Report to Shareholders for the Third Quarter, www.cibc.com August 25, 2022 |
Q3/22 |
Q3/21 |
Q2/22 |
YoY Variance |
QoQ Variance |
||||||||||||||||||||||||||
Reported Net Income |
$1,666 million | $1,730 million | $1,523 million | -4% | +9% | |||||||||||||||||||||||||
Adjusted Net Income (1) |
$1,724 million | $1,808 million | $1,652 million | -5% | +4% | |||||||||||||||||||||||||
Adjusted pre-provision, pre-tax earnings (1) |
$2,465 million | $2,243 million | $2,343 million | +10% | +5% | |||||||||||||||||||||||||
Reported Diluted Earnings Per Share (EPS) (2) |
$1.78 | $1.88 | $1.62 | -5% | +10% | |||||||||||||||||||||||||
Adjusted Diluted EPS (1)(2) |
$1.85 | $1.96 | $1.77 | -6% | +5% | |||||||||||||||||||||||||
Reported Return on Common Shareholders’ Equity (ROE) (3) |
14.6% | 17.1% | 14.0% | |||||||||||||||||||||||||||
Adjusted ROE (1) |
15.1% | 17.9% | 15.2% | |||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) Ratio (4) |
11.8% | 12.3% | 11.7% |
• | $50 million ($38 million after-tax) in acquisition and integration-related costs as well as purchase accounting adjustments(5) associated with the acquisition of the Canadian Costco credit card portfolio; and |
• | $27 million ($20 million after-tax) amortization of acquisition-related intangible assets. |
(1) | This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section. |
(2) | CIBC completed a two-for-one |
(3) | Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the “Third quarter financial highlights” section. |
(4) | Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution’s (OSFI’s) Capital Adequacy Requirements (CAR) Guideline and the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the “Capital management” and “Liquidity risk” sections. |
(5) | Acquisition and integration costs are comprised of incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling franchising opportunities, the upgrade and conversion of systems and processes, project delivery, communication costs and client welcome bonuses. Purchase accounting adjustments include the accretion of the acquisition date fair value discount on the acquired Canadian Costco credit card receivables. |
(1) | This measure is a non-GAAP measure. For additional information, see the “Non-GAAP measures” section. |
• | We renewed our support to the McGill University Health Centre Foundation with a $1 million donation aligned to the expansion of their innovative app, Opal, and their ambition to provide exceptional and integrated patient-centric care for those living with cancer. |
• | We approved the first round of new, incremental funding from the CIBC Foundation. In total, nearly $700,000 was committed to community-based organizations to help create greater social and economic inclusion for underserved communities. This was the first part of a commitment of $3.5 million in funding distributions that the CIBC Foundation will make this year. |
• | Together with the BlackNorth Initiative, we recognized the first-ever recipients of the Youth Accelerator Program with BGC Canada. Thirty students from BGC clubs across Canada have been selected to receive $50,000 over four years for tuition, mentorship, financial education, and opportunities to secure paid internships or co-ops with other signatories to the BlackNorth CEO Pledge. |
• | We participated in the 26th edition of Tour CIBC Charles-Bruneau, raising over $900,000 to support pediatric cancer research at the Charles-Bruneau Foundation. This year marked CIBC’s 16th year as title partner of the Tour, with the bank having now raised over $10,000,000 since 2006. |
ii |
CIBC THIRD QUARTER 2022 |
Third quarter, 2022 |
||||||||||||||||||||
Topics |
Recommendations |
Disclosures |
Management’s discussion and analysis |
Consolidated financial statements |
Pillar 3 report and Supplementary regulatory capital disclosure |
2021 Annual Report |
||||||||||||||
Page references |
||||||||||||||||||||
General | 1 | Index of risk information – current page | ||||||||||||||||||
2 | Risk terminology and measures | 52–55 | 69–71 | |||||||||||||||||
3 | Top and emerging risks | 29–31 | 50 | |||||||||||||||||
4 | Key future regulatory ratio requirements | 24–25, 41, 42 | 77 | 9, 16 | |
36, 39, 74, 75, 172 |
| |||||||||||||
Risk governance, risk management and business model |
5 | Risk management structure | 44, 45 | |||||||||||||||||
6 | Risk culture and appetite | 43, 46, 47 | ||||||||||||||||||
7 | Risks arising from business activities | 31 | 48, 53 | |||||||||||||||||
8 | Bank-wide stress testing | 34 | |
32, 49, 57, 63 70, 72 |
| |||||||||||||||
Capital adequacy and risk-weighted assets |
9 | Minimum capital requirements | 23 | 77 | 32, 172 | |||||||||||||||
10 | Components of capital and reconciliation to the consolidated regulatory balance sheet |
8–11 | 36 | |||||||||||||||||
11 | Regulatory capital flow statement |
12 | 37 | |||||||||||||||||
12 | Capital management and planning |
39, 172 | ||||||||||||||||||
13 | Business activities and risk-weighted assets |
31 | 4 | 38, 53 | ||||||||||||||||
14 | Risk-weighted assets and capital requirements |
4 | 34, 38 | |||||||||||||||||
15 | Credit risk by major portfolios | 27–36 | 56–60 | |||||||||||||||||
16 | Risk-weighted assets flow statement | 4, 5 | 38 | |||||||||||||||||
17 | Back-testing of models | 67, 68 | 48, 57, 68 | |||||||||||||||||
Liquidity | 18 | Liquid assets | 40 | 73 | ||||||||||||||||
Funding | 19 | Encumbered assets | 41 | 73 | ||||||||||||||||
20 | Contractual maturities of assets, liabilities and off-balance sheet instruments |
45 | 78 | |||||||||||||||||
21 | Funding strategy and sources | 44 | 76 | |||||||||||||||||
Market risk | 22 | Reconciliation of trading and non-trading portfolios to the consolidated balance sheet |
37 | 67 | ||||||||||||||||
23 | Significant trading and non-trading market risk factors |
38–39 | 67–71 | |||||||||||||||||
24 | Model assumptions, limitations and validation procedures |
67–71 | ||||||||||||||||||
25 | Stress testing and scenario analysis | 32, 70 | ||||||||||||||||||
Credit risk | 26 | Analysis of credit risk exposures | 32–36 | 6–7, 63–66 | |
58–65, 145–152, 193 |
| |||||||||||||
27 | Impaired loan and forbearance policies |
32, 35 | 55, 63, 85, 124 | |||||||||||||||||
28 | Reconciliation of impaired loans and the allowance for credit losses |
35 | 69 | 63, 146 | ||||||||||||||||
29 | Counterparty credit risk arising from derivatives |
34 | 66, 35 (1) |
|
55, 59, 162–163 |
| ||||||||||||||
30 | Credit risk mitigation | 32 | 20, 51, 66 | |
55, 162–163 |
| ||||||||||||||
Other risks | 31 | Other risks | 46 | 79–82 | ||||||||||||||||
32 | Discussion of publicly known risk events |
79 | 79, 185 |
(1) | Included in our supplementary financial information package. |
CIBC THIRD QUARTER 2022 |
iii |
Management’s discussion and analysis (MD&A) is provided to enable readers to assess CIBC’s financial condition and results of operations as at and for the quarter and nine months ended July 31, 2022 compared with corresponding periods. The MD&A should be read in conjunction with our 2021 Annual Report and the unaudited interim consolidated financial statements included in this report. Unless otherwise indicated, all financial information in this MD&A has been prepared in accordance with International Financial Reporting Standards (IFRS or GAAP) and all amounts are expressed in Canadian dollars (CAD). Certain disclosures in the MD&A have been shaded as they form an integral part of the interim consolidated financial statements. The MD&A is current as of August 24, 2022. Additional information relating to CIBC is available on SEDAR at www.sedar.com and on the United States (U.S.) Securities and Exchange Commission’s (SEC) website at www.sec.gov. No information on CIBC’s website (www.cibc.com) should be considered incorporated herein by reference. A glossary of terms used throughout this quarterly report can be found on pages 49 to 55. |
CIBC THIRD QUARTER 2022 |
1 |
As at or for the three months ended |
As at or for the nine months ended |
|||||||||||||||||||||||||
Unaudited |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||||
Financial results |
||||||||||||||||||||||||||
Net interest income |
$ |
3,236 |
$ | 3,088 | $ | 2,893 | $ |
9,456 |
$ | 8,479 | ||||||||||||||||
Non-interest income |
2,335 |
2,288 | 2,163 | 6,989 |
6,472 | |||||||||||||||||||||
Total revenue |
5,571 |
5,376 | 5,056 | 16,445 |
14,951 | |||||||||||||||||||||
Provision for (reversal of) credit losses |
243 |
303 | (99 | ) | 621 |
80 | ||||||||||||||||||||
Non-interest expenses |
3,183 |
3,114 | 2,918 | 9,320 |
8,400 | |||||||||||||||||||||
Income before income taxes |
2,145 |
1,959 | 2,237 | 6,504 |
6,471 | |||||||||||||||||||||
Income taxes |
479 |
436 | 507 | 1,446 |
1,465 | |||||||||||||||||||||
Net income |
$ |
1,666 |
$ | 1,523 | $ | 1,730 | $ |
5,058 |
$ | 5,006 | ||||||||||||||||
Net income attributable to non-controlling interests |
$ |
6 |
$ | 5 | $ | 5 | $ |
16 |
$ | 13 | ||||||||||||||||
Preferred shareholders and other equity instrument holders |
46 |
47 | 30 | 134 |
111 | |||||||||||||||||||||
Common shareholders |
1,614 |
1,471 | 1,695 | 4,908 |
4,882 | |||||||||||||||||||||
Net income attributable to equity shareholders |
$ |
1,660 |
$ | 1,518 | $ | 1,725 | $ |
5,042 |
$ | 4,993 | ||||||||||||||||
Financial measures |
||||||||||||||||||||||||||
Reported efficiency ratio (1) |
57.1 |
% |
57.9 | % | 57.7 | % | 56.7 |
% |
56.2 | % | ||||||||||||||||
Reported operating leverage (1) |
1.1 |
% |
(4.0 | )% | (0.6 | )% | (1.0 |
)% |
6.6 | % | ||||||||||||||||
Loan loss ratio (2) |
0.12 |
% |
0.16 | % | 0.10 | % | 0.13 |
% |
0.18 | % | ||||||||||||||||
Reported return on common shareholders’ equity (1) |
14.6 |
% |
14.0 | % | 17.1 | % | 15.3 |
% |
17.1 | % | ||||||||||||||||
Net interest margin (1) |
1.43 |
% |
1.44 | % | 1.42 | % | 1.43 |
% |
1.42 | % | ||||||||||||||||
Net interest margin on average interest-earning assets (3)(4) |
1.61 |
% |
1.61 | % | 1.60 | % | 1.61 |
% |
1.59 | % | ||||||||||||||||
Return on average assets (4)(5) |
0.73 |
% |
0.71 | % | 0.85 | % | 0.76 |
% |
0.84 | % | ||||||||||||||||
Return on average interest-earning assets (3)(4)(5) |
0.83 |
% |
0.79 | % | 0.96 | % | 0.86 |
% |
0.94 | % | ||||||||||||||||
Reported effective tax rate |
22.3 |
% |
22.3 | % | 22.7 | % | 22.2 |
% |
22.6 | % | ||||||||||||||||
Common share information |
||||||||||||||||||||||||||
Per share ($) (6) |
– basic earnings |
$ |
1.79 |
$ | 1.63 | $ | 1.88 | $ |
5.44 |
$ | 5.44 | |||||||||||||||
– reported diluted earnings |
1.78 |
1.62 | 1.88 | 5.42 |
5.43 | |||||||||||||||||||||
– dividends |
0.830 |
0.805 | 0.730 | 2.440 |
2.190 | |||||||||||||||||||||
– book value (7) |
48.97 |
48.09 | 45.03 | 48.97 |
45.03 | |||||||||||||||||||||
Closing share price ($) (6) |
64.78 |
71.01 | 72.54 | 64.78 |
72.54 | |||||||||||||||||||||
Shares outstanding (thousands) (6) |
– weighted-average basic |
903,742 |
902,489 | 899,180 | 902,703 |
896,884 | ||||||||||||||||||||
– weighted-average diluted |
905,618 |
905,739 | 902,296 | 905,447 |
899,025 | |||||||||||||||||||||
– end of period |
904,691 |
903,155 | 900,163 | 904,691 |
900,163 | |||||||||||||||||||||
Market capitalization |
$ |
58,606 |
$ | 64,133 | $ | 65,293 | $ |
58,606 |
$ | 65,293 | ||||||||||||||||
Value measures |
||||||||||||||||||||||||||
Total shareholder return |
(7.57 |
)% |
(10.12 | )% | 14.68 | % | (10.73 |
)% |
51.15 | % | ||||||||||||||||
Dividend yield (based on closing share price) |
5.1 |
% |
4.6 | % | 4.0 | % | 5.0 |
% |
4.0 | % | ||||||||||||||||
Reported dividend payout ratio (1) |
46.4 |
% |
49.4 | % | 38.7 | % | 44.9 |
% |
40.2 | % | ||||||||||||||||
Market value to book value ratio |
1.32 |
1.48 | 1.61 | 1.32 |
1.61 | |||||||||||||||||||||
Selected financial measures – adjusted (8) |
||||||||||||||||||||||||||
Adjusted efficiency ratio (9) |
55.2 |
% |
55.8 | % | 55.1 | % | 55.0 |
% |
54.6 | % | ||||||||||||||||
Adjusted operating leverage (9) |
(0.3 |
)% |
(1.8 | )% | (0.6 | )% | (0.6 |
)% |
1.9 | % | ||||||||||||||||
Adjusted return on common shareholders’ equity |
15.1 |
% |
15.2 | % | 17.9 | % | 16.0 |
% |
17.5 | % | ||||||||||||||||
Adjusted effective tax rate |
22.4 |
% |
22.6 | % | 22.8 | % | 22.4 |
% |
22.7 | % | ||||||||||||||||
Adjusted diluted earnings per share (EPS) (6) |
$ |
1.85 |
$ | 1.77 | $ | 1.96 | $ |
5.66 |
$ | 5.55 | ||||||||||||||||
Adjusted dividend payout ratio |
44.8 |
% |
45.4 | % | 37.0 | % | 43.0 |
% |
39.4 | % | ||||||||||||||||
On- and off-balance sheet information |
||||||||||||||||||||||||||
Cash, deposits with banks and securities |
$ |
222,183 |
$ | 220,293 | $ | 207,774 | $ |
222,183 |
$ | 207,774 | ||||||||||||||||
Loans and acceptances, net of allowance for credit losses |
516,595 |
502,430 | 449,167 | 516,595 |
449,167 | |||||||||||||||||||||
Total assets |
896,790 |
894,148 | 806,067 | 896,790 |
806,067 | |||||||||||||||||||||
Deposits |
678,457 |
665,487 | 602,969 | 678,457 |
602,969 | |||||||||||||||||||||
Common shareholders’ equity (1) |
44,304 |
43,429 | 40,533 | 44,304 |
40,533 | |||||||||||||||||||||
Average assets (4) |
899,963 |
881,909 | 806,768 | 884,166 |
800,755 | |||||||||||||||||||||
Average interest-earning assets (3)(4) |
796,592 |
787,462 | 718,403 | 787,289 |
713,152 | |||||||||||||||||||||
Average common shareholders’ equity (1)(4) |
43,875 |
43,155 | 39,263 | 42,877 |
38,173 | |||||||||||||||||||||
Assets under administration (AUA) (1)(10)(11) |
2,851,405 |
2,918,191 | 2,982,469 | 2,851,405 |
2,982,469 | |||||||||||||||||||||
Assets under management (AUM) (1)(11) |
298,122 |
302,258 | 310,560 | 298,122 |
310,560 | |||||||||||||||||||||
Balance sheet quality and liquidity measures (12) |
||||||||||||||||||||||||||
Risk-weighted assets (RWA) ($ millions) |
$ |
303,743 |
$ | 299,535 | $ | 268,999 | $ |
303,743 |
$ | 268,999 | ||||||||||||||||
Common Equity Tier 1 (CET1) ratio (13) |
11.8 |
% |
11.7 | % | 12.3 | % | 11.8 |
% |
12.3 | % | ||||||||||||||||
Tier 1 capital ratio (13) |
13.2 |
% |
13.2 | % | 13.7 | % | 13.2 |
% |
13.7 | % | ||||||||||||||||
Total capital ratio (13) |
15.3 |
% |
15.3 | % | 16.0 | % | 15.3 |
% |
16.0 | % | ||||||||||||||||
Leverage ratio |
4.3 |
% |
4.2 | % | 4.6 | % | 4.3 |
% |
4.6 | % | ||||||||||||||||
Liquidity coverage ratio (LCR) |
123 |
% |
125 | % | 126 | % | n/a |
n/a | ||||||||||||||||||
Net stable funding ratio (NSFR) |
117 |
% |
117 | % | 117 | % | n/a |
n/a | ||||||||||||||||||
Other information |
||||||||||||||||||||||||||
Full-time equivalent employees |
49,505 |
47,814 | 44,904 | 49,505 |
44,904 |
(1) | For additional information on the composition, see the “Glossary” section. |
(2) | The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. |
(3) | Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease-related assets. |
(4) | Average balances are calculated as a weighted average of daily closing balances. |
(5) | Net income expressed as a percentage of average assets or average interest-earning assets. |
(6) | On April 7, 2022, CIBC shareholders approved a two-for-one |
(7) | Common shareholders’ equity divided by the number of common shares issued and outstanding at end of period. |
(8) | 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, see the “Non-GAAP measures” section. |
(9) | Calculated on a taxable equivalent basis (TEB). |
(10) | 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 $2,241.6 billion (April 30, 2022: $2,301.6 billion; July 31, 2021: $2,380.2 billion). |
(11) | AUM amounts are included in the amounts reported under AUA. |
(12) | RWA and our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution’s (OSFI’s) Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI’s Leverage Requirements Guideline, and LCR and NSFR are calculated pursuant to OSFI’s Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the “Capital management” and “Liquidity risk” sections. |
(13) | Ratios reflect the expected credit loss (ECL) transitional arrangement announced by OSFI on March 27, 2020 in response to the onset of the COVID-19 pandemic. |
n/a | Not applicable. |
2 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
3 |
• | $50 million ($38 million after-tax) in acquisition and integration-related costs as well as purchase accounting adjustments(3) associated with the acquisition of the Canadian Costco credit card portfolio (Canadian Personal and Business Banking); and |
• | $27 million ($20 million after-tax) amortization of acquisition-related intangible assets ($4 million after-tax in Canadian Personal and Business Banking, $13 million after-tax in U.S. Commercial Banking and Wealth Management, and $3 million after-tax in Corporate and Other). |
(1) | Adjusted measures are non-GAAP measures. For additional information, see the “Non-GAAP measures” section. |
(2) | On April 7, 2022, CIBC shareholders approved a two-for-one |
(3) | Acquisition and integration costs are comprised of incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling franchising opportunities, the upgrade and conversion of systems and processes, project delivery, communication costs and client welcome bonuses. Purchase accounting adjustments include the accretion of the acquisition date fair value discount on the acquired Canadian Costco credit card receivables. |
(4) | Trading activities is based on the risk definition of trading for regulatory capital and trading market risk management purposes. Positions in a trading book are considered trading provided the book and positions continue to meet OSFI-defined trading book criteria set out in OSFI’s CAR Guideline. Trading activities and related risk management strategies can periodically shift trading income between net interest income and non-interest income. Therefore, we view total trading income as the most appropriate measure of trading performance. |
4 |
CIBC THIRD QUARTER 2022 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Provision for (reversal of) credit losses – impaired |
||||||||||||||||||||||||
Canadian Personal and Business Banking |
$ |
136 |
$ | 141 | $ | 82 | $ |
376 |
$ | 397 | ||||||||||||||
Canadian Commercial Banking and Wealth Management |
9 |
– | (11 | ) | 8 |
– | ||||||||||||||||||
U.S. Commercial Banking and Wealth Management |
15 |
34 | 25 | 79 |
96 | |||||||||||||||||||
Capital Markets |
(15 |
) |
2 | (18 | ) | (26 |
) |
32 | ||||||||||||||||
Corporate and Other |
11 |
19 | 30 | 41 |
65 | |||||||||||||||||||
156 |
196 | 108 | 478 |
590 | ||||||||||||||||||||
Provision for (reversal of) credit losses – performing |
||||||||||||||||||||||||
Canadian Personal and Business Banking |
64 |
132 | (15 | ) | 195 |
(211 | ) | |||||||||||||||||
Canadian Commercial Banking and Wealth Management |
1 |
(4 | ) | (38 | ) | (6 |
) |
(34 | ) | |||||||||||||||
U.S. Commercial Banking and Wealth Management |
20 |
21 | (82 | ) | 39 |
(120 | ) | |||||||||||||||||
Capital Markets |
6 |
(16 | ) | (42 | ) | (35 |
) |
(98 | ) | |||||||||||||||
Corporate and Other |
(4 |
) |
(26 | ) | (30 | ) | (50 |
) |
(47 | ) | ||||||||||||||
87 |
107 | (207 | ) | 143 |
(510 | ) | ||||||||||||||||||
$ |
243 |
$ | 303 | $ | (99 | ) | $ |
621 |
$ | 80 |
CIBC THIRD QUARTER 2022 |
5 |
For the three months ended |
For the nine months ended |
|||||||||||||||
$ millions, except per share amounts |
Jul. 31, 2022 vs. Jul. 31, 2021 |
Jul. 31, 2022 vs. Apr. 30, 2022 |
Jul. 31, 2022 vs. Jul. 31, 2021 |
|||||||||||||
Estimated increase (decrease) in: |
||||||||||||||||
Total revenue |
$ | 46 | $ | 10 | $ | 49 | ||||||||||
Provision for (reversal of) credit losses |
1 | – | 1 | |||||||||||||
Non-interest expenses |
20 | 4 | 21 | |||||||||||||
Income taxes |
4 | 1 | 4 | |||||||||||||
Net income |
21 | 5 | 23 | |||||||||||||
Impact on EPS: (1) |
||||||||||||||||
Basic |
$ | 0.02 | $ | – | $ | 0.02 | ||||||||||
Diluted |
0.02 | – | 0.02 | |||||||||||||
Average USD appreciation relative to CAD |
3.8 | % | 0.8 | % | 1.3 | % |
(1) | On April 7, 2022, CIBC shareholders approved a two-for-one |
$ millions, except per share amounts, for the three months ended |
2022 |
2021 | 2020 | |||||||||||||||||||||||||||||||
Jul. 31 |
Apr. 30 | Jan. 31 | Oct. 31 | Jul. 31 | Apr. 30 | Jan. 31 | Oct. 31 | |||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||||
Canadian Personal and Business Banking |
$ |
2,321 |
$ | 2,143 | $ | 2,183 | $ | 2,128 | $ | 2,056 | $ | 1,941 | $ | 2,025 | $ | 1,997 | ||||||||||||||||||
Canadian Commercial Banking and Wealth Management |
1,338 |
1,303 | 1,297 | 1,240 | 1,207 | 1,135 | 1,088 | 1,028 | ||||||||||||||||||||||||||
U.S. Commercial Banking and Wealth Management |
604 |
591 | 609 | 562 | 539 | 532 | 561 | 519 | ||||||||||||||||||||||||||
Capital Markets (1) |
1,199 |
1,316 | 1,304 | 1,012 | 1,140 | 1,194 | 1,174 | 934 | ||||||||||||||||||||||||||
Corporate and Other (1) |
109 |
23 | 105 | 122 | 114 | 130 | 115 | 122 | ||||||||||||||||||||||||||
Total revenue |
$ |
5,571 |
$ | 5,376 | $ | 5,498 | $ | 5,064 | $ | 5,056 | $ | 4,932 | $ | 4,963 | $ | 4,600 | ||||||||||||||||||
Net interest income |
$ |
3,236 |
$ | 3,088 | $ | 3,132 | $ | 2,980 | $ | 2,893 | $ | 2,747 | $ | 2,839 | $ | 2,792 | ||||||||||||||||||
Non-interest income |
2,335 |
2,288 | 2,366 | 2,084 | 2,163 | 2,185 | 2,124 | 1,808 | ||||||||||||||||||||||||||
Total revenue |
5,571 |
5,376 | 5,498 | 5,064 | 5,056 | 4,932 | 4,963 | 4,600 | ||||||||||||||||||||||||||
Provision for (reversal of) credit losses |
243 |
303 | 75 | 78 | (99 | ) | 32 | 147 | 291 | |||||||||||||||||||||||||
Non-interest expenses |
3,183 |
3,114 | 3,023 | 3,135 | 2,918 | 2,756 | 2,726 | 2,891 | ||||||||||||||||||||||||||
Income before income taxes |
2,145 |
1,959 | 2,400 | 1,851 | 2,237 | 2,144 | 2,090 | 1,418 | ||||||||||||||||||||||||||
Income taxes |
479 |
436 | 531 | 411 | 507 | 493 | 465 | 402 | ||||||||||||||||||||||||||
Net income |
$ |
1,666 |
$ | 1,523 | $ | 1,869 | $ | 1,440 | $ | 1,730 | $ | 1,651 | $ | 1,625 | $ | 1,016 | ||||||||||||||||||
Net income attributable to: |
||||||||||||||||||||||||||||||||||
Non-controlling interests |
$ |
6 |
$ | 5 | $ | 5 | $ | 4 | $ | 5 | $ | 4 | $ | 4 | $ | 1 | ||||||||||||||||||
Equity shareholders |
1,660 |
1,518 | 1,864 | 1,436 | 1,725 | 1,647 | 1,621 | 1,015 | ||||||||||||||||||||||||||
EPS |
– basic (2) |
$ |
1.79 |
$ | 1.63 | $ | 2.02 | $ | 1.54 | $ | 1.88 | $ | 1.78 | $ | 1.78 | $ | 1.10 | |||||||||||||||||
– diluted (2) |
1.78 |
1.62 | 2.01 | 1.54 | 1.88 | 1.78 | 1.78 | 1.10 |
(1) | Capital Markets revenue and income taxes are reported on a TEB with an equivalent offset in the revenue and income taxes of Corporate and Other. |
(2) | On April 7, 2022, CIBC shareholders approved a two-for-one |
6 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
7 |
8 |
CIBC THIRD QUARTER 2022 |
$ millions, for the three months ended July 31, 2022 | Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
U.S. Commercial Banking and Wealth Management (US$ millions) |
|||||||||||||||||||||||||
Operating results – reported |
||||||||||||||||||||||||||||||||
Total revenue |
$ |
2,321 |
$ |
1,338 |
$ |
604 |
$ |
1,199 |
$ |
109 |
$ |
5,571 |
$ |
473 |
||||||||||||||||||
Provision for (reversal of) credit losses |
200 |
10 |
35 |
(9 |
) |
7 |
243 |
28 |
||||||||||||||||||||||||
Non-interest expenses |
1,313 |
670 |
334 |
593 |
273 |
3,183 |
261 |
|||||||||||||||||||||||||
Income (loss) before income taxes |
808 |
658 |
235 |
615 |
(171 |
) |
2,145 |
184 |
||||||||||||||||||||||||
Income taxes |
213 |
174 |
42 |
168 |
(118 |
) |
479 |
32 |
||||||||||||||||||||||||
Net income (loss) |
595 |
484 |
193 |
447 |
(53 |
) |
1,666 |
152 |
||||||||||||||||||||||||
Net income attributable to non-controlling interests |
– |
– |
– |
– |
6 |
6 |
– |
|||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders |
595 |
484 |
193 |
447 |
(59 |
) |
1,660 |
152 |
||||||||||||||||||||||||
Diluted EPS ($) (1) |
$ |
1.78 |
||||||||||||||||||||||||||||||
Impact of items of note (2) |
||||||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments (3) |
$ |
(6 |
) |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
(6 |
) |
$ |
– |
||||||||||||||||
Impact of items of note on revenue |
(6 |
) |
– |
– |
– |
– |
(6 |
) |
– |
|||||||||||||||||||||||
Non-interest expenses |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
(7 |
) |
– |
(17 |
) |
– |
(3 |
) |
(27 |
) |
(13 |
) | ||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments (3) |
(56 |
) |
– |
– |
– |
– |
(56 |
) |
– |
|||||||||||||||||||||||
Increase in legal provisions |
– |
– |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||
Impact of items of note on non-interest expenses |
(63 |
) |
– |
(17 |
) |
– |
(3 |
) |
(83 |
) |
(13 |
) | ||||||||||||||||||||
Total pre-tax impact of items of note on net income |
57 |
– |
17 |
– |
3 |
77 |
13 |
|||||||||||||||||||||||||
Income taxes |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
3 |
– |
4 |
– |
– |
7 |
3 |
|||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments (3) |
12 |
– |
– |
– |
– |
12 |
– |
|||||||||||||||||||||||||
Impact of items of note on income taxes |
15 |
– |
4 |
– |
– |
19 |
3 |
|||||||||||||||||||||||||
Total after-tax impact of items of note on net income |
$ |
42 |
$ |
– |
$ |
13 |
$ |
– |
$ |
3 |
$ |
58 |
$ |
10 |
||||||||||||||||||
Impact of items of note on diluted EPS ($) (1) |
$ |
0.07 |
||||||||||||||||||||||||||||||
Operating results – adjusted (4) |
||||||||||||||||||||||||||||||||
Total revenue – adjusted (5) |
$ |
2,315 |
$ |
1,338 |
$ |
604 |
$ |
1,199 |
$ |
109 |
$ |
5,565 |
$ |
473 |
||||||||||||||||||
Provision for (reversal of) credit losses – adjusted |
200 |
10 |
35 |
(9 |
) |
7 |
243 |
28 |
||||||||||||||||||||||||
Non-interest expenses – adjusted |
1,250 |
670 |
317 |
593 |
270 |
3,100 |
248 |
|||||||||||||||||||||||||
Income (loss) before income taxes – adjusted |
865 |
658 |
252 |
615 |
(168 |
) |
2,222 |
197 |
||||||||||||||||||||||||
Income taxes – adjusted |
228 |
174 |
46 |
168 |
(118 |
) |
498 |
35 |
||||||||||||||||||||||||
Net income (loss) – adjusted |
637 |
484 |
206 |
447 |
(50 |
) |
1,724 |
162 |
||||||||||||||||||||||||
Net income attributable to non-controlling interests – adjusted |
– |
– |
– |
– |
6 |
6 |
– |
|||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders – adjusted |
637 |
484 |
206 |
447 |
(56 |
) |
1,718 |
162 |
||||||||||||||||||||||||
Adjusted diluted EPS ($) (1) |
$ |
1.85 |
(1) | On April 7, 2022, CIBC shareholders approved a two-for-one |
(2) | Items of note are removed from reported results to calculate adjusted results. |
(3) | Acquisition and integration costs are comprised of incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling franchising opportunities, the upgrade and conversion of systems and processes, project delivery, communication costs and client welcome bonuses. Purchase accounting adjustments include the accretion of the acquisition date fair value discount on the acquired Canadian Costco credit card receivables. Provision for credit losses for performing loans associated with the acquisition of the Canadian Costco credit card portfolio, shown as an item of note in the second quarter of 2022 included the stage 1 ECL allowance established immediately after the acquisition date and the impact of the migration of stage 1 accounts to stage 2 during the second quarter of 2022. |
(4) | Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. |
(5) | CIBC total results excludes a taxable equivalent basis (TEB) adjustment of $48 million (April 30, 2022: $53 million; July 31, 2021: $51 million) and $160 million for the nine months ended July 31, 2022 (July 31, 2021: $156 million). Our adjusted efficiency ratio and adjusted operating leverage are calculated on a TEB. |
CIBC THIRD QUARTER 2022 |
9 |
$ millions, for the three months ended April 30, 2022 | Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
U.S. Commercial Banking and Wealth Management (US$ millions) |
|||||||||||||||||||||||||
Operating results – reported |
||||||||||||||||||||||||||||||||
Total revenue |
$ | 2,143 | $ | 1,303 | $ | 591 | $ | 1,316 | $ | 23 | $ | 5,376 | $ | 467 | ||||||||||||||||||
Provision for (reversal of) credit losses |
273 | (4 | ) | 55 | (14 | ) | (7 | ) | 303 | 43 | ||||||||||||||||||||||
Non-interest expenses |
1,197 | 655 | 320 | 592 | 350 | 3,114 | 253 | |||||||||||||||||||||||||
Income (loss) before income taxes |
673 | 652 | 216 | 738 | (320 | ) | 1,959 | 171 | ||||||||||||||||||||||||
Income taxes |
177 | 172 | 36 | 198 | (147 | ) | 436 | 29 | ||||||||||||||||||||||||
Net income (loss) |
496 | 480 | 180 | 540 | (173 | ) | 1,523 | 142 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests |
– | – | – | – | 5 | 5 | – | |||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders |
496 | 480 | 180 | 540 | (178 | ) | 1,518 | 142 | ||||||||||||||||||||||||
Diluted EPS ($) (1) |
$ | 1.62 | ||||||||||||||||||||||||||||||
Impact of items of note (2) |
||||||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
$ | (4 | ) | $ | – | $ | – | $ | – | $ | – | $ | (4 | ) | $ | – | ||||||||||||||||
Impact of items of note on revenue |
(4 | ) | – | – | – | – | (4 | ) | – | |||||||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
(94 | ) | – | – | – | – | (94 | ) | – | |||||||||||||||||||||||
Impact of items of note on provision for (reversal of) credit losses |
(94 | ) | – | – | – | – | (94 | ) | – | |||||||||||||||||||||||
Non-interest expenses |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
(4 | ) | – | (17 | ) | – | (3 | ) | (24 | ) | (14 | ) | ||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
(16 | ) | – | – | – | – | (16 | ) | – | |||||||||||||||||||||||
Increase in legal provisions |
– | – | – | – | (45 | ) | (45 | ) | – | |||||||||||||||||||||||
Impact of items of note on non-interest expenses |
(20 | ) | – | (17 | ) | – | (48 | ) | (85 | ) | (14 | ) | ||||||||||||||||||||
Total pre-tax impact of items of note on net income |
110 | – | 17 | – | 48 | 175 | 14 | |||||||||||||||||||||||||
Income taxes |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
– | – | 5 | – | – | 5 | 4 | |||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
29 | – | – | – | – | 29 | – | |||||||||||||||||||||||||
Increase in legal provisions |
– | – | – | – | 12 | 12 | – | |||||||||||||||||||||||||
Impact of items of note on income taxes |
29 | – | 5 | – | 12 | 46 | 4 | |||||||||||||||||||||||||
Total after-tax impact of items of note on net income |
$ | 81 | $ | – | $ | 12 | $ | – | $ | 36 | $ | 129 | $ | 10 | ||||||||||||||||||
Impact of items of note on diluted EPS ($) (1) |
$ | 0.15 | ||||||||||||||||||||||||||||||
Operating results – adjusted (4) |
||||||||||||||||||||||||||||||||
Total revenue – adjusted (5) |
$ | 2,139 | $ | 1,303 | $ | 591 | $ | 1,316 | $ | 23 | $ | 5,372 | $ | 467 | ||||||||||||||||||
Provision for (reversal of) credit losses – adjusted |
179 | (4 | ) | 55 | (14 | ) | (7 | ) | 209 | 43 | ||||||||||||||||||||||
Non-interest expenses – adjusted |
1,177 | 655 | 303 | 592 | 302 | 3,029 | 239 | |||||||||||||||||||||||||
Income (loss) before income taxes – adjusted |
783 | 652 | 233 | 738 | (272 | ) | 2,134 | 185 | ||||||||||||||||||||||||
Income taxes – adjusted |
206 | 172 | 41 | 198 | (135 | ) | 482 | 33 | ||||||||||||||||||||||||
Net income (loss) – adjusted |
577 | 480 | 192 | 540 | (137 | ) | 1,652 | 152 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests – adjusted |
– | – | – | – | 5 | 5 | – | |||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders – adjusted |
577 | 480 | 192 | 540 | (142 | ) | 1,647 | 152 | ||||||||||||||||||||||||
Adjusted diluted EPS ($) (1) |
$ | 1.77 |
10 |
CIBC THIRD QUARTER 2022 |
$ millions, for the three months ended July 31, 2021 | Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
U.S. Commercial Banking and Wealth Management (US$ millions) |
|||||||||||||||||||||||||
Operating results – reported |
||||||||||||||||||||||||||||||||
Total revenue |
$ | 2,056 | $ | 1,207 | $ | 539 | $ | 1,140 | $ | 114 | $ | 5,056 | $ | 438 | ||||||||||||||||||
Provision for (reversal of) credit losses |
67 | (49 | ) | (57 | ) | (60 | ) | – | (99 | ) | (46 | ) | ||||||||||||||||||||
Non-interest expenses |
1,118 | 617 | 274 | 529 | 380 | 2,918 | 223 | |||||||||||||||||||||||||
Income (loss) before income taxes |
871 | 639 | 322 | 671 | (266 | ) | 2,237 | 261 | ||||||||||||||||||||||||
Income taxes |
229 | 169 | 56 | 180 | (127 | ) | 507 | 45 | ||||||||||||||||||||||||
Net income (loss) |
642 | 470 | 266 | 491 | (139 | ) | 1,730 | 216 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests |
– | – | – | – | 5 | 5 | – | |||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders |
642 | 470 | 266 | 491 | (144 | ) | 1,725 | 216 | ||||||||||||||||||||||||
Diluted EPS ($) (1) |
$ | 1.88 | ||||||||||||||||||||||||||||||
Impact of items of note (2) |
||||||||||||||||||||||||||||||||
Non-interest expenses |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
$ | – | $ | – | $ | (17 | ) | $ | – | $ | (3 | ) | $ | (20 | ) | $ | (13 | ) | ||||||||||||||
Increase in legal provisions |
– | – | – | – | (85 | ) | (85 | ) | – | |||||||||||||||||||||||
Impact of items of note on non-interest expenses |
– | – | (17 | ) | – | (88 | ) | (105 | ) | (13 | ) | |||||||||||||||||||||
Total pre-tax impact of items of note on net income |
– | – | 17 | – | 88 | 105 | 13 | |||||||||||||||||||||||||
Income taxes |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
– | – | 4 | – | 1 | 5 | 3 | |||||||||||||||||||||||||
Increase in legal provisions |
– | – | – | – | 22 | 22 | – | |||||||||||||||||||||||||
Impact of items of note on income taxes |
– | – | 4 | – | 23 | 27 | 3 | |||||||||||||||||||||||||
Total after-tax impact of items of note on net income |
$ | – | $ | – | $ | 13 | $ | – | $ | 65 | $ | 78 | $ | 10 | ||||||||||||||||||
Impact of items of note on diluted EPS ($) (1) |
$ | 0.08 | ||||||||||||||||||||||||||||||
Operating results – adjusted (4) |
||||||||||||||||||||||||||||||||
Total revenue – adjusted (5) |
$ | 2,056 | $ | 1,207 | $ | 539 | $ | 1,140 | $ | 114 | $ | 5,056 | $ | 438 | ||||||||||||||||||
Provision for (reversal of) credit losses – adjusted |
67 | (49 | ) | (57 | ) | (60 | ) | – | (99 | ) | (46 | ) | ||||||||||||||||||||
Non-interest expenses – adjusted |
1,118 | 617 | 257 | 529 | 292 | 2,813 | 210 | |||||||||||||||||||||||||
Income (loss) before income taxes – adjusted |
871 | 639 | 339 | 671 | (178 | ) | 2,342 | 274 | ||||||||||||||||||||||||
Income taxes – adjusted |
229 | 169 | 60 | 180 | (104 | ) | 534 | 48 | ||||||||||||||||||||||||
Net income (loss) – adjusted |
642 | 470 | 279 | 491 | (74 | ) | 1,808 | 226 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests – adjusted |
– | – | – | – | 5 | 5 | – | |||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders – adjusted |
642 | 470 | 279 | 491 | (79 | ) | 1,803 | 226 | ||||||||||||||||||||||||
Adjusted diluted EPS ($) (1) |
$ | 1.96 |
CIBC THIRD QUARTER 2022 |
11 |
$ millions, for the nine months ended July 31, 2022 | Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
U.S. Commercial Banking and Wealth Management (US$ millions) |
|||||||||||||||||||||||||
Operating results – reported |
||||||||||||||||||||||||||||||||
Total revenue |
$ |
6,647 |
$ |
3,938 |
$ |
1,804 |
$ |
3,819 |
$ |
237 |
$ |
16,445 |
$ |
1,419 |
||||||||||||||||||
Provision for (reversal of) credit losses |
571 |
2 |
118 |
(61 |
) |
(9 |
) |
621 |
93 |
|||||||||||||||||||||||
Non-interest expenses |
3,662 |
1,998 |
972 |
1,781 |
907 |
9,320 |
764 |
|||||||||||||||||||||||||
Income (loss) before income taxes |
2,414 |
1,938 |
714 |
2,099 |
(661 |
) |
6,504 |
562 |
||||||||||||||||||||||||
Income taxes |
636 |
512 |
115 |
569 |
(386 |
) |
1,446 |
90 |
||||||||||||||||||||||||
Net income (loss) |
1,778 |
1,426 |
599 |
1,530 |
(275 |
) |
5,058 |
472 |
||||||||||||||||||||||||
Net income attributable to non-controlling interests |
– |
– |
– |
– |
16 |
16 |
– |
|||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders |
1,778 |
1,426 |
599 |
1,530 |
(291 |
) |
5,042 |
472 |
||||||||||||||||||||||||
Diluted EPS ($) (1) |
$ |
5.42 |
||||||||||||||||||||||||||||||
Impact of items of note (2) |
||||||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
$ |
(10 |
) |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
(10 |
) |
$ |
– |
||||||||||||||||
Impact of items of note on revenue |
(10 |
) |
– |
– |
– |
– |
(10 |
) |
– |
|||||||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
(94 |
) |
– |
– |
– |
– |
(94 |
) |
– |
|||||||||||||||||||||||
Impact of items of note on provision for (reversal of) credit losses |
(94 |
) |
– |
– |
– |
– |
(94 |
) |
– |
|||||||||||||||||||||||
Non-interest expenses |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
(11 |
) |
– |
(51 |
) |
– |
(9 |
) |
(71 |
) |
(40 |
) | ||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
(85 |
) |
– |
– |
– |
– |
(85 |
) |
– |
|||||||||||||||||||||||
Increase in legal provisions |
– |
– |
– |
– |
(45 |
) |
(45 |
) |
– |
|||||||||||||||||||||||
Impact of items of note on non-interest expenses |
(96 |
) |
– |
(51 |
) |
– |
(54 |
) |
(201 |
) |
(40 |
) | ||||||||||||||||||||
Total pre-tax impact of items of note on net income |
180 |
– |
51 |
– |
54 |
285 |
40 |
|||||||||||||||||||||||||
Income taxes |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
3 |
– |
13 |
– |
1 |
17 |
10 |
|||||||||||||||||||||||||
Acquisition and integration-related costs as well as purchase accounting adjustments and provision for credit losses for performing loans (3) |
44 |
– |
– |
– |
– |
44 |
– |
|||||||||||||||||||||||||
Increase in legal provisions |
– |
– |
– |
– |
12 |
12 |
– |
|||||||||||||||||||||||||
Impact of items of note on income taxes |
47 |
– |
13 |
– |
13 |
73 |
10 |
|||||||||||||||||||||||||
Total after-tax impact of items of note on net income |
$ |
133 |
$ |
– |
$ |
38 |
$ |
– |
$ |
41 |
$ |
212 |
$ |
30 |
||||||||||||||||||
Impact of items of note on diluted EPS ($) (1) |
$ |
0.24 |
||||||||||||||||||||||||||||||
Operating results – adjusted (4) |
||||||||||||||||||||||||||||||||
Total revenue – adjusted (5) |
$ |
6,637 |
$ |
3,938 |
$ |
1,804 |
$ |
3,819 |
$ |
237 |
$ |
16,435 |
$ |
1,419 |
||||||||||||||||||
Provision for (reversal of) credit losses – adjusted |
477 |
2 |
118 |
(61 |
) |
(9 |
) |
527 |
93 |
|||||||||||||||||||||||
Non-interest expenses – adjusted |
3,566 |
1,998 |
921 |
1,781 |
853 |
9,119 |
724 |
|||||||||||||||||||||||||
Income (loss) before income taxes – adjusted |
2,594 |
1,938 |
765 |
2,099 |
(607 |
) |
6,789 |
602 |
||||||||||||||||||||||||
Income taxes – adjusted |
683 |
512 |
128 |
569 |
(373 |
) |
1,519 |
100 |
||||||||||||||||||||||||
Net income (loss) – adjusted |
1,911 |
1,426 |
637 |
1,530 |
(234 |
) |
5,270 |
502 |
||||||||||||||||||||||||
Net income attributable to non-controlling interests – adjusted |
– |
– |
– |
– |
16 |
16 |
– |
|||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders – adjusted |
1,911 |
1,426 |
637 |
1,530 |
(250 |
) |
5,254 |
502 |
||||||||||||||||||||||||
Adjusted diluted EPS ($) (1) |
$ |
5.66 |
12 |
CIBC THIRD QUARTER 2022 |
$ millions, for the nine months ended July 31, 2021 | Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
U.S. Commercial Banking and Wealth Management (US$ millions) |
|||||||||||||||||||||||||
Operating results – reported |
||||||||||||||||||||||||||||||||
Total revenue |
$ | 6,022 | $ | 3,430 | $ | 1,632 | $ | 3,508 | $ | 359 | $ | 14,951 | $ | 1,300 | ||||||||||||||||||
Provision for (reversal of) credit losses |
186 | (34 | ) | (24 | ) | (66 | ) | 18 | 80 | (21 | ) | |||||||||||||||||||||
Non-interest expenses |
3,262 | 1,797 | 825 | 1,589 | 927 | 8,400 | 658 | |||||||||||||||||||||||||
Income (loss) before income taxes |
2,574 | 1,667 | 831 | 1,985 | (586 | ) | 6,471 | 663 | ||||||||||||||||||||||||
Income taxes |
677 | 444 | 161 | 506 | (323 | ) | 1,465 | 128 | ||||||||||||||||||||||||
Net income (loss) |
1,897 | 1,223 | 670 | 1,479 | (263 | ) | 5,006 | 535 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests |
– | – | – | – | 13 | 13 | – | |||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders |
1,897 | 1,223 | 670 | 1,479 | (276 | ) | 4,993 | 535 | ||||||||||||||||||||||||
Diluted EPS ($) (1) |
$ | 5.43 | ||||||||||||||||||||||||||||||
Impact of items of note (2) |
||||||||||||||||||||||||||||||||
Non-interest expenses |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
$ | – | $ | – | $ | (52 | ) | $ | – | $ | (8 | ) | $ | (60 | ) | $ | (41 | ) | ||||||||||||||
Increase in legal provisions |
– | – | – | – | (85 | ) | (85 | ) | – | |||||||||||||||||||||||
Impact of items of note on non-interest expenses |
– | – | (52 | ) | – | (93 | ) | (145 | ) | (41 | ) | |||||||||||||||||||||
Total pre-tax impact of items of note on net income |
– | – | 52 | – | 93 | 145 | 41 | |||||||||||||||||||||||||
Income taxes |
||||||||||||||||||||||||||||||||
Amortization of acquisition-related intangible assets |
– | – | 14 | – | 1 | 15 | 11 | |||||||||||||||||||||||||
Increase in legal provisions |
– | – | – | – | 22 | 22 | – | |||||||||||||||||||||||||
Impact of items of note on income taxes |
– | – | 14 | – | 23 | 37 | 11 | |||||||||||||||||||||||||
Total after-tax impact of items of note on net income |
$ | – | $ | – | $ | 38 | $ | – | $ | 70 | $ | 108 | $ | 30 | ||||||||||||||||||
Impact of items of note on diluted EPS ($) (1) |
$ | 0.12 | ||||||||||||||||||||||||||||||
Operating results – adjusted (4) |
||||||||||||||||||||||||||||||||
Total revenue – adjusted (5) |
$ | 6,022 | $ | 3,430 | $ | 1,632 | $ | 3,508 | $ | 359 | $ | 14,951 | $ | 1,300 | ||||||||||||||||||
Provision for (reversal of) credit losses – adjusted |
186 | (34 | ) | (24 | ) | (66 | ) | 18 | 80 | (21 | ) | |||||||||||||||||||||
Non-interest expenses – adjusted |
3,262 | 1,797 | 773 | 1,589 | 834 | 8,255 | 617 | |||||||||||||||||||||||||
Income (loss) before income taxes – adjusted |
2,574 | 1,667 | 883 | 1,985 | (493 | ) | 6,616 | 704 | ||||||||||||||||||||||||
Income taxes – adjusted |
677 | 444 | 175 | 506 | (300 | ) | 1,502 | 139 | ||||||||||||||||||||||||
Net income (loss) – adjusted |
1,897 | 1,223 | 708 | 1,479 | (193 | ) | 5,114 | 565 | ||||||||||||||||||||||||
Net income attributable to non-controlling interests – adjusted |
– | – | – | – | 13 | 13 | – | |||||||||||||||||||||||||
Net income (loss) attributable to equity shareholders – adjusted |
1,897 | 1,223 | 708 | 1,479 | (206 | ) | 5,101 | 565 | ||||||||||||||||||||||||
Adjusted diluted EPS ($) (1) |
$ | 5.55 |
CIBC THIRD QUARTER 2022 |
13 |
$ millions, for the three months ended | Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
U.S. Commercial Banking and Wealth Management (US$ millions) |
|||||||||||||||||||||||||||
2022 |
Net income (loss) |
$ |
595 |
$ |
484 |
$ |
193 |
$ |
447 |
$ |
(53 |
) |
$ |
1,666 |
$ |
152 |
||||||||||||||||||
Jul. 31 |
Add: provision for (reversal of) credit losses |
200 |
10 |
35 |
(9 |
) |
7 |
243 |
28 |
|||||||||||||||||||||||||
Add: income taxes |
213 |
174 |
42 |
168 |
(118 |
) |
479 |
32 |
||||||||||||||||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) |
1,008 |
668 |
270 |
606 |
(164 |
) |
2,388 |
212 |
||||||||||||||||||||||||||
Pre-tax impact of items of note (2) |
57 |
– |
17 |
– |
3 |
77 |
13 |
|||||||||||||||||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) |
$ |
1,065 |
$ |
668 |
$ |
287 |
$ |
606 |
$ |
(161 |
) |
$ |
2,465 |
$ |
225 |
|||||||||||||||||||
2022 |
Net income (loss) | $ | 496 | $ | 480 | $ | 180 | $ | 540 | $ | (173 | ) | $ | 1,523 | $ | 142 | ||||||||||||||||||
Apr. 30 |
Add: provision for (reversal of) credit losses | 273 | (4 | ) | 55 | (14 | ) | (7 | ) | 303 | 43 | |||||||||||||||||||||||
Add: income taxes | 177 | 172 | 36 | 198 | (147 | ) | 436 | 29 | ||||||||||||||||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) |
946 | 648 | 271 | 724 | (327 | ) | 2,262 | 214 | ||||||||||||||||||||||||||
Pre-tax impact of items of note (2) (4) |
16 | – | 17 | – | 48 | 81 | 14 | |||||||||||||||||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) |
$ | 962 | $ | 648 | $ | 288 | $ | 724 | $ | (279 | ) | $ | 2,343 | $ | 228 | |||||||||||||||||||
2021 |
Net income (loss) | $ | 642 | $ | 470 | $ | 266 | $ | 491 | $ | (139 | ) | $ | 1,730 | $ | 216 | ||||||||||||||||||
Jul. 31 |
Add: provision for (reversal of) credit losses | 67 | (49 | ) | (57 | ) | (60 | ) | – | (99 | ) | (46 | ) | |||||||||||||||||||||
Add: income taxes | 229 | 169 | 56 | 180 | (127 | ) | 507 | 45 | ||||||||||||||||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) |
938 | 590 | 265 | 611 | (266 | ) | 2,138 | 215 | ||||||||||||||||||||||||||
Pre-tax impact of items of note (2) |
– | – | 17 | – | 88 | 105 | 13 | |||||||||||||||||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) |
$ | 938 | $ | 590 | $ | 282 | $ | 611 | $ | (178 | ) | $ | 2,243 | $ | 228 | |||||||||||||||||||
$ millions, for the nine months ended | ||||||||||||||||||||||||||||||||||
2022 |
Net income (loss) |
$ |
1,778 |
$ |
1,426 |
$ |
599 |
$ |
1,530 |
$ |
(275 |
) |
$ |
5,058 |
$ |
472 |
||||||||||||||||||
Jul. 31 |
Add: provision for (reversal of) credit losses |
571 |
2 |
118 |
(61 |
) |
(9 |
) |
621 |
93 |
||||||||||||||||||||||||
Add: income taxes |
636 |
512 |
115 |
569 |
(386 |
) |
1,446 |
90 |
||||||||||||||||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) |
2,985 |
1,940 |
832 |
2,038 |
(670 |
) |
7,125 |
655 |
||||||||||||||||||||||||||
Pre-tax impact of items of note (2)(4) |
86 |
– |
51 |
– |
54 |
191 |
40 |
|||||||||||||||||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) |
$ |
3,071 |
$ |
1,940 |
$ |
883 |
$ |
2,038 |
$ |
(616 |
) |
$ |
7,316 |
$ |
695 |
|||||||||||||||||||
2021 |
Net income (loss) | $ | 1,897 | $ | 1,223 | $ | 670 | $ | 1,479 | $ | (263 | ) | $ | 5,006 | $ | 535 | ||||||||||||||||||
Jul. 31 |
Add: provision for (reversal of) credit losses | 186 | (34 | ) | (24 | ) | (66 | ) | 18 | 80 | (21 | ) | ||||||||||||||||||||||
Add: income taxes | 677 | 444 | 161 | 506 | (323 | ) | 1,465 | 128 | ||||||||||||||||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) |
2,760 | 1,633 | 807 | 1,919 | (568 | ) | 6,551 | 642 | ||||||||||||||||||||||||||
Pre-tax impact of items of note (2) |
– | – | 52 | – | 93 | 145 | 41 | |||||||||||||||||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) |
$ | 2,760 | $ | 1,633 | $ | 859 | $ | 1,919 | $ | (475 | ) | $ | 6,696 | $ | 683 |
(1) | Non-GAAP measure. |
(2) | Items of note are removed from reported results to calculate adjusted results. |
(3) | Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. |
(4) | Excludes the impact of the provision for credit losses for performing loans from the acquisition of the Canadian Costco credit card portfolio, as the amount is included in the add back of provision for (reversal of) credit losses. |
14 |
CIBC THIRD QUARTER 2022 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Revenue |
$ |
2,321 |
$ | 2,143 | $ | 2,056 | $ |
6,647 |
$ | 6,022 | ||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||
Impaired |
136 |
141 | 82 | 376 |
397 | |||||||||||||||||||
Performing |
64 |
132 | (15 | ) | 195 |
(211 | ) | |||||||||||||||||
Total provision for credit losses |
200 |
273 | 67 | 571 |
186 | |||||||||||||||||||
Non-interest expenses |
1,313 |
1,197 | 1,118 | 3,662 |
3,262 | |||||||||||||||||||
Income before income taxes |
808 |
673 | 871 | 2,414 |
2,574 | |||||||||||||||||||
Income taxes |
213 |
177 | 229 | 636 |
677 | |||||||||||||||||||
Net income |
$ |
595 |
$ | 496 | $ | 642 | $ |
1,778 |
$ | 1,897 | ||||||||||||||
Net income attributable to: |
||||||||||||||||||||||||
Equity shareholders |
$ |
595 |
$ | 496 | $ | 642 | $ |
1,778 |
$ | 1,897 | ||||||||||||||
Efficiency ratio |
56.6 |
% |
55.8 | % | 54.4 | % | 55.1 |
% |
54.2 | % | ||||||||||||||
Operating leverage |
(4.7 |
)% |
(2.7 | )% | 3.4 | % | (1.9 |
)% |
0.7 | % | ||||||||||||||
Return on equity (2) |
28.1 |
% |
26.4 | % | 38.6 | % | 30.3 |
% |
38.8 | % | ||||||||||||||
Average allocated common equity (2) |
$ |
8,387 |
$ | 7,710 | $ | 6,595 | $ |
7,835 |
$ | 6,536 | ||||||||||||||
Full-time equivalent employees |
13,576 |
12,872 | 12,578 | 13,576 |
12,578 |
(1) | For additional segmented information, see the notes to the interim consolidated financial statements. |
(2) | For additional information, see the “Non-GAAP measures” section. |
CIBC THIRD QUARTER 2022 |
15 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Commercial banking |
$ |
604 |
$ | 541 | $ | 475 | $ |
1,677 |
$ | 1,338 | ||||||||||||||
Wealth management |
734 |
762 | 732 | 2,261 |
2,092 | |||||||||||||||||||
Total revenue |
1,338 |
1,303 | 1,207 | 3,938 |
3,430 | |||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||
Impaired |
9 |
– | (11 | ) | 8 |
– | ||||||||||||||||||
Performing |
1 |
(4 | ) | (38 | ) | (6 |
) |
(34 | ) | |||||||||||||||
Total provision for (reversal of) credit losses |
10 |
(4 | ) | (49 | ) | 2 |
(34 | ) | ||||||||||||||||
Non-interest expenses |
670 |
655 | 617 | 1,998 |
1,797 | |||||||||||||||||||
Income before income taxes |
658 |
652 | 639 | 1,938 |
1,667 | |||||||||||||||||||
Income taxes |
174 |
172 | 169 | 512 |
444 | |||||||||||||||||||
Net income |
$ |
484 |
$ | 480 | $ | 470 | $ |
1,426 |
$ | 1,223 | ||||||||||||||
Net income attributable to: |
||||||||||||||||||||||||
Equity shareholders |
$ |
484 |
$ | 480 | $ | 470 | $ |
1,426 |
$ | 1,223 | ||||||||||||||
Efficiency ratio |
50.1 |
% |
50.2 | % | 51.2 | % | 50.7 |
% |
52.4 | % | ||||||||||||||
Operating leverage |
2.4 |
% |
7.1 | % | 0.2 | % | 3.6 |
% |
1.3 | % | ||||||||||||||
Return on equity (2) |
22.8 |
% |
24.0 | % | 27.2 | % | 23.4 |
% |
24.4 | % | ||||||||||||||
Average allocated common equity (2) |
$ |
8,423 |
$ | 8,182 | $ | 6,863 | $ |
8,165 |
$ | 6,712 | ||||||||||||||
Full-time equivalent employees |
5,668 |
5,449 | 5,256 | 5,668 |
5,256 |
(1) | For additional segmented information, see the notes to the interim consolidated financial statements. |
(2) | For additional information, see the “Non-GAAP measures” section. |
16 |
CIBC THIRD QUARTER 2022 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Commercial banking |
$ |
388 |
$ | 389 | $ | 350 | $ |
1,181 |
$ | 1,078 | ||||||||||||||
Wealth management (2) |
216 |
202 | 189 | 623 |
554 | |||||||||||||||||||
Total revenue (3) |
604 |
591 | 539 | 1,804 |
1,632 | |||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||
Impaired |
15 |
34 | 25 | 79 |
96 | |||||||||||||||||||
Performing |
20 |
21 | (82 | ) | 39 |
(120 | ) | |||||||||||||||||
Total provision for (reversal of) credit losses |
35 |
55 | (57 | ) | 118 |
(24 | ) | |||||||||||||||||
Non-interest expenses |
334 |
320 | 274 | 972 |
825 | |||||||||||||||||||
Income before income taxes |
235 |
216 | 322 | 714 |
831 | |||||||||||||||||||
Income taxes |
42 |
36 | 56 | 115 |
161 | |||||||||||||||||||
Net income |
$ |
193 |
$ | 180 | $ | 266 | $ |
599 |
$ | 670 | ||||||||||||||
Net income attributable to: |
||||||||||||||||||||||||
Equity shareholders |
$ |
193 |
$ | 180 | $ | 266 | $ |
599 |
$ | 670 | ||||||||||||||
Average allocated common equity (4) |
$ |
10,534 |
$ | 10,230 | $ | 8,738 | $ |
10,222 |
$ | 8,938 | ||||||||||||||
Full-time equivalent employees |
2,395 |
2,277 | 2,155 | 2,395 |
2,155 |
(1) | For additional segmented information, see the notes to the interim consolidated financial statements. |
(2) | Includes revenue related to the U.S. Paycheck Protection Program (PPP). |
(3) | Included $1 million of income relating to the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank for the quarter ended July 31, 2022 (April 30, 2022: $2 million; July 31, 2021: $3 million) and $6 million for the nine months ended July 31, 2022 (July 31, 2021: $12 million). |
(4) | For additional information, see the “Non-GAAP measures” section. |
CIBC THIRD QUARTER 2022 |
17 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
US$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Commercial banking |
$ |
304 |
$ | 307 | $ | 284 | $ |
929 |
$ | 858 | ||||||||||||||
Wealth management (2) |
169 |
160 | 154 | 490 |
442 | |||||||||||||||||||
Total revenue (3) |
473 |
467 | 438 | 1,419 |
1,300 | |||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||
Impaired |
12 |
27 | 19 | 62 |
75 | |||||||||||||||||||
Performing |
16 |
16 | (65 | ) | 31 |
(96 | ) | |||||||||||||||||
Total provision for (reversal of) credit losses |
28 |
43 | (46 | ) | 93 |
(21 | ) | |||||||||||||||||
Non-interest expenses |
261 |
253 | 223 | 764 |
658 | |||||||||||||||||||
Income before income taxes |
184 |
171 | 261 | 562 |
663 | |||||||||||||||||||
Income taxes |
32 |
29 | 45 | 90 |
128 | |||||||||||||||||||
Net income |
$ |
152 |
$ | 142 | $ | 216 | $ |
472 |
$ | 535 | ||||||||||||||
Net income attributable to: |
||||||||||||||||||||||||
Equity shareholders |
$ |
152 |
$ | 142 | $ | 216 | $ |
472 |
$ | 535 | ||||||||||||||
Efficiency ratio |
55.3 |
% |
54.1 | % | 50.9 | % | 53.9 |
% |
50.6 | % | ||||||||||||||
Operating leverage |
(9.3 |
)% |
(6.7 | )% | 3.8 | % | (7.1 |
)% |
11.8 | % | ||||||||||||||
Return on equity (4) |
7.3 |
% |
7.2 | % | 12.1 | % | 7.8 |
% |
10.0 | % | ||||||||||||||
Average allocated common equity (4) |
$ |
8,247 |
$ | 8,075 | $ | 7,097 | $ |
8,038 |
$ | 7,118 |
(1) | For additional segmented information, see the notes to the interim consolidated financial statements. |
(2) | Includes revenue related to the U.S. PPP. |
(3) | Included US$1 million of income relating to the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank for the quarter ended July 31, 2022 (April 30, 2022: US$2 million; July 31, 2021: US$2 million) and US$5 million for the nine months ended July 31, 2022 (July 31, 2021: US$9 million). |
(4) | For additional information, see the “Non-GAAP measures” section. |
18 |
CIBC THIRD QUARTER 2022 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Revenue |
||||||||||||||||||||||||
Global markets |
$ |
512 |
$ | 675 | $ | 503 | $ |
1,859 |
$ | 1,656 | ||||||||||||||
Corporate and investment banking |
432 |
418 | 428 | 1,260 |
1,234 | |||||||||||||||||||
Direct financial services |
255 |
223 | 209 | 700 |
618 | |||||||||||||||||||
Total revenue (2) |
1,199 |
1,316 | 1,140 | 3,819 |
3,508 | |||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||
Impaired |
(15 |
) |
2 | (18 | ) | (26 |
) |
32 | ||||||||||||||||
Performing |
6 |
(16 | ) | (42 | ) | (35 |
) |
(98 | ) | |||||||||||||||
Total reversal of credit losses |
(9 |
) |
(14 | ) | (60 | ) | (61 |
) |
(66 | ) | ||||||||||||||
Non-interest expenses |
593 |
592 | 529 | 1,781 |
1,589 | |||||||||||||||||||
Income before income taxes |
615 |
738 | 671 | 2,099 |
1,985 | |||||||||||||||||||
Income taxes (2) |
168 |
198 | 180 | 569 |
506 | |||||||||||||||||||
Net income |
$ |
447 |
$ | 540 | $ | 491 | $ |
1,530 |
$ | 1,479 | ||||||||||||||
Net income attributable to: |
||||||||||||||||||||||||
Equity shareholders |
$ |
447 |
$ | 540 | $ | 491 | $ |
1,530 |
$ | 1,479 | ||||||||||||||
Efficiency ratio |
49.5 |
% |
44.9 | % | 46.4 | % | 46.6 |
% |
45.3 | % | ||||||||||||||
Operating leverage |
(7.2 |
)% |
0.2 | % | (9.0 | )% | (3.3 |
)% |
4.5 | % | ||||||||||||||
Return on equity (3) |
19.3 |
% |
25.4 | % | 26.6 | % | 23.3 |
% |
27.8 | % | ||||||||||||||
Average allocated common equity (3) |
$ |
9,200 |
$ | 8,702 | $ | 7,331 | $ |
8,795 |
$ | 7,110 | ||||||||||||||
Full-time equivalent employees |
2,410 |
2,290 | 2,259 | 2,410 |
2,259 |
(1) | For additional segmented information, see the notes to the interim consolidated financial statements. |
(2) | Revenue and income taxes are reported on a TEB. Accordingly, revenue and income taxes include a TEB adjustment of $48 million for the quarter ended July 31, 2022 (April 30, 2022: $53 million; July 31, 2021: $51 million) and $160 million for the nine months ended July 31, 2022 (July 31, 2021: $156 million). The equivalent amounts are offset in the revenue and income taxes of Corporate and Other. |
(3) | For additional information, see the “Non-GAAP measures” section. |
CIBC THIRD QUARTER 2022 |
19 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Revenue |
||||||||||||||||||||||||
International banking |
$ |
189 |
$ | 179 | $ | 165 | $ |
558 |
$ | 507 | ||||||||||||||
Other |
(80 |
) |
(156 | ) | (51 | ) | (321 |
) |
(148 | ) | ||||||||||||||
Total revenue (2) |
109 |
23 | 114 | 237 |
359 | |||||||||||||||||||
Provision for (reversal of) credit losses |
||||||||||||||||||||||||
Impaired |
11 |
19 | 30 | 41 |
65 | |||||||||||||||||||
Performing |
(4 |
) |
(26 | ) | (30 | ) | (50 |
) |
(47 | ) | ||||||||||||||
Total provision for (reversal of) credit losses |
7 |
(7 | ) | – | (9 |
) |
18 | |||||||||||||||||
Non-interest expenses |
273 |
350 | 380 | 907 |
927 | |||||||||||||||||||
Loss before income taxes |
(171 |
) |
(320 | ) | (266 | ) | (661 |
) |
(586 | ) | ||||||||||||||
Income taxes (2) |
(118 |
) |
(147 | ) | (127 | ) | (386 |
) |
(323 | ) | ||||||||||||||
Net income (loss) |
$ |
(53 |
) |
$ | (173 | ) | $ | (139 | ) | $ |
(275 |
) |
$ | (263 | ) | |||||||||
Net income (loss) attributable to: |
||||||||||||||||||||||||
Non-controlling interests |
$ |
6 |
$ | 5 | $ | 5 | $ |
16 |
$ | 13 | ||||||||||||||
Equity shareholders |
(59 |
) |
(178 | ) | (144 | ) | (291 |
) |
(276 | ) | ||||||||||||||
Full-time equivalent employees |
25,456 |
24,926 | 22,656 | 25,456 |
22,656 |
(1) | For additional segmented information, see the notes to the interim consolidated financial statements. |
(2) | Revenue and income taxes of Capital Markets are reported on a TEB. The equivalent amounts are offset in the revenue and income taxes of Corporate and Other. Accordingly, revenue and income taxes include a TEB adjustment of $48 million for the quarter ended July 31, 2022 (April 30, 2022: $53 million; July 31, 2021: $51 million) and $160 million for the nine months ended July 31, 2022 (July 31, 2021: $156 million). |
20 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
21 |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||
Assets |
||||||||
Cash and deposits with banks |
$ |
45,334 |
$ | 56,997 | ||||
Securities |
176,849 |
161,401 | ||||||
Securities borrowed and purchased under resale agreements |
75,412 |
79,940 | ||||||
Loans and acceptances, net of allowance for credit losses |
516,595 |
462,879 | ||||||
Derivative instruments |
36,284 |
35,912 | ||||||
Other assets |
46,316 |
40,554 | ||||||
$ |
896,790 |
$ | 837,683 | |||||
Liabilities and equity |
||||||||
Deposits |
$ |
678,457 |
$ | 621,158 | ||||
Obligations related to securities lent, sold short and under repurchase agreements |
87,170 |
97,133 | ||||||
Derivative instruments |
39,439 |
32,101 | ||||||
Other liabilities |
36,541 |
35,922 | ||||||
Subordinated indebtedness |
6,359 |
5,539 | ||||||
Equity |
48,824 |
45,830 | ||||||
$ |
896,790 |
$ | 837,683 |
22 |
CIBC THIRD QUARTER 2022 |
(1) | Excluding AOCI relating to cash flow hedges and changes to fair value option (FVO) liabilities attributable to changes in own credit risk. |
(2) | In response to the COVID-19 pandemic, OSFI has provided regulatory flexibility by implementing transitional arrangements for the treatment of expected loss provisioning, such that part of the allowances that would otherwise be included in Tier 2 capital will instead qualify for inclusion in CET1 capital subject to certain scalars and limitations until the end of fiscal 2022. See the “Continuous enhancement to regulatory capital requirements” section for additional details. |
As at July 31, 2022 | Minimum |
Capital conservation buffer |
D-SIB buffer |
Pillar 1 targets |
(1) |
Domestic Stability Buffer |
(2) |
Target including all buffer requirements |
||||||||||||||||
CET1 ratio |
4.5 |
% |
2.5 |
% |
1.0 |
% |
8.0 |
% |
2.5 |
% |
10.5 |
% | ||||||||||||
Tier 1 capital ratio |
6.0 |
% |
2.5 |
% |
1.0 |
% |
9.5 |
% |
2.5 |
% |
12.0 |
% | ||||||||||||
Total capital ratio |
8.0 |
% |
2.5 |
% |
1.0 |
% |
11.5 |
% |
2.5 |
% |
14.0 |
% |
(1) | The countercyclical capital buffer applicable to CIBC is insignificant as at July 31, 2022. |
(2) | On June 22, 2022, OSFI announced the DSB will remain at 2.5% of total RWA. This level remains unchanged from October 31, 2021. |
CIBC THIRD QUARTER 2022 |
23 |
• | Revisions to both the internal ratings-based (IRB) approach and standardized approach to credit risk; |
• | Revised operational, market risk and CVA frameworks; |
• | Updated CET1 capital deductions for certain assets; |
• | An updated capital output floor based on the revised standardized approach noted above, with the phase-in of the floor factor over three years commencing in the second quarter of 2023; |
• | Modification to the leverage ratio framework, including a buffer requirement for D-SIBs; and |
• | Enhancements to the LAR Guideline, including changes to net cumulative cash flow (NCCF) requirements. |
$ millions, as at | 2022 Jul. 31 |
2021 Oct. 31 |
||||||
CET1 capital (1) |
$ 35,718 |
$ | 33,751 | |||||
Tier 1 capital (1) |
40,038 |
38,344 | ||||||
Total capital (1) |
46,401 |
44,202 | ||||||
RWA consist of: |
||||||||
Credit risk |
261,745 |
232,311 | ||||||
Market risk |
9,075 |
9,106 | ||||||
Operational risk |
32,923 |
31,397 | ||||||
Total RWA |
303,743 |
272,814 | ||||||
CET1 ratio |
11.8 |
% |
12.4 | % | ||||
Tier 1 capital ratio |
13.2 |
% |
14.1 | % | ||||
Total capital ratio |
15.3 |
% |
16.2 | % |
(1) | Includes the impact of the ECL transitional arrangement announced by OSFI on March 27, 2020 in response to the onset of the COVID-19 pandemic. The transitional arrangement results in a portion of ECL allowances that would otherwise be included in Tier 2 capital qualifying for inclusion in CET1 capital. The amount is subject to certain scalars and limitations until the end of fiscal 2022. |
24 |
CIBC THIRD QUARTER 2022 |
(i) | On-balance sheet assets less Tier 1 capital regulatory adjustments; |
(ii) | Derivative exposures; |
(iii) | Securities financing transaction exposures; and |
(iv) | Off-balance sheet exposures (such as commitments, direct credit substitutes, letters of credit, and securitization exposures). |
$ millions, as at | 2022 Jul. 31 |
2021 Oct. 31 |
||||||
Tier 1 capital |
$ |
40,038 |
$ | 38,344 | ||||
Leverage ratio exposure (1) |
941,694 |
823,343 | ||||||
Leverage ratio |
4.3 |
% |
4.7 | % |
(1) | The temporary exclusion of qualifying sovereign-issued securities from the leverage ratio exposure measure in response to the onset of the COVID-19 pandemic was no longer applicable beginning in the first quarter of 2022. Central bank reserves continue to be excluded from the measure. |
$ millions, as at | 2022 Jul. 31 |
2021 Oct. 31 |
||||||
TLAC available |
$ |
87,061 |
$ | 76,701 | ||||
Total RWA |
303,743 |
272,814 | ||||||
Leverage ratio exposure (1) |
941,694 |
823,343 | ||||||
TLAC ratio |
28.7 |
% |
28.1 | % | ||||
TLAC leverage ratio |
9.2 |
% |
9.3 | % |
(1) | The temporary exclusion of qualifying sovereign-issued securities from the leverage ratio exposure measure in response to the onset of the COVID-19 pandemic was no longer applicable beginning in the first quarter of 2022. Central bank reserves continue to be excluded from the measure. |
CIBC THIRD QUARTER 2022 |
25 |
26 |
CIBC THIRD QUARTER 2022 |
Shares outstanding |
Minimum conversion price per common share (1) |
Maximum number of common shares issuable on conversion |
||||||||||||||
$ millions, except number of shares and per share amounts, as at July 31, 2022 |
Number of shares |
Par value |
||||||||||||||
Preferred shares (2)(3) |
||||||||||||||||
Series 39 (NVCC) |
16,000,000 |
$ |
400 |
$ |
2.50 |
160,000,000 |
||||||||||
Series 41 (NVCC) |
12,000,000 |
300 |
2.50 |
120,000,000 |
||||||||||||
Series 43 (NVCC) |
12,000,000 |
300 |
2.50 |
120,000,000 |
||||||||||||
Series 47 (NVCC) |
18,000,000 |
450 |
2.50 |
180,000,000 |
||||||||||||
Series 49 (NVCC) |
13,000,000 |
325 |
2.50 |
130,000,000 |
||||||||||||
Series 51 (NVCC) |
10,000,000 |
250 |
2.50 |
100,000,000 |
||||||||||||
Limited recourse capital notes (3)(4) |
||||||||||||||||
4.375% Limited recourse capital notes Series 1 (NVCC) |
n/a |
750 |
2.50 |
300,000,000 |
||||||||||||
4.000% Limited recourse capital notes Series 2 (NVCC) |
n/a |
750 |
2.50 |
300,000,000 |
||||||||||||
7.150% Limited recourse capital notes Series 3 (NVCC) |
n/a |
800 |
2.50 |
320,000,000 |
||||||||||||
Subordinated indebtedness (3)(5) |
||||||||||||||||
3.45% Debentures due April 4, 2028 (NVCC) |
n/a |
1,500 |
2.50 |
900,000,000 |
||||||||||||
2.95% Debentures due June 19, 2029 (NVCC) |
n/a |
1,500 |
2.50 |
900,000,000 |
||||||||||||
2.01% Debentures due July 21, 2030 (NVCC) |
n/a |
1,000 |
2.50 |
600,000,000 |
||||||||||||
1.96% Debentures due April 21, 2031 (NVCC) |
n/a |
1,000 |
2.50 |
600,000,000 |
||||||||||||
4.20% Debentures due April 7, 2032 (NVCC) |
n/a |
1,000 |
2.50 |
600,000,000 |
||||||||||||
Total |
$ |
10,325 |
5,330,000,000 |
(1) | The minimum conversion price per common share for CIBC’s outstanding NVCC instruments, including NVCC preferred shares, NVCC subordinated debentures and NVCC limited recourse capital notes have been adjusted from $5.00 to $2.50 to account for the Share Split in accordance with the terms and conditions of the NVCC instruments. |
(2) | Upon the occurrence of a Trigger Event, each share is convertible into a number of common shares, determined by dividing the par value of $25.00 plus declared and unpaid dividends by the average common share price (as defined in the relevant prospectus supplement) subject to a minimum price per share (subject to adjustment in certain events as defined in the relevant prospectus supplement, including a share split). Preferred shareholders do not have the right to convert their shares into common shares. |
(3) | The maximum number of common shares issuable on conversion excludes the impact of declared but unpaid dividends and accrued interest. |
(4) | Upon the occurrence of a Trigger Event, the Series 53, 54 and 55 Preferred Shares held in the Limited Recourse Trust in support of the limited recourse capital notes are convertible into a number of common shares, determined by dividing the par value of $1,000 by the average common share price (as defined in the relevant prospectus supplement) subject to a minimum price per common share (subject to adjustment in certain events as defined in the relevant prospectus supplement, including a share split). |
(5) | Upon the occurrence of a Trigger Event, the Debentures are convertible into a number of common shares, determined by dividing 150% of the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplement) subject to a minimum price per common share (subject to adjustment in certain events as defined in the relevant prospectus supplement, including a share split). |
n/a | Not applicable. |
CIBC THIRD QUARTER 2022 |
27 |
$ millions, as at or for the year ended October 31 | 2021 |
2020 | ||||||||
Section |
Indicators |
|||||||||
A. Cross-jurisdictional activity |
1. Cross-jurisdictional claims |
$ |
263,395 |
$ | 202,927 | |||||
2. Cross-jurisdictional liabilities |
248,781 |
192,443 | ||||||||
B. Size |
3. Total exposures as defined for use in the leverage ratio (1) |
$ |
924,453 |
$ | 847,138 | |||||
C. Interconnectedness |
4. Intra-financial system assets |
$ |
73,097 |
$ | 59,736 | |||||
5. Intra-financial system liabilities |
48,607 |
45,553 | ||||||||
6. Securities outstanding |
205,704 |
168,533 | ||||||||
D. Substitutability/financial institution infrastructure |
7. Payments activity |
$ |
20,926,369 |
$ | 17,709,722 | |||||
8. Assets under custody |
2,124,555 |
1,886,628 | ||||||||
9. Underwritten transactions in debt and equity markets |
76,529 |
(2) |
74,474 | |||||||
10. Trading volume |
||||||||||
Trading volume fixed income |
3,224,047 |
(2) |
n/a | |||||||
Trading volume equities and other securities |
2,609,803 |
(2) |
n/a | |||||||
E. Complexity |
11. Notional amount of over-the-counter |
$ |
5,309,123 |
$ | 5,557,139 | |||||
12. Trading and other securities |
32,245 |
27,121 | ||||||||
13. Level 3 assets |
1,588 |
1,400 |
(1) | The calculation of this measure for the purposes of the G-SIB indicator disclosures excludes regulatory adjustments related to capital deductions, as well as the temporary OSFI exemption for exposures arising from central bank reserves and sovereign-issued securities that qualify as high quality liquid assets. |
(2) | Restated from amounts previously presented. |
n/a | Not applicable. New indicator added for disclosure this year. |
28 |
CIBC THIRD QUARTER 2022 |
• | CIBC, SBU and functional group-level risk appetite statements; |
• | Risk frameworks, policies, procedures and limits to align activities with our risk appetite; |
• | Regular risk reports to identify and communicate risk levels; |
• | An independent control framework to identify and test the design and operating effectiveness of our key controls; |
• | Stress testing to consider the potential impact of changes in the business environment on capital, liquidity and earnings; |
• | Proactive consideration of risk mitigation options in order to optimize results; and |
• | Oversight through our risk-focused committees and governance structure. |
(i) | As the first line of defence, CIBC’s SBUs and functional groups own the risks and are accountable and responsible for identifying and assessing risks inherent in their activities in accordance with the CIBC risk appetite. In addition, they establish and maintain controls to mitigate such risks. The first line of defence may include governance groups within the relevant area to facilitate the control framework and other risk-related processes. Control groups provide subject matter expertise to the business lines and/or implement and maintain enterprise-wide control programs and activities. While control groups collaborate with the lines of business in identifying and managing risk, they also challenge risk decisions and risk mitigation strategies. |
(ii) | The second line of defence is independent from the first line of defence and provides an enterprise-wide view of specific risk types, guidance and effective challenge to risk and control activities. Risk Management is the primary second line of defence. Risk Management may leverage or rely on subject matter expertise of other groups (e.g., third parties or control groups) to better inform their independent assessments, as appropriate. |
(iii) | As the third line of defence, CIBC’s internal audit function provides reasonable assurance to senior management and the Audit Committee of the Board on the effectiveness of CIBC’s governance practices, risk management processes, and internal controls as a part of its risk-based audit plan and in accordance with its mandate as described in the Internal Audit Charter. |
• |
Climate risk |
• |
Technology, information and cyber security risk |
• |
Disintermediation risk |
• |
Third-party risk |
• |
Anti-money laundering |
• |
U.S. banking regulation |
• |
Corporate transactions |
CIBC THIRD QUARTER 2022 |
29 |
• |
The war in Ukraine; |
• |
Ongoing U.S., Canada and China relations and trade issues; |
• |
Global uncertainty and market repercussions pertaining to the spread of COVID-19 as discussed below; |
• |
Rising civil unrest and activism globally; |
• |
Implications of the U.S. “Buy American” policy; |
• |
Relations between the U.S. and Iran; |
• |
Tensions in the Middle East; and |
• |
Concerns following the agreed-upon Brexit deal. |
30 |
CIBC THIRD QUARTER 2022 |
(1) |
Average balances are calculated as a weighted average of daily closing balances. |
(2) |
Includes counterparty credit risk (CCR) of $15 million, which comprises derivatives and repo-style transactions. |
(3) |
Includes CCR of $18,827 million, which comprises derivatives and repo-style transactions. |
(4) |
Includes CCR of $246 million, which comprises derivatives and repo-style transactions. |
(5) |
Average allocated common equity is a non-GAAP measure. For additional information on the composition of this non-GAAP measure, see the “Non-GAAP measures” section. |
(6) |
Represents average allocated common equity relating to capital deductions, such as goodwill and intangible assets, in accordance with the rules in OSFI’s CAR Guideline. |
CIBC THIRD QUARTER 2022 |
31 |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||
Business and government portfolios – advanced internal ratings-based approach (AIRB) |
||||||||
Drawn |
$ |
$ | ||||||
Undrawn commitments |
||||||||
Repo-style transactions |
||||||||
Other off-balance sheet |
||||||||
OTC derivatives |
||||||||
Gross exposure at default (EAD) on business and government portfolios |
||||||||
Less: Collateral held for repo-style transactions |
||||||||
Net EAD on business and government portfolios |
||||||||
Retail portfolios – AIRB approach |
||||||||
Drawn |
||||||||
Undrawn commitments |
||||||||
Other off-balance sheet |
||||||||
Gross EAD on retail portfolios |
||||||||
Standardized portfolios (1) |
||||||||
Securitization exposures – AIRB approach |
||||||||
Gross EAD |
$ |
$ | |
|||||
Net EAD |
$ |
$ |
(1) | Includes $ |
32 |
CIBC THIRD QUARTER 2022 |
Residential mortgages (1) |
HELOC (2) |
Total |
||||||||||||||||||||||||||||||||||||||||||||||
$ billions, as at July 31, 2022 |
Insured |
Uninsured |
Uninsured |
Insured |
Uninsured |
|||||||||||||||||||||||||||||||||||||||||||
Ontario (3) |
$ |
22.4 |
16 |
% |
$ |
121.2 |
84 |
% |
$ |
10.8 |
100 |
% |
$ |
22.4 |
15 |
% |
$ |
132.0 |
85 |
% | ||||||||||||||||||||||||||||
British Columbia and territories (4) |
7.6 |
15 |
44.4 |
85 |
4.0 |
100 |
7.6 |
14 |
48.4 |
86 |
||||||||||||||||||||||||||||||||||||||
Alberta |
12.2 |
45 |
14.7 |
55 |
2.1 |
100 |
12.2 |
42 |
16.8 |
58 |
||||||||||||||||||||||||||||||||||||||
Quebec |
5.2 |
25 |
15.4 |
75 |
1.2 |
100 |
5.2 |
24 |
16.6 |
76 |
||||||||||||||||||||||||||||||||||||||
Central prairie provinces |
3.2 |
43 |
4.3 |
57 |
0.6 |
100 |
3.2 |
40 |
4.9 |
60 |
||||||||||||||||||||||||||||||||||||||
Atlantic provinces |
3.3 |
37 |
5.7 |
63 |
0.7 |
100 |
3.3 |
34 |
6.4 |
66 |
||||||||||||||||||||||||||||||||||||||
Canadian portfolio (5)(6) |
53.9 |
21 |
205.7 |
79 |
19.4 |
100 |
53.9 |
19 |
225.1 |
81 |
||||||||||||||||||||||||||||||||||||||
U.S. portfolio (5) |
– |
– |
2.2 |
100 |
– |
– |
– |
– |
2.2 |
100 |
||||||||||||||||||||||||||||||||||||||
Other international portfolio (5) |
– |
– |
2.6 |
100 |
– |
– |
– |
– |
2.6 |
100 |
||||||||||||||||||||||||||||||||||||||
Total portfolio |
$ |
53.9 |
20 |
% |
$ |
210.5 |
80 |
% |
$ |
19.4 |
100 |
% |
$ |
53.9 |
19 |
% |
$ |
229.9 |
81 |
% | ||||||||||||||||||||||||||||
October 31, 2021 |
$ |
59.6 |
24 |
% |
$ |
187.9 |
76 |
% |
$ |
18.8 |
100 |
% |
$ |
59.6 |
22 |
% |
$ |
206.7 |
78 |
% |
(1) |
Balances reflect principal values. |
(2) |
We did not have any insured HELOCs as at July 31, 2022 and October 31, 2021. |
(3) |
Includes $10.2 billion (October 31, 2021: $11.7 billion) of insured residential mortgages, $75.9 billion (October 31, 2021: $67.7 billion) of uninsured residential mortgages, and $6.3 billion (October 31, 2021: $6.0 billion) of HELOCs in the Greater Toronto Area (GTA). |
(4) |
Includes $3.3 billion (October 31, 2021: $3.8 billion) of insured residential mortgages, $30.4 billion (October 31, 2021: $27.9 billion) of uninsured residential mortgages, and $2.5 billion (October 31, 2021: $2.4 billion) of HELOCs in the Greater Vancouver Area (GVA). |
(5) |
Geographic location is based on the address of the property. |
(6) |
62% (October 31, 2021: 64%) of insurance on Canadian residential mortgages is provided by Canada Mortgage and Housing Corporation (CMHC) and the remaining by two private Canadian insurers, both rated at least AA (low) by DBRS Limited (DBRS). |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
||||||||||||||||||||||||||||||||||||||||
Residential mortgages |
HELOC |
Residential mortgages |
HELOC |
Residential mortgages |
HELOC |
Residential mortgages |
HELOC |
Residential mortgages |
HELOC |
|||||||||||||||||||||||||||||||||||
Ontario (2) |
65 |
% |
64 |
% |
65 |
% |
65 |
% |
64 |
% |
67 |
% |
65 |
% |
65 |
% |
63 |
% |
68 |
% | ||||||||||||||||||||||||
British Columbia and territories (3) |
62 |
63 |
62 |
64 |
61 |
65 |
62 |
64 |
60 |
66 |
||||||||||||||||||||||||||||||||||
Alberta |
72 |
72 |
72 |
73 |
69 |
73 |
72 |
73 |
68 |
73 |
||||||||||||||||||||||||||||||||||
Quebec |
69 |
71 |
69 |
72 |
68 |
73 |
69 |
71 |
68 |
73 |
||||||||||||||||||||||||||||||||||
Central prairie provinces |
71 |
73 |
72 |
74 |
70 |
73 |
71 |
73 |
69 |
74 |
||||||||||||||||||||||||||||||||||
Atlantic provinces |
69 |
70 |
70 |
71 |
69 |
73 |
70 |
71 |
69 |
74 |
||||||||||||||||||||||||||||||||||
Canadian portfolio (4) |
65 |
% |
65 |
% |
65 |
% |
66 |
% |
64 |
% |
68 |
% |
65 |
% |
66 |
% |
63 |
% |
68 |
% | ||||||||||||||||||||||||
U.S. portfolio (4) |
66 |
% |
59 |
% |
63 |
% |
62 |
% |
66 |
% |
65 |
% |
64 |
% |
59 |
% |
64 |
% |
65 |
% | ||||||||||||||||||||||||
Other international portfolio (4) |
72 |
% |
n/m |
73 |
% |
n/m |
72 |
% |
n/m |
73 |
% |
n/m |
75 |
% |
n/m |
(1) |
LTV ratios for newly originated and acquired residential mortgages and HELOCs are calculated based on weighted average. |
(2) |
Average LTV ratios for our uninsured GTA residential mortgages originated during the quarter were 64% (April 30, 2022: 64%; July 31, 2021: 63%) and 65% for the nine months ended July 31, 2022 (July 31, 2021: 63%). |
(3) |
Average LTV ratios for our uninsured GVA residential mortgages originated during the quarter were 61% (April 30, 2022: 62%; July 31, 2021: 59%) and 62% for the nine months ended July 31, 2022 (July 31, 2021: 59%). |
(4) |
Geographic location is based on the address of the property. |
n/m |
Not meaningful. |
Insured |
Uninsured |
|||||||
July 31, 2022 (1)(2) |
48 |
% |
45 |
% | ||||
October 31, 2021 (1)(2) |
51 |
% |
49 |
% |
(1) |
LTV ratios for residential mortgages are calculated based on weighted average. The house price estimates for July 31, 2022 and October 31, 2021 are based on the Forward Sortation Area level indices from the Teranet – National Bank National Composite House Price Index (Teranet) as of June 30, 2022 and September 30, 2021, respectively. Teranet is an independent estimate of the rate of change in Canadian home prices. |
(2) |
Average LTV ratio on our uninsured GTA residential mortgage portfolio was 42% (October 31, 2021: 47%). Average LTV ratio on our uninsured GVA residential mortgage portfolio was 42% (October 31, 2021: 45%). |
CIBC THIRD QUARTER 2022 |
33 |
0–5 years |
>5–10 years |
>10–15 years |
>15–20 years |
>20–25 years |
>25–30 years |
>30–35 years |
>35 years |
|||||||||||||||||||||||||
Canadian portfolio |
||||||||||||||||||||||||||||||||
July 31, 2022 |
1 |
% |
3 |
% |
6 |
% |
14 |
% |
33 |
% |
18 |
% |
3 |
% |
22 |
% | ||||||||||||||||
October 31, 2021 |
1 |
% |
3 |
% |
7 |
% |
17 |
% |
45 |
% |
27 |
% |
– |
% |
– |
% | ||||||||||||||||
U.S. portfolio |
||||||||||||||||||||||||||||||||
July 31, 2022 |
1 |
% |
2 |
% |
6 |
% |
9 |
% |
10 |
% |
72 |
% |
– |
% |
– |
% | ||||||||||||||||
October 31, 2021 |
1 |
% |
3 |
% |
6 |
% |
9 |
% |
10 |
% |
71 |
% |
– |
% |
– |
% | ||||||||||||||||
Other international portfolio |
||||||||||||||||||||||||||||||||
July 31, 2022 |
7 |
% |
12 |
% |
21 |
% |
23 |
% |
20 |
% |
15 |
% |
1 |
% |
1 |
% | ||||||||||||||||
October 31, 2021 |
7 |
% |
12 |
% |
21 |
% |
24 |
% |
19 |
% |
15 |
% |
1 |
% |
– |
% |
$ billions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||
Exposure (1) |
||||||||||||||||
Investment grade |
$ |
% |
$ | % | ||||||||||||
Non-investment grade |
||||||||||||||||
Watch list |
||||||||||||||||
Default |
– |
– |
– | – | ||||||||||||
Unrated |
– |
– |
– | – | ||||||||||||
$ |
% |
$ | |
% |
(1) | MTM of OTC derivative contracts is after the impact of master netting agreements, but before any collateral. |
34 |
CIBC THIRD QUARTER 2022 |
As at or for the three months ended |
As at or for the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business and government loans |
Consumer loans |
Total |
Business and government loans |
Consumer loans |
Total |
Business and government loans |
Consumer loans |
Total |
Business and government loans |
Consumer loans |
Total |
Business and government loans |
Consumer loans |
Total |
||||||||||||||||||||||||||||||||||||||||||||||||||
Gross impaired loans |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
999 |
$ |
775 |
$ |
1,774 |
$ |
1,086 |
$ |
814 |
$ |
1,900 |
$ |
1,391 |
$ |
943 |
$ |
2,334 |
$ |
1,033 |
$ |
800 |
$ |
1,833 |
$ |
1,359 |
$ |
990 |
$ |
2,349 |
||||||||||||||||||||||||||||||||||
Classified as impaired during the period |
151 |
386 |
537 |
140 |
343 |
483 |
70 |
344 |
414 |
400 |
1,062 |
1,462 |
669 |
1,311 |
1,980 |
|||||||||||||||||||||||||||||||||||||||||||||||||
Transferred to performing during the period |
(41 |
) |
(64 |
) |
(105 |
) |
(9 |
) |
(75 |
) |
(84 |
) |
(106 |
) |
(143 |
) |
(249 |
) |
(70 |
) |
(214 |
) |
(284 |
) |
(207 |
) |
(496 |
) |
(703 |
) | ||||||||||||||||||||||||||||||||||
Net repayments (1) |
(153 |
) |
(107 |
) |
(260 |
) |
(39 |
) |
(131 |
) |
(170 |
) |
(177 |
) |
(169 |
) |
(346 |
) |
(234 |
) |
(342 |
) |
(576 |
) |
(452 |
) |
(412 |
) |
(864 |
) | ||||||||||||||||||||||||||||||||||
Amounts written off |
(41 |
) |
(201 |
) |
(242 |
) |
(186 |
) |
(179 |
) |
(365 |
) |
(99 |
) |
(166 |
) |
(265 |
) |
(237 |
) |
(527 |
) |
(764 |
) |
(235 |
) |
(566 |
) |
(801 |
) | ||||||||||||||||||||||||||||||||||
Foreign exchange and other |
(2 |
) |
(1 |
) |
(3 |
) |
7 |
3 |
10 |
9 |
4 |
13 |
21 |
9 |
30 |
(46 |
) |
(14 |
) |
(60 |
) | |||||||||||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
913 |
$ |
788 |
$ |
1,701 |
$ |
999 |
$ |
775 |
$ |
1,774 |
$ |
1,088 |
$ |
813 |
$ |
1,901 |
$ |
913 |
$ |
788 |
$ |
1,701 |
$ |
1,088 |
$ |
813 |
$ |
1,901 |
||||||||||||||||||||||||||||||||||
Allowance for credit losses – impaired loans |
$ |
356 |
$ |
287 |
$ |
643 |
$ |
377 |
$ |
304 |
$ |
681 |
$ |
540 |
$ |
267 |
$ |
807 |
$ |
356 |
$ |
287 |
$ |
643 |
$ |
540 |
$ |
267 |
$ |
807 |
||||||||||||||||||||||||||||||||||
Net impaired loans (2) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
622 |
$ |
471 |
$ |
1,093 |
$ |
566 |
$ |
538 |
$ |
1,104 |
$ |
771 |
$ |
657 |
$ |
1,428 |
$ |
525 |
$ |
536 |
$ |
1,061 |
$ |
709 |
$ |
726 |
$ |
1,435 |
||||||||||||||||||||||||||||||||||
Net change in gross impaired |
(86 |
) |
13 |
(73 |
) |
(87 |
) |
(39 |
) |
(126 |
) |
(303 |
) |
(130 |
) |
(433 |
) |
(120 |
) |
(12 |
) |
(132 |
) |
(271 |
) |
(177 |
) |
(448 |
) | |||||||||||||||||||||||||||||||||||
Net change in allowance |
21 |
17 |
38 |
143 |
(28 |
) |
115 |
80 |
19 |
99 |
152 |
(23 |
) |
129 |
110 |
(3 |
) |
107 |
||||||||||||||||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
557 |
$ |
501 |
$ |
1,058 |
$ |
622 |
$ |
471 |
$ |
1,093 |
$ |
548 |
$ |
546 |
$ |
1,094 |
$ |
557 |
$ |
501 |
$ |
1,058 |
$ |
548 |
$ |
546 |
$ |
1,094 |
||||||||||||||||||||||||||||||||||
Net impaired loans as a percentage of net loans and acceptances |
0.20 |
% |
0.22 |
% |
0.24 |
% |
0.20 |
% |
0.24 |
% |
(1) |
Includes disposals of loans. |
(2) |
Net impaired loans are gross impaired loans net of stage 3 allowance for credit losses. |
$ millions, as at | 2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||
31 to 90 days |
Over 90 days |
Total |
Total | |||||||||||||
Residential mortgages |
$ |
$ |
– |
$ |
$ | |||||||||||
Personal |
– |
|||||||||||||||
Credit card (1) |
||||||||||||||||
Business and government |
– |
|||||||||||||||
$ |
$ |
$ |
$ | |
(1) | For the acquired Canadian Costco credit card portfolio, the credit cards were transferred in the aging category that applied at the time of acquisition and have continued to age to the extent a payment has not been made. |
CIBC THIRD QUARTER 2022 |
35 |
Direct exposures |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funded |
Unfunded |
|
Derivative MTM receivables and repo-style transactions (1) |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
$ millions, as at July 31, 2022 |
Corporate |
Sovereign |
Banks |
Total funded (A) |
Corporate |
Banks |
Total unfunded (B) |
Corporate |
Sovereign |
Banks |
Net exposure (C) |
Total direct exposure (A)+(B)+(C) |
||||||||||||||||||||||||||||||||||||||||||||
U.K. |
$ |
2,832 |
$ |
2,181 |
$ |
1,455 |
$ |
6,468 |
$ |
3,850 |
$ |
442 |
$ |
4,292 |
$ |
625 |
$ |
5 |
$ |
211 |
$ |
841 |
$ |
11,601 |
||||||||||||||||||||||||||||||||
Europe excluding U.K. (2) |
3,012 |
542 |
6,843 |
10,397 |
3,331 |
1,076 |
4,407 |
253 |
54 |
499 |
806 |
15,610 |
||||||||||||||||||||||||||||||||||||||||||||
Caribbean |
4,771 |
2,402 |
3,139 |
10,312 |
1,710 |
2,254 |
3,964 |
1 |
– |
52 |
53 |
14,329 |
||||||||||||||||||||||||||||||||||||||||||||
Latin America (3) |
148 |
92 |
26 |
266 |
200 |
– |
200 |
1 |
41 |
– |
42 |
508 |
||||||||||||||||||||||||||||||||||||||||||||
Asia |
542 |
4,408 |
3,614 |
8,564 |
68 |
393 |
461 |
1 |
344 |
1,198 |
1,543 |
10,568 |
||||||||||||||||||||||||||||||||||||||||||||
Oceania (4) |
3,382 |
1,139 |
1,880 |
6,401 |
1,951 |
83 |
2,034 |
30 |
3 |
6 |
39 |
8,474 |
||||||||||||||||||||||||||||||||||||||||||||
Other |
268 |
– |
77 |
345 |
443 |
22 |
465 |
– |
– |
– |
– |
810 |
||||||||||||||||||||||||||||||||||||||||||||
Total (5) |
$ |
14,955 |
$ |
10,764 |
$ |
17,034 |
$ |
42,753 |
$ |
11,553 |
$ |
4,270 |
$ |
15,823 |
$ |
911 |
$ |
447 |
$ |
1,966 |
$ |
3,324 |
$ |
61,900 |
||||||||||||||||||||||||||||||||
October 31, 2021 (6) |
$ |
13,496 |
$ |
12,483 |
$ |
9,153 |
$ |
35,132 |
$ |
9,366 |
$ |
5,422 |
$ |
14,788 |
$ |
912 |
$ |
339 |
$ |
1,630 |
$ |
2,881 |
$ |
52,801 |
(1) |
The amounts shown are net of CVA and collateral. Collateral on derivative MTM receivables was $4.7 billion (October 31, 2021: $4.6 billion), collateral on repo-style transactions was $52.2 billion (October 31, 2021: $60.5 billion), and both comprise cash and investment grade debt securities. |
(2) |
Exposures to Russia and Ukraine are de minimis. |
(3) |
Includes Mexico, Central America and South America. |
(4) |
Includes Australia and New Zealand. |
(5) |
Excludes exposure of $4,648 million (October 31, 2021: $4,947 million) to supranationals (a multinational organization or a political union comprising member nation-states). |
(6) |
Prior period amounts have been restated to conform to the presentation adopted in the current year. |
36 |
CIBC THIRD QUARTER 2022 |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||||||||||||||||||||||
Subject to market risk (1) |
Subject to market risk (1) |
|||||||||||||||||||||||||||||||||||
Consolidated balance sheet |
Trading |
Non- trading |
Not subject to market risk |
Consolidated balance sheet |
Trading |
Non- trading |
Not subject to market risk |
Non-traded risk primary risk sensitivity |
||||||||||||||||||||||||||||
Cash and non-interest-bearing deposits with banks |
$ |
25,950 |
$ |
– |
$ |
3,152 |
$ |
22,798 |
$ |
34,573 |
$ |
– |
$ |
2,661 |
$ |
31,912 |
Foreign exchange |
|||||||||||||||||||
Interest-bearing deposits with banks |
19,384 |
36 |
19,348 |
– |
22,424 |
19 |
22,405 |
– |
Interest rate |
|||||||||||||||||||||||||||
Securities |
176,849 |
54,502 |
122,347 |
– |
161,401 |
56,028 |
105,373 |
– |
Interest rate, equity |
|||||||||||||||||||||||||||
Cash collateral on securities borrowed |
15,277 |
– |
15,277 |
– |
12,368 |
– |
12,368 |
– |
Interest rate |
|||||||||||||||||||||||||||
Securities purchased under resale agreements |
60,135 |
– |
60,135 |
– |
67,572 |
– |
67,572 |
– |
Interest rate |
|||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||||||||
Residential mortgages |
267,727 |
– |
267,727 |
– |
251,526 |
– |
251,526 |
– |
Interest rate |
|||||||||||||||||||||||||||
Personal |
44,754 |
– |
44,754 |
– |
41,897 |
– |
41,897 |
– |
Interest rate |
|||||||||||||||||||||||||||
Credit card |
15,679 |
– |
15,679 |
– |
11,134 |
– |
11,134 |
– |
Interest rate |
|||||||||||||||||||||||||||
Business and government |
179,577 |
28,330 |
(2) |
151,247 |
– |
150,213 |
24,780 |
(2) |
125,433 |
– |
Interest rate |
|||||||||||||||||||||||||
Allowance for credit losses |
(2,823 |
) |
– |
|
(2,823 |
) |
– |
(2,849 |
) |
– |
|
(2,849 |
) |
– |
Interest rate |
|||||||||||||||||||||
Derivative instruments |
36,284 |
34,840 |
|
1,444 |
– |
35,912 |
34,589 |
|
1,323 |
– |
Interest rate, foreign exchange |
|||||||||||||||||||||||||
Customers’ liability under acceptances |
11,681 |
– |
|
11,681 |
– |
10,958 |
– |
|
10,958 |
– |
Interest rate |
|||||||||||||||||||||||||
Other assets |
46,316 |
3,713 |
|
31,350 |
11,253 |
40,554 |
2,977 |
|
26,743 |
10,834 |
Interest rate, equity, foreign exchange |
|||||||||||||||||||||||||
$ |
896,790 |
$ |
121,421 |
|
$ |
741,318 |
$ |
34,051 |
$ |
837,683 |
$ |
118,393 |
|
$ |
676,544 |
$ |
42,746 |
|||||||||||||||||||
Deposits |
$ |
678,457 |
$ |
659 |
(3) |
$ |
604,255 |
$ |
73,543 |
$ |
621,158 |
$ |
609 |
(3) |
$ |
548,419 |
$ |
72,130 |
Interest rate |
|||||||||||||||||
Obligations related to securities sold short |
20,179 |
18,635 |
1,544 |
– |
22,790 |
19,472 |
3,318 |
– |
Interest rate |
|||||||||||||||||||||||||||
Cash collateral on securities lent |
3,299 |
– |
3,299 |
– |
2,463 |
– |
2,463 |
– |
Interest rate |
|||||||||||||||||||||||||||
Obligations related to securities sold under repurchase agreements |
63,692 |
– |
63,692 |
– |
71,880 |
– |
71,880 |
– |
Interest rate |
|||||||||||||||||||||||||||
Derivative instruments |
39,439 |
35,642 |
3,797 |
– |
32,101 |
30,882 |
1,219 |
– |
Interest rate, foreign exchange |
|||||||||||||||||||||||||||
Acceptances |
11,685 |
– |
11,685 |
– |
10,961 |
– |
10,961 |
– |
Interest rate |
|||||||||||||||||||||||||||
Other liabilities |
24,856 |
3,560 |
11,247 |
10,049 |
24,961 |
2,705 |
11,344 |
10,912 |
Interest rate |
|||||||||||||||||||||||||||
Subordinated indebtedness |
6,359 |
– |
6,359 |
– |
5,539 |
– |
5,539 |
– |
Interest rate |
|||||||||||||||||||||||||||
$ |
847,966 |
$ |
58,496 |
$ |
705,878 |
$ |
83,592 |
$ |
791,853 |
$ |
53,668 |
$ |
655,143 |
$ |
83,042 |
(1) |
Funding valuation adjustment (FVA) exposures are excluded from trading activities for regulatory capital purposes, with related derivative hedges to these FVA exposures also excluded. |
(2) |
Excludes nil (October 31, 2021: $48 million) of loans that are warehoused for future securitization purposes. These are considered non-trading for market risk purposes. |
(3) |
Comprises FVO deposits which are considered trading for market risk purposes. |
CIBC THIRD QUARTER 2022 |
37 |
As at or for the three months ended |
As at or for the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||||||||||||||||||||||
High |
Low |
As at |
Average |
As at | Average | As at | Average | Average |
Average | |||||||||||||||||||||||||||||||||||
Interest rate risk |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | $ |
$ | ||||||||||||||||||||||||||||||||||
Credit spread risk |
||||||||||||||||||||||||||||||||||||||||||||
Equity risk |
||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange risk |
||||||||||||||||||||||||||||||||||||||||||||
Commodity risk |
||||||||||||||||||||||||||||||||||||||||||||
Debt specific risk |
||||||||||||||||||||||||||||||||||||||||||||
Diversification effect (1) |
n/m |
n/m |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||||
Total VaR (one-day measure) | $ |
$ |
$ |
$ |
$ | $ | $ | $ | $ |
$ | ||||||||||||||||||||||||||||||||||
Stressed total VaR (one-day measure) |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | $ |
$ | ||||||||||||||||||||||||||||||||||
IRC (one-year measure) |
$ |
$ |
$ |
$ |
$ | |
$ | |
$ | |
$ | |
$ |
$ | |
(1) | Total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect. |
n/m | Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. |
38 |
CIBC THIRD QUARTER 2022 |
(1) |
Excludes certain month-end transfer pricing and other miscellaneous adjustments. |
(2) |
Fair value adjustments are excluded from trading activities for regulatory capital purposes, with related derivative hedges to these fair value adjustments also excluded. |
$ millions (pre-tax), as at |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
|||||||||||||||||||||
CAD |
(1) |
USD |
CAD |
(1) |
USD |
CAD |
(1) |
USD |
||||||||||||||||
100 basis point increase in interest rates |
||||||||||||||||||||||||
Increase (decrease) in net interest income |
$ |
$ |
$ | |
$ | |
$ | |
$ | |
||||||||||||||
Increase (decrease) in EVE |
( |
) |
( |
) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
25 basis point decrease in interest rates |
||||||||||||||||||||||||
Increase (decrease) in net interest income |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Increase (decrease) in EVE |
||||||||||||||||||||||||
100 basis point decrease in interest rates |
||||||||||||||||||||||||
Increase (decrease) in net interest income |
( |
) |
( |
) |
n/a |
n/a |
n/a |
n/a |
||||||||||||||||
Increase (decrease) in EVE |
n/a |
n/a |
n/a |
n/a |
(1) |
Includes CAD and other currency exposures. |
n/a |
Not applicable. |
CIBC THIRD QUARTER 2022 |
39 |
$ millions, as at |
Bank owned liquid assets |
|
Securities received as collateral |
|
Total liquid assets |
|
Encumbered liquid assets |
|
Unencumbered liquid assets |
(1) | ||||||||||||
2022 |
Cash and deposits with banks |
$ |
$ |
– |
$ |
$ |
$ |
|||||||||||||||
Jul. 31 |
Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks |
|||||||||||||||||||||
Other debt securities |
||||||||||||||||||||||
Equities |
||||||||||||||||||||||
Canadian government guaranteed National Housing Act mortgage-backed securities |
||||||||||||||||||||||
Other liquid assets (2) |
||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
2021 |
Cash and deposits with banks | $ | $ | – | $ | $ | $ | |||||||||||||||
Oct. 31 |
Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks |
|||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||
Equities | ||||||||||||||||||||||
Canadian government guaranteed National Housing Act mortgage-backed securities |
||||||||||||||||||||||
Other liquid assets (2) |
||||||||||||||||||||||
$ | |
$ | |
$ | |
$ | |
$ | |
(1) | Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral received less encumbered liquid assets. |
(2) | Includes cash pledged as collateral for derivatives transactions, select asset-backed securities and precious metals. |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||
CIBC (parent) |
$ |
149,839 |
$ |
153,971 |
||||
Domestic subsidiaries |
14,633 |
12,271 |
||||||
Foreign subsidiaries |
46,966 |
47,557 |
||||||
$ |
211,438 |
$ |
213,799 |
40 |
CIBC THIRD QUARTER 2022 |
Encumbered |
Unencumbered |
Total assets |
||||||||||||||||||||||||||||
$ millions, as at |
Pledged as collateral |
Other |
(1) |
Available as collateral |
Other |
(2) |
||||||||||||||||||||||||
2022 |
Cash and deposits with banks |
$ |
– |
$ |
270 |
$ |
45,064 |
$ |
– |
$ |
45,334 |
|||||||||||||||||||
Jul. 31 |
Securities (3) |
154,589 |
5,373 |
138,996 |
– |
298,958 |
||||||||||||||||||||||||
Loans, net of allowance (4) |
– |
49,604 |
31,241 |
424,069 |
504,914 |
|||||||||||||||||||||||||
Other assets |
10,310 |
– |
3,655 |
80,316 |
94,281 |
|||||||||||||||||||||||||
$ |
164,899 |
$ |
55,247 |
$ |
218,956 |
$ |
504,385 |
$ |
943,487 |
|||||||||||||||||||||
2021 |
Cash and deposits with banks |
$ |
– |
$ |
252 |
$ |
56,745 |
$ |
– |
$ |
56,997 |
|||||||||||||||||||
Oct. 31 |
Securities (3) |
154,382 |
1,817 |
134,018 |
– |
290,217 |
||||||||||||||||||||||||
Loans, net of allowance (4) |
1,488 |
44,615 |
29,331 |
376,487 |
451,921 |
|||||||||||||||||||||||||
Other assets |
6,599 |
– |
3,005 |
77,820 |
87,424 |
|||||||||||||||||||||||||
$ |
162,469 |
$ |
46,684 |
$ |
223,099 |
$ |
454,307 |
$ |
886,559 |
(1) |
Includes assets supporting CIBC’s long-term funding activities and assets restricted for legal or other reasons, such as restricted cash. |
(2) |
Other unencumbered assets are not subject to any restrictions on their use to secure funding or as collateral, however they are not considered immediately available to existing borrowing programs. |
(3) |
Total securities comprise certain on-balance sheet securities, as well as off-balance sheet securities received under resale agreements, secured borrowings transactions, and collateral-for-collateral transactions. |
(4) |
Loans included as available as collateral represent the loans underlying National Housing Act mortgage-backed securities and Federal Home Loan Banks eligible loans. |
CIBC THIRD QUARTER 2022 |
41 |
$ millions, average of the three months ended July 31, 2022 |
Total unweighted value |
(1) |
Total weighted value |
(2) | ||||||
HQLA |
||||||||||
1 |
HQLA |
n/a |
$ |
167,702 |
||||||
Cash outflows |
||||||||||
2 |
Retail deposits and deposits from small business customers, of which: |
$ |
229,152 |
17,121 |
||||||
3 |
Stable deposits |
100,287 |
3,009 |
|||||||
4 |
Less stable deposits |
128,865 |
14,112 |
|||||||
5 |
Unsecured wholesale funding, of which: |
215,011 |
95,696 |
|||||||
6 |
Operational deposits (all counterparties) and deposits in networks of cooperative banks |
110,323 |
27,036 |
|||||||
7 |
Non-operational deposits (all counterparties) |
80,869 |
44,841 |
|||||||
8 |
Unsecured debt |
23,819 |
23,819 |
|||||||
9 |
Secured wholesale funding |
n/a |
11,880 |
|||||||
10 |
Additional requirements, of which: |
156,617 |
39,981 |
|||||||
11 |
Outflows related to derivative exposures and other collateral requirements |
27,137 |
13,631 |
|||||||
12 |
Outflows related to loss of funding on debt products |
6,688 |
6,688 |
|||||||
13 |
Credit and liquidity facilities |
122,792 |
19,662 |
|||||||
14 |
Other contractual funding obligations |
4,469 |
4,469 |
|||||||
15 |
Other contingent funding obligations |
379,422 |
7,206 |
|||||||
16 |
Total cash outflows |
n/a |
176,353 |
|||||||
Cash inflows |
||||||||||
17 |
Secured lending (e.g. reverse repos) |
103,365 |
21,977 |
|||||||
18 |
Inflows from fully performing exposures |
22,313 |
10,705 |
|||||||
19 |
Other cash inflows |
6,812 |
6,812 |
|||||||
20 |
Total cash inflows |
$ |
132,490 |
$ |
39,494 |
|||||
Total adjusted value |
||||||||||
21 |
Total HQLA |
n/a |
$ |
167,702 |
||||||
22 |
Total net cash outflows |
n/a |
$ |
136,859 |
||||||
23 |
LCR |
n/a |
123 |
% | ||||||
$ millions, average of the three months ended April 30, 2022 |
Total adjusted value |
|||||||||
24 |
Total HQLA |
n/a |
$ |
173,338 |
||||||
25 |
Total net cash outflows |
n/a |
$ |
138,982 |
||||||
26 |
LCR |
n/a |
125 |
% |
(1) |
Unweighted inflow and outflow values are calculated as outstanding balances maturing or callable within 30 days of various categories or types of liabilities, off-balance sheet items or contractual receivables. |
(2) |
Weighted values are calculated after the application of haircuts (for HQLA) and inflow and outflow rates prescribed by OSFI. |
n/a |
Not applicable as per the LCR common disclosure template. |
42 |
CIBC THIRD QUARTER 2022 |
a |
b |
c |
d |
e |
||||||||||||||||||||||
Unweighted value by residual maturity |
||||||||||||||||||||||||||
$ millions, as at July 31, 2022 |
No maturity |
<6 months |
6 months to <1 year |
>1 year |
Weighted value |
|||||||||||||||||||||
ASF item |
||||||||||||||||||||||||||
1 |
Capital |
$ |
49,204 |
$ |
– |
$ |
– |
$ |
5,793 |
$ |
54,997 |
|||||||||||||||
2 |
Regulatory capital |
49,204 |
– |
– |
5,793 |
54,997 |
||||||||||||||||||||
3 |
Other capital instruments |
– |
– |
– |
– |
– |
||||||||||||||||||||
4 |
Retail deposits and deposits from small business customers |
201,644 |
35,419 |
15,081 |
13,724 |
245,589 |
||||||||||||||||||||
5 |
Stable deposits |
94,609 |
11,872 |
8,338 |
8,003 |
117,082 |
||||||||||||||||||||
6 |
Less stable deposits |
107,035 |
23,547 |
6,743 |
5,721 |
128,507 |
||||||||||||||||||||
7 |
Wholesale funding |
160,034 |
159,156 |
56,788 |
83,695 |
211,788 |
||||||||||||||||||||
8 |
Operational deposits |
107,689 |
3,631 |
– |
– |
55,660 |
||||||||||||||||||||
9 |
Other wholesale funding |
52,345 |
155,525 |
56,788 |
83,695 |
156,128 |
||||||||||||||||||||
10 |
Liabilities with matching interdependent assets |
– |
1,646 |
1,015 |
13,636 |
– |
||||||||||||||||||||
11 |
Other liabilities |
– |
93,426 (1) |
6,982 |
||||||||||||||||||||||
12 |
NSFR derivative liabilities |
10,858 (1) |
||||||||||||||||||||||||
13 |
All other liabilities and equity not included in the above categories |
– |
47,392 |
130 |
35,046 |
6,982 |
||||||||||||||||||||
14 |
Total ASF |
519,356 |
||||||||||||||||||||||||
RSF item |
||||||||||||||||||||||||||
15 |
Total NSFR HQLA |
12,876 |
||||||||||||||||||||||||
16 |
Deposits held at other financial institutions for operational purposes |
– |
4,022 |
– |
57 |
2,068 |
||||||||||||||||||||
17 |
Performing loans and securities |
64,325 |
109,251 |
42,359 |
343,317 |
368,360 |
||||||||||||||||||||
18 |
Performing loans to financial institutions secured by Level 1 HQLA |
– |
23,896 |
339 |
– |
1,364 |
||||||||||||||||||||
19 |
Performing loans to financial institutions secured by non-Level 1 HQLA and unsecured performing loans to financial institutions |
317 |
30,737 |
6,116 |
18,037 |
24,923 |
||||||||||||||||||||
20 |
Performing loans to non-financial corporate clients, loans to retail and small business customers, and loans to sovereigns, central banks and public sector entities, of which: |
33,868 |
40,286 |
21,623 |
112,719 |
156,033 |
||||||||||||||||||||
21 |
With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk |
– |
– |
– |
– |
– |
||||||||||||||||||||
22 |
Performing residential mortgages, of which: |
18,537 |
12,501 |
14,118 |
205,919 |
169,535 |
||||||||||||||||||||
23 |
With a risk weight of less than or equal to 35% under the Basel II standardized approach for credit risk |
18,537 |
12,423 |
14,039 |
201,199 |
165,444 |
||||||||||||||||||||
24 |
Securities that are not in default and do not qualify as HQLA, including exchange-traded equities |
11,603 |
1,831 |
163 |
6,642 |
16,505 |
||||||||||||||||||||
25 |
Assets with matching interdependent liabilities |
– |
1,646 |
1,015 |
13,636 |
– |
||||||||||||||||||||
26 |
Other assets |
14,733 |
88,786 (1) |
47,627 |
||||||||||||||||||||||
27 |
Physical traded commodities, including gold |
3,655 |
3,107 |
|||||||||||||||||||||||
28 |
Assets posted as initial margin for derivative contracts and contributions to default funds of central counterparties |
12,321 (1) |
10,472 |
|||||||||||||||||||||||
29 |
NSFR derivative assets |
10,153 (1) |
– |
|||||||||||||||||||||||
30 |
NSFR derivative liabilities before deduction of variation margin posted |
22,613 (1) |
1,131 |
|||||||||||||||||||||||
31 |
All other assets not included in the above categories |
11,078 |
38,732 |
49 |
4,918 |
32,917 |
||||||||||||||||||||
32 |
Off-balance sheet items |
369,480 (1) |
12,695 |
|||||||||||||||||||||||
33 |
Total RSF |
$ |
443,626 |
|||||||||||||||||||||||
34 |
NSFR |
117 |
% |
|||||||||||||||||||||||
$ millions, as at April 30, 2022 |
Weighted value |
|||||||||||||||||||||||||
35 |
Total ASF |
$ |
510,282 |
|||||||||||||||||||||||
36 |
Total RSF |
$ |
437,573 |
|||||||||||||||||||||||
37 |
NSFR |
117 |
% |
(1) |
No assigned time period per disclosure template design. |
CIBC THIRD QUARTER 2022 |
43 |
$ millions, as at July 31, 2022 |
Less than 1 month |
1–3 months |
3–6 months |
6–12 months |
Less than 1 year total |
1–2 years |
Over 2 years |
Total |
||||||||||||||||||||||||
Deposits from banks (1) |
$ |
1,952 |
$ |
514 |
$ |
1,629 |
$ |
3,146 |
$ |
7,241 |
$ |
– |
$ |
58 |
$ |
7,299 |
||||||||||||||||
Certificates of deposit and commercial paper |
9,047 |
12,258 |
21,734 |
25,370 |
68,409 |
416 |
– |
68,825 |
||||||||||||||||||||||||
Bearer deposit notes and bankers’ acceptances |
72 |
299 |
984 |
324 |
1,679 |
– |
– |
1,679 |
||||||||||||||||||||||||
Asset-backed commercial paper |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||
Senior unsecured medium-term notes (2) |
– |
312 |
4,284 |
15,578 |
20,174 |
11,029 |
30,472 |
61,675 |
||||||||||||||||||||||||
Senior unsecured structured notes |
– |
32 |
194 |
– |
226 |
– |
64 |
290 |
||||||||||||||||||||||||
Covered bonds/asset-backed securities |
||||||||||||||||||||||||||||||||
Mortgage securitization |
– |
413 |
1,226 |
1,012 |
2,651 |
3,690 |
10,163 |
16,504 |
||||||||||||||||||||||||
Covered bonds |
894 |
973 |
1,628 |
715 |
4,210 |
2,050 |
22,179 |
28,439 |
||||||||||||||||||||||||
Cards securitization |
– |
– |
– |
– |
– |
966 |
2,005 |
2,971 |
||||||||||||||||||||||||
Subordinated liabilities |
– |
– |
– |
– |
– |
33 |
6,326 |
6,359 |
||||||||||||||||||||||||
Other |
– |
– |
– |
– |
– |
– |
8 |
8 |
||||||||||||||||||||||||
$ |
11,965 |
$ |
14,801 |
$ |
31,679 |
$ |
46,145 |
$ |
104,590 |
$ |
18,184 |
$ |
71,275 |
$ |
194,049 |
|||||||||||||||||
Of which: |
||||||||||||||||||||||||||||||||
Secured |
$ |
894 |
$ |
1,386 |
$ |
2,854 |
$ |
1,727 |
$ |
6,861 |
$ |
6,706 |
$ |
34,347 |
$ |
47,914 |
||||||||||||||||
Unsecured |
11,071 |
13,415 |
28,825 |
44,418 |
97,729 |
11,478 |
36,928 |
146,135 |
||||||||||||||||||||||||
$ |
11,965 |
$ |
14,801 |
$ |
31,679 |
$ |
46,145 |
$ |
104,590 |
$ |
18,184 |
$ |
71,275 |
$ |
194,049 |
|||||||||||||||||
October 31, 2021 |
$ |
16,671 |
$ |
23,696 |
$ |
16,387 |
$ |
36,144 |
$ |
92,898 |
$ |
25,488 |
$ |
52,514 |
$ |
170,900 |
(1) |
Includes non-negotiable term deposits from banks. |
(2) |
Includes wholesale funding liabilities which are subject to conversion under bail-in regulations. See the “Capital management” section for additional details. |
$ billions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||
CAD |
$ |
50.0 |
26 |
% |
$ |
48.0 |
28 |
% | ||||||||
USD |
102.3 |
53 |
91.5 |
54 |
||||||||||||
Other |
41.7 |
21 |
31.4 |
18 |
||||||||||||
$ |
194.0 |
100 |
% |
$ |
170.9 |
100 |
% |
As at July 31, 2022 |
DBRS |
Fitch |
Moody’s |
S&P |
||||||||||||
Deposit/Counterparty (1) |
AA |
AA |
Aa2 |
A+ |
||||||||||||
Legacy senior debt (2) |
AA |
AA |
Aa2 |
A+ |
||||||||||||
Senior debt (3) |
AA(L) |
AA- |
A2 |
A- |
||||||||||||
Subordinated indebtedness |
A(H) |
A |
Baa1 |
A- |
||||||||||||
Subordinated indebtedness – NVCC (4) |
A(L) |
A |
Baa1 |
BBB+ |
||||||||||||
Limited recourse capital notes – NVCC (4) |
BBB(H) |
n/a |
Baa3 |
BBB- |
||||||||||||
Preferred shares – NVCC (4) |
Pfd-2 |
n/a |
Baa3 |
P-2(L) |
||||||||||||
Short-term debt |
R-1(H) |
F1+ |
P-1 |
A-1 |
||||||||||||
Outlook |
Stable |
Stable |
Stable |
Stable |
(1) |
DBRS Long-Term Issuer Rating; Fitch Ratings Inc. (Fitch) Long-Term Deposit Rating and Derivative Counterparty Rating; Moody’s Investors Service, Inc. (Moody’s) Long-Term Deposit and Counterparty Risk Assessment Rating; Standard & Poor’s (S&P’s) Issuer Credit Rating. |
(2) |
Includes senior debt issued prior to September 23, 2018 as well as senior debt issued on or after September 23, 2018 which is not subject to bail-in regulations. |
(3) |
Comprises liabilities which are subject to conversion under bail-in regulations. See the “Capital management” section for additional details. |
(4) |
Comprises instruments which are treated as NVCC in accordance with OSFI’s CAR Guideline. |
n/a |
Not applicable. |
44 |
CIBC THIRD QUARTER 2022 |
$ billions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||
One-notch downgrade |
$ 0.2 |
$ |
0.1 |
|||||
Two-notch downgrade |
0.3 |
0.2 |
||||||
Three-notch downgrade |
0.4 |
0.3 |
$ millions, as at July 31, 2022 |
Less than 1 month |
1–3 months |
3–6 months |
6–9 months |
9–12 months |
1–2 years |
2–5 years |
Over 5 years |
No specified maturity |
Total |
||||||||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||||||||||||||
Cash and non-interest-bearing deposits with banks (1) |
$ |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
||||||||||||||||||||||
Interest-bearing deposits with banks |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
Securities |
||||||||||||||||||||||||||||||||||||||||
Cash collateral on securities borrowed |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
Securities purchased under resale agreements |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||||||||||||
Residential mortgages |
– |
|||||||||||||||||||||||||||||||||||||||
Personal |
||||||||||||||||||||||||||||||||||||||||
Credit card |
– |
– |
||||||||||||||||||||||||||||||||||||||
Business and government |
||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses |
– |
– |
– |
– |
– |
– |
– |
– |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Derivative instruments |
– |
|||||||||||||||||||||||||||||||||||||||
Customers’ liability under acceptances |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||
Other assets |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||
October 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | |
$ | |
$ | |
|||||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Deposits (2) |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
Obligations related to securities sold short |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
Cash collateral on securities lent |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
Obligations related to securities sold under repurchase agreements |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||
Derivative instruments |
– |
|||||||||||||||||||||||||||||||||||||||
Acceptances |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||
Other liabilities |
||||||||||||||||||||||||||||||||||||||||
Subordinated indebtedness |
– |
– |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||||||||
Equity |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||
October 31, 2021 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
(1) | Cash includes interest-bearing demand deposits with Bank of Canada. |
(2) | Comprises $ |
CIBC THIRD QUARTER 2022 |
45 |
$ millions, as at July 31, 2022 | Less than 1 month |
|
1–3 months |
|
3–6 months |
|
6–9 months |
|
9–12 months |
|
1–2 years |
2–5 years |
Over 5 years |
|
|
No specified maturity |
(1) |
Total | ||||||||||||||||||||||
Unutilized credit commitments |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||
Securities lending (2) |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||
Standby and performance letters of credit |
– |
|||||||||||||||||||||||||||||||||||||||
Backstop liquidity facilities |
– |
– |
– |
|||||||||||||||||||||||||||||||||||||
Documentary and commercial letters of credit |
– |
– |
||||||||||||||||||||||||||||||||||||||
Other |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||||||
October 31, 2021 |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
(1) | Includes $ |
(2) | Excludes securities lending of $ |
$ millions, as at July 31, 2022 |
Less than 1 month |
1–3 months |
3–6 months |
6–9 months |
9–12 months |
1–2 years |
2–5 years |
Over 5 years |
Total |
|||||||||||||||||||||||||||
Purchase obligations (1) |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Underwriting commitments (2) |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||
Future lease commitments |
– |
|||||||||||||||||||||||||||||||||||
Investment commitments |
– |
– |
– |
|||||||||||||||||||||||||||||||||
Pension contributions (3) |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|||||||||||||||||||||||||||
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||
October 31, 2021 (2) |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
(1) |
Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed, minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases of debt and equity instruments that settle within standard market time frames. |
(2) |
Excludes lease obligations that are accounted for under IFRS 16, which are typically recognized on the consolidated balance sheet, and operating and tax expenses relating to lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for which we have not yet recognized a lease liability and right-of-use asset. |
(3) |
Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum funding contributions are included only for the remaining annual period ending October 31, 2022 as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability. |
46 |
CIBC THIRD QUARTER 2022 |
Notional/gross outstanding amounts (1) | ||
$ billions, as at October 31, 2021 |
CDOR | |
Non-derivative financial assets |
||
Securities |
$ 2.7 | |
Loans and customers’ liability under acceptances (2) |
10.3 | |
13.0 | ||
Non-derivative financial liabilities |
||
Secured borrowing deposits and subordinated indebtedness (3) |
6.3 | |
Other deposits and acceptances (2) |
3.8 | |
10.1 | ||
Derivatives (4) |
$ 1,341.6 |
(1) |
The table excludes undrawn loan commitments. As at October 31, 2021, the total outstanding undrawn loan commitments that are denominated in Canadian dollars and are potentially subject to CDOR transition with a maturity date beyond June 28, 2024 are estimated to be $14.9 billion, a portion of which can also be drawn in other benchmark rates. |
(2) |
Includes exposures referenced to the 1-month and 3-month Bankers’ Acceptance rates. |
(3) |
Includes subordinated indebtedness with redemption dates either prior to or after June 28, 2024, which will be repriced based on CDOR and mature after June 28, 2024 to the extent that they are not redeemed. |
(4) |
As at October 31, 2021, the notional amount of our derivatives in designated hedge accounting relationships that are indexed to CDOR, with a maturity date beyond June 28, 2024, was approximately $77.8 billion. For basis swaps for which both legs are indexed to CDOR, the notional amount of each leg has been included in the table above and the notional amount of our derivatives in designated hedge accounting relationships that are indexed to CDOR. |
CIBC THIRD QUARTER 2022 |
47 |
48 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
49 |
50 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
51 |
52 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
53 |
54 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
55 |
Contents | ||
57 |
||
58 |
||
59 |
||
60 |
||
61 |
||
62 |
62 | Note 1 | – | Changes in accounting policies | |||
62 | Note 2 | – | Significant estimates and assumptions | |||
63 | Note 3 | – | Fair value measurement | |||
67 | Note 4 | – | Significant transactions | |||
67 | Note 5 | – | Securities | |||
69 | Note 6 | – | Loans | |||
75 | Note 7 | – | Deposits | |||
75 | Note 8 | – | Subordinated indebtedness |
76 | Note 9 | – | Share capital | |||
78 | Note 10 | – | Post-employment benefits | |||
78 | Note 11 | – | Income taxes | |||
79 | Note 12 | – | Earnings per share | |||
79 | Note 13 | – | Contingent liabilities and provisions | |||
80 | Note 14 | – | Interest income and expense | |||
80 | Note 15 | – | Segmented information |
56 |
CIBC THIRD QUARTER 2022 |
Unaudited, millions of Canadian dollars, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||
ASSETS |
||||||||
Cash and non-interest-bearing deposits with banks |
$ |
$ | ||||||
Interest-bearing deposits with banks |
||||||||
Securities |
||||||||
Cash collateral on securities borrowed |
||||||||
Securities purchased under resale agreements |
||||||||
Loans |
||||||||
Residential mortgages |
||||||||
Personal |
||||||||
Credit card |
||||||||
Business and government |
||||||||
Allowance for credit losses |
( |
) | ( |
) | ||||
Other |
||||||||
Derivative instruments |
||||||||
Customers’ liability under acceptances |
||||||||
Property and equipment |
||||||||
Goodwill |
||||||||
Software and other intangible assets |
||||||||
Investments in equity-accounted associates and joint ventures |
||||||||
Deferred tax assets |
||||||||
Other assets |
||||||||
$ |
$ | |||||||
LIABILITIES AND EQUITY |
||||||||
Deposits |
||||||||
Personal |
$ |
$ | ||||||
Business and government |
||||||||
Bank |
||||||||
Secured borrowings |
||||||||
Obligations related to securities sold short |
||||||||
Cash collateral on securities lent |
||||||||
Obligations related to securities sold under repurchase agreements |
||||||||
Other |
||||||||
Derivative instruments |
||||||||
Acceptances |
||||||||
Deferred tax liabilities |
||||||||
Other liabilities |
||||||||
Subordinated indebtedness |
||||||||
Equity |
||||||||
Preferred shares and other equity instruments |
||||||||
Common shares (Note 9) |
||||||||
Contributed surplus |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive income (AOCI) |
||||||||
Total shareholders’ equity |
||||||||
Non-controlling interests |
||||||||
Total equity |
||||||||
$ |
$ | |
CIBC THIRD QUARTER 2022 |
57 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
Unaudited, millions of Canadian dollars, except as noted |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Interest income (1) |
||||||||||||||||||||||||
Loans |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Securities |
||||||||||||||||||||||||
Securities borrowed or purchased under resale agreements |
||||||||||||||||||||||||
Deposits with banks | ||||||||||||||||||||||||
Interest expense 4 ) |
||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||
Securities sold short |
||||||||||||||||||||||||
Securities lent or sold under repurchase agreements |
||||||||||||||||||||||||
Subordinated indebtedness |
||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Net interest income |
||||||||||||||||||||||||
Non-interest income |
||||||||||||||||||||||||
Underwriting and advisory fees |
||||||||||||||||||||||||
Deposit and payment fees |
||||||||||||||||||||||||
Credit fees |
||||||||||||||||||||||||
Card fees |
||||||||||||||||||||||||
Investment management and custodial fees |
||||||||||||||||||||||||
Mutual fund fees |
||||||||||||||||||||||||
Insurance fees, net of claims |
||||||||||||||||||||||||
Commissions on securities transactions |
||||||||||||||||||||||||
Gains (losses) from financial instruments measured/designated at fair value through profit or loss (FVTPL), net |
||||||||||||||||||||||||
Gains (losses) from debt securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, net |
||||||||||||||||||||||||
Foreign exchange other than trading (FXOTT) |
||||||||||||||||||||||||
Income from equity-accounted associates and joint ventures |
||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Total revenue |
||||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) | ||||||||||||||||||||||
Non-interest expenses |
||||||||||||||||||||||||
Employee compensation and benefits |
||||||||||||||||||||||||
Occupancy costs |
||||||||||||||||||||||||
Computer, software and office equipment |
||||||||||||||||||||||||
Communications |
||||||||||||||||||||||||
Advertising and business development |
||||||||||||||||||||||||
Professional fees |
||||||||||||||||||||||||
Business and capital taxes |
||||||||||||||||||||||||
Other |
||||||||||||||||||||||||
Income before income taxes |
||||||||||||||||||||||||
Income taxes |
||||||||||||||||||||||||
Net income |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Net income attributable to non-controlling interests |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Preferred shareholders and other equity instrument holders |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Common shareholders |
||||||||||||||||||||||||
Net income attributable to equity shareholders |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||
Earnings per share (2) |
||||||||||||||||||||||||
Basic |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Diluted |
||||||||||||||||||||||||
Dividends per common share (2) |
(1) | Interest income included $ |
(2) | On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC’s issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all periods presented. |
58 |
CIBC THIRD QUARTER 2022 |
Consolidated statement of comprehensive income |
||||||||||||||||||||||||
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
Unaudited, millions of Canadian dollars |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Net income |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
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 |
( |
) |
( |
) | ||||||||||||||||||||
Net gains (losses) on hedges of investments in foreign operations |
( |
) | ( |
) | ( |
) |
||||||||||||||||||
( |
) |
( |
) | |||||||||||||||||||||
Net change in debt securities measured at FVOCI |
||||||||||||||||||||||||
Net gains (losses) on securities measured at FVOCI |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Net (gains) losses reclassified to net income |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | |||||||||||||||
Net change in cash flow hedges |
||||||||||||||||||||||||
Net gains (losses) on derivatives designated as cash flow hedges |
( |
) |
( |
) | ( |
) |
||||||||||||||||||
Net (gains) losses reclassified to net income |
( |
) | ( |
) | ||||||||||||||||||||
( |
) | ( |
) |
|||||||||||||||||||||
OCI, net of income tax, that is not subject to subsequent reclassification to net income |
|
|||||||||||||||||||||||
Net gains (losses) on post-employment defined benefit plans |
( |
) |
||||||||||||||||||||||
Net gains (losses) due to fair value change of fair value option (FVO) liabilities attributable to changes in credit risk |
( |
) | ||||||||||||||||||||||
Net gains (losses) on equity securities designated at FVOCI |
( |
) |
( |
) | ||||||||||||||||||||
( |
) |
|||||||||||||||||||||||
Total OCI (1) |
( |
) |
( |
) | ( |
) | ||||||||||||||||||
Comprehensive income |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Comprehensive income (loss) attributable to non-controlling interests |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Preferred shareholders and other equity instrument holders |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Common shareholders |
||||||||||||||||||||||||
Comprehensive income attributable to equity shareholders |
$ |
$ | |
$ | |
$ |
$ | |
||||||||||||||||
(1) Includes $ |
| |||||||||||||||||||||||
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
Unaudited, millions of Canadian dollars | 2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 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 |
$ |
$ | ( |
) | $ | ( |
) | $ |
( |
) |
$ | |||||||||||||
Net gains (losses) on hedges of investments in foreign operations |
( |
) |
( |
) | ||||||||||||||||||||
( |
) | ( |
) | ( |
) | |||||||||||||||||||
Net change in debt securities measured at FVOCI |
||||||||||||||||||||||||
Net gains (losses) on securities measured at FVOCI |
( |
) | ( |
) | ||||||||||||||||||||
Net (gains) losses reclassified to net income |
||||||||||||||||||||||||
Net change in cash flow hedges |
||||||||||||||||||||||||
Net gains (losses) on derivatives designated as cash flow hedges |
( |
) | ( |
) | ||||||||||||||||||||
Net (gains) losses reclassified to net income |
( |
) |
( |
) | ( |
|||||||||||||||||||
( |
) |
( |
) | ( |
) | |||||||||||||||||||
Not subject to subsequent reclassification to net income |
||||||||||||||||||||||||
Net gains (losses) on post-employment defined benefit plans |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||||
Net gains (losses) due to fair value change |
( |
) |
( |
) | ( |
) | ( |
) |
||||||||||||||||
Net gains (losses) on equity securities designated at FVOCI |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
( |
) | ( |
) | ( |
) |
( |
) | |||||||||||||||||
$ |
( |
) |
$ | $ | ( |
) | $ |
$ | ( |
) |
CIBC THIRD QUARTER 2022 |
59 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
Unaudited, millions of Canadian dollars |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Preferred shares and other equity instruments |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Issue of preferred shares and limited recourse capital notes |
||||||||||||||||||||||||
Redemption of preferred shares |
( |
) |
( |
) |
||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Common shares |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Issue of common shares |
||||||||||||||||||||||||
Purchase of common shares for cancellation |
( |
) |
||||||||||||||||||||||
Treasury shares |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Contributed surplus |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Compensation expense arising from equity-settled share-based awards |
||||||||||||||||||||||||
Exercise of stock options and settlement of other equity-settled share-based awards |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Other (1) |
( |
) | ||||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Retained earnings |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Net income attributable to equity shareholders |
||||||||||||||||||||||||
Dividends and distributions |
||||||||||||||||||||||||
Preferred and other equity instruments |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Common |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Premium on purchase of common shares for cancellation |
( |
) |
||||||||||||||||||||||
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI |
||||||||||||||||||||||||
Other |
( |
) |
( |
) |
||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
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 |
$ |
$ | $ | ( |
) | $ |
$ | |||||||||||||||||
Net change in foreign currency translation adjustments |
( |
) |
( |
) | ||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Net gains (losses) on debt securities measured at FVOCI |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
( |
) |
$ | $ | $ |
$ | |||||||||||||||||
Net change in securities measured at FVOCI |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Balance at end of period |
$ |
( |
) |
$ | ( |
) | $ | $ |
( |
) |
$ | |||||||||||||
Net gains (losses) on cash flow hedges |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
( |
) |
$ | $ | $ |
$ | |||||||||||||||||
Net change in cash flow hedges |
( |
) | ( |
) |
||||||||||||||||||||
Balance at end of period |
$ |
( |
) |
$ | ( |
) | $ | $ |
( |
) |
$ | |||||||||||||
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 |
$ |
$ | $ | $ |
$ | ( |
) | |||||||||||||||||
Net change in post-employment defined benefit plans |
( |
) |
||||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | ( |
) | $ |
( |
) |
$ | ( |
) | |||||||||||||
Net change attributable to changes in credit risk |
( |
) | ||||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | ( |
) | $ |
$ | ( |
) | |||||||||||||||
Net gains (losses) on equity securities designated at FVOCI |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Net gains (losses) on equity securities designated at FVOCI |
( |
) |
( |
) | ||||||||||||||||||||
Realized (gains) losses on equity securities designated at FVOCI reclassified to retained earnings |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Balance at end of period |
$ |
( |
) |
$ | $ | $ |
( |
) | $ | |||||||||||||||
Total AOCI, net of income tax |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Non-controlling interests |
||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Net income attributable to non-controlling interests |
||||||||||||||||||||||||
Dividends |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||
Other |
( |
) |
( |
) | ||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Equityat end of period |
$ |
$ | |
$ | |
$ |
$ | |
(1) | 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. |
60 |
CIBC THIRD QUARTER 2022 |
Consolidated statement of cash flows |
||||||||||||||||||||||||
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
Unaudited, millions of Canadian dollars |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Cash flows provided by (used in) operating activities |
||||||||||||||||||||||||
Net income |
$ |
$ | $ | |
$ |
$ | ||||||||||||||||||
Adjustments to reconcile net income to cash flows provided by (used in) operating activities: |
|
|||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) | |
|||||||||||||||||||||
Amortization and impairment (1) |
|
|||||||||||||||||||||||
Stock options and restricted shares expense |
|
|||||||||||||||||||||||
Deferred income taxes |
( |
) |
( |
) | |
( |
) | |||||||||||||||||
Losses (gains) from debt securities measured at FVOCI and amortized cost |
( |
) |
( |
) |
( |
) | |
( |
) | ( |
) | |||||||||||||
Net losses (gains) on disposal of property and equipment |
( |
) |
( |
) | |
( |
) |
|||||||||||||||||
Other non-cash items, net |
( |
) |
( |
) | |
( |
) | |||||||||||||||||
Net changes in operating assets and liabilities |
|
|||||||||||||||||||||||
Interest-bearing deposits with banks |
( |
) | |
( |
) | |||||||||||||||||||
Loans, net of repayments |
( |
) |
( |
) | ( |
) | |
( |
) |
( |
) | |||||||||||||
Deposits, net of withdrawals |
|
|||||||||||||||||||||||
Obligations related to securities sold short |
( |
) | |
( |
) |
|||||||||||||||||||
Accrued interest receivable |
( |
) |
( |
) | |
( |
) |
|||||||||||||||||
Accrued interest payable |
( |
) | |
( |
) | |||||||||||||||||||
Derivative assets |
( |
) | |
( |
) |
( |
) | |||||||||||||||||
Derivative liabilities |
( |
) |
( |
) | |
( |
) | |||||||||||||||||
Securities measured at FVTPL |
( |
) |
|
( |
) | |||||||||||||||||||
Other assets and liabilities measured/designated at FVTPL |
( |
) | |
|||||||||||||||||||||
Current income taxes |
( |
) | |
( |
) |
|||||||||||||||||||
Cash collateral on securities lent |
|
|||||||||||||||||||||||
Obligations related to securities sold under repurchase agreements |
( |
) |
( |
) | |
( |
) |
( |
) | |||||||||||||||
Cash collateral on securities borrowed |
( |
) |
( |
) | ( |
) | |
( |
) | ( |
) | |||||||||||||
Securities purchased under resale agreements |
|
|||||||||||||||||||||||
Other, net |
( |
) |
( |
) | |
( |
) |
( |
) | |||||||||||||||
|
( |
) | ||||||||||||||||||||||
Cash flows provided by (used in) financing activities |
|
|||||||||||||||||||||||
Issue of subordinated indebtedness |
|
|||||||||||||||||||||||
Redemption/repurchase/maturity of subordinated indebtedness |
|
( |
) | |||||||||||||||||||||
Issue of limited recourse capital notes, net of issuance cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redemption of preferred shares |
|
|
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|
|
|
|
Issue of common shares for cash |
|
|||||||||||||||||||||||
Purchase of common shares for cancellation |
|
( |
) | |||||||||||||||||||||
Net sale (purchase) of treasury shares |
( |
) | ( |
) | |
( |
) | |||||||||||||||||
Dividends and distributions paid |
( |
) |
( |
) | ( |
) | |
( |
) |
( |
) | |||||||||||||
Repayment of lease liabilities |
( |
) |
( |
) | ( |
) | |
( |
) |
( |
) | |||||||||||||
( |
) |
( |
) | |
( |
) | ( |
) | ||||||||||||||||
Cash flows provided by (used in) investing activities |
|
|||||||||||||||||||||||
Purchase of securities measured/designated at FVOCI and amortized cost |
( |
) |
( |
) | ( |
) | |
( |
) |
( |
) | |||||||||||||
Proceeds from sale of securities measured/designated at FVOCI and amortized cost |
|
|||||||||||||||||||||||
Proceeds from maturity of debt securities measured at FVOCI and amortized cost |
|
|||||||||||||||||||||||
Acquisition of Canadian Costco credit card portfolio (Note 4) |
( |
) | |
( |
) |
|||||||||||||||||||
Net sale (purchase) of property, equipment and software |
( |
) |
( |
) | ( |
) | |
( |
) |
( |
) | |||||||||||||
( |
) |
( |
) | ( |
) | |
( |
) |
||||||||||||||||
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks |
( |
) |
|
( |
) | |||||||||||||||||||
Net increase (decrease) in cash and non-interest-bearing deposits with banks during the period |
( |
) | |
( |
) |
( |
) | |||||||||||||||||
Cash and non-interest-bearing deposits with banks at beginning of period |
|
|||||||||||||||||||||||
Cash and non-interest-bearing deposits with banks at end of period (2) |
$ |
$ | |
$ | |
|
$ |
$ |
|
|||||||||||||||
Cash interest paid |
$ |
$ | $ | |
$ |
$ | ||||||||||||||||||
Cash interest received |
|
|||||||||||||||||||||||
Cash dividends received |
|
|||||||||||||||||||||||
Cash income taxes paid |
|
(1) | Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets, and goodwill. |
(2) | Includes restricted cash of $ |
CIBC THIRD QUARTER 2022 |
61 |
62 |
CIBC THIRD QUARTER 2022 |
Carrying value |
||||||||||||||||||||||||||||||
$ millions, as at |
Amortized cost |
Mandatorily measured at FVTPL |
Designated at FVTPL |
Fair value through OCI |
Total |
Fair value |
Fair value over (under) carrying value |
|||||||||||||||||||||||
2022 |
Financial assets |
|||||||||||||||||||||||||||||
Jul. 31 |
Cash and deposits with banks |
$ |
$ |
$ |
– |
$ |
– |
$ |
$ |
$ |
– |
|||||||||||||||||||
Securities |
– |
( |
) | |||||||||||||||||||||||||||
Cash collateral on securities borrowed |
– |
– |
– |
– |
||||||||||||||||||||||||||
Securities purchased under resale agreements |
– |
– |
– |
|||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||
Residential mortgages |
– |
– |
( |
) | ||||||||||||||||||||||||||
Personal |
– |
– |
– |
( |
) | |||||||||||||||||||||||||
Credit card |
– |
– |
– |
|||||||||||||||||||||||||||
Business and government |
– |
( |
) | |||||||||||||||||||||||||||
Derivative instruments |
– |
– |
– |
– |
||||||||||||||||||||||||||
Customers’ liability under acceptances |
– |
– |
– |
– |
||||||||||||||||||||||||||
Other assets |
– |
– |
– |
– |
||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||
Personal |
$ |
$ |
– |
$ |
$ |
– |
$ |
$ |
$ |
( |
) | |||||||||||||||||||
Business and government |
– |
– |
( |
) | ||||||||||||||||||||||||||
Bank |
– |
– |
– |
– |
||||||||||||||||||||||||||
Secured borrowings |
– |
– |
( |
) | ||||||||||||||||||||||||||
Derivative instruments |
– |
– |
– |
– |
||||||||||||||||||||||||||
Acceptances |
– |
– |
– |
– |
||||||||||||||||||||||||||
Obligations related to securities sold short |
– |
– |
– |
– |
||||||||||||||||||||||||||
Cash collateral on securities lent |
– |
– |
– |
– |
||||||||||||||||||||||||||
Obligations related to securities sold under repurchase agreements |
– |
– |
– |
|||||||||||||||||||||||||||
Other liabilities |
– |
– |
||||||||||||||||||||||||||||
Subordinated indebtedness |
– |
– |
– |
|||||||||||||||||||||||||||
2021 |
Financial assets |
|||||||||||||||||||||||||||||
Oct. 31 |
Cash and deposits with banks |
$ | $ | $ | – | $ | – | $ | $ | $ | – | |||||||||||||||||||
Securities |
|
|
|
|
|
|||||||||||||||||||||||||
Cash collateral on securities borrowed |
– | – | – | – | ||||||||||||||||||||||||||
Securities purchased under resale agreements |
– | – | – | |||||||||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||||
Residential mortgages |
– | – | ( |
) | ||||||||||||||||||||||||||
Personal |
– | – | – | ( |
) | |||||||||||||||||||||||||
Credit card |
– | – | – | – | ||||||||||||||||||||||||||
Business and government |
– | ( |
) | |||||||||||||||||||||||||||
Derivative instruments |
– | – | – | – | ||||||||||||||||||||||||||
Customers’ liability under acceptances |
– | – | – | – | ||||||||||||||||||||||||||
Other assets |
– | – | – | – | ||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||
Personal |
$ | |
$ | – | $ | |
$ | – | $ | $ | $ | |||||||||||||||||||
Business and government |
– | – | |
|||||||||||||||||||||||||||
Bank |
– | – | – | – | ||||||||||||||||||||||||||
Secured borrowings |
– | – | ||||||||||||||||||||||||||||
Derivative instruments |
– | – | – | – | ||||||||||||||||||||||||||
Acceptances |
– | – | – | – | ||||||||||||||||||||||||||
Obligations related to securities sold short |
– | – | – | – | ||||||||||||||||||||||||||
Cash collateral on securities lent |
– | – | – | – | ||||||||||||||||||||||||||
Obligations related to securities sold under repurchase agreements |
– | |
– | – | ||||||||||||||||||||||||||
Other liabilities |
– | – | ||||||||||||||||||||||||||||
Subordinated indebtedness |
– | – | – |
CIBC THIRD QUARTER 2022 |
63 |
Level 1 |
Level 2 |
Level 3 |
||||||||||||||||||||||||||||||||||||||
Quoted market price |
Valuation technique – observable market inputs |
Valuation technique – non-observable market inputs |
Total |
Total |
||||||||||||||||||||||||||||||||||||
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
2022 Jul. 31 |
2021 Oct. 31 |
2022 Jul. 31 |
2021 Oct. 31 |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||||||||||||||||||||
Financial assets |
||||||||||||||||||||||||||||||||||||||||
Deposits with banks |
$ |
– |
$ | – | $ |
$ | $ |
– |
$ | – | $ |
$ | ||||||||||||||||||||||||||||
Debt securities mandatorily measured anddesignated at FVTPL |
||||||||||||||||||||||||||||||||||||||||
Government issued or guaranteed |
(1) |
(1) |
– |
– | ||||||||||||||||||||||||||||||||||||
Corporate debt |
– |
– | ||||||||||||||||||||||||||||||||||||||
Mortgage- and asset-backed |
– |
– | (2) |
(2) |
||||||||||||||||||||||||||||||||||||
Loans mandatorily measured at FVTPL |
||||||||||||||||||||||||||||||||||||||||
Business and government |
– |
– | (3) |
(3) |
||||||||||||||||||||||||||||||||||||
Residential mortgages |
– |
– | – |
– | ||||||||||||||||||||||||||||||||||||
– |
– | |||||||||||||||||||||||||||||||||||||||
Debt securities measured at FVOCI |
||||||||||||||||||||||||||||||||||||||||
Government issued or guaranteed |
– |
– | ||||||||||||||||||||||||||||||||||||||
Corporate debt |
– |
– | – |
– | ||||||||||||||||||||||||||||||||||||
Mortgage- and asset-backed |
– |
– | – |
– | ||||||||||||||||||||||||||||||||||||
– |
– |
|||||||||||||||||||||||||||||||||||||||
Corporate equity mandatorily measured at FVTPL and designated at FVOCI (4) |
||||||||||||||||||||||||||||||||||||||||
Securities purchased under resale agreements measured at FVTPL |
– |
– |
– |
– |
||||||||||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||||||
Interest rate |
||||||||||||||||||||||||||||||||||||||||
Foreign exchange |
– |
– | – |
– | ||||||||||||||||||||||||||||||||||||
Credit |
– |
– | ||||||||||||||||||||||||||||||||||||||
Equity |
||||||||||||||||||||||||||||||||||||||||
Precious metal |
– |
– | – |
– | ||||||||||||||||||||||||||||||||||||
Other commodity |
– |
– | ||||||||||||||||||||||||||||||||||||||
Total financial assets |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||||||||||
Financial liabilities |
||||||||||||||||||||||||||||||||||||||||
Deposits and other liabilities ( 5 ) |
$ |
– |
$ | – | $ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | $ |
( |
) |
$ | ( |
) | ||||||||||||||||||
Obligations related to securities sold short |
( |
) |
( |
) | ( |
) |
( |
) | – |
– | ( |
) |
( |
) | ||||||||||||||||||||||||||
Obligations related to securities sold under repurchase agreements |
– |
– | ( |
) |
( |
) | – |
– | ( |
) |
( |
) | ||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||||||
Interest rate |
( |
) |
– | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | |||||||||||||||||||||||||
Foreign exchange |
– |
– | ( |
) |
( |
) | – |
– | ( |
) |
( |
) | ||||||||||||||||||||||||||||
Credit |
– |
– | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||||
Equity |
( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||
Precious metal |
– |
– | ( |
) |
( |
) | – |
– | ( |
) |
( |
) | ||||||||||||||||||||||||||||
Other commodity |
( |
) |
( |
) | ( |
) |
( |
) | – |
– | ( |
) |
( |
) | ||||||||||||||||||||||||||
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | |||||||||||||||||||||||||
Total financial liabilities |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
(1) | Includes |
(2) | Includes |
(3) | Includes $ |
(4) |
Certain information has been reclassified to conform to the current period presentation. |
( 5 ) |
Comprises deposits designated at FVTPL of $ |
64 |
CIBC THIRD QUARTER 2022 |
Net gains (losses) included in income (1) |
||||||||||||||||||||||||||||||||||||
$ millions, for the three months ended | |
Opening balance |
|
Realized | (2) |
Unrealized | (2)(3) |
|
Net unrealized gains (losses) included in OCI |
(4) |
|
Transfer in to Level 3 |
|
|
Transfer out of Level 3 |
|
|
Purchases/ Issuances |
|
|
Sales/ Settlements |
|
|
Closing balance |
| |||||||||||
Jul. 31, 2022 |
||||||||||||||||||||||||||||||||||||
Debt securities mandatorily measured and designated at FVTPL |
||||||||||||||||||||||||||||||||||||
Corporate debt |
$ |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
||||||||||||||||||||
Mortgage- and asset-backed |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||
Loans mandatorily measured at FVTPL |
||||||||||||||||||||||||||||||||||||
Business and government |
– |
( |
) | – |
– |
– |
||||||||||||||||||||||||||||||
Corporate equity mandatorily measured at FVTPL and designated at (5) |
( |
) | – |
– |
( |
) | ||||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
– |
( |
) | – |
– |
– |
– |
– |
||||||||||||||||||||||||||||
Credit |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||
Equity |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||||||||
Total assets |
$ |
$ |
$ |
$ |
( |
) | $ |
$ |
– |
$ |
$ |
$ |
| |||||||||||||||||||||||
Deposits and other liabilities ( 6 ) |
$ |
( |
) |
$ |
( |
) | $ |
$ |
– |
$ |
– |
$ |
– |
$ |
( |
) | $ |
$ |
( |
) | ||||||||||||||||
Derivative instruments |
| |||||||||||||||||||||||||||||||||||
Interest rate |
( |
) |
– |
– |
– |
– |
( |
) | ( |
) | ||||||||||||||||||||||||||
Credit |
( |
) |
– |
– |
– |
– |
– |
– |
– |
( |
) | |||||||||||||||||||||||||
Equity |
( |
) |
– |
( |
) | – |
( |
) | ( |
) | – |
( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
$ |
( |
) |
$ |
( |
) | $ |
$ |
– |
$ |
( |
) | $ |
$ |
( |
) | $ |
$ |
( |
) | ||||||||||||||||
Apr. 30, 2022 |
||||||||||||||||||||||||||||||||||||
Debt securities mandatorily measured and designated at FVTPL |
||||||||||||||||||||||||||||||||||||
Corporate debt |
$ |
$ |
– | $ |
– | $ |
– | $ |
– | $ |
– | $ |
– | $ |
– | $ |
||||||||||||||||||||
Mortgage- and asset-backed |
– | – | – | – | – | ( |
) | |||||||||||||||||||||||||||||
Loans mandatorily measured at FVTPL |
||||||||||||||||||||||||||||||||||||
Business and government |
– | ( |
) | – | – | – | ( |
) | ||||||||||||||||||||||||||||
Corporate equity mandatorily measured at FVTPL and designated at (5) |
– | – | – | – | ( |
) | ||||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
– | ( |
) | – | – | – | – | – | ||||||||||||||||||||||||||||
Credit |
( |
) | – | – | – | – | – | |||||||||||||||||||||||||||||
Equity |
( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Total assets |
$ | $ | ( |
) | $ | ( |
) | $ | |
$ | – | $ | ( |
) | $ | $ | ( |
) | $ | |||||||||||||||||
Deposits and other liabilities ( 6 ) |
$ | ( |
) | $ | ( |
) | $ | $ | – | $ | – | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
( |
) | – | ( |
) | – | – | – | – | ( |
) | ( |
) | |||||||||||||||||||||||
Credit |
( |
) | ( |
) | – | – | – | – | – | ( |
) | |||||||||||||||||||||||||
Equity |
( |
) | – | – | – | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Total liabilities |
$ | ( |
) | $ | ( |
) | $ | ( |
) |
$ | – | $ | – | $ | |
$ | ( |
) |
$ | $ | ( |
) | ||||||||||||||
Jul. 31, 2021 |
||||||||||||||||||||||||||||||||||||
Debt securities mandatorily measured and designated at FVTPL |
||||||||||||||||||||||||||||||||||||
Corporate debt |
$ |
– | $ |
– | $ |
– | $ |
– | $ |
– | $ |
– | $ |
$ |
– | $ |
||||||||||||||||||||
Mortgage- and asset-backed |
– | – | – | – | – | – | ( |
) | ||||||||||||||||||||||||||||
Loans mandatorily measured at FVTPL |
||||||||||||||||||||||||||||||||||||
Business and government |
– | – | – | ( |
) | |||||||||||||||||||||||||||||||
Corporate equity mandatorily measured at FVTPL and designated at FVOCI (5) |
– | – | – | – | ( |
) | ||||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
– | – | – | – | ( |
) | ||||||||||||||||||||||||||||||
Foreign exchange |
– | – | – | – | ( |
) | – | – | – | |||||||||||||||||||||||||||
Credit |
( |
) | – | – | – | – | – | |||||||||||||||||||||||||||||
Equity |
– | (7) |
(7) |
– | – | ( |
) | |||||||||||||||||||||||||||||
Total assets |
$ | |
$ | ( |
) |
$ | |
$ | $ | – | $ | ( |
) | $ | |
$ | ( |
) | $ | |
||||||||||||||||
Deposits and other liabilities ( 6 ) |
$ | ( |
) | $ | |
|
$ | ( |
) |
$ | – | $ | – | $ | $ | ( |
) | $ | |
$ | ( |
) | ||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
( |
) | – | |
(7) |
– | – | – | ( 7 ) |
( |
) | ( |
) | |||||||||||||||||||||||
Credit |
( |
) | |
( |
) |
– | – | – | – | – | ( |
) | ||||||||||||||||||||||||
Equity |
( |
) | – | (7) |
( |
) (7) |
|
|
– | – | ( |
) | ( |
) | ||||||||||||||||||||||
Total liabilities |
$ | ( |
) | $ | |
|
$ | ( |
) (7) |
$ | – | $ | – | $ | $ | ( |
) ( 7 ) |
$ | $ | ( |
) |
(1) | Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition. |
(2) | Includes foreign currency gains and losses related to debt securities measured at FVOCI. |
(3) | Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period. |
(4) | Foreign exchange translation on loans mandatorily measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI. |
(5) |
Certain information has been reclassified to conform to the current period presentation. |
(6) |
Includes deposits designated at FVTPL of $ |
(7) |
Restated from amounts previously presented to conform to the current period presentation. |
CIBC THIRD QUARTER 2022 |
65 |
Net gains (losses) included in income (1) |
||||||||||||||||||||||||||||||||||||
$ millions, for the nine months ended |
Opening balance |
Realized |
(2) |
Unrealized |
(2)(3) |
Net unrealized gains (losses) included in OCI |
(4) |
Transfer in to Level 3 |
Transfer out of Level 3 |
Purchases/ Issuances |
Sales/ Settlements |
Closing balance |
||||||||||||||||||||||||
Jul. 31, 2022 |
||||||||||||||||||||||||||||||||||||
Debt securities mandatorily measured and designated at FVTPL |
||||||||||||||||||||||||||||||||||||
Corporate debt |
$ |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
||||||||||||||||||||
Mortgage- and asset-backed |
– |
– |
– |
– |
– |
( |
) | |||||||||||||||||||||||||||||
Loans mandatorily measured at FVTPL |
||||||||||||||||||||||||||||||||||||
Business and government |
– |
( |
) | – |
– |
– |
( |
) | ||||||||||||||||||||||||||||
Corporate equity mandatorily measured at FVTPL and designated at FVOCI (5) |
( |
) | – |
– |
( |
) | ||||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
– |
( |
) | – |
– |
– |
– |
|||||||||||||||||||||||||||||
Credit |
( |
) | – |
– |
– |
– |
– |
|||||||||||||||||||||||||||||
Equity |
( |
) | – |
( |
) | ( |
) | |||||||||||||||||||||||||||||
Total assets |
$ |
$ |
$ |
$ |
( |
) | $ |
$ |
( |
) | $ |
$ |
( |
) | $ |
|||||||||||||||||||||
Deposits and other liabilities (6) |
$ |
( |
) |
$ |
( |
) | $ |
( |
) | $ |
– |
$ |
– |
$ |
$ |
( |
) | $ |
$ |
( |
) | |||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
( |
) |
– |
( |
) | – |
– |
– |
( |
) | ( |
) | ||||||||||||||||||||||||
Credit |
( |
) |
– |
– |
– |
– |
– |
– |
( |
) | ||||||||||||||||||||||||||
Equity |
( |
) |
– |
( |
) | – |
( |
) | – |
( |
) | |||||||||||||||||||||||||
Total liabilities |
$ |
( |
) |
$ |
( |
) | $ |
( |
) | $ |
– |
$ |
( |
) | $ |
$ |
( |
) | $ |
$ |
( |
) | ||||||||||||||
Jul. 31, 2021 |
||||||||||||||||||||||||||||||||||||
Debt securities mandatorily measured and designated at FVTPL |
||||||||||||||||||||||||||||||||||||
Corporate debt |
$ |
$ |
– | $ |
$ |
– | $ |
– | $ |
– | $ |
$ |
( |
) | $ |
|||||||||||||||||||||
Mortgage- and asset-backed |
– | – | – | – | – | ( |
) | |||||||||||||||||||||||||||||
Loans mandatorily measured at FVTPL |
||||||||||||||||||||||||||||||||||||
Business and government |
– | – | ( |
) | – | – | ( |
) | ||||||||||||||||||||||||||||
Corporate equity mandatorily measured at FVTPL and designated at FVOCI (5) |
– | ( |
) | – | – | ( |
) | |||||||||||||||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
– | ( |
) | – | – | – | ( |
) | ||||||||||||||||||||||||||||
Foreign exchange |
– | – | – | ( |
) | ( |
) | – | – | – | ||||||||||||||||||||||||||
Credit |
( |
) | ( |
) | – | – | – | – | – | |||||||||||||||||||||||||||
Equity |
( 7 ) |
( 7 ) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Total assets |
$ | |
$ | $ | $ | |
$ | ( |
) | $ | ( |
) | $ | |
$ | ( |
) | $ | |
|||||||||||||||||
Deposits and other liabilities ( 6 ) |
$ | $ | ( |
) ( 7 ) |
$ | ( |
) ( 7 ) |
$ | – | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||||
Derivative instruments |
||||||||||||||||||||||||||||||||||||
Interest rate |
( |
) | – | ( |
) ( 7 ) |
– | – | ( |
) ( 7 ) |
( |
) | ( |
) | |||||||||||||||||||||||
Credit |
( |
) | – | – | – | – | ( |
) | ( |
) | ||||||||||||||||||||||||||
Equity |
( |
) | ( |
) ( 7 ) |
( |
) ( 7 ) |
– | – | ( |
) | ( |
) | ||||||||||||||||||||||||
Total liabilities |
$ | ( |
) | $ | ( |
) | $ | ( |
) ( 7 ) |
$ | – | $ | ( |
) | $ | $ | ( |
) ( 7 ) |
$ | $ | ( |
) |
(1) | Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition. |
(2) | Includes foreign currency gains and losses related to debt securities measured at FVOCI. |
(3) | Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period. |
(4) | Foreign exchange translation on loans mandatorily measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI. |
(5) |
Certain information has been reclassified to conform to the current period presentation. |
(6) |
Includes deposits designated at FVTPL of $ July 31, 2021 : $million (July 31, 2021 : $ |
(7) |
Restated from amounts previously presented to conform to the current period presentation. |
66 |
CIBC THIRD QUARTER 2022 |
$ millions, as at | 2022 Jul. 31 |
2021 Oct. 31 |
||||||
Carrying amount | ||||||||
Securities measured and designated at FVOCI (1) |
$ |
$ | ||||||
Securities measured at amortized cost ( 2 ) |
||||||||
Securities mandatorily measured and designated at FVTPL |
||||||||
$ |
$ | |
(1) |
Certain information has been reclassified to conform to the current period presentation. |
(2) |
There were |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||||||||||||||||||
Amortized cost |
(1) |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
Amortized cost |
(1) |
Gross unrealized gains |
Gross unrealized losses |
Fair value |
|||||||||||||||||||||||
Securities issued or guaranteed by: |
||||||||||||||||||||||||||||||||
Canadian federal government |
$ |
$ |
$ |
( |
) | $ |
$ | $ | $ ( |
) | $ | |||||||||||||||||||||
Other Canadian governments |
( |
) | ||||||||||||||||||||||||||||||
U.S. Treasury and agencies |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Other foreign governments |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Mortgage-backed securities |
( |
) | ||||||||||||||||||||||||||||||
Asset-backed securities |
– |
( |
) | ( |
) | |||||||||||||||||||||||||||
Corporate debt |
( |
) | ( |
) | ||||||||||||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||||||||||
Corporate equity (2)(3) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
$ |
$ |
$ |
( |
) |
$ |
$ | |
$ | |
$ ( |
) | $ | |
(1) | Net of allowance for credit losses for debt securities measured at FVOCI of $ |
(2) | Includes restricted stock. |
(3) |
Certain information has been reclassified to conform to the current period presentation. |
CIBC THIRD QUARTER 2022 |
67 |
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
$ millions, as at or for the three months ended |
Collective provision 12-month ECL performing |
Collective provision lifetime ECL performing |
Collective and individual provision lifetime ECL credit-impaired |
Total |
||||||||||||||||
2022 |
Debt securities measured at FVOCI |
|||||||||||||||||||
Jul. 31 |
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
||||||||||||||
Provision for (reversal of) credit losses (1) |
– |
– |
||||||||||||||||||
Write-offs |
– |
– |
– |
– |
||||||||||||||||
Foreign exchange and other |
– |
– |
– |
– |
||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
|||||||||||||||
2022 |
Debt securities measured at FVOCI |
|||||||||||||||||||
Apr. 30 |
Balance at beginning of period |
$ | $ | $ | – | $ | ||||||||||||||
Provision for (reversal of) credit losses (1) |
– | ( |
) | – | ( |
) | ||||||||||||||
Write-offs |
– | – | – | – | ||||||||||||||||
Foreign exchange and other |
– | – | – | – | ||||||||||||||||
Balance at end of period |
$ | $ | |
$ | – | $ | |
|||||||||||||
2021 |
Debt securities measured at FVOCI |
|||||||||||||||||||
Jul. 31 |
Balance at beginning of period |
$ | |
$ | $ | – | $ | |||||||||||||
Provision for (reversal of) credit losses (1) |
– | – | ||||||||||||||||||
Write-offs |
– | – | – | – | ||||||||||||||||
Foreign exchange and other |
– | – | ||||||||||||||||||
Balance at end of period |
$ | $ | $ | – | $ | |||||||||||||||
$ millions, as at or for the nine months ended | ||||||||||||||||||||
2022 |
Debt securities measured at FVOCI |
|||||||||||||||||||
Jul. 31 |
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
||||||||||||||
Provision for (reversal of) credit losses (1) |
– |
– |
||||||||||||||||||
Write-offs |
– |
– |
– |
– |
||||||||||||||||
Foreign exchange and other |
– |
– |
||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
|||||||||||||||
2021 |
Debt securities measured at FVOCI |
|||||||||||||||||||
Jul. 31 |
Balance at beginning of period |
$ | $ | $ | – | $ | ||||||||||||||
Provision for (reversal of) credit losses (1) |
( |
) | – | – | ( |
) | ||||||||||||||
Write-offs |
– | – | – | – | ||||||||||||||||
Foreign exchange and other |
– | – | – | – | ||||||||||||||||
Balance at end of period |
$ | $ | $ | – | $ |
(1) | Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income. |
68 |
CIBC THIRD QUARTER 2022 |
$ millions, as at or for the three months ended |
2022 Jul. 31 |
|||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
Collective provision 12-month ECL performing |
Collective provision lifetime ECL performing |
Collective and individual provision lifetime ECL credit-impaired |
Total |
|||||||||||||
Residential mortgages |
||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
||||||||||||
Originations net of repayments and other derecognitions |
– |
( |
) |
( |
) | |||||||||||
Changes in model |
– |
– |
– |
– |
||||||||||||
Net remeasurement (1) |
( |
) |
( |
) | ||||||||||||
Transfers (1) |
||||||||||||||||
– to 12-month ECL |
( |
) |
( |
) |
– |
|||||||||||
– to lifetime ECL performing |
( |
) |
( |
) |
– |
|||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) |
– |
||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) |
( |
) | ( |
) | ||||||||||
Write-offs |
– |
– |
( |
) |
( |
) | ||||||||||
Recoveries |
– |
– |
– |
– |
||||||||||||
Interest income on impaired loans |
– |
– |
( |
) |
( |
) | ||||||||||
Foreign exchange and other |
– |
– |
( |
) |
( |
) | ||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
||||||||||||
Personal |
||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
||||||||||||
Originations net of repayments and other derecognitions |
( |
) |
( |
) |
( |
) | ||||||||||
Changes in model |
– |
– |
||||||||||||||
Net remeasurement (1) |
( |
) |
||||||||||||||
Transfers (1) |
||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) |
– |
|||||||||||
– to lifetime ECL performing |
( |
) |
( |
) | – |
|||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) | – |
||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) |
||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | ||||||||||
Recoveries |
– |
– |
||||||||||||||
Interest income on impaired loans |
– |
– |
( |
) | ( |
) | ||||||||||
Foreign exchange and other |
– |
– |
– |
– |
||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
||||||||||||
Credit card |
||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
|||||||||||
Originations net of repayments and other derecognitions |
( |
) | – |
( |
) | |||||||||||
Changes in model |
– |
– |
– |
– |
||||||||||||
Net remeasurement (1) |
( |
) |
||||||||||||||
Transfers (1) |
||||||||||||||||
– to 12-month ECL |
( |
) | – |
– |
||||||||||||
– to lifetime ECL performing |
( |
) |
– |
– |
||||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) | – |
||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) |
||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | ||||||||||
Recoveries |
– |
– |
||||||||||||||
Interest income on impaired loans |
– |
– |
– |
– |
||||||||||||
Foreign exchange and other |
– |
– |
– |
– |
||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
|||||||||||
Business and government |
||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
||||||||||||
Originations net of repayments and other derecognitions |
( |
) |
( |
) |
( |
) | ||||||||||
Changes in model |
– |
– |
– |
– |
||||||||||||
Net remeasurement (1) |
( |
) |
||||||||||||||
Transfers (1) |
||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – |
|||||||||||
– to lifetime ECL performing |
( |
) |
– |
– |
||||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) | – |
||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) |
||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | ||||||||||
Recoveries |
– |
– |
||||||||||||||
Interest income on impaired loans |
– |
– |
( |
) | ( |
) | ||||||||||
Foreign exchange and other |
( |
) |
– |
|||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
||||||||||||
Total ECL allowance ( 3 ) |
$ |
$ |
$ |
$ |
||||||||||||
Comprises: |
||||||||||||||||
Loans |
$ |
$ |
$ |
$ |
||||||||||||
Undrawn credit facilities and other off-balance sheet exposures ( 4 ) |
– |
(1) | Transfers represent stage movements of prior period ECL allowances to the current period stage classification. Net remeasurement represents the current period change in ECL allowances for transfers, net write-offs, changes in forecasts of forward-looking information, parameter updates, and partial repayments in the period. |
(2) | Provision for (reversal of) credit losses for loans and undrawn credit facilities and other off-balance sheet exposures is presented as Provision for (reversal of) credit losses on our interim consolidated statement of income. |
(3) |
See Note 5 for the ECL allowance on debt securities measured at FVOCI. The table above excludes the ECL allowance on debt securities classified at amortized cost of $ |
(4) |
Included in Other liabilities on our interim consolidated balance sheet. |
(5) |
Includes ECL allowances of $ |
CIBC THIRD QUARTER 2022 |
69 |
$ millions, as at or for the three months ended |
2022 Apr. 30 |
2021 Jul. 31 |
||||||||||||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
Stage 1 |
Stage 2 |
Stage 3 |
|||||||||||||||||||||||||||
Collective provision 12-month ECL performing |
Collective provision lifetime ECL performing |
Collective and individual provision lifetime ECL credit-impaired |
Total |
Collective provision 12-month ECL performing |
Collective provision lifetime ECL performing |
Collective and individual provision lifetime ECL credit-impaired |
Total |
|||||||||||||||||||||||||
Residential mortgages |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ | |
$ | |
$ | |
$ | |
$ | $ | $ | $ | ||||||||||||||||||||
Originations net of repayments and other derecognitions |
– | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Changes in model |
( |
) | ( |
) | – | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – | ( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | ( |
) | – | ( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– | ( |
) | – | – | ( |
) | – | ||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Write-offs |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Interest income on impaired loans |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Foreign exchange and other |
– | |||||||||||||||||||||||||||||||
Balance at end of period |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Personal |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Originations net of repayments and other derecognitions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Changes in model |
– | – | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – | ( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | ( |
) | – | ( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– | ( |
) | – | – | ( |
) | – | ||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
||||||||||||||||||||||||||||||||
Write-offs |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– | – | – | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Foreign exchange and other |
– | – | – | – | – | – | ||||||||||||||||||||||||||
Balance at end of period |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Credit card |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ | $ | $ | – | $ | $ | $ | $ | – | $ | ||||||||||||||||||||||
Originations net of repayments and other derecognitions (5) |
( |
) | – | – | ( |
) | – | ( |
) | |||||||||||||||||||||||
Changes in model |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | – | – | ( |
) | – | – | ||||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | – | – | ( |
) | – | – | ||||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– | ( |
) | – | – | ( |
) | – | ||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
– | ( |
) | ( |
) | |||||||||||||||||||||||||||
Write-offs |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– | – | – | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Foreign exchange and other |
– | – | – | – | – | – | – | – | ||||||||||||||||||||||||
Balance at end of period |
$ | $ | $ | – | $ | $ | $ | $ | – | $ | ||||||||||||||||||||||
Business and government |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Originations net of repayments and other derecognitions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Changes in model |
( |
) | ( |
) | – | ( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – | ( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | ( |
) | – | ( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– | ( |
) | – | – | ( |
) | – | ||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Write-offs |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– | – | – | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– | – | ( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Foreign exchange and other |
||||||||||||||||||||||||||||||||
Balance at end of period |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Total ECL allowance (3) |
$ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Comprises: |
||||||||||||||||||||||||||||||||
Loans |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||||||
Undrawn credit facilities and other off-balance sheet exposures (4) |
– | |||||||||||||||||||||||||||||||
See previous page for footnote references. |
70 |
CIBC THIRD QUARTER 2022 |
$ millions, as at or for the nine months ended |
2022 Jul. 31 |
2021 Jul. 31 |
||||||||||||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
Stage 1 |
Stage 2 |
Stage 3 |
|||||||||||||||||||||||||||
Collective provision 12-month ECL performing |
Collective provision lifetime ECL performing |
Collective and individual provision lifetime ECL credit-impaired |
Total |
Collective provision 12-month ECL performing |
Collective provision lifetime ECL performing |
Collective and individual provision lifetime ECL credit-impaired |
Total |
|||||||||||||||||||||||||
Residential mortgages |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Originations net of repayments and other derecognitions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Changes in model |
( |
) | ( |
) | – |
( |
) | ( |
) | |||||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – |
( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | ( |
) | – |
( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) | – |
– | ( |
) | – | ||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Foreign exchange and other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Personal |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Originations net of repayments and other derecognitions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Changes in model |
– |
( |
) | – | ( |
) | ||||||||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – |
( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | ( |
) | – |
( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL credit-impaired |
( |
) | – |
– | ( |
) | – | |||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Foreign exchange and other |
– |
– |
( |
) | – | ( |
) | ( |
) | |||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Credit card |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||
Originations net of repayments and other derecognitions ( 5 ) |
( |
) | – |
( |
) | ( |
) | – | ( |
) | ||||||||||||||||||||||
Changes in model |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | – |
– |
( |
) | – | – | ||||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | – |
– |
( |
) | – | – | ||||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) | – |
– | ( |
) | – | ||||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) | ||||||||||||||||||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||
Foreign exchange and other |
– |
– |
– |
– |
– | – | – | – | ||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||
Business and government |
||||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Originations net of repayments and other derecognitions |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Changes in model |
( |
) | – |
( |
) | ( |
) | ( |
) | ( |
) | |||||||||||||||||||||
Net remeasurement (1) |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Transfers (1) |
||||||||||||||||||||||||||||||||
– to 12-month ECL |
( |
) | ( |
) | – |
( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL performing |
( |
) | ( |
) | – |
( |
) | ( |
) | – | ||||||||||||||||||||||
– to lifetime ECL credit-impaired |
– |
( |
) | – |
( |
) | ( |
) | – | |||||||||||||||||||||||
Provision for (reversal of) credit losses (2) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Write-offs |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
– |
– |
– | – | ||||||||||||||||||||||||||||
Interest income on impaired loans |
– |
– |
( |
) | ( |
) | – | – | ( |
) | ( |
) | ||||||||||||||||||||
Foreign exchange and other |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
Balance at end of period |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Total ECL allowance ( 3 ) |
$ |
$ |
$ |
$ |
$ | $ | $ | $ | ||||||||||||||||||||||||
Comprises: |
||||||||||||||||||||||||||||||||
Loans |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Undrawn credit facilities and other off-balance sheet exposures ( 4 ) |
– |
|||||||||||||||||||||||||||||||
See previous page s for footnote references. |
CIBC THIRD QUARTER 2022 |
71 |
Base case |
Upside case |
Downside case |
||||||||||||||||||||||
As at July 31, 2022 |
Average value over the next 12 months |
Average value over the remaining forecast period |
(1) |
Average value over the next 12 months |
Average value over the remaining forecast period |
(1) |
Average value over the next 12 months |
Average value over the remaining forecast period |
(1) | |||||||||||||||
Real gross domestic product (GDP) year-over-year growth |
||||||||||||||||||||||||
Canada (2) |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
United States |
% |
% |
% |
% |
% |
( |
) % | |||||||||||||||||
Unemployment rate |
||||||||||||||||||||||||
Canada (2) |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
United States |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
Canadian Housing Price Index year-over-year growth (2) |
% |
% |
% |
% |
( |
) % |
( |
) % | ||||||||||||||||
Standard and Poor’s (S&P) 500 Index year-over-year growth rate |
( |
) % |
% |
% |
% |
( |
) % |
( |
) % | |||||||||||||||
Canadian household debt service ratio |
% |
% |
% |
% |
% |
% | ||||||||||||||||||
West Texas Intermediate Oil Price (US$) |
$ |
$ |
$ |
$ |
$ |
$ |
Base case | Upside case | Downside case | ||||||||||||||||||||||
As at April 30, 2022 | |
Average value over the next 12 months |
|
|
Average value over the remaining forecast period |
(1) |
|
Average value over the next 12 months |
|
|
Average value over the remaining forecast period |
(1) |
|
Average value over the next 12 months |
|
|
Average value over the remaining forecast period |
(1) | ||||||
Real GDP year-over-year growth |
||||||||||||||||||||||||
Canada (2) |
% | % | % | % | % | % | ||||||||||||||||||
United States |
% | % | % | % | % | % | ||||||||||||||||||
Unemployment rate |
||||||||||||||||||||||||
Canada (2) |
% | % | % | % | % | % | ||||||||||||||||||
United States |
% | % | % | % | % | % | ||||||||||||||||||
Canadian Housing Price Index year-over-year growth (2) |
% | % | % | % | ( |
)% | ( |
)% | ||||||||||||||||
S&P 500 Index year-over-year growth rate |
% | % | % | % | ( |
)% | ( |
)% | ||||||||||||||||
Canadian household debt service ratio |
% | % | % | % | % | % | ||||||||||||||||||
West Texas Intermediate Oil Price (US$) |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
Base case | Upside case | Downside case | ||||||||||||||||||||||
As at October 31, 2021 | |
Average value over the next 12 months |
|
|
Average value over the remaining forecast period |
(1) |
|
Average value over the next 12 months |
|
|
Average value over the remaining forecast period |
(1) |
|
Average value over the next 12 months |
|
|
Average value over the remaining forecast period |
(1) | ||||||
Real GDP year-over-year growth |
||||||||||||||||||||||||
Canada (2) |
% | % | % | % | % | % | ||||||||||||||||||
United States |
% | % | % | % | % | % | ||||||||||||||||||
Unemployment rate |
||||||||||||||||||||||||
Canada (2) |
% | % | % | % | % | % | ||||||||||||||||||
United States |
% | % | % | % | % | % | ||||||||||||||||||
Canadian Housing Price Index year-over-year growth (2) |
% | % | % | % | % | ( |
)% | |||||||||||||||||
S&P 500 Index year-over-year growth rate |
% | % | % | % | ( |
)% | ( |
)% | ||||||||||||||||
Canadian household debt service ratio |
% | % | % | % | % | % | ||||||||||||||||||
West Texas Intermediate Oil Price (US$) |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
(1) | The remaining forecast period is generally four years. |
(2) | National-level forward-looking forecasts are presented in the tables above, which represent the aggregation of the provincial-level forecasts used to estimate our ECL. Housing Price Index growth rates are also forecasted at the municipal level in some cases. As a result, the forecasts for individual provinces or municipalities reflected in our ECL will differ from the national forecasts presented above. |
72 |
CIBC THIRD QUARTER 2022 |
CIBC THIRD QUARTER 2022 |
73 |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
(2) |
Total |
Stage 1 |
Stage 2 |
Stage 3 |
(2) |
Total |
|||||||||||||||||||||||
Residential mortgages |
||||||||||||||||||||||||||||||||
– Exceptionally low |
$ |
$ |
$ |
– |
$ |
$ |
$ | $ | – | $ | ||||||||||||||||||||||
– Very low |
– |
– | ||||||||||||||||||||||||||||||
– Low |
– |
– | ||||||||||||||||||||||||||||||
– Medium |
– |
– | ||||||||||||||||||||||||||||||
– High |
– |
– |
– | – | ||||||||||||||||||||||||||||
– Default |
– |
– |
– | – |
||||||||||||||||||||||||||||
– Not rated |
||||||||||||||||||||||||||||||||
Gross residential mortgages (3)(4) |
||||||||||||||||||||||||||||||||
ECL allowance |
||||||||||||||||||||||||||||||||
Net residential mortgages |
||||||||||||||||||||||||||||||||
Personal |
||||||||||||||||||||||||||||||||
– Exceptionally low |
– |
– |
||||||||||||||||||||||||||||||
– Very low |
– |
– |
||||||||||||||||||||||||||||||
– Low |
– |
– |
||||||||||||||||||||||||||||||
– Medium |
– |
– |
||||||||||||||||||||||||||||||
– High |
– |
– |
||||||||||||||||||||||||||||||
– Default |
– |
– |
– |
– |
||||||||||||||||||||||||||||
– Not rated |
||||||||||||||||||||||||||||||||
Gross personal (4) |
||||||||||||||||||||||||||||||||
ECL allowance |
||||||||||||||||||||||||||||||||
Net personal |
||||||||||||||||||||||||||||||||
Credit card |
||||||||||||||||||||||||||||||||
– Exceptionally low |
– |
– |
– |
– |
||||||||||||||||||||||||||||
– Very low |
– |
– |
– |
– |
||||||||||||||||||||||||||||
– Low |
– |
– |
||||||||||||||||||||||||||||||
– Medium |
– |
– |
||||||||||||||||||||||||||||||
– High |
– |
– |
– |
|||||||||||||||||||||||||||||
– Default |
– |
– |
– |
– |
– |
– |
– |
– |
||||||||||||||||||||||||
– Not rated |
– |
– |
||||||||||||||||||||||||||||||
Gross credit card |
– |
– |
||||||||||||||||||||||||||||||
ECL allowance |
– |
– |
||||||||||||||||||||||||||||||
Net credit card |
– |
– |
||||||||||||||||||||||||||||||
Business and government |
||||||||||||||||||||||||||||||||
– Investment grade |
– |
– |
||||||||||||||||||||||||||||||
– Non-investment grade |
– |
– |
||||||||||||||||||||||||||||||
– Watchlist |
– |
– |
||||||||||||||||||||||||||||||
– Default |
– |
– |
– |
– |
||||||||||||||||||||||||||||
– Not rated |
– |
– |
||||||||||||||||||||||||||||||
Gross business and government (3)(5) |
||||||||||||||||||||||||||||||||
ECL allowance |
||||||||||||||||||||||||||||||||
Net business and government |
||||||||||||||||||||||||||||||||
Total net amount of loans |
$ |
$ |
$ |
$ |
$ | $ |
$ |
$ |
(1) | The table excludes debt securities measured at FVOCI, for which ECL allowances of $ million were recognized as at July 31, 2022 (October 31, 2021: $million). Other financial assets classified at amortized cost were also excluded from the table above as their ECL allowances were immaterial as at July 31, 2022 and October 31, 2021. Financial assets other than loans that are classified as amortized cost are presented on our interim consolidated balance sheet net of ECL allowances. |
(2) | Excludes foreclosed assets of $ |
(3) | Includes $ |
(4) | The internal risk rating grades presented for residential mortgages and certain personal loans do not take into account loan guarantees or insurance issued by the Canadian government (federal or provincial), Canadian government agencies, or private insurers, as the determination of whether a significant increase in credit risk has occurred for these loans is based on relative changes in the loans’ lifetime PD without considering collateral or other credit enhancements. |
(5) | Includes customers’ liability under acceptances of $ |
74 |
CIBC THIRD QUARTER 2022 |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
Total |
Stage 1 | Stage 2 | Stage 3 | Total | |||||||||||||||||||||||||
Retail |
||||||||||||||||||||||||||||||||
– Exceptionally low |
$ |
$ |
$ |
– |
$ |
$ | $ | $ | – | $ | ||||||||||||||||||||||
– Very low |
– |
– | ||||||||||||||||||||||||||||||
– Low |
– |
– | ||||||||||||||||||||||||||||||
– Medium |
– |
– | ||||||||||||||||||||||||||||||
– High |
– |
– | ||||||||||||||||||||||||||||||
– Default |
– |
– |
– | – | ||||||||||||||||||||||||||||
– Not rated |
– |
– | ||||||||||||||||||||||||||||||
Gross retail |
||||||||||||||||||||||||||||||||
ECL allowance |
– |
– | ||||||||||||||||||||||||||||||
Net retail |
||||||||||||||||||||||||||||||||
Business and government |
||||||||||||||||||||||||||||||||
– Investment grade |
– |
– | ||||||||||||||||||||||||||||||
– Non-investment grade |
– |
– | ||||||||||||||||||||||||||||||
– Watch list |
– |
– | ||||||||||||||||||||||||||||||
– Default |
– |
– |
– | – | ||||||||||||||||||||||||||||
– Not rated |
– |
– | ||||||||||||||||||||||||||||||
Gross business and government |
||||||||||||||||||||||||||||||||
ECL allowance |
– |
– | ||||||||||||||||||||||||||||||
Net business and government |
||||||||||||||||||||||||||||||||
Total net undrawn credit facilities and other off-balance sheet exposures |
$ |
$ |
$ |
$ |
$ | |
$ | |
$ | |
$ | |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||||||||||||
Payable on demand |
(3) |
Payable after notice |
(4) |
Payable on a fixed date |
(5)(6) |
Total |
Total |
|||||||||||||
Personal |
$ |
$ |
$ |
$ |
$ | |||||||||||||||
Business and government (7)(8) |
||||||||||||||||||||
Bank |
||||||||||||||||||||
Secured borrowings (9) |
– |
– |
||||||||||||||||||
$ |
$ |
$ |
$ |
$ | ||||||||||||||||
Comprises: |
||||||||||||||||||||
Held at amortized cost |
$ |
$ | ||||||||||||||||||
Designated at fair value |
||||||||||||||||||||
$ |
$ | |||||||||||||||||||
Total deposits include (10) : |
||||||||||||||||||||
Non-interest-bearing deposits |
||||||||||||||||||||
Canada |
$ |
$ | ||||||||||||||||||
U.S. |
||||||||||||||||||||
Other international |
||||||||||||||||||||
Interest-bearing deposits |
||||||||||||||||||||
Canada |
||||||||||||||||||||
U.S. |
||||||||||||||||||||
Other international |
||||||||||||||||||||
$ |
$ | |
(1) | Includes deposits of $ |
(2) | Net of purchased notes of $ |
(3) | Includes all deposits for which we do not have the right to require notice of withdrawal. These deposits are generally chequing accounts. |
(4) | Includes all deposits for which we can legally require notice of withdrawal. These deposits are generally savings accounts. |
(5) | Includes all deposits that mature on a specified date. These deposits are generally term deposits, guaranteed investment certificates, and similar instruments. |
(6) | Includes $ |
(7) | Includes |
(8) | Includes $ |
(9) | Comprises liabilities issued by, or as a result of, activities associated with the securitization of residential mortgages, Covered Bond Programme, and consolidated securitization vehicles. |
(10) | Classification is based on geographical location of the CIBC office. |
CIBC THIRD QUARTER 2022 |
75 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||
$ millions, except number of shares | 2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||||||||||||||||||||||
Number of shares |
(1) |
Amount |
Number of shares |
(1) |
Amount | Number of shares |
(1) |
Amount | Number of shares |
(1) |
Amount |
Number of shares |
(1) |
Amount | ||||||||||||||||||||||||||||||
Balance at beginning of period |
$ |
$ | |
$ | |
$ |
$ | |
||||||||||||||||||||||||||||||||||||
Issuance pursuant to: |
||||||||||||||||||||||||||||||||||||||||||||
Equity-settled share-based compensation plans (2) |
||||||||||||||||||||||||||||||||||||||||||||
Shareholder investment plan |
||||||||||||||||||||||||||||||||||||||||||||
Employee share purchase plan |
||||||||||||||||||||||||||||||||||||||||||||
$ |
$ | $ | $ |
$ | ||||||||||||||||||||||||||||||||||||||||
Purchase of common shares for cancellation |
– |
– |
– | – | – |
– | ( |
) |
( |
) |
– | – | ||||||||||||||||||||||||||||||||
Treasury shares |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Balance at end of period |
$ |
$ | $ | $ |
$ |
(1) |
On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC’s issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all periods presented. |
(2) |
Includes the settlement of contingent consideration related to prior acquisitions. |
76 |
CIBC THIRD QUARTER 2022 |
$ millions, as at |
2022 Jul. 31 |
2021 Oct. 31 |
||||||||
Common Equity Tier 1 (CET1) capital (1) |
$ |
$ | ||||||||
Tier 1 capital (1) |
A | |||||||||
Total capital (1) |
||||||||||
Total risk-weighted assets (RWA) |
B | |||||||||
CET1 ratio |
% |
% | ||||||||
Tier 1 capital ratio |
% |
% | ||||||||
Total capital ratio |
% |
% | ||||||||
Leverage ratio exposure (2) |
C | $ |
$ | |
||||||
Leverage ratio |
A/C | % |
% | |||||||
TLAC available |
D | $ |
$ | |||||||
TLAC ratio |
D/B | % |
% | |||||||
TLAC leverage ratio |
D/C | % |
% |
(1) | Includes the impact of the ECL transitional arrangement announced by OSFI on March 27, 2020. The transitional arrangement results in a portion of ECL allowances that would otherwise be included in Tier 2 capital qualifying for inclusion in CET1 capital. The amount is subject to certain adjustments and limitations until the end of fiscal 2022. |
(2) | The temporary exclusion of qualifying sovereign-issued securities from the leverage ratio exposure measure in response to the onset of the COVID-19 pandemic was no longer applicable beginning in the first quarter of 2022. Central bank reserves continue to be excluded from the measure. |
CIBC THIRD QUARTER 2022 |
77 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
||||||||||||||||||||||||||||||||||
Pension plans |
Other post-employment plans |
Pension plans |
Other post-employment plans |
|||||||||||||||||||||||||||||||||||||||||
Current service cost |
$ |
$ | |
$ | |
$ |
$ | |
$ | |
$ |
$ | |
$ |
$ | |
||||||||||||||||||||||||||||
Past service cost |
– |
– | – | – |
– | – | – |
– | ( |
) |
– | |||||||||||||||||||||||||||||||||
Net interest (income) expense |
( |
) |
( |
) | ( |
) | ( |
) |
( |
) | ||||||||||||||||||||||||||||||||||
Plan administration costs |
– |
– | – | – |
– | |||||||||||||||||||||||||||||||||||||||
Net defined benefit plan expense (income) recognized in net income |
$ |
$ | $ | $ |
$ | $ | $ |
$ | $ |
$ |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Defined contribution pension plans |
$ |
$ | |
$ | $ |
$ | ||||||||||||||||||
Government pension plans (1) |
||||||||||||||||||||||||
Total defined contribution plan expense |
$ |
$ | $ | |
$ |
$ | |
(1) | Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act. |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||
$ millions |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
||||||||||||||||||||||||||||||||||
Pension plans |
Other post-employment plans |
Pension plans |
Other post-employment plans |
|||||||||||||||||||||||||||||||||||||||||
Net actuarial gains (losses) on defined benefit obligation |
$ |
( |
) | $ | |
$ |
( |
) | $ |
( |
) |
$ | $ | ( |
) | $ |
$ | $ |
$ | |||||||||||||||||||||||||
Net actuarial gains (losses) on plan assets |
( |
) |
– |
– | – | ( |
) |
– |
– | |||||||||||||||||||||||||||||||||||
Changes in asset ceiling excluding interest income |
( |
) | ( |
) | – |
– | – | – |
( |
) | – |
– | ||||||||||||||||||||||||||||||||
Net remeasurement gains (losses) recognized in OCI |
$ |
( |
) |
$ | |
$ | |
$ |
( |
) |
$ | |
$ | ( |
) | $ |
$ | |
$ |
$ | |
(1) | The Canadian post-employment defined benefit plans are remeasured on a quarterly basis for changes in the discount rate and for actual asset returns. All other Canadian plans’ actuarial assumptions and foreign plans’ actuarial assumptions are updated at least annually. |
78 |
CIBC THIRD QUARTER 2022 |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||
$ millions, except number of shares and per share amounts |
2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||
Basic earnings per share (1) |
||||||||||||||||||||||||
Net income attributable to equity shareholders |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Less: Preferred share dividends and distributions on other equity instruments |
||||||||||||||||||||||||
Net income attributable to common shareholders |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Weighted-average common shares outstanding (thousands) |
||||||||||||||||||||||||
Basic earnings per share |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Diluted earnings per share (1) |
||||||||||||||||||||||||
Net income attributable to common shareholders |
$ |
$ | $ | $ |
$ | |||||||||||||||||||
Weighted-average common shares outstanding (thousands) |
|
|||||||||||||||||||||||
Add: Stock options potentially exercisable (2) |
||||||||||||||||||||||||
Add: Equity-settled consideration (thousands) |
||||||||||||||||||||||||
Weighted-average diluted common shares outstanding (thousands) |
|
|
||||||||||||||||||||||
Diluted earnings per share |
$ |
$ | $ | $ |
$ |
(1) |
On April 7, 2022, CIBC shareholders approved a two-for-one share split (Share Split) of CIBC’s issued and outstanding common shares. Each shareholder of record at the close of business on May 6, 2022 (Record Date) received one additional share on May 13, 2022 (Payment Date) for every one share held on the Record Date. All common share numbers and per common share amounts have been adjusted to reflect the Share Split as if it was retroactively applied to all periods presented. |
(2) |
Excludes average options outstanding of |
CIBC THIRD QUARTER 2022 |
79 |
• | Green v. Canadian Imperial Bank of Commerce, et al. |
• | Fresco v. Canadian Imperial Bank of Commerce will be heard in February 2023. |
• | Credit card class actions – Interchange fees litigation |
• | Mortgage prepayment class actions Sherry Jordan Sherry Jordan and these matters are now closed . |
• | Cerberus Capital Management L.P. v. CIBC |
• | Pilon v. Amex Bank of Canada, et al. |
• |
Order Execution Only class actions: The motion for certification in Frayce, which was scheduled for February 2022, has been rescheduled to September 2022. In July 2022, a proposed class action (Ciardullo v 1832 Asset Management L.P. et al.) was filed in the Ontario Superior Court against CIBC and CIBC Trust. Like the Pozgaj action, it alleges that the defendants should not have paid mutual fund trailing commissions to order execution only dealers. However, it is brought on behalf of all persons who held units of CIBC mutual funds through dealers other than order execution only dealers. It seeks unspecified damages. |
• |
Salko v. CIBC Investor Services Inc. et al |
For the three months ended |
For the nine months ended |
|||||||||||||||||||||||||||||||||||||||||||
$ millions | 2022 Jul. 31 |
2022 Apr. 30 |
2021 Jul. 31 |
2022 Jul. 31 |
2021 Jul. 31 |
|||||||||||||||||||||||||||||||||||||||
Interest income |
Interest expense |
Interest income |
Interest expense |
Interest income |
Interest expense |
Interest income |
Interest expense |
Interest income |
Interest expense |
|||||||||||||||||||||||||||||||||||
Measured at amortized cost (1) |
$ |
$ |
$ | $ | $ | $ | $ |
$ |
$ | $ | ||||||||||||||||||||||||||||||||||
Debt securities measured at FVOCI (1) |
n/a |
n/a | n/a | n/a |
n/a | |||||||||||||||||||||||||||||||||||||||
Other (2) |
||||||||||||||||||||||||||||||||||||||||||||
Total |
$ |
$ |
$ | |
$ | $ | |
$ | $ |
$ |
$ | |
$ | |
(1) | Interest income for financial instruments that are measured at amortized cost and debt securities that are measured at FVOCI is calculated using the effective interest rate method. |
(2) | Includes interest income and expense and dividend income for financial instruments that are mandatorily measured and designated at FVTPL and equity securities designated at FVOCI. |
n/a | Not applicable. |
80 |
CIBC THIRD QUARTER 2022 |
$ millions, for the three months ended |
Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
||||||||||||||||||||
2022 |
Net interest income (1) |
$ |
$ |
$ |
$ |
$ |
( |
) | $ |
|||||||||||||||||
Jul. 31 |
Non-interest income (2) |
|||||||||||||||||||||||||
Total revenue (1) |
||||||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) | ||||||||||||||||||||||||
Amortization and impairment (3) |
||||||||||||||||||||||||||
Other non-interest expenses |
||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) | ||||||||||||||||||||||||
Income taxes (1) |
( |
) |
||||||||||||||||||||||||
Net income (loss) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||
Net income (loss) attributable to: |
||||||||||||||||||||||||||
Non-controlling interests |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
$ |
||||||||||||||||
Equity shareholders |
( |
) | ||||||||||||||||||||||||
Average assets (4)(5) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||
2022 |
Net interest income (1) |
$ | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
Apr. 30 |
Non-interest income (2) |
|||||||||||||||||||||||||
Total revenue (1) |
||||||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Amortization and impairment (3) |
– | |||||||||||||||||||||||||
Other non-interest expenses |
||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) | ||||||||||||||||||||||||
Income taxes (1) |
( |
) | ||||||||||||||||||||||||
Net income (loss) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||
Net income (loss) attributable to: |
||||||||||||||||||||||||||
Non-controlling interests |
$ | – | $ | – | $ | – | $ | – | $ | $ | ||||||||||||||||
Equity shareholders |
( |
) | ||||||||||||||||||||||||
Average assets (4)(5) |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||||
2021 |
Net interest income (1) |
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Jul. 31 |
Non-interest income (2) |
|||||||||||||||||||||||||
Total revenue (1) |
||||||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) | ( |
) | ( |
) | – | ( |
) | |||||||||||||||||
Amortization and impairment (3) |
||||||||||||||||||||||||||
Other non-interest expenses |
||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) | ||||||||||||||||||||||||
Income taxes (1) |
( |
) | ||||||||||||||||||||||||
Net income (loss) |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||
Net income (loss) attributable to: |
||||||||||||||||||||||||||
Non-controlling interests |
$ | – | $ | – | $ | – | $ | – | $ | $ | ||||||||||||||||
Equity shareholders |
( |
) | ||||||||||||||||||||||||
Average assets (4)(5) |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
(1) | Capital Markets net interest income and income taxes includes a taxable equivalent basis (TEB) adjustment of $ |
(2) | Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model. |
(3) | Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets. |
(4) | Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. |
(5) | Average balances are calculated as a weighted average of daily closing balances. |
$ millions, for the nine months ended |
Canadian Personal and Business Banking |
Canadian Commercial Banking and Wealth Management |
U.S. Commercial Banking and Wealth Management |
Capital Markets |
Corporate and Other |
CIBC Total |
||||||||||||||||||||
2022 |
Net interest income (1) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||
Jul. 31 |
Non-interest income (2) |
|||||||||||||||||||||||||
Total revenue (1) |
||||||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) |
( |
) |
||||||||||||||||||||||
Amortization and impairment (3) |
||||||||||||||||||||||||||
Other non-interest expenses |
||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) |
||||||||||||||||||||||||
Income taxes (1) |
( |
) |
||||||||||||||||||||||||
Net income (loss) |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||
Net income (loss) attributable to: |
||||||||||||||||||||||||||
Non-controlling interests |
$ |
– |
$ |
– |
$ |
– |
$ |
– |
$ |
$ |
||||||||||||||||
Equity shareholders |
( |
) |
||||||||||||||||||||||||
Average assets (4)(5) |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||
2021 |
Net interest income (1) |
$ | $ | $ | $ | $ | $ | |||||||||||||||||||
Jul. 31 |
Non-interest income (2) |
|||||||||||||||||||||||||
Total revenue (1) |
||||||||||||||||||||||||||
Provision for (reversal of) credit losses |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Amortization and impairment (3) |
||||||||||||||||||||||||||
Other non-interest expenses |
||||||||||||||||||||||||||
Income (loss) before income taxes |
( |
) | ||||||||||||||||||||||||
Income taxes (1) |
( |
) | ||||||||||||||||||||||||
Net income (loss) |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||
Net income (loss) attributable to: |
||||||||||||||||||||||||||
Non-controlling interests |
$ | – | $ | – | $ | – | $ | – | $ | $ | ||||||||||||||||
Equity shareholders |
( |
) | ||||||||||||||||||||||||
Average assets (4)(5) |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
(1) | Capital Markets net interest income and income taxes includes a TEB adjustment of $ |
(2) |
Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model. |
(3) |
Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, software and other intangible assets. |
(4) |
Assets are disclosed on an average basis as this measure is most relevant to a financial institution and is the measure reviewed by management. |
(5) |
Average balances are calculated as a weighted average of daily closing balances. |
CIBC THIRD QUARTER 2022 |
81 |
Date |
Share purchase option (1) |
Dividend reinvestment & stock dividend options (1) | ||||||||
May 2/22 |
$71.39 |
|||||||||
Jun. 1/22 |
$69.44 |
|||||||||
Jul. 4/22 |
$62.96 |
|||||||||
Jul. 28/22 |
$63.20 |
(1) |
On a post share split basis. |