Canadian Personal & Commercial Banking - Financial Results
Commercial Real Estate
Commercial Real Estate (CRE) portfolio at $66.7B represents
10% of total bank GL&A
Portfolio is well diversified across businesses, property types
and geographies
Well managed with consistent and conservative
underwriting standards resulting in strong credit quality;
investment grade (58%), with low watchlist (2%) and
impaired (0.3%)
Strong performance: CRE average impaired PCL over the last
decade nil vs. 12 bps for the Business & Government
portfolio
CRE diversification by property type ($B)5
Ontario 20%
CRE by Geography²
British Columbia 14%
Canada &
Others
51%
Quebec 7%
Alberta 5%
Nova Scotia 3%
$66.7B
Other Canada 3%
Other U.S. 20%
U.S.
49%
California 13%
Texas 5%
Arizona 2%
New York 3%
Florida 2%
Illinois 3%
Canada &
Property Type
U.S.
Total
Others
Multi-Residential
10.6
7.5
18.1
Industrial
5.9
6.1
12.0
Single Family Residence
6.0
1.8
7.8
Office1
2.2
5.4
7.6
Medical
Retail
Office
3.1
4.1
7.2
13%
Hospitality, Healthcare & Diversified REITS
0.7
3.5
4.2
Mixed Use
3.1
0.3
3.4
$7.6B
Other³
2.5
3.9
6.4
Total Commercial Real Estate
34.2
32.5
66.7
REIT
12%
Total Gross Loans & Acceptances
379.7
264.2
643.9
1 GL&A in Office has been revised to better align with the sub-property type within the CRE portfolio
2 Based on the location of the collateral or the borrower for REITS
3 Other includes Commercial Real Estate loans for self-storage, parking, marinas, and other minor sub-categories
4 Other U.S. and Other Canada includes geographies that are each less than 2% of the total CRE GL&A
5 Totals may not add due to rounding
BMOM
Traditional Office
Top 5 Cities
Urban
33%
GL&A
Cities
($B)
Los Angeles, CA
0.40
Bellevue, WA
0.25
New York, NY
0.19
Chicago, IL
0.17
Suburban
42%
Vancouver, BC
0.16
Risk Review August 29, 2023
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