TORONTO,
ON, Aug. 25, 2022 /CNW/ - CIBC (TSX:
CM) (NYSE: CM) today announced its financial results for the third
quarter ended July 31, 2022.
Third quarter highlights
|
Q3/22
|
Q3/21
|
Q2/22
|
YoY
Variance
|
QoQ
Variance
|
Reported Net
Income
|
$1,666 million
|
$1,730 million
|
$1,523 million
|
-4 %
|
+9 %
|
Adjusted Net Income
(1)
|
$1,724 million
|
$1,808 million
|
$1,652 million
|
-5 %
|
+4 %
|
Adjusted pre-provision,
pre-tax earnings (1)
|
$2,465 million
|
$2,243 million
|
$2,343 million
|
+10 %
|
+5 %
|
Reported Diluted
Earnings Per Share (EPS) (2)
|
$1.78
|
$1.88
|
$1.62
|
-5 %
|
+10 %
|
Adjusted Diluted EPS
(1)(2)
|
$1.85
|
$1.96
|
$1.77
|
-6 %
|
+5 %
|
Reported Return on
Common Shareholders' Equity (ROE) (3)
|
14.6 %
|
17.1 %
|
14.0 %
|
|
Adjusted ROE
(1)
|
15.1 %
|
17.9 %
|
15.2 %
|
Common Equity Tier 1
(CET1) Ratio (4)
|
11.8 %
|
12.3 %
|
11.7 %
|
"In the third quarter, we continued to deliver strong growth
across our business through the execution of our client-focused
strategy, leveraging the strategic investments we're making in our
bank to attract new clients and deepen existing relationships,"
said Victor G. Dodig, President and
CEO, CIBC. "As the economic environment continues to evolve, we
remain focused on delivering shareholder value by taking a
disciplined approach to capital allocation to execute our strategy,
focusing on key client segments, further enhancing client
experience, and investing in future differentiators for our bank.
Our highly-connected and purpose-driven team will continue to move
our bank forward as we create positive change and help make
ambitions a reality."
Results for the third quarter of 2022 were affected by the
following items of note aggregating to a negative impact of
$0.07 per share:
- $50 million ($38 million after-tax) in acquisition and
integration-related costs as well as purchase accounting
adjustments(5) associated with the acquisition of the
Canadian Costco credit card portfolio; and
- $27 million ($20 million after-tax) amortization of
acquisition-related intangible assets.
Our CET1 ratio(4) was 11.8% at July 31, 2022, compared with 11.7% at the end of
the prior quarter. CIBC's leverage ratio(4) at
July 31, 2022 was 4.3%.
Core business
performance
Canadian Personal and Business Banking reported net
income of $595 million for the third quarter, down
$47 million or 7% from the third 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 $1,065 million, up $127 million from
the third 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 net product spreads that
benefitted from the rising interest rate environment, partially
offset by higher expenses. Expenses were higher due to ongoing
spending on strategic initiatives, including the Canadian Costco
credit card portfolio, and employee-related compensation.
Canadian Commercial Banking and Wealth Management
reported net income of $484 million
for the third quarter, up $14 million
or 3% from the third quarter a year ago, primarily due to higher
revenue, partially offset by higher expenses and a provision for
credit losses this quarter compared to a provision reversal in the
prior year. Adjusted pre-provision, pre-tax earnings(1)
were $668 million, up $78 million from the third quarter
a year ago, primarily due to strong volume growth, higher fee
revenue, and higher net product spreads that benefitted from the
rising interest rate environment in commercial banking. Higher
expenses were primarily driven by revenue-based variable
compensation reflecting favourable business results and spending on
strategic initiatives.
U.S. Commercial Banking and Wealth Management reported
net income of $193 million (US$152 million) for the third
quarter, down $73 million (down US$64 million) from the
third 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 $287 million (US$225 million), up $5 million
(down US$3 million) from the third quarter a year ago due to
higher revenue, primarily driven by volume growth, partially offset
by higher employee-related compensation and higher spending on
strategic initiatives.
(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 "Third quarter
financial highlights" section of our Report to Shareholders for the
third quarter of 2022 available on SEDAR at
www.sedar.com.
|
(4)
|
Our capital ratios are
calculated pursuant to the Office of the Superintendent of
Financial Institution's (OSFI's) Capital Adequacy Requirements
(CAR) Guideline and the leverage ratio is calculated pursuant to
OSFI's Leverage Requirements Guideline, all of which are based on
the Basel Committee on Banking Supervision (BCBS) standards. For
additional information, see the "Capital management" and "Liquidity
risk" sections of our Report to Shareholders for the third quarter
of 2022 available on SEDAR at www.sedar.com
|
(5)
|
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, communication costs and client welcome bonuses.
Purchase accounting adjustments include the accretion of the
acquisition date fair value discount on the acquired Canadian
Costco credit card receivables.
|
|
|
Capital Markets reported net income of $447 million
for the third quarter, down $44 million or 9% from the third
quarter a year ago, primarily due to higher expenses and a lower
provision reversal in the current quarter, partially offset by
higher revenue. Adjusted pre-provision, pre-tax
earnings(1) were down $5 million or 1% from the
third quarter a year ago, as higher revenue from our direct
financial services, global markets, and corporate and investment
banking businesses was offset by higher expenses. Expenses were up
due to continued higher spending on strategic initiatives and
higher employee-related compensation.
Credit quality
Provision for credit losses in the current quarter was
$243 million, compared with a
provision reversal of $99 million in
the same quarter last year. The current quarter included a
provision for credit losses on performing loans due to an
unfavourable change in our economic outlook and unfavourable credit
migration, 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 up, mainly
attributable to Canadian Personal and Business Banking including
from the acquired Canadian Costco credit card portfolio.
(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 third 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 July 31, 2022
|
Banking
|
Management
|
Management
|
Markets
|
and
Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,321
|
$
|
1,338
|
$
|
604
|
$
|
1,199
|
$
|
109
|
$
|
5,571
|
|
$
|
473
|
|
Provision for (reversal
of) credit losses
|
|
200
|
|
10
|
|
35
|
|
(9)
|
|
7
|
|
243
|
|
|
28
|
|
Non-interest
expenses
|
|
1,313
|
|
670
|
|
334
|
|
593
|
|
273
|
|
3,183
|
|
|
261
|
|
Income (loss) before
income taxes
|
|
808
|
|
658
|
|
235
|
|
615
|
|
(171)
|
|
2,145
|
|
|
184
|
|
Income taxes
|
|
213
|
|
174
|
|
42
|
|
168
|
|
(118)
|
|
479
|
|
|
32
|
|
Net income
(loss)
|
|
595
|
|
484
|
|
193
|
|
447
|
|
(53)
|
|
1,666
|
|
|
152
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6
|
|
6
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
595
|
|
484
|
|
193
|
|
447
|
|
(59)
|
|
1,660
|
|
|
152
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.78
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments (3)
|
$
|
(6)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(6)
|
|
$
|
-
|
|
Impact of items of
note on revenue
|
|
(6)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(6)
|
|
|
-
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
(7)
|
|
-
|
|
(17)
|
|
-
|
|
(3)
|
|
(27)
|
|
|
(13)
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments (3)
|
|
(56)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(56)
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
-
|
|
Impact of items of
note on non-interest expenses
|
|
(63)
|
|
-
|
|
(17)
|
|
-
|
|
(3)
|
|
(83)
|
|
|
(13)
|
|
Total pre-tax impact
of items of note on net income
|
|
57
|
|
-
|
|
17
|
|
-
|
|
3
|
|
77
|
|
|
13
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
3
|
|
-
|
|
4
|
|
-
|
|
-
|
|
7
|
|
|
3
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments (3)
|
|
12
|
|
-
|
|
-
|
|
-
|
|
-
|
|
12
|
|
|
-
|
|
Impact of items of
note on income taxes
|
|
15
|
|
-
|
|
4
|
|
-
|
|
-
|
|
19
|
|
|
3
|
|
Total after-tax
impact of items of note on net income
|
$
|
42
|
$
|
-
|
$
|
13
|
$
|
-
|
$
|
3
|
$
|
58
|
|
$
|
10
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.07
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
2,315
|
$
|
1,338
|
$
|
604
|
$
|
1,199
|
$
|
109
|
$
|
5,565
|
|
$
|
473
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
200
|
|
10
|
|
35
|
|
(9)
|
|
7
|
|
243
|
|
|
28
|
|
Non-interest expenses –
adjusted
|
|
1,250
|
|
670
|
|
317
|
|
593
|
|
270
|
|
3,100
|
|
|
248
|
|
Income (loss) before
income taxes – adjusted
|
|
865
|
|
658
|
|
252
|
|
615
|
|
(168)
|
|
2,222
|
|
|
197
|
|
Income taxes –
adjusted
|
|
228
|
|
174
|
|
46
|
|
168
|
|
(118)
|
|
498
|
|
|
35
|
|
Net income (loss) –
adjusted
|
|
637
|
|
484
|
|
206
|
|
447
|
|
(50)
|
|
1,724
|
|
|
162
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
6
|
|
6
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
637
|
|
484
|
|
206
|
|
447
|
|
(56)
|
|
1,718
|
|
|
162
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, communication costs and client welcome bonuses.
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, shown as an item of note in the
second quarter of 2022 included 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 $48 million
(April 30, 2022: $53 million; July 31, 2021: $51 million) and $160
million for the nine months ended July 31, 2022 (July 31, 2021:
$156 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 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 July 31, 2021
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,056
|
$
|
1,207
|
$
|
539
|
$
|
1,140
|
$
|
114
|
$
|
5,056
|
|
$
|
438
|
|
Provision for (reversal
of) credit losses
|
|
67
|
|
(49)
|
|
(57)
|
|
(60)
|
|
-
|
|
(99)
|
|
|
(46)
|
|
Non-interest
expenses
|
|
1,118
|
|
617
|
|
274
|
|
529
|
|
380
|
|
2,918
|
|
|
223
|
|
Income (loss) before
income taxes
|
|
871
|
|
639
|
|
322
|
|
671
|
|
(266)
|
|
2,237
|
|
|
261
|
|
Income taxes
|
|
229
|
|
169
|
|
56
|
|
180
|
|
(127)
|
|
507
|
|
|
45
|
|
Net income
(loss)
|
|
642
|
|
470
|
|
266
|
|
491
|
|
(139)
|
|
1,730
|
|
|
216
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
642
|
|
470
|
|
266
|
|
491
|
|
(144)
|
|
1,725
|
|
|
216
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.88
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
-
|
$
|
-
|
$
|
(17)
|
$
|
-
|
$
|
(3)
|
$
|
(20)
|
|
$
|
(13)
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(85)
|
|
(85)
|
|
|
-
|
|
Impact of items of
note on non-interest expenses
|
|
-
|
|
-
|
|
(17)
|
|
-
|
|
(88)
|
|
(105)
|
|
|
(13)
|
|
Total pre-tax impact
of items of note on net income
|
|
-
|
|
-
|
|
17
|
|
-
|
|
88
|
|
105
|
|
|
13
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
4
|
|
-
|
|
1
|
|
5
|
|
|
3
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22
|
|
22
|
|
|
-
|
|
Impact of items of
note on income taxes
|
|
-
|
|
-
|
|
4
|
|
-
|
|
23
|
|
27
|
|
|
3
|
|
Total after-tax
impact of items of note on net income
|
$
|
-
|
$
|
-
|
$
|
13
|
$
|
-
|
$
|
65
|
$
|
78
|
|
$
|
10
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.08
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
2,056
|
$
|
1,207
|
$
|
539
|
$
|
1,140
|
$
|
114
|
$
|
5,056
|
|
$
|
438
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
67
|
|
(49)
|
|
(57)
|
|
(60)
|
|
-
|
|
(99)
|
|
|
(46)
|
|
Non-interest expenses –
adjusted
|
|
1,118
|
|
617
|
|
257
|
|
529
|
|
292
|
|
2,813
|
|
|
210
|
|
Income (loss) before
income taxes – adjusted
|
|
871
|
|
639
|
|
339
|
|
671
|
|
(178)
|
|
2,342
|
|
|
274
|
|
Income taxes –
adjusted
|
|
229
|
|
169
|
|
60
|
|
180
|
|
(104)
|
|
534
|
|
|
48
|
|
Net income (loss) –
adjusted
|
|
642
|
|
470
|
|
279
|
|
491
|
|
(74)
|
|
1,808
|
|
|
226
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
5
|
|
5
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
642
|
|
470
|
|
279
|
|
491
|
|
(79)
|
|
1,803
|
|
|
226
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.96
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
nine months ended July 31, 2022
|
Banking
|
Management
|
Management
|
Markets
|
and
Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
6,647
|
$
|
3,938
|
$
|
1,804
|
$
|
3,819
|
$
|
237
|
$
|
16,445
|
|
$
|
1,419
|
|
Provision for (reversal
of) credit losses
|
|
571
|
|
2
|
|
118
|
|
(61)
|
|
(9)
|
|
621
|
|
|
93
|
|
Non-interest
expenses
|
|
3,662
|
|
1,998
|
|
972
|
|
1,781
|
|
907
|
|
9,320
|
|
|
764
|
|
Income (loss) before
income taxes
|
|
2,414
|
|
1,938
|
|
714
|
|
2,099
|
|
(661)
|
|
6,504
|
|
|
562
|
|
Income taxes
|
|
636
|
|
512
|
|
115
|
|
569
|
|
(386)
|
|
1,446
|
|
|
90
|
|
Net income
(loss)
|
|
1,778
|
|
1,426
|
|
599
|
|
1,530
|
|
(275)
|
|
5,058
|
|
|
472
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
16
|
|
16
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
1,778
|
|
1,426
|
|
599
|
|
1,530
|
|
(291)
|
|
5,042
|
|
|
472
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
5.42
|
|
|
|
|
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)
|
$
|
(10)
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
(10)
|
|
$
|
-
|
|
Impact of items of
note on revenue
|
|
(10)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(10)
|
|
|
-
|
|
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
|
|
(11)
|
|
-
|
|
(51)
|
|
-
|
|
(9)
|
|
(71)
|
|
|
(40)
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(3)
|
|
(85)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(85)
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(45)
|
|
(45)
|
|
|
-
|
|
Impact of items of
note on non-interest expenses
|
|
(96)
|
|
-
|
|
(51)
|
|
-
|
|
(54)
|
|
(201)
|
|
|
(40)
|
|
Total pre-tax impact
of items of note on net income
|
|
180
|
|
-
|
|
51
|
|
-
|
|
54
|
|
285
|
|
|
40
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
3
|
|
-
|
|
13
|
|
-
|
|
1
|
|
17
|
|
|
10
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans (3)
|
|
44
|
|
-
|
|
-
|
|
-
|
|
-
|
|
44
|
|
|
-
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
12
|
|
12
|
|
|
-
|
|
Impact of items of
note on income taxes
|
|
47
|
|
-
|
|
13
|
|
-
|
|
13
|
|
73
|
|
|
10
|
|
Total after-tax
impact of items of note on net income
|
$
|
133
|
$
|
-
|
$
|
38
|
$
|
-
|
$
|
41
|
$
|
212
|
|
$
|
30
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.24
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
6,637
|
$
|
3,938
|
$
|
1,804
|
$
|
3,819
|
$
|
237
|
$
|
16,435
|
|
$
|
1,419
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
477
|
|
2
|
|
118
|
|
(61)
|
|
(9)
|
|
527
|
|
|
93
|
|
Non-interest expenses –
adjusted
|
|
3,566
|
|
1,998
|
|
921
|
|
1,781
|
|
853
|
|
9,119
|
|
|
724
|
|
Income (loss) before
income taxes – adjusted
|
|
2,594
|
|
1,938
|
|
765
|
|
2,099
|
|
(607)
|
|
6,789
|
|
|
602
|
|
Income taxes –
adjusted
|
|
683
|
|
512
|
|
128
|
|
569
|
|
(373)
|
|
1,519
|
|
|
100
|
|
Net income (loss) –
adjusted
|
|
1,911
|
|
1,426
|
|
637
|
|
1,530
|
|
(234)
|
|
5,270
|
|
|
502
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
16
|
|
16
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
1,911
|
|
1,426
|
|
637
|
|
1,530
|
|
(250)
|
|
5,254
|
|
|
502
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
5.66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
nine months ended July 31, 2021
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
6,022
|
$
|
3,430
|
$
|
1,632
|
$
|
3,508
|
$
|
359
|
$
|
14,951
|
|
$
|
1,300
|
|
Provision for (reversal
of) credit losses
|
|
186
|
|
(34)
|
|
(24)
|
|
(66)
|
|
18
|
|
80
|
|
|
(21)
|
|
Non-interest
expenses
|
|
3,262
|
|
1,797
|
|
825
|
|
1,589
|
|
927
|
|
8,400
|
|
|
658
|
|
Income (loss) before
income taxes
|
|
2,574
|
|
1,667
|
|
831
|
|
1,985
|
|
(586)
|
|
6,471
|
|
|
663
|
|
Income taxes
|
|
677
|
|
444
|
|
161
|
|
506
|
|
(323)
|
|
1,465
|
|
|
128
|
|
Net income
(loss)
|
|
1,897
|
|
1,223
|
|
670
|
|
1,479
|
|
(263)
|
|
5,006
|
|
|
535
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13
|
|
13
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
1,897
|
|
1,223
|
|
670
|
|
1,479
|
|
(276)
|
|
4,993
|
|
|
535
|
|
Diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
5.43
|
|
|
|
|
Impact of items of
note (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
-
|
$
|
-
|
$
|
(52)
|
$
|
-
|
$
|
(8)
|
$
|
(60)
|
|
$
|
(41)
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(85)
|
|
(85)
|
|
|
-
|
|
Impact of items of
note on non-interest expenses
|
|
-
|
|
-
|
|
(52)
|
|
-
|
|
(93)
|
|
(145)
|
|
|
(41)
|
|
Total pre-tax impact
of items of note on net income
|
|
-
|
|
-
|
|
52
|
|
-
|
|
93
|
|
145
|
|
|
41
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
14
|
|
-
|
|
1
|
|
15
|
|
|
11
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
22
|
|
22
|
|
|
-
|
|
Impact of items of
note on income taxes
|
|
-
|
|
-
|
|
14
|
|
-
|
|
23
|
|
37
|
|
|
11
|
|
Total after-tax
impact of items of note on net income
|
$
|
-
|
$
|
-
|
$
|
38
|
$
|
-
|
$
|
70
|
$
|
108
|
|
$
|
30
|
|
Impact of items of
note on diluted EPS ($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.12
|
|
|
|
|
Operating results –
adjusted (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (5)
|
$
|
6,022
|
$
|
3,430
|
$
|
1,632
|
$
|
3,508
|
$
|
359
|
$
|
14,951
|
|
$
|
1,300
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
186
|
|
(34)
|
|
(24)
|
|
(66)
|
|
18
|
|
80
|
|
|
(21)
|
|
Non-interest expenses –
adjusted
|
|
3,262
|
|
1,797
|
|
773
|
|
1,589
|
|
834
|
|
8,255
|
|
|
617
|
|
Income (loss) before
income taxes – adjusted
|
|
2,574
|
|
1,667
|
|
883
|
|
1,985
|
|
(493)
|
|
6,616
|
|
|
704
|
|
Income taxes –
adjusted
|
|
677
|
|
444
|
|
175
|
|
506
|
|
(300)
|
|
1,502
|
|
|
139
|
|
Net income (loss) –
adjusted
|
|
1,897
|
|
1,223
|
|
708
|
|
1,479
|
|
(193)
|
|
5,114
|
|
|
565
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
13
|
|
13
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
1,897
|
|
1,223
|
|
708
|
|
1,479
|
|
(206)
|
|
5,101
|
|
|
565
|
|
Adjusted diluted EPS
($) (1)
|
|
|
|
|
|
|
|
|
|
|
$
|
5.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
$
|
595
|
$
|
484
|
$
|
193
|
$
|
447
|
$
|
(53)
|
$
|
1,666
|
|
$
|
152
|
|
Jul.
31
|
Add: provision for
(reversal of) credit losses
|
|
200
|
|
10
|
|
35
|
|
(9)
|
|
7
|
|
243
|
|
|
28
|
|
|
Add: income
taxes
|
|
213
|
|
174
|
|
42
|
|
168
|
|
(118)
|
|
479
|
|
|
32
|
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
1,008
|
|
668
|
|
270
|
|
606
|
|
(164)
|
|
2,388
|
|
|
212
|
|
|
|
Pre-tax impact of
items of note (2)
|
|
57
|
|
-
|
|
17
|
|
-
|
|
3
|
|
77
|
|
|
13
|
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (3)
|
$
|
1,065
|
$
|
668
|
$
|
287
|
$
|
606
|
$
|
(161)
|
$
|
2,465
|
|
$
|
225
|
|
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)(4)
|
|
16
|
|
-
|
|
17
|
|
-
|
|
48
|
|
81
|
|
|
14
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (3)
|
$
|
962
|
$
|
648
|
$
|
288
|
$
|
724
|
$
|
(279)
|
$
|
2,343
|
|
$
|
228
|
|
2021
|
Net income
(loss)
|
$
|
642
|
$
|
470
|
$
|
266
|
$
|
491
|
$
|
(139)
|
$
|
1,730
|
|
$
|
216
|
|
Jul. 31
|
Add: provision for
(reversal of) credit losses
|
|
67
|
|
(49)
|
|
(57)
|
|
(60)
|
|
-
|
|
(99)
|
|
|
(46)
|
|
|
Add: income
taxes
|
|
229
|
|
169
|
|
56
|
|
180
|
|
(127)
|
|
507
|
|
|
45
|
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
938
|
|
590
|
|
265
|
|
611
|
|
(266)
|
|
2,138
|
|
|
215
|
|
|
|
Pre-tax impact of items
of note (2)
|
|
-
|
|
-
|
|
17
|
|
-
|
|
88
|
|
105
|
|
|
13
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (3)
|
$
|
938
|
$
|
590
|
$
|
282
|
$
|
611
|
$
|
(178)
|
$
|
2,243
|
|
$
|
228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the
nine months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
Net income
(loss)
|
$
|
1,778
|
$
|
1,426
|
$
|
599
|
$
|
1,530
|
$
|
(275)
|
$
|
5,058
|
|
$
|
472
|
|
Jul.
31
|
Add: provision for
(reversal of) credit losses
|
|
571
|
|
2
|
|
118
|
|
(61)
|
|
(9)
|
|
621
|
|
|
93
|
|
|
Add: income
taxes
|
|
636
|
|
512
|
|
115
|
|
569
|
|
(386)
|
|
1,446
|
|
|
90
|
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
2,985
|
|
1,940
|
|
832
|
|
2,038
|
|
(670)
|
|
7,125
|
|
|
655
|
|
|
|
Pre-tax impact of
items of note (2)(4)
|
|
86
|
|
-
|
|
51
|
|
-
|
|
54
|
|
191
|
|
|
40
|
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (3)
|
$
|
3,071
|
$
|
1,940
|
$
|
883
|
$
|
2,038
|
$
|
(616)
|
$
|
7,316
|
|
$
|
695
|
|
2021
|
Net income
(loss)
|
$
|
1,897
|
$
|
1,223
|
$
|
670
|
$
|
1,479
|
$
|
(263)
|
$
|
5,006
|
|
$
|
535
|
|
Jul. 31
|
Add: provision for
(reversal of) credit losses
|
|
186
|
|
(34)
|
|
(24)
|
|
(66)
|
|
18
|
|
80
|
|
|
(21)
|
|
|
Add: income
taxes
|
|
677
|
|
444
|
|
161
|
|
506
|
|
(323)
|
|
1,465
|
|
|
128
|
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
2,760
|
|
1,633
|
|
807
|
|
1,919
|
|
(568)
|
|
6,551
|
|
|
642
|
|
|
|
Pre-tax impact of items
of note (2)
|
|
-
|
|
-
|
|
52
|
|
-
|
|
93
|
|
145
|
|
|
41
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (3)
|
$
|
2,760
|
$
|
1,633
|
$
|
859
|
$
|
1,919
|
$
|
(475)
|
$
|
6,696
|
|
$
|
683
|
|
|
|
|
|
|
(1)
|
Non-GAAP
measure.
|
|
(2)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
|
(3)
|
Adjusted to exclude the
impact of items of note. Adjusted measures are non-GAAP
measures.
|
|
(4)
|
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.
|
|
|
|
|
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 renewed our support to the McGill
University Health Centre Foundation with a $1 million donation aligned to the expansion of
their innovative app, Opal, and their ambition to provide
exceptional and integrated patient-centric care for those living
with cancer.
- We approved the first round of new, incremental funding from
the CIBC Foundation. In total, nearly $700,000 was committed to community-based
organizations to help create greater social and economic inclusion
for underserved communities. This was the first part of a
commitment of $3.5 million in funding
distributions that the CIBC Foundation will make this year.
- Together with the BlackNorth Initiative, we recognized the
first-ever recipients of the Youth Accelerator Program with BGC
Canada. Thirty students from BGC clubs across Canada have been selected to receive
$50,000 over four years for tuition,
mentorship, financial education, and opportunities to secure paid
internships or co-ops with other signatories to the BlackNorth CEO
Pledge.
- We participated in the 26th edition of Tour CIBC
Charles-Bruneau, raising over $900,000 to support pediatric cancer research at
the Charles-Bruneau Foundation. This year marked CIBC's 16th year
as title partner of the Tour, with the bank having now raised over
$10,000,000 since 2006.
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 third
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 third 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. These
statements include, but are not limited to, statements about our
operations, business lines, financial condition, risk management,
priorities, targets and commitments (including with respect to
net-zero emissions), ongoing objectives, strategies, the regulatory
environment in which we operate and outlook for calendar year 2022
and subsequent periods. 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 8:00
a.m. (ET) and is available in English (416-340-2217, or
toll-free 1-800-806-5484, passcode 3749444#) and French
(514-392-1587, or toll-free 1-800-898-3989, passcode 9216905#).
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 third 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 2580988#) and French (514-861-2272 or
1-800-408-3053, passcode 3673851#) until 11:59 p.m. (ET) September 25, 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
13 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