average diluted common shares outstanding (thousands)
941,712
916,223
Diluted EPS
$
7.28
$
5.17
(1)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(2)
Excludes average options outstanding of 2,551,540 (2023: 6,558,969) with a weighted-average exercise price of $70.05 (2023: $63.39) for the year ended
October 31, 2024, as the options\u2019 exercise prices were greater than the average market price of CIBC\u2019s common shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00457": { "value": "Note 20
Commitments, guarantees and pledged assets
Commitments
Credit-related arrangements
Credit-related arrangements are generally off-balance sheet instruments and are typically entered into to meet the financing needs of clients. In
addition, there are certain exposures for which we could be obligated to extend credit that are not recorded on the consolidated balance sheet. Our
policy of requiring collateral or other security to support credit-related arrangements and the types of security held is generally the same as for
loans. The contract amounts presented below for credit-related arrangements represent the maximum amount of additional credit that we could be
obligated to extend. The contract amounts also represent the additional credit risk amounts should the contracts be fully drawn, the counterparties
default and any collateral held proves to be of no value. As many of these arrangements will expire or terminate without being drawn upon, the
contract amounts are not necessarily indicative of future cash requirements or actual risk of loss.
\n \n
$ millions, as at October 31
2024
2023
(1)
Contract amounts
Unutilized credit commitments
(2)
$
383,882
$
358,916
Backstop liquidity facilities
23,734
19,314
Standby and performance letters of credit
22,181
20,204
Documentary and commercial letters of credit
183
203
Other commitments to extend credit
10,431
1,704
$
440,411
$
400,341
(1)
Certain information has been revised to conform to the current year presentation.
(2)
Includes $189.6 billion (2023: $179.2 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 $77.6 billion (2023:
$79.5 billion), of which $7.6 billion (2023: $6.6 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 $70.0 billion (2023: $68.4 billion).
For further information on the joint ventures, see Note 24.
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, Sound Trust,
Stable Trust and Bay Square Funding LLC, require us to repay any maturing ABCP and/or fund any asset purchases that are not funded through
issuance of commercial paper.
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 $528 million (2023: $581 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, 2024, the related underwriting commitments were $464 million (2023:
$12 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 12.
Other indemnification agreements
In the ordinary course of business, 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, 2024 and 2023 are not significant.
Pledged assets
In the normal course of business, on- and off-balance sheet assets are pledged as collateral for various activities. The following table summarizes
asset pledging amounts and the activities to which they relate:
\n \n
$ millions, as at October 31
2024
2023
Assets pledged in relation to:
Securities lending
$
63,072
$
54,870
Obligations related to securities sold under repurchase agreements
109,151
89,971
Obligations related to securities sold short
21,642
18,666
Securitizations
20,105
18,504
Covered bonds
39,257
33,628
Derivatives
24,200
22,245
Foreign governments and central banks
(1)
560
862
Clearing systems, payment systems, and depositories
(2)
1,605
999
Other
11
13
$
279,603
$
239,758
(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.
Note 21
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 in the range is accrued. In some instances, however, it is not possible either to determine whether an obligation is probable or
to reliably estimate the amount of loss, in which case no accrual can be made.
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\u2019s litigation accruals and make the necessary adjustments to incorporate new information as it
becomes available. Tax examinations and disputes are excluded. Income tax matters are addressed in Note 18.
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 of a range of reasonably possible losses, or the potential loss
pertains to a matter in which an unfavourable outcome is reasonably possible but not probable.
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 $0.7 billion as at October 31, 2024. 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\u2019s best estimate of such losses for those cases for which an estimate can be made. CIBC\u2019s 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. The matters underlying the estimated range
as at October 31, 2024 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\u2019s significant legal proceedings, which we intend to vigorously defend.
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
) and in the Quebec Superior
Court (
Gaudet
). Each made identical claims for unpaid overtime for full-time, part-time, and retail frontline non-management employees. The Ontario
action sought $500 million in damages plus $100 million in punitive damages for all employees in Canada, while the Quebec action was limited to
employees in Quebec and was stayed pending the outcome of the Ontario action. In June 2009, in the Ontario action, the motion judge denied
certification of the matter as a class action. In September 2010, the Ontario Divisional Court upheld the motion judge\u2019s denial of the plaintiff\u2019s
certification motion and the award of costs to CIBC by a two-to-one majority. In January 2011, the Ontario Court of Appeal granted the plaintiff leave
to appeal the decision denying certification. In June 2012, the Ontario Court of Appeal overturned the lower court and granted certification of the
matter as a class action. The Supreme Court of Canada released its decision in March 2013 denying CIBC leave to appeal certification of the matter
as a class action, and denying the plaintiff\u2019s cross appeal on aggregate damages. The motions for summary judgment on liability were heard in
December 2019. In March 2020, the court found CIBC liable for unpaid overtime. CIBC appealed the liability decision. A decision on remedies was
released in August 2020 and the court certified aggregate damages as a common issue and directed that the availability and quantum, if any, of
aggregate damages be determined at a later date. The plaintiffs\u2019 claim for punitive damages was dismissed. In October 2020, the court released its
decision on limitation periods finding that limitation periods could not be determined on a class-wide basis. CIBC appealed the decisions on
remedies and limitation periods. The appeal was heard in September 2021. In February 2022, CIBC\u2019s appeal was dismissed. In October 2022, a
settlement agreement was reached, subject to court approval. In March 2023 and May 2023, the settlement was approved in Ontario and Quebec,
respectively. The matter closed in 2023, upon payment of $153 million to the plaintiffs, pursuant to the settlement.
Cerberus Capital Management L.P. v. CIBC
In November 2015, Securitized Asset Funding 2011-2, LTD., a special purpose investment vehicle affiliated with Cerberus Capital Management L.P.
(collectively, Cerberus), commenced a New York State Court action against CIBC seeking unspecified damages of \u201cat least hundreds of millions of
dollars\u201d. The action related to two transactions in 2008 and 2011 in which CIBC issued a limited recourse note and certificate to Cerberus which
significantly reduced CIBC\u2019s exposure to the U.S. residential real estate market. The complaint alleged that CIBC breached its contracts with
Cerberus by failing to appropriately calculate and pay with respect to two of the payment streams due under the 2008 note and 2011 certificate. In
September 2021, CIBC filed a motion for summary judgment, which was heard in December 2021, and denied. The non-jury trial proceeded in
March 2022. The court reserved its decision. The trial decision was released on December 1, 2022 finding CIBC liable. A damages hearing
proceeded on December 19, 2022. In January 2023, the court set damages in the amount of US$491 million plus pre-judgment interest. On
February 6, 2023, the court entered the final judgment in the amount of US$856 million including pre-judgment interest as of February 6, 2023.
Post-judgment interest would have accrued on the amount of the final judgment. In February 2023, the parties settled this matter. Pursuant to the
settlement, the matter closed upon a payment by CIBC of US$770 million ($1,055 million pre-tax or $762 million after-tax) to Cerberus in full
satisfaction of the judgment.
Order Execution Only class actions:
\n
Pozgaj v. CIBC and CIBC Trust
\n
Frayce v. BMO Investorline Inc., et al.
\n
Michaud v. BBS Securities Inc., et al.
\n
Ciardullo v. 1832 Asset Management L.P., et al.
\n
Ciardullo and Aggarwal v. 1832 Asset Management L.P., et al.
\n
Woodard v. CIBC and CIBC Trust
\n
In September 2018, a proposed class action (
Pozgaj
) was filed in the Ontario Superior Court against CIBC and CIBC Trust. It alleges that the
\n
defendants should not have paid mutual fund trailing commissions to order execution only dealers. The action is brought on behalf of all persons
\n
who held units of CIBC mutual funds through order execution only dealers and seeks $200 million in damages.
Pozgaj
was certified as a class
\n
action in January 2024.
\n
In 2020, two proposed class actions were filed in the Ontario Superior Court (
Frayce
) and the Supreme Court of British Columbia (
Michaud
)
\n
against CIBC Investor Services Inc. and several other dealers. The proposed actions allege that the defendants should not have received and
\n
accepted trailing commissions for service and advice on mutual funds purchased through their respective order execution only dealers. The
\n
proposed actions are brought on behalf of all persons who purchased units of mutual funds through an order execution only dealer owned by one or
\n
more of the defendants and seeks unspecified compensatory and punitive damages. The
Michaud
action has been stayed. The motion for
\n
certification in
Frayce
was heard in September 2022, and in January 2023, the court released its decision dismissing the motion for certification. The
\n
plaintiffs appealed the certification decision in
Frayce
, and in January 2024, the Ontario Divisional Court dismissed the plaintiff\u2019s appeal of the
\n
decision denying certification in
Frayce
. In February 2024, the plaintiff filed leave to appeal the decision in
Frayce
. In September 2024, the Court of
\n
Appeal denied the plaintiff\u2019s motion for leave to appeal in
Frayce
. The plaintiff did not seek leave to appeal to the Supreme Court of Canada and this
\n
matter was closed.
\n
In July and August 2022, two proposed class actions (
Ciardullo
and
Ciardullo and Aggarwal
) were filed in the Ontario Superior Court against
\n
CIBC, CIBC Trust and several other financial institutions. Like the
Pozgaj
action, these actions allege that the defendants should not have paid
\n
mutual fund trailing commissions to order execution only dealers. However, the actions are brought on behalf of all persons who held units of CIBC
\n
mutual funds through dealers other than order execution only dealers. They seek unspecified damages. In November 2022, a further proposed
\n
class action (
Woodard
) was filed in the Ontario Superior Court with a new proposed representative plaintiff.
Woodard
raises identical allegations to
\n
Ciardullo
and
Ciardullo and Aggarwal
, on behalf of an identical class, but only names CIBC and CIBC Trust as defendants. In August 2023, the
\n
Ciardullo
,
Ciardullo
and
Aggarwal
, and
Woodard
actions were temporarily stayed pending a decision on liability in the
Pozgaj
action. The
Ciardullo
\n
and
Ciardullo
and
Aggarwal
actions have been discontinued. The temporary stay of the
Woodard
action has been lifted. In
Woodard
, the motion to
\n
dismiss which was scheduled for October 2024 has been adjourned.
\n
York County on Behalf of the County of York Retirement Fund v. Rambo, et al.
\n
In February 2019, a class action complaint was filed in the Northern District of California against the directors, certain officers and the underwriters
\n
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
\n
issuance amount for the series of offerings being approximately US$4 billion. CIBC World Markets Corp. was part of the underwriting syndicate for
\n
an offering, whereby CIBC World Markets Corp. underwrote 6% of a US$650 million December 2016 issuance of senior notes. The offering involved
\n
the issuance of two tranches of notes: US$400 million of 30-year senior notes maturing in December 2046 and US$250 million of one-year floating
\n
rate notes that matured and were repaid in November 2017. The complaint alleges that the disclosure documentation associated with the note
\n
offerings contained misrepresentations and/or omissions of material facts, including with respect to PG&E\u2019s failure to comply with various safety
\n
regulations, vegetation management programs and requirements, as well as understating the extent to which its equipment has allegedly caused
\n
multiple fires in California, including before the wildfires that occurred in California in 2017 and 2018. In October 2019, the defendants filed a motion
\n
to dismiss.
\n
Pope v. CIBC, CIBC Trust, and CIBC Asset Management Inc.
\n
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
\n
the defendants misrepresented their investment strategy and charged unitholders excess fees in relation to certain CIBC mutual funds and certain
\n
CIBC portfolio funds. The action is brought on behalf of all persons who hold or held units of these funds from January 2005 to present and seeks
\n
unspecified compensatory and punitive damages. In December 2020, CIBC Asset Management Inc. was added as a defendant. The motion for
\n
class certification was heard in August 2021. In October 2022, the court ruled that the plaintiff was required to provide additional information before
\n
a final determination on certification could be made. In January 2023, the plaintiffs delivered a draft amended Statement of Claim. The motion to rule
\n
on the plaintiffs\u2019 proposed amendments to the Statement of Claim, which was scheduled for July 2023, has been adjourned.
\n
Salko v. CIBC Investor Services Inc., et al.
\n
In March 2021, a proposed class action was commenced in Quebec against CIBC Investor Services Inc. and several other financial institutions. The
\n
plaintiff subsequently added CIBC World Markets Inc. and additional financial institutions as defendants. The action seeks the reimbursement of
\n
currency conversion fees alleged to have been unlawfully charged to class members and concealed by the defendants, as well as exemplary and
\n
punitive damages. The plaintiffs seek reimbursement of fees charged to clients since March 15, 2018, as well as punitive damages in the amount of
\n
5% of the total sum of fees charged to class members, plus interest. The certification motion was heard in April 2022. In September 2022, the action
\n
was certified against CIBC Investor Services Inc. and several other order execution only dealers, and not certified against the full service
\n
brokerages, including CIBC World Markets Inc. The plaintiffs are appealing the certification decision. The plaintiffs\u2019 appeal of the certification
\n
decision was heard in December 2023. The court reserved its decision.
The Registered Retirement Savings Plan (RRSP) of J.T.G v. His Majesty The King
CIBC Trust Corporation is the trustee of a self-directed RRSP that has been the subject of proceedings in the Tax Court of Canada. The proceedings
arise from appeals of tax assessments made by the Minister of National Revenue against the RRSP for the 2004 to 2009 taxation years under Parts I
and XI.1 of the
Income Tax Act
(Canada). At the time they were made in March 2013, the Part I assessment amounted to approximately $139 million
and the Part XI.1 reassessment totalled approximately $144 million, in each case including all taxes, penalties and interest. In April 2021, the Tax
Court of Canada released a decision allowing the appeal in part of the assessment under Part I and dismissing the appeal of the reassessment
under Part XI.1. The RRSP by its trustee CIBC Trust has appealed this decision to the Federal Court of Appeal. To the extent there is a shortfall in the
RRSP\u2019s ability to satisfy any of the Part XI.1 reassessment that may be upheld by the courts, CIBC Trust may be liable to pay a portion of that
reassessment. The appeal was heard in May 2023. The court reserved its decision.
Non-sufficient funds fees class actions:
Vaillancourt-Thivierge v. Bank of Montreal, et al.
Campbell v. CIBC
In September 2016, a proposed class action (
Vaillancourt-Thivierge
)
was commenced in Quebec against CIBC and several other financial
institutions with respect to charging non-sufficient funds fees (NSF Fees) for client payment orders refused due to insufficient funds. The action
alleges that NSF Fees violate the Quebec
Consumer Protection Act
and the Quebec Civil Code. The action is brought on behalf of residents of
Quebec who paid NSF fees from September 12, 2013 to present. The action seeks the return of NSF fees charged as well as punitive damages of
$300 per class member. The court certified the matter as a class action in 2019.
In September 2022, a proposed class action (
Campbell
) was commenced in Ontario against CIBC on behalf of personal deposit
accountholders who have been charged duplicative non-sufficient fund fees (representment NSF Fees) on their account for a single rejected
payment order or cheque. The action alleges that this practice violates our account agreement with clients, the Ontario
Consumer Protection Act
and other consumer protection statutes. The action is brought on behalf of residents of Canada who paid representment NSF Fees from
January 1, 2012 to present. The action seeks the return of the representment NSF Fees charged, as well as punitive damages. The matter was
certified as a class action in June 2024.
Quantum Biopharma LTD.
In October 2024, CIBC World Markets Inc. and RBC Dominion Securities Inc., were named in a complaint filed in the U.S. District Court located in
the Southern District of New York. The complaint, brought by Quantum Biopharma LTD alleges that the defendants or their customers used
\u201cspoofing,\u201d an unlawful trading practice, to manipulate the market price of its shares between January 1, 2020, and August 15, 2024. The complaint
further alleges that the defendants failed to fulfill their gatekeeping responsibilities by not designing, monitoring, and/or enforcing a system of risk
management and supervisory controls, policies, and procedures that ensured their customers and traders did not manipulate the market, and
complied with all applicable rules, regulations and laws. The plaintiff claims US$700 million in damages against the defendants.
Harrington Global Opportunity Fund v. CIBC World Markets Inc.
In 2021, Harrington Global Opportunity Fund Ltd., a Bermuda based hedge fund brought suit against CIBC World Markets Inc. and certain other
defendants in the United States District Court for the Southern District of New York. In November 2022, the plaintiff filed an amended complaint to
add allegations seeking to hold defendants liable for trading by its customers. As against CIBC, the plaintiff claims that a CIBC customer allegedly
spoofed the market by entering non-bona fide baiting (sell) orders through CIBC\u2019s direct market access platform in Canada, with intent to artificially
depress the stock price of this inter-listed stock, and seeks to hold CIBC primarily responsible. The claim seeks unspecified damages.
Legal provisions
The following table presents changes in our legal provisions:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
140
$
275
Additional new provisions recognized
41
1,098
Less:
Amounts incurred and charged against existing provisions
(70)
(1,198)
Unused amounts reversed and other adjustments
(1)
(3)
(35)
Balance at end of year
$
108
$
140
(1)
Includes foreign currency translation adjustments.
Restructuring
The following table presents changes in the restructuring provision:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
10
$
35
Additional new provisions recognized
21
6
Less:
Amounts incurred and charged against existing provisions
(20)
(27)
Unused amounts reversed
(3)
(4)
Balance at end of year
$
8
$
10
The amount of $8 million as at October 31, 2024 primarily represents obligations related to ongoing payments as a result of the restructurings.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00458": { "value": "Note 20
Commitments, guarantees and pledged assets
Commitments
Credit-related arrangements
Credit-related arrangements are generally off-balance sheet instruments and are typically entered into to meet the financing needs of clients. In
addition, there are certain exposures for which we could be obligated to extend credit that are not recorded on the consolidated balance sheet. Our
policy of requiring collateral or other security to support credit-related arrangements and the types of security held is generally the same as for
loans. The contract amounts presented below for credit-related arrangements represent the maximum amount of additional credit that we could be
obligated to extend. The contract amounts also represent the additional credit risk amounts should the contracts be fully drawn, the counterparties
default and any collateral held proves to be of no value. As many of these arrangements will expire or terminate without being drawn upon, the
contract amounts are not necessarily indicative of future cash requirements or actual risk of loss.
\n \n
$ millions, as at October 31
2024
2023
(1)
Contract amounts
Unutilized credit commitments
(2)
$
383,882
$
358,916
Backstop liquidity facilities
23,734
19,314
Standby and performance letters of credit
22,181
20,204
Documentary and commercial letters of credit
183
203
Other commitments to extend credit
10,431
1,704
$
440,411
$
400,341
(1)
Certain information has been revised to conform to the current year presentation.
(2)
Includes $189.6 billion (2023: $179.2 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 $77.6 billion (2023:
$79.5 billion), of which $7.6 billion (2023: $6.6 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 $70.0 billion (2023: $68.4 billion).
For further information on the joint ventures, see Note 24.
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, Sound Trust,
Stable Trust and Bay Square Funding LLC, require us to repay any maturing ABCP and/or fund any asset purchases that are not funded through
issuance of commercial paper.
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 $528 million (2023: $581 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, 2024, the related underwriting commitments were $464 million (2023:
$12 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00459": { "value": "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 12.
Other indemnification agreements
In the ordinary course of business, 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, 2024 and 2023 are not significant.
Pledged assets
In the normal course of business, on- and off-balance sheet assets are pledged as collateral for various activities. The following table summarizes
asset pledging amounts and the activities to which they relate:
\n \n
$ millions, as at October 31
2024
2023
Assets pledged in relation to:
Securities lending
$
63,072
$
54,870
Obligations related to securities sold under repurchase agreements
109,151
89,971
Obligations related to securities sold short
21,642
18,666
Securitizations
20,105
18,504
Covered bonds
39,257
33,628
Derivatives
24,200
22,245
Foreign governments and central banks
(1)
560
862
Clearing systems, payment systems, and depositories
(2)
1,605
999
Other
11
13
$
279,603
$
239,758
(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.
Note 21
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 in the range is accrued. In some instances, however, it is not possible either to determine whether an obligation is probable or
to reliably estimate the amount of loss, in which case no accrual can be made.
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\u2019s litigation accruals and make the necessary adjustments to incorporate new information as it
becomes available. Tax examinations and disputes are excluded. Income tax matters are addressed in Note 18.
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 of a range of reasonably possible losses, or the potential loss
pertains to a matter in which an unfavourable outcome is reasonably possible but not probable.
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 $0.7 billion as at October 31, 2024. 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\u2019s best estimate of such losses for those cases for which an estimate can be made. CIBC\u2019s 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. The matters underlying the estimated range
as at October 31, 2024 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\u2019s significant legal proceedings, which we intend to vigorously defend.
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
) and in the Quebec Superior
Court (
Gaudet
). Each made identical claims for unpaid overtime for full-time, part-time, and retail frontline non-management employees. The Ontario
action sought $500 million in damages plus $100 million in punitive damages for all employees in Canada, while the Quebec action was limited to
employees in Quebec and was stayed pending the outcome of the Ontario action. In June 2009, in the Ontario action, the motion judge denied
certification of the matter as a class action. In September 2010, the Ontario Divisional Court upheld the motion judge\u2019s denial of the plaintiff\u2019s
certification motion and the award of costs to CIBC by a two-to-one majority. In January 2011, the Ontario Court of Appeal granted the plaintiff leave
to appeal the decision denying certification. In June 2012, the Ontario Court of Appeal overturned the lower court and granted certification of the
matter as a class action. The Supreme Court of Canada released its decision in March 2013 denying CIBC leave to appeal certification of the matter
as a class action, and denying the plaintiff\u2019s cross appeal on aggregate damages. The motions for summary judgment on liability were heard in
December 2019. In March 2020, the court found CIBC liable for unpaid overtime. CIBC appealed the liability decision. A decision on remedies was
released in August 2020 and the court certified aggregate damages as a common issue and directed that the availability and quantum, if any, of
aggregate damages be determined at a later date. The plaintiffs\u2019 claim for punitive damages was dismissed. In October 2020, the court released its
decision on limitation periods finding that limitation periods could not be determined on a class-wide basis. CIBC appealed the decisions on
remedies and limitation periods. The appeal was heard in September 2021. In February 2022, CIBC\u2019s appeal was dismissed. In October 2022, a
settlement agreement was reached, subject to court approval. In March 2023 and May 2023, the settlement was approved in Ontario and Quebec,
respectively. The matter closed in 2023, upon payment of $153 million to the plaintiffs, pursuant to the settlement.
Cerberus Capital Management L.P. v. CIBC
In November 2015, Securitized Asset Funding 2011-2, LTD., a special purpose investment vehicle affiliated with Cerberus Capital Management L.P.
(collectively, Cerberus), commenced a New York State Court action against CIBC seeking unspecified damages of \u201cat least hundreds of millions of
dollars\u201d. The action related to two transactions in 2008 and 2011 in which CIBC issued a limited recourse note and certificate to Cerberus which
significantly reduced CIBC\u2019s exposure to the U.S. residential real estate market. The complaint alleged that CIBC breached its contracts with
Cerberus by failing to appropriately calculate and pay with respect to two of the payment streams due under the 2008 note and 2011 certificate. In
September 2021, CIBC filed a motion for summary judgment, which was heard in December 2021, and denied. The non-jury trial proceeded in
March 2022. The court reserved its decision. The trial decision was released on December 1, 2022 finding CIBC liable. A damages hearing
proceeded on December 19, 2022. In January 2023, the court set damages in the amount of US$491 million plus pre-judgment interest. On
February 6, 2023, the court entered the final judgment in the amount of US$856 million including pre-judgment interest as of February 6, 2023.
Post-judgment interest would have accrued on the amount of the final judgment. In February 2023, the parties settled this matter. Pursuant to the
settlement, the matter closed upon a payment by CIBC of US$770 million ($1,055 million pre-tax or $762 million after-tax) to Cerberus in full
satisfaction of the judgment.
\n
Order Execution Only class actions:
\n
Pozgaj v. CIBC and CIBC Trust
\n
Frayce v. BMO Investorline Inc., et al.
\n
Michaud v. BBS Securities Inc., et al.
\n
Ciardullo v. 1832 Asset Management L.P., et al.
\n
Ciardullo and Aggarwal v. 1832 Asset Management L.P., et al.
\n
Woodard v. CIBC and CIBC Trust
\n
In September 2018, a proposed class action (
Pozgaj
) was filed in the Ontario Superior Court against CIBC and CIBC Trust. It alleges that the
\n
defendants should not have paid mutual fund trailing commissions to order execution only dealers. The action is brought on behalf of all persons
\n
who held units of CIBC mutual funds through order execution only dealers and seeks $200 million in damages.
Pozgaj
was certified as a class
\n
action in January 2024.
\n
In 2020, two proposed class actions were filed in the Ontario Superior Court (
Frayce
) and the Supreme Court of British Columbia (
Michaud
)
\n
against CIBC Investor Services Inc. and several other dealers. The proposed actions allege that the defendants should not have received and
\n
accepted trailing commissions for service and advice on mutual funds purchased through their respective order execution only dealers. The
\n
proposed actions are brought on behalf of all persons who purchased units of mutual funds through an order execution only dealer owned by one or
\n
more of the defendants and seeks unspecified compensatory and punitive damages. The
Michaud
action has been stayed. The motion for
\n
certification in
Frayce
was heard in September 2022, and in January 2023, the court released its decision dismissing the motion for certification. The
\n
plaintiffs appealed the certification decision in
Frayce
, and in January 2024, the Ontario Divisional Court dismissed the plaintiff\u2019s appeal of the
\n
decision denying certification in
Frayce
. In February 2024, the plaintiff filed leave to appeal the decision in
Frayce
. In September 2024, the Court of
\n
Appeal denied the plaintiff\u2019s motion for leave to appeal in
Frayce
. The plaintiff did not seek leave to appeal to the Supreme Court of Canada and this
\n
matter was closed.
\n
In July and August 2022, two proposed class actions (
Ciardullo
and
Ciardullo and Aggarwal
) were filed in the Ontario Superior Court against
\n
CIBC, CIBC Trust and several other financial institutions. Like the
Pozgaj
action, these actions allege that the defendants should not have paid
\n
mutual fund trailing commissions to order execution only dealers. However, the actions are brought on behalf of all persons who held units of CIBC
\n
mutual funds through dealers other than order execution only dealers. They seek unspecified damages. In November 2022, a further proposed
\n
class action (
Woodard
) was filed in the Ontario Superior Court with a new proposed representative plaintiff.
Woodard
raises identical allegations to
\n
Ciardullo
and
Ciardullo and Aggarwal
, on behalf of an identical class, but only names CIBC and CIBC Trust as defendants. In August 2023, the
\n
Ciardullo
,
Ciardullo
and
Aggarwal
, and
Woodard
actions were temporarily stayed pending a decision on liability in the
Pozgaj
action. The
Ciardullo
\n
and
Ciardullo
and
Aggarwal
actions have been discontinued. The temporary stay of the
Woodard
action has been lifted. In
Woodard
, the motion to
\n
dismiss which was scheduled for October 2024 has been adjourned.
\n
York County on Behalf of the County of York Retirement Fund v. Rambo, et al.
\n
In February 2019, a class action complaint was filed in the Northern District of California against the directors, certain officers and the underwriters
\n
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
\n
issuance amount for the series of offerings being approximately US$4 billion. CIBC World Markets Corp. was part of the underwriting syndicate for
\n
an offering, whereby CIBC World Markets Corp. underwrote 6% of a US$650 million December 2016 issuance of senior notes. The offering involved
\n
the issuance of two tranches of notes: US$400 million of 30-year senior notes maturing in December 2046 and US$250 million of one-year floating
\n
rate notes that matured and were repaid in November 2017. The complaint alleges that the disclosure documentation associated with the note
\n
offerings contained misrepresentations and/or omissions of material facts, including with respect to PG&E\u2019s failure to comply with various safety
\n
regulations, vegetation management programs and requirements, as well as understating the extent to which its equipment has allegedly caused
\n
multiple fires in California, including before the wildfires that occurred in California in 2017 and 2018. In October 2019, the defendants filed a motion
\n
to dismiss.
\n
Pope v. CIBC, CIBC Trust, and CIBC Asset Management Inc.
\n
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
\n
the defendants misrepresented their investment strategy and charged unitholders excess fees in relation to certain CIBC mutual funds and certain
\n
CIBC portfolio funds. The action is brought on behalf of all persons who hold or held units of these funds from January 2005 to present and seeks
\n
unspecified compensatory and punitive damages. In December 2020, CIBC Asset Management Inc. was added as a defendant. The motion for
\n
class certification was heard in August 2021. In October 2022, the court ruled that the plaintiff was required to provide additional information before
\n
a final determination on certification could be made. In January 2023, the plaintiffs delivered a draft amended Statement of Claim. The motion to rule
\n
on the plaintiffs\u2019 proposed amendments to the Statement of Claim, which was scheduled for July 2023, has been adjourned.
\n
Salko v. CIBC Investor Services Inc., et al.
\n
In March 2021, a proposed class action was commenced in Quebec against CIBC Investor Services Inc. and several other financial institutions. The
\n
plaintiff subsequently added CIBC World Markets Inc. and additional financial institutions as defendants. The action seeks the reimbursement of
\n
currency conversion fees alleged to have been unlawfully charged to class members and concealed by the defendants, as well as exemplary and
\n
punitive damages. The plaintiffs seek reimbursement of fees charged to clients since March 15, 2018, as well as punitive damages in the amount of
\n
5% of the total sum of fees charged to class members, plus interest. The certification motion was heard in April 2022. In September 2022, the action
\n
was certified against CIBC Investor Services Inc. and several other order execution only dealers, and not certified against the full service
\n
brokerages, including CIBC World Markets Inc. The plaintiffs are appealing the certification decision. The plaintiffs\u2019 appeal of the certification
\n
decision was heard in December 2023. The court reserved its decision.
The Registered Retirement Savings Plan (RRSP) of J.T.G v. His Majesty The King
CIBC Trust Corporation is the trustee of a self-directed RRSP that has been the subject of proceedings in the Tax Court of Canada. The proceedings
arise from appeals of tax assessments made by the Minister of National Revenue against the RRSP for the 2004 to 2009 taxation years under Parts I
and XI.1 of the
Income Tax Act
(Canada). At the time they were made in March 2013, the Part I assessment amounted to approximately $139 million
and the Part XI.1 reassessment totalled approximately $144 million, in each case including all taxes, penalties and interest. In April 2021, the Tax
Court of Canada released a decision allowing the appeal in part of the assessment under Part I and dismissing the appeal of the reassessment
under Part XI.1. The RRSP by its trustee CIBC Trust has appealed this decision to the Federal Court of Appeal. To the extent there is a shortfall in the
RRSP\u2019s ability to satisfy any of the Part XI.1 reassessment that may be upheld by the courts, CIBC Trust may be liable to pay a portion of that
reassessment. The appeal was heard in May 2023. The court reserved its decision.
Non-sufficient funds fees class actions:
Vaillancourt-Thivierge v. Bank of Montreal, et al.
Campbell v. CIBC
In September 2016, a proposed class action (
Vaillancourt-Thivierge
)
was commenced in Quebec against CIBC and several other financial
institutions with respect to charging non-sufficient funds fees (NSF Fees) for client payment orders refused due to insufficient funds. The action
alleges that NSF Fees violate the Quebec
Consumer Protection Act
and the Quebec Civil Code. The action is brought on behalf of residents of
Quebec who paid NSF fees from September 12, 2013 to present. The action seeks the return of NSF fees charged as well as punitive damages of
$300 per class member. The court certified the matter as a class action in 2019.
In September 2022, a proposed class action (
Campbell
) was commenced in Ontario against CIBC on behalf of personal deposit
accountholders who have been charged duplicative non-sufficient fund fees (representment NSF Fees) on their account for a single rejected
payment order or cheque. The action alleges that this practice violates our account agreement with clients, the Ontario
Consumer Protection Act
and other consumer protection statutes. The action is brought on behalf of residents of Canada who paid representment NSF Fees from
January 1, 2012 to present. The action seeks the return of the representment NSF Fees charged, as well as punitive damages. The matter was
certified as a class action in June 2024.
Quantum Biopharma LTD.
In October 2024, CIBC World Markets Inc. and RBC Dominion Securities Inc., were named in a complaint filed in the U.S. District Court located in
the Southern District of New York. The complaint, brought by Quantum Biopharma LTD alleges that the defendants or their customers used
\u201cspoofing,\u201d an unlawful trading practice, to manipulate the market price of its shares between January 1, 2020, and August 15, 2024. The complaint
further alleges that the defendants failed to fulfill their gatekeeping responsibilities by not designing, monitoring, and/or enforcing a system of risk
management and supervisory controls, policies, and procedures that ensured their customers and traders did not manipulate the market, and
complied with all applicable rules, regulations and laws. The plaintiff claims US$700 million in damages against the defendants.
Harrington Global Opportunity Fund v. CIBC World Markets Inc.
In 2021, Harrington Global Opportunity Fund Ltd., a Bermuda based hedge fund brought suit against CIBC World Markets Inc. and certain other
defendants in the United States District Court for the Southern District of New York. In November 2022, the plaintiff filed an amended complaint to
add allegations seeking to hold defendants liable for trading by its customers. As against CIBC, the plaintiff claims that a CIBC customer allegedly
spoofed the market by entering non-bona fide baiting (sell) orders through CIBC\u2019s direct market access platform in Canada, with intent to artificially
depress the stock price of this inter-listed stock, and seeks to hold CIBC primarily responsible. The claim seeks unspecified damages.
Legal provisions
The following table presents changes in our legal provisions:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
140
$
275
Additional new provisions recognized
41
1,098
Less:
Amounts incurred and charged against existing provisions
(70)
(1,198)
Unused amounts reversed and other adjustments
(1)
(3)
(35)
Balance at end of year
$
108
$
140
(1)
Includes foreign currency translation adjustments.
Restructuring
The following table presents changes in the restructuring provision:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
10
$
35
Additional new provisions recognized
21
6
Less:
Amounts incurred and charged against existing provisions
(20)
(27)
Unused amounts reversed
(3)
(4)
Balance at end of year
$
8
$
10
The amount of $8 million as at October 31, 2024 primarily represents obligations related to ongoing payments as a result of the restructurings.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00460": { "value": "Pledged assets
In the normal course of business, on- and off-balance sheet assets are pledged as collateral for various activities. The following table summarizes
asset pledging amounts and the activities to which they relate:
\n \n
$ millions, as at October 31
2024
2023
Assets pledged in relation to:
Securities lending
$
63,072
$
54,870
Obligations related to securities sold under repurchase agreements
109,151
89,971
Obligations related to securities sold short
21,642
18,666
Securitizations
20,105
18,504
Covered bonds
39,257
33,628
Derivatives
24,200
22,245
Foreign governments and central banks
(1)
560
862
Clearing systems, payment systems, and depositories
(2)
1,605
999
Other
11
13
$
279,603
$
239,758
(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.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00462": { "value": "Note 21
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 in the range is accrued. In some instances, however, it is not possible either to determine whether an obligation is probable or
to reliably estimate the amount of loss, in which case no accrual can be made.
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\u2019s litigation accruals and make the necessary adjustments to incorporate new information as it
becomes available. Tax examinations and disputes are excluded. Income tax matters are addressed in Note 18.
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 of a range of reasonably possible losses, or the potential loss
pertains to a matter in which an unfavourable outcome is reasonably possible but not probable.
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 $0.7 billion as at October 31, 2024. 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\u2019s best estimate of such losses for those cases for which an estimate can be made. CIBC\u2019s 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. The matters underlying the estimated range
as at October 31, 2024 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\u2019s significant legal proceedings, which we intend to vigorously defend.
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
) and in the Quebec Superior
Court (
Gaudet
). Each made identical claims for unpaid overtime for full-time, part-time, and retail frontline non-management employees. The Ontario
action sought $500 million in damages plus $100 million in punitive damages for all employees in Canada, while the Quebec action was limited to
employees in Quebec and was stayed pending the outcome of the Ontario action. In June 2009, in the Ontario action, the motion judge denied
certification of the matter as a class action. In September 2010, the Ontario Divisional Court upheld the motion judge\u2019s denial of the plaintiff\u2019s
certification motion and the award of costs to CIBC by a two-to-one majority. In January 2011, the Ontario Court of Appeal granted the plaintiff leave
to appeal the decision denying certification. In June 2012, the Ontario Court of Appeal overturned the lower court and granted certification of the
matter as a class action. The Supreme Court of Canada released its decision in March 2013 denying CIBC leave to appeal certification of the matter
as a class action, and denying the plaintiff\u2019s cross appeal on aggregate damages. The motions for summary judgment on liability were heard in
December 2019. In March 2020, the court found CIBC liable for unpaid overtime. CIBC appealed the liability decision. A decision on remedies was
released in August 2020 and the court certified aggregate damages as a common issue and directed that the availability and quantum, if any, of
aggregate damages be determined at a later date. The plaintiffs\u2019 claim for punitive damages was dismissed. In October 2020, the court released its
decision on limitation periods finding that limitation periods could not be determined on a class-wide basis. CIBC appealed the decisions on
remedies and limitation periods. The appeal was heard in September 2021. In February 2022, CIBC\u2019s appeal was dismissed. In October 2022, a
settlement agreement was reached, subject to court approval. In March 2023 and May 2023, the settlement was approved in Ontario and Quebec,
respectively. The matter closed in 2023, upon payment of $153 million to the plaintiffs, pursuant to the settlement.
Cerberus Capital Management L.P. v. CIBC
In November 2015, Securitized Asset Funding 2011-2, LTD., a special purpose investment vehicle affiliated with Cerberus Capital Management L.P.
(collectively, Cerberus), commenced a New York State Court action against CIBC seeking unspecified damages of \u201cat least hundreds of millions of
dollars\u201d. The action related to two transactions in 2008 and 2011 in which CIBC issued a limited recourse note and certificate to Cerberus which
significantly reduced CIBC\u2019s exposure to the U.S. residential real estate market. The complaint alleged that CIBC breached its contracts with
Cerberus by failing to appropriately calculate and pay with respect to two of the payment streams due under the 2008 note and 2011 certificate. In
September 2021, CIBC filed a motion for summary judgment, which was heard in December 2021, and denied. The non-jury trial proceeded in
March 2022. The court reserved its decision. The trial decision was released on December 1, 2022 finding CIBC liable. A damages hearing
proceeded on December 19, 2022. In January 2023, the court set damages in the amount of US$491 million plus pre-judgment interest. On
February 6, 2023, the court entered the final judgment in the amount of US$856 million including pre-judgment interest as of February 6, 2023.
Post-judgment interest would have accrued on the amount of the final judgment. In February 2023, the parties settled this matter. Pursuant to the
settlement, the matter closed upon a payment by CIBC of US$770 million ($1,055 million pre-tax or $762 million after-tax) to Cerberus in full
satisfaction of the judgment.
\n
Order Execution Only class actions:
\n
Pozgaj v. CIBC and CIBC Trust
\n
Frayce v. BMO Investorline Inc., et al.
\n
Michaud v. BBS Securities Inc., et al.
\n
Ciardullo v. 1832 Asset Management L.P., et al.
\n
Ciardullo and Aggarwal v. 1832 Asset Management L.P., et al.
\n
Woodard v. CIBC and CIBC Trust
\n
In September 2018, a proposed class action (
Pozgaj
) was filed in the Ontario Superior Court against CIBC and CIBC Trust. It alleges that the
\n
defendants should not have paid mutual fund trailing commissions to order execution only dealers. The action is brought on behalf of all persons
\n
who held units of CIBC mutual funds through order execution only dealers and seeks $200 million in damages.
Pozgaj
was certified as a class
\n
action in January 2024.
\n
In 2020, two proposed class actions were filed in the Ontario Superior Court (
Frayce
) and the Supreme Court of British Columbia (
Michaud
)
\n
against CIBC Investor Services Inc. and several other dealers. The proposed actions allege that the defendants should not have received and
\n
accepted trailing commissions for service and advice on mutual funds purchased through their respective order execution only dealers. The
\n
proposed actions are brought on behalf of all persons who purchased units of mutual funds through an order execution only dealer owned by one or
\n
more of the defendants and seeks unspecified compensatory and punitive damages. The
Michaud
action has been stayed. The motion for
\n
certification in
Frayce
was heard in September 2022, and in January 2023, the court released its decision dismissing the motion for certification. The
\n
plaintiffs appealed the certification decision in
Frayce
, and in January 2024, the Ontario Divisional Court dismissed the plaintiff\u2019s appeal of the
\n
decision denying certification in
Frayce
. In February 2024, the plaintiff filed leave to appeal the decision in
Frayce
. In September 2024, the Court of
\n
Appeal denied the plaintiff\u2019s motion for leave to appeal in
Frayce
. The plaintiff did not seek leave to appeal to the Supreme Court of Canada and this
\n
matter was closed.
\n
In July and August 2022, two proposed class actions (
Ciardullo
and
Ciardullo and Aggarwal
) were filed in the Ontario Superior Court against
\n
CIBC, CIBC Trust and several other financial institutions. Like the
Pozgaj
action, these actions allege that the defendants should not have paid
\n
mutual fund trailing commissions to order execution only dealers. However, the actions are brought on behalf of all persons who held units of CIBC
\n
mutual funds through dealers other than order execution only dealers. They seek unspecified damages. In November 2022, a further proposed
\n
class action (
Woodard
) was filed in the Ontario Superior Court with a new proposed representative plaintiff.
Woodard
raises identical allegations to
\n
Ciardullo
and
Ciardullo and Aggarwal
, on behalf of an identical class, but only names CIBC and CIBC Trust as defendants. In August 2023, the
\n
Ciardullo
,
Ciardullo
and
Aggarwal
, and
Woodard
actions were temporarily stayed pending a decision on liability in the
Pozgaj
action. The
Ciardullo
\n
and
Ciardullo
and
Aggarwal
actions have been discontinued. The temporary stay of the
Woodard
action has been lifted. In
Woodard
, the motion to
\n
dismiss which was scheduled for October 2024 has been adjourned.
\n
York County on Behalf of the County of York Retirement Fund v. Rambo, et al.
\n
In February 2019, a class action complaint was filed in the Northern District of California against the directors, certain officers and the underwriters
\n
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
\n
issuance amount for the series of offerings being approximately US$4 billion. CIBC World Markets Corp. was part of the underwriting syndicate for
\n
an offering, whereby CIBC World Markets Corp. underwrote 6% of a US$650 million December 2016 issuance of senior notes. The offering involved
\n
the issuance of two tranches of notes: US$400 million of 30-year senior notes maturing in December 2046 and US$250 million of one-year floating
\n
rate notes that matured and were repaid in November 2017. The complaint alleges that the disclosure documentation associated with the note
\n
offerings contained misrepresentations and/or omissions of material facts, including with respect to PG&E\u2019s failure to comply with various safety
\n
regulations, vegetation management programs and requirements, as well as understating the extent to which its equipment has allegedly caused
\n
multiple fires in California, including before the wildfires that occurred in California in 2017 and 2018. In October 2019, the defendants filed a motion
\n
to dismiss.
\n
Pope v. CIBC, CIBC Trust, and CIBC Asset Management Inc.
\n
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
\n
the defendants misrepresented their investment strategy and charged unitholders excess fees in relation to certain CIBC mutual funds and certain
\n
CIBC portfolio funds. The action is brought on behalf of all persons who hold or held units of these funds from January 2005 to present and seeks
\n
unspecified compensatory and punitive damages. In December 2020, CIBC Asset Management Inc. was added as a defendant. The motion for
\n
class certification was heard in August 2021. In October 2022, the court ruled that the plaintiff was required to provide additional information before
\n
a final determination on certification could be made. In January 2023, the plaintiffs delivered a draft amended Statement of Claim. The motion to rule
\n
on the plaintiffs\u2019 proposed amendments to the Statement of Claim, which was scheduled for July 2023, has been adjourned.
\n
Salko v. CIBC Investor Services Inc., et al.
\n
In March 2021, a proposed class action was commenced in Quebec against CIBC Investor Services Inc. and several other financial institutions. The
\n
plaintiff subsequently added CIBC World Markets Inc. and additional financial institutions as defendants. The action seeks the reimbursement of
\n
currency conversion fees alleged to have been unlawfully charged to class members and concealed by the defendants, as well as exemplary and
\n
punitive damages. The plaintiffs seek reimbursement of fees charged to clients since March 15, 2018, as well as punitive damages in the amount of
\n
5% of the total sum of fees charged to class members, plus interest. The certification motion was heard in April 2022. In September 2022, the action
\n
was certified against CIBC Investor Services Inc. and several other order execution only dealers, and not certified against the full service
\n
brokerages, including CIBC World Markets Inc. The plaintiffs are appealing the certification decision. The plaintiffs\u2019 appeal of the certification
\n
decision was heard in December 2023. The court reserved its decision.
The Registered Retirement Savings Plan (RRSP) of J.T.G v. His Majesty The King
CIBC Trust Corporation is the trustee of a self-directed RRSP that has been the subject of proceedings in the Tax Court of Canada. The proceedings
arise from appeals of tax assessments made by the Minister of National Revenue against the RRSP for the 2004 to 2009 taxation years under Parts I
and XI.1 of the
Income Tax Act
(Canada). At the time they were made in March 2013, the Part I assessment amounted to approximately $139 million
and the Part XI.1 reassessment totalled approximately $144 million, in each case including all taxes, penalties and interest. In April 2021, the Tax
Court of Canada released a decision allowing the appeal in part of the assessment under Part I and dismissing the appeal of the reassessment
under Part XI.1. The RRSP by its trustee CIBC Trust has appealed this decision to the Federal Court of Appeal. To the extent there is a shortfall in the
RRSP\u2019s ability to satisfy any of the Part XI.1 reassessment that may be upheld by the courts, CIBC Trust may be liable to pay a portion of that
reassessment. The appeal was heard in May 2023. The court reserved its decision.
Non-sufficient funds fees class actions:
Vaillancourt-Thivierge v. Bank of Montreal, et al.
Campbell v. CIBC
In September 2016, a proposed class action (
Vaillancourt-Thivierge
)
was commenced in Quebec against CIBC and several other financial
institutions with respect to charging non-sufficient funds fees (NSF Fees) for client payment orders refused due to insufficient funds. The action
alleges that NSF Fees violate the Quebec
Consumer Protection Act
and the Quebec Civil Code. The action is brought on behalf of residents of
Quebec who paid NSF fees from September 12, 2013 to present. The action seeks the return of NSF fees charged as well as punitive damages of
$300 per class member. The court certified the matter as a class action in 2019.
In September 2022, a proposed class action (
Campbell
) was commenced in Ontario against CIBC on behalf of personal deposit
accountholders who have been charged duplicative non-sufficient fund fees (representment NSF Fees) on their account for a single rejected
payment order or cheque. The action alleges that this practice violates our account agreement with clients, the Ontario
Consumer Protection Act
and other consumer protection statutes. The action is brought on behalf of residents of Canada who paid representment NSF Fees from
January 1, 2012 to present. The action seeks the return of the representment NSF Fees charged, as well as punitive damages. The matter was
certified as a class action in June 2024.
Quantum Biopharma LTD.
In October 2024, CIBC World Markets Inc. and RBC Dominion Securities Inc., were named in a complaint filed in the U.S. District Court located in
the Southern District of New York. The complaint, brought by Quantum Biopharma LTD alleges that the defendants or their customers used
\u201cspoofing,\u201d an unlawful trading practice, to manipulate the market price of its shares between January 1, 2020, and August 15, 2024. The complaint
further alleges that the defendants failed to fulfill their gatekeeping responsibilities by not designing, monitoring, and/or enforcing a system of risk
management and supervisory controls, policies, and procedures that ensured their customers and traders did not manipulate the market, and
complied with all applicable rules, regulations and laws. The plaintiff claims US$700 million in damages against the defendants.
Harrington Global Opportunity Fund v. CIBC World Markets Inc.
In 2021, Harrington Global Opportunity Fund Ltd., a Bermuda based hedge fund brought suit against CIBC World Markets Inc. and certain other
defendants in the United States District Court for the Southern District of New York. In November 2022, the plaintiff filed an amended complaint to
add allegations seeking to hold defendants liable for trading by its customers. As against CIBC, the plaintiff claims that a CIBC customer allegedly
spoofed the market by entering non-bona fide baiting (sell) orders through CIBC\u2019s direct market access platform in Canada, with intent to artificially
depress the stock price of this inter-listed stock, and seeks to hold CIBC primarily responsible. The claim seeks unspecified damages.
Legal provisions
The following table presents changes in our legal provisions:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
140
$
275
Additional new provisions recognized
41
1,098
Less:
Amounts incurred and charged against existing provisions
(70)
(1,198)
Unused amounts reversed and other adjustments
(1)
(3)
(35)
Balance at end of year
$
108
$
140
(1)
Includes foreign currency translation adjustments.
Restructuring
The following table presents changes in the restructuring provision:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
10
$
35
Additional new provisions recognized
21
6
Less:
Amounts incurred and charged against existing provisions
(20)
(27)
Unused amounts reversed
(3)
(4)
Balance at end of year
$
8
$
10
The amount of $8 million as at October 31, 2024 primarily represents obligations related to ongoing payments as a result of the restructurings.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00461": { "value": "Note 21
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 in the range is accrued. In some instances, however, it is not possible either to determine whether an obligation is probable or
to reliably estimate the amount of loss, in which case no accrual can be made.
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\u2019s litigation accruals and make the necessary adjustments to incorporate new information as it
becomes available. Tax examinations and disputes are excluded. Income tax matters are addressed in Note 18.
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 of a range of reasonably possible losses, or the potential loss
pertains to a matter in which an unfavourable outcome is reasonably possible but not probable.
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 $0.7 billion as at October 31, 2024. 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\u2019s best estimate of such losses for those cases for which an estimate can be made. CIBC\u2019s 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. The matters underlying the estimated range
as at October 31, 2024 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\u2019s significant legal proceedings, which we intend to vigorously defend.
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
) and in the Quebec Superior
Court (
Gaudet
). Each made identical claims for unpaid overtime for full-time, part-time, and retail frontline non-management employees. The Ontario
action sought $500 million in damages plus $100 million in punitive damages for all employees in Canada, while the Quebec action was limited to
employees in Quebec and was stayed pending the outcome of the Ontario action. In June 2009, in the Ontario action, the motion judge denied
certification of the matter as a class action. In September 2010, the Ontario Divisional Court upheld the motion judge\u2019s denial of the plaintiff\u2019s
certification motion and the award of costs to CIBC by a two-to-one majority. In January 2011, the Ontario Court of Appeal granted the plaintiff leave
to appeal the decision denying certification. In June 2012, the Ontario Court of Appeal overturned the lower court and granted certification of the
matter as a class action. The Supreme Court of Canada released its decision in March 2013 denying CIBC leave to appeal certification of the matter
as a class action, and denying the plaintiff\u2019s cross appeal on aggregate damages. The motions for summary judgment on liability were heard in
December 2019. In March 2020, the court found CIBC liable for unpaid overtime. CIBC appealed the liability decision. A decision on remedies was
released in August 2020 and the court certified aggregate damages as a common issue and directed that the availability and quantum, if any, of
aggregate damages be determined at a later date. The plaintiffs\u2019 claim for punitive damages was dismissed. In October 2020, the court released its
decision on limitation periods finding that limitation periods could not be determined on a class-wide basis. CIBC appealed the decisions on
remedies and limitation periods. The appeal was heard in September 2021. In February 2022, CIBC\u2019s appeal was dismissed. In October 2022, a
settlement agreement was reached, subject to court approval. In March 2023 and May 2023, the settlement was approved in Ontario and Quebec,
respectively. The matter closed in 2023, upon payment of $153 million to the plaintiffs, pursuant to the settlement.
Cerberus Capital Management L.P. v. CIBC
In November 2015, Securitized Asset Funding 2011-2, LTD., a special purpose investment vehicle affiliated with Cerberus Capital Management L.P.
(collectively, Cerberus), commenced a New York State Court action against CIBC seeking unspecified damages of \u201cat least hundreds of millions of
dollars\u201d. The action related to two transactions in 2008 and 2011 in which CIBC issued a limited recourse note and certificate to Cerberus which
significantly reduced CIBC\u2019s exposure to the U.S. residential real estate market. The complaint alleged that CIBC breached its contracts with
Cerberus by failing to appropriately calculate and pay with respect to two of the payment streams due under the 2008 note and 2011 certificate. In
September 2021, CIBC filed a motion for summary judgment, which was heard in December 2021, and denied. The non-jury trial proceeded in
March 2022. The court reserved its decision. The trial decision was released on December 1, 2022 finding CIBC liable. A damages hearing
proceeded on December 19, 2022. In January 2023, the court set damages in the amount of US$491 million plus pre-judgment interest. On
February 6, 2023, the court entered the final judgment in the amount of US$856 million including pre-judgment interest as of February 6, 2023.
Post-judgment interest would have accrued on the amount of the final judgment. In February 2023, the parties settled this matter. Pursuant to the
settlement, the matter closed upon a payment by CIBC of US$770 million ($1,055 million pre-tax or $762 million after-tax) to Cerberus in full
satisfaction of the judgment.
\n
Order Execution Only class actions:
\n
Pozgaj v. CIBC and CIBC Trust
\n
Frayce v. BMO Investorline Inc., et al.
\n
Michaud v. BBS Securities Inc., et al.
\n
Ciardullo v. 1832 Asset Management L.P., et al.
\n
Ciardullo and Aggarwal v. 1832 Asset Management L.P., et al.
\n
Woodard v. CIBC and CIBC Trust
\n
In September 2018, a proposed class action (
Pozgaj
) was filed in the Ontario Superior Court against CIBC and CIBC Trust. It alleges that the
\n
defendants should not have paid mutual fund trailing commissions to order execution only dealers. The action is brought on behalf of all persons
\n
who held units of CIBC mutual funds through order execution only dealers and seeks $200 million in damages.
Pozgaj
was certified as a class
\n
action in January 2024.
\n
In 2020, two proposed class actions were filed in the Ontario Superior Court (
Frayce
) and the Supreme Court of British Columbia (
Michaud
)
\n
against CIBC Investor Services Inc. and several other dealers. The proposed actions allege that the defendants should not have received and
\n
accepted trailing commissions for service and advice on mutual funds purchased through their respective order execution only dealers. The
\n
proposed actions are brought on behalf of all persons who purchased units of mutual funds through an order execution only dealer owned by one or
\n
more of the defendants and seeks unspecified compensatory and punitive damages. The
Michaud
action has been stayed. The motion for
\n
certification in
Frayce
was heard in September 2022, and in January 2023, the court released its decision dismissing the motion for certification. The
\n
plaintiffs appealed the certification decision in
Frayce
, and in January 2024, the Ontario Divisional Court dismissed the plaintiff\u2019s appeal of the
\n
decision denying certification in
Frayce
. In February 2024, the plaintiff filed leave to appeal the decision in
Frayce
. In September 2024, the Court of
\n
Appeal denied the plaintiff\u2019s motion for leave to appeal in
Frayce
. The plaintiff did not seek leave to appeal to the Supreme Court of Canada and this
\n
matter was closed.
\n
In July and August 2022, two proposed class actions (
Ciardullo
and
Ciardullo and Aggarwal
) were filed in the Ontario Superior Court against
\n
CIBC, CIBC Trust and several other financial institutions. Like the
Pozgaj
action, these actions allege that the defendants should not have paid
\n
mutual fund trailing commissions to order execution only dealers. However, the actions are brought on behalf of all persons who held units of CIBC
\n
mutual funds through dealers other than order execution only dealers. They seek unspecified damages. In November 2022, a further proposed
\n
class action (
Woodard
) was filed in the Ontario Superior Court with a new proposed representative plaintiff.
Woodard
raises identical allegations to
\n
Ciardullo
and
Ciardullo and Aggarwal
, on behalf of an identical class, but only names CIBC and CIBC Trust as defendants. In August 2023, the
\n
Ciardullo
,
Ciardullo
and
Aggarwal
, and
Woodard
actions were temporarily stayed pending a decision on liability in the
Pozgaj
action. The
Ciardullo
\n
and
Ciardullo
and
Aggarwal
actions have been discontinued. The temporary stay of the
Woodard
action has been lifted. In
Woodard
, the motion to
\n
dismiss which was scheduled for October 2024 has been adjourned.
\n
York County on Behalf of the County of York Retirement Fund v. Rambo, et al.
\n
In February 2019, a class action complaint was filed in the Northern District of California against the directors, certain officers and the underwriters
\n
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
\n
issuance amount for the series of offerings being approximately US$4 billion. CIBC World Markets Corp. was part of the underwriting syndicate for
\n
an offering, whereby CIBC World Markets Corp. underwrote 6% of a US$650 million December 2016 issuance of senior notes. The offering involved
\n
the issuance of two tranches of notes: US$400 million of 30-year senior notes maturing in December 2046 and US$250 million of one-year floating
\n
rate notes that matured and were repaid in November 2017. The complaint alleges that the disclosure documentation associated with the note
\n
offerings contained misrepresentations and/or omissions of material facts, including with respect to PG&E\u2019s failure to comply with various safety
\n
regulations, vegetation management programs and requirements, as well as understating the extent to which its equipment has allegedly caused
\n
multiple fires in California, including before the wildfires that occurred in California in 2017 and 2018. In October 2019, the defendants filed a motion
\n
to dismiss.
\n
Pope v. CIBC, CIBC Trust, and CIBC Asset Management Inc.
\n
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
\n
the defendants misrepresented their investment strategy and charged unitholders excess fees in relation to certain CIBC mutual funds and certain
\n
CIBC portfolio funds. The action is brought on behalf of all persons who hold or held units of these funds from January 2005 to present and seeks
\n
unspecified compensatory and punitive damages. In December 2020, CIBC Asset Management Inc. was added as a defendant. The motion for
\n
class certification was heard in August 2021. In October 2022, the court ruled that the plaintiff was required to provide additional information before
\n
a final determination on certification could be made. In January 2023, the plaintiffs delivered a draft amended Statement of Claim. The motion to rule
\n
on the plaintiffs\u2019 proposed amendments to the Statement of Claim, which was scheduled for July 2023, has been adjourned.
\n
Salko v. CIBC Investor Services Inc., et al.
\n
In March 2021, a proposed class action was commenced in Quebec against CIBC Investor Services Inc. and several other financial institutions. The
\n
plaintiff subsequently added CIBC World Markets Inc. and additional financial institutions as defendants. The action seeks the reimbursement of
\n
currency conversion fees alleged to have been unlawfully charged to class members and concealed by the defendants, as well as exemplary and
\n
punitive damages. The plaintiffs seek reimbursement of fees charged to clients since March 15, 2018, as well as punitive damages in the amount of
\n
5% of the total sum of fees charged to class members, plus interest. The certification motion was heard in April 2022. In September 2022, the action
\n
was certified against CIBC Investor Services Inc. and several other order execution only dealers, and not certified against the full service
\n
brokerages, including CIBC World Markets Inc. The plaintiffs are appealing the certification decision. The plaintiffs\u2019 appeal of the certification
\n
decision was heard in December 2023. The court reserved its decision.
The Registered Retirement Savings Plan (RRSP) of J.T.G v. His Majesty The King
CIBC Trust Corporation is the trustee of a self-directed RRSP that has been the subject of proceedings in the Tax Court of Canada. The proceedings
arise from appeals of tax assessments made by the Minister of National Revenue against the RRSP for the 2004 to 2009 taxation years under Parts I
and XI.1 of the
Income Tax Act
(Canada). At the time they were made in March 2013, the Part I assessment amounted to approximately $139 million
and the Part XI.1 reassessment totalled approximately $144 million, in each case including all taxes, penalties and interest. In April 2021, the Tax
Court of Canada released a decision allowing the appeal in part of the assessment under Part I and dismissing the appeal of the reassessment
under Part XI.1. The RRSP by its trustee CIBC Trust has appealed this decision to the Federal Court of Appeal. To the extent there is a shortfall in the
RRSP\u2019s ability to satisfy any of the Part XI.1 reassessment that may be upheld by the courts, CIBC Trust may be liable to pay a portion of that
reassessment. The appeal was heard in May 2023. The court reserved its decision.
Non-sufficient funds fees class actions:
Vaillancourt-Thivierge v. Bank of Montreal, et al.
Campbell v. CIBC
In September 2016, a proposed class action (
Vaillancourt-Thivierge
)
was commenced in Quebec against CIBC and several other financial
institutions with respect to charging non-sufficient funds fees (NSF Fees) for client payment orders refused due to insufficient funds. The action
alleges that NSF Fees violate the Quebec
Consumer Protection Act
and the Quebec Civil Code. The action is brought on behalf of residents of
Quebec who paid NSF fees from September 12, 2013 to present. The action seeks the return of NSF fees charged as well as punitive damages of
$300 per class member. The court certified the matter as a class action in 2019.
In September 2022, a proposed class action (
Campbell
) was commenced in Ontario against CIBC on behalf of personal deposit
accountholders who have been charged duplicative non-sufficient fund fees (representment NSF Fees) on their account for a single rejected
payment order or cheque. The action alleges that this practice violates our account agreement with clients, the Ontario
Consumer Protection Act
and other consumer protection statutes. The action is brought on behalf of residents of Canada who paid representment NSF Fees from
January 1, 2012 to present. The action seeks the return of the representment NSF Fees charged, as well as punitive damages. The matter was
certified as a class action in June 2024.
Quantum Biopharma LTD.
In October 2024, CIBC World Markets Inc. and RBC Dominion Securities Inc., were named in a complaint filed in the U.S. District Court located in
the Southern District of New York. The complaint, brought by Quantum Biopharma LTD alleges that the defendants or their customers used
\u201cspoofing,\u201d an unlawful trading practice, to manipulate the market price of its shares between January 1, 2020, and August 15, 2024. The complaint
further alleges that the defendants failed to fulfill their gatekeeping responsibilities by not designing, monitoring, and/or enforcing a system of risk
management and supervisory controls, policies, and procedures that ensured their customers and traders did not manipulate the market, and
complied with all applicable rules, regulations and laws. The plaintiff claims US$700 million in damages against the defendants.
Harrington Global Opportunity Fund v. CIBC World Markets Inc.
In 2021, Harrington Global Opportunity Fund Ltd., a Bermuda based hedge fund brought suit against CIBC World Markets Inc. and certain other
defendants in the United States District Court for the Southern District of New York. In November 2022, the plaintiff filed an amended complaint to
add allegations seeking to hold defendants liable for trading by its customers. As against CIBC, the plaintiff claims that a CIBC customer allegedly
spoofed the market by entering non-bona fide baiting (sell) orders through CIBC\u2019s direct market access platform in Canada, with intent to artificially
depress the stock price of this inter-listed stock, and seeks to hold CIBC primarily responsible. The claim seeks unspecified damages.
Legal provisions
The following table presents changes in our legal provisions:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
140
$
275
Additional new provisions recognized
41
1,098
Less:
Amounts incurred and charged against existing provisions
(70)
(1,198)
Unused amounts reversed and other adjustments
(1)
(3)
(35)
Balance at end of year
$
108
$
140
(1)
Includes foreign currency translation adjustments.
Restructuring
The following table presents changes in the restructuring provision:
\n \n
$ millions, for the year ended October 31
2024
2023
Balance at beginning of year
$
10
$
35
Additional new provisions recognized
21
6
Less:
Amounts incurred and charged against existing provisions
(20)
(27)
Unused amounts reversed
(3)
(4)
Balance at end of year
$
8
$
10
The amount of $8 million as at October 31, 2024 primarily represents obligations related to ongoing payments as a result of the restructurings.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00463": { "value": "Key management personnel and their affiliates
As at October 31, 2024, loans to key management personnel
(1)
and their close family members and to entities that they or their close family
members control or jointly control totalled $35 million (2023: $35 million), letters of credit and guarantees were nil (2023: nil), and undrawn credit
commitments totalled $30 million (2023: $25 million). Of these outstanding balances, $33 million (2023: $34 million) were secured and $2 million
(2023: $1 million) were unsecured. We have no provision for credit losses on impaired loans relating to these amounts for the years ended
October 31, 2024 and 2023. Loans to these related parties are made in the ordinary course of business and on substantially the same terms as for
comparable transactions with unrelated parties. We offer a subsidy on annual fees and preferential interest rates on credit card balances to senior
officers which is the same offer extended to all employees of CIBC.
(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
(Canada) (collectively
referred to as senior officers). Board members who are also Executive Committee members are included as senior officers.
Compensation of key management personnel
\n \n
$ millions, for the year ended October 31
2024
2023
Senior
Senior
Directors
officers
Directors
officers
Short-term benefits
(1)
$
2
$
20
$
2
$
19
Post-employment benefits
\u2013
2
\u2013
2
Share-based benefits
(2)
2
35
2
32
Termination benefits
(3)
\u2013
1
\u2013
1
Total compensation
$
4
$
58
$
4
$
54
(1)
Comprises salaries, statutory and non-statutory benefits related to senior officers and fees related to directors recognized during the year. Also includes annual incentive
plan payments related to senior officers on a cash basis.
(2)
Comprises grant-date fair values of awards granted in the year.
(3)
Comprises payments made in the period to key management personnel and former key management personnel.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00464": { "value": "Note 24
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 Inc. (collectively referred to as CIBC Mellon), which provide trust and asset servicing, both in Canada. As at
October 31, 2024, the carrying value of our investments in the joint ventures was $640 million (2023: $532 million), which was included in Corporate
and Other. On November 1, 2024, CIBC Mellon Global Securities Services Company Inc. and CIBC Mellon Trust Company were amalgamated to
form a single entity, CIBC Mellon Trust Company, with no impact to our consolidated financial statements.
As at October 31, 2024, loans to the joint ventures totalled nil (2023: nil) and undrawn credit commitments totalled $138 million (2023:
$131 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 20 for additional details.
There was no unrecognized share of losses of any joint ventures, either for the year or cumulatively. In 2024 and 2023, 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
2024
2023
Net income
$
68
$
46
OCI
113
61
Total comprehensive income
$
181
$
107
Associates
As at October 31, 2024, the total carrying value of our investments in associates was $145 million (2023: $137 million). These investments are
unlisted associates with a fair value of $253 million (2023: $240 million), based on non-observable valuation inputs categorized as Level 3 valuation
inputs within the fair value hierarchy. Of the total carrying value of our investments in associates, $39 million (2023: $19 million) was included in
Canadian Personal and Business Banking, $23 million (2023: $33 million) in Canadian Commercial Banking and Wealth Management, nil (2023: nil)
in U.S. Commercial Banking and Wealth Management, $45 million (2023: $42 million) in Capital Markets and Direct Financial Services, and
$38 million (2023: $43 million) in Corporate and Other.
As at October 31, 2024, loans to associates totalled nil (2023: nil) and undrawn credit commitments totalled $5 million (2023: $1 million). We
also had commitments to invest up to nil (2023: nil) in our associates.
There was an unrecognized share of losses for associates of $6 million (2023: nil) for the year and $6 million (2023: nil) cumulatively. In 2024
and 2023, 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
2024
2023
Net income (loss)
$
11
$
(16)
OCI
\u2013
5
Total comprehensive income (loss)
$
11
$
(11)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00465": { "value": "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 Inc. (collectively referred to as CIBC Mellon), which provide trust and asset servicing, both in Canada. As at
October 31, 2024, the carrying value of our investments in the joint ventures was $640 million (2023: $532 million), which was included in Corporate
and Other. On November 1, 2024, CIBC Mellon Global Securities Services Company Inc. and CIBC Mellon Trust Company were amalgamated to
form a single entity, CIBC Mellon Trust Company, with no impact to our consolidated financial statements.
As at October 31, 2024, loans to the joint ventures totalled nil (2023: nil) and undrawn credit commitments totalled $138 million (2023:
$131 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 20 for additional details.
There was no unrecognized share of losses of any joint ventures, either for the year or cumulatively. In 2024 and 2023, 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
2024
2023
Net income
$
68
$
46
OCI
113
61
Total comprehensive income
$
181
$
107
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00466": { "value": "Associates
As at October 31, 2024, the total carrying value of our investments in associates was $145 million (2023: $137 million). These investments are
unlisted associates with a fair value of $253 million (2023: $240 million), based on non-observable valuation inputs categorized as Level 3 valuation
inputs within the fair value hierarchy. Of the total carrying value of our investments in associates, $39 million (2023: $19 million) was included in
Canadian Personal and Business Banking, $23 million (2023: $33 million) in Canadian Commercial Banking and Wealth Management, nil (2023: nil)
in U.S. Commercial Banking and Wealth Management, $45 million (2023: $42 million) in Capital Markets and Direct Financial Services, and
$38 million (2023: $43 million) in Corporate and Other.
As at October 31, 2024, loans to associates totalled nil (2023: nil) and undrawn credit commitments totalled $5 million (2023: $1 million). We
also had commitments to invest up to nil (2023: nil) in our associates.
There was an unrecognized share of losses for associates of $6 million (2023: nil) for the year and $6 million (2023: nil) cumulatively. In 2024
and 2023, 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
2024
2023
Net income (loss)
$
11
$
(16)
OCI
\u2013
5
Total comprehensive income (loss)
$
11
$
(11)
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00467": { "value": "Note 25
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, 2024
Book value of
Address of head
shares owned
Subsidiary name
(1)
or principal office
by CIBC
(2)
Canada and U.S.
CIBC Asset Management Inc.
Toronto, Ontario, Canada
$
444
CIBC BA Limited
Toronto, Ontario, Canada
\u2013
(3)
CIBC Bancorp USA Inc.
Chicago, Illinois, U.S.
10,595
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
72
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
1,207
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
CIBC Caribbean Bank Limited (91.7%)
(4)
Warrens, St. Michael, Barbados
CIBC Caribbean 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
CIBC Caribbean Bank (Bahamas) Limited (87.3%)
Nassau, The Bahamas
Sentry Insurance Brokers Ltd. (87.3%)
Nassau, The Bahamas
CIBC Caribbean Bank (Barbados) Limited (91.7%)
Warrens, St. Michael, Barbados
CIBC Caribbean 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
CIBC Caribbean Bank (Jamaica) Limited (91.7%)
Kingston, Jamaica
CIBC Caribbean Bank (Trinidad and Tobago) Limited (91.7%)
Maraval, Port of Spain, Trinidad & Tobago
CIBC Caribbean Trust Company (Bahamas) Limited (91.7%)
Nassau, The Bahamas
CIBC Caribbean 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 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 common and preferred shares. These amounts are eliminated upon consolidation.
(3)
The book value of shares owned by CIBC is less than $1 million.
(4)
In 2024, FirstCaribbean International Bank Limited and its subsidiaries were rebranded under the CIBC Caribbean name. FirstCaribbean International Bank Limited,
FirstCaribbean International Bank and Trust Company (Cayman) Limited, FirstCaribbean International Bank (Bahamas) Limited, FirstCaribbean International Bank
(Barbados) Limited, FirstCaribbean International Bank (Cayman) Limited, FirstCaribbean International Bank (Jamaica) Limited, FirstCaribbean International Bank
(Trinidad & Tobago) Limited, FirstCaribbean International Trust Company (Bahamas) Limited, and FirstCaribbean International Wealth Management Bank (Barbados)
Limited were renamed to CIBC Caribbean Bank Limited, CIBC Caribbean Bank and Trust Company (Cayman) Limited, CIBC Caribbean Bank (Bahamas) Limited,
CIBC Caribbean Bank (Barbados) Limited, CIBC Caribbean Bank (Cayman) Limited, CIBC Caribbean Bank (Jamaica) Limited, CIBC Caribbean Bank (Trinidad and
Tobago) Limited, CIBC Caribbean Trust Company (Bahamas) Limited, and CIBC Caribbean Wealth Management Bank (Barbados) Limited, respectively.
In addition to the above, we consolidate certain SEs where we have control over the SE. See Note 6 for additional details.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00468": { "value": "Note 27
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
\u201cFinancial Instruments: Presentation\u201d, 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 the recognized amounts, or because we
do not intend to settle on a net basis or to realize the asset and settle the liability simultaneously.
\n \n
Amounts subject to enforceable netting agreements
Gross
Gross
Amounts not
amounts of
amounts
Related amounts not set-off on
subject to
Net amounts
recognized
offset on the
the consolidated balance sheet
enforceable
presented on
financial
consolidated
Net
Financial
Collateral
Net
netting
the consolidated
$ millions, as at October 31
instruments
balance sheet
(1)
amounts
instruments
(2)
received
(3)
amounts
agreements
(4)
balance sheet
2024 Financial assets
Derivatives
$
29,965
$
(40) $
29,925
$ (21,777) $
(4,394) $
3,754
$ 6,510
$
36,435
Cash collateral on securities borrowed
17,028
\u2013
17,028
\u2013
(14,432)
2,596
\u2013
17,028
Securities purchased under resale
agreements
86,497
(2,776)
83,721
\u2013
(80,010)
3,711
\u2013
83,721
$ 133,490
$ (2,816) $ 130,674
$ (21,777) $
(98,836) $ 10,061
$ 6,510
$ 137,184
Financial liabilities
Derivatives
$
35,361
$
(40) $
35,321
$ (21,777) $
(7,842) $
5,702
$ 5,333
$
40,654
Cash collateral on securities lent
7,997
\u2013
7,997
\u2013
(5,169)
2,828
\u2013
7,997
Obligations related to securities sold
under repurchase agreements
112,929
(2,776)
110,153
\u2013
(109,368)
785
\u2013
110,153
$ 156,287
$ (2,816) $ 153,471
$ (21,777) $ (122,379) $
9,315
$ 5,333
$ 158,804
2023
Financial assets
Derivatives
$
30,610
$
(49) $
30,561
$ (21,787) $
(2,184) $
6,590
$ 2,682
$
33,243
Cash collateral on securities borrowed
14,651
\u2013
14,651
\u2013
(13,236)
1,415
\u2013
14,651
Securities purchased under resale
agreements
83,454
(3,270)
80,184
\u2013
(75,851)
4,333
\u2013
80,184
$ 128,715
$ (3,319) $ 125,396
$ (21,787) $
(91,271) $ 12,338
$ 2,682
$ 128,078
Financial liabilities
Derivatives
$
38,349
$
(49) $
38,300
$ (21,787) $
(7,367) $
9,146
$ 2,990
$
41,290
Cash collateral on securities lent
8,081
\u2013
8,081
\u2013
(7,182)
899
\u2013
8,081
Obligations related to securities sold
under repurchase agreements
90,388
(3,270)
87,118
\u2013
(86,645)
473
\u2013
87,118
$ 136,818
$ (3,319) $ 133,499
$ (21,787) $ (101,194) $ 10,518
$ 2,990
$ 136,489
(1)
Comprises amounts related to financial instruments which qualify for offsetting. This amount excludes derivatives which are settled-to-market (STM) as STM derivatives are
settled on a daily basis, resulting in derecognition, rather than offsetting, of the related amounts.
(2)
Comprises amounts subject to set-off under enforceable netting agreements, such as ISDA agreements, derivative exchange or clearing counterparty agreements, global
master repurchase agreements, and global master securities lending agreements. Under such arrangements, all outstanding transactions governed by the relevant
agreement can be offset if an event of default or other predetermined event occurs.
(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 exchange-traded derivatives and derivatives which are STM.
The offsetting and collateral arrangements discussed above and other credit risk mitigation strategies used by CIBC are further explained in the
\u201cCredit risk\u201d section of the MD&A. Certain amounts of securities received as collateral are restricted from being sold or re-pledged.", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00469": { "value": "Note 28
Interest income and expense
The table below provides the consolidated interest income and expense by accounting category.
\n \n
Interest
Interest
$ millions, for the year ended October 31
income
expense
2024
Measured at amortized cost
(1)(2)
$
44,748
$
36,253
Debt securities measured at FVOCI
(1)
3,709
n/a
Other
(3)
3,728
2,237
Total
$
52,185
$
38,490
2023
Measured at amortized cost
(1)(2)
$
39,705
$
30,712
Debt securities measured at FVOCI
(1)
2,808
n/a
Other
(3)
2,506
1,482
Total
$
45,019
$
32,194
(1)
Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate
method.
(2)
Includes interest income 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00470": { "value": "Note 28
Interest income and expense
The table below provides the consolidated interest income and expense by accounting category.
\n \n
Interest
Interest
$ millions, for the year ended October 31
income
expense
2024
Measured at amortized cost
(1)(2)
$
44,748
$
36,253
Debt securities measured at FVOCI
(1)
3,709
n/a
Other
(3)
3,728
2,237
Total
$
52,185
$
38,490
2023
Measured at amortized cost
(1)(2)
$
39,705
$
30,712
Debt securities measured at FVOCI
(1)
2,808
n/a
Other
(3)
2,506
1,482
Total
$
45,019
$
32,194
(1)
Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate
method.
(2)
Includes interest income 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00471": { "value": "Note 28
Interest income and expense
The table below provides the consolidated interest income and expense by accounting category.
\n \n
Interest
Interest
$ millions, for the year ended October 31
income
expense
2024
Measured at amortized cost
(1)(2)
$
44,748
$
36,253
Debt securities measured at FVOCI
(1)
3,709
n/a
Other
(3)
3,728
2,237
Total
$
52,185
$
38,490
2023
Measured at amortized cost
(1)(2)
$
39,705
$
30,712
Debt securities measured at FVOCI
(1)
2,808
n/a
Other
(3)
2,506
1,482
Total
$
45,019
$
32,194
(1)
Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate
method.
(2)
Includes interest income 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00472": { "value": "Note 29
Segmented and geographic information
CIBC has four SBUs \u2013 Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial
Banking and Wealth Management, and Capital Markets and Direct Financial Services. These SBUs are supported by Corporate and Other.
Canadian Personal and Business Banking provides personal and business clients across Canada with financial advice, services and solutions
through banking centres, as well as mobile and online channels, to help make their ambitions a reality.
Canadian Commercial Banking and Wealth Management provides high-touch, relationship-oriented banking and wealth management services
to middle-market companies, entrepreneurs, high-net-worth individuals and families across Canada, as well as asset management services to
institutional investors.
U.S. Commercial Banking and Wealth Management provides tailored, relationship-oriented banking and wealth management solutions across
the U.S., focusing on middle-market and mid-corporate companies, entrepreneurs, high-net-worth individuals and families, as well as operating
personal and small business banking services in six U.S. markets.
Capital Markets and Direct Financial Services provides integrated global markets products and services, investment banking and corporate
banking solutions, and top-ranked research to our clients around the world, and leverages CIBC\u2019s digital capabilities to provide a cohesive set of
direct banking, direct investing and innovative multi-currency payment solutions for CIBC\u2019s clients.
Corporate and Other includes the following functional groups \u2013 Technology, Infrastructure and Innovation, Risk Management, People, Culture
and Brand, and Finance, as well as other support groups. The expenses of these functional and support groups are generally allocated to the
business lines within the SBUs. Corporate and Other also includes the results of CIBC Caribbean and other portfolio investments, as well as other
income statement and balance sheet items not directly attributable to the business lines.
Effective for the first quarter of 2025, our Simplii Financial direct banking business will be realigned with Canadian Personal and Business
Banking and our Investor\u2019s Edge direct investing business will be realigned with Canadian Commercial Banking and Wealth Management. Both
lines of business are included in the 2024 and 2023 financial results for Capital Markets and Direct Financial Services reported below.
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. 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\u2019s risk
framework and limits. Capital is attributed to the SBUs based on the estimated amount of regulatory capital required to support their businesses,
which 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.
We review our transfer pricing methodologies on an ongoing basis to ensure they reflect changing market environments and industry
practices.
We use a Product Owner/Customer Segment/Distributor Channel allocation management model to measure and report the results of
operations of various lines of business within our SBUs. The model uses certain estimates and methodologies to process internal transfers between
the impacted lines of business for sales, renewals and trailer commissions as well as certain attributable costs. 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.
Results by reporting segments and geographic areas
\n \n
Canadian
U.S.
Capital
Canadian
Commercial
Commercial
Markets
Personal
Banking
Banking
and Direct
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Other
$ millions, for the year ended October 31
Banking
(1)
Management
Management
Services
and Other
Total
Canada
(1)(2)
U.S.
(2)
Caribbean
(2)
countries
(2)
2024 Net interest income
(3)
$
7,906
$
2,056
$
1,906 $
1,165 $
662
$
13,695
$
9,095
$
2,569
$
1,865
$
166
Non-interest income
(4)(5)
2,335
3,674
899
4,639
364
11,911
8,249
2,265
626
771
Total revenue
10,241
5,730
2,805
5,804
1,026
25,606
17,344
4,834
2,491
937
Provision for credit losses
1,203
122
560
115
1
2,001
1,375
623
1
2
Amortization and impairment
(6)
229
2
98
9
832
1,170
956
130
64
20
Other non-interest expenses
5,131
2,939
1,603
2,958
638
13,269
10,108
2,259
607
295
Income (loss) before income
taxes
3,678
2,667
544
2,722
(445)
9,166
4,905
1,822
1,819
620
Income taxes
(3)
1,008
729
43
734
(502)
2,012
1,284
422
125
181
Net income
$
2,670
$
1,938
$
501 $
1,988 $
57
$
7,154
$
3,621
$
1,400
$
1,694
$
439
Net income attributable to:
Non-controlling interests
$
\u2013
$
\u2013
$
\u2013 $
\u2013 $
39
$
39
$
\u2013
$
\u2013
$
39
$
\u2013
Equity shareholders
2,670
1,938
501
1,988
18
7,115
3,621
1,400
1,655
439
Average assets
(7)(8)
$ 324,458
$ 94,474
$ 60,820 $ 325,711 $ 199,670
$ 1,005,133
$ 750,500
$ 177,688
$ 52,862
$ 24,083
2023 Net interest income
(3)
$
7,247
$
1,812
$
1,889 $
1,942 $
(65) $
12,825
$
8,929
$
2,287
$
1,475
$
134
Non-interest income
(4)(5)
2,169
3,591
803
3,546
398
10,507
7,476
1,877
582
572
Total revenue
9,416
5,403
2,692
5,488
333
23,332
16,405
4,164
2,057
706
Provision for (reversal of)
credit losses
986
143
850
19
12
2,010
1,146
853
12
(1)
Amortization and impairment
(6)
237
2
115
7
782
1,143
890
144
89
20
Other non-interest expenses
4,937
2,689
1,351
2,714
1,515
13,206
10,411
1,920
622
253
Income (loss) before income
taxes
3,256
2,569
376
2,748
(1,976)
6,973
3,958
1,247
1,334
434
Income taxes
(3)
892
691
(3)
762
(408)
1,934
1,361
328
125
120
Net income (loss)
$
2,364
$
1,878
$
379 $
1,986 $
(1,568) $
5,039
$
2,597
$
919
$
1,209
$
314
Net income (loss) attributable to:
Non-controlling interests
$
\u2013
$
\u2013
$
\u2013 $
\u2013 $
38
$
38
$
\u2013
$
\u2013
$
38
$
\u2013
Equity shareholders
2,364
1,878
379
1,986
(1,606)
5,001
2,597
919
1,171
314
Average assets
(7)(8)
$ 319,787
$ 91,630
$ 60,637 $ 287,564 $ 188,503
$
948,121
$ 715,540
$ 163,478
$ 45,782
$ 23,321
(1)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(2)
Net income and average assets are allocated based on the geographic location where they are recorded.
(3)
Capital Markets and Direct Financial Services net interest income and income taxes include taxable equivalent basis (TEB) adjustments of $16 million (2023: $254 million)
with an equivalent offset in Corporate and Other.
(4)
The fee and commission income within non-interest income consists primarily of underwriting and advisory fees, deposit and payment fees, credit fees, card fees,
investment management and custodial fees, mutual fund fees and commissions on securities transactions. Underwriting and advisory fees are earned primarily in Capital
Markets and Direct Financial Services with the remainder earned in Canadian Commercial Banking and Wealth Management. Deposit and payment fees are earned
primarily in Canadian Personal and Business Banking, with the remainder earned mainly in Canadian Commercial Banking and Wealth Management, Capital Markets and
Direct Financial Services, and Corporate and Other. Credit fees are earned primarily in Canadian Commercial Banking and Wealth Management, Capital Markets and
Direct Financial Services, and U.S. Commercial Banking and Wealth Management. Card fees are earned primarily in Canadian Personal and Business Banking, with the
remainder earned mainly in Corporate and Other. Investment management and custodial fees are earned primarily in Canadian Commercial Banking and Wealth
Management and U.S. Commercial Banking and Wealth Management, with the remainder earned mainly in Corporate and Other. Mutual fund fees are earned primarily in
Canadian Commercial Banking and Wealth Management and U.S. Commercial Banking and Wealth Management. Commissions on securities transactions are earned
primarily in Capital Markets and Direct Financial Services, and Canadian Commercial Banking and Wealth Management.
(5)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel
allocation management model.
(6)
Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill.
(7)
Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management.
(8)
Average balances are calculated as a weighted average of daily closing balances.
The following table provides a breakdown of revenue from our reporting segments:
\n \n
$ millions, for the year ended October 31
2024
2023
Canadian Personal and Business Banking
$
10,241
$
9,416
(1)
Canadian Commercial Banking and Wealth Management
Commercial banking
$
2,465
$
2,501
Wealth management
3,265
2,902
$
5,730
$
5,403
U.S. Commercial Banking and Wealth Management
Commercial banking
$
1,956
$
1,786
Wealth management
849
906
$
2,805
$
2,692
Capital Markets and Direct Financial Services
(2)
Global markets
$
2,737
$
2,614
Corporate and investment banking
1,760
1,637
Direct financial services
1,307
1,237
$
5,804
$
5,488
Corporate and Other
(2)
International banking
$
980
$
956
Other
46
(623)
$
1,026
$
333
(1)
Certain prior year information has been restated to reflect the adoption of IFRS 17. See Note 1 to the consolidated financial statements for additional details.
(2)
Capital Markets and Direct Financial Services revenue includes a TEB adjustment of $16 million (2023: $254 million) with an equivalent offset in Corporate and Other.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00404": { "value": "Canadian Imperial Bank of Commerce", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2IGI19DL77OX0HC3ZE78", "period": "2023-11-01T00:00:00/2024-11-01T00:00:00" } } } }