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 ...

Table of Contents Report to Shareholders for the Third Quarter, 2022 www.cibc.com August 25, 2022 Report of the President and Chief Executive Officer Overview of results CIBC today announced its financial results for the third quarter ended July 31, 2022. Third quarter highlights Results for the third quarter of 2022 were affected by the following items of note aggregating to a negative impact of $0.07 per share: • $50 million ($38 million after-tax) in acquisition and integration-related costs as well as p ...

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 ...

Canadian Imperial Bank of Commerce (NYSE:CM) Q1 2022 Earnings Conference Call February 25, 2022 8:00 AM ET Company Participants Geoffrey Weiss - SVP, IR & Performance Measurement Victor Dodig - President, CEO & Director Hratch Panossian - Senior EVP & CFO & Enterprise Strategy Shawn Beber - Senior EVP & Chief Risk Officer Harry Culham - Senior EVP and Group Head, Capital Markets & Direct Financial Services Laura Dottori Attanasio - Senior EVP & Group Head, Personal and Business Banking Canada Jon Hountalas ...