TORONTO, May 26, 2022
/CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its
financial results for the second quarter ended April 30, 2022.
Second quarter highlights
|
Q2/22
|
Q2/21
|
Q1/22
|
YoY
Variance
|
QoQ
Variance
|
Reported Net
Income
|
$1,523
million
|
$1,651
million
|
$1,869
million
|
- 8%
|
- 19%
|
Adjusted Net Income
(1)
|
$1,652
million
|
$1,666
million
|
$1,894
million
|
- 1%
|
- 13%
|
Adjusted pre-provision,
pre-tax earnings(1)
|
$2,343
million
|
$2,196
million
|
$2,508
million
|
+7%
|
-7%
|
Reported Diluted
Earnings Per Share (EPS) (2)
|
$1.62
|
$1.78
|
$2.01
|
- 9%
|
- 19%
|
Adjusted Diluted
EPS (1)(2)
|
$1.77
|
$1.79
|
$2.04
|
- 1%
|
- 13%
|
Reported Return on
Common Shareholders' Equity (ROE) (3)
|
14.0%
|
17.1%
|
17.4%
|
|
Adjusted ROE
(1)(3)
|
15.2%
|
17.3%
|
17.6%
|
Common Equity Tier 1
(CET1) Ratio (3)
|
11.7%
|
12.4%
|
12.2%
|
"We delivered well-diversified growth across our bank in the second
quarter as we continued to invest to execute our client-focused
strategy and further build on our momentum," said Victor G. Dodig, President and CEO, CIBC.
"Across our bank, we are committed to creating enduring value for
all our stakeholders – clients, team members, communities and
shareholders and we're making clear progress on all fronts. We are
continuing to: invest to enhance client experience and attract and
deepen relationships; attract and retain top talent; generate high
quality returns for our shareholders; and, create positive change
for our communities. In this regard, as we continue to work closely
with our clients and all stakeholders in the transition to a
lower-carbon economy, in the quarter we furthered our commitment to
enabling a more sustainable future by announcing interim targets
for emissions reduction in our oil and gas portfolio. As we go
forward, we'll continue to take a purpose-led approach as we
navigate the evolving operating environment."
Results for the second quarter of 2022 were affected by the
following items of note aggregating to a negative impact of
$0.15 per share:
- $106 million ($77 million after-tax) in acquisition and
integration-related costs as well as purchase accounting
adjustments and provision for credit losses for performing
loans(4) associated with the acquisition of the Canadian
Costco credit card portfolio;
- $45 million ($33 million after-tax) increase in legal
provisions; and
- $24 million ($19 million after-tax) amortization of
acquisition-related intangible assets.
Our CET1 ratio(3) was 11.7% at April 30, 2022, compared with 12.2% at the end of
the prior quarter. CIBC's leverage ratio(3) at
April 30, 2022 was 4.2%.
CIBC announced an increase in its quarterly common share
dividend from $0.805 per share to
$0.830 per share for the quarter
ending July 31, 2022.
Core business performance
Canadian Personal and
Business Banking reported net income of $496 million for the second quarter, down
$107 million or 18% from the second
quarter a year ago, primarily due to a higher provision for credit
losses and higher expenses, partially offset by higher revenue.
Adjusted pre-provision, pre-tax earnings(1) were
$962 million, up $79 million from the second quarter a year ago,
mainly due to higher revenue driven by volume growth, including the
acquisition of the Canadian Costco credit card portfolio, and
higher fee income, partially offset by higher expenses. Expenses
were higher due to higher spending on strategic initiatives,
including the Canadian Costco credit card portfolio, a favourable
commodity tax adjustment in the prior year quarter and
employee-related compensation.
Canadian Commercial Banking and Wealth Management
reported net income of $480 million for the second quarter, up
$81 million or 20% from the second quarter a year ago,
primarily due to higher revenue, partially offset by higher
expenses and lower provision reversal. Adjusted pre-provision,
pre-tax earnings(1) were $648
million, up $121 million from
the second quarter a year ago, primarily due to strong volume
growth, higher fee revenue and higher product spreads in commercial
banking, while wealth management revenue benefitted from growth in
asset balances driven by market appreciation and net sales. Higher
expenses were primarily driven by performance-based compensation
reflecting favourable business results and higher spending on
strategic initiatives.
U.S. Commercial Banking and Wealth Management reported
net income of $180 million (US$142
million) for the second quarter, down $36 million (down
US$31 million) from the second
quarter a year ago, primarily due to higher provision for credit
losses and higher expenses, partially offset by higher revenue.
Adjusted pre-provision, pre-tax earnings(1) were
$288 million (US$228 million), up $9
million (up US$5 million) from
the second quarter a year ago due to higher revenue, primarily
driven by volume growth and higher fees, partially offset by higher
employee-related and performance-based compensation and business
development costs.
(1)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
(2)
|
CIBC completed a
two-for-one share split of CIBC common shares effective at the
close of business on May 13, 2022. All per common share amounts in
this news release reflect the Share Split.
|
(3)
|
Certain additional
disclosures for these specified financial measures have been
incorporated by reference and can be found in the "Non-GAAP
measures" section of our Report to Shareholders for the second
quarter of 2022 available on SEDAR at www.sedar.com.
|
(4)
|
Acquisition and
integration costs are comprised of incremental costs incurred as
part of planning for and executing the integration of the Canadian
Costco credit card portfolio, including enabling franchising
opportunities, the upgrade and conversion of systems and processes,
project delivery and communication costs. Purchase accounting
adjustments include the accretion of the acquisition date fair
value discount on the acquired Canadian Costco credit card
receivables. Provision for credit losses for performing loans
associated with the acquisition of the Canadian Costco credit card
portfolio include the stage 1 expected credit loss (ECL) allowance
established immediately after the acquisition date and the impact
of the migration of stage 1 accounts to stage 2 during the second
quarter of 2022.
|
Capital Markets reported net income of $540 million for the second quarter, up
$45 million or 9% from the second quarter a year ago,
primarily due to higher revenues, partially offset by higher
expenses. Adjusted pre-provision, pre-tax earnings(1)
were up $68 million or 10% from the
second quarter a year ago, due to higher revenue from our global
markets and direct financial services businesses, partially offset
by lower revenue in corporate and investment banking, and higher
expenses. Expenses were up due to continued higher spending on
strategic initiatives and higher employee-related compensation.
Credit quality
Provision for credit losses was
$303 million, up $271 million from the same quarter last year. The
current quarter included a provision for credit losses on
performing loans largely due to the acquisition of the Canadian
Costco credit card portfolio while the same quarter last year
included a provision reversal reflective of a favourable change in
our economic outlook. Provision for credit losses on impaired loans
was down mainly attributable to Canadian Personal and Business
Banking.
(1) This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section.
|
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 (International
Financial Reporting Standards), while other measures do not have a
standardized meaning under GAAP, and accordingly, these measures
may not be comparable to similar measures used by other companies.
Investors may find these non-GAAP measures, which include non-GAAP
financial measures and non-GAAP ratios as defined in National
Instrument 52-112 "Non-GAAP and Other Financial Measures
Disclosure", useful in understanding how management views
underlying business performance.
Management assesses results on a reported and adjusted basis and
considers both as useful measures of performance. Adjusted
measures, which include adjusted total revenue, adjusted provision
for credit losses, adjusted non-interest expenses, adjusted income
before income taxes, adjusted income taxes, adjusted net income and
adjusted pre-provision, pre-tax earnings, remove items of note from
reported results to calculate our adjusted results. Adjusted
measures represent non-GAAP measures.
Certain additional disclosures for these specified financial
measures have been incorporated by reference and can be found in
the "Non-GAAP measures" section of our Report to Shareholders for
the second quarter of 2022 available on SEDAR at www.sedar.com.
The following table
provides a reconciliation of GAAP (reported) results to non-GAAP
(adjusted) results on a segmented basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
Banking
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
and
Wealth
|
|
|
|
and
Business
|
and
Wealth
|
and
Wealth
|
Capital
|
Corporate
|
CIBC
|
|
Management
|
|
$ millions, for the
three months ended April 30, 2022
|
Banking
|
Management
|
Management
|
Markets
|
and
Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,143
|
$
|
1,303
|
$
|
591
|
$
|
1,316
|
$
|
23
|
$
|
5,376
|
|
$
|
467
|
|
Provision for (reversal
of) credit losses
|
|
273
|
|
(4)
|
|
55
|
|
(14)
|
|
(7)
|
|
303
|
|
|
43
|
|
Non-interest
expenses
|
|
1,197
|
|
655
|
|
320
|
|
592
|
|
350
|
|
3,114
|
|
|
253
|
|
Income (loss) before
income taxes
|
|
673
|
|
652
|
|
216
|
|
738
|
|
(320)
|
|
1,959
|
|
|
171
|
|
Income taxes
|
|
177
|
|
172
|
|
36
|
|
198
|
|
(147)
|
|
436
|
|
|
29
|
|
Net income
(loss)
|
|
496
|
|
480
|
|
180
|
|
540
|
|
(173)
|
|
1,523
|
|
|
142
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
496
|
|
480
|
|
180
|
|
540
|
|
(178)
|
|
1,518
|
|
|
142
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.62
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
$
|
(4)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(4)
|
|
$
|
-
|
|
Impact of items of
note on revenue
|
|
(4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
|
-
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
$
|
(94)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(94)
|
|
$
|
-
|
|
Impact of items of
note on provision for (reversal of) credit
losses
|
|
(94)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(94)
|
|
|
-
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
(4)
|
$
|
-
|
$
|
(17)
|
$
|
-
|
$
|
(3)
|
$
|
(24)
|
|
$
|
(14)
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
|
(16)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(16)
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(45)
|
|
(45)
|
|
|
-
|
|
Impact of items of
note on non-interest expenses
|
|
(20)
|
|
-
|
|
(17)
|
|
-
|
|
(48)
|
|
(85)
|
|
|
(14)
|
|
Total pre-tax impact
of items of note on net income
|
|
110
|
|
-
|
|
17
|
|
-
|
|
48
|
|
175
|
|
|
14
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
4
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans (3)
|
|
29
|
|
-
|
|
-
|
|
-
|
|
-
|
|
29
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
12
|
|
12
|
|
|
-
|
|
Impact of items of
note on income taxes
|
|
29
|
|
-
|
|
5
|
|
-
|
|
12
|
|
46
|
|
|
4
|
|
Total after-tax
impact of items of note on net income
|
|
81
|
|
-
|
|
12
|
|
-
|
|
36
|
|
129
|
|
|
10
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.15
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
2,139
|
$
|
1,303
|
$
|
591
|
$
|
1,316
|
$
|
23
|
$
|
5,372
|
|
$
|
467
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
179
|
|
(4)
|
|
55
|
|
(14)
|
|
(7)
|
|
209
|
|
|
43
|
|
Non-interest expenses –
adjusted
|
|
1,177
|
|
655
|
|
303
|
|
592
|
|
302
|
|
3,029
|
|
|
239
|
|
Income (loss) before
income taxes – adjusted
|
|
783
|
|
652
|
|
233
|
|
738
|
|
(272)
|
|
2,134
|
|
|
185
|
|
Income taxes –
adjusted
|
|
206
|
|
172
|
|
41
|
|
198
|
|
(135)
|
|
482
|
|
|
33
|
|
Net income (loss) –
adjusted
|
|
577
|
|
480
|
|
192
|
|
540
|
|
(137)
|
|
1,652
|
|
|
152
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
577
|
|
480
|
|
192
|
|
540
|
|
(142)
|
|
1,647
|
|
|
152
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
On April 7,
2022, CIBC shareholders approved a two-for-one share
split (Share Split) of CIBC's issued and outstanding
common shares. Each shareholder of record at the close of business
on May 6, 2022 (Record Date) received one additional share on May
13, 2022 (Payment Date) for every one share held on the Record
Date. All common share numbers and per common share amounts have
been adjusted to reflect the Share Split as if it was retroactively
applied to all periods presented.
|
(2)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
(3)
|
Acquisition and
integration costs are comprised of incremental costs incurred as
part of planning for and executing the integration of the
Canadian Costco credit card portfolio, including enabling
franchising opportunities, the upgrade and conversion of systems
and processes, project delivery and communication costs. Purchase
accounting adjustments include the accretion of the acquisition
date fair value discount on the acquired
Canadian Costco credit card receivables. Provision for
credit losses for performing loans associated with the acquisition
of the Canadian Costco credit card portfolio include the
stage 1 ECL allowance established immediately after the
acquisition date and the impact of the migration of stage 1
accounts to stage 2 during the second quarter of 2022.
|
(4)
|
Adjusted to exclude the
impact of items of note. Adjusted measures
are non-GAAP measures.
|
(5)
|
CIBC total results
excludes a taxable equivalent basis (TEB) adjustment of $53 million
(January 31, 2022: $59 million; April 30, 2021: $51 million) and
$112 million for the six months ended April 30, 2022 (April 30,
2021: $105 million). Our adjusted efficiency ratio and adjusted
operating leverage are calculated on a TEB.
|
The following table provides a reconciliation of GAAP (reported)
results to non-GAAP (adjusted) results on a segmented basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
Banking
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
and Wealth
|
|
|
|
and
Business
|
and Wealth
|
and Wealth
|
Capital
|
Corporate
|
CIBC
|
|
Management
|
|
$ millions, for the
three months ended January 31, 2022
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
Operating results – reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,183
|
$
|
1,297
|
$
|
609
|
$
|
1,304
|
$
|
105
|
$
|
5,498
|
|
$
|
479
|
|
Provision for (reversal
of) credit losses
|
|
98
|
|
(4)
|
|
28
|
|
(38)
|
|
(9)
|
|
75
|
|
|
22
|
|
Non-interest
expenses
|
|
1,152
|
|
673
|
|
318
|
|
596
|
|
284
|
|
3,023
|
|
|
250
|
|
Income (loss) before
income taxes
|
|
933
|
|
628
|
|
263
|
|
746
|
|
(170)
|
|
2,400
|
|
|
207
|
|
Income taxes
|
|
246
|
|
166
|
|
37
|
|
203
|
|
(121)
|
|
531
|
|
|
29
|
|
Net income
(loss)
|
|
687
|
|
462
|
|
226
|
|
543
|
|
(49)
|
|
1,869
|
|
|
178
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
687
|
|
462
|
|
226
|
|
543
|
|
(54)
|
|
1,864
|
|
|
178
|
|
Diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
2.01
|
|
|
|
|
Impact of items of note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
-
|
$
|
-
|
$
|
(17)
|
$
|
-
|
$
|
(3)
|
$
|
(20)
|
|
$
|
(13)
|
|
|
Acquisition and
integration-related costs (3)
|
|
(13)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(13)
|
|
|
-
|
|
Impact of items of note on non-interest
expenses
|
|
(13)
|
|
-
|
|
(17)
|
|
-
|
|
(3)
|
|
(33)
|
|
|
(13)
|
|
Total pre-tax impact of items of note on net
income
|
|
13
|
|
-
|
|
17
|
|
-
|
|
3
|
|
33
|
|
|
13
|
|
Income taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
4
|
|
-
|
|
1
|
|
5
|
|
|
3
|
|
|
Acquisition and
integration-related costs (3)
|
|
3
|
|
-
|
|
-
|
|
-
|
|
-
|
|
3
|
|
|
-
|
|
Impact of items of note on income
taxes
|
|
3
|
|
-
|
|
4
|
|
-
|
|
1
|
|
8
|
|
|
3
|
|
Total after-tax impact of items of note on net
income
|
|
10
|
|
-
|
|
13
|
|
-
|
|
2
|
|
25
|
|
|
10
|
|
Impact of items of note on diluted EPS ($)
(1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.03
|
|
|
|
|
Operating results – adjusted
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
2,183
|
$
|
1,297
|
$
|
609
|
$
|
1,304
|
$
|
105
|
$
|
5,498
|
|
$
|
479
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
98
|
|
(4)
|
|
28
|
|
(38)
|
|
(9)
|
|
75
|
|
|
22
|
|
Non-interest expenses –
adjusted
|
|
1,139
|
|
673
|
|
301
|
|
596
|
|
281
|
|
2,990
|
|
|
237
|
|
Income (loss) before
income taxes – adjusted
|
|
946
|
|
628
|
|
280
|
|
746
|
|
(167)
|
|
2,433
|
|
|
220
|
|
Income taxes –
adjusted
|
|
249
|
|
166
|
|
41
|
|
203
|
|
(120)
|
|
539
|
|
|
32
|
|
Net income (loss) –
adjusted
|
|
697
|
|
462
|
|
239
|
|
543
|
|
(47)
|
|
1,894
|
|
|
188
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
697
|
|
462
|
|
239
|
|
543
|
|
(52)
|
|
1,889
|
|
|
188
|
|
Adjusted diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
2.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See previous page for
footnote references.
|
The following table provides a reconciliation of GAAP (reported)
results to non-GAAP (adjusted) results on a segmented basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
Banking
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
and Wealth
|
|
|
|
and Business
|
and Wealth
|
and Wealth
|
Capital
|
Corporate
|
CIBC
|
|
Management
|
|
$ millions, for the
three months ended April 30, 2021
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
1,941
|
$
|
1,135
|
$
|
532
|
$
|
1,194
|
$
|
130
|
$
|
4,932
|
|
$
|
425
|
|
Provision for (reversal
of) credit losses
|
|
65
|
|
(18)
|
|
(12)
|
|
(11)
|
|
8
|
|
32
|
|
|
(10)
|
|
Non-interest
expenses
|
|
1,058
|
|
608
|
|
271
|
|
538
|
|
281
|
|
2,756
|
|
|
217
|
|
Income (loss) before
income taxes
|
|
818
|
|
545
|
|
273
|
|
667
|
|
(159)
|
|
2,144
|
|
|
218
|
|
Income taxes
|
|
215
|
|
146
|
|
57
|
|
172
|
|
(97)
|
|
493
|
|
|
45
|
|
Net income
(loss)
|
|
603
|
|
399
|
|
216
|
|
495
|
|
(62)
|
|
1,651
|
|
|
173
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4
|
|
4
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
603
|
|
399
|
|
216
|
|
495
|
|
(66)
|
|
1,647
|
|
|
173
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.78
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
-
|
$
|
-
|
$
|
(18)
|
$
|
-
|
$
|
(2)
|
$
|
(20)
|
|
$
|
(15)
|
|
Impact of items of
note on non-interest expenses
|
|
-
|
|
-
|
|
(18)
|
|
-
|
|
(2)
|
|
(20)
|
|
|
(15)
|
|
Total pre-tax impact
of items of note on net income
|
|
-
|
|
-
|
|
18
|
|
-
|
|
2
|
|
20
|
|
|
15
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
4
|
|
Impact of items of
note on income taxes
|
|
-
|
|
-
|
|
5
|
|
-
|
|
-
|
|
5
|
|
|
4
|
|
Total after-tax
impact of items of note on net income
|
|
-
|
|
-
|
|
13
|
|
-
|
|
2
|
|
15
|
|
|
11
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.01
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
1,941
|
$
|
1,135
|
$
|
532
|
$
|
1,194
|
$
|
130
|
$
|
4,932
|
|
$
|
425
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
65
|
|
(18)
|
|
(12)
|
|
(11)
|
|
8
|
|
32
|
|
|
(10)
|
|
Non-interest expenses –
adjusted
|
|
1,058
|
|
608
|
|
253
|
|
538
|
|
279
|
|
2,736
|
|
|
202
|
|
Income (loss) before
income taxes – adjusted
|
|
818
|
|
545
|
|
291
|
|
667
|
|
(157)
|
|
2,164
|
|
|
233
|
|
Income taxes –
adjusted
|
|
215
|
|
146
|
|
62
|
|
172
|
|
(97)
|
|
498
|
|
|
49
|
|
Net income (loss) –
adjusted
|
|
603
|
|
399
|
|
229
|
|
495
|
|
(60)
|
|
1,666
|
|
|
184
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4
|
|
4
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
603
|
|
399
|
|
229
|
|
495
|
|
(64)
|
|
1,662
|
|
|
184
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See previous page for
footnote references.
|
The following table provides a reconciliation of GAAP (reported)
results to non-GAAP (adjusted) results on a segmented basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
Banking
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
and
Wealth
|
|
|
|
and
Business
|
and
Wealth
|
and
Wealth
|
Capital
|
Corporate
|
CIBC
|
|
Management
|
|
$ millions, for the six
months ended April 30, 2022
|
Banking
|
Management
|
Management
|
Markets
|
and
Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
4,326
|
$
|
2,600
|
$
|
1,200
|
$
|
2,620
|
$
|
128
|
$
|
10,874
|
|
$
|
946
|
|
Provision for (reversal
of) credit losses
|
|
371
|
|
(8)
|
|
83
|
|
(52)
|
|
(16)
|
|
378
|
|
|
65
|
|
Non-interest
expenses
|
|
2,349
|
|
1,328
|
|
638
|
|
1,188
|
|
634
|
|
6,137
|
|
|
503
|
|
Income (loss) before
income taxes
|
|
1,606
|
|
1,280
|
|
479
|
|
1,484
|
|
(490)
|
|
4,359
|
|
|
378
|
|
Income taxes
|
|
423
|
|
338
|
|
73
|
|
401
|
|
(268)
|
|
967
|
|
|
58
|
|
Net income
(loss)
|
|
1,183
|
|
942
|
|
406
|
|
1,083
|
|
(222)
|
|
3,392
|
|
|
320
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10
|
|
10
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
1,183
|
|
942
|
|
406
|
|
1,083
|
|
(232)
|
|
3,382
|
|
|
320
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.64
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
$
|
(4)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(4)
|
|
$
|
-
|
|
Impact of items of
note on revenue
|
|
(4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(4)
|
|
|
-
|
|
Provision for
(reversal of) credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
$
|
(94)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(94)
|
|
$
|
-
|
|
Impact of items of
note on provision for (reversal of) credit
losses
|
|
(94)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(94)
|
|
|
-
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
(4)
|
$
|
-
|
$
|
(34)
|
$
|
-
|
$
|
(6)
|
$
|
(44)
|
|
$
|
(27)
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
|
(29)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(29)
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(45)
|
|
(45)
|
|
|
-
|
|
Impact of items of
note on non-interest expenses
|
|
(33)
|
|
-
|
|
(34)
|
|
-
|
|
(51)
|
|
(118)
|
|
|
(27)
|
|
Total pre-tax impact
of items of note on net income
|
|
123
|
|
-
|
|
34
|
|
-
|
|
51
|
|
208
|
|
|
27
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
9
|
|
-
|
|
1
|
|
10
|
|
|
7
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans (3)
|
|
32
|
|
-
|
|
-
|
|
-
|
|
-
|
|
32
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
12
|
|
12
|
|
|
-
|
|
Impact of items of
note on income taxes
|
|
32
|
|
-
|
|
9
|
|
-
|
|
13
|
|
54
|
|
|
7
|
|
Total after-tax
impact of items of note on net income
|
|
91
|
|
-
|
|
25
|
|
-
|
|
38
|
|
154
|
|
|
20
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.17
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
4,322
|
$
|
2,600
|
$
|
1,200
|
$
|
2,620
|
$
|
128
|
$
|
10,870
|
|
$
|
946
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
277
|
|
(8)
|
|
83
|
|
(52)
|
|
(16)
|
|
284
|
|
|
65
|
|
Non-interest expenses –
adjusted
|
|
2,316
|
|
1,328
|
|
604
|
|
1,188
|
|
583
|
|
6,019
|
|
|
476
|
|
Income (loss) before
income taxes – adjusted
|
|
1,729
|
|
1,280
|
|
513
|
|
1,484
|
|
(439)
|
|
4,567
|
|
|
405
|
|
Income taxes –
adjusted
|
|
455
|
|
338
|
|
82
|
|
401
|
|
(255)
|
|
1,021
|
|
|
65
|
|
Net income (loss) –
adjusted
|
|
1,274
|
|
942
|
|
431
|
|
1,083
|
|
(184)
|
|
3,546
|
|
|
340
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
10
|
|
10
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
1,274
|
|
942
|
|
431
|
|
1,083
|
|
(194)
|
|
3,536
|
|
|
340
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See previous pages for
footnote references.
|
The following table provides a reconciliation of GAAP (reported)
results to non-GAAP (adjusted) results on a segmented basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
Banking
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
and Wealth
|
|
|
|
and Business
|
and Wealth
|
and Wealth
|
Capital
|
Corporate
|
CIBC
|
|
Management
|
|
$ millions, for the six
months ended April 30, 2021
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
3,966
|
$
|
2,223
|
$
|
1,093
|
$
|
2,368
|
$
|
245
|
$
|
9,895
|
|
$
|
862
|
|
Provision for (reversal
of) credit losses
|
|
119
|
|
15
|
|
33
|
|
(6)
|
|
18
|
|
179
|
|
|
25
|
|
Non-interest
expenses
|
|
2,144
|
|
1,180
|
|
551
|
|
1,060
|
|
547
|
|
5,482
|
|
|
435
|
|
Income (loss) before
income taxes
|
|
1,703
|
|
1,028
|
|
509
|
|
1,314
|
|
(320)
|
|
4,234
|
|
|
402
|
|
Income taxes
|
|
448
|
|
275
|
|
105
|
|
326
|
|
(196)
|
|
958
|
|
|
83
|
|
Net income
(loss)
|
|
1,255
|
|
753
|
|
404
|
|
988
|
|
(124)
|
|
3,276
|
|
|
319
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
8
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
1,255
|
|
753
|
|
404
|
|
988
|
|
(132)
|
|
3,268
|
|
|
319
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.55
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
-
|
$
|
-
|
$
|
(35)
|
$
|
-
|
$
|
(5)
|
$
|
(40)
|
|
$
|
(28)
|
|
Impact of items of
note on non-interest expenses
|
|
-
|
|
-
|
|
(35)
|
|
-
|
|
(5)
|
|
(40)
|
|
|
(28)
|
|
Total pre-tax impact
of items of note on net income
|
|
-
|
|
-
|
|
35
|
|
-
|
|
5
|
|
40
|
|
|
28
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
10
|
|
-
|
|
-
|
|
10
|
|
|
8
|
|
Impact of items of
note on income taxes
|
|
-
|
|
-
|
|
10
|
|
-
|
|
-
|
|
10
|
|
|
8
|
|
Total after-tax
impact of items of note on net income
|
|
-
|
|
-
|
|
25
|
|
-
|
|
5
|
|
30
|
|
|
20
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.04
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
3,966
|
$
|
2,223
|
$
|
1,093
|
$
|
2,368
|
$
|
245
|
$
|
9,895
|
|
$
|
862
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
119
|
|
15
|
|
33
|
|
(6)
|
|
18
|
|
179
|
|
|
25
|
|
Non-interest expenses –
adjusted
|
|
2,144
|
|
1,180
|
|
516
|
|
1,060
|
|
542
|
|
5,442
|
|
|
407
|
|
Income (loss) before
income taxes – adjusted
|
|
1,703
|
|
1,028
|
|
544
|
|
1,314
|
|
(315)
|
|
4,274
|
|
|
430
|
|
Income taxes –
adjusted
|
|
448
|
|
275
|
|
115
|
|
326
|
|
(196)
|
|
968
|
|
|
91
|
|
Net income (loss) –
adjusted
|
|
1,255
|
|
753
|
|
429
|
|
988
|
|
(119)
|
|
3,306
|
|
|
339
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
8
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
1,255
|
|
753
|
|
429
|
|
988
|
|
(127)
|
|
3,298
|
|
|
339
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See previous pages for
footnote references.
|
The following table provides a reconciliation of GAAP (reported)
net income to non-GAAP (adjusted) pre-provision, pre-tax earnings
on a segmented basis.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
|
|
|
|
|
Canadian
|
U.S.
|
|
|
|
|
|
|
|
Commercial
|
|
|
|
|
|
Canadian
|
Commercial
|
Commercial
|
|
|
|
|
|
|
|
Banking
|
|
|
|
|
|
Personal
|
Banking
|
Banking
|
|
|
|
|
|
|
and Wealth
|
|
|
|
|
|
and Business
|
and Wealth
|
and Wealth
|
Capital
|
Corporate
|
CIBC
|
|
Management
|
|
$ millions, for the
three months ended
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
2022
|
Net income
(loss)
|
$
|
496
|
$
|
480
|
$
|
180
|
$
|
540
|
$
|
(173)
|
$
|
1,523
|
|
$
|
142
|
|
Apr.
30
|
Add: provision for
(reversal of) credit losses
|
|
273
|
|
(4)
|
|
55
|
|
(14)
|
|
(7)
|
|
303
|
|
|
43
|
|
|
Add: income
taxes
|
|
177
|
|
172
|
|
36
|
|
198
|
|
(147)
|
|
436
|
|
|
29
|
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
946
|
|
648
|
|
271
|
|
724
|
|
(327)
|
|
2,262
|
|
|
214
|
|
|
|
Pre-tax impact of
items of note (2)(3)
|
|
16
|
|
-
|
|
17
|
|
-
|
|
48
|
|
81
|
|
|
14
|
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (4)
|
$
|
962
|
$
|
648
|
$
|
288
|
$
|
724
|
$
|
(279)
|
$
|
2,343
|
|
$
|
228
|
|
2022
|
Net income
(loss)
|
$
|
687
|
$
|
462
|
$
|
226
|
$
|
543
|
$
|
(49)
|
$
|
1,869
|
|
$
|
178
|
|
Jan. 31
|
Add: provision for
(reversal of) credit losses
|
|
98
|
|
(4)
|
|
28
|
|
(38)
|
|
(9)
|
|
75
|
|
|
22
|
|
|
Add: income
taxes
|
|
246
|
|
166
|
|
37
|
|
203
|
|
(121)
|
|
531
|
|
|
29
|
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
1,031
|
|
624
|
|
291
|
|
708
|
|
(179)
|
|
2,475
|
|
|
229
|
|
|
|
Pre-tax impact of items
of note (2)
|
|
13
|
|
-
|
|
17
|
|
-
|
|
3
|
|
33
|
|
|
13
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (4)
|
$
|
1,044
|
$
|
624
|
$
|
308
|
$
|
708
|
$
|
(176)
|
$
|
2,508
|
|
$
|
242
|
|
2021
|
Net income
(loss)
|
$
|
603
|
$
|
399
|
$
|
216
|
$
|
495
|
$
|
(62)
|
$
|
1,651
|
|
$
|
173
|
|
Apr. 30
|
Add: provision for
(reversal of) credit losses
|
|
65
|
|
(18)
|
|
(12)
|
|
(11)
|
|
8
|
|
32
|
|
|
(10)
|
|
|
Add: income
taxes
|
|
215
|
|
146
|
|
57
|
|
172
|
|
(97)
|
|
493
|
|
|
45
|
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
883
|
|
527
|
|
261
|
|
656
|
|
(151)
|
|
2,176
|
|
|
208
|
|
|
|
Pre-tax impact of items
of note (2)
|
|
-
|
|
-
|
|
18
|
|
-
|
|
2
|
|
20
|
|
|
15
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (4)
|
$
|
883
|
$
|
527
|
$
|
279
|
$
|
656
|
$
|
(149)
|
$
|
2,196
|
|
$
|
223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the six
months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
Net income
(loss)
|
$
|
1,183
|
$
|
942
|
$
|
406
|
$
|
1,083
|
$
|
(222)
|
$
|
3,392
|
|
$
|
320
|
|
Apr.
30
|
Add: provision for
(reversal of) credit losses
|
|
371
|
|
(8)
|
|
83
|
|
(52)
|
|
(16)
|
|
378
|
|
|
65
|
|
|
Add: income
taxes
|
|
423
|
|
338
|
|
73
|
|
401
|
|
(268)
|
|
967
|
|
|
58
|
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
1,977
|
|
1,272
|
|
562
|
|
1,432
|
|
(506)
|
|
4,737
|
|
|
443
|
|
|
|
Pre-tax impact of
items of note (2)(3)
|
|
29
|
|
-
|
|
34
|
|
-
|
|
51
|
|
114
|
|
|
27
|
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (4)
|
$
|
2,006
|
$
|
1,272
|
$
|
596
|
$
|
1,432
|
$
|
(455)
|
$
|
4,851
|
|
$
|
470
|
|
2021
|
Net income
(loss)
|
$
|
1,255
|
$
|
753
|
$
|
404
|
$
|
988
|
$
|
(124)
|
$
|
3,276
|
|
$
|
319
|
|
Apr. 30
|
Add: provision for
(reversal of) credit losses
|
|
119
|
|
15
|
|
33
|
|
(6)
|
|
18
|
|
179
|
|
|
25
|
|
|
Add: income
taxes
|
|
448
|
|
275
|
|
105
|
|
326
|
|
(196)
|
|
958
|
|
|
83
|
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
1,822
|
|
1,043
|
|
542
|
|
1,308
|
|
(302)
|
|
4,413
|
|
|
427
|
|
|
|
Pre-tax impact of items
of note (2)
|
|
-
|
|
-
|
|
35
|
|
-
|
|
5
|
|
40
|
|
|
28
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (4)
|
$
|
1,822
|
$
|
1,043
|
$
|
577
|
$
|
1,308
|
$
|
(297)
|
$
|
4,453
|
|
$
|
455
|
|
|
|
|
|
|
(1)
|
Non-GAAP
measure.
|
|
(2)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
|
(3)
|
Excludes the impact of
the provision for credit losses for performing loans from the
acquisition of the Canadian Costco credit card portfolio, as the
amount is included in the add back of provision for (reversal) of
credit losses.
|
|
(4)
|
Adjusted to exclude the
impact of items of note. Adjusted measures are non-GAAP
measures.
|
|
Making a difference in our communities
At CIBC, we believe there should be no limits to ambition. We
invest our time and resources to remove barriers to ambitions and
demonstrate that when we come together, positive change happens
that helps our communities thrive. This quarter we:
- Approved close to $3,000,000 in
loans of the $13,000,000 we have
committed over the next four years to the Black Entrepreneur
Program launched in January 2022 to
support those seeking help getting their business off the ground or
bringing them to the next level.
- Made a financial contribution of $500,000 to support humanitarian relief efforts
in Ukraine and help Ukrainians
seeking to resettle in Canada.
Additionally, Team CIBC employees have personally donated more than
$130,000 to-date to organizations
providing humanitarian aid. CIBC continues to offer our Welcome to
Canada package to Ukrainians as
they look for temporary or permanent residency in Canada, as well as career opportunities,
financial assistance and special banking offers. More information
can be found on our resource webpage.
- Announced that the CIBC Foundation is now accepting
applications for funding from charitable organizations. The CIBC
Foundation aims to disperse 5 per cent of its total assets annually
to advance social and economic equity by creating greater access to
opportunities, including improving education and employment
outcomes for underserved communities by focusing on financial
education, reskilling, upskilling, and addressing the digital
divide.
The Board of Directors of CIBC reviewed this news release prior
to it being issued. CIBC's controls and procedures support the
ability of the President and Chief Executive Officer (CEO) and the
Chief Financial Officer (CFO) of CIBC to certify CIBC's second
quarter financial report and controls and procedures. CIBC's CEO
and CFO will voluntarily provide to the
United States (U.S.) Securities and Exchange Commission a
certification relating to CIBC's second quarter financial
information, including the unaudited interim consolidated financial
statements, and will provide the same certification to the Canadian
Securities Administrators.
All amounts are in Canadian dollars and are based on financial
statements prepared in compliance with International Accounting
Standard 34 Interim Financial Reporting, unless otherwise
noted.
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 news release,
in other filings with Canadian securities regulators or the U.S.
Securities and Exchange Commission, in other reports to
shareholders, and in other communications. All such statements are
made pursuant to the "safe harbour" provisions of, and are intended
to be forward-looking statements under applicable Canadian and U.S.
securities legislation, including the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
typically identified by the words "believe", "expect",
"anticipate", "intend", "estimate", "forecast", "target",
"objective" and other similar expressions or future or conditional
verbs such as "will", "should", "would" and "could". By their
nature, these statements require us to make assumptions, and are
subject to inherent risks and uncertainties that may be general or
specific. Given the continuing impact of the coronavirus (COVID-19)
pandemic and the war in Ukraine on
the global economy, financial markets, and our business, results of
operations, reputation and financial condition, there is inherently
more uncertainty associated with our assumptions as compared to
prior periods. A variety of factors, many of which are beyond our
control, affect our operations, performance and results, and could
cause actual results to differ materially from the expectations
expressed in any of our forward-looking statements. These factors
include: the occurrence, continuance or intensification of public
health emergencies, such as the COVID-19 pandemic, and any related
government policies and actions; credit, market, liquidity,
strategic, insurance, operational, reputation, conduct and legal,
regulatory and environmental risk; currency value and interest rate
fluctuations, including as a result of market and oil price
volatility; the effectiveness and adequacy of our risk management
and valuation models and processes; legislative or regulatory
developments in the jurisdictions where we operate, including the
Organisation for Economic Co-operation and Development Common
Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking
Supervision's global standards for capital and liquidity reform,
and those relating to bank recapitalization legislation and the
payments system in Canada;
amendments to, and interpretations of, risk-based capital
guidelines and reporting instructions, and interest rate and
liquidity regulatory guidance; the resolution of legal and
regulatory proceedings and related matters; the effect of changes
to accounting standards, rules and interpretations; changes in our
estimates of reserves and allowances; changes in tax laws; changes
to our credit ratings; political conditions and developments,
including changes relating to economic or trade matters; the
possible effect on our business of international conflicts, such as
the war in Ukraine, and terrorism;
natural disasters, disruptions to public infrastructure and other
catastrophic events; reliance on third parties to provide
components of our business infrastructure; potential disruptions to
our information technology systems and services; increasing cyber
security risks which may include theft or disclosure of assets,
unauthorized access to sensitive information, or operational
disruption; social media risk; losses incurred as a result of
internal or external fraud; anti-money laundering; the accuracy and
completeness of information provided to us concerning clients and
counterparties; the failure of third parties to comply with their
obligations to us and our affiliates or associates; intensifying
competition from established competitors and new entrants in the
financial services industry including through internet and mobile
banking; technological change; global capital market activity;
changes in monetary and economic policy; general business and
economic conditions worldwide, as well as in Canada, the U.S. and other countries where we
have operations, including increasing Canadian household debt
levels and global credit risks; climate change and other
environmental and social risks; inflationary pressures; global
supply-chain disruptions; our success in developing and introducing
new products and services, expanding existing distribution
channels, developing new distribution channels and realizing
increased revenue from these channels; changes in client spending
and saving habits; our ability to attract and retain key employees
and executives; our ability to successfully execute our strategies
and complete and integrate acquisitions and joint ventures; the
risk that expected benefits of an acquisition, merger or
divestiture will not be realized within the expected time frame or
at all; and our ability to anticipate and manage the risks
associated with these factors. This list is not exhaustive of the
factors that may affect any of our forward-looking statements.
These and other factors should be considered carefully and readers
should not place undue reliance on our forward-looking statements.
Additional information about these factors can be found in the
"Management of risk" section of our 2021 Annual Report, as updated
by our quarterly reports. Any forward-looking statements contained
in this news release represent the views of management only as of
the date hereof and are presented for the purpose of assisting our
shareholders and financial analysts in understanding our financial
position, objectives and priorities and anticipated financial
performance as at and for the periods ended on the dates presented,
and may not be appropriate for other purposes. We do not undertake
to update any forward-looking statement that is contained in this
news release or in other communications except as required by
law.
Conference Call/Webcast
The conference call
will be held at 7:30 a.m. (ET) and is
available in English (416-340-2217, or toll-free 1-800-806-5484,
passcode 8335491#) and French (514-392-1587, or toll-free
1-877-395-0279, passcode 7008374#). Participants are asked to dial
in 10 minutes before the call. Immediately following the formal
presentations, CIBC executives will be available to answer
questions.
A live audio webcast of the conference call will also be
available in English and French at
www.cibc.com/ca/investor-relations/quarterly-results.html.
Details of CIBC's fiscal 2022 second quarter results, as well as
a presentation to investors, will be available in English and
French at www.cibc.com, Investor Relations section, prior to the
conference call/webcast. We are not incorporating information
contained on the website in this news release.
A telephone replay will be available in English (905-694-9451 or
1-800-408-3053, passcode 1725009#) and French (514-861-2272 or
1-800-408-3053, passcode 8504384#) until 11:59 p.m. (ET) June 26, 2022. The audio
webcast will be archived at
www.cibc.com/ca/investor-relations/quarterly-results.html.
About CIBC
CIBC is a leading North American financial
institution with 11 million personal banking, business, public
sector and institutional clients. Across Personal and Business
Banking, Commercial Banking and Wealth Management, and Capital
Markets businesses, CIBC offers a full range of advice, solutions
and services through its leading digital banking network, and
locations across Canada, in
the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at https://www.cibc.com/en/about-cibc/media-centre.html.
SOURCE CIBC