CIBC’s 2024 audited annual consolidated financial statements and accompanying management’s discussion and analysis (MD&A) will be available today at www.cibc.com , along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. Our 2024 Annual Report is available on SEDAR+ at www.sedarplus.com . All amounts are expressed in Canadian dollars, unless otherwise indicated.
TORONTO , Dec. 5, 2024 /CNW/ – CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2024 .
“Our bank delivered record financial performance in 2024 through the consistent execution of our client-focused strategy across business lines and across borders, driving growth for our bank through client relationships and delivering value for all of our stakeholders,” said Victor Dodig , CIBC President and Chief Executive Officer. “Thanks to our CIBC team, in 2024 we continued our robust net client growth, improved our strong client experience scores, and continued to build a connected culture across our bank to serve our clients. These efforts delivered positive operating leverage, a robust capital position, and strong credit quality as we carry our momentum into fiscal 2025. We enter the new fiscal year focused on our strategic priorities of driving growth in the mass affluent and high-net-worth client segments, building on our strength in digital to serve consumers, leveraging our connected platform to grow our wealth management, commercial banking and capital markets businesses, and enabling, simplifying and protecting our bank. Our CIBC team remains committed to our purpose, helping make ambitions real as we serve our clients and build equitable, inclusive and sustainable communities.”
Key highlights across our bank in 2024 included:
Welcomed over 613,000 net new clients over the last 12 months within CIBC and Simplii Financial in our Canadian consumer franchise. Achieved strong net promoter score (NPS) results across Canadian Banking with continued momentum across key programs including Personal Banking, Digital and Contact Centres as well as top-tier results across our relationship intensive programs in Commercial Banking and Wealth Management in Canada and the U.S. Launched custom-built AI platform internally and a Generative AI pilot with frontline team members, announced plans to hire for more than 200 data and AI roles, developed a new Enterprise AI Framework and established an Enterprise AI Governance Office as we take a measured approach to scaling AI powered tools across our bank. Set an interim 2030 net-zero greenhouse gas emissions target for our automotive manufacturing portfolio, complementing our previously set targets for oil and gas, and power generation portfolios. Ranked #2 Registered Investment Advisor in Barron’s Top 100 RIA Firms list. Recognized by Global Finance for the second consecutive year as the Best Investment Bank in Canada and for our leadership in environmental and social sustainability financing, receiving seven sustainable finance awards. Fourth quarter highlights
Q4/24
Q4/23 (1)
Q3/24
YoY
Variance
QoQ
Variance
Revenue
$6,617 million
$5,847 million
$6,604 million
+13 %
0 %
Reported Net Income
$1,882 million
$1,485 million
$1,795 million
+27 %
+5 %
Adjusted Net Income (2)
$1,889 million
$1,522 million
$1,895 million
+24 %
0 %
Adjusted pre-provision, pre-tax earnings (2)
$2,835 million
$2,452 million
$2,939 million
+16 %
-4 %
Reported Diluted Earnings Per Share (EPS)
$1.90
$1.53
$1.82
+24 %
+4 %
Adjusted Diluted EPS (2)
$1.91
$1.57
$1.93
+22 %
-1 %
Reported Return on Common Shareholders’ Equity (ROE) (3)
13.3 %
11.8 %
13.2 %
Adjusted ROE (2)
13.4 %
12.2 %
14.0 %
Net interest margin on average interest-earnings assets (3)(4)
1.50 %
1.44 %
1.50 %
Net interest margin on average interest-earnings assets (excluding trading) (3)(4)
1.86 %
1.66 %
1.84 %
Common Equity Tier 1 (CET1) Ratio (5)
13.3 %
12.4 %
13.3 %
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com .
(2)
This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 14 to 18; and adjusted pre-provision, pre-tax earnings on page 19.
(3)
For additional information on the composition of these specified financial measures, see the “Fourth quarter financial highlights” section.
(4)
Average balances are calculated as a weighted average of daily closing balances.
(5)
Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution’s (OSFI’s) Capital Adequacy Requirements (CAR) Guideline, which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the “Capital management” section of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com .
CIBC’s results for the fourth quarter of 2024 were affected by the following items of note aggregating to a negative impact of $0.01 per share:
$12 million ($9 million after-tax) amortization and impairment of acquisition-related intangible assets; and $3 million ($2 million after-tax) reversal related to the special assessment imposed by the Federal Deposit Insurance Corporation (FDIC) on U.S. depository institutions, which impacted CIBC Bank USA (U.S. Commercial Banking and Wealth Management). For the year ended October 31, 2024 , CIBC reported net income of $7.2 billion and adjusted net income(1) of $7.3 billion , compared with reported net income of $5.0 billion and adjusted net income(1) of $6.5 billion for 2023, and adjusted pre-provision, pre-tax earnings(1) of $11.3 billion , compared with $10.2 billion for 2023.
The following table summarizes our performance in 2024 against our key financial measures and targets, set over the medium term, which we define as three to five years, assuming a normal business environment and credit cycle.
Financial Measure
Medium-term target
2024 Reported Results
2024 Adjusted Results (1)
Diluted EPS growth
7%–10% annually (2)(3)
3-year CAGR (4) = 1.5%
5-year CAGR (4) = 5.4%
3-year CAGR (4) = 0.8%
5-year CAGR (4) = 4.4%
ROE (5)
At least 16% (2)(3)(6)
3-year average = 12.6%
5-year average = 12.8%
3-year average = 13.9%
5-year average = 14.0%
Operating leverage (5)
Positive (2)(3)
3-year average = 0.7%
5-year average = 0.7%
3-year average = 0.1%
5-year average = 0.1%
CET1 ratio
Strong buffer to regulatory requirement
13.3 %
Dividend payout ratio (5)
40%–50% (2)(3)
3-year average = 54.9%
5-year average = 55.4%
3-year average = 48.6%
5-year average = 49.2%
Total shareholder return
Outperform the S&P/TSX Composite
Banks Index over a rolling three- and five-
year period
3-year 5-year
CIBC: 36.4% 102.9%
S&P/TSX Composite Banks Index: 21.9% 63.8%
Core business performance
F2024 Financial Highlights
(C$ million)
F2024
F2023
YoY Variance
Canadian Personal and Business Banking (7)
Reported Net Income
$2,670
$2,364
up 13%
Adjusted Net Income (1)
$2,689
$2,409
up 12%
Pre-provision, pre-tax earnings (1)
$4,881
$4,242
up 15%
Adjusted pre-provision, pre-tax earnings (1)
$4,907
$4,302
up 14%
Canadian Commercial Banking and Wealth Management
Reported Net Income
$1,938
$1,878
up 3%
Adjusted Net Income (1)
$1,938
$1,878
up 3%
Pre-provision, pre-tax earnings (1)
$2,789
$2,712
up 3%
Adjusted pre-provision, pre-tax earnings (1)
$2,789
$2,712
up 3%
U.S. Commercial Banking and Wealth Management
Reported Net Income
$501
$379
up 32%
Adjusted Net Income (1)
$600
$420
up 43%
Pre-provision, pre-tax earnings (1)
$1,104
$1,226
down 10%
Adjusted pre-provision, pre-tax earnings (1)
$1,237
$1,282
down 4%
Capital Markets and Direct Financial Services
Reported Net Income
$1,988
$1,986
0 %
Adjusted Net Income (1)
$1,988
$1,986
0 %
Pre-provision, pre-tax earnings (1)
$2,837
$2,767
up 3%
Adjusted pre-provision, pre-tax earnings (1)
$2,837
$2,767
up 3%
(1)
This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.
(2)
Based on adjusted results. Adjusted measures are non-GAAP measures. For additional information, see the “Non-GAAP measures” section.
(3)
Medium-term targets are defined as through the cycle. For additional information, see the “Overview” section of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com .
(4)
The 3-year compound annual growth rate (CAGR) is calculated from 2021 to 2024 and the 5-year CAGR is calculated from 2019 to 2024.
(5)
For additional information on the composition of these specified financial measures, see the “Fourth quarter financial highlights” section.
(6)
Beginning in 2025, the adjusted ROE target is revised to 15%+ through the cycle.
(7)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2024, CIBC maintained its capital strength and sound risk management practices:
Capital ratios were strong, with a CET1 ratio(1) of 13.3% as noted above, and Tier 1(1) and Total capital ratios(1) of 14.8% and 17.0%, respectively, at October 31, 2024 ; Market risk, as measured by average Value-at-Risk, was $11.0 million in 2024 compared with $9.2 million in 2023; We continued to have solid credit performance, with a loan loss ratio(2) of 32 basis points compared with 30 basis points in 2023; Liquidity Coverage Ratio(1) was 129% for the three months ended October 31, 2024 ; and Leverage Ratio(1) was 4.3% at October 31, 2024 . CIBC announced an increase in its quarterly common share dividend from $0.90 per share to $0.97 per share for the quarter ending January 31, 2025 .
Credit quality
Provision for credit losses was $419 million for the fourth quarter, down $122 million or 23% from the same quarter last year. Provision for credit losses on performing loans was down $61 million , due to a decrease resulting from model parameter updates and favourable credit migration mainly driven by paydowns, partially offset by an unfavourable change in our economic outlook. Provision for credit losses on impaired loans was down $61 million , primarily due to lower provisions in U.S. Commercial Banking and Wealth Management, partially offset by higher provisions across all other strategic business units (SBUs).
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:
The 33rd annual Canadian Cancer Society CIBC Run for the Cure took place bringing together 55,000 participants and volunteers across Canada , including more than 13,000 Team CIBC members. Over $15 million was raised, including more than $2.5 million by Team CIBC. The 13th annual CIBC Caribbean Walk for the Cure took place with 30,000 participants in locations throughout the Caribbean . CIBC has committed $500,000 to the QEII Foundation in Nova Scotia in support of the Cancer Care Patient App, which will transform health care for cancer patients in Nova Scotia . CIBC announced it is committing $350,000 over four years for the creation of two new student awards to help foster the success of equity-deserving students at Wilfrid Laurier University , encouraging the study of science, technology, engineering and math (STEM). (1)
Our capital ratios are calculated pursuant to OSFI’s CAR Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, and the liquidity coverage ratio is calculated pursuant to OSFI’s Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the “Capital management” and “Liquidity risk” sections of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com .
(2)
For additional information on the composition of these specified financial measures, see the “Fourth quarter financial highlights” section.
Fourth quarter financial highlights
As at or for the
As at or for the
three months ended
twelve months ended
2024
2024
2023
2024
2023
Unaudited
Oct. 31
Jul. 31
Oct. 31
(1)
Oct. 31
Oct. 31
(1)
Financial results ($ millions)
Net interest income
$
3,633
$
3,532
$
3,197
$
13,695
$
12,825
Non-interest income
2,984
3,072
2,650
11,911
10,507
Total revenue
6,617
6,604
5,847
25,606
23,332
Provision for credit losses
419
483
541
2,001
2,010
Non-interest expenses
3,791
3,682
3,440
14,439
14,349
Income before income taxes
2,407
2,439
1,866
9,166
6,973
Income taxes
525
644
381
2,012
1,934
Net income
$
1,882
$
1,795
$
1,485
$
7,154
$
5,039
Net income attributable to non-controlling interests
8
9
8
39
38
Preferred shareholders and other equity instrument holders
72
63
62
263
267
Common shareholders
1,802
1,723
1,415
6,852
4,734
Net income attributable to equity shareholders
$
1,874
$
1,786
$
1,477
$
7,115
$
5,001
Financial measures
Reported efficiency ratio (2)
57.3
%
55.8
%
58.8
%
56.4
%
61.5
%
Reported operating leverage (2)
3.0
%
1.5
%
9.8
%
9.1
%
(5.2)
%
Loan loss ratio (3)
0.30
%
0.29
%
0.35
%
0.32
%
0.30
%
Reported return on common shareholders’ equity (2)(4)
13.3
%
13.2
%
11.8
%
13.4
%
10.3
%
Net interest margin (2)
1.40
%
1.39
%
1.32
%
1.36
%
1.35
%
Net interest margin on average interest-earning assets (2)(5)
1.50
%
1.50
%
1.44
%
1.47
%
1.49
%
Return on average assets (2)(5)
0.72
%
0.71
%
0.61
%
0.71
%
0.53
%
Return on average interest-earning assets (2)(5)
0.78
%
0.76
%
0.67
%
0.77
%
0.58
%
Reported effective tax rate
21.8
%
26.4
%
20.4
%
21.9
%
27.7
%
Common share information
Per share ($)
– basic earnings
$
1.91
$
1.83
$
1.53
$
7.29
$
5.17
– reported diluted earnings
1.90
1.82
1.53
7.28
5.17
– dividends
0.90
0.90
0.87
3.60
3.44
– book value (6)
57.08
55.66
51.56
57.08
51.56
Closing share price ($)
87.11
71.40
48.91
87.11
48.91
Shares outstanding (thousands)
– weighted-average basic
944,283
943,467
924,798
939,352
915,631
– weighted-average diluted
948,609
945,784
924,960
941,712
916,223
– end of period
942,295
944,590
931,099
942,295
931,099
Market capitalization ($ millions)
$
82,083
$
67,444
$
45,540
$
82,083
$
45,540
Value measures
Total shareholder return
23.33
%
12.65
%
(14.38)
%
87.56
%
(15.85)
%
Dividend yield (based on closing share price)
4.1
%
5.0
%
7.1
%
4.1
%
7.0
%
Reported dividend payout ratio (2)
47.2
%
49.3
%
56.8
%
49.4
%
66.5
%
Market value to book value ratio
1.53
1.28
0.95
1.53
0.95
Selected financial measures – adjusted (7)
Adjusted efficiency ratio (8)
57.2
%
55.5
%
58.1
%
55.8
%
56.4
%
Adjusted operating leverage (8)
1.8
%
0.6
%
6.1
%
1.2
%
1.1
%
Adjusted return on common shareholders’ equity (4)
13.4
%
14.0
%
12.2
%
13.7
%
13.4
%
Adjusted effective tax rate
21.8
%
22.8
%
20.4
%
22.0
%
21.0
%
Adjusted diluted earnings per share ($)
$
1.91
$
1.93
$
1.57
$
7.40
$
6.73
Adjusted dividend payout ratio
47.0
%
46.6
%
55.4
%
48.5
%
51.1
%
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities
$
302,409
$
301,771
$
267,066
$
302,409
$
267,066
Loans and acceptances, net of allowance for credit losses
558,292
550,149
540,153
558,292
540,153
Total assets
1,041,985
1,021,407
975,690
1,041,985
975,690
Deposits
764,857
743,446
723,376
764,857
723,376
Common shareholders’ equity (2)
53,789
52,580
48,006
53,789
48,006
Average assets (5)
1,035,847
1,012,012
962,405
1,005,133
948,121
Average interest-earning assets (2)(5)
961,151
938,914
882,196
929,604
861,136
Average common shareholders’ equity (2)(5)
53,763
51,916
47,435
51,025
46,130
Assets under administration (AUA) (2)(9)(10)
3,600,069
3,475,292
2,853,007
3,600,069
2,853,007
Assets under management (AUM) (2)(10)
383,264
371,950
300,218
383,264
300,218
Balance sheet quality and liquidity measures (11)
Risk-weighted assets (RWA) ($ millions)
$
333,502
$
329,202
$
326,120
$
333,502
$
326,120
CET1 ratio
13.3
%
13.3
%
12.4
%
13.3
%
12.4
%
Tier 1 capital ratio
14.8
%
14.8
%
13.9
%
14.8
%
13.9
%
Total capital ratio
17.0
%
17.1
%
16.0
%
17.0
%
16.0
%
Leverage ratio
4.3
%
4.3
%
4.2
%
4.3
%
4.2
%
Liquidity coverage ratio (LCR) (12)
129
%
126
%
135
%
n/a
n/a
Net stable funding ratio (NSFR)
115
%
116
%
118
%
115
%
118
%
Other information
Full-time equivalent employees
48,525
48,552
48,074
48,525
48,074
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the “Glossary” section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(3)
The ratio is calculated as the provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.
(4)
Annualized.
(5)
Average balances are calculated as a weighted average of daily closing balances.
(6)
Common shareholders’ equity divided by the number of common shares issued and outstanding at end of period.
(7)
Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the “Non-GAAP measures” section.
(8)
Commencing the first quarter of 2024, we no longer gross up tax-exempt revenue to bring it to a taxable equivalent basis (TEB) for the application of this ratio to our consolidated results. Prior period amounts have been restated to conform with the change in presentation adopted in the first quarter of 2024.
(9)
Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $2,814.6 billion (July 31, 2024: $2,725.2 billion; October 31, 2023: $2,241.9 billion).
(10)
AUM amounts are included in the amounts reported under AUA.
(11)
RWA and our capital ratios are calculated pursuant to OSFI’s CAR Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, and the LCR and NSFR are calculated pursuant to OSFI’s LAR Guideline, all of which are based on BCBS standards. For additional information, see the “Capital management” and “Liquidity risk” sections of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com.
(12)
Average for the three months ended for each respective period.
n/a
Not applicable.
Review of Canadian Personal and Business Banking fourth quarter results
2024
2024
2023
(1)
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
$
2,670
$
2,598
$
2,458
Provision for (reversal of) credit losses
Impaired
287
302
259
Performing
(21)
36
23
Total provision for credit losses
266
338
282
Non-interest expenses
1,373
1,388
1,307
Income before income taxes
1,031
872
869
Income taxes
288
244
232
Net income
$
743
$
628
$
637
Net income attributable to:
Equity shareholders
$
743
$
628
$
637
Total revenue
Net interest income
$
2,070
$
2,010
$
1,908
Non-interest income (2)
600
588
550
$
2,670
$
2,598
$
2,458
Net interest margin on average interest-earning assets (3)(4)
2.56
%
2.50
%
2.38
%
Efficiency ratio
51.4
%
53.4
%
53.2
%
Operating leverage
3.6
%
1.1
%
9.2
%
Return on equity (5)
25.1
%
21.2
%
25.8
%
Average allocated common equity (5)
$
11,793
$
11,803
$
9,781
Full-time equivalent employees
13,531
13,632
13,208
Net income for the quarter was $743 million , up $106 million from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings(5) were $1,303 million , up $146 million from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.
Revenue of $2,670 million was up $212 million from the fourth quarter of 2023, primarily due to higher net interest income, mainly from higher deposit margins and volume growth, and higher fees.
Net interest margin on average interest-earning assets was up 18 basis points mainly due to a favourable asset mix and higher deposit margins, partially offset by lower loan margins.
Provision for credit losses of $266 million was down $16 million from the fourth quarter of 2023, due to a lower provision for credit losses on performing loans, partially offset by a higher provision on impaired loans from higher write-offs.
Non-interest expenses of $1,373 million were up $66 million from the fourth quarter of 2023 mainly due to higher performance-based and employee-related compensation, and higher spending on strategic initiatives.
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(3)
Average balances are calculated as a weighted average of daily closing balances.
(4)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the “Glossary” section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(5)
This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.
Review of Canadian Commercial Banking and Wealth Management fourth quarter results
2024
2024
2023
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
Commercial banking
$
637
$
618
$
634
Wealth management
886
831
732
Total revenue
1,523
1,449
1,366
Provision for credit losses
Impaired
18
35
11
Performing
5
7
–
Total provision for credit losses
23
42
11
Non-interest expenses
790
762
679
Income before income taxes
710
645
676
Income taxes
194
177
186
Net income
$
516
$
468
$
490
Net income attributable to:
Equity shareholders
$
516
$
468
$
490
Total revenue
Net interest income
$
626
$
539
$
452
Non-interest income (1)
897
910
914
$
1,523
$
1,449
$
1,366
Net interest margin on average interest-earning assets (2)(3)
2.63
%
2.73
%
3.37
%
Efficiency ratio
51.9
%
52.6
%
49.7
%
Operating leverage
(4.9)
%
(5.7)
%
0.7
%
Return on equity (4)
21.6
%
19.7
%
23.1
%
Average allocated common equity (4)
$
9,502
$
9,459
$
8,401
Full-time equivalent employees
5,537
5,551
5,433
Net income for the quarter was $516 million , up $26 million from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings(4) were $733 million , up $46 million from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.
Revenue of $1,523 million was up $157 million from the fourth quarter of 2023, driven mainly by higher fee-based revenue from higher AUA and AUM balances, higher commission revenue from increased client activity, and higher net interest income in wealth management. Revenue in commercial banking was slightly higher compared to the prior year due to volume growth and higher fees, partially offset by lower loan and deposit margins.
Net interest margin on average interest-earning assets was down 74 basis points primarily due to the conversion of bankers’ acceptances to CORRA loans resulting from the cessation of Canadian Dollar Offered Rate (CDOR).
Provision for credit losses of $23 million was up $12 million from the fourth quarter of 2023, due to higher provisions on both performing and impaired loans.
Non-interest expenses of $790 million were up $111 million from the fourth quarter of 2023, primarily due to higher performance-based compensation.
(1)
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(2)
Average balances are calculated as a weighted average of daily closing balances.
(3)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the “Glossary” section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(4)
This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.
Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars
2024
2024
2023
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
Commercial banking
$
512
$
515
$
462
Wealth management
220
211
210
Total revenue
732
726
672
Provision for (reversal of) credit losses
Impaired
84
15
205
Performing
(1)
32
44
Total provision for credit losses
83
47
249
Non-interest expenses (1)
411
416
387
Income before income taxes
238
263
36
Income taxes
36
48
(14)
Net income
$
202
$
215
$
50
Net income attributable to:
Equity shareholders
$
202
$
215
$
50
Total revenue
Net interest income
$
506
$
477
$
476
Non-interest income
226
249
196
$
732
$
726
$
672
Net interest margin on average interest-earning assets (2)(3)
3.63
%
3.42
%
3.44
%
Efficiency ratio
56.2
%
57.3
%
57.6
%
Return on equity (4)
7.4
%
7.8
%
1.7
%
Average allocated common equity (4)
$
10,894
$
10,951
$
11,267
Full-time equivalent employees
2,979
2,946
2,780
Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars
2024
2024
2023
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
Commercial banking
$
376
$
376
$
338
Wealth management
161
154
154
Total revenue
537
530
492
Provision for (reversal of) credit losses
Impaired
61
10
151
Performing
–
23
32
Total provision for credit losses
61
33
183
Non-interest expenses (1)
301
304
284
Income before income taxes
175
193
25
Income taxes
27
35
(10)
Net income
$
148
$
158
$
35
Net income attributable to:
Equity shareholders
$
148
$
158
$
35
Total revenue
Net interest income
$
371
$
349
$
348
Non-interest income
166
181
144
$
537
$
530
$
492
Operating leverage
2.5
%
(11.1)
%
(5.7)
%
Net income for the quarter was $202 million (US$148 million ), up $152 million (up US$113 million ) from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings(4) were $324 million (US$238 million ), up $30 million (up US$24 million ) from the fourth quarter of 2023, due to higher net interest income and fee income, partially offset by higher expenses.
Revenue of US$537 million was up US$45 million from the fourth quarter of 2023, primarily due to higher asset management fees from higher average AUM balances, loan margins and deposit volumes, partially offset by lower deposit margins.
Net interest margin on average interest-earning assets was up 19 basis points primarily due to higher loan margins, partially offset by lower deposit margins.
Provision for credit losses of US$61 million was down US$122 million from the fourth quarter of 2023, due to lower provisions on both performing and impaired loans.
Non-interest expenses of US$301 million were up US$17 million from the fourth quarter of 2023, primarily due to higher employee-related compensation and continued infrastructure initiatives.
(1)
Includes a $3 million (US$2 million) reversal (Q3/24: $2 million (US$2 million) charge) related to the special assessment imposed by the FDIC.
(2)
Average balances are calculated as a weighted average of daily closing balances.
(3)
Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the “Glossary” section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(4)
This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.
Review of Capital Markets and Direct Financial Services fourth quarter results
2024
2024
2023
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
Global markets
$
632
$
578
$
555
Corporate and investment banking
439
434
423
Direct financial services
336
336
312
Total revenue (1)
1,407
1,348
1,290
Provision for (reversal of) credit losses
Impaired
27
42
6
Performing
19
3
(2)
Total provision for credit losses
46
45
4
Non-interest expenses
779
770
734
Income before income taxes
582
533
552
Income taxes (1)
154
145
169
Net income
$
428
$
388
$
383
Net income attributable to:
Equity shareholders
$
428
$
388
$
383
Efficiency ratio
55.4
%
57.2
%
56.9
%
Operating leverage
2.8
%
(15.1)
%
(2.8)
%
Return on equity (2)
17.4
%
15.7
%
18.8
%
Average allocated common equity (2)
$
9,762
$
9,820
$
8,122
Full-time equivalent employees
2,452
2,539
2,411
Net income for the quarter was $428 million , up $45 million from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings(2) were up $72 million or 13% from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.
Revenue of $1,407 million was up $117 million from the fourth quarter of 2023. In global markets, revenue increased due to higher financing revenue, partially offset by lower equity derivatives revenue. In corporate and investment banking, higher debt underwriting activity was partially offset by lower equity underwriting and advisory activity. Direct Financial Services revenue increased due to higher deposit margins in Investor’s Edge and growth in Alternate Solutions Group, partially offset by lower margins in Simplii Financial.
Provision for credit losses of $46 million was up $42 million from the fourth quarter of 2023, due to higher provisions on both performing and impaired loans. The increase for performing loans included $10 million related to Simplii Financial.
Non-interest expenses of $779 million were up $45 million from the fourth quarter of 2023, primarily due to higher performance-based compensation and higher spending on strategic initiatives.
Review of Corporate and Other fourth quarter results
2024
2024
2023
$ millions, for the three months ended
Oct. 31
Jul. 31
Oct. 31
Revenue
International banking
$
239
$
254
$
234
Other
46
229
(173)
Total revenue (1)
285
483
61
Provision for (reversal of) credit losses
Impaired
1
10
(3)
Performing
–
1
(2)
Total provision for (reversal of) credit losses
1
11
(5)
Non-interest expenses
438
346
333
Income (loss) before income taxes
(154)
126
(267)
Income taxes (1)
(147)
30
(192)
Net income (loss)
$
(7)
$
96
$
(75)
Net income (loss) attributable to:
Non-controlling interests
$
8
$
9
$
8
Equity shareholders
(15)
87
(83)
Full-time equivalent employees (3)
24,026
23,884
24,242
Net loss for the quarter was $7 million , compared with a net loss of $75 million for the fourth quarter of 2023. Adjusted pre-provision, pre-tax losses(2) were down $89 million or 37% from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.
Revenue was up $224 million from the fourth quarter of 2023, due to higher treasury revenue resulting from lower funding costs borne by treasury, a lower TEB adjustment, and higher revenue from strategic investments.
The current quarter included a provision for credit losses of $1 million , while the fourth quarter of 2023 included a provision reversal for credit losses of $5 million .
Non-interest expenses of $438 million were up $105 million from the fourth quarter of 2023. Adjusted non-interest expenses(2) of $438 million were up $135 million from the fourth quarter of 2023, primarily due to higher corporate costs, and the impact of a pension plan amendment gain in the prior year.
(1)
Prior to the third quarter of 2024, Capital Markets and Direct Financial Services revenue and income taxes were reported on a TEB with an equivalent offset in the revenue and income taxes of Corporate and Other. In the third quarter of 2024, the enactment of the Federal tax measure that denies the dividends received deduction for Canadian banks resulted in a TEB reversal for dividends received on or after January 1, 2024 that were included in the first and second quarters of 2024. Accordingly, the revenue and income taxes for the fourth quarter of 2024 do not include a TEB adjustment (July 31, 2024 includes a reversal of a TEB adjustment of: $123 million; October 31, 2023: includes a TEB adjustment of $62 million).
(2)
This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section.
(3)
Includes full-time equivalent employees for which the expenses are allocated to the business lines within the SBUs. The majority of the full-time equivalent employees for functional and support costs of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management SBU.
Consolidated balance sheet
$ millions, as at October 31
2024
2023
(1)
ASSETS
Cash and non-interest-bearing deposits with banks
$
8,565
$
20,816
Interest-bearing deposits with banks
39,499
34,902
Securities
254,345
211,348
Cash collateral on securities borrowed
17,028
14,651
Securities purchased under resale agreements
83,721
80,184
Loans
Residential mortgages
280,672
274,244
Personal
46,681
45,587
Credit card
20,551
18,538
Business and government
214,299
194,870
Allowance for credit losses
(3,917)
(3,902)
558,286
529,337
Other
Derivative instruments
36,435
33,243
Customers’ liability under acceptances
6
10,816
Property and equipment
3,359
3,251
Goodwill
5,443
5,425
Software and other intangible assets
2,830
2,742
Investments in equity-accounted associates and joint ventures
785
669
Deferred tax assets
821
647
Other assets
30,862
27,659
80,541
84,452
$
1,041,985
$
975,690
LIABILITIES AND EQUITY
Deposits
Personal
$
252,894
$
239,035
Business and government
435,499
412,561
Bank
20,009
22,296
Secured borrowings
56,455
49,484
764,857
723,376
Obligations related to securities sold short
21,642
18,666
Cash collateral on securities lent
7,997
8,081
Obligations related to securities sold under repurchase agreements
110,153
87,118
Other
Derivative instruments
40,654
41,290
Acceptances
6
10,820
Deferred tax liabilities
49
40
Other liabilities
30,155
26,653
70,864
78,803
Subordinated indebtedness
7,465
6,483
Equity
Preferred shares and other equity instruments
4,946
4,925
Common shares
17,011
16,082
Contributed surplus
159
109
Retained earnings
33,471
30,352
Accumulated other comprehensive income (AOCI)
3,148
1,463
Total shareholders’ equity
58,735
52,931
Non-controlling interests
272
232
Total equity
59,007
53,163
$
1,041,985
$
975,690
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com .
Consolidated statement of income
For the three
For the twelve
months ended
months ended
2024
2024
2023
2024
2023
$ millions, except as noted
Oct. 31
Jul. 31
Oct. 31
(1)
Oct. 31
Oct. 31
(1)
Interest income (2)
Loans
$
8,668
$
8,726
$
8,215
$
33,925
$
30,235
Securities
2,393
2,482
2,165
9,560
7,341
Securities borrowed or purchased under resale agreements
1,441
1,528
1,357
5,811
4,566
Deposits with banks and other
729
711
720
2,889
2,877
13,231
13,447
12,457
52,185
45,019
Interest expense
Deposits
7,476
7,713
7,569
30,476
26,633
Securities sold short
163
156
109
625
408
Securities lent or sold under repurchase agreements
1,719
1,769
1,299
6,334
4,283
Subordinated indebtedness
120
134
120
510
458
Other
120
143
163
545
412
9,598
9,915
9,260
38,490
32,194
Net interest income
3,633
3,532
3,197
13,695
12,825
Non-interest income
Underwriting and advisory fees
182
165
137
707
519
Deposit and payment fees
250
249
229
958
924
Credit fees
217
303
369
1,218
1,385
Card fees
105
97
100
414
379
Investment management and custodial fees
526
508
454
1,980
1,768
Mutual fund fees
465
452
421
1,796
1,743
Income from insurance activities, net (1)
85
87
85
356
347
Commissions on securities transactions
129
109
81
431
338
Gains (losses) from financial instruments measured/designated at
fair value through profit or loss (FVTPL), net
827
869
611
3,226
2,346
Gains (losses) from debt securities measured at fair value through
other comprehensive income (FVOCI) and amortized cost, net
(6)
3
15
43
83
Foreign exchange other than trading
93
99
74
386
360
Income from equity-accounted associates and joint ventures
18
20
(5)
79
30
Other
93
111
79
317
285
2,984
3,072
2,650
11,911
10,507
Total revenue
6,617
6,604
5,847
25,606
23,332
Provision for credit losses
419
483
541
2,001
2,010
Non-interest expenses
Employee compensation and benefits
2,207
2,095
1,890
8,261
7,550
Occupancy costs
208
197
216
830
823
Computer, software and office equipment
723
722
658
2,719
2,467
Communications
89
91
91
362
364
Advertising and business development
103
78
87
344
304
Professional fees
74
67
77
257
245
Business and capital taxes
34
31
26
128
124
Other
353
401
395
1,538
2,472
3,791
3,682
3,440
14,439
14,349
Income before income taxes
2,407
2,439
1,866
9,166
6,973
Income taxes
525
644
381
2,012
1,934
Net income
$
1,882
$
1,795
$
1,485
$
7,154
$
5,039
Net income attributable to non-controlling interests
$
8
$
9
$
8
$
39
$
38
Preferred shareholders and other equity instrument holders
$
72
$
63
$
62
$
263
$
267
Common shareholders
1,802
1,723
1,415
6,852
4,734
Net income attributable to equity shareholders
$
1,874
$
1,786
$
1,477
$
7,115
$
5,001
Earnings per share (in dollars)
Basic
$
1.91
$
1.83
$
1.53
$
7.29
$
5.17
Diluted
1.90
1.82
1.53
7.28
5.17
Dividends per common share (in dollars)
0.90
0.90
0.87
3.60
3.44
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Interest income included $12.2 billion for the quarter ended October 31, 2024 (July 31, 2024: $12.4 billion; October 31, 2023: $11.7 billion) calculated based on the effective interest rate method.
Consolidated statement of comprehensive income
For the three
For the twelve
months ended
months ended
2024
2024
2023
2024
2023
$ millions
Oct. 31
Jul. 31
Oct. 31
(1)
Oct. 31
Oct. 31
(1)
Net income
$
1,882
$
1,795
$
1,485
$
7,154
$
5,039
Other comprehensive income (loss) (OCI), net of income tax, that is subject to subsequent
reclassification to net income
Net foreign currency translation adjustments
Net gains (losses) on investments in foreign operations
479
161
2,594
281
1,163
Net gains (losses) on hedges of investments in foreign operations
(339)
(111)
(1,600)
(267)
(812)
140
50
994
14
351
Net change in debt securities measured at FVOCI
Net gains (losses) on securities measured at FVOCI
(56)
2
(72)
127
274
Net (gains) losses reclassified to net income
5
(1)
(13)
(27)
(65)
(51)
1
(85)
100
209
Net change in cash flow hedges
Net gains (losses) on derivatives designated as cash flow hedges
581
1,270
(217)
2,348
(222)
Net (gains) losses reclassified to net income
(331)
(274)
173
(813)
(142)
250
996
(44)
1,535
(364)
OCI, net of income tax, that is not subject to subsequent reclassification to net income
Net gains (losses) on post-employment defined benefit plans
143
172
(95)
250
(240)
Net gains (losses) due to fair value change of fair value option (FVO) liabilities
attributable to changes in credit risk
(19)
59
80
(216)
(106)
Net gains (losses) on equity securities designated at FVOCI
(1)
(2)
–
(13)
19
123
229
(15)
21
(327)
Total OCI (2)
462
1,276
850
1,670
(131)
Comprehensive income
$
2,344
$
3,071
$
2,335
$
8,824
$
4,908
Comprehensive income attributable to non-controlling interests
$
8
$
9
$
8
$
39
$
38
Preferred shareholders and other equity instrument holders
$
72
$
63
$
62
$
263
$
267
Common shareholders
2,264
2,999
2,265
8,522
4,603
Comprehensive income attributable to equity shareholders
$
2,336
$
3,062
$
2,327
$
8,785
$
4,870
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Includes $45 million of gains for the quarter ended October 31, 2024 (July 31, 2024: $14 million of gains; October 31, 2023: $11 million of gains), relating to our investments in equity-accounted associates and joint ventures.
For the three
For the twelve
months ended
months ended
2024
2024
2023
2024
2023
$ millions
Oct. 31
Jul. 31
Oct. 31
Oct. 31
Oct. 31
Income tax (expense) benefit allocated to each component of OCI
Subject to subsequent reclassification to net income
Net foreign currency translation adjustments
Net gains (losses) on investments in foreign operations
$
(12)
$
(4)
$
(72)
$
(5)
$
(26)
Net gains (losses) on hedges of investments in foreign operations
13
5
93
–
26
1
1
21
(5)
–
Net change in debt securities measured at FVOCI
Net gains (losses) on securities measured at FVOCI
13
9
32
(12)
(65)
Net (gains) losses reclassified to net income
(2)
–
5
10
25
11
9
37
(2)
(40)
Net change in cash flow hedges
Net gains (losses) on derivatives designated as cash flow hedges
(223)
(489)
84
(903)
106
Net (gains) losses reclassified to net income
127
106
(67)
313
46
(96)
(383)
17
(590)
152
Not subject to subsequent reclassification to net income
Net gains (losses) on post-employment defined benefit plans
(28)
(66)
36
(68)
75
Net gains (losses) due to fair value change of FVO liabilities attributable
to changes in credit risk
8
(23)
(30)
83
38
Net gains (losses) on equity securities designated at FVOCI
–
1
–
4
(6)
(20)
(88)
6
19
107
$
(104)
$
(461)
$
81
$
(578)
$
219
Consolidated statement of changes in equity
For the three
For the twelve
months ended
months ended
2024
2024
2023
2024
2023
$ millions
Oct. 31
Jul. 31
Oct. 31
(1)
Oct. 31
Oct. 31
(1)
Preferred shares and other equity instruments
Balance at beginning of period
$
4,949
$
5,098
$
4,925
$
4,925
$
4,923
Issue of preferred shares and limited recourse capital notes
–
500
–
1,000
–
Redemption of preferred shares
–
(650)
–
(975)
–
Treasury shares
(3)
1
–
(4)
2
Balance at end of period
$
4,946
$
4,949
$
4,925
$
4,946
$
4,925
Common shares
Balance at beginning of period
$
16,919
$
16,813
$
15,742
$
16,082
$
14,726
Issue of common shares
182
103
338
1,019
1,358
Purchase of common shares for cancellation
(90)
–
–
(90)
–
Treasury shares
–
3
2
–
(2)
Balance at end of period
$
17,011
$
16,919
$
16,082
$
17,011
$
16,082
Contributed surplus
Balance at beginning of period
$
128
$
114
$
103
$
109
$
115
Compensation expense arising from equity-settled share-based awards
7
3
5
16
13
Exercise of stock options and settlement of other equity-settled share-based awards
(5)
(1)
–
(9)
(20)
Other (2)
29
12
1
43
1
Balance at end of period
$
159
$
128
$
109
$
159
$
109
Retained earnings
Balance at beginning of period before accounting policy changes
n/a
n/a
$
29,744
n/a
$
28,823
Impact of adopting IFRS 17 at November 1, 2022
n/a
n/a
n/a
n/a
(56)
Balance at beginning of period
$
32,844
$
31,990
29,744
$
30,352
28,767
Net income attributable to equity shareholders
1,874
1,786
1,477
7,115
5,001
Dividends and distributions
Preferred and other equity instruments
(72)
(63)
(62)
(263)
(267)
Common
(850)
(849)
(804)
(3,382)
(3,149)
Premium on purchase of common shares for cancellation
(329)
–
–
(329)
–
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI
3
(19)
(4)
(15)
–
Other
1
(1)
1
(7)
–
Balance at end of period
$
33,471
$
32,844
$
30,352
$
33,471
$
30,352
AOCI, net of income tax
AOCI, net of income tax, that is subject to subsequent reclassification to net income
Net foreign currency translation adjustments
Balance at beginning of period
$
2,036
$
1,986
$
1,168
$
2,162
$
1,811
Net change in foreign currency translation adjustments
140
50
994
14
351
Balance at end of period
$
2,176
$
2,036
$
2,162
$
2,176
$
2,162
Net gains (losses) on debt securities measured at FVOCI
Balance at beginning of period
$
(256)
$
(257)
$
(322)
$
(407)
$
(616)
Net change in securities measured at FVOCI
(51)
1
(85)
100
209
Balance at end of period
$
(307)
$
(256)
$
(407)
$
(307)
$
(407)
Net gains (losses) on cash flow hedges
Balance at beginning of period
$
259
$
(737)
$
(982)
$
(1,026)
$
(662)
Net change in cash flow hedges
250
996
(44)
1,535
(364)
Balance at end of period
$
509
$
259
$
(1,026)
$
509
$
(1,026)
AOCI, net of income tax, that is not subject to subsequent reclassification to net income
Net gains (losses) on post-employment defined benefit plans
Balance at beginning of period
$
699
$
527
$
687
$
592
$
832
Net change in post-employment defined benefit plans
143
172
(95)
250
(240)
Balance at end of period
$
842
$
699
$
592
$
842
$
592
Net gains (losses) due to fair value change of FVO liabilities attributable to changes
in credit risk
Balance at beginning of period
$
(69)
$
(128)
$
48
$
128
$
234
Net change attributable to changes in credit risk
(19)
59
80
(216)
(106)
Balance at end of period
$
(88)
$
(69)
$
128
$
(88)
$
128
Net gains (losses) on equity securities designated at FVOCI
Balance at beginning of period
$
20
$
3
$
10
$
14
$
(5)
Net gains (losses) on equity securities designated at FVOCI
(1)
(2)
–
(13)
19
Realized gains (losses) on equity securities designated at FVOCI reclassified to retained
earnings
(3)
19
4
15
–
Balance at end of period
$
16
$
20
$
14
$
16
$
14
Total AOCI, net of income tax
$
3,148
$
2,689
$
1,463
$
3,148
$
1,463
Non-controlling interests
Balance at beginning of period
$
254
$
247
$
216
$
232
$
201
Net income attributable to non-controlling interests
8
9
8
39
38
Dividends
(2)
(2)
(2)
(8)
(8)
Other
12
–
10
9
1
Balance at end of period
$
272
$
254
$
232
$
272
$
232
Equity at end of period
$
59,007
$
57,783
$
53,163
$
59,007
$
53,163
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Includes the portion of the estimated tax benefit related to employee stock options that is incremental to the amount recognized in the interim consolidated statement of income.
n/a
Not applicable.
Consolidated statement of cash flows
For the three
For the twelve
months ended
months ended
2024
2024
2023
2024
2023
$ millions
Oct. 31
Jul. 31
Oct. 31
(1)
Oct. 31
Oct. 31
(1)
Cash flows provided by (used in) operating activities
Net income
$
1,882
$
1,795
$
1,485
$
7,154
$
5,039
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
Provision for credit losses
419
483
541
2,001
2,010
Amortization and impairment (2)
289
317
310
1,170
1,143
Stock options and restricted shares expense
7
3
5
16
13
Deferred income taxes
(203)
(22)
39
(244)
(87)
Losses (gains) from debt securities measured at FVOCI and amortized cost
6
(3)
(15)
(43)
(83)
Net losses (gains) on disposal of land, buildings and equipment
(1)
–
–
(1)
(3)
Other non-cash items, net
(258)
(1,075)
179
(1,822)
1,822
Net changes in operating assets and liabilities
Interest-bearing deposits with banks
(3,334)
2,679
(8,035)
(4,597)
(2,576)
Loans, net of repayments
(8,255)
(11,803)
(2,643)
(28,930)
(14,301)
Deposits, net of withdrawals
20,126
9,523
17,515
34,467
17,045
Obligations related to securities sold short
(2,398)
591
917
2,976
3,382
Accrued interest receivable
(226)
53
(528)
(711)
(1,272)
Accrued interest payable
(180)
(130)
474
452
2,521
Derivative assets
(6,188)
1,145
(3,215)
(3,240)
9,826
Derivative liabilities
4,664
(3,004)
2,972
(813)
(10,382)
Securities measured at FVTPL
127
(9,337)
(291)
(23,319)
(15,427)
Other assets and liabilities measured/designated at FVTPL
290
748
2,955
3,431
8,259
Current income taxes
(174)
(15)
111
(257)
361
Cash collateral on securities lent
(518)
(114)
2,989
(84)
3,228
Obligations related to securities sold under repurchase agreements
(5,215)
14,359
3,699
23,035
9,319
Cash collateral on securities borrowed
(533)
(2,740)
(1,154)
(2,377)
675
Securities purchased under resale agreements
(4,400)
6,721
(6,296)
(3,537)
(10,971)
Other, net
3,230
2,115
92
6,361
2,613
(843)
12,289
12,106
11,088
12,154
Cash flows provided by (used in) financing activities
Issue of subordinated indebtedness
–
1,000
–
2,250
1,750
Redemption/repurchase/maturity of subordinated indebtedness
–
(1,536)
–
(1,536)
(1,500)
Issue of preferred shares and limited recourse capital notes, net of issuance cost
–
498
–
996
–
Redemption of preferred shares
–
(650)
–
(975)
–
Issue of common shares for cash
131
57
45
312
183
Purchase of common shares for cancellation
(419)
–
–
(419)
–
Net sale (purchase) of treasury shares
(3)
4
2
(4)
–
Dividends and distributions paid
(876)
(867)
(573)
(2,947)
(2,261)
Repayment of lease liabilities
(80)
(79)
(82)
(287)
(331)
(1,247)
(1,573)
(608)
(2,610)
(2,159)
Cash flows provided by (used in) investing activities
Purchase of securities measured/designated at FVOCI and amortized cost
(16,320)
(20,641)
(17,193)
(76,528)
(79,487)
Proceeds from sale of securities measured/designated at FVOCI and amortized cost
8,299
4,864
6,479
29,761
26,914
Proceeds from maturity of debt securities measured at FVOCI and amortized cost
7,351
6,709
6,653
27,105
32,824
Net sale (purchase) of property, equipment, software and other intangible assets
(393)
(275)
(290)
(1,089)
(1,014)
(1,063)
(9,343)
(4,351)
(20,751)
(20,763)
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks
34
12
124
22
49
Net increase (decrease) in cash and non-interest-bearing deposits with banks
during the period
(3,119)
1,385
7,271
(12,251)
(10,719)
Cash and non-interest-bearing deposits with banks at beginning of period
11,684
10,299
13,545
20,816
31,535
Cash and non-interest-bearing deposits with banks at end of period (3)
$
8,565
$
11,684
$
20,816
$
8,565
$
20,816
Cash interest paid
$
9,777
$
10,045
$
8,786
$
38,038
$
29,673
Cash interest received
12,578
13,037
11,598
49,761
42,600
Cash dividends received
427
463
331
1,713
1,147
Cash income taxes paid
903
679
230
2,513
1,657
(1)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)
Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets.
(3)
Includes restricted cash of $466 million (July 31, 2024: $465 million; October 31, 2023: $491 million) and interest-bearing demand deposits with Bank of Canada.
Non-GAAP measures
We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), 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 2024 Annual Report available on SEDAR+ at www.sedarplus.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.
Capital
Commercial
Canadian
Commercial
Commercial
Markets
Banking
Personal
Banking
Banking
and Direct
and Wealth
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Management
$ millions, for the three months ended October 31, 2024
Banking
Management
Management
Services
and Other
Total
(US$ millions)
Operating results – reported
Total revenue
$
2,670
$
1,523
$
732
$
1,407
$
285
$
6,617
$
537
Provision for credit losses
266
23
83
46
1
419
61
Non-interest expenses
1,373
790
411
779
438
3,791
301
Income (loss) before income taxes
1,031
710
238
582
(154)
2,407
175
Income taxes
288
194
36
154
(147)
525
27
Net income (loss)
743
516
202
428
(7)
1,882
148
Net income attributable to non-controlling interests
–
–
–
–
8
8
–
Net income (loss) attributable to equity shareholders
743
516
202
428
(15)
1,874
148
Diluted EPS ($)
$
1.90
Impact of items of note (1)
Non-interest expenses
Amortization and impairment of acquisition-related intangible assets
$
(6)
$
–
$
(6)
$
–
$
–
$
(12)
$
(4)
Reversal related to the special assessment imposed by the FDIC
–
–
3
–
–
3
2
Impact of items of note on non-interest expenses
(6)
–
(3)
–
–
(9)
(2)
Total pre-tax impact of items of note on net income
6
–
3
–
–
9
2
Income taxes
Amortization and impairment of acquisition-related intangible assets
1
–
2
–
–
3
1
Reversal related to the special assessment imposed by the FDIC
–
–
(1)
–
–
(1)
(1)
Impact of items of note on income taxes
1
–
1
–
–
2
–
Total after-tax impact of items of note on net income
$
5
$
–
$
2
$
–
$
–
$
7
$
2
Impact of items of note on diluted EPS ($) (2)
$
0.01
Operating results – adjusted (3)
Total revenue – adjusted (4)
$
2,670
$
1,523
$
732
$
1,407
$
285
$
6,617
$
537
Provision for credit losses – adjusted
266
23
83
46
1
419
61
Non-interest expenses – adjusted
1,367
790
408
779
438
3,782
299
Income (loss) before income taxes – adjusted
1,037
710
241
582
(154)
2,416
177
Income taxes – adjusted
289
194
37
154
(147)
527
27
Net income (loss) – adjusted
748
516
204
428
(7)
1,889
150
Net income attributable to non-controlling interests – adjusted
–
–
–
–
8
8
–
Net income (loss) attributable to equity shareholders – adjusted
748
516
204
428
(15)
1,881
150
Adjusted diluted EPS ($)
$
1.91
(1)
Items of note are removed from reported results to calculate adjusted results.
(2)
Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS.
(3)
Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.
(4)
CIBC total results excludes a TEB adjustment of nil (July 31, 2024: excludes a reversal of $123 million; October 31, 2023: excludes a TEB adjustment of $62 million) and excludes a TEB adjustment of $16 million for the twelve months ended October 31, 2024 (October 31, 2023: excludes a TEB adjustment of $254 million).
(5)
This item of note reports the impact to the consolidated income tax expense in the third quarter of 2024 from the enactment on June 20, 2024 of Bill C-59 that denies the dividends received deduction for dividends received by banks on and after January 1, 2024. The corresponding impact on TEB in Capital Markets and Direct Financial Services and Corporate and Other is also included in this item of note with no impact on the consolidated item of note.
(6)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(7)
Relates to the net legal provisions recognized in the first and second quarters of 2023.
(8)
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 accretes over the four-year payment period from initial recognition.
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
U.S.
Canadian
U.S.
Capital
Commercial
Canadian
Commercial
Commercial
Markets
Banking
Personal
Banking
Banking
and Direct
and Wealth
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Management
$ millions, for the three months ended July 31, 2024
Banking
Management
Management
Services
and Other
Total
(US$ millions)
Operating results – reported
Total revenue
$
2,598
$
1,449
$
726
$
1,348
$
483
$
6,604
$
530
Provision for credit losses
338
42
47
45
11
483
33
Non-interest expenses
1,388
762
416
770
346
3,682
304
Income before income taxes
872
645
263
533
126
2,439
193
Income taxes
244
177
48
145
30
644
35
Net income
628
468
215
388
96
1,795
158
Net income attributable to non-controlling interests
–
–
–
–
9
9
–
Net income attributable to equity shareholders
628
468
215
388
87
1,786
158
Diluted EPS ($)
$
1.82
Impact of items of note (1)
Revenue
Adjustments related to enactment of a Federal tax measure in June
2024 that denies the dividends received deduction for Canadian banks (5)
$
–
$
–
$
–
$
123
$
(123)
$
–
$
–
Impact of items of note on revenue
–
–
–
123
(123)
–
–
Non-interest expenses
Amortization and impairment of acquisition-related intangible assets
(7)
–
(8)
–
–
(15)
(6)
Charge related to the special assessment imposed by the FDIC
–
–
(2)
–
–
(2)
(2)
Impact of items of note on non-interest expenses
(7)
–
(10)
–
–
(17)
(8)
Total pre-tax impact of items of note on net income
7
–
10
123
(123)
17
8
Income taxes
Amortization and impairment of acquisition-related intangible assets
2
–
2
–
–
4
2
Adjustments related to enactment of a Federal tax measure in June
2024 that denies the dividends received deduction for Canadian banks (5)
–
–
–
35
(123)
(88)
–
Charge related to the special assessment imposed by the FDIC
–
–
1
–
–
1
1
Impact of items of note on income taxes
2
–
3
35
(123)
(83)
3
Total after-tax impact of items of note on net income
$
5
$
–
$
7
$
88
$
–
$
100
$
5
Impact of items of note on diluted EPS ($) (2)
$
0.11
Operating results – adjusted (3)
Total revenue – adjusted (4)
$
2,598
$
1,449
$
726
$
1,471
$
360
$
6,604
$
530
Provision for credit losses – adjusted
338
42
47
45
11
483
33
Non-interest expenses – adjusted
1,381
762
406
770
346
3,665
296
Income before income taxes – adjusted
879
645
273
656
3
2,456
201
Income taxes – adjusted
246
177
51
180
(93)
561
38
Net income – adjusted
633
468
222
476
96
1,895
163
Net income attributable to non-controlling interests – adjusted
–
–
–
–
9
9
–
Net income attributable to equity shareholders – adjusted
633
468
222
476
87
1,886
163
Adjusted diluted EPS ($)
$
1.93
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.
Capital
Commercial
Canadian
Commercial
Commercial
Markets
Banking
Personal
Banking
Banking
and Direct
and Wealth
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Management
$ millions, for the three months ended October 31, 2023
Banking
(6)
Management
Management
Services
and Other
Total
(US$ millions)
Operating results – reported
Total revenue
$
2,458
$
1,366
$
672
$
1,290
$
61
$
5,847
$
492
Provision for (reversal of) credit losses
282
11
249
4
(5)
541
183
Non-interest expenses
1,307
679
387
734
333
3,440
284
Income (loss) before income taxes
869
676
36
552
(267)
1,866
25
Income taxes
232
186
(14)
169
(192)
381
(10)
Net income (loss)
637
490
50
383
(75)
1,485
35
Net income attributable to non-controlling interests
–
–
–
–
8
8
–
Net income (loss) attributable to equity shareholders
637
490
50
383
(83)
1,477
35
Diluted EPS ($)
$
1.53
Impact of items of note (1)
Non-interest expenses
Amortization and impairment of acquisition-related intangible assets
$
(6)
$
–
$
(9)
$
–
$
(30)
$
(45)
$
(6)
Impact of items of note on non-interest expenses
(6)
–
(9)
–
(30)
(45)
(6)
Total pre-tax impact of items of note on net income
6
–
9
–
30
45
6
Income taxes
Amortization and impairment of acquisition-related intangible assets
2
–
3
–
3
8
2
Impact of items of note on income taxes
2
–
3
–
3
8
2
Total after-tax impact of items of note on net income
$
4
$
–
$
6
$
–
$
27
$
37
$
4
Impact of items of note on diluted EPS ($) (2)
$
0.04
Operating results – adjusted (3)
Total revenue – adjusted (4)
$
2,458
$
1,366
$
672
$
1,290
$
61
$
5,847
$
492
Provision for (reversal of) credit losses – adjusted
282
11
249
4
(5)
541
183
Non-interest expenses – adjusted
1,301
679
378
734
303
3,395
278
Income (loss) before income taxes – adjusted
875
676
45
552
(237)
1,911
31
Income taxes – adjusted
234
186
(11)
169
(189)
389
(8)
Net income (loss) – adjusted
641
490
56
383
(48)
1,522
39
Net income attributable to non-controlling interests – adjusted
–
–
–
–
8
8
–
Net income (loss) attributable to equity shareholders – adjusted
641
490
56
383
(56)
1,514
39
Adjusted diluted EPS ($)
$
1.57
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.
Capital
Commercial
Canadian
Commercial
Commercial
Markets
Banking
Personal
Banking
Banking
and Direct
and Wealth
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Management
$ millions, for the twelve months ended October 31, 2024
Banking
Management
Management
Services
and Other
Total
(US$ millions)
Operating results – reported
Total revenue
$
10,241
$
5,730
$
2,805
$
5,804
$
1,026
$
25,606
$
2,063
Provision for credit losses
1,203
122
560
115
1
2,001
412
Non-interest expenses
5,360
2,941
1,701
2,967
1,470
14,439
1,251
Income (loss) before income taxes
3,678
2,667
544
2,722
(445)
9,166
400
Income taxes
1,008
729
43
734
(502)
2,012
32
Net income
2,670
1,938
501
1,988
57
7,154
368
Net income attributable to non-controlling interests
–
–
–
–
39
39
–
Net income attributable to equity shareholders
2,670
1,938
501
1,988
18
7,115
368
Diluted EPS ($)
$
7.28
Impact of items of note (1)
Non-interest expenses
Amortization and impairment of acquisition-related intangible assets
$
(26)
$
–
$
(30)
$
–
$
–
$
(56)
$
(22)
Charge related to the special assessment imposed by the FDIC
–
–
(103)
–
–
(103)
(77)
Impact of items of note on non-interest expenses
(26)
–
(133)
–
–
(159)
(99)
Total pre-tax impact of items of note on net income
26
–
133
–
–
159
99
Income taxes
Amortization and impairment of acquisition-related intangible assets
7
–
8
–
–
15
6
Charge related to the special assessment imposed by the FDIC
–
–
26
–
–
26
19
Impact of items of note on income taxes
7
–
34
–
–
41
25
Total after-tax impact of items of note on net income
$
19
$
–
$
99
$
–
$
–
$
118
$
74
Impact of items of note on diluted EPS ($) (2)
$
0.12
Operating results – adjusted (3)
Total revenue – adjusted (4)
$
10,241
$
5,730
$
2,805
$
5,804
$
1,026
$
25,606
$
2,063
Provision for credit losses – adjusted
1,203
122
560
115
1
2,001
412
Non-interest expenses – adjusted
5,334
2,941
1,568
2,967
1,470
14,280
1,152
Income (loss) before income taxes – adjusted
3,704
2,667
677
2,722
(445)
9,325
499
Income taxes – adjusted
1,015
729
77
734
(502)
2,053
57
Net income – adjusted
2,689
1,938
600
1,988
57
7,272
442
Net income attributable to non-controlling interests – adjusted
–
–
–
–
39
39
–
Net income attributable to equity shareholders – adjusted
2,689
1,938
600
1,988
18
7,233
442
Adjusted diluted EPS ($)
$
7.40
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.
Capital
Commercial
Canadian
Commercial
Commercial
Markets
Banking
Personal
Banking
Banking
and Direct
and Wealth
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Management
$ millions, for the twelve months ended October 31, 2023
Banking
(6)
Management
Management
Services
and Other
Total
(US$ millions)
Operating results – reported
Total revenue
$
9,416
$
5,403
$
2,692
$
5,488
$
333
$
23,332
$
1,994
Provision for credit losses
986
143
850
19
12
2,010
630
Non-interest expenses
5,174
2,691
1,466
2,721
2,297
14,349
1,086
Income (loss) before income taxes
3,256
2,569
376
2,748
(1,976)
6,973
278
Income taxes
892
691
(3)
762
(408)
1,934
(2)
Net income (loss)
2,364
1,878
379
1,986
(1,568)
5,039
280
Net income attributable to non-controlling interests
–
–
–
–
38
38
–
Net income (loss) attributable to equity shareholders
2,364
1,878
379
1,986
(1,606)
5,001
280
Diluted EPS ($)
$
5.17
Impact of items of note (1)
Revenue
Commodity tax charge related to the retroactive impact of the 2023
Canadian Federal budget
$
34
$
–
$
–
$
–
$
–
$
34
$
–
Impact of items of note on revenue
34
–
–
–
–
34
–
Non-interest expenses
Amortization and impairment of acquisition-related intangible assets
(26)
–
(56)
–
(39)
(121)
(41)
Increase in legal provisions (7)
–
–
–
–
(1,055)
(1,055)
–
Impact of items of note on non-interest expenses
(26)
–
(56)
–
(1,094)
(1,176)
(41)
Total pre-tax impact of items of note on net income
60
–
56
–
1,094
1,210
41
Income taxes
Amortization and impairment of acquisition-related intangible assets
6
–
15
–
4
25
11
Commodity tax charge related to the retroactive impact of the 2023
Canadian Federal budget
9
–
–
–
–
9
–
Increase in legal provisions (7)
–
–
–
–
293
293
–
Income tax charge related to the 2022 Canadian Federal budget (8)
–
–
–
–
(545)
(545)
–
Impact of items of note on income taxes
15
–
15
–
(248)
(218)
11
Total after-tax impact of items of note on net income
$
45
$
–
$
41
$
–
$
1,342
$
1,428
$
30
Impact of items of note on diluted EPS ($) (2)
$
1.56
Operating results – adjusted (3)
Total revenue – adjusted (4)
$
9,450
$
5,403
$
2,692
$
5,488
$
333
$
23,366
$
1,994
Provision for credit losses – adjusted
986
143
850
19
12
2,010
630
Non-interest expenses – adjusted
5,148
2,691
1,410
2,721
1,203
13,173
1,045
Income (loss) before income taxes – adjusted
3,316
2,569
432
2,748
(882)
8,183
319
Income taxes – adjusted
907
691
12
762
(656)
1,716
9
Net income (loss) – adjusted
2,409
1,878
420
1,986
(226)
6,467
310
Net income attributable to non-controlling interests – adjusted
–
–
–
–
38
38
–
Net income (loss) attributable to equity shareholders – adjusted
2,409
1,878
420
1,986
(264)
6,429
310
Adjusted diluted EPS ($)
$
6.73
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.
Capital
Commercial
Canadian
Commercial
Commercial
Markets
Banking
Personal
Banking
Banking
and Direct
and Wealth
and Business
and Wealth
and Wealth
Financial
Corporate
CIBC
Management
$ millions, for the three months ended
Banking
Management
Management
Services
and Other
Total
(US$ millions)
2024
Net income (loss)
$
743
$
516
$
202
$
428
$
(7)
$
1,882
$
148
Oct. 31
Add: provision for credit losses
266
23
83
46
1
419
61
Add: income taxes
288
194
36
154
(147)
525
27
Pre-provision (reversal), pre-tax earnings (losses) (1)
1,297
733
321
628
(153)
2,826
236
Pre-tax impact of items of note (2)
6
–
3
–
–
9
2
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)
$
1,303
$
733
$
324
$
628
$
(153)
$
2,835
$
238
2024
Net income (loss)
$
628
$
468
$
215
$
388
$
96
$
1,795
$
158
Jul. 31
Add: provision for credit losses
338
42
47
45
11
483
33
Add: income taxes
244
177
48
145
30
644
35
Pre-provision, pre-tax earnings (1)
1,210
687
310
578
137
2,922
226
Pre-tax impact of items of note (2)
7
–
10
123
(123)
17
8
Adjusted pre-provision, pre-tax earnings (3)
$
1,217
$
687
$
320
$
701
$
14
$
2,939
$
234
2023
Net income (loss)
$
637
$
490
$
50
$
383
$
(75)
$
1,485
$
35
Oct. 31 (4)
Add: provision for (reversal of) credit losses
282
11
249
4
(5)
541
183
Add: income taxes
232
186
(14)
169
(192)
381
(10)
Pre-provision (reversal), pre-tax earnings (losses) (1)
1,151
687
285
556
(272)
2,407
208
Pre-tax impact of items of note (2)
6
–
9
–
30
45
6
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)
$
1,157
$
687
$
294
$
556
$
(242)
$
2,452
$
214
$ millions, for the twelve months ended
2024
Net income
$
2,670
$
1,938
$
501
$
1,988
$
57
$
7,154
$
368
Oct. 31
Add: provision for credit losses
1,203
122
560
115
1
2,001
412
Add: income taxes
1,008
729
43
734
(502)
2,012
32
Pre-provision (reversal), pre-tax earnings (losses) (1)
4,881
2,789
1,104
2,837
(444)
11,167
812
Pre-tax impact of items of note (2)
26
–
133
–
–
159
99
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)
$
4,907
$
2,789
$
1,237
$
2,837
$
(444)
$
11,326
$
911
2023
Net income (loss)
$
2,364
$
1,878
$
379
$
1,986
$
(1,568)
$
5,039
$
280
Oct. 31 (4)
Add: provision for credit losses
986
143
850
19
12
2,010
630
Add: income taxes
892
691
(3)
762
(408)
1,934
(2)
Pre-provision (reversal), pre-tax earnings (losses) (1)
4,242
2,712
1,226
2,767
(1,964)
8,983
908
Pre-tax impact of items of note (2)
60
–
56
–
1,094
1,210
41
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3)
$
4,302
$
2,712
$
1,282
$
2,767
$
(870)
$
10,193
$
949
(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)
Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
Basis of presentation
The interim consolidated financial information in this news release is prepared in accordance with IFRS and is unaudited whereas the annual consolidated financial information is derived from audited financial statements. These interim consolidated financial statements follow the same accounting policies and methods of application as CIBC’s consolidated financial statements as at and for the year ended October 31, 2024 .
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 1073773#) and French (514-392-1587, or toll-free 1-800-898-3989, passcode 5601311#). 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/en/about-cibc/investor-relations/quarterly-results.html .
Details of CIBC’s 2024 fourth quarter and fiscal year 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 8797228#) and French (514-861-2272 or 1-800-408-3053, passcode 6432963#) until 11:59 p.m. (ET) December 19, 2024 . The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html .
About CIBC
CIBC is a leading North American financial institution with 14 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 .
The information below forms a part of this news release.
Nothing in CIBC’s corporate website (www.cibc.com ) should be considered incorporated herein by reference.
The Board of Directors of CIBC reviewed this news release prior to it being issued.
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 made in the “Core business performance”, “Strong fundamentals”, and “Making a difference in our Communities” sections of this news release, and the Management’s Discussion and Analysis in our 2024 Annual Report under the heading “Economic and market environment – Outlook for calendar year 2025” and other 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 2025 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, including the economic assumptions set out in the “Economic and market environment – Outlook for calendar year 2025” section of our 2024 Annual Report, as updated by quarterly reports, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment, the impact of hybrid work arrangements and the lagged impact of high interest rates on the U.S. real estate sector, the softening labour market and uncertain political conditions in the U.S., and the war in Ukraine and conflict in the Middle East 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 and conflict in the Middle East , the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, 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 conflict in the Middle East , 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 including the use of data and artificial intelligence in our business; 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 including our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; 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 2024 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.
SOURCE CIBC – Investor Relations
