TORONTO, May 25, 2023
/CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its
financial results for the second quarter ended April 30, 2023.
Second quarter highlights
|
Q2/23
|
Q2/22
|
Q1/23
|
YoY
Variance
|
QoQ
Variance
|
|
Revenue
|
$5,702 million
|
$5,376 million
|
$5,927 million
|
+6 %
|
-4 %
|
|
Reported Net
Income
|
$1,688 million
|
$1,523 million
|
$432 million
|
+11 %
|
+291 %
|
|
Adjusted Net Income
(1)
|
$1,627 million
|
$1,652 million
|
$1,841 million
|
-2 %
|
-12 %
|
|
Adjusted pre-provision,
pre-tax earnings (1)
|
$2,475 million
|
$2,343 million
|
$2,660 million
|
+6 %
|
-7 %
|
|
Reported Diluted
Earnings Per Share (EPS) (2)
|
$1.76
|
$1.62
|
$0.39
|
+9 %
|
+351 %
|
|
Adjusted Diluted EPS
(1)(2)
|
$1.70
|
$1.77
|
$1.94
|
-4 %
|
-12 %
|
|
Reported Return on
Common Shareholders' Equity (ROE) (3)
|
14.5 %
|
14.0 %
|
3.1 %
|
|
|
Adjusted ROE
(1)
|
13.9 %
|
15.2 %
|
15.5 %
|
|
Common Equity Tier 1
(CET1) Ratio (4)
|
11.9 %
|
11.7 %
|
11.6 %
|
"We continued to execute on our client-focused strategy, delivering
solid financial results in the second quarter by leveraging the
investments we've made in high-touch, high-growth markets and
furthering our strengths in talent and technology," said
Victor G. Dodig, President and CEO,
CIBC. "In a more fluid economic environment we remain well
capitalized and our well-diversified business provides resilience,
as we live our purpose of helping make ambitions real in the second
half of the fiscal year."
Results for the second quarter of 2023 were affected by the
following items of note aggregating to a positive impact of
$0.06 per share:
- $114 million ($82 million after-tax) decrease in legal
provisions (Corporate and Other); and
- $27 million ($21 million after-tax) amortization of
acquisition-related intangible assets.
Our CET1 ratio(4) was 11.9% at April 30, 2023, compared with 11.6% at the end of
the prior quarter. CIBC's leverage ratio(4) and
liquidity coverage ratio(4) at April 30, 2023 were 4.2% and 124%,
respectively.
CIBC announced an increase in its quarterly common share
dividend from $0.85 per share to
$0.87 per share for the quarter
ending July 31, 2023.
Core business
performance
Canadian Personal and Business Banking reported net
income of $637 million for the second quarter, up
$141 million or 28% from the second quarter a year ago,
primarily due to higher revenue and a lower provision for credit
losses, partially offset by higher non-interest expenses. Adjusted
pre-provision, pre-tax earnings(1) were $1,012 million, up $50 million from the
second quarter a year ago, as higher revenues primarily driven by
higher net interest margin and volume growth were partially offset
by higher expenses. Expenses were higher mainly due to
employee-related costs.
Canadian Commercial Banking and Wealth Management
reported net income of $452 million for the second quarter,
down $28 million or 6% from the second quarter a year ago,
primarily due to a provision for credit losses in the current
quarter compared with a provision reversal in the prior year
quarter, and higher non-interest expenses, partially offset by
higher revenue. Adjusted pre-provision, pre-tax
earnings(1) were $663 million, up $15 million
from the second quarter a year ago, primarily due to volume growth,
higher net interest income from improved deposit margins, and
higher fees in commercial banking. Expenses increased primarily
driven by the timing of expenditures, partially offset by lower
performance-based compensation.
U.S. Commercial Banking and Wealth Management reported
net income of $55 million
(US$40 million) for the second
quarter, down $125 million
(US$102 million or 72%) from the
second quarter a year ago, primarily due to a higher provision for
credit losses and higher non-interest expenses, partially offset by
higher revenue and the impact of foreign currency translation.
Adjusted pre-provision, pre-tax earnings(1) were
$312 million (US$229 million), up $24 million
(US$1 million) from the second quarter a year ago, due to
higher revenue, primarily driven by volume growth and higher net
interest margin, and the impact of foreign currency translation,
partially offset by lower asset management fees and higher
employee-related costs.
|
(1)
|
This measure is a
non-GAAP measure. For additional information, see the "Non-GAAP
measures" section, which section is incorporated by reference
herein, including the quantitative reconciliations therein of
reported GAAP measures to: adjusted net income on pages 3 to 7; and
adjusted pre-provision, pre-tax earnings on page 8.
|
|
(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 "Glossary"
section of our Report to Shareholders for the second quarter of
2023 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. The
April 30, 2023 results reflect the impacts from the implementation
of Basel III reforms that became effective as of February 1, 2023.
For additional information, see the "Capital management" and
"Liquidity risk" sections of our Report to Shareholders for the
second quarter of 2023 available on SEDAR at
www.sedar.com.
|
Capital Markets reported net income of $497 million for
the second quarter, down $43 million or 8% from the second
quarter a year ago, primarily due to higher non-interest expenses
and a provision for credit losses in the current quarter compared
with a provision reversal in the prior year quarter, partially
offset by higher revenue. Adjusted pre-provision, pre-tax
earnings(1) were down $26 million or 4% from the
second quarter a year ago, as higher revenue from our direct
financial services business, corporate banking, and advisory, was
offset by lower underwriting activity, lower global markets revenue
and higher expenses. Expenses were up due to higher
employee-related costs.
Credit quality
Provision for credit losses was $438
million, up $135 million from
the same quarter last year due to an increase in the provision for
credit losses on impaired loans, partially offset by a decrease in
the provision for credit losses on performing loans. Provision for
credit losses on performing loans was down due to a favourable
change in our forward-looking indicators pertaining to the
unsecured retail portfolios in Canadian Personal and Business
Banking, partially offset by an unfavourable change in our economic
outlook and unfavourable credit migration in U.S. Commercial
Banking and Wealth Management. Provision for credit losses on
impaired loans was up mainly due to higher net impairments across
Canadian Personal and Business Banking, Canadian Commercial Banking
and Wealth Management, and U.S. Commercial Banking and Wealth
Management.
|
(1)
|
This measure is a
non-GAAP measure. For additional information and a reconciliation
of reported results to adjusted results, where applicable, 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. Non-GAAP ratios include an
adjusted measure as one or more of their components. Non-GAAP
ratios include adjusted diluted EPS, adjusted efficiency ratio,
adjusted operating leverage, adjusted dividend payout ratio,
adjusted return on common shareholders' equity and adjusted
effective tax rate.
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 2023 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, 2023
|
Banking
|
Management
|
Management
|
Markets
|
and
Other
|
Total
|
|
(US$
millions)
|
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,280
|
$
|
1,336
|
$
|
648
|
$
|
1,362
|
$
|
76
|
$
|
5,702
|
|
$
|
477
|
|
|
Provision for credit
losses
|
|
123
|
|
46
|
|
248
|
|
19
|
|
2
|
|
438
|
|
|
183
|
|
|
Non-interest
expenses
|
|
1,274
|
|
673
|
|
354
|
|
664
|
|
175
|
|
3,140
|
|
|
261
|
|
|
Income (loss) before
income taxes
|
|
883
|
|
617
|
|
46
|
|
679
|
|
(101)
|
|
2,124
|
|
|
33
|
|
|
Income taxes
|
|
246
|
|
165
|
|
(9)
|
|
182
|
|
(148)
|
|
436
|
|
|
(7)
|
|
|
Net income
|
|
637
|
|
452
|
|
55
|
|
497
|
|
47
|
|
1,688
|
|
|
40
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11
|
|
11
|
|
|
-
|
|
|
Net income attributable
to equity shareholders
|
|
637
|
|
452
|
|
55
|
|
497
|
|
36
|
|
1,677
|
|
|
40
|
|
|
Diluted EPS
($)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.76
|
|
|
|
|
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
(6)
|
$
|
-
|
$
|
(18)
|
$
|
-
|
$
|
(3)
|
$
|
(27)
|
|
$
|
(13)
|
|
|
Decrease in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
114
|
|
114
|
|
|
-
|
|
|
Impact of items of
note on non-interest expenses
|
|
(6)
|
|
-
|
|
(18)
|
|
-
|
|
111
|
|
87
|
|
|
(13)
|
|
|
Total pre-tax impact
of items of note on net income
|
|
6
|
|
-
|
|
18
|
|
-
|
|
(111)
|
|
(87)
|
|
|
13
|
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
-
|
|
-
|
|
5
|
|
-
|
|
1
|
|
6
|
|
|
3
|
|
|
Decrease in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(32)
|
|
(32)
|
|
|
-
|
|
|
Impact of items of
note on income taxes
|
|
-
|
|
-
|
|
5
|
|
-
|
|
(31)
|
|
(26)
|
|
|
3
|
|
|
Total after-tax
impact of items of note on net income
|
$
|
6
|
$
|
-
|
$
|
13
|
$
|
-
|
$
|
(80)
|
$
|
(61)
|
|
$
|
10
|
|
|
Impact of items of
note on diluted EPS ($)
|
|
|
|
|
|
|
|
|
|
|
$
|
(0.06)
|
|
|
|
|
|
Operating results –
adjusted (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (3)
|
$
|
2,280
|
$
|
1,336
|
$
|
648
|
$
|
1,362
|
$
|
76
|
$
|
5,702
|
|
$
|
477
|
|
|
Provision for credit
losses – adjusted
|
|
123
|
|
46
|
|
248
|
|
19
|
|
2
|
|
438
|
|
|
183
|
|
|
Non-interest expenses –
adjusted
|
|
1,268
|
|
673
|
|
336
|
|
664
|
|
286
|
|
3,227
|
|
|
248
|
|
|
Income (loss) before
income taxes – adjusted
|
|
889
|
|
617
|
|
64
|
|
679
|
|
(212)
|
|
2,037
|
|
|
46
|
|
|
Income taxes –
adjusted
|
|
246
|
|
165
|
|
(4)
|
|
182
|
|
(179)
|
|
410
|
|
|
(4)
|
|
|
Net income (loss) –
adjusted
|
|
643
|
|
452
|
|
68
|
|
497
|
|
(33)
|
|
1,627
|
|
|
50
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
11
|
|
11
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
643
|
|
452
|
|
68
|
|
497
|
|
(44)
|
|
1,616
|
|
|
50
|
|
|
Adjusted diluted
EPS ($)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Items of note are
removed from reported results to calculate adjusted
results.
|
|
(2)
|
Adjusted to exclude the
impact of items of note. Adjusted measures are non-GAAP
measures.
|
|
(3)
|
CIBC total results
excludes a TEB adjustment of $64 million (2023: $62 million; 2022:
$53 million) and $126 million for the six months ended 2023 (2022:
$112 million). Our adjusted efficiency ratio
and adjusted operating leverage are calculated on a TEB.
|
|
(4)
|
The income tax charge
is comprised of $510 million for the present value of the estimated
amount of the Canada Recovery Dividend (CRD) tax of $555 million,
and a charge of $35 million related to
the fiscal 2022 impact of the 1.5% increase in the tax rate applied
to taxable income of certain bank and insurance entities in excess
of $100 million for periods after April 2022. The discount of
$45
million on the CRD tax will accrete over the remaining four-year
payment period.
|
|
(5)
|
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 the beginning of 2022.
|
|
(6)
|
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.
|
|
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, 2023
|
Banking
|
Management
|
Management
|
Markets
|
and Other
|
Total
|
|
(US$
millions)
|
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
2,260
|
$
|
1,351
|
$
|
706
|
$
|
1,481
|
$
|
129
|
$
|
5,927
|
|
$
|
526
|
|
|
Provision for (reversal
of) credit losses
|
|
158
|
|
46
|
|
98
|
|
(10)
|
|
3
|
|
295
|
|
|
73
|
|
|
Non-interest
expenses
|
|
1,290
|
|
665
|
|
380
|
|
650
|
|
1,477
|
|
4,462
|
|
|
283
|
|
|
Income (loss) before
income taxes
|
|
812
|
|
640
|
|
228
|
|
841
|
|
(1,351)
|
|
1,170
|
|
|
170
|
|
|
Income taxes
|
|
223
|
|
171
|
|
27
|
|
229
|
|
88
|
|
738
|
|
|
20
|
|
|
Net income
(loss)
|
|
589
|
|
469
|
|
201
|
|
612
|
|
(1,439)
|
|
432
|
|
|
150
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
9
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
589
|
|
469
|
|
201
|
|
612
|
|
(1,448)
|
|
423
|
|
|
150
|
|
|
Diluted EPS
($)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.39
|
|
|
|
|
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
(7)
|
$
|
-
|
$
|
(16)
|
$
|
-
|
$
|
(3)
|
$
|
(26)
|
|
$
|
(12)
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,169)
|
|
(1,169)
|
|
|
-
|
|
|
Impact of items of
note on non-interest expenses
|
|
(7)
|
|
-
|
|
(16)
|
|
-
|
|
(1,172)
|
|
(1,195)
|
|
|
(12)
|
|
|
Total pre-tax impact
of items of note on net income
|
|
7
|
|
-
|
|
16
|
|
-
|
|
1,172
|
|
1,195
|
|
|
12
|
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
2
|
|
-
|
|
4
|
|
-
|
|
-
|
|
6
|
|
|
3
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
325
|
|
325
|
|
|
-
|
|
|
Income tax charge
related to the 2022 Canadian Federal budget
(4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(545)
|
|
(545)
|
|
|
-
|
|
|
Impact of items of
note on income taxes
|
|
2
|
|
-
|
|
4
|
|
-
|
|
(220)
|
|
(214)
|
|
|
3
|
|
|
Total after-tax
impact of items of note on net income
|
$
|
5
|
$
|
-
|
$
|
12
|
$
|
-
|
$
|
1,392
|
$
|
1,409
|
|
$
|
9
|
|
|
Impact of items of
note on diluted EPS ($)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.55
|
|
|
|
|
|
Operating results –
adjusted (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (3)
|
$
|
2,260
|
$
|
1,351
|
$
|
706
|
$
|
1,481
|
$
|
129
|
$
|
5,927
|
|
$
|
526
|
|
|
Provision for (reversal
of) credit losses – adjusted
|
|
158
|
|
46
|
|
98
|
|
(10)
|
|
3
|
|
295
|
|
|
73
|
|
|
Non-interest expenses –
adjusted
|
|
1,283
|
|
665
|
|
364
|
|
650
|
|
305
|
|
3,267
|
|
|
271
|
|
|
Income (loss) before
income taxes – adjusted
|
|
819
|
|
640
|
|
244
|
|
841
|
|
(179)
|
|
2,365
|
|
|
182
|
|
|
Income taxes –
adjusted
|
|
225
|
|
171
|
|
31
|
|
229
|
|
(132)
|
|
524
|
|
|
23
|
|
|
Net income (loss) –
adjusted
|
|
594
|
|
469
|
|
213
|
|
612
|
|
(47)
|
|
1,841
|
|
|
159
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
9
|
|
9
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
594
|
|
469
|
|
213
|
|
612
|
|
(56)
|
|
1,832
|
|
|
159
|
|
|
Adjusted diluted
EPS ($)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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 ($)
(5)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.62
|
|
|
|
|
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(6)
|
$
|
(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
(6)
|
|
(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
(6)
|
|
(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 (6)
|
|
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 ($) (5)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.15
|
|
|
|
|
|
Operating results –
adjusted (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (3)
|
$
|
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 ($) (5)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2023
|
Banking
|
Management
|
Management
|
Markets
|
and
Other
|
Total
|
|
(US$
millions)
|
|
|
Operating results –
reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
4,540
|
$
|
2,687
|
$
|
1,354
|
$
|
2,843
|
$
|
205
|
$
|
11,629
|
|
$
|
1,003
|
|
|
Provision for credit
losses
|
|
281
|
|
92
|
|
346
|
|
9
|
|
5
|
|
733
|
|
|
256
|
|
|
Non-interest
expenses
|
|
2,564
|
|
1,338
|
|
734
|
|
1,314
|
|
1,652
|
|
7,602
|
|
|
544
|
|
|
Income (loss) before
income taxes
|
|
1,695
|
|
1,257
|
|
274
|
|
1,520
|
|
(1,452)
|
|
3,294
|
|
|
203
|
|
|
Income taxes
|
|
469
|
|
336
|
|
18
|
|
411
|
|
(60)
|
|
1,174
|
|
|
13
|
|
|
Net income
(loss)
|
|
1,226
|
|
921
|
|
256
|
|
1,109
|
|
(1,392)
|
|
2,120
|
|
|
190
|
|
|
Net income attributable
to non-controlling interests
|
|
-
|
|
-
|
|
-
|
|
-
|
|
20
|
|
20
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders
|
|
1,226
|
|
921
|
|
256
|
|
1,109
|
|
(1,412)
|
|
2,100
|
|
|
190
|
|
|
Diluted EPS
($)
|
|
|
|
|
|
|
|
|
|
|
$
|
2.15
|
|
|
|
|
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-interest
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
$
|
(13)
|
$
|
-
|
$
|
(34)
|
$
|
-
|
$
|
(6)
|
$
|
(53)
|
|
$
|
(25)
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,055)
|
|
(1,055)
|
|
|
-
|
|
|
Impact of items of
note on non-interest expenses
|
|
(13)
|
|
-
|
|
(34)
|
|
-
|
|
(1,061)
|
|
(1,108)
|
|
|
(25)
|
|
|
Total pre-tax impact
of items of note on net income
|
|
13
|
|
-
|
|
34
|
|
-
|
|
1,061
|
|
1,108
|
|
|
25
|
|
|
Income
taxes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of
acquisition-related intangible assets
|
|
2
|
|
-
|
|
9
|
|
-
|
|
1
|
|
12
|
|
|
6
|
|
|
Increase in legal
provisions
|
|
-
|
|
-
|
|
-
|
|
-
|
|
293
|
|
293
|
|
|
-
|
|
|
Income tax charge
related to the 2022 Canadian Federal budget
(4)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(545)
|
|
(545)
|
|
|
-
|
|
|
Impact of items of
note on income taxes
|
|
2
|
|
-
|
|
9
|
|
-
|
|
(251)
|
|
(240)
|
|
|
6
|
|
|
Total after-tax
impact of items of note on net income
|
$
|
11
|
$
|
-
|
$
|
25
|
$
|
-
|
$
|
1,312
|
$
|
1,348
|
|
$
|
19
|
|
|
Impact of items of
note on diluted EPS ($)
|
|
|
|
|
|
|
|
|
|
|
$
|
1.48
|
|
|
|
|
|
Operating results –
adjusted (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (3)
|
$
|
4,540
|
$
|
2,687
|
$
|
1,354
|
$
|
2,843
|
$
|
205
|
$
|
11,629
|
|
$
|
1,003
|
|
|
Provision for credit
losses – adjusted
|
|
281
|
|
92
|
|
346
|
|
9
|
|
5
|
|
733
|
|
|
256
|
|
|
Non-interest expenses –
adjusted
|
|
2,551
|
|
1,338
|
|
700
|
|
1,314
|
|
591
|
|
6,494
|
|
|
519
|
|
|
Income (loss) before
income taxes – adjusted
|
|
1,708
|
|
1,257
|
|
308
|
|
1,520
|
|
(391)
|
|
4,402
|
|
|
228
|
|
|
Income taxes –
adjusted
|
|
471
|
|
336
|
|
27
|
|
411
|
|
(311)
|
|
934
|
|
|
19
|
|
|
Net income (loss) –
adjusted
|
|
1,237
|
|
921
|
|
281
|
|
1,109
|
|
(80)
|
|
3,468
|
|
|
209
|
|
|
Net income attributable
to non-controlling interests – adjusted
|
|
-
|
|
-
|
|
-
|
|
-
|
|
20
|
|
20
|
|
|
-
|
|
|
Net income (loss)
attributable to equity shareholders – adjusted
|
|
1,237
|
|
921
|
|
281
|
|
1,109
|
|
(100)
|
|
3,448
|
|
|
209
|
|
|
Adjusted diluted
EPS ($)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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 ($)
(5)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.64
|
|
|
|
|
|
Impact of items of
note (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration-related costs as well as purchase
accounting
adjustments and provision for credit losses for
performing loans
(6)
|
$
|
(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
(6)
|
|
(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
(6)
|
|
(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 (6)
|
|
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 ($) (5)
|
|
|
|
|
|
|
|
|
|
|
$
|
0.17
|
|
|
|
|
|
Operating results –
adjusted (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue –
adjusted (3)
|
$
|
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 ($) (5)
|
|
|
|
|
|
|
|
|
|
|
$
|
3.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
2023
|
Net
income
|
$
|
637
|
$
|
452
|
$
|
55
|
$
|
497
|
$
|
47
|
$
|
1,688
|
|
$
|
40
|
|
|
Apr.
30
|
Add: provision for
credit losses
|
|
123
|
|
46
|
|
248
|
|
19
|
|
2
|
|
438
|
|
|
183
|
|
|
Add: income
taxes
|
|
246
|
|
165
|
|
(9)
|
|
182
|
|
(148)
|
|
436
|
|
|
(7)
|
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
1,006
|
|
663
|
|
294
|
|
698
|
|
(99)
|
|
2,562
|
|
|
216
|
|
|
|
Pre-tax impact of
items of note (2)
|
|
6
|
|
-
|
|
18
|
|
-
|
|
(111)
|
|
(87)
|
|
|
13
|
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (3)
|
$
|
1,012
|
$
|
663
|
$
|
312
|
$
|
698
|
$
|
(210)
|
$
|
2,475
|
|
$
|
229
|
|
|
2023
|
Net income
(loss)
|
$
|
589
|
$
|
469
|
$
|
201
|
$
|
612
|
$
|
(1,439)
|
$
|
432
|
|
$
|
150
|
|
|
Jan. 31
|
Add: provision for
(reversal of) credit losses
|
|
158
|
|
46
|
|
98
|
|
(10)
|
|
3
|
|
295
|
|
|
73
|
|
|
Add: income
taxes
|
|
223
|
|
171
|
|
27
|
|
229
|
|
88
|
|
738
|
|
|
20
|
|
|
|
Pre-provision
(reversal), pre-tax earnings (losses) (1)
|
|
970
|
|
686
|
|
326
|
|
831
|
|
(1,348)
|
|
1,465
|
|
|
243
|
|
|
|
Pre-tax impact of items
of note (2)
|
|
7
|
|
-
|
|
16
|
|
-
|
|
1,172
|
|
1,195
|
|
|
12
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (3)
|
$
|
977
|
$
|
686
|
$
|
342
|
$
|
831
|
$
|
(176)
|
$
|
2,660
|
|
$
|
255
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ millions, for the six
months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
Net income
(loss)
|
$
|
1,226
|
$
|
921
|
$
|
256
|
$
|
1,109
|
$
|
(1,392)
|
$
|
2,120
|
|
$
|
190
|
|
|
Apr.
30
|
Add: provision for
credit losses
|
|
281
|
|
92
|
|
346
|
|
9
|
|
5
|
|
733
|
|
|
256
|
|
|
Add: income
taxes
|
|
469
|
|
336
|
|
18
|
|
411
|
|
(60)
|
|
1,174
|
|
|
13
|
|
|
|
Pre-provision
(reversal), pre-tax earnings
(losses) (1)
|
|
1,976
|
|
1,349
|
|
620
|
|
1,529
|
|
(1,447)
|
|
4,027
|
|
|
459
|
|
|
|
Pre-tax impact of
items of note (2)
|
|
13
|
|
-
|
|
34
|
|
-
|
|
1,061
|
|
1,108
|
|
|
25
|
|
|
|
Adjusted
pre-provision (reversal), pre-tax earnings
(losses) (3)
|
$
|
1,989
|
$
|
1,349
|
$
|
654
|
$
|
1,529
|
$
|
(386)
|
$
|
5,135
|
|
$
|
484
|
|
|
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)(4)
|
|
29
|
|
-
|
|
34
|
|
-
|
|
51
|
|
114
|
|
|
27
|
|
|
|
Adjusted pre-provision
(reversal), pre-tax earnings (losses) (3)
|
$
|
2,006
|
$
|
1,272
|
$
|
596
|
$
|
1,432
|
$
|
(455)
|
$
|
4,851
|
|
$
|
470
|
|
|
|
|
|
|
|
(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:
- Announced a $1.25 million gift to
McGill University in support of the
Sustainable Growth Initiative and its goal to contribute to a more
sustainable society;
- Donated $100,000 and opened the
CIBC Foundation Relief Fund to support the Türkiye and Syria earthquake relief efforts; and
- Announced financing of the 50th property under the CIBC Housing
Initiative in the U.S. and will extend the program beyond its
original US$10 million investment to
continue its commitment to strengthening neighbourhoods through
quality and affordable housing options.
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. These statements
include, but are not limited to, statements about our operations,
business lines, financial condition, risk management, priorities,
targets and sustainability commitments (including with respect to
net-zero emissions and our environmental, social and governance
(ESG) related activities), ongoing objectives, strategies, the
regulatory environment in which we operate and outlook for calendar
year 2023 and subsequent periods. Forward-looking statements are
typically identified by the words "believe", "expect",
"anticipate", "intend", "estimate", "forecast", "target",
"predict", "commit", "ambition", "goal", "strive", "project",
"objective" and other similar expressions or future or conditional
verbs such as "will", "may", "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 high inflation, rising
interest rates, recent events in the U.S. banking sector which adds
pressure on liquidity and funding conditions for the financial
industry, the impact of hybrid work arrangements and higher
interest rates on the U.S. real estate sector, potential recession
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: inflationary pressures; global supply-chain disruptions;
geopolitical risk, including from the war in Ukraine, the occurrence, continuance or
intensification of public health emergencies, such as the impact of
COVID-19, 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; exposure to, and the resolution of,
significant litigation or regulatory matters, our ability to
successfully appeal adverse outcomes of such matters and the
timing, determination and recovery of amounts related to such
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 ESG related risks; 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
2022 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 6992806#) and French
(514-392-1587, or toll-free 1-877-395-0279, passcode 6514906#).
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 2023 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 4645396#) and French (514-861-2272 or
1-800-408-3053, passcode 7957917#) until 11:59 p.m. (ET) June 8, 2023. 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