Canadian Imperial Bank Of Commerce · TSX:CM
Canadian Imperial Bank Of Commerce — Debt Investor Presentation (June 2025)
70 slides from Canadian Imperial Bank Of Commerce's debt investor presentation, June 2025
Slide 1: CIBC Investor Presentation
CIBC Investor Presentation June 2025 All amounts are in Canadian dollars unless otherwise indicated.
Slide 2: Disclaimer
Disclaimer The material that follows is a presentation (the "Presentation") of general background information about Canadian Imperial Bank of Commerce ("CIBC") and its covered bond Program (the "Program") as of the date of this document. It is information in summary form and does not purport to be c
Slide 3: Disclaimer (continued)
Disclaimer (continued) The Securities and the Covered Bond Guarantee (as described herein) have not been and will not be registered under the Securities Act and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (as defined in Regulation S) except
Slide 4: Disclaimer (continued)
Disclaimer (continued) The Guarantor is not a bank nor an authorised deposit taking institution authorised to carry on banking business under the Australian Banking Act and it is not supervised by the Australian Prudential Regulation Authority. The Guarantor is not registered as a foreign company or
Slide 5: Forward-Looking Statements
Forward-Looking Statements A NOTE ABOUT FORWARD-LOOKING STATEMENTS: From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this investor presentation, in other filings with Canadian securities regulators or the SEC and in oth
Slide 6: Table of Contents
Table of Contents 1 CIBC Overview - 6 2 CIBC Credit Portfolio and Performance - 14 3 Canadian Economy - 24 4 Debt Programs Overview – 33 5 Appendix - 41 First Quarter, 2024 5
Slide 7: CIBC Overview
CIBC Overview CIBC®
Slide 8: A Leading, Well-Diversified North American Financial Institution
A Leading, Well-Diversified North American Financial Institution 1867 14MM 1867 1867 49K $28B 1867 1867 13.9% 42% 1867 13.4% 1867 FOUNDED CLIENTS FOUNDED FOUNDED 1 EMPLOYEES REVENUE FOUNDED ROE3 FOUNDED TSR4 FOUNDED CET1 RATIO5 FOUNDED (LTM)2 (LTM)2 (1-YR) (Q2/25) DIVERSIFIED EARNINGS MIX STRONG CRE
Slide 9: Our Strategic Priorities
Our Strategic Priorities A modern, relationship-oriented bank that generates value for all stakeholders Growing Our Mass Affluent Expanding Our Digital-First Delivering Connectivity and Enabling, Simplifying & & Private Wealth Franchise Personal Banking Capabilities Differentiation to Our Clients Pr
Slide 10: Our Strategy Is Aligned With Our Capital Deployment Priorities
Our Strategy Is Aligned With Our Capital Deployment Priorities CAPITAL DEPLOYMENT Organic Growth F20 – F241 • Remains our top priority • Strong marginal ROEs $10B 2 • Minimizes unproductive goodwill (32%) Dividend Payout • 40-50% target payout ratio4 • Maintained or increased dividend every quarter
Slide 11: Delivering Value For Shareholders By Driving Sustainable Growth And Profitability
Delivering Value For Shareholders By Driving Sustainable Growth And Profitability1 Revenue ($B) Non-Interest Expense ($B) 28 28 15 15 26 26 14 14 14 23 23 13 22 22 13 12 20 20 11 12 11 19 19 11 2020 2021 2022 2023 2024 LTM 2020 2021 2022 2023 2024 LTM Diluted EPS2 ($) Return on Common Shareholders’
Slide 12: Underpinned By Our Balance Sheet Strength And Prudent Risk Management
Underpinned By Our Balance Sheet Strength And Prudent Risk Management CET1 Ratio1 Total Allowance Coverage Ratio2 13.3% 13.4% 0.89% 12.4% 12.4% 0.76% 0.77% 0.73% 12.1% 0.64% 0.62% 11.7% 2020 2021 2022 2023 2024 Q2/25 2020 2021 2022 2023 2024 Q2/25 Liquidity Coverage Ratio1 Impaired PCL Ratio3 (bps)
Slide 13: Q2/25 Overview – Strong Results Underpinned By Our Client-Focused Strategy
Q2/25 Overview – Strong Results Underpinned By Our Client-Focused Strategy and Financial Strength FI NAN CIAL RE SU LTS CREDIT STRENGTH Diluted EPS ROE4 Revenue Allowance Coverage Ratio7 Total PCL Ratio6 Adjusted1,2 $2.05 | +17% YoY Adjusted2,5 13.9% | +50 bps YoY Adjusted2 $7.0B | +14% YoY Performi
Slide 14: Capital and Liquidity – Strong Balance Sheet Positioned For Uncertainty
Capital and Liquidity – Strong Balance Sheet Positioned For Uncertainty Capital Position $B Q2/24 Q1/25 Q2/25 • Balance sheet continues to remain well positioned to support organic growth Average Loans and Acceptances 1 540.4 564.7 568.4 1 • CET1 ratio of 13.4%, down 10 basis points from prior quart
Slide 15: CIBC Credit Portfolio and Performance
CIBC Credit Portfolio and Performance 14
Slide 16: Credit Portfolio Breakdown (as at Q2/25)
Credit Portfolio Breakdown (as at Q2/25) Tariff Impacted Exposure is Manageable Overall Loan Mix (Net Outstanding Loans and Acceptances) • Industries that may be impacted by tariffs are diversified Auto Lending 2% and represent only 4% of the total lending portfolio • Key industries include Agricult
Slide 17: PCL On Impaired Loans – Trending Down Relative To Peers
PCL On Impaired Loans1 – Trending Down Relative To Peers Total Bank ($MM, bps) Canadian Personal & Business Banking ($MM, bps) • Total bank impaired PCL trending down YoY and Peer Average outperforming the peer average loss rate. 34 bps 35 bps 41 bps 51 bps 42 bps • Canadian Personal & Business Bank
Slide 18: Credit Performance – Gross Impaired Loans
Credit Performance – Gross Impaired Loans Gross Impaired Loan Ratios Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 • Gross impaired loan ratio was flat QoQ, with an increase in consumer, offset by a decrease in business and government loans Canadian Residential Mortgages1 0.26% 0.36% 0.28% 0.31% 0.33% • GIL Ratio i
Slide 19: Allowance Coverage
Allowance Coverage Total allowance coverage ratio up slightly QoQ and YoY Total Allowance Coverage Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 • Total allowance is up 8% year to date Canadian Credit Cards 4.0% 4.1% 4.6% 4.9% 4.9% • Q2/25 Allowance increase is reflective of an unfavourable change in our overall Ca
Slide 20: Canadian Consumer Lending (as at Q2/25)
Canadian Consumer Lending (as at Q2/25) Net Write-offs: Balances (principal) • Overall consumer net write-offs increased QoQ, driven by seasonal lending behaviours in Cards credit cards and an environment with rising unemployment $21B • Mortgage losses continue to remain low, reflective of strong av
Slide 21: Canadian Real Estate Secured Personal Lending (as at Q2/25)
Canadian Real Estate Secured Personal Lending (as at Q2/25) Canadian Uninsured Mortgage Loan-To-Value1 Ratios 90+ Days Delinquency Rates3 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 55% 55% 53% 53% 52% Total Mortgages 0.26% 0.30% 0.28% 0.31% 0.33% 53% 53% Insured Mortgages 0.29% 0.33% 0.37% 0.39% 0.39% 52% 51% 52
Slide 22: Canadian Mortgages Renewal Profile – 3 Year Outlook
Canadian Mortgages Renewal Profile – 3 Year Outlook (as at Q2/25) • Mortgage renewal risk has been meaningfully reduced given the declining rate environment Current Balances by Renewal Year1 ($B) 86 84 Variable Rate Fixed Rate 25 36 • Using illustrative 4.0% and 4.5% 34 mortgage rates at time of ren
Slide 23: Business and Government Lending (as at Q2/25)
Business and Government Lending (as at Q2/25) Diversified Business & Government Portfolio Other Other Business & Government Portfolio is well Hardware and software 9% diversified by geography and industry 10% Manufacturing - consumer goods Real estate and construction 3% • ~50% Canada Transportation
Slide 24: Commercial Real Estate (as at Q2/25)
Commercial Real Estate (as at Q2/25) • Canada represents 64% of total Canadian & U.S. real estate loans outstanding Multi-Family Portfolio Metrics • Gross impaired loans as a percentage of total Canadian & U.S. real estate is 1.06% Canada US Total outstanding ($B) C$11.9 US$5.4 • Overall, while the
Slide 25: Canadian Economy
Canadian Economy CIBC® 24
Slide 26: Snapshot Of The Canadian Economy
Snapshot Of The Canadian Economy Canada’s GDP by Province / Territory1 (%) Canada: Key Facts Population2 41.5 MM GDP (Market Prices)3 CAD $3,134 BN YT 0.2% GDP per capita4 CAD $75,595 NU Labour Force5 22.5 MM NT 0.2% 0.2% Provinces / Territories 10 / 3 NL Best business 1.3% Economist Intelligence Un
Slide 27: Canadian Economic Indicators Demonstrate Resilience And Performance
Canadian Economic Indicators Demonstrate Resilience And Performance • Canadian unemployment increased to 6.9% in April, up from March’s rate of 6.7% • Canadian headline consumer price inflation in April was 1.7% year over year, following an increase of 2.3% in March. • Excluding energy, annual price
Slide 28: Canadian Economic Indicators Demonstrate Resilience And Performance
Canadian Economic Indicators Demonstrate Resilience And Performance • Well diversified services-driven economy, with several key industries including finance, manufacturing, services and real estate • Following the 2007-2008 global recession, diversification had been a stabilizing factor and has led
Slide 29: Tariff Overview: U.S. - Canada Trade Balances
Tariff Overview: U.S. - Canada Trade Balances • Canada and the U.S. share the largest bilateral trading relationship in the world. Nearly US$2.5 billion worth of goods and services crosses the Can-U.S. border each day • In 2023, the U.S. merchandise trade deficit with Canada was US$64.3 billion and
Slide 30: Tariff Overview: U.S. - Canada Trade Balances
Tariff Overview: U.S. - Canada Trade Balances • About 70% of U.S. imports from Canada are used in the manufacturing of other goods • 36 states have Canada as their top export market U.S. Imports from Canada by Product Use (2023)1 States with Canada as their top Export Market (2023)1 Other Goods 10.0
Slide 31: Economic Outlook
Economic Outlook1 Canada United States (U.S.) Economic Indicators (%)2,3 2024A2 2025F2 2026F2 2024A2 2025F2 2026F2 Real GDP Growth 1.5 1.0 2.0 2.8 1.7 2.1 Inflation 2.4 2.7 1.6 2.9 3.0 2.6 Unemployment Rate 6.4 6.9 6.2 4.0 4.4 4.3 June December December June December December Interest Rate Forecast
Slide 32: Mortgage Market Supported By Strong Fundamentals
Mortgage Market Supported By Strong Fundamentals Mortgage Arrears by Number of Mortgages1 Canadian mortgages consistently outperform U.S. and U.K. mortgages • Low defaults and arrears reflect the strong Canadian credit culture • Mortgage interest is generally not tax deductible, resulting in an ince
Slide 33: Canadian House Price Growth Has Normalized
Canadian House Price Growth Has Normalized Household Debt to Income Ratio4 • Absolute price level is moderate compared to major global urban centers • Canadian debt to income ratio in line with many developed nations • Growth rates of house prices in Canada have converged across regions Average Home
Slide 34: Debt Programs Overview
Debt Programs Overview CIBC® 33
Slide 35: High-Quality, Client-Driven Balance Sheet (as at Q2/25)
High-Quality, Client-Driven Balance Sheet (as at Q2/25)1 Assets Liabilities & Equity $1,090B Cash & Repos Unsecured 129% Funding 31% 39% Coverage Wholesale-sourced Funding Liquid Assets (Liquid Assets / Trading & Wholesale Funding) Secured Funding4 Investment Securities Personal Deposits Residential
Slide 36: Diversified Liquidity And Funding Positions Well Above Regulatory Requirements
Diversified Liquidity And Funding Positions Continue To Be Well Above Regulatory Requirements • Liquidity and funding position continue to remain well-above regulatory requirements • Client deposits are the primary source of funding, comprising over $500B of the total funding base • Funding strategy
Slide 37: CIBC Wholesale Funding Strategy And Sources
CIBC Wholesale Funding Strategy And Sources Funding Strategy • CIBC’s funding strategy includes access to funding through retail deposits and wholesale funding and deposits • CIBC updates its three-year funding plan on at least a quarterly basis • The wholesale funding strategy is to develop and mai
Slide 38: Diversification Is Key To A Stable Wholesale Funding Profile
Diversification Is Key To A Stable Wholesale Funding Profile Wholesale Funding Diversification Geography Instrument • Well diversified across products, currencies, investor segments and geographic regions • Regular issuance to promote investor engagement and secondary market liquidity • Well balance
Slide 39: Wholesale Funding Geography
Wholesale Funding Geography CAD 50.5 BN EUR 14.0 BN, CHF 2.4 BN, GBP 6.7 BN, NOK: 4.4 BN ▪ Canada Mortgage Bonds ▪ Covered Bonds JPY 73.0 BN ▪ Credit Cards Securitization ▪ Medium Term Notes ▪ Medium Term Notes ▪ Medium Term Notes ▪ Certificates of Deposit ▪ Canadian Dollar Deposits ▪ Secured Lines
Slide 40: Debt Programs Summary
Debt Programs Summary Outperformed most G7 economies as measured by long term GDP growth rate during 2014-20231 Canada • Strong diversified stable economy • Aaa/AAA/AA+/AAA (Moody’s/S&P/Fitch/DBRS) Well capitalized top 5 Canadian Bank with CET1, Tier 1 and total capital ratios of 13.4%, 15.2% and 17
Slide 41: Contacts
Contacts WOJTEK NIEBRZYDOWSKI, VICE PRESIDENT GEOFF WEISS, SENIOR VICE PRESIDENT GLOBAL TERM FUNDING INVESTOR RELATIONS Email: Wojtek.Niebrzydowski@CIBC.com Email: Geoffrey.Weiss@cibc.com Phone: +1 (416) 956-6748 Phone: +1 (416) 980-5093 First Quarter, 2024 40
Slide 42: Appendix
Appendix CIBCO
Slide 43: Legislative Covered Bond Program Summary
Legislative Covered Bond Program Summary Program Size CAD 60,000,000,000 Ratings Aaa / AAA by Moody’s / Fitch Asset Percentage Currently at 93.0% Currency Most Convertible Currencies Guarantor CIBC Covered Bond (Legislative) Guarantor Limited Partnership Listing Luxembourg Law Canadian Legislative F
Slide 44: Covered Bond Structure
Covered Bond Structure1 • In April 2012, the Canadian government introduced CIBC Interest Rate Swap legislation which provides a framework for the Provider issuance of covered bonds by Canadian financial institutions Consideration CIBC Seller • In July 2012, the National Housing Act was Loans and CI
Slide 45: Cover Pool
Cover Pool Summary Statistics (April 30, 2025)1 Current Collateral Pool Canadian uninsured residential mortgages Asset Percentage Requirement 93.00% Current Balance CAD 46,479,829,836 Outstanding Covered Bonds CAD Eq.39,773,221,500 Number of Loans 145,583 Average Balance CAD 319,267 Weighted Ave Ori
Slide 46: Cover Pool (April 2025)
Cover Pool (April 2025) Remaining Term Geographic Distribution Current Indexed Loan to Value Property Type Condominium, 17.03% Detached, 66 . 20% Townhouse, 5.69% Semi Detached, 5.94% Other, 0.50%. Multi- Residential, % of current loan balance 4.64% First Quarter, 2024 45
Slide 47: Canadian Uninsured Residential Mortgages (as at Q2/25)
Canadian Uninsured Residential Mortgages (as at Q2/25) Credit bureau score1 and LTV2 distributions remain healthy Credit Bureau Score1 Distribution 64% 57% 59% 57% 19% 17% 18% 19% 13% 11% 12% 13% 5% 4% 5% 5% 6% 4% 6% 6% ≤650 651-700 701-750 751-800 >800 Canada Total GVA3 GTA 3 Canada Variable Rate L
Slide 48: Canadian Mortgage Market Default Insurance
Canadian Mortgage Market Beneficial Mortgage Regulation in Canada • Under the Bank Act, banks can only advance uninsured mortgages up to an LTV ratio of 80% • Borrowers have to purchase default insurance if the mortgage has an LTV > 80% Default • Insurance covers the entire outstanding principal amo
Slide 49: Canadian Mortgage Market Regulatory Developments
Canadian Mortgage Market Regulatory Developments1 • Updated Guideline B-20 • Second home mortgage – Residential Mortgage • Max. amortization reduced to insurance no longer Underwriting Practices 35 yrs. from 40 • Reduce max. amortization available and Procedures in • Set min. down payment to 5% to 3
Slide 50: Canadian Mortgage Market Regulatory Developments (continued)
Canadian Mortgage Market Regulatory Developments (continued)1 • Temporary expansion of portfolio insurance Effective October 25, 2022, the Non-Resident eligibility criteria to allow the following for loans Speculation Tax (NRST) rate was increased to funded before March 20th, 2020: 25 per cent. This
Slide 51: Canadian Bail-In Regime Update
Canadian Bail-In Regime Update On April 18, 2018, Department of Finance published the bail-in regulations, and OSFI finalized the guidelines on Total Loss Absorbing Capacity (TLAC) and TLAC holdings. Department of Finance’s bank recapitalization (bail-in) conversion regulations • Provide statutory p
Slide 52: Canadian Bail-In Regime – Comparison To Other Jurisdictions
Canadian Bail-In Regime – Comparison To Other Jurisdictions Bail-in implementation in other jurisdictions has increased the riskiness of bail-inable bonds vs. non-bail-inable bonds: • Legislative changes prohibit bail-outs, increasing the probability that bail-in will be relied on • The hierarchy of
Slide 53: How Bail-In Is Expected To Work
How Bail-In Is Expected To Work When OSFI deems a bank has ceased to or may be about to cease to continue to be viable, it may trigger temporary takeover of the bank and carry out the bail-in conversion of NVCC capital and bail-in debt to common equity. ▪ There are no write-down provisions in the fr
Slide 54: Loss Absorption Waterfall
How Bail-In Is Expected To Work Liquidation Scenario Liquidation Resolution Bail-in debt ranks pari passu with all other senior Securitizations, Covered Bonds Securitizations, Covered Bonds unsecured liabilities. Legacy Senior Debt Structured Notes Legacy Senior Debt Derivatives Structured Notes Dep
Slide 55: Comparison Of Canadian And European Hierarchies In Bail-In Resolution
Comparison Of Canadian And European Hierarchies In Bail-In Resolution1 European norm Canada Bank Recapitalization (Bail-in) Regulations Common Equity Tier 1 Common Equity Tier 1 Loss absorption Loss absorption waterfall waterfall Preferred Shares/ AT1 (PONV) Additional Tier 1 Layers of bail-inable T
Slide 56: OSFI Non-Viability Criteria
Office Of The Superintendent Of Financial Institutions (OSFI) Non-Viability Criteria In assessing whether an institution has ceased, or is about to cease, to be viable, the following criteria can be considered, which may be mutually exclusive and should not be viewed as an exhaustive list1. Whether
Slide 57: Domestic Stability Buffer
Domestic Stability Buffer Background • Canadian Domestic Systemically Important Banks (D-SIBs) are required to hold Pillar 2 capital buffer that is privately communicated to each bank, to address risks that are inadequately captured by the Pillar 1 minimum capital requirements • D-SIBs are subject t
Slide 58: Outstanding Covered Issuances
Outstanding Covered Issuances Series Currency Issued Issue Date1 Maturity Date2 Coupon Rate Issue Spread1 CBL9 CHF 350,000,000 22-Dec-15 22-Dec-25 0.1250% MS + 0% CBL22 EUR 1,000,000,000 09-Jul-19 09-Jul-27 0.0400% MS + 0.09% CBL26 CHF 100,000,000 09-Apr-20 09-Oct-28 0.1412% MS + 0.40% CBL32 EUR 1,0
Slide 59: Outstanding Covered Issuances (continued)
Outstanding Covered Issuances (continued) Series Currency Issued Issue Date1 Maturity Date2 Coupon Rate Issue Spread1 CBL53 USD 500,000,000 16-Aug-23 28-Sep-26 SOFR + 0.72% SOFR + 0.68% CBL54 NOK 2,500,000,000 14-Sep-23 14-Sep-33 4.640% NOK MS + 0.52% CBL55 EUR 1,250,000,000 01-Oct-24 01-Oct-29 2.62
Slide 60: Selected Outstanding TLAC Senior
Selected Outstanding TLAC Senior1 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread XS2056446524 EMTN GBP 300,000,000 25-Sep-19 25-Sep-25 1.625% 1.30% CH0498400578 EMTN CHF 350,000,000 15-Oct-19 15-Oct-26 0.050% 0.66% CA13607GRU09 CAD 1,250,000,000 19-Jan-21 19-Jan-26
Slide 61: Selected Outstanding TLAC Senior (continued)
Selected Outstanding TLAC Senior (continued)1 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread US13607LWU33 SEC USD 350,000,000 02-Oct-23 02-Oct-26 SOFR + 1.22% SOFR + 1.22% US13607LWT69 SEC USD 850,000,000 02-Oct-23 02-Oct-26 5.926% T + 1.100% US13607LWV16 SEC USD 70
Slide 62: Selected Outstanding TLAC Senior (continued)
Selected Outstanding TLAC Senior (continued)1 ISIN Programme Currency Issued Issue Date Maturity Date Coupon Rate Issue Spread US13607PVP60 SEC USD 1,000,000,000 06-Jan-25 13-Jan-27 4.862% T + 0.60% US13607PVR27 SEC USD 400,000,000 06-Jan-25 13-Jan-27 SOFR + 0.72% SOFR + 0.72% US13607PVQ44 SEC USD 9
Slide 63: Endnotes
Endnotes Slide 7 – A Leading, Well-Diversified North American Financial Institution 1. Global regular head count for CIBC. This excludes FCIB, temporary employees and contingent workers. 2. Last twelve months (LTM) results as of April 30, 2025 (Q2/25). 3. For additional information on the compositi
Slide 64: Endnotes
Endnotes Slide 12 – Q2/25 Overview – Strong Results Underpinned By Our Client-Focused Strategy and Financial Strength 1. See note 1 on slide 68. 2. Adjusted results are non-GAAP measures. See slide 67 for further details. 3. Pre-provision, pre-tax earnings (PPPT) is revenue net of non-interest expen
Slide 65: Endnotes
Endnotes Slide 21 – Canadian Mortgage Renewal Profile – 3 Year Outlook (as at Q2/25) 1. Excludes third party mortgages which were not originated by CIBC. 2. Includes remaining renewals only. 3. Based on average original qualification rate of all cohorts. Slide 23 – Commercial Real Estate (as at Q2/2
Slide 66: Endnotes
Endnotes Slide 32 – Canadian House Price Growth Has Normalized 1. Source: CREA, April 2025. 2. 1 USD = 1.3988 CAD. 3. Source: Teranet – National Bank House Price Index. 4. Source: OECD. Household debt ratios across countries can be significantly affected by different institutional arrangements, amon
Slide 67: Endnotes
Endnotes Slide 48 – Canadian Mortgage Market Regulatory Developments 1. Note: Burgundy arrowed and grey boxed items pertain to regulations related to Mortgage Default Insurance. 2. Even if borrowers choose a mortgage with a lower interest rate and shorter term. Slide 49 – Canadian Mortgage Market Re
Slide 68: Non-GAAP Measures
Non-GAAP Measures We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (IFRS), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comp
Slide 69: Glossary
Glossary Definition 1 Adjusted Diluted EPS We adjust our reported diluted EPS to remove the impact of items of note, net of income taxes, to calculate the adjusted EPS. We adjust our reported net income attributable to common shareholders to remove the impact of items of note, net of income taxes, t
Slide 70: Glossary
Glossary Definition 11 Total Allowance Coverage Ratio Total allowance for credit losses to gross carrying amount of loans. The gross carrying amount of loans include certain loans that are measured at FVTPL. 12 Impaired ACL to GIL Allowance for credit losses on impaired loans as a percentage of gros
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