CIBC announces fourth quarter and fiscal 2024 results

12/5/24 5:25:00 AM ET

Commercial Banks

Finance

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CIBC's 2024 audited annual consolidated financial statements and accompanying management's discussion and analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. Our 2024 Annual Report is available on SEDAR+ at www.sedarplus.com. All amounts are expressed in Canadian dollars, unless otherwise indicated.

TORONTO, Dec. 5, 2024 /CNW/ - CIBC (TSX:CM) (NYSE:CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2024.

"Our bank delivered record financial performance in 2024 through the consistent execution of our client-focused strategy across business lines and across borders, driving growth for our bank through client relationships and delivering value for all of our stakeholders," said Victor Dodig, CIBC President and Chief Executive Officer. "Thanks to our CIBC team, in 2024 we continued our robust net client growth, improved our strong client experience scores, and continued to build a connected culture across our bank to serve our clients. These efforts delivered positive operating leverage, a robust capital position, and strong credit quality as we carry our momentum into fiscal 2025. We enter the new fiscal year focused on our strategic priorities of driving growth in the mass affluent and high-net-worth client segments, building on our strength in digital to serve consumers, leveraging our connected platform to grow our wealth management, commercial banking and capital markets businesses, and enabling, simplifying and protecting our bank. Our CIBC team remains committed to our purpose, helping make ambitions real as we serve our clients and build equitable, inclusive and sustainable communities."

Key highlights across our bank in 2024 included:

Welcomed over 613,000 net new clients over the last 12 months within CIBC and Simplii Financial in our Canadian consumer franchise.
Achieved strong net promoter score (NPS) results across Canadian Banking with continued momentum across key programs including Personal Banking, Digital and Contact Centres as well as top-tier results across our relationship intensive programs in Commercial Banking and Wealth Management in Canada and the U.S.
Launched custom-built AI platform internally and a Generative AI pilot with frontline team members, announced plans to hire for more than 200 data and AI roles, developed a new Enterprise AI Framework and established an Enterprise AI Governance Office as we take a measured approach to scaling AI powered tools across our bank.
Set an interim 2030 net-zero greenhouse gas emissions target for our automotive manufacturing portfolio, complementing our previously set targets for oil and gas, and power generation portfolios.
Ranked #2 Registered Investment Advisor in Barron's Top 100 RIA Firms list.
Recognized by Global Finance for the second consecutive year as the Best Investment Bank in Canada and for our leadership in environmental and social sustainability financing, receiving seven sustainable finance awards.

Fourth quarter highlights

	Q4/24	Q4/23 ⁽¹⁾	Q3/24	YoY Variance	QoQ Variance
Revenue	$6,617 million	$5,847 million	$6,604 million	+13 %	0 %
Reported Net Income	$1,882 million	$1,485 million	$1,795 million	+27 %	+5 %
Adjusted Net Income ⁽²⁾	$1,889 million	$1,522 million	$1,895 million	+24 %	0 %
Adjusted pre-provision, pre-tax earnings ⁽²⁾	$2,835 million	$2,452 million	$2,939 million	+16 %	-4 %
Reported Diluted Earnings Per Share (EPS)	$1.90	$1.53	$1.82	+24 %	+4 %
Adjusted Diluted EPS ⁽²⁾	$1.91	$1.57	$1.93	+22 %	-1 %
Reported Return on Common Shareholders' Equity (ROE)⁽³⁾	13.3 %	11.8 %	13.2 %
Adjusted ROE ⁽²⁾	13.4 %	12.2 %	14.0 %
Net interest margin on average interest-earnings assets⁽³⁾⁽⁴⁾	1.50 %	1.44 %	1.50 %
Net interest margin on average interest-earnings assets (excluding trading)⁽³⁾⁽⁴⁾	1.86 %	1.66 %	1.84 %
Common Equity Tier 1 (CET1) Ratio ⁽⁵⁾	13.3 %	12.4 %	13.3 %

(1)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)	This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 14 to 18; and adjusted pre-provision, pre-tax earnings on page 19.
(3)	For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.
(4)	Average balances are calculated as a weighted average of daily closing balances.
(5)	Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline, which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" section of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com.

CIBC's results for the fourth quarter of 2024 were affected by the following items of note aggregating to a negative impact of $0.01 per share:

$12 million ($9 million after-tax) amortization and impairment of acquisition-related intangible assets; and
$3 million ($2 million after-tax) reversal related to the special assessment imposed by the Federal Deposit Insurance Corporation (FDIC) on U.S. depository institutions, which impacted CIBC Bank USA (U.S. Commercial Banking and Wealth Management).

For the year ended October 31, 2024, CIBC reported net income of $7.2 billion and adjusted net income⁽¹⁾ of $7.3 billion, compared with reported net income of $5.0 billion and adjusted net income⁽¹⁾ of $6.5 billion for 2023, and adjusted pre-provision, pre-tax earnings⁽¹⁾ of $11.3 billion, compared with $10.2 billion for 2023.

The following table summarizes our performance in 2024 against our key financial measures and targets, set over the medium term, which we define as three to five years, assuming a normal business environment and credit cycle.

Financial Measure	Medium-term target	2024 Reported Results	2024 Adjusted Results ⁽¹⁾
Diluted EPS growth	7%–10% annually ⁽²⁾⁽³⁾	3-year CAGR ⁽⁴⁾ = 1.5% 5-year CAGR ⁽⁴⁾ = 5.4%	3-year CAGR ⁽⁴⁾ = 0.8% 5-year CAGR ⁽⁴⁾ = 4.4%
ROE ⁽⁵⁾	At least 16% ^(2)(3)(6)	3-year average = 12.6% 5-year average = 12.8%	3-year average = 13.9% 5-year average = 14.0%
Operating leverage ⁽⁵⁾	Positive ⁽²⁾⁽³⁾	3-year average = 0.7% 5-year average = 0.7%	3-year average = 0.1% 5-year average = 0.1%
CET1 ratio	Strong buffer to regulatory requirement	13.3 %
Dividend payout ratio ⁽⁵⁾	40%–50% ⁽²⁾⁽³⁾	3-year average = 54.9% 5-year average = 55.4%	3-year average = 48.6% 5-year average = 49.2%
Total shareholder return	Outperform the S&P/TSX Composite Banks Index over a rolling three- and five- year period	3-year 5-year CIBC: 36.4% 102.9% S&P/TSX Composite Banks Index: 21.9% 63.8%

Core business performance

F2024 Financial Highlights

(C$ million)	F2024	F2023	YoY Variance
Canadian Personal and Business Banking ⁽⁷⁾
Reported Net Income	$2,670	$2,364	up 13%
Adjusted Net Income ⁽¹⁾	$2,689	$2,409	up 12%
Pre-provision, pre-tax earnings ⁽¹⁾	$4,881	$4,242	up 15%
Adjusted pre-provision, pre-tax earnings ⁽¹⁾	$4,907	$4,302	up 14%

Canadian Commercial Banking and Wealth Management
Reported Net Income	$1,938	$1,878	up 3%
Adjusted Net Income ⁽¹⁾	$1,938	$1,878	up 3%
Pre-provision, pre-tax earnings ⁽¹⁾	$2,789	$2,712	up 3%
Adjusted pre-provision, pre-tax earnings ⁽¹⁾	$2,789	$2,712	up 3%

U.S. Commercial Banking and Wealth Management
Reported Net Income	$501	$379	up 32%
Adjusted Net Income ⁽¹⁾	$600	$420	up 43%
Pre-provision, pre-tax earnings ⁽¹⁾	$1,104	$1,226	down 10%
Adjusted pre-provision, pre-tax earnings ⁽¹⁾	$1,237	$1,282	down 4%

Capital Markets and Direct Financial Services
Reported Net Income	$1,988	$1,986	0 %
Adjusted Net Income ⁽¹⁾	$1,988	$1,986	0 %
Pre-provision, pre-tax earnings ⁽¹⁾	$2,837	$2,767	up 3%
Adjusted pre-provision, pre-tax earnings ⁽¹⁾	$2,837	$2,767	up 3%

(1)	This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
(2)	Based on adjusted results. Adjusted measures are non-GAAP measures. For additional information, see the "Non-GAAP measures" section.
(3)	Medium-term targets are defined as through the cycle. For additional information, see the "Overview" section of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com.
(4)	The 3-year compound annual growth rate (CAGR) is calculated from 2021 to 2024 and the 5-year CAGR is calculated from 2019 to 2024.
(5)	For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.
(6)	Beginning in 2025, the adjusted ROE target is revised to 15%+ through the cycle.
(7)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.

Strong fundamentals

While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2024, CIBC maintained its capital strength and sound risk management practices:

Capital ratios were strong, with a CET1 ratio⁽¹⁾ of 13.3% as noted above, and Tier 1⁽¹⁾ and Total capital ratios⁽¹⁾ of 14.8% and 17.0%, respectively, at October 31, 2024;
Market risk, as measured by average Value-at-Risk, was $11.0 million in 2024 compared with $9.2 million in 2023;
We continued to have solid credit performance, with a loan loss ratio⁽²⁾ of 32 basis points compared with 30 basis points in 2023;
Liquidity Coverage Ratio⁽¹⁾ was 129% for the three months ended October 31, 2024; and
Leverage Ratio⁽¹⁾ was 4.3% at October 31, 2024.

CIBC announced an increase in its quarterly common share dividend from $0.90 per share to $0.97 per share for the quarter ending January 31, 2025.

Credit quality

Provision for credit losses was $419 million for the fourth quarter, down $122 million or 23% from the same quarter last year. Provision for credit losses on performing loans was down $61 million, due to a decrease resulting from model parameter updates and favourable credit migration mainly driven by paydowns, partially offset by an unfavourable change in our economic outlook. Provision for credit losses on impaired loans was down $61 million, primarily due to lower provisions in U.S. Commercial Banking and Wealth Management, partially offset by higher provisions across all other strategic business units (SBUs).

Making a difference in our Communities

At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter:

The 33rd annual Canadian Cancer Society CIBC Run for the Cure took place bringing together 55,000 participants and volunteers across Canada, including more than 13,000 Team CIBC members. Over $15 million was raised, including more than $2.5 million by Team CIBC. The 13th annual CIBC Caribbean Walk for the Cure took place with 30,000 participants in locations throughout the Caribbean.
CIBC has committed $500,000 to the QEII Foundation in Nova Scotia in support of the Cancer Care Patient App, which will transform health care for cancer patients in Nova Scotia.
CIBC announced it is committing $350,000 over four years for the creation of two new student awards to help foster the success of equity-deserving students at Wilfrid Laurier University, encouraging the study of science, technology, engineering and math (STEM).

(1)

Our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the liquidity coverage ratio is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com.

(2)

For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section.

Fourth quarter financial highlights
						As at or for the						As at or for the
						three months ended						twelve months ended
		2024		2024				2023			2024		2023
Unaudited		Oct. 31		Jul. 31				Oct. 31		⁽¹⁾	Oct. 31		Oct. 31			⁽¹⁾
Financial results ($ millions)
Net interest income		$	3,633		$	3,532		$	3,197		$	13,695		$	12,825
Non-interest income			2,984			3,072			2,650			11,911			10,507
Total revenue			6,617			6,604			5,847			25,606			23,332
Provision for credit losses			419			483			541			2,001			2,010
Non-interest expenses			3,791			3,682			3,440			14,439			14,349
Income before income taxes			2,407			2,439			1,866			9,166			6,973
Income taxes			525			644			381			2,012			1,934
Net income		$	1,882		$	1,795		$	1,485		$	7,154		$	5,039
Net income attributable to non-controlling interests			8			9			8			39			38
Preferred shareholders and other equity instrument holders			72			63			62			263			267
Common shareholders			1,802			1,723			1,415			6,852			4,734
Net income attributable to equity shareholders		$	1,874		$	1,786		$	1,477		$	7,115		$	5,001
Financial measures
Reported efficiency ratio⁽²⁾			57.3	%		55.8	%		58.8	%		56.4	%		61.5	%
Reported operating leverage⁽²⁾			3.0	%		1.5	%		9.8	%		9.1	%		(5.2)	%
Loan loss ratio⁽³⁾			0.30	%		0.29	%		0.35	%		0.32	%		0.30	%
Reported return on common shareholders' equity⁽²⁾⁽⁴⁾			13.3	%		13.2	%		11.8	%		13.4	%		10.3	%
Net interest margin⁽²⁾			1.40	%		1.39	%		1.32	%		1.36	%		1.35	%
Net interest margin on average interest-earning assets⁽²⁾⁽⁵⁾			1.50	%		1.50	%		1.44	%		1.47	%		1.49	%
Return on average assets⁽²⁾⁽⁵⁾			0.72	%		0.71	%		0.61	%		0.71	%		0.53	%
Return on average interest-earning assets⁽²⁾⁽⁵⁾			0.78	%		0.76	%		0.67	%		0.77	%		0.58	%
Reported effective tax rate			21.8	%		26.4	%		20.4	%		21.9	%		27.7	%
Common share information
Per share ($)	- basic earnings	$	1.91		$	1.83		$	1.53		$	7.29		$	5.17
	- reported diluted earnings		1.90			1.82			1.53			7.28			5.17
	- dividends		0.90			0.90			0.87			3.60			3.44
	- book value⁽⁶⁾		57.08			55.66			51.56			57.08			51.56
Closing share price ($)			87.11			71.40			48.91			87.11			48.91
Shares outstanding (thousands)	- weighted-average basic		944,283			943,467			924,798			939,352			915,631
	- weighted-average diluted		948,609			945,784			924,960			941,712			916,223
	- end of period		942,295			944,590			931,099			942,295			931,099
Market capitalization ($ millions)		$	82,083		$	67,444		$	45,540		$	82,083		$	45,540
Value measures
Total shareholder return			23.33	%		12.65	%		(14.38)	%		87.56	%		(15.85)	%
Dividend yield (based on closing share price)			4.1	%		5.0	%		7.1	%		4.1	%		7.0	%
Reported dividend payout ratio⁽²⁾			47.2	%		49.3	%		56.8	%		49.4	%		66.5	%
Market value to book value ratio			1.53			1.28			0.95			1.53			0.95
Selected financial measures – adjusted⁽⁷⁾
Adjusted efficiency ratio⁽⁸⁾			57.2	%		55.5	%		58.1	%		55.8	%		56.4	%
Adjusted operating leverage⁽⁸⁾			1.8	%		0.6	%		6.1	%		1.2	%		1.1	%
Adjusted return on common shareholders' equity⁽⁴⁾			13.4	%		14.0	%		12.2	%		13.7	%		13.4	%
Adjusted effective tax rate			21.8	%		22.8	%		20.4	%		22.0	%		21.0	%
Adjusted diluted earnings per share ($)		$	1.91		$	1.93		$	1.57		$	7.40		$	6.73
Adjusted dividend payout ratio			47.0	%		46.6	%		55.4	%		48.5	%		51.1	%
On- and off-balance sheet information ($ millions)
Cash, deposits with banks and securities		$	302,409		$	301,771		$	267,066		$	302,409		$	267,066
Loans and acceptances, net of allowance for credit losses			558,292			550,149			540,153			558,292			540,153
Total assets			1,041,985			1,021,407			975,690			1,041,985			975,690
Deposits			764,857			743,446			723,376			764,857			723,376
Common shareholders' equity⁽²⁾			53,789			52,580			48,006			53,789			48,006
Average assets⁽⁵⁾			1,035,847			1,012,012			962,405			1,005,133			948,121
Average interest-earning assets⁽²⁾⁽⁵⁾			961,151			938,914			882,196			929,604			861,136
Average common shareholders' equity⁽²⁾⁽⁵⁾			53,763			51,916			47,435			51,025			46,130
Assets under administration (AUA)^(2)(9)(10)		3,600,069			3,475,292			2,853,007			3,600,069			2,853,007
Assets under management (AUM)^(2)(10)		383,264			371,950			300,218			383,264			300,218
Balance sheet quality and liquidity measures ⁽¹¹⁾
Risk-weighted assets (RWA) ($ millions)		$	333,502		$	329,202		$	326,120		$	333,502		$	326,120
CET1 ratio			13.3	%		13.3	%		12.4	%		13.3	%		12.4	%
Tier 1 capital ratio			14.8	%		14.8	%		13.9	%		14.8	%		13.9	%
Total capital ratio			17.0	%		17.1	%		16.0	%		17.0	%		16.0	%
Leverage ratio			4.3	%		4.3	%		4.2	%		4.3	%		4.2	%
Liquidity coverage ratio (LCR)⁽¹²⁾			129	%		126	%		135	%		n/a			n/a
Net stable funding ratio (NSFR)			115	%		116	%		118	%		115	%		118	%
Other information
Full-time equivalent employees			48,525			48,552			48,074			48,525			48,074

(1)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)	Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(3)	The ratio is calculated as the provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.
(4)	Annualized.
(5)	Average balances are calculated as a weighted average of daily closing balances.
(6)	Common shareholders' equity divided by the number of common shares issued and outstanding at end of period.
(7)	Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the "Non-GAAP measures" section.
(8)	Commencing the first quarter of 2024, we no longer gross up tax-exempt revenue to bring it to a taxable equivalent basis (TEB) for the application of this ratio to our consolidated results. Prior period amounts have been restated to conform with the change in presentation adopted in the first quarter of 2024.
(9)	Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $2,814.6 billion (July 31, 2024: $2,725.2 billion; October 31, 2023: $2,241.9 billion).
(10)	AUM amounts are included in the amounts reported under AUA.
(11)	RWA and our capital ratios are calculated pursuant to OSFI's CAR Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and the LCR and NSFR are calculated pursuant to OSFI's LAR Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com.
(12)	Average for the three months ended for each respective period.
n/a	Not applicable.

Review of Canadian Personal and Business Banking fourth quarter results

			2024			2024			2023	⁽¹⁾
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue		$	2,670		$	2,598		$	2,458
Provision for (reversal of) credit losses
	Impaired		287			302			259
	Performing		(21)			36			23
Total provision for credit losses			266			338			282
Non-interest expenses			1,373			1,388			1,307
Income before income taxes			1,031			872			869
Income taxes			288			244			232
Net income		$	743		$	628		$	637
Net income attributable to:
	Equity shareholders	$	743		$	628		$	637
Total revenue
	Net interest income	$	2,070		$	2,010		$	1,908
	Non-interest income⁽²⁾		600			588			550
		$	2,670		$	2,598		$	2,458
Net interest margin on average interest-earning assets⁽³⁾⁽⁴⁾			2.56	%		2.50	%		2.38	%
Efficiency ratio			51.4	%		53.4	%		53.2	%
Operating leverage			3.6	%		1.1	%		9.2	%
Return on equity⁽⁵⁾			25.1	%		21.2	%		25.8	%
Average allocated common equity⁽⁵⁾		$	11,793		$	11,803		$	9,781
Full-time equivalent employees			13,531			13,632			13,208

Net income for the quarter was $743 million, up $106 million from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings⁽⁵⁾ were $1,303 million, up $146 million from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.

Revenue of $2,670 million was up $212 million from the fourth quarter of 2023, primarily due to higher net interest income, mainly from higher deposit margins and volume growth, and higher fees.

Net interest margin on average interest-earning assets was up 18 basis points mainly due to a favourable asset mix and higher deposit margins, partially offset by lower loan margins.

Provision for credit losses of $266 million was down $16 million from the fourth quarter of 2023, due to a lower provision for credit losses on performing loans, partially offset by a higher provision on impaired loans from higher write-offs.

Non-interest expenses of $1,373 million were up $66 million from the fourth quarter of 2023 mainly due to higher performance-based and employee-related compensation, and higher spending on strategic initiatives.

(1)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(2)	Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(3)	Average balances are calculated as a weighted average of daily closing balances.
(4)	Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(5)	This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.

Review of Canadian Commercial Banking and Wealth Management fourth quarter results

			2024			2024			2023
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Commercial banking	$	637		$	618		$	634
	Wealth management		886			831			732
Total revenue			1,523			1,449			1,366
Provision for credit losses
	Impaired		18			35			11
	Performing		5			7			-
Total provision for credit losses			23			42			11
Non-interest expenses			790			762			679
Income before income taxes			710			645			676
Income taxes			194			177			186
Net income		$	516		$	468		$	490
Net income attributable to:
	Equity shareholders	$	516		$	468		$	490
Total revenue
	Net interest income	$	626		$	539		$	452
	Non-interest income⁽¹⁾		897			910			914
		$	1,523		$	1,449		$	1,366
Net interest margin on average interest-earning assets⁽²⁾⁽³⁾			2.63	%		2.73	%		3.37	%
Efficiency ratio			51.9	%		52.6	%		49.7	%
Operating leverage			(4.9)	%		(5.7)	%		0.7	%
Return on equity⁽⁴⁾			21.6	%		19.7	%		23.1	%
Average allocated common equity⁽⁴⁾		$	9,502		$	9,459		$	8,401
Full-time equivalent employees			5,537			5,551			5,433

Net income for the quarter was $516 million, up $26 million from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings⁽⁴⁾ were $733 million, up $46 million from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.

Revenue of $1,523 million was up $157 million from the fourth quarter of 2023, driven mainly by higher fee-based revenue from higher AUA and AUM balances, higher commission revenue from increased client activity, and higher net interest income in wealth management. Revenue in commercial banking was slightly higher compared to the prior year due to volume growth and higher fees, partially offset by lower loan and deposit margins.

Net interest margin on average interest-earning assets was down 74 basis points primarily due to the conversion of bankers' acceptances to CORRA loans resulting from the cessation of Canadian Dollar Offered Rate (CDOR).

Provision for credit losses of $23 million was up $12 million from the fourth quarter of 2023, due to higher provisions on both performing and impaired loans.

Non-interest expenses of $790 million were up $111 million from the fourth quarter of 2023, primarily due to higher performance-based compensation.

(1)	Includes intersegment revenue, which represents internal sales commissions and revenue allocations under the Product Owner/Customer Segment/Distributor Channel allocation management model.
(2)	Average balances are calculated as a weighted average of daily closing balances.
(3)	Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(4)	This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.

Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars

			2024			2024			2023
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Commercial banking	$	512		$	515		$	462
	Wealth management		220			211			210
Total revenue			732			726			672
Provision for (reversal of) credit losses
	Impaired		84			15			205
	Performing		(1)			32			44
Total provision for credit losses			83			47			249
Non-interest expenses⁽¹⁾			411			416			387
Income before income taxes			238			263			36
Income taxes			36			48			(14)
Net income		$	202		$	215		$	50
Net income attributable to:
	Equity shareholders	$	202		$	215		$	50
Total revenue
	Net interest income	$	506		$	477		$	476
	Non-interest income		226			249			196
		$	732		$	726		$	672
Net interest margin on average interest-earning assets⁽²⁾⁽³⁾			3.63	%		3.42	%		3.44	%
Efficiency ratio			56.2	%		57.3	%		57.6	%
Return on equity⁽⁴⁾			7.4	%		7.8	%		1.7	%
Average allocated common equity⁽⁴⁾		$	10,894		$	10,951		$	11,267
Full-time equivalent employees			2,979			2,946			2,780

Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars

			2024			2024			2023
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Commercial banking	$	376		$	376		$	338
	Wealth management		161			154			154
Total revenue			537			530			492
Provision for (reversal of) credit losses
	Impaired		61			10			151
	Performing		-			23			32
Total provision for credit losses			61			33			183
Non-interest expenses⁽¹⁾			301			304			284
Income before income taxes			175			193			25
Income taxes			27			35			(10)
Net income		$	148		$	158		$	35
Net income attributable to:
	Equity shareholders	$	148		$	158		$	35
Total revenue
	Net interest income	$	371		$	349		$	348
	Non-interest income		166			181			144
		$	537		$	530		$	492
Operating leverage			2.5	%		(11.1)	%		(5.7)	%

Net income for the quarter was $202 million (US$148 million), up $152 million (up US$113 million) from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings⁽⁴⁾ were $324 million (US$238 million), up $30 million (up US$24 million) from the fourth quarter of 2023, due to higher net interest income and fee income, partially offset by higher expenses.

Revenue of US$537 million was up US$45 million from the fourth quarter of 2023, primarily due to higher asset management fees from higher average AUM balances, loan margins and deposit volumes, partially offset by lower deposit margins.

Net interest margin on average interest-earning assets was up 19 basis points primarily due to higher loan margins, partially offset by lower deposit margins.

Provision for credit losses of US$61 million was down US$122 million from the fourth quarter of 2023, due to lower provisions on both performing and impaired loans.

Non-interest expenses of US$301 million were up US$17 million from the fourth quarter of 2023, primarily due to higher employee-related compensation and continued infrastructure initiatives.

(1)	Includes a $3 million (US$2 million) reversal (Q3/24: $2 million (US$2 million) charge) related to the special assessment imposed by the FDIC.
(2)	Average balances are calculated as a weighted average of daily closing balances.
(3)	Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(4)	This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.

Review of Capital Markets and Direct Financial Services fourth quarter results

			2024			2024			2023
$ millions, for the three months ended			Oct. 31			Jul. 31			Oct. 31
Revenue
	Global markets	$	632		$	578		$	555
	Corporate and investment banking		439			434			423
	Direct financial services		336			336			312
Total revenue⁽¹⁾			1,407			1,348			1,290
Provision for (reversal of) credit losses
	Impaired		27			42			6
	Performing		19			3			(2)
Total provision for credit losses			46			45			4
Non-interest expenses			779			770			734
Income before income taxes			582			533			552
Income taxes⁽¹⁾			154			145			169
Net income		$	428		$	388		$	383
Net income attributable to:
	Equity shareholders	$	428		$	388		$	383
Efficiency ratio			55.4	%		57.2	%		56.9	%
Operating leverage			2.8	%		(15.1)	%		(2.8)	%
Return on equity⁽²⁾			17.4	%		15.7	%		18.8	%
Average allocated common equity⁽²⁾		$	9,762		$	9,820		$	8,122
Full-time equivalent employees			2,452			2,539			2,411

Net income for the quarter was $428 million, up $45 million from the fourth quarter of 2023. Adjusted pre-provision, pre-tax earnings⁽²⁾ were up $72 million or 13% from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.

Revenue of $1,407 million was up $117 million from the fourth quarter of 2023. In global markets, revenue increased due to higher financing revenue, partially offset by lower equity derivatives revenue. In corporate and investment banking, higher debt underwriting activity was partially offset by lower equity underwriting and advisory activity. Direct Financial Services revenue increased due to higher deposit margins in Investor's Edge and growth in Alternate Solutions Group, partially offset by lower margins in Simplii Financial.

Provision for credit losses of $46 million was up $42 million from the fourth quarter of 2023, due to higher provisions on both performing and impaired loans. The increase for performing loans included $10 million related to Simplii Financial.

Non-interest expenses of $779 million were up $45 million from the fourth quarter of 2023, primarily due to higher performance-based compensation and higher spending on strategic initiatives.

Review of Corporate and Other fourth quarter results

		2024		2024		2023
$ millions, for the three months ended		Oct. 31		Jul. 31		Oct. 31
Revenue
	International banking	$	239	$	254	$	234
	Other		46		229		(173)
Total revenue⁽¹⁾			285		483		61
Provision for (reversal of) credit losses
	Impaired		1		10		(3)
	Performing		-		1		(2)
Total provision for (reversal of) credit losses			1		11		(5)
Non-interest expenses			438		346		333
Income (loss) before income taxes			(154)		126		(267)
Income taxes⁽¹⁾			(147)		30		(192)
Net income (loss)		$	(7)	$	96	$	(75)
Net income (loss) attributable to:
	Non-controlling interests	$	8	$	9	$	8
	Equity shareholders		(15)		87		(83)
Full-time equivalent employees⁽³⁾			24,026		23,884		24,242

Net loss for the quarter was $7 million, compared with a net loss of $75 million for the fourth quarter of 2023. Adjusted pre-provision, pre-tax losses⁽²⁾ were down $89 million or 37% from the fourth quarter of 2023, due to higher revenue, partially offset by higher expenses.

Revenue was up $224 million from the fourth quarter of 2023, due to higher treasury revenue resulting from lower funding costs borne by treasury, a lower TEB adjustment, and higher revenue from strategic investments.

The current quarter included a provision for credit losses of $1 million, while the fourth quarter of 2023 included a provision reversal for credit losses of $5 million.

Non-interest expenses of $438 million were up $105 million from the fourth quarter of 2023. Adjusted non-interest expenses⁽²⁾ of $438 million were up $135 million from the fourth quarter of 2023, primarily due to higher corporate costs, and the impact of a pension plan amendment gain in the prior year.

(1)	Prior to the third quarter of 2024, Capital Markets and Direct Financial Services revenue and income taxes were reported on a TEB with an equivalent offset in the revenue and income taxes of Corporate and Other. In the third quarter of 2024, the enactment of the Federal tax measure that denies the dividends received deduction for Canadian banks resulted in a TEB reversal for dividends received on or after January 1, 2024 that were included in the first and second quarters of 2024. Accordingly, the revenue and income taxes for the fourth quarter of 2024 do not include a TEB adjustment (July 31, 2024 includes a reversal of a TEB adjustment of: $123 million; October 31, 2023: includes a TEB adjustment of $62 million).
(2)	This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.
(3)	Includes full-time equivalent employees for which the expenses are allocated to the business lines within the SBUs. The majority of the full-time equivalent employees for functional and support costs of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management SBU.

Consolidated balance sheet

$ millions, as at October 31		2024		2023	⁽¹⁾
ASSETS
Cash and non-interest-bearing deposits with banks	$	8,565	$	20,816
Interest-bearing deposits with banks		39,499		34,902
Securities		254,345		211,348
Cash collateral on securities borrowed		17,028		14,651
Securities purchased under resale agreements		83,721		80,184
Loans
Residential mortgages		280,672		274,244
Personal		46,681		45,587
Credit card		20,551		18,538
Business and government		214,299		194,870
Allowance for credit losses		(3,917)		(3,902)
		558,286		529,337
Other
Derivative instruments		36,435		33,243
Customers' liability under acceptances		6		10,816
Property and equipment		3,359		3,251
Goodwill		5,443		5,425
Software and other intangible assets		2,830		2,742
Investments in equity-accounted associates and joint ventures		785		669
Deferred tax assets		821		647
Other assets		30,862		27,659
		80,541		84,452
	$	1,041,985	$	975,690
LIABILITIES AND EQUITY
Deposits
Personal	$	252,894	$	239,035
Business and government		435,499		412,561
Bank		20,009		22,296
Secured borrowings		56,455		49,484
		764,857		723,376
Obligations related to securities sold short		21,642		18,666
Cash collateral on securities lent		7,997		8,081
Obligations related to securities sold under repurchase agreements		110,153		87,118
Other
Derivative instruments		40,654		41,290
Acceptances		6		10,820
Deferred tax liabilities		49		40
Other liabilities		30,155		26,653
		70,864		78,803
Subordinated indebtedness		7,465		6,483
Equity
Preferred shares and other equity instruments		4,946		4,925
Common shares		17,011		16,082
Contributed surplus		159		109
Retained earnings		33,471		30,352
Accumulated other comprehensive income (AOCI)		3,148		1,463
Total shareholders' equity		58,735		52,931
Non-controlling interests		272		232
Total equity		59,007		53,163
	$	1,041,985	$	975,690

(1)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.

Consolidated statement of income

		For the three							For the twelve
		months ended							months ended
		2024		2024		2023			2024		2023
$ millions, except as noted		Oct. 31		Jul. 31		Oct. 31		⁽¹⁾	Oct. 31		Oct. 31		⁽¹⁾
Interest income⁽²⁾
Loans		$	8,668	$	8,726	$	8,215		$	33,925	$	30,235
Securities			2,393		2,482		2,165			9,560		7,341
Securities borrowed or purchased under resale agreements			1,441		1,528		1,357			5,811		4,566
Deposits with banks and other			729		711		720			2,889		2,877
			13,231		13,447		12,457			52,185		45,019
Interest expense
Deposits			7,476		7,713		7,569			30,476		26,633
Securities sold short			163		156		109			625		408
Securities lent or sold under repurchase agreements			1,719		1,769		1,299			6,334		4,283
Subordinated indebtedness			120		134		120			510		458
Other			120		143		163			545		412
			9,598		9,915		9,260			38,490		32,194
Net interest income			3,633		3,532		3,197			13,695		12,825
Non-interest income
Underwriting and advisory fees			182		165		137			707		519
Deposit and payment fees			250		249		229			958		924
Credit fees			217		303		369			1,218		1,385
Card fees			105		97		100			414		379
Investment management and custodial fees			526		508		454			1,980		1,768
Mutual fund fees			465		452		421			1,796		1,743
Income from insurance activities, net⁽¹⁾			85		87		85			356		347
Commissions on securities transactions			129		109		81			431		338
Gains (losses) from financial instruments measured/designated at
	fair value through profit or loss (FVTPL), net		827		869		611			3,226		2,346
Gains (losses) from debt securities measured at fair value through
	other comprehensive income (FVOCI) and amortized cost, net		(6)		3		15			43		83
Foreign exchange other than trading			93		99		74			386		360
Income from equity-accounted associates and joint ventures			18		20		(5)			79		30
Other			93		111		79			317		285
			2,984		3,072		2,650			11,911		10,507
Total revenue			6,617		6,604		5,847			25,606		23,332
Provision for credit losses			419		483		541			2,001		2,010
Non-interest expenses
Employee compensation and benefits			2,207		2,095		1,890			8,261		7,550
Occupancy costs			208		197		216			830		823
Computer, software and office equipment			723		722		658			2,719		2,467
Communications			89		91		91			362		364
Advertising and business development			103		78		87			344		304
Professional fees			74		67		77			257		245
Business and capital taxes			34		31		26			128		124
Other			353		401		395			1,538		2,472
			3,791		3,682		3,440			14,439		14,349
Income before income taxes			2,407		2,439		1,866			9,166		6,973
Income taxes			525		644		381			2,012		1,934
Net income		$	1,882	$	1,795	$	1,485		$	7,154	$	5,039
Net income attributable to non-controlling interests		$	8	$	9	$	8		$	39	$	38
	Preferred shareholders and other equity instrument holders	$	72	$	63	$	62		$	263	$	267
	Common shareholders		1,802		1,723		1,415			6,852		4,734
Net income attributable to equity shareholders		$	1,874	$	1,786	$	1,477		$	7,115	$	5,001
Earnings per share (in dollars)
	Basic	$	1.91	$	1.83	$	1.53		$	7.29	$	5.17
	Diluted		1.90		1.82		1.53			7.28		5.17
Dividends per common share (in dollars)			0.90		0.90		0.87			3.60		3.44

(1)

Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.

(2)

Interest income included $12.2 billion for the quarter ended October 31, 2024 (July 31, 2024: $12.4 billion; October 31, 2023: $11.7 billion) calculated based on the effective interest rate method.

Consolidated statement of comprehensive income

			For the three							For the twelve
			months ended							months ended
			2024			2024		2023			2024		2023
$ millions			Oct. 31		Jul. 31		Oct. 31		⁽¹⁾	Oct. 31		Oct. 31		⁽¹⁾
Net income			$	1,882	$	1,795	$	1,485		$	7,154	$	5,039
Other comprehensive income (loss) (OCI), net of income tax, that is subject to subsequent
	reclassification to net income
	Net foreign currency translation adjustments
	Net gains (losses) on investments in foreign operations			479		161		2,594			281		1,163
	Net gains (losses) on hedges of investments in foreign operations			(339)		(111)		(1,600)			(267)		(812)
				140		50		994			14		351
	Net change in debt securities measured at FVOCI
	Net gains (losses) on securities measured at FVOCI			(56)		2		(72)			127		274
	Net (gains) losses reclassified to net income			5		(1)		(13)			(27)		(65)
				(51)		1		(85)			100		209
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges			581		1,270		(217)			2,348		(222)
	Net (gains) losses reclassified to net income			(331)		(274)		173			(813)		(142)
				250		996		(44)			1,535		(364)
OCI, net of income tax, that is not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans			143		172		(95)			250		(240)
	Net gains (losses) due to fair value change of fair value option (FVO) liabilities
		attributable to changes in credit risk		(19)		59		80			(216)		(106)
	Net gains (losses) on equity securities designated at FVOCI			(1)		(2)		-			(13)		19
				123		229		(15)			21		(327)

Total OCI⁽²⁾				462		1,276		850			1,670		(131)
Comprehensive income			$	2,344	$	3,071	$	2,335		$	8,824	$	4,908
Comprehensive income attributable to non-controlling interests			$	8	$	9	$	8		$	39	$	38
	Preferred shareholders and other equity instrument holders		$	72	$	63	$	62		$	263	$	267
	Common shareholders			2,264		2,999		2,265			8,522		4,603
Comprehensive income attributable to equity shareholders			$	2,336	$	3,062	$	2,327		$	8,785	$	4,870

(1)

(2)

Includes $45 million of gains for the quarter ended October 31, 2024 (July 31, 2024: $14 million of gains; October 31, 2023: $11 million of gains), relating to our investments in equity-accounted associates and joint ventures.


			For the three						For the twelve
			months ended						months ended
				2024		2024		2023		2024		2023
$ millions			Oct. 31		Jul. 31		Oct. 31		Oct. 31		Oct. 31
Income tax (expense) benefit allocated to each component of OCI
Subject to subsequent reclassification to net income
	Net foreign currency translation adjustments
	Net gains (losses) on investments in foreign operations		$	(12)	$	(4)	$	(72)	$	(5)	$	(26)
	Net gains (losses) on hedges of investments in foreign operations			13		5		93		-		26
				1		1		21		(5)		-
	Net change in debt securities measured at FVOCI
	Net gains (losses) on securities measured at FVOCI			13		9		32		(12)		(65)
	Net (gains) losses reclassified to net income			(2)		-		5		10		25
				11		9		37		(2)		(40)
	Net change in cash flow hedges
	Net gains (losses) on derivatives designated as cash flow hedges			(223)		(489)		84		(903)		106
	Net (gains) losses reclassified to net income			127		106		(67)		313		46
				(96)		(383)		17		(590)		152
Not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans			(28)		(66)		36		(68)		75
	Net gains (losses) due to fair value change of FVO liabilities attributable
		to changes in credit risk		8		(23)		(30)		83		38
	Net gains (losses) on equity securities designated at FVOCI			-		1		-		4		(6)
				(20)		(88)		6		19		107

			$	(104)	$	(461)	$	81	$	(578)	$	219

Consolidated statement of changes in equity

		For the three							For the twelve
		months ended							months ended
			2024		2024		2023			2024		2023
$ millions			Oct. 31		Jul. 31		Oct. 31	⁽¹⁾		Oct. 31		Oct. 31	⁽¹⁾
Preferred shares and other equity instruments
Balance at beginning of period		$	4,949	$	5,098	$	4,925		$	4,925	$	4,923
Issue of preferred shares and limited recourse capital notes			-		500		-			1,000		-
Redemption of preferred shares			-		(650)		-			(975)		-
Treasury shares			(3)		1		-			(4)		2
Balance at end of period		$	4,946	$	4,949	$	4,925		$	4,946	$	4,925
Common shares
Balance at beginning of period		$	16,919	$	16,813	$	15,742		$	16,082	$	14,726
Issue of common shares			182		103		338			1,019		1,358
Purchase of common shares for cancellation			(90)		-		-			(90)		-
Treasury shares			-		3		2			-		(2)
Balance at end of period		$	17,011	$	16,919	$	16,082		$	17,011	$	16,082
Contributed surplus
Balance at beginning of period		$	128	$	114	$	103		$	109	$	115
Compensation expense arising from equity-settled share-based awards			7		3		5			16		13
Exercise of stock options and settlement of other equity-settled share-based awards			(5)		(1)		-			(9)		(20)
Other⁽²⁾			29		12		1			43		1
Balance at end of period		$	159	$	128	$	109		$	159	$	109
Retained earnings
Balance at beginning of period before accounting policy changes			n/a		n/a	$	29,744			n/a	$	28,823
	Impact of adopting IFRS 17 at November 1, 2022		n/a		n/a		n/a			n/a		(56)
Balance at beginning of period		$	32,844	$	31,990		29,744		$	30,352		28,767
Net income attributable to equity shareholders			1,874		1,786		1,477			7,115		5,001
Dividends and distributions
	Preferred and other equity instruments		(72)		(63)		(62)			(263)		(267)
	Common		(850)		(849)		(804)			(3,382)		(3,149)
Premium on purchase of common shares for cancellation			(329)		-		-			(329)		-
Realized gains (losses) on equity securities designated at FVOCI reclassified from AOCI			3		(19)		(4)			(15)		-
Other			1		(1)		1			(7)		-
Balance at end of period		$	33,471	$	32,844	$	30,352		$	33,471	$	30,352
AOCI, net of income tax
AOCI, net of income tax, that is subject to subsequent reclassification to net income
	Net foreign currency translation adjustments
	Balance at beginning of period	$	2,036	$	1,986	$	1,168		$	2,162	$	1,811
	Net change in foreign currency translation adjustments		140		50		994			14		351
	Balance at end of period	$	2,176	$	2,036	$	2,162		$	2,176	$	2,162
	Net gains (losses) on debt securities measured at FVOCI
	Balance at beginning of period	$	(256)	$	(257)	$	(322)		$	(407)	$	(616)
	Net change in securities measured at FVOCI		(51)		1		(85)			100		209
	Balance at end of period	$	(307)	$	(256)	$	(407)		$	(307)	$	(407)
	Net gains (losses) on cash flow hedges
	Balance at beginning of period	$	259	$	(737)	$	(982)		$	(1,026)	$	(662)
	Net change in cash flow hedges		250		996		(44)			1,535		(364)
	Balance at end of period	$	509	$	259	$	(1,026)		$	509	$	(1,026)
AOCI, net of income tax, that is not subject to subsequent reclassification to net income
	Net gains (losses) on post-employment defined benefit plans
	Balance at beginning of period	$	699	$	527	$	687		$	592	$	832
	Net change in post-employment defined benefit plans		143		172		(95)			250		(240)
	Balance at end of period	$	842	$	699	$	592		$	842	$	592
	Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk
	Balance at beginning of period	$	(69)	$	(128)	$	48		$	128	$	234
	Net change attributable to changes in credit risk		(19)		59		80			(216)		(106)
	Balance at end of period	$	(88)	$	(69)	$	128		$	(88)	$	128
	Net gains (losses) on equity securities designated at FVOCI
	Balance at beginning of period	$	20	$	3	$	10		$	14	$	(5)
	Net gains (losses) on equity securities designated at FVOCI		(1)		(2)		-			(13)		19
	Realized gains (losses) on equity securities designated at FVOCI reclassified to retained earnings		(3)		19		4			15		-
	Balance at end of period	$	16	$	20	$	14		$	16	$	14
Total AOCI, net of income tax		$	3,148	$	2,689	$	1,463		$	3,148	$	1,463
Non-controlling interests
Balance at beginning of period		$	254	$	247	$	216		$	232	$	201
Net income attributable to non-controlling interests			8		9		8			39		38
Dividends			(2)		(2)		(2)			(8)		(8)
Other			12		-		10			9		1
Balance at end of period		$	272	$	254	$	232		$	272	$	232
Equity at end of period		$	59,007	$	57,783	$	53,163		$	59,007	$	53,163

(1)

(2)

Includes the portion of the estimated tax benefit related to employee stock options that is incremental to the amount recognized in the interim consolidated statement of income.

n/a

Not applicable.

Consolidated statement of cash flows

			For the three							For the twelve
			months ended							months ended
				2024		2024		2023			2024		2023
$ millions				Oct. 31		Jul. 31		Oct. 31	⁽¹⁾		Oct. 31		Oct. 31	⁽¹⁾
Cash flows provided by (used in) operating activities
Net income			$	1,882	$	1,795	$	1,485		$	7,154	$	5,039
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
	Provision for credit losses			419		483		541			2,001		2,010
	Amortization and impairment⁽²⁾			289		317		310			1,170		1,143
	Stock options and restricted shares expense			7		3		5			16		13
	Deferred income taxes			(203)		(22)		39			(244)		(87)
	Losses (gains) from debt securities measured at FVOCI and amortized cost			6		(3)		(15)			(43)		(83)
	Net losses (gains) on disposal of land, buildings and equipment			(1)		-		-			(1)		(3)
	Other non-cash items, net			(258)		(1,075)		179			(1,822)		1,822
	Net changes in operating assets and liabilities
		Interest-bearing deposits with banks		(3,334)		2,679		(8,035)			(4,597)		(2,576)
		Loans, net of repayments		(8,255)		(11,803)		(2,643)			(28,930)		(14,301)
		Deposits, net of withdrawals		20,126		9,523		17,515			34,467		17,045
		Obligations related to securities sold short		(2,398)		591		917			2,976		3,382
		Accrued interest receivable		(226)		53		(528)			(711)		(1,272)
		Accrued interest payable		(180)		(130)		474			452		2,521
		Derivative assets		(6,188)		1,145		(3,215)			(3,240)		9,826
		Derivative liabilities		4,664		(3,004)		2,972			(813)		(10,382)
		Securities measured at FVTPL		127		(9,337)		(291)			(23,319)		(15,427)
		Other assets and liabilities measured/designated at FVTPL		290		748		2,955			3,431		8,259
		Current income taxes		(174)		(15)		111			(257)		361
		Cash collateral on securities lent		(518)		(114)		2,989			(84)		3,228
		Obligations related to securities sold under repurchase agreements		(5,215)		14,359		3,699			23,035		9,319
		Cash collateral on securities borrowed		(533)		(2,740)		(1,154)			(2,377)		675
		Securities purchased under resale agreements		(4,400)		6,721		(6,296)			(3,537)		(10,971)
		Other, net		3,230		2,115		92			6,361		2,613
				(843)		12,289		12,106			11,088		12,154
Cash flows provided by (used in) financing activities
Issue of subordinated indebtedness				-		1,000		-			2,250		1,750
Redemption/repurchase/maturity of subordinated indebtedness				-		(1,536)		-			(1,536)		(1,500)
Issue of preferred shares and limited recourse capital notes, net of issuance cost				-		498		-			996		-
Redemption of preferred shares				-		(650)		-			(975)		-
Issue of common shares for cash				131		57		45			312		183
Purchase of common shares for cancellation				(419)		-		-			(419)		-
Net sale (purchase) of treasury shares				(3)		4		2			(4)		-
Dividends and distributions paid				(876)		(867)		(573)			(2,947)		(2,261)
Repayment of lease liabilities				(80)		(79)		(82)			(287)		(331)
				(1,247)		(1,573)		(608)			(2,610)		(2,159)
Cash flows provided by (used in) investing activities
Purchase of securities measured/designated at FVOCI and amortized cost				(16,320)		(20,641)		(17,193)			(76,528)		(79,487)
Proceeds from sale of securities measured/designated at FVOCI and amortized cost				8,299		4,864		6,479			29,761		26,914
Proceeds from maturity of debt securities measured at FVOCI and amortized cost				7,351		6,709		6,653			27,105		32,824
Net sale (purchase) of property, equipment, software and other intangible assets				(393)		(275)		(290)			(1,089)		(1,014)
				(1,063)		(9,343)		(4,351)			(20,751)		(20,763)
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks				34		12		124			22		49
Net increase (decrease) in cash and non-interest-bearing deposits with banks
	during the period			(3,119)		1,385		7,271			(12,251)		(10,719)
Cash and non-interest-bearing deposits with banks at beginning of period				11,684		10,299		13,545			20,816		31,535
Cash and non-interest-bearing deposits with banks at end of period⁽³⁾			$	8,565	$	11,684	$	20,816		$	8,565	$	20,816
Cash interest paid			$	9,777	$	10,045	$	8,786		$	38,038	$	29,673
Cash interest received				12,578		13,037		11,598			49,761		42,600
Cash dividends received				427		463		331			1,713		1,147
Cash income taxes paid				903		679		230			2,513		1,657

(1)

(2)

Comprises amortization and impairment of buildings, right-of-use assets, furniture, equipment, leasehold improvements, and software and other intangible assets.

(3)

Includes restricted cash of $466 million (July 31, 2024: $465 million; October 31, 2023: $491 million) and interest-bearing demand deposits with Bank of Canada.

Non-GAAP measures

We use a number of financial measures to assess the performance of our business lines. Some measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance.

Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note from reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted efficiency ratio, adjusted operating leverage, adjusted dividend payout ratio, adjusted return on common shareholders' equity and adjusted effective tax rate.

Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section of our 2024 Annual Report available on SEDAR+ at www.sedarplus.com.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Capital

Commercial

Canadian

Commercial

Markets

Banking

Personal

Banking

and Direct

and Wealth

and Business

and Wealth

Financial

Corporate

CIBC

Management

$ millions, for the three months ended October 31, 2024

Banking

Management

Services

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

2,670

1,523

732

1,407

285

6,617

537

Provision for credit losses

266

419

Non-interest expenses

1,373

790

411

779

438

3,791

301

Income (loss) before income taxes

1,031

710

238

582

(154)

2,407

175

Income taxes

288

194

154

(147)

525

Net income (loss)

743

516

202

428

(7)

1,882

148

Net income attributable to non-controlling interests

Net income (loss) attributable to equity shareholders

743

516

202

428

(15)

1,874

148

Diluted EPS ($)

1.90

Impact of items of note⁽¹⁾

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(6)

(12)

(4)

Reversal related to the special assessment imposed by the FDIC

Impact of items of note on non-interest expenses

(6)

(3)

(9)

(2)

Total pre-tax impact of items of note on net income

Income taxes

Amortization and impairment of acquisition-related intangible assets

Reversal related to the special assessment imposed by the FDIC

(1)

Impact of items of note on income taxes

Total after-tax impact of items of note on net income

Impact of items of note on diluted EPS ($)⁽²⁾

0.01

Operating results – adjusted⁽³⁾

Total revenue – adjusted⁽⁴⁾

2,670

1,523

732

1,407

285

6,617

537

Provision for credit losses – adjusted

266

419

Non-interest expenses – adjusted

1,367

790

408

779

438

3,782

299

Income (loss) before income taxes – adjusted

1,037

710

241

582

(154)

2,416

177

Income taxes – adjusted

289

194

154

(147)

527

Net income (loss) – adjusted

748

516

204

428

(7)

1,889

150

Net income attributable to non-controlling interests – adjusted

Net income (loss) attributable to equity shareholders – adjusted

748

516

204

428

(15)

1,881

150

Adjusted diluted EPS ($)

1.91

(1)	Items of note are removed from reported results to calculate adjusted results.
(2)	Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS.
(3)	Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.
(4)	CIBC total results excludes a TEB adjustment of nil (July 31, 2024: excludes a reversal of $123 million; October 31, 2023: excludes a TEB adjustment of $62 million) and excludes a TEB adjustment of $16 million for the twelve months ended October 31, 2024 (October 31, 2023: excludes a TEB adjustment of $254 million).
(5)	This item of note reports the impact to the consolidated income tax expense in the third quarter of 2024 from the enactment on June 20, 2024 of Bill C-59 that denies the dividends received deduction for dividends received by banks on and after January 1, 2024. The corresponding impact on TEB in Capital Markets and Direct Financial Services and Corporate and Other is also included in this item of note with no impact on the consolidated item of note.
(6)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.
(7)	Relates to the net legal provisions recognized in the first and second quarters of 2023.
(8)	The income tax charge is comprised of $510 million for the present value of the estimated amount of the Canada Recovery Dividend (CRD) tax of $555 million, and a charge of $35 million related to the fiscal 2022 impact of the 1.5% increase in the tax rate applied to taxable income of certain bank and insurance entities in excess of $100 million for periods after April 2022. The discount of $45 million on the CRD tax accretes over the four-year payment period from initial recognition.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
														U.S.
				Canadian		U.S.		Capital						Commercial
		Canadian		Commercial		Commercial		Markets						Banking
		Personal		Banking		Banking		and Direct						and Wealth
		and Business		and Wealth		and Wealth		Financial		Corporate		CIBC		Management
$ millions, for the three months ended July 31, 2024		Banking		Management		Management		Services		and Other		Total		(US$ millions)
Operating results – reported
Total revenue		$	2,598	$	1,449	$	726	$	1,348	$	483	$	6,604	$	530
Provision for credit losses			338		42		47		45		11		483		33
Non-interest expenses			1,388		762		416		770		346		3,682		304
Income before income taxes			872		645		263		533		126		2,439		193
Income taxes			244		177		48		145		30		644		35
Net income			628		468		215		388		96		1,795		158
	Net income attributable to non-controlling interests		-		-		-		-		9		9		-
	Net income attributable to equity shareholders		628		468		215		388		87		1,786		158
Diluted EPS ($)												$	1.82
Impact of items of note⁽¹⁾
Revenue
	Adjustments related to enactment of a Federal tax measure in June 2024 that denies the dividends received deduction for Canadian banks⁽⁵⁾	$	-	$	-	$	-	$	123	$	(123)	$	-	$	-
Impact of items of note on revenue			-		-		-		123		(123)		-		-
Non-interest expenses
	Amortization and impairment of acquisition-related intangible assets		(7)		-		(8)		-		-		(15)		(6)
	Charge related to the special assessment imposed by the FDIC		-		-		(2)		-		-		(2)		(2)
Impact of items of note on non-interest expenses			(7)		-		(10)		-		-		(17)		(8)
Total pre-tax impact of items of note on net income			7		-		10		123		(123)		17		8
Income taxes
	Amortization and impairment of acquisition-related intangible assets		2		-		2		-		-		4		2
	Adjustments related to enactment of a Federal tax measure in June 2024 that denies the dividends received deduction for Canadian banks⁽⁵⁾		-		-		-		35		(123)		(88)		-
	Charge related to the special assessment imposed by the FDIC		-		-		1		-		-		1		1
Impact of items of note on income taxes			2		-		3		35		(123)		(83)		3
Total after-tax impact of items of note on net income		$	5	$	-	$	7	$	88	$	-	$	100	$	5
Impact of items of note on diluted EPS ($)⁽²⁾												$	0.11
Operating results – adjusted⁽³⁾
Total revenue – adjusted⁽⁴⁾		$	2,598	$	1,449	$	726	$	1,471	$	360	$	6,604	$	530
Provision for credit losses – adjusted			338		42		47		45		11		483		33
Non-interest expenses – adjusted			1,381		762		406		770		346		3,665		296
Income before income taxes – adjusted			879		645		273		656		3		2,456		201
Income taxes – adjusted			246		177		51		180		(93)		561		38
Net income – adjusted			633		468		222		476		96		1,895		163
	Net income attributable to non-controlling interests – adjusted		-		-		-		-		9		9		-
	Net income attributable to equity shareholders – adjusted		633		468		222		476		87		1,886		163
Adjusted diluted EPS ($)												$	1.93

See previous page for footnote references.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
															U.S.
					Canadian		U.S.		Capital						Commercial
		Canadian			Commercial		Commercial		Markets						Banking
		Personal			Banking		Banking		and Direct						and Wealth
		and Business			and Wealth		and Wealth		Financial		Corporate		CIBC		Management
$ millions, for the three months ended October 31, 2023		Banking		⁽⁶⁾	Management		Management		Services		and Other		Total		(US$ millions)
Operating results – reported
Total revenue		$	2,458		$	1,366	$	672	$	1,290	$	61	$	5,847	$	492
Provision for (reversal of) credit losses			282			11		249		4		(5)		541		183
Non-interest expenses			1,307			679		387		734		333		3,440		284
Income (loss) before income taxes			869			676		36		552		(267)		1,866		25
Income taxes			232			186		(14)		169		(192)		381		(10)
Net income (loss)			637			490		50		383		(75)		1,485		35
	Net income attributable to non-controlling interests		-			-		-		-		8		8		-
	Net income (loss) attributable to equity shareholders		637			490		50		383		(83)		1,477		35
Diluted EPS ($)													$	1.53
Impact of items of note⁽¹⁾
Non-interest expenses
	Amortization and impairment of acquisition-related intangible assets	$	(6)		$	-	$	(9)	$	-	$	(30)	$	(45)	$	(6)
Impact of items of note on non-interest expenses			(6)			-		(9)		-		(30)		(45)		(6)
Total pre-tax impact of items of note on net income			6			-		9		-		30		45		6
Income taxes
	Amortization and impairment of acquisition-related intangible assets		2			-		3		-		3		8		2
Impact of items of note on income taxes			2			-		3		-		3		8		2
Total after-tax impact of items of note on net income		$	4		$	-	$	6	$	-	$	27	$	37	$	4
Impact of items of note on diluted EPS ($)⁽²⁾													$	0.04
Operating results – adjusted⁽³⁾
Total revenue – adjusted⁽⁴⁾		$	2,458		$	1,366	$	672	$	1,290	$	61	$	5,847	$	492
Provision for (reversal of) credit losses – adjusted			282			11		249		4		(5)		541		183
Non-interest expenses – adjusted			1,301			679		378		734		303		3,395		278
Income (loss) before income taxes – adjusted			875			676		45		552		(237)		1,911		31
Income taxes – adjusted			234			186		(11)		169		(189)		389		(8)
Net income (loss) – adjusted			641			490		56		383		(48)		1,522		39
	Net income attributable to non-controlling interests – adjusted		-			-		-		-		8		8		-
	Net income (loss) attributable to equity shareholders – adjusted		641			490		56		383		(56)		1,514		39
Adjusted diluted EPS ($)													$	1.57

See previous pages for footnote references.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.

U.S.

Canadian

U.S.

Capital

Commercial

Canadian

Commercial

Markets

Banking

Personal

Banking

and Direct

and Wealth

and Business

and Wealth

Financial

Corporate

CIBC

Management

$ millions, for the twelve months ended October 31, 2024

Banking

Management

Services

and Other

Total

(US$ millions)

Operating results – reported

Total revenue

10,241

5,730

2,805

5,804

1,026

25,606

2,063

Provision for credit losses

1,203

122

560

115

2,001

412

Non-interest expenses

5,360

2,941

1,701

2,967

1,470

14,439

1,251

Income (loss) before income taxes

3,678

2,667

544

2,722

(445)

9,166

400

Income taxes

1,008

729

734

(502)

2,012

Net income

2,670

1,938

501

1,988

7,154

368

Net income attributable to non-controlling interests

Net income attributable to equity shareholders

2,670

1,938

501

1,988

7,115

368

Diluted EPS ($)

7.28

Impact of items of note⁽¹⁾

Non-interest expenses

Amortization and impairment of acquisition-related intangible assets

(26)

(30)

(56)

(22)

Charge related to the special assessment imposed by the FDIC

(103)

(77)

Impact of items of note on non-interest expenses

(26)

(133)

(159)

(99)

Total pre-tax impact of items of note on net income

133

159

Income taxes

Amortization and impairment of acquisition-related intangible assets

Charge related to the special assessment imposed by the FDIC

Impact of items of note on income taxes

Total after-tax impact of items of note on net income

118

Impact of items of note on diluted EPS ($)⁽²⁾

0.12

Operating results – adjusted⁽³⁾

Total revenue – adjusted⁽⁴⁾

10,241

5,730

2,805

5,804

1,026

25,606

2,063

Provision for credit losses – adjusted

1,203

122

560

115

2,001

412

Non-interest expenses – adjusted

5,334

2,941

1,568

2,967

1,470

14,280

1,152

Income (loss) before income taxes – adjusted

3,704

2,667

677

2,722

(445)

9,325

499

Income taxes – adjusted

1,015

729

734

(502)

2,053

Net income – adjusted

2,689

1,938

600

1,988

7,272

442

Net income attributable to non-controlling interests – adjusted

Net income attributable to equity shareholders – adjusted

2,689

1,938

600

1,988

7,233

442

Adjusted diluted EPS ($)

7.40

See previous pages for footnote references.

The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis.
															U.S.
					Canadian		U.S.		Capital						Commercial
		Canadian			Commercial		Commercial		Markets						Banking
		Personal			Banking		Banking		and Direct						and Wealth
		and Business			and Wealth		and Wealth		Financial		Corporate		CIBC		Management
$ millions, for the twelve months ended October 31, 2023		Banking		⁽⁶⁾	Management		Management		Services		and Other		Total		(US$ millions)
Operating results – reported
Total revenue		$	9,416		$	5,403	$	2,692	$	5,488	$	333	$	23,332	$	1,994
Provision for credit losses			986			143		850		19		12		2,010		630
Non-interest expenses			5,174			2,691		1,466		2,721		2,297		14,349		1,086
Income (loss) before income taxes			3,256			2,569		376		2,748		(1,976)		6,973		278
Income taxes			892			691		(3)		762		(408)		1,934		(2)
Net income (loss)			2,364			1,878		379		1,986		(1,568)		5,039		280
	Net income attributable to non-controlling interests		-			-		-		-		38		38		-
	Net income (loss) attributable to equity shareholders		2,364			1,878		379		1,986		(1,606)		5,001		280
Diluted EPS ($)													$	5.17
Impact of items of note⁽¹⁾
Revenue
	Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget	$	34		$	-	$	-	$	-	$	-	$	34	$	-
Impact of items of note on revenue			34			-		-		-		-		34		-
Non-interest expenses
	Amortization and impairment of acquisition-related intangible assets		(26)			-		(56)		-		(39)		(121)		(41)
	Increase in legal provisions⁽⁷⁾		-			-		-		-		(1,055)		(1,055)		-
Impact of items of note on non-interest expenses			(26)			-		(56)		-		(1,094)		(1,176)		(41)
Total pre-tax impact of items of note on net income			60			-		56		-		1,094		1,210		41
Income taxes
	Amortization and impairment of acquisition-related intangible assets		6			-		15		-		4		25		11
	Commodity tax charge related to the retroactive impact of the 2023 Canadian Federal budget		9			-		-		-		-		9		-
	Increase in legal provisions⁽⁷⁾		-			-		-		-		293		293		-
	Income tax charge related to the 2022 Canadian Federal budget⁽⁸⁾		-			-		-		-		(545)		(545)		-
Impact of items of note on income taxes			15			-		15		-		(248)		(218)		11
Total after-tax impact of items of note on net income		$	45		$	-	$	41	$	-	$	1,342	$	1,428	$	30
Impact of items of note on diluted EPS ($)⁽²⁾													$	1.56
Operating results – adjusted⁽³⁾
Total revenue – adjusted⁽⁴⁾		$	9,450		$	5,403	$	2,692	$	5,488	$	333	$	23,366	$	1,994
Provision for credit losses – adjusted			986			143		850		19		12		2,010		630
Non-interest expenses – adjusted			5,148			2,691		1,410		2,721		1,203		13,173		1,045
Income (loss) before income taxes – adjusted			3,316			2,569		432		2,748		(882)		8,183		319
Income taxes – adjusted			907			691		12		762		(656)		1,716		9
Net income (loss) – adjusted			2,409			1,878		420		1,986		(226)		6,467		310
	Net income attributable to non-controlling interests – adjusted		-			-		-		-		38		38		-
	Net income (loss) attributable to equity shareholders – adjusted		2,409			1,878		420		1,986		(264)		6,429		310
Adjusted diluted EPS ($)													$	6.73

See previous pages for footnote references.

The following table provides a reconciliation of GAAP (reported) net income to non-GAAP (adjusted) pre-provision, pre-tax earnings on a segmented basis.
														U.S.
				Canadian		U.S.		Capital						Commercial
		Canadian		Commercial		Commercial		Markets						Banking
		Personal		Banking		Banking		and Direct						and Wealth
		and Business		and Wealth		and Wealth		Financial		Corporate		CIBC		Management
$ millions, for the three months ended		Banking		Management		Management		Services		and Other		Total		(US$ millions)
2024	Net income (loss)	$	743	$	516	$	202	$	428	$	(7)	$	1,882	$	148
Oct. 31	Add: provision for credit losses		266		23		83		46		1		419		61
	Add: income taxes		288		194		36		154		(147)		525		27
	Pre-provision (reversal), pre-tax earnings (losses)⁽¹⁾		1,297		733		321		628		(153)		2,826		236
	Pre-tax impact of items of note⁽²⁾		6		-		3		-		-		9		2
	Adjusted pre-provision (reversal), pre-tax earnings (losses)⁽³⁾	$	1,303	$	733	$	324	$	628	$	(153)	$	2,835	$	238
2024	Net income (loss)	$	628	$	468	$	215	$	388	$	96	$	1,795	$	158
Jul. 31	Add: provision for credit losses		338		42		47		45		11		483		33
	Add: income taxes		244		177		48		145		30		644		35
	Pre-provision, pre-tax earnings⁽¹⁾		1,210		687		310		578		137		2,922		226
	Pre-tax impact of items of note⁽²⁾		7		-		10		123		(123)		17		8
	Adjusted pre-provision, pre-tax earnings⁽³⁾	$	1,217	$	687	$	320	$	701	$	14	$	2,939	$	234
2023	Net income (loss)	$	637	$	490	$	50	$	383	$	(75)	$	1,485	$	35
Oct. 31⁽⁴⁾	Add: provision for (reversal of) credit losses		282		11		249		4		(5)		541		183
	Add: income taxes		232		186		(14)		169		(192)		381		(10)
	Pre-provision (reversal), pre-tax earnings (losses)⁽¹⁾		1,151		687		285		556		(272)		2,407		208
	Pre-tax impact of items of note⁽²⁾		6		-		9		-		30		45		6
	Adjusted pre-provision (reversal), pre-tax earnings (losses)⁽³⁾	$	1,157	$	687	$	294	$	556	$	(242)	$	2,452	$	214

$ millions, for the twelve months ended
2024	Net income	$	2,670	$	1,938	$	501	$	1,988	$	57	$	7,154	$	368
Oct. 31	Add: provision for credit losses		1,203		122		560		115		1		2,001		412
	Add: income taxes		1,008		729		43		734		(502)		2,012		32
	Pre-provision (reversal), pre-tax earnings (losses)⁽¹⁾		4,881		2,789		1,104		2,837		(444)		11,167		812
	Pre-tax impact of items of note⁽²⁾		26		-		133		-		-		159		99
	Adjusted pre-provision (reversal), pre-tax earnings (losses)⁽³⁾	$	4,907	$	2,789	$	1,237	$	2,837	$	(444)	$	11,326	$	911
2023	Net income (loss)	$	2,364	$	1,878	$	379	$	1,986	$	(1,568)	$	5,039	$	280
Oct. 31⁽⁴⁾	Add: provision for credit losses		986		143		850		19		12		2,010		630
	Add: income taxes		892		691		(3)		762		(408)		1,934		(2)
	Pre-provision (reversal), pre-tax earnings (losses)⁽¹⁾		4,242		2,712		1,226		2,767		(1,964)		8,983		908
	Pre-tax impact of items of note⁽²⁾		60		-		56		-		1,094		1,210		41
	Adjusted pre-provision (reversal), pre-tax earnings (losses)⁽³⁾	$	4,302	$	2,712	$	1,282	$	2,767	$	(870)	$	10,193	$	949

(1)	Non-GAAP measure.
(2)	Items of note are removed from reported results to calculate adjusted results.
(3)	Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures.
(4)	Certain information for 2023 has been restated to reflect the adoption of IFRS 17. For additional information, see Note 1 to the consolidated financial statements of our 2024 Annual Report, available on SEDAR+ at www.sedarplus.com.

Basis of presentation

The interim consolidated financial information in this news release is prepared in accordance with IFRS and is unaudited whereas the annual consolidated financial information is derived from audited financial statements. These interim consolidated financial statements follow the same accounting policies and methods of application as CIBC's consolidated financial statements as at and for the year ended October 31, 2024.

Conference Call/Webcast

The conference call will be held at 7:30 a.m. (ET) and is available in English (416-340-2217, or toll-free 1-800-806-5484, passcode 1073773#) and French (514-392-1587, or toll-free 1-800-898-3989, passcode 5601311#). Participants are asked to dial in 10 minutes before the call. Immediately following the formal presentations, CIBC executives will be available to answer questions.

A live audio webcast of the conference call will also be available in English and French at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.

Details of CIBC's 2024 fourth quarter and fiscal year results, as well as a presentation to investors, will be available in English and French at www.cibc.com, Investor Relations section, prior to the conference call/webcast. We are not incorporating information contained on the website in this news release.

A telephone replay will be available in English (905-694-9451 or 1-800-408-3053, passcode 8797228#) and French (514-861-2272 or 1-800-408-3053, passcode 6432963#) until 11:59 p.m. (ET) December 19, 2024. The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html.

About CIBC

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html.

The information below forms a part of this news release.

Nothing in CIBC's corporate website (www.cibc.com) should be considered incorporated herein by reference.

The Board of Directors of CIBC reviewed this news release prior to it being issued.

A NOTE ABOUT FORWARD-LOOKING STATEMENTS:

From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this news release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, in other reports to shareholders, and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements made in the "Core business performance", "Strong fundamentals", and "Making a difference in our Communities" sections of this news release, and the Management's Discussion and Analysis in our 2024 Annual Report under the heading "Economic and market environment – Outlook for calendar year 2025" and other statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to net-zero emissions and our environmental, social and governance (ESG) related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2025 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, including the economic assumptions set out in the "Economic and market environment – Outlook for calendar year 2025" section of our 2024 Annual Report, as updated by quarterly reports, and are subject to inherent risks and uncertainties that may be general or specific. Given the continuing impact of the interest rate, inflationary, macroeconomic, banking and regulatory environment, the impact of hybrid work arrangements and the lagged impact of high interest rates on the U.S. real estate sector, the softening labour market and uncertain political conditions in the U.S., and the war in Ukraine and conflict in the Middle East on the global economy, financial markets, and our business, results of operations, reputation and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: inflationary pressures; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East, the occurrence, continuance or intensification of public health emergencies, such as the impact of post-pandemic hybrid work arrangements, and any related government policies and actions; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic or trade matters; the possible effect on our business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry including through internet and mobile banking; technological change including the use of data and artificial intelligence in our business; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; climate change and other ESG related risks including our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Additional information about these factors can be found in the "Management of risk" section of our 2024 Annual Report, as updated by our quarterly reports. Any forward-looking statements contained in this news release represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this news release or in other communications except as required by law.

SOURCE CIBC - Investor Relations

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/05/c7425.html

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