Financial Performance - Adjusted net income for 2023 was $6.5 billion, compared to $6.6 billion in 2022[19] - Reported revenue increased to $23.3 billion in 2023, up from $21.8 billion in 2022[19] - Adjusted earnings per share were $6.72 in 2023, compared to $7.05 in 2022[19] - Net income increased by $109 million or 5% from 2022, driven by higher revenue, partially offset by higher non-interest expenses and provision for credit losses[96] - Revenue grew by $498 million or 6% from 2022, primarily due to higher net interest margin and volume growth[97] - Net interest income rose by $590 million or 9% from 2022, supported by higher net interest margin and volume growth, including contributions from the Canadian Costco credit card portfolio acquisition[98] - Net interest margin on average interest-earning assets increased by 9 basis points, mainly due to higher deposit margins, partially offset by lower loan margins[99] - Average loans and acceptances grew to $316.7 billion in 2023, up from $302.1 billion in 2022[90] - Average deposits increased to $218.4 billion in 2023, compared to $204.0 billion in 2022[90] - Provision for credit losses increased by $110 million or 13% from 2022, driven by higher write-offs in credit cards and personal lending[100] - Non-interest expenses rose by $199 million or 4% from 2022, primarily due to higher spending on strategic initiatives and employee-related compensation[101] - Income taxes increased by $80 million or 10% from 2022, largely due to higher income and a 1.5% tax rate increase from the 2022 Canadian Federal budget[102] - Average assets grew by $14.7 billion or 5% from 2022, mainly due to growth in residential mortgages and the acquisition of the Canadian Costco credit card portfolio[103] - CIBC's net income for 2023 was $5,033 million, down from $6,243 million in 2022, with a reported efficiency ratio of 61.5%[109] - The loan loss ratio for 2023 was 0.30%, up from 0.14% in 2022, reflecting higher credit risks[109] - CIBC's total revenue for 2023 was $23,323 million, with net interest income contributing $12,825 million and non-interest income at $10,498 million[109] - Total shareholder return for 2023 was -15.85%, reflecting broader economic challenges and market conditions[109] - Revenue decreased by $34 million, non-interest expenses increased by $1,176 million, and income taxes increased by $218 million, resulting in a net income decrease of $1,428 million[114] - CIBC's 2023 net income was $5,033 million, with a provision for credit losses of $2,010 million and income taxes of $1,931 million[120] - Adjusted pre-provision, pre-tax earnings for 2023 were $10,184 million, compared to $9,388 million in 2022 and $8,805 million in 2021[120] - Total revenue for the year ended October 31, 2023 was $23,323 million, with a provision for credit losses of $1,994 million and non-interest expenses of $14,349 million[147] - Net income (loss) attributable to equity shareholders was $4,995 million, with a diluted EPS of $5.16[147] - Adjusted total revenue was $23,357 million, with adjusted non-interest expenses of $13,173 million and adjusted net income (loss) of $6,423 million[147] - Adjusted diluted EPS was $6.72, reflecting a 30% increase compared to the reported diluted EPS[147] - The impact of items of note on net income was $1,428 million after-tax, with a significant increase in legal provisions of $1,055 million[147] - The U.S. Commercial Banking and Wealth Management segment reported a net income (loss) of $280 million in US$ millions[147] - The Canadian Federal budget impact included a commodity tax charge of $34 million and an income tax charge of $545 million[147] - The amortization and impairment of acquisition-related intangible assets impacted non-interest expenses by $121 million[147] - The adjusted income (loss) before income taxes was $8,174 million, compared to the reported $6,964 million[147] - The adjusted income taxes were $1,713 million, reflecting a decrease of $218 million due to the impact of items of note[147] - Total revenue for the year ended October 31, 2022, was $21.833 billion, with Canadian Personal Banking contributing $8.909 billion and U.S. Commercial Banking and Wealth Management contributing $1.902 billion[149] - Net income attributable to equity shareholders was $6.220 billion, with Canadian Personal Banking contributing $2.249 billion and U.S. Commercial Banking and Wealth Management contributing $588 million[149] - Adjusted diluted EPS for the year was $7.05, reflecting adjustments for items of note such as acquisition and integration-related costs[149] - Provision for credit losses was $1.057 billion, with Canadian Personal Banking accounting for $876 million and U.S. Commercial Banking and Wealth Management accounting for $169 million[149] - Non-interest expenses totaled $12.803 billion, with Canadian Personal Banking accounting for $4.975 billion and U.S. Commercial Banking and Wealth Management accounting for $1.028 billion[149] - Adjusted net income attributable to equity shareholders was $6.555 billion, reflecting adjustments for items of note[149] - Total pre-tax impact of items of note on net income was $452 million, with significant contributions from amortization and impairment of acquisition-related intangible assets[149] - Adjusted total revenue was $21.817 billion, slightly lower than the reported total revenue due to adjustments for items of note[149] - Adjusted provision for credit losses was $963 million, reflecting adjustments for items of note[149] - Adjusted non-interest expenses were $12.429 billion, reflecting adjustments for items of note such as acquisition and integration-related costs[149] - Total revenue for the year ended October 31, 2021 was $20,015 million, with Canadian Personal Banking contributing $8,150 million and Canadian Commercial Banking and Wealth Management contributing $4,670 million[151] - Net income attributable to equity shareholders was $6,429 million, with diluted EPS of $6.96[151] - Adjusted net income attributable to equity shareholders was $6,670 million, with adjusted diluted EPS of $7.23[151] - Provision for credit losses was $158 million, with reversals in Canadian Commercial Banking and Wealth Management ($39 million) and U.S. Commercial Banking and Wealth Management ($100 million)[151] - Non-interest expenses were $11,535 million, with adjustments for items of note reducing expenses by $325 million[151] - Income before income taxes was $8,322 million, with adjusted income before taxes at $8,647 million[151] - The impact of items of note on net income was $241 million after-tax, with a $0.27 impact on diluted EPS[151] - Corporate and Other segment reported a net loss of $496 million, with an adjusted net loss of $314 million[151] - Total pre-tax impact of items of note on net income was $325 million, primarily due to real estate consolidation and legal provisions[151] - Adjusted non-interest expenses were $11,210 million, reflecting cost management efforts[151] - Total revenue for the year ended October 31, 2020 was $18.741 billion, with Canadian Personal Banking contributing $7.922 billion and U.S. Banking contributing $1.520 billion[153] - Provision for credit losses totaled $2.489 billion, with Canadian Personal Banking accounting for $1.189 billion and U.S. Banking accounting for $358 million[153] - Net income (loss) attributable to equity shareholders was $3.790 billion, with Canadian Personal Banking contributing $1.785 billion and U.S. Banking contributing $282 million[153] - Non-interest expenses were $11.362 billion, with Canadian Personal Banking accounting for $4.308 billion and U.S. Banking accounting for $838 million[153] - Adjusted net income (loss) attributable to equity shareholders was $4.445 billion, with Canadian Personal Banking contributing $1.791 billion and U.S. Banking contributing $327 million[153] - Adjusted diluted EPS was $4.85, reflecting the impact of adjustments on net income[153] - The company incurred a goodwill impairment charge of $248 million related to its controlling interest in CIBC FirstCaribbean[153] - Restructuring charges, primarily relating to employee severance and related costs, amounted to $339 million[153] - The company reported a gain of $79 million as a result of plan amendments related to pension and other post-employment plans[153] - The total after-tax impact of items of note on net income was $655 million, with U.S. Commercial Banking and Wealth Management contributing $587 million[153] - Total revenue for the year ended October 31, 2019 was $18.611 billion, with Canadian Personal Banking contributing $8.240 billion and U.S. Commercial Banking and Wealth Management contributing $1.911 billion[155] - Net income attributable to equity shareholders was $5.096 billion, with Canadian Personal Banking contributing $2.126 billion and U.S. Commercial Banking and Wealth Management contributing $648 million[155] - Provision for credit losses totaled $1.286 billion, with Canadian Personal Banking accounting for $889 million and U.S. Commercial Banking and Wealth Management accounting for $73 million[155] - Non-interest expenses were $10.856 billion, with Canadian Personal Banking accounting for $4.459 billion and U.S. Commercial Banking and Wealth Management accounting for $1.114 billion[155] - Net interest income increased by $1,182 million or 10% from 2021, driven by volume growth across businesses, partially offset by lower trading income[162] - Non-interest income rose by $636 million or 7% from 2021, primarily due to higher trading revenue, fee-based revenue, and growth in commercial borrowing fees[163] - Provision for credit losses surged by $899 million or 569% from 2021, reflecting an unfavorable economic outlook change in 2022 compared to 2021's recovery-driven favorable outlook[164] - Canadian Commercial Banking and Wealth Management revenue increased by $263 million or 12% from 2021, driven by loan growth and higher fee-based revenue[166] - Global markets revenue grew by $246 million or 12% from 2021, primarily due to higher foreign exchange and equity derivatives trading revenue[167] - International banking revenue increased by $91 million, benefiting from foreign exchange translation and higher net product spreads[168] - Non-interest expenses rose by $1,268 million or 11% from 2021, driven by higher employee compensation, strategic initiatives, and legal provisions[193] - Canadian Personal and Business Banking revenue increased by $759 million or 9% from 2021, driven by volume growth and higher fee income, including the acquisition of the Canadian Costco credit card portfolio[195] Client Growth and Engagement - Net new clients grew by over 650,000 across CIBC and Simplii brands in 2023, driven by newcomer and student segments[33] - CIBC welcomed more than two million new Costco Mastercard clients in 2023, improving client satisfaction through enhanced communication and onboarding processes[13] - CIBC's newcomer banking bundle provides tailored financial solutions, including free day-to-day banking for two years and no annual fee for two years on select credit cards[25] - Over 90,000 Costco cardholders now have a broader banking relationship with CIBC, with over 10,000 having an Imperial Service relationship[66] - CIBC's strategy focuses on attracting new clients, improving client experience scores, and managing expenses prudently[73] - CIBC ranked 1 in customer satisfaction with mobile banking apps in the J.D. Power 2023 Mobile Banking App Satisfaction Study for the third time since 2020[130] - CIBC launched the CIBC Smart Planner, a digital advice tool in its mobile banking app, to help clients set and achieve financial goals[130] - CIBC introduced the Living Plan in CIBC GoalPlanner, allowing clients to modify goals and instantly see the impact of life changes in their personalized plan[129] Sustainable Finance and Environmental Initiatives - CIBC partnered with Export Development Canada (EDC) to launch the Sustainable Finance Guarantee (SFG) pilot program, providing up to $1 billion in financing over the next three years to support decarbonizing the economy[27] - CIBC aims to achieve net-zero greenhouse gas (GHG) emissions from operational and financing activities by 2050, with progress toward 2030 targets for oil and gas and power generation portfolios[12] - CIBC's sustainable finance initiatives include partnerships with McGill University, Schulich School of Business, and the University of Calgary's Energy Transition Centre[58] Cybersecurity and Technology - CIBC's cyber security strategy includes robust security processes, rigorous monitoring, and employee awareness training to ensure the confidentiality, availability, and integrity of client information[7] - CIBC launched Digital Personal Identification Number (PIN) Reset in 2023, eliminating the need for a call to reset credit or debit card PINs[60] - CIBC launched the CIBC Investment Platform, enhancing advisor productivity and client reporting capabilities[191] Capital Management and Financial Strength - CIBC's CET1 ratio increased steadily through 2023, reflecting proactive capital management[31] - CIBC's Common Equity Tier 1 ratio increased steadily through 2023 due to proactive capital management[62] - CIBC's robust and well-diversified balance sheet supported clients effectively during global banking sector disruptions in 2023[62] - CIBC's CET1 ratio stood at 12.4% in 2023, up from 11.7% in 2022, indicating improved capital strength[109] - CIBC issued $750 million principal amount of 5.35% Debentures due April 20, 2033, qualifying as Tier 2 capital[178] Corporate Social Responsibility - CIBC committed $800M over the next 10 years (2023–2032) for corporate giving, community sponsorships, and employee giving and fundraising[55] - CIBC's employee engagement scores are world-class, and the company was named the top company in Canada for gender equality by Equileap[71] Market and Economic Outlook - Mortgage growth in Canadian Personal and Business Banking is expected to remain soft through at least the first half of 2024 due to weaker home sales and higher interest rates[84] - CIBC forecasts Canadian GDP growth of less than 1% for 2024, with unemployment expected to peak above 6%[84] - The U.S. GDP growth is projected at roughly 1% in 2024, with unemployment expected to climb modestly over 4%[84] - The unemployment rate in Canada is expected to rise to just under 6% by the end of 2023, impacting consumer spending and mortgage demand[110] Legal and Regulatory Matters - CIBC paid $770 million to settle litigation with Cerberus Capital Management, resulting in a pre-tax charge of $1,055 million and an after-tax charge of $762 million[85] - CIBC FirstCaribbean completed the sale of banking assets in Aruba, St. Vincent, and Grenada in February 2022, March 2023, and July 2023, respectively, while ceasing operations in Dominica on January 31, 2023[112] - The sale of banking assets in Curaçao and Sint Maarten is expected to be finalized in fiscal 2024, pending regulatory approvals[112] Business Segments Performance - CIBC reported a $5.40B revenue in Canadian Commercial Banking and Wealth Management for 2023[64] - CIBC's U.S. operations delivered double-digit revenue growth in 2023, driven by its capital markets platform[69] - Canadian Personal and Business Banking benefited from loan and deposit growth over the last eight quarters, driven by organic client growth and the acquisition of the Canadian Costco credit card portfolio in Q2 2022[157] - U.S. Commercial Banking and Wealth Management saw increased loan volumes and fee income, but was offset by market-related headwinds in wealth management due to market volatility[157] - Capital Markets and Direct Financial Services experienced lower trading revenue in Q3 and Q4 of 2022 and 2023, but higher trading revenue in Q1 2023 due to robust market conditions[157] - Provision for credit losses in Canadian Personal and Business Banking was impacted by lower insolvencies and write-offs in credit cards relative to pre-pandemic levels in Q1 and Q2 2022[158] - U.S. Commercial Banking and Wealth Management saw higher provisions on impaired loans in Q2, Q3, and Q4 of 2023, mainly attributable to the real estate and construction sector[158] - Non-interest expenses fluctuated due to changes in employee compensation, strategic investments, and foreign exchange rates, with increases in legal provisions in Q2 and Q4 2022 and Q1 2023[159] - CIBC's net income for the quarter increased by $53 million or 4% compared to the prior quarter[133] - CIBC's non-interest expenses decreased by $43 million or 1% year-over-year, primarily due to lower spending on strategic initiatives[132] - CIBC's income tax expense increased by $96 million or 34% year-over-year, driven by higher income[132] - CIBC's revenue increased by $584 million or 13% year-over-year, with commercial banking revenue up $451 million or 25%[141] - CIBC's wealth management revenue increased by $133 million or 5% year-over-year, driven by higher fee-based revenue and net interest income[141] - CIBC's provision for credit losses on performing loans decreased by $154 million year-over-year, due to a more unfavorable economic outlook in the prior year[132] - The U.S. Commercial Banking and Wealth Management segment reported a net income (loss) of $280 million in US$ millions[147] - Total revenue for the year ended October 31, 2022, was $21.833 billion, with Canadian Personal Banking contributing $8.909 billion and U.S. Commercial Banking and Wealth Management contributing $1.902 billion[149] - Net income attributable to equity shareholders was $6.220 billion, with Canadian Personal Banking contributing $2.249 billion and U.S. Commercial Banking and Wealth Management contributing $588 million[149] - Total revenue for the year ended October 31, 2021 was $20,015 million, with Canadian Personal Banking contributing $8,150 million and Canadian Commercial Banking and Wealth Management contributing $4,670 million[151] - Net income attributable to equity shareholders was $6,429 million, with diluted EPS of $6.96[151

Canadian Imperial Bank of Commerce (NYSE:CM) Q3 2023 Results Conference Call August 31, 2023 8:00 AM ET Company Participants Geoff Weiss - Senior Vice President, Investor Relations Victor Dodig - President and Chief Executive Officer Hratch Panossian - Chief Financial Officer Frank Guse - Chief Risk Officer Shawn Beber - Senior EVP & Group Head U.S. Harry Culham - Group Head, Capital Markets and Direct Financial Services Jon Hountalas - Group Head, Canadian Commercial Banking and Wealth Management Conferenc ...

Restrictions on the flow of funds | --- | --- | --- | --- | --- | --- | |----------------------|-------------------------------------------------------------------------------------------------------------|-------|--------------------------|-------|----------------------------| | $ millions, HQLA | average of the three months ended July 31, 2023 | Total | (1) unweighted value | Total | weighted value (2) | | 1 Cash outflows | HQLA | | n/a | $ | 182,337 | | 2 | Retail deposits and deposits from small busines ...

Canadian Imperial Bank of Commerce (NYSE:CM) Q2 2023 Earnings Conference Call May 25, 2023 7:30 PM ET Company Participants Geoff Weiss - Senior Vice President, Investor Relations Victor Dodig - President and Chief Executive Officer Hratch Panossian - Chief Financial Officer Frank Guse - Chief Risk Officer Jon Hountalas - Group Head, Canadian Commercial Banking and Wealth Management Harry Culham - Group Head, Capital Markets and Direct Financial Services Conference Call Participants Ebrahim Poonawala - BofA ...

Overview of results CIBC today announced its financial results for the second quarter ended April 30, 2023. Second quarter highlights Results for the second quarter of 2023 were affected by the following items of note aggregating to a positive impact of $0.06 per share: • $114 million ($82 million after-tax) decrease in legal provisions (Corporate and Other); and • $27 million ($21 million after-tax) amortization of acquisition-related intangible assets. Our CET1 ratio (4) was 11.9% at April 30, 2023, compa ...

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]

Table of Contents CIBCO | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------|-------|-------|-----------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Ambitions | | | | | | | | | | | | made real | | | | | | | | | Annual Report 2022 | | | | | | | | | | Table of Contents | --- | --- | |------------------------------------------------- ...

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 ...