Financial Data and Key Metrics - Adjusted net earnings for Q1 2023 were $1.8 billion, or $1.94 per share, with a CET1 ratio of 11.6% and a return on equity of 15.5% [53] - Net interest income (NII) was $3.2 billion, up 2% YoY, with NIM ex-trading up 5 basis points sequentially and 3 basis points YoY [125] - Total provision for credit losses was $295 million in Q1, down from $436 million last quarter, with impaired provisions at $259 million [166] - Trading income was particularly strong this quarter, contributing to a 15% increase in non-interest income to $2.7 billion [102] Business Line Data and Key Metrics - Personal and Business Banking net income was $594 million, down 15% YoY, with revenues of $2.3 billion, up 4% YoY [103] - Direct Financial Services (DFS) revenue increased 38% YoY, driven by deposit margin expansion in the Simplii business [104] - Capital Markets net income was $612 million, up 13% YoY, with revenues of $1.5 billion, up 14% YoY, driven by strong client activity in global markets [154] - U.S. Commercial Banking and Wealth Management net income was $159 million, down 15% YoY, with revenues up 10% YoY [127] Market Data and Key Metrics - Canadian P&C NIM improved to 248 basis points, up 12 basis points YoY, with U.S. NIM at 354 basis points, up 9 basis points YoY [152] - Canadian mortgage originations were down 47% YoY, with variable rate mortgages accounting for 30% of new originations, down from previous quarters [76][97] - Commercial real estate (CRE) exposure in Canada and the U.S. remains well-diversified, with 69% of the Canadian portfolio and 60% of the U.S. portfolio being investment grade [180] Company Strategy and Industry Competition - The company is focused on executing its strategy, particularly in the mass affluent segment, leveraging Imperial Service and small business investments [24][25] - Investments in technology, including AI and cloud, have improved efficiency and client connectivity, with plans to continue driving innovation [123][136] - The company is targeting growth in the U.S. platform, aiming for over 10% growth in areas of competitive advantage [6] - The company expects to maintain a CET1 ratio of around 12% by the end of 2023, supported by organic capital generation and share issuance [139] Management Commentary on Operating Environment and Future Outlook - Management expects NIM expansion to continue, particularly in the back half of the year, with core NIM ex-trading positioned to increase a few basis points per quarter [93] - The company anticipates normalization of credit losses towards pre-COVID levels, with impaired PCL ratios trending towards the mid-20 to 30 basis point range [37] - Management remains confident in delivering positive operating leverage over the medium term, with expenses expected to stabilize around current levels [153] - The company is prepared for potential deposit attrition, particularly in the U.S., and is managing liquidity closely given the macroeconomic backdrop [206] Other Important Information - The company has made significant investments in its Direct Financial Services platform, which has delivered a 3-year revenue CAGR of approximately 15% [136] - The company has been recognized for its ESG efforts, including being named to the Dow Jones Sustainability Index North America for the 18th consecutive year [175] - The company has a strong focus on client relationships, with over 0.5 million net new clients added in the past 12 months [170] Summary of Q&A Session Question: NIM Outlook and Rate Sensitivity - Management expects NIM to expand, particularly in the back half of the year, with core NIM ex-trading positioned to increase a few basis points per quarter [93] - A 100 basis point rate cut would negatively impact NII by approximately $300 million, but short-term cuts would be immaterial [4] Question: Trading Performance and Market Activity - The strong trading performance this quarter was driven by client activity in volatile markets, particularly in foreign exchange, interest rates, and commodities [81][154] - The company does not engage in proprietary trading, with VAR devoted entirely to client activity [16] Question: Credit Loss Normalization - Management expects credit losses to normalize towards pre-COVID levels, with impaired PCL ratios trending towards the mid-20 to 30 basis point range [37] - The company has been conservative in its outlook, assuming some normalization of the environment and counterparty credit risk [30] Question: Commercial Real Estate Exposure - The company has a long-standing CRE business with low losses, and while the industry is quiet, there are no signs of stress in the portfolio [42][43] - Office exposure is being closely monitored, but there are no significant changes in underwriting posture [205] Question: Private Wealth and Net Flows - Private wealth net flows were strong at 6.2% over the last 12 months, driven by success in the private bank and Wood Gundy franchise [33][34] - The company expects continued growth in private wealth, supported by investments in the platform and competitive recruiting [34] Question: Innovation Banking Performance - Innovation banking has seen slower loan growth due to market conditions, but the portfolio is performing well, with no signs of stress [36] - The company remains confident in exceeding the targets set at Investor Day for this segment [35]

Report to Shareholders for the First Quarter, 2023 www.cibc.com February 24, 2023 Report of the President and Chief Executive Officer Overview of results CIBC today announced its financial results for the first quarter ended January 31, 2023. First quarter highlights Results for the first quarter of 2023 were affected by the following items of note aggregating to a negative impact of $1.55 per share: • $1,169 million ($844 million after-tax) increase in legal provisions (Corporate and Other); • $545 million ...

Financial Data and Key Metrics Changes - Adjusted fiscal 2022 full year revenue was $21.8 billion, up 9%, and pre-provision pre-tax earnings were $9.4 billion, up 7% from the previous year [8] - Adjusted net earnings were $6.6 billion or $7.05 per share, down 2% from the prior year, primarily due to more normal credit provisions [8][19] - Operating leverage was negative in fiscal 2022, with structural expense growth in the mid single-digits and total expense growth of 11% year-over-year [9][33] - CET1 ratio remained strong at 11.7%, and return on equity for the year was 14.7% [9][33] Business Line Data and Key Metrics Changes - Canadian Personal & Business Banking saw net client growth of over 350,000, with deposits and assets growing by 9% and 12% respectively [11][12] - Canadian Commercial Banking and Wealth Management reported loan and deposit growth of 20% and 12% respectively, with a record year of net inflows in Private Wealth, up 27% [13][14] - U.S. Commercial Banking and Wealth Management experienced loan growth of 15%, with strong client growth of 6% in wealth and private banking funds [15] - Capital Markets revenue grew by 17%, driven by strong performance across all lines of business [31] Market Data and Key Metrics Changes - The Canadian Personal & Business Banking segment added over 350,000 net new clients, with significant growth in the affluent segment [11] - The U.S. segment's net income was down 42% due to higher credit provisions, but pre-provision pre-tax earnings increased by 3% [30] - Non-interest income was $2.2 billion, up 6% from the prior year, driven by trading income [24] Company Strategy and Development Direction - The company is focused on high growth, high touch segments and investing in technology to enhance client experience [10] - Strategic investments are being made in Innovation Banking, fintech capabilities, and renewable energy platforms [10] - The company aims to moderate expense growth in 2023 to the mid single-digit range while continuing to grow its client franchise [17][34] Management's Comments on Operating Environment and Future Outlook - The management anticipates slower global economic growth in 2023 due to central banks' monetary policy tightening [17] - Confidence in navigating challenging circumstances is emphasized, with a focus on execution and client growth [17] - The company expects to generate continued but moderating revenue growth through share gains and improving operating leverage [34] Other Important Information - The company announced a $0.02 dividend increase to common shareholders while maintaining a payout ratio between 40% and 50% [9] - The company has set 2030 interim targets to reduce carbon intensity in its oil and gas and power generation portfolios [10] Q&A Session Summary Question: Revenue growth expectations for 2023 - Management indicated uncertainty in the revenue environment but remains confident in delivering high single-digit growth over the medium term [48][49] Question: Update on mortgage and commercial loan growth in 2023 - Mortgage growth is expected to be low single-digit, while commercial loan growth is anticipated to return to historical levels of high single-digit growth [54][56] Question: Impact of mortgage growth on margins - Management acknowledged that rapid mortgage growth in the past has led to current margin pressures, but efforts are being made to protect margins [60][61] Question: Performing loan reserve increase - The increase in performing loan reserves is primarily driven by forward-looking indicators affecting personal lending and credit card books in Canada [66][68]

Financial Performance - In 2022, the company reported revenue of $21.8 billion, an increase from $20.0 billion in 2021, representing a growth of 9%[13] - Reported net income was $6.2 billion, with adjusted net income at $6.6 billion, down from $6.4 billion and $6.7 billion respectively in 2021[13] - The diluted earnings per share (EPS) was $6.68, a decrease of 4% from $6.96 in 2021, with adjusted EPS at $7.05, down 2% from $7.23[14] - CIBC reported earnings of $6.2 billion or $6.68 per share for 2022, with adjusted earnings of $6.6 billion or $7.05 per share, consistent with the previous year[37] - Revenue increased by 9% to $21.8 billion, and adjusted pre-provision, pre-tax earnings rose by 7% to $9.4 billion, driven by robust volume growth across all businesses[38] - CIBC reported a strong performance in 2022, with a focus on delivering superior client experience and top-tier shareholder returns[71] - CIBC's financial measures focus on earnings growth, operating leverage, profitability, and balance sheet strength, with targets set for a three to five-year cycle[71] - CIBC's total shareholder return of 40.6% over five years outperformed the S&P/TSX Composite Banks Index[14] Credit Losses and Provisions - The provision for credit losses was $1.1 billion in 2022, compared to $0.2 billion in 2021, indicating a significant increase in risk provisioning[13] - Provision for credit losses significantly rose to $1,057 million in 2022, compared to $158 million in 2021, reflecting a substantial increase in credit risk[75] - Provision for credit losses for 2022 was $876 million, compared to $350 million in 2021, indicating an increase of 150.3%[101] - Provision for credit losses increased by $526 million or 150% from 2021, reflecting an unfavorable change in the economic outlook[111] Capital and Liquidity - The CET1 ratio was reported at 11.7%, indicating a strong capital buffer[14] - The Common Equity Tier 1 (CET1) ratio for the year ended October 31, 2022, was 11.7%, down from 12.4% in 2021, but still above regulatory requirements[74] - The liquidity coverage ratio (LCR) for the quarter ended October 31, 2022, was 129%, compared to 127% for the same period last year, indicating strong liquidity[74] - CIBC's total capital ratio as of October 31, 2022, was 14.0%, which includes all buffer requirements[145] - CIBC's capital management policy is reviewed annually, establishing targets for capital strength and adequacy based on regulatory requirements and risk appetite[141] Market and Economic Conditions - Economic challenges in 2022, including geopolitical tensions and supply-chain disruptions, impacted the bank's ability to meet certain performance objectives[71] - Real GDP growth in Canada is expected to decelerate to 0.6% in 2023, down from approximately 3.5% in 2022[77] - The unemployment rate in Canada is projected to rise to nearly 6% by the end of 2023, up from an average of 5.3% in 2022[77] - The ongoing conflict in Ukraine and sanctions on Russia have led to elevated volatility in commodity prices, particularly in oil and gas markets[191] Strategic Initiatives - The company launched a new Black Entrepreneur Program with a commitment of $15 million in business loans over four years (2022-2025) to support Black-owned businesses[16] - The bank aims to mobilize $300 billion in sustainable finance by 2030, focusing on renewable energy and sustainable infrastructure[19] - CIBC plans to increase its minimum entry wage to $25 per hour by 2025, reflecting its commitment to employee welfare[55] - CIBC's commitment to creating enduring value for stakeholders is reflected in its purpose-driven culture and community contributions[70] Risk Management - CIBC's risk management framework includes regular risk reports to identify and communicate risk levels, stress testing, and proactive risk mitigation options[168] - The Risk Management group is responsible for setting risk strategies and providing independent oversight of business activities[170] - CIBC's risk appetite statement is reviewed annually to ensure alignment with strategic, financial, and capital planning cycles[172] - Credit risk is managed through a three lines of defence model, with oversight from Risk Management and internal audit[201] Client Experience and Growth - The bank achieved its strongest net client growth since 2017, growing market share in deposits and loans, and was ranked first in online banking by J.D. Power among Canadian peers[39] - The Direct Financial Services business, including Simplii Financial, was ranked number one in client experience by Ipsos, indicating strong growth potential[53] - CIBC Smart Start was introduced, offering no-fee banking for youth and students until the age of 25[105] - CIBC Wood Gundy achieved a 57% increase in net flows compared to the previous year, reflecting a client-focused approach[113] Environmental, Social, and Governance (ESG) - The bank is committed to achieving net-zero greenhouse gas emissions by 2050 and has set interim targets for emissions reduction by 2030[55] - The bank's ESG strategy includes tying executive compensation to ESG performance, ensuring accountability in sustainability efforts[58] - CIBC aims to achieve and maintain an AA rating while meeting stakeholders' expectations regarding ESG criteria, including net zero greenhouse gas emissions[172] - CIBC is enhancing its climate-related disclosures in alignment with the Task Force on Climate-related Financial Disclosure (TCFD) recommendations[189]

Canadian Imperial Bank of Commerce (NYSE:CM) Q3 2022 Results Conference Call August 25, 2022 8:00 AM ET Company Participants Geoff Weiss - Senior Vice President, Investor Relations Victor Dodig - President & Chief Executive Officer Hratch Panossian - Chief Financial Officer Shawn Beber - Chief Risk Officer Mike Capatides - Group Head, U.S. Commercial Banking and Wealth Management Harry Culham - Group Head, Capital Markets and Direct Financial Services Laura Dottori Attanasio - Group Head, Canadian Personal ...

Financial Performance - CIBC reported a significant increase in financial performance for the third quarter, with a net income of CAD 1.5 billion, representing a 10% increase year-over-year[2]. - The bank's total revenue for the quarter reached CAD 4.5 billion, up 8% compared to the same period last year[2]. - Net income attributable to common shareholders was $1,660 million in Q3 2022, up from $1,518 million in Q2 2022 and $1,725 million in Q3 2021[10]. - Total revenue for Q3 2022 reached $5,571 million, compared to $5,376 million in Q2 2022 and $5,056 million in Q3 2021, reflecting a year-over-year growth of 3.7%[10]. - Reported net income for the quarter was $1,666 million, a decrease from $1,730 million in the same quarter last year[16]. - Adjusted net income for the quarter was $1,724 million, compared to $1,808 million for the same quarter last year[16]. Customer Growth and Engagement - User data indicated a growth in customer accounts by 5%, totaling 15 million active accounts[2]. - The bank has launched new digital banking features, enhancing user experience and aiming to increase customer engagement by 20%[3]. Economic Outlook - CIBC anticipates a continued positive economic outlook, projecting a GDP growth of 3% for the upcoming year[3]. - The economic growth forecast for Canada is approximately 3.5% for calendar 2022, with a slowdown expected in the second half[12]. - The unemployment rate in Canada is projected to average 5.3% for calendar 2022[12]. Capital Management and Investments - The bank's capital management strategy remains robust, with a Tier 1 capital ratio of 13.5%, exceeding regulatory requirements[4]. - CIBC is investing CAD 200 million in technology upgrades to improve operational efficiency and cybersecurity measures[4]. - CIBC is expanding its market presence through strategic acquisitions, targeting a 15% increase in market share over the next two years[4]. Risk Management - The bank has identified emerging risks related to inflation and geopolitical tensions, which may impact future performance[4]. - CIBC is closely monitoring the macroeconomic environment, particularly the impact of high inflation and geopolitical risks, which could affect future growth[148][149]. - The ongoing COVID-19 pandemic continues to disrupt global economic conditions, with potential adverse impacts on CIBC's operations and market performance[150]. Credit Losses and Provisions - Provision for credit losses was $243 million, compared to a reversal of $99 million in the same quarter last year[20]. - Provision for credit losses increased in Q2 and Q3 2022 due to rising interest rates, high inflation, and supply chain disruptions, despite a moderate improvement in economic conditions in previous quarters[27]. - The provision for (reversal of) credit losses was reported at $(94) million, indicating a positive adjustment in credit quality[44]. Non-Interest Income and Expenses - Non-interest income rose by $172 million or 8% from the same quarter last year, primarily due to higher trading income and credit fees[19]. - Non-interest expenses increased by $265 million or 9% year-over-year, mainly due to higher spending on strategic initiatives and employee compensation[21]. - Non-interest expenses fluctuated due to changes in employee compensation, strategic investments, and foreign exchange rates, with notable charges related to goodwill impairment and legal provisions[27]. Shareholder Returns - CIBC's dividend payout ratio remains stable at 40%, reflecting a commitment to returning value to shareholders[4]. - The dividend yield based on the closing share price was 5.1% in Q3 2022, compared to 4.6% in Q2 2022[10]. - CIBC's Board of Directors approved a quarterly common share dividend increase from $0.805 to $0.830 per share for the quarter ending July 31, 2022[129]. Workforce and Employment - Full-time equivalent employees increased to 49,505 in Q3 2022 from 47,814 in Q2 2022, indicating growth in workforce[10]. - Full-time equivalent employees increased to 13,576, up from 12,872 in the same quarter last year[53]. Market Capitalization and Assets - The market capitalization at the end of Q3 2022 was $904,691 million, slightly up from $903,155 million in Q2 2022[10]. - Total assets as of Q3 2022 were $896,790 million, an increase from $894,148 million in Q2 2022[10]. Regulatory Compliance and Capital Ratios - The CET1 ratio decreased by 0.6% to 11.8% as of July 31, 2022, primarily due to an increase in risk-weighted assets (RWA)[116]. - The Tier 1 capital ratio decreased by 0.9% to 13.2% as of July 31, 2022, influenced by factors affecting the CET1 ratio[118]. - The Total capital ratio also decreased by 0.9% to 15.3% due to the phase-out of non-qualifying capital instruments[119]. Liquidity Management - The average Liquidity Coverage Ratio (LCR) as of July 31, 2022, decreased to 123% from 125% in the prior quarter, attributed to a decrease in high-quality liquid assets (HQLA) and lower net cash outflows[194]. - CIBC maintains compliance with the minimum LCR requirement of 100% set by OSFI, ensuring adequate unencumbered high-quality liquid resources to meet liquidity needs in a 30-day acute stress scenario[192]. Legal and Tax Matters - The Canadian Federal government proposed a one-time 15% Canadian Recovery Dividend tax, which could result in a charge of approximately $550 million upon enactment[23]. - CIBC is currently involved in litigation regarding a reassessment of approximately $1,602 million of additional income tax by the CRA related to certain corporate dividends[22].

Canadian Imperial Bank of Commerce (NYSE:CM) Q2 2022 Earnings Conference Call May 26, 2022 7:30 AM ET Company Participants Geoff Weiss - Senior Vice President, Investor Relations Victor Dodig - President & Chief Executive Officer Hratch Panossian - Senior Executive Vice-President & Chief Financial Officer Shawn Beber - Senior Executive Vice-President, Chief Risk Officer Mike Capatides - Senior Executive Vice-President & Group Head, US Region; President & CEO, CIBC Bank USA Harry Culham - Senior Executive Vi ...

Table of Contents Report to Shareholders for the Second Quarter, 2022 www.cibc.com May 26, 2022 Report of the President and Chief Executive Officer Overview of results CIBC today announced its financial results for the second quarter ended April 30, 2022. Second quarter highlights Results for the second quarter of 2022 were affected by the following items of note aggregating to a negative impact of $0.15 per share: • $106 million ($77 million after-tax) in acquisition and integration-related costs as well a ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings of CAD 1.9 billion or $4.08 per share, up 14% from the previous year, with top line growth of 11% driving positive operating leverage [5][6] - Adjusted net income increased by 15% year-over-year, while pre-provision pretax earnings rose by 11% [16] - The adjusted return on equity (ROE) was 17.6%, and the Common Equity Tier 1 (CET1) ratio stood at 12.2%, which is 170 basis points above the regulatory minimum [6][16] Business Line Data and Key Metrics Changes - In Canadian Personal and Business Banking, net income was $697 million, up 7% year-over-year, with revenues of $2.2 billion, reflecting broad-based volume growth and double-digit growth in fee income [24] - Canadian Commercial and Wealth Management saw net income rise by 31% to $462 million, with commercial banking revenue up 24% driven by 19% loan growth [25] - U.S. Commercial and Wealth Management reported net income of $188 million, up 21%, with average loan growth of 13% in the segment [26] Market Data and Key Metrics Changes - The North American wealth management business experienced double-digit growth in assets under management, driven by market activity and strong investment performance [11] - Trading revenue in Capital Markets grew by 20% year-over-year, with strong performance in equities and foreign exchange [20] - Noninterest income was $2.4 billion, up 11% from the prior year, driven by growth in market-related and transactional fees [20] Company Strategy and Development Direction - The company announced a proposed 2-for-1 stock split to make shares more accessible to retail investors [7] - Strategic investments include partnerships with fintech firms to enhance digital banking capabilities and improve client experiences [8][9] - The company aims to balance ongoing investments with efficiency improvements to achieve financial objectives in fiscal 2022 and beyond [22] Management Comments on Operating Environment and Future Outlook - Management highlighted uncertainties due to geopolitical tensions, supply chain disruptions, and inflationary pressures, but emphasized a resilient portfolio and strong balance sheet [14][39] - The company is well-positioned to support clients through continued uncertainty, with strong credit quality and allowance levels above pre-pandemic levels [31][39] - Future growth is anticipated to be supported by rising interest rates, with an estimated benefit of around $450 million on net interest income from a 100 basis point increase [19] Other Important Information - The company committed $100 million to invest in low carbon and climate tech funds to support climate innovations [13] - The credit quality of the Costco portfolio, which is set to be integrated, is favorable compared to the existing cards portfolio [38] Q&A Session Summary Question: Domestic commercial loan growth drivers - Loan growth was diversified by geography and asset class, with 25% from real estate and 40% from new clients [42][43] Question: Expense growth and operating leverage - Expense growth was driven by performance-based compensation and strategic investments, with expectations for high single-digit growth moving forward [47][50] Question: Average loan balances in Capital Markets - Loan growth was primarily driven by corporate and institutional clients, particularly in the U.S., with a focus on asset-based financing [54][55] Question: Open banking readiness - The company is prepared for open banking and has made fintech investments to enhance business banking services [60][61] Question: Allowances on performing loans - The company has seen a trend of releases in provisions due to improving economic conditions, but uncertainties remain [66][68]

Canadian Imperial Bank of Commerce (NYSE:CM) Q4 2021 Earnings Conference Call December 2, 2021 8:00 AM ET Company Participants Geoff Weiss - Senior Vice President, Investor Relations Victor Dodig - President & Chief Executive Officer Hratch Panossian - Chief Financial Officer Shawn Beber - Chief Risk Officer Harry Culham - Senior Executive Vice-President and Group Head, Capital Markets Laura Dottori-Attanasio - Senior Executive Vice-President and Group Head, Personal & Business Banking, Canada Mike Capatide ...