The shift in our portfolio based on the location of security (see Figure 3) reflected strong execution on our strategic growth objectives across our geographic footprint. Very strong growth in the Ontario market, supported by strong momentum from our Mississauga and newly opened Markham banking centres, increased the proportion of loans to 24% at October 31, 2022, compared to 23% last year.
Figure 3 - Geographical Distribution of Outstanding Loans based on Location of Security (October 31, 2021 in brackets)
The loan portfolio is focused on areas of demonstrated lending expertise, while concentrations measured by geographic area and industry sector are managed within specified tolerance levels. The portfolio is well-diversified, including a mix of business and personal loans, with significantly increased geographic and industry diversification delivered over the past several years.
Table 11 - Outstanding Loans by Industry Sector (1) (% at October 31)
2022
2021
Real estate operations
21 %
21 %
Consumer loans and residential mortgages
19 18
19 18
Construction
Finance and insurance
9 7 5 3 3 2 2 2 2 1 1 1 1 1 2
8 7 5 4 3 2 2 2 1 1 1 1 1 1 3
Transportation and storage
Hotel/motel
Retail trade
Health and social services
Agriculture
Manufacturing
Professional, scientific and technical services
Oil and gas service
Oil and gas production
Accommodation and food services
Logging/forestry Wholesale trade
Utilities
All other
Total
100 %
100 %
(1) Based on North American Industry Classification System (NAICS) codes.
CWB Financial Group 2022 Annual Report | 29
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