At CIBC, update to loan-loss model lifts credit provisions 38%
Darker economic outlook justified a shift in ECL model weightings
Changes to its expected credit loss (ECL) model contributed to a C$111 million ($84 million) increase in provisions at Canadian Imperial Bank of Commerce in the three months to end-October.
Provisions for credit losses totalled C$402 million as of end-October, up 38.1% on the three months prior and 52.3% on a year ago, their highest since CIBC adopted the IFRS 9 accounting standard in Q1 2018.
Quarter on quarter, provisions for credit losses (PCLs) increased percentage-wise the most for
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