CIBC Announces Fourth Quarter and Fiscal 2013 Results

CIBC's 2013 audited annual consolidated financial statements and accompanying management's discussion & analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information report which includes fourth quarter financial information.

TORONTO, Dec. 5, 2013 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced net income of $836 million for the fourth quarter ended October 31, 2013, compared with $852 million for the fourth quarter of 2012. Adjusted net income(1) of $905 million for the quarter was up from $858 million for the fourth quarter of 2012. Reported diluted earnings per share (EPS) of $2.05 and adjusted diluted EPS(1) of $2.22 for the fourth quarter of 2013, compared with reported diluted EPS of $2.02 and adjusted diluted EPS(1) of $2.04, respectively, for the same period last year.

CIBC's results for the fourth quarter of 2013 were affected by the following items of note aggregating to a negative impact of $0.17 per share:

  • $39 million ($37 million after-tax, or $0.09 per share) restructuring charge relating to FirstCaribbean International Bank Limited (CIBC FirstCaribbean);
  • $35 million ($19 million after-tax, or $0.05 per share) impairment of an equity position associated with our exited U.S. leveraged finance portfolio;
  • $24 million ($18 million after-tax, or $0.05 per share) expenses relating to the development and marketing of our enhanced proprietary travel rewards program and to the proposed Aeroplan transactions with Aimia Canada Inc. (Aimia) and The Toronto-Dominion Bank Group (TD) in the first quarter of 2014;
  • $15 million ($11 million after-tax, or $0.03 per share) gain from the structured credit run-off business; and
  • $7 million ($6 million after-tax, or $0.01 per share) amortization of intangible assets.

CIBC's reported net income of $836 million and adjusted net income(1) of $905 million for the fourth quarter of 2013 compared with reported net income of $890 million and adjusted net income(1) of $943 million for the third quarter ended July 31, 2013. Reported diluted EPS of $2.05 and adjusted diluted EPS(1) of $2.22 for the fourth quarter of 2013 compared with reported diluted EPS of $2.16 and adjusted diluted EPS(1) of $2.29 for the prior quarter.

For the year ended October 31, 2013, CIBC reported net income of $3.4 billion and adjusted net income(1) of $3.6 billion, compared with reported net income of $3.3 billion and adjusted net income(1) of $3.4 billion for 2012. Reported diluted EPS of $8.23 and adjusted diluted EPS(1) of $8.78 for 2013 compared with reported diluted EPS of $7.85 and adjusted diluted EPS(1) of $8.07 for 2012.

CIBC's adjusted return on common shareholders' equity(1) was 22.3% for the year ended October 31, 2013 and the Basel III Common Equity Tier 1 ratio was 9.4% as at October 31, 2013.

"CIBC reported another year of solid progress in 2013," says Gerry McCaughey, CIBC President and Chief Executive Officer. "Our results reflect the strength of our client-focused strategy."

"Within an environment that continues to be challenging, CIBC has the right strategy to continue to deliver value," adds McCaughey. "In 2014, we will continue to focus on cultivating deeper relationships with our clients and pursing strategic growth."

Performance against Objectives

Our key measures of performance Our Objectives 2013 results
Adjusted Earnings per share (EPS) (1)
growth
Adjusted EPS growth of 5%-10% per annum, on
average, over the next 3-5 years
2013: $8.78, up 9% from 2012
Adjusted Return on common
shareholders' equity (ROE) (1)
Adjusted return on common shareholders' equity of
20% through the cycle
22.3%
Capital Strength Basel III Common Equity Tier 1 ratio to exceed the
regulatory target set by Office of the
Superintendent of Financial Institutions (OSFI)
Basel III Common Equity Tier 1 ratio of 9.4%
Business mix 75% Retail (2)/25% wholesale (as measured by
economic capital (1))
77%/23%
Retail (2)/wholesale
Risk (3) Maintain provision for credit losses as a percentage
of average loans and acceptances (loan loss ratio)
between 45 and 60 basis points through the
business cycle
44 basis points
Productivity Achieve a median ranking within our industry
group, in terms of adjusted non-interest expenses to
total revenue (adjusted efficiency ratio) (1)
56.2%
Adjusted Dividend payout ratio (1) 40%-50% (common share dividends as a
percentage of adjusted net income after preferred
share dividends and premium on redemptions)
43.2%
Total shareholder return Outperform the S&P/TSX Composite Banks Index
(dividends reinvested) on a rolling five-year basis
Five years ended October 31, 2013: CIBC - 109.3%
Index - 99.0%

Core business performance
Retail and Business Banking reported net income of $2.5 billion in 2013, up from $2.3 billion in 2012, as a result of wider spreads, volume growth across most retail products and higher fees.

Retail and Business Banking continued to make strategic investments throughout 2013 in areas that are enhancing the relationship we have with, and the value we provide to, our clients:

  • As part of CIBC's commitment to provide our clients with the market leading travel rewards credit card, CIBC launched an enhanced Aventura card and signed a 10-year extension with Aimia to continue to offer our clients Aeroplan credit cards.  Combined, our clients have the largest offering of choice in the Canadian marketplace.
  • We became the first and remain the only bank to launch a new mobile payments App for clients, the CIBC Mobile Payment App.
  • We introduced the CIBC Mobile Business App, offering online cash management solutions for our business banking clients.
  • More than one million active clients are now using our award-winning mobile banking App to perform many of their everyday banking transactions from their mobile device.
  • We launched the CIBC Everyday Banking Bundle and the CIBC Premium Banking Bundle to make it easier for our clients to bank with us and reward them for doing so.
  • The ongoing conversion of our FirstLine mortgage clients into CIBC-brand mortgages continues to exceed targets, and supports our focus on client retention by introducing these clients to the benefits of a broader banking relationship with CIBC.

Today, CIBC and the Greater Toronto Airport Authority (GTAA) announced an innovative multi-year partnership that establishes CIBC as the exclusive financial services provider of full service banking for the 35 million people who pass through Toronto Pearson Airport each year. 

"We made good progress against our priorities in 2013 of building deeper relationships with our clients, enhancing our sales and service capabilities, and acquiring and retaining clients," says David Williamson, Group Head, Retail and Business Banking. "As a result, we accelerated revenue, increased our margins and improved our client satisfaction scores."

Wealth Management reported net income of $388 million in 2013, compared with $339 million in 2012. Adjusting for items of note(1), net income of $392 million was up $87 million from $305 million in 2012. Net income increased as a result of higher revenue across all businesses.

Wealth Management strengthened its business on many fronts in 2013 in support of our strategic priorities to attract and deepen client relationships, seek new sources of domestic assets and pursue acquisitions and investments. Key highlights included:

  • Announcement of our intent to acquire Atlantic Trust, a U.S. private wealth management firm, as part of our strategic plan to grow our North American wealth management business.  We are on track with our transition plans and expect to complete this acquisition in the first quarter of fiscal 2014 following regulatory approvals.
  • We achieved our 19th consecutive quarter of positive retail net sales of long-term mutual funds and had record long-term net sales of $4.8 billion.
  • CIBC Private Wealth Management and CIBC Wood Gundy successfully attracted new clients and assets to the Wealth Management platform at an accelerated rate during the second half of the year.
  • We made significant enhancements to the CIBC Investor's Edge platform, with the launch of a new online interface to provide clients with additional tools and functionality to monitor their investment portfolios, including a new Exchange Traded Funds (ETF) Centre and enhanced research centre that includes equity reports from Morningstar and Thomson-Reuters.
  • CIBC Wood Gundy and CIBC Investor's Edge continue to strengthen client satisfaction indicators.

"We will continue to invest in our Wealth Management platform, domestically and internationally, to enhance the client experience and strengthen shareholder returns," says Victor Dodig, Group Head, Wealth Management.

Despite ongoing uncertainty in global markets, Wholesale Banking delivered strong results, reporting net income of $716 million, compared with $613 million in 2012. Adjusting for items of note(1), net income of $834 million in 2013 compared with net income of $680 million in 2012.

Wholesale Banking's objective is to be the premier client-focused wholesale bank centred in Canada, with a reputation for consistent and sustainable earnings, for sound risk management, and for being a well-managed firm known for excellence in everything we do. During 2013, Wholesale Banking:

  • Ranked as #1 in Canadian equity markets in the annual Brendan Wood International survey by institutional investors who recognized the leadership demonstrated by CIBC's equity research, sales and trading teams and investor conferences.
  • Named top forecaster of Australian and Canadian dollars by Bloomberg for the four quarters ended June 30, 2013.
  • Ranked #1 in Canadian equity trading by volume, value and number of trades by TSX and ATS Market Share Report, 2009-present.
  • Led or co-led several key transactions, most notably Choice Properties Real Estate Investment Trust's $460 million IPO of Trust Units, $600 million inaugural bond offering and $500 million senior unsecured credit facility.

Subsequent to the quarter-end, on November 29, 2013, CIBC sold an equity investment that was previously acquired through a loan restructuring in CIBC's exited European leveraged finance business. The transaction will result in an after-tax gain, net of associated expenses, of approximately $50 million in the first quarter of 2014.

"Wholesale Banking delivered high quality and consistent performance in 2013, despite continued challenging market conditions globally," says Richard Nesbitt, Chief Operating Officer.

While investing in our core Wholesale Banking strategy, CIBC continued to actively manage and reduce its structured credit run-off portfolio. In 2013, notional exposures declined by $5.5 billion as a result of sales and terminations of positions, as well as normal amortization.

(1)      For additional information, see the "Non-GAAP measures" section.
(2)      For the purpose of calculating this ratio, Retail includes Retail and Business Banking, Wealth Management and International Banking operations (reported as part of Corporate and Other). The ratio represents the amount of economic capital attributed to these businesses as at the end of the period.
(3)      Going forward, our target will be to maintain a loan loss ratio of less than 60 basis points.

Strong fundamentals
While investing in its core businesses, CIBC has continued to strengthen its key fundamentals. In 2013, CIBC maintained its capital strength, competitive productivity and sound risk management:

  • CIBC's capital ratios are strong, including Basel III Common equity Tier 1 ratio of 9.4%, and Tier 1 and Total capital ratios of 11.6% and 14.6% at October 31, 2013;
  • Credit quality has remained stable, with CIBC's loan loss ratio of 44 basis points compared with 53 basis points in 2012; and
  • Market risk, as measured by average Value-at-Risk, was $4.6 million in 2013 compared with $4.9 million in 2012.

Making a difference in our Communities
As a leader in community investment, CIBC is committed to supporting causes that matter to its clients, employees and communities. During the fourth quarter of 2013:

  • CIBC continued its long-term commitment to supporting breast cancer initiatives. The 2013 Canadian Breast Cancer Foundation CIBC Run for the Cure raised $27 million, including more than $3 million contributed by Team CIBC through pledges, fundraising activities and donations to the CIBC Pink Collection and close to $500,000 raised by students across Canada as part of the Post Secondary Challenge. CIBC was also proud to co-sponsor the Pink Tour, which made its final stop in October after bringing breast health education to 90 communities across Ontario.
  • CIBC marked its fourth year as title sponsor of the CIBC 401 Bike Challenge, a three-day, 576-kilometre ride from Toronto's Hospital for Sick Children to the Montreal Children's Hospital. A number of CIBC employees and their fellow riders raised more than $274,000 to support kids with cancer and their families through the Sarah Cook Fund of the Cedars Cancer Institute.
  • In support of Canada's para athletes, CIBC marked the two-year countdown to the 2015 TORONTO Parapan Am Games and announced its multi-year commitment as the Official Banking Partner of the Canadian Paralympic Committee.

During the quarter, CIBC was ranked among the top 10 Safest Banks in North America by Global Finance magazine. CIBC was recognized by Mediacorp as one of Canada's Top 100 Employers for a second consecutive year and as one of Canada's Top Employers for Young People. CIBC was also once again named a constituent of the following widely regarded indices:

  • Dow Jones Sustainability World Index for a 12th consecutive year, and in the Dow Jones Sustainability North American Index since its inception in 2005;
  • FTSE4Good Index since 2001; and
  • Jantzi Social Index since 2000.

"We are proud of the contributions we have made and the recognition we have received," says Mr. McCaughey.  "I would like to thank our employees for the work that they do in serving our clients, supporting our communities and helping CIBC achieve business success."

Fourth quarter financial highlights

  As at or for the         As at or for the  
        three months ended         twelve months ended  
  2013   2013   2012       2013 2012  
  Oct. 31   Jul. 31   Oct. 31 (1)     Oct. 31 Oct. 31 (1)
Financial results ($ millions)            
Net interest income $ 1,894    $ 1,883    $ 1,848        $ 7,455    $ 7,326   
Non-interest income   1,306      1,380      1,311          5,328      5,223   
Total revenue   3,200      3,263      3,159          12,783      12,549   
Provision for credit losses   271      320      328          1,121      1,291   
Non-interest expenses   1,932      1,874      1,829          7,614      7,215   
Income before taxes   997      1,069      1,002          4,048      4,043   
Income taxes   161      179      150          648      704   
Net income $ 836    $ 890    $ 852        $ 3,400    $ 3,339   
Net income (loss) attributable to non-controlling interests   (7)                 (3)      
      Preferred shareholders   24      25      29          99      158   
      Common shareholders   819      865      821          3,304      3,173   
Net income attributable to equity shareholders $ 843    $ 890    $ 850        $ 3,403    $ 3,331   
Financial measures                                  
Reported efficiency ratio   60.4  %   57.4  %   57.9  %       59.6  %   57.5  %
Adjusted efficiency ratio (2)   56.4  %   55.6  %   56.5  %       56.2  %   55.8  %
Loan loss ratio   0.41  %   0.45  %   0.53  %       0.44  %   0.53  %
Reported return on common shareholders' equity   19.9  %   21.6  %   21.7  %       20.9  %   22.0  %
Adjusted return on common shareholders' equity (2)   21.5  %   22.9  %   21.8  %       22.3  %   22.6  %
Net interest margin   1.85  %   1.85  %   1.83  %       1.85  %   1.84  %
Net interest margin on average interest-earning assets   2.10  %   2.12  %   2.14  %       2.12  %   2.15  %
Return on average assets   0.82  %   0.88  %   0.85  %       0.84  %   0.84  %
Return on average interest-earning assets   0.93  %   1.01  %   0.99  %       0.97  %   0.98  %
Total shareholder return   15.15  %   (2.04) %   8.42  %       18.41  %   9.82  %
Reported effective tax rate   16.2  %   16.7  %   15.0  %       16.0  %   17.4  %
Adjusted effective tax rate(2)   16.8  %   17.2  %   16.2  %       16.7  %   18.1  %
Common share information                                  
Per share ($) - basic earnings $ 2.05    $ 2.16    $ 2.02        $ 8.24    $ 7.86   
  - reported diluted earnings     2.05      2.16      2.02          8.23      7.85   
  - adjusted diluted earnings (2)   2.22      2.29      2.04          8.78      8.07   
  - dividends   0.96      0.96      0.94          3.80      3.64   
  - book value   41.44      40.11      37.48          41.44      37.48   
Share price ($) - high   88.70      80.64      78.56          88.70      78.56   
    - low   76.91      74.10      72.97          74.10      68.43   
    - closing   88.70      77.93      78.56          88.70      78.56   
Shares outstanding (thousands) - weighted-average basic   399,819      399,952      405,404          400,880      403,685   
  - weighted-average diluted   400,255      400,258      405,844          401,261      404,145   
  - end of period   399,250      399,992      404,485          399,250      404,485   
Market capitalization ($ millions) $ 35,413    $ 31,171    $ 31,776        $ 35,413    $ 31,776   
Value measures                                  
Dividend yield (based on closing share price)   4.3  %   4.9  %   4.8  %       4.3  %   4.6  %
Reported dividend payout ratio   46.9  %   44.4  %   46.4  %       46.1  %   46.3  %
Adjusted dividend payout ratio (2)   43.2  %   41.8  %   46.1  %       43.2  %   45.1  %
Market value to book value ratio   2.14      1.94      2.10          2.14      2.10   
On- and off-balance sheet information ($ millions)                                  
Cash, deposits with banks and securities $ 78,361    $ 76,451    $ 70,061        $ 78,361    $ 70,061   
Loans and acceptances, net of allowance   256,374      254,221      252,732          256,374      252,732   
Total assets   398,389      397,547      393,385          398,389      393,385   
Deposits   313,528      311,490      300,344          313,528      300,344   
Common shareholders' equity   16,546      16,044      15,160          16,546      15,160   
Average assets   405,634      403,081      401,092          403,946      397,382   
Average interest-earning assets   357,749      351,753      343,840          351,677      341,053   
Average common shareholders' equity   16,355      15,921      15,077          15,807      14,442   
Assets under administration   1,513,126     1,460,311      1,445,870          1,513,126     1,445,870   
Balance sheet quality measures                                  
Basel III - Transitional basis                                    
        Risk-weighted assets (RWA) ($ millions) $ 151,338    $ 152,176      n/a       $ 151,338      n/a  
        Common Equity Tier 1 (CET1) ratio     11.0  %   10.7  %   n/a         11.0  %   n/a  
        Tier 1 capital ratio   11.8  %   11.4  %   n/a         11.8  %   n/a  
        Total capital ratio   14.3  %   14.0  %   n/a         14.3  %   n/a  
Basel III - All-in basis                                  
        RWA ($ millions) $ 136,747    $ 133,994      n/a       $ 136,747      n/a  
        CET1 ratio   9.4  %   9.3  %   n/a         9.4  %   n/a  
        Tier 1 capital ratio   11.6  %   11.6  %   n/a         11.6  %   n/a  
        Total capital ratio   14.6  %   14.7  %   n/a         14.6  %   n/a  
Basel II                                  
        RWA ($ millions)   n/a     n/a   $ 115,229          n/a   $ 115,229   
        Tier 1 capital ratio   n/a     n/a     13.8  %       n/a     13.8  %
        Total capital ratio   n/a     n/a     17.3  %       n/a     17.3  %
Other information                                    
Retail / wholesale ratio   77 % / 23 %   77 % / 23 %   77 % / 23 %       77 % / 23 %   77 % / 23 %
Full-time equivalent employees
  43,039      43,516      42,595          43,039      42,595  
(1) Certain information has been reclassified to conform to the presentation adopted in the current period.    
(2) For additional information, see the "Non-GAAP measures" section.    
n/a Not applicable.    

Review of Retail and Business Banking fourth quarter results

                 
      2013     2013     2012  
$ millions, for the three months ended   Oct. 31     Jul. 31     Oct. 31  
Revenue                  
  Personal banking $ 1,695    $ 1,672    $ 1,616   
  Business banking   384      384      378   
  Other   25      58      42   
Total revenue   2,104      2,114      2,036   
Provision for credit losses   215      241      255   
Non-interest expenses   1,085      1,033      1,030   
Income before taxes   804      840      751   
Income taxes   194      202      182   
Net income $ 610    $ 638    $ 569   
Net income attributable to:                  
  Equity shareholders  (a) $ 610    $ 638    $ 569   
Efficiency ratio   51.5  %   48.9  %   50.6  %
Return on equity (1)   55.3  %   60.5  %   57.1  %
Charge for economic capital (1) (b) $ (137)   $ (132)   $ (126)  
Economic profit (1) (a+b) $ 473    $ 506    $ 443   
Full-time equivalent employees   21,781      22,186      21,857  
(1) For additional information, see the "Non-GAAP measures" section.

Net income was $610 million, up $41 million from the fourth quarter of 2012. Adjusted net income (1) was $629 million, up $58 million from the fourth quarter of 2012.

Revenue of $2,104 million was up $68 million from the fourth quarter of 2012. Excluding the impact of Treasury allocations, revenue was up $75 million from the fourth quarter of 2012.  Personal banking and business banking revenue increased primarily due to volume growth across most products and higher fees, partially offset by lower spreads in business deposits. Other revenue was down primarily due to lower treasury allocations and lower revenue in our exited FirstLine mortgage broker business.

Provision for credit losses of $215 million was down $40 million from the fourth quarter of 2012, primarily due to lower write-offs in cards, partially offset by higher losses in commercial banking.

Non-interest expenses of $1,085 million were up $55 million from the fourth quarter of 2012, mainly due to higher employee-related compensation relating to an increased number of client-facing employees, and expenses relating to the development and marketing of our enhanced proprietary travel rewards program and to the proposed Aeroplan transactions with Aimia and TD in the first quarter of 2014.

Income tax expense of $194 million was up $12 million from the fourth quarter of 2012 due to higher income.

(1) For additional information, see the "Non-GAAP measures" section.

Review of Wealth Management fourth quarter results

 
                     
          2013     2013     2012  
$ millions, for the three months ended       Oct. 31     Jul. 31     Oct. 31  
Revenue                      
  Retail brokerage     $ 272    $ 267    $ 256   
  Asset management       165      159      138   
  Private wealth management       33      32      26   
Total revenue       470      458      420   
Provision for credit losses                
Non-interest expenses       334      325      308   
Income before taxes       135      133      112   
Income taxes       31      31      28   
Net income     $ 104    $ 102    $ 84   
Net income attributable to:                      
  Equity shareholders  (a)     $ 104    $ 102    $ 84   
Efficiency ratio       71.2  %   71.0  %   73.4  %
Return on equity (1)       21.6  %   21.4  %   18.9  %
Charge for economic capital (1) (b)     $ (59)   $ (58)   $ (55)  
Economic profit (1) (a+b)     $ 45    $ 44    $ 29   
Full-time equivalent employees       3,840      3,837      3,783   
(1) For additional information, see the "Non-GAAP measures" section.

Net Income for the quarter was $104 million, up $20 million from the fourth quarter of 2012.

Revenue of $470 million was up $50 million from the fourth quarter of 2012, primarily due to higher average client assets under management driven by market appreciation and higher net sales of long-term mutual funds, higher contribution from our investment in American Century Investments, and higher fee-based revenue.

Non-interest expenses of $334 million were up $26 million from the fourth quarter of 2012, primarily due to higher performance-based compensation.

Review of Wholesale Banking fourth quarter results

            2013     2013     2012  
$ millions, for the three months ended         Oct. 31     Jul. 31     Oct. 31  
Revenue                        
  Capital markets       $ 279    $ 349    $ 295   
  Corporate and investment banking         249      243      206   
  Other         (6)         74   
Total revenue (1)         522      596      575   
Provision for (reversal of) credit losses         (1)     14      66   
Non-interest expenses         272      303      263   
Income before taxes         251      279      246   
Income taxes (1)         41      62      53   
Net income       $ 210    $ 217    $ 193   
Net income attributable to:                        
  Equity shareholders  (a)       $ 210    $ 217    $ 193   
Efficiency ratio         52.1  %   50.9  %   45.7  %
Return on equity (2)         36.1  %   38.7  %   35.0  %
Charge for economic capital (2) (b)       $ (72)   $ (70)   $ (70)  
Economic profit (2) (a+b)       $ 138    $ 147    $ 123   
Full-time equivalent employees         1,273      1,302      1,268   
(1) Revenue and income taxes are reported on a taxable equivalent basis (TEB). Accordingly, revenue and income taxes include a TEB adjustment of $78 million for the quarter
ended October 31, 2013 (July 31, 2013: $90 million; October 31, 2012: $92 million).
(2) For additional information, see the "Non-GAAP measures" section.

Net income for the quarter was $210 million, compared with net income of $217 million for the third quarter of 2013.  Adjusted net income (1) for the quarter was $218 million, compared with $223 million for the prior quarter.

Revenue of $522 million was down $74 million from the third quarter, primarily due lower Capital Markets revenue and a loss related to impairment of an equity position associated with our exited U.S. leveraged finance portfolio, partially offset by higher revenue in U.S. Real Estate Finance and the Structured Credit Run-Off business.

Net reversal of credit losses of $1 million compared with a provision for credit losses of $14 million from the third quarter, mainly due to losses in our U.S. Leveraged Finance portfolio in the prior quarter.

Non-interest expenses of $272 million were down $31 million from the third quarter, primarily due to lower performance-based compensation.

Income tax expense of $41 million was down $21 million from the third quarter, due to lower income and a decrease in the relative proportion of income earned in higher tax jurisdictions.

(1)  For additional information, see the "Non-GAAP measures" section.

Review of Corporate and Other fourth quarter results

          2013 2013 2012  
$ millions, for the three months ended         Oct. 31 Jul. 31 Oct. 31  
Revenue                      
  International banking         $ 148  $ 142  $ 149   
  Other           (44)   (47)   (21)  
Total revenue (1)           104    95    128   
Provision for credit losses           56    65     
Non-interest expenses           241    213    228   
Loss before taxes           (193)   (183)   (107)  
Income taxes (1)           (105)   (116)   (113)  
Net income (loss)         $ (88) $ (67) $  
Net income (loss) attributable to:                      
  Non-controlling interests         $ (7) $ $  
  Equity shareholders           (81)   (67)    
Full-time equivalent employees           16,145    16,191    15,687   
(1)  TEB adjusted. See footnote 1 in "Wholesale Banking" section for additional details.

Net income was down $94 million from the fourth quarter of 2012 as a result of lower Other revenue, a higher provision for credit losses and higher non-interest expenses.

Revenue was down $24 million from the fourth quarter of 2012 mainly due to lower unallocated treasury revenue.

Provision for credit losses was up $49 million from the fourth quarter of 2012 primarily due to higher losses in CIBC FirstCaribbean.

Non-interest expenses were up $13 million from the fourth quarter of 2012 mainly due to a restructuring charge relating to CIBC FirstCaribbean.

Income tax benefit was down $8 million from the fourth quarter of 2012 mainly due to a lower TEB adjustment.

Consolidated balance sheet

$ millions, as at October 31   2013      2012 
ASSETS          
Cash and non-interest-bearing deposits with banks $ 2,211    $ 2,613 
Interest-bearing deposits with banks   4,168      2,114 
Securities          
Trading   44,068      40,330 
Available-for-sale (AFS)   27,627      24,700 
Designated at fair value (FVO)   287      304 
      71,982      65,334 
Cash collateral on securities borrowed   3,417      3,311 
Securities purchased under resale agreements   25,311      25,163 
Loans          
Residential mortgages   150,938      150,056 
Personal   34,441      35,323 
Credit card   14,772      15,153 
Business and government   48,201      43,624 
Allowance for credit losses   (1,698)     (1,860)
      246,654      242,296 
Other          
Derivative instruments   19,947      27,039 
Customers' liability under acceptances   9,720      10,436 
Land, buildings and equipment   1,719      1,683 
Goodwill   1,733      1,701 
Software and other intangible assets   756      656 
Investments in equity-accounted associates and joint ventures   1,713      1,635 
Other assets   9,058      9,404 
      44,646      52,554 
    $ 398,389    $ 393,385 
LIABILITIES AND EQUITY          
Deposits          
Personal $ 125,034    $ 118,153 
Business and government   133,100      125,055 
Bank   5,592      4,723 
Secured borrowings   49,802      52,413 
      313,528      300,344 
Obligations related to securities sold short   13,327      13,035 
Cash collateral on securities lent   2,099      1,593 
Capital Trust securities   1,638      1,678 
Obligations related to securities sold under repurchase agreements   4,887      6,631 
Other          
Derivative instruments   19,724      27,091 
Acceptances   9,721      10,481 
Other liabilities   10,808      10,671 
      40,253      48,243 
Subordinated indebtedness   4,228      4,823 
Equity          
Preferred shares   1,706      1,706 
Common shares   7,753      7,769 
Contributed surplus   82      85 
Retained earnings   8,402      7,042 
Accumulated other comprehensive income (AOCI)   309      264 
Total shareholders' equity   18,252      16,866 
Non-controlling interests   177      172 
Total equity   18,429      17,038 
    $ 398,389    $ 393,385 

Consolidated statement of income

           
  For the three     For the twelve  
  months ended     months ended  
  2013 2013   2012       2013 2012    
$ millions, except as noted Oct. 31 Jul. 31   Oct. 31 (1)     Oct. 31 Oct. 31 (1)  
Interest income                                
Loans $ 2,453  $ 2,479    $ 2,494        $ 9,795  $ 10,020     
Securities   407    412      377          1,631    1,522     
Securities borrowed or purchased under resale agreements   91    82      87          347    323     
Deposits with banks         11          38    42     
    2,959    2,982      2,969          11,811    11,907     
Interest expense                                
Deposits   867    904      895          3,541    3,630     
Securities sold short   84    85      84          334    333     
Securities lent or sold under repurchase agreements   25    20      30          102    156     
Subordinated indebtedness   45    46      52          193    208     
Capital Trust securities   35    31      36          136    144     
Other     13      24          50    110     
    1,065    1,099      1,121          4,356    4,581     
Net interest income   1,894    1,883      1,848          7,455    7,326     
Non-interest income                                
Underwriting and advisory fees   88    98      118          389    438     
Deposit and payment fees   215    223      194          824    775     
Credit fees   117    118      111          462    418     
Card fees   150    151      152          599    619     
Investment management and custodial fees   126    119      110          474    424     
Mutual fund fees   267    258      230          1,014    880     
Insurance fees, net of claims   93    94      92          358    335     
Commissions on securities transactions   98    106      98          412    402     
Trading income (loss)   (9)   24      (17)         28    53     
AFS securities gains, net     48      61          212    264     
FVO gains (losses), net         (4)           (32)    
Foreign exchange other than trading     18              44    91     
Income from equity-accounted associates and joint ventures   45    40      44          139    160     
Other   96    81      113          368    396     
    1,306    1,380      1,311          5,328    5,223     
Total revenue   3,200    3,263      3,159          12,783    12,549     
Provision for credit losses   271    320      328          1,121    1,291     
Non-interest expenses                                
Employee compensation and benefits   1,055    1,079      1,001          4,253    4,044     
Occupancy costs   181    171      182          700    697     
Computer, software and office equipment   285    269      266          1,052    1,022     
Communications   75    75      74          307    304     
Advertising and business development   79    59      69          236    233     
Professional fees   59    45      45          179    174     
Business and capital taxes   16    15      12          62    50     
Other   182    161      180          825    691     
    1,932    1,874      1,829          7,614    7,215     
Income before income taxes   997    1,069      1,002          4,048    4,043     
Income taxes   161    179      150          648    704     
Net income $ 836  $ 890    $ 852        $ 3,400  $ 3,339     
Net income (loss) attributable to non-controlling interests $ (7) $   $       $ (3) $    
  Preferred shareholders $ 24  $ 25    $ 29        $ 99  $ 158     
  Common shareholders   819    865      821          3,304    3,173     
Net income attributable to equity shareholders $ 843  $ 890    $ 850        $ 3,403  $ 3,331     
Earnings per share (in dollars)                                
  Basic $ 2.05  $ 2.16    $ 2.02        $ 8.24  $ 7.86     
  Diluted   2.05    2.16      2.02          8.23    7.85     
Dividends per common share (in dollars)   0.96    0.96      0.94          3.80    3.64     
(1) Certain information has been reclassified to conform to the presentation adopted in the current period.

Consolidated statement of comprehensive income

       
        For the three     For the twelve  
        months ended     months ended  
        2013   2013   2012       2013   2012  
$ millions     Oct. 31   Jul. 31   Oct. 31       Oct. 31   Oct. 31  
Net income   $ 836  $ 890  $ 852      $ 3,400  $ 3,339   
Other comprehensive income (OCI), net of tax, that is subject to subsequent                            
  reclassification to net income                            
  Net foreign currency translation adjustments                            
  Net gains (losses) on investments in foreign operations     143    165    36        369    65   
  Net (gains) losses on investments in foreign operations reclassified to net income                  
  Net gains (losses) on hedges of investments in foreign operations     (93)   (102)   (50)       (237)   (65)  
  Net (gains) losses on hedges of investments in foreign operations reclassified to                            
    net income                 (1)  
          50    63    (14)       132     
  Net change in AFS securities                            
  Net gains (losses) on AFS securities     74    (114)   36        57    208   
  Net (gains) losses on AFS securities reclassified to net income     (7)   (36)   (48)       (155)   (196)  
          67    (150)   (12)       (98)   12   
  Net change in cash flow hedges                            
  Net gains (losses) on derivatives designated as cash flow hedges     60      21        62    20   
  Net (gains) losses on derivatives designated as cash flow hedges reclassified to                            
    net income     (47)   (11)   (15)       (51)   (13)  
          13    (4)         11     
Total OCI     130    (91)   (20)       45    19   
Comprehensive income   $ 966  $ 799  $ 832      $ 3,445  $ 3,358   
Comprehensive income (loss) attributable to non-controlling interests   $ (7) $ $     $ (3) $  
  Preferred shareholders   $ 24  $ 25  $ 29      $ 99  $ 158   
  Common shareholders     949    774    801        3,349    3,192   
Comprehensive income attributable to equity shareholders   $ 973  $ 799  $ 830      $ 3,448  $ 3,350   
                                 
                                 
        For the three     For the twelve  
        months ended     months ended  
          2013   2013   2012       2013   2012  
$ millions     Oct. 31   Jul. 31   Oct. 31       Oct. 31   Oct. 31  
Income tax (expense) benefit                            
  Net foreign currency translation adjustments                            
  Net gains (losses) on investments in foreign operations   $ (9) $ (12) $ (9)     $ (26) $ (10)  
  Net gains (losses) on hedges of investments in foreign operations     19    17          44    11   
          10      (2)       18     
  Net change in AFS securities                            
  Net gains (losses) on AFS securities     (14)   (6)   (7)       (51)   (49)  
  Net (gains) losses on AFS securities reclassified to net income       13    18        57    65   
          (12)     11          16   
  Net change in cash flow hedges                            
  Net gains (losses) on derivatives designated as cash flow hedges     (22)   (2)   (4)       (22)   (4)  
  Net (gains) losses on derivatives designated as cash flow hedges reclassified to                            
    net income     17            18     
          (5)           (4)    
        $ (7) $ 14  $ 10      $ 20  $ 17   

Consolidated statement of changes in equity

         
      For the three     For the twelve  
      months ended     months ended  
        2013   2013   2012       2013   2012  
$ millions     Oct. 31   Jul. 31   Oct. 31       Oct. 31   Oct. 31  
Preferred shares                            
Balance at beginning of period   $ 1,706  $ 1,706  $ 2,006      $ 1,706  $ 2,756   
Redemption of preferred shares         (300)         (1,050)  
Balance at end of period   $ 1,706  $ 1,706  $ 1,706      $ 1,706  $ 1,706   
Common shares                            
Balance at beginning of period   $ 7,757  $ 7,743  $ 7,744      $ 7,769  $ 7,376   
Issue of common shares     14    15    64        114    430   
Purchase of common shares for cancellation     (18)     (39)       (130)   (39)  
Treasury shares       (1)            
Balance at end of period   $ 7,753  $ 7,757  $ 7,769      $ 7,753  $ 7,769   
Contributed surplus                            
Balance at beginning of period   $ 82  $ 80  $ 87      $ 85  $ 93   
Stock option expense                  
Stock options exercised     (2)     (3)       (9)   (15)  
Other                  
Balance at end of period   $ 82  $ 82  $ 85      $ 82  $ 85   
Retained earnings                            
Balance at beginning of period   $ 8,026  $ 7,545  $ 6,719      $ 7,042  $ 5,457   
Net income attributable to equity shareholders     843    890    850        3,403    3,331   
Dividends                            
  Preferred     (24)   (25)   (29)       (99)   (128)  
  Common     (384)   (384)   (381)       (1,523)   (1,470)  
Premium on redemption of preferred shares                 (30)  
Premium on purchase of common shares for cancellation     (59)     (118)       (422)   (118)  
Other                  
Balance at end of period   $ 8,402  $ 8,026  $ 7,042      $ 8,402  $ 7,042   
AOCI, net of tax                            
  Net foreign currency translation adjustments                            
  Balance at beginning of period   $ (6) $ (69) $ (74)     $ (88) $ (88)  
  Net change in foreign currency translation adjustments     50    63    (14)       132     
  Balance at end of period   $ 44  $ (6) $ (88)     $ 44  $ (88)  
  Net gains (losses) on AFS securities                            
  Balance at beginning of period   $ 185  $ 335  $ 362      $ 350  $ 338   
  Net change in AFS securities     67    (150)   (12)       (98)   12   
  Balance at end of period   $ 252  $ 185  $ 350      $ 252  $ 350   
  Net gains (losses) on cash flow hedges                            
  Balance at beginning of period   $ $ $ (4)     $ $ (5)  
  Net change in cash flow hedges     13    (4)         11     
  Balance at end of period   $ 13  $ $     $ 13  $  
Total AOCI, net of tax   $ 309  $ 179  $ 264      $ 309  $ 264   
Non-controlling interests                            
Balance at beginning of period   $ 168  $ 168  $ 167      $ 172  $ 164   
Net income (loss) attributable to non-controlling interests     (7)           (3)    
Dividends       (2)         (4)   (5)  
Other     16            12     
Balance at end of period   $ 177  $ 168  $ 172      $ 177  $ 172   
Equity at end of period   $ 18,429  $ 17,918  $ 17,038      $ 18,429  $ 17,038   

Consolidated statement of cash flows

           
        For the three     For the twelve  
        months ended     months ended  
          2013   2013     2012       2013   2012  
$ millions     Oct. 31   Jul. 31 (1)   Oct. 31       Oct. 31   Oct. 31  
Cash flows provided by (used in) operating activities                              
Net income   $ 836  $ 890    $ 852      $ 3,400  $ 3,339   
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:                              
  Provision for credit losses     271    320      328        1,121    1,291   
  Amortization and impairment(2)     95    91      83        354    357   
  Stock option expense                    
  Deferred income taxes     (14)       15        71    167   
  AFS securities gains, net     (9)   (48)     (61)       (212)   (264)  
  Net (losses (gains) on disposal of land, buildings and equipment           (14)       (2)   (17)  
  Other non-cash items, net     (128)   (93)     (102)       (336)   91   
  Net changes in operating assets and liabilities                              
                                   
    Interest-bearing deposits with banks     1,734    (1,538)     4,366        (2,054)   1,547   
                                   
    Loans, net of repayments     (3,393)   (1,399)     854        (5,889)   (5,023)  
    Deposits, net of withdrawals     1,887    4,630      (4,592)       13,459    11,339   
    Obligations related to securities sold short     76    (315)     1,091        292    2,719   
    Accrued interest receivable     (51)   58      (81)       44    (22)  
    Accrued interest payable     260    (276)     279        (147)   (95)  
    Derivative assets     644    4,701      1,721        6,917    146   
                                   
    Derivative liabilities     (636)   (4,570)     (1,986)       (7,241)   (54)  
    Trading securities     (1,182)   2,920      (1,183)       (3,738)   (7,617)  
    FVO securities     (1)   22      20        17    160   
    Other FVO assets and liabilities     69    66      (95)       349    (639)  
    Current income taxes     29    (24)     (22)       (532)   (749)  
    Cash collateral on securities lent       399    119      (691)       506    (1,257)  
    Obligations related to securities sold under repurchase agreements     (1,461)   646      (1,896)       (1,744)   (1,933)  
    Cash collateral on securities borrowed     1,001    (711)     679        (106)   (1,473)  
                                   
    Securities purchased under resale agreements     1,768    (4,338)     3,842        (186)   516   
    Other, net     747    (604)     (263)       838    (916)  
            2,943    553      3,145        5,186    1,620   
Cash flows provided by (used in) financing activities                              
Redemption/repurchase of subordinated indebtedness       (550)           (561)   (272)  
Redemption of preferred shares           (300)         (1,080)  
Issue of common shares for cash     12    15      61        105    415   
Purchase of common shares for cancellation     (77)       (157)       (552)   (157)  
Net proceeds from treasury shares       (1)              
Dividends paid     (408)   (409)     (410)       (1,622)   (1,598)  
      (473)   (945)     (806)       (2,630)   (2,690)  
Cash flows provided by (used in) investing activities                              
                               
Purchase of AFS securities     (7,821)   (6,894)     (7,691)       (27,451)   (38,537)  
Proceeds from sale of AFS securities     2,674    4,408      3,608        14,094    23,815   
Proceeds from maturity of AFS securities     2,516    2,780      2,147        10,550    17,421   
Net cash used in acquisitions           (30)         (235)  
Net cash provided by dispositions           42        49    42   
Net purchase of land, buildings and equipment     (110)   (52)     (117)       (248)   (309)  
      (2,738)   247      (2,041)       (3,006)   2,197   
Effect of exchange rate changes on cash and non-interest-bearing deposits with
banks
    17    21      (4)       48     
Net increase (decrease) in cash and non-interest-bearing deposits with banks                              
    during period     (251)   (124)     294        (402)   1,132   
Cash and non-interest-bearing deposits with banks at beginning of period     2,462    2,586      2,319        2,613    1,481   
Cash and non-interest-bearing deposits with banks at end of period   $ 2,211  $ 2,462    $ 2,613      $ 2,211  $ 2,613   
Cash interest paid   $ 805  $ 1,375    $ 842      $ 4,503  $ 4,676   
Cash income taxes paid     146    199      157        1,109    1,286   
Cash interest and dividends received     2,908    3,040      3,056        11,855    12,053   
(1) Certain amounts have been reclassified to conform to the presentation adopted in the current period.  
(2) Comprises amortization and impairment of buildings, furniture, equipment, leasehold improvements, and software and other intangible assets.  

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 useful in analyzing financial performance. For a more detailed discussion, see the "Non-GAAP measures" section of CIBC's 2013 Annual Report.

The following table provides a quarterly reconciliation of non-GAAP to GAAP measures related to CIBC on a consolidated basis. For an annual reconciliation of non-GAAP to GAAP measures, see the "Non-GAAP measures" section of CIBC's 2013 Annual Report.

        2013     2013     2012  
$ millions, as at or for three months ended     Oct. 31     Jul. 31     Oct. 31  
Reported and adjusted diluted EPS                    
Reported net income attributable to diluted common shareholders A $ 819    $ 865    $ 821   
After-tax impact of items of note     69      53       
Adjusted net income attributable to diluted common shareholders (1) B $ 888    $ 918    $ 827   
Diluted weighted-average common shares outstanding (thousands) C   400,255      400,258      405,844   
Reported diluted EPS ($) A/C $ 2.05    $ 2.16    $ 2.02   
Adjusted diluted EPS ($) (1) B/C   2.22      2.29      2.04   
Reported and adjusted efficiency ratio                    
Reported total revenue D $ 3,200    $ 3,263    $ 3,159   
Pre-tax impact of items of note     20          (52)  
TEB     78      90      92   
Adjusted total revenue (1) E $ 3,298    $ 3,360    $ 3,199   
Reported non-interest expenses F $ 1,932    $ 1,874    $ 1,829   
Pre-tax impact of items of note     (70)     (6)     (21)  
Adjusted non-interest expenses (1) G $ 1,862    $ 1,868    $ 1,808   
Reported efficiency ratio F/D   60.4  %   57.4  %   57.9  %
Adjusted efficiency ratio (1) G/E   56.4  %   55.6  %   56.5  %
Reported and adjusted dividend payout ratio                    
Reported net income attributable to common shareholders H $ 819    $ 865    $ 821   
After-tax impact of items of note     69      53       
Adjusted net income attributable to common shareholders (1) I $ 888    $ 918    $ 827   
Dividends paid to common shareholders J $ 384    $ 384    $ 381   
Reported dividend payout ratio J/H   46.9  %   44.4  %   46.4  %
Adjusted dividend payout ratio (1) J/I   43.2  %   41.8  %   46.1  %
Reported and adjusted return on common shareholders' equity                    
Average common shareholders' equity L $ 16,355    $ 15,921    $ 15,077   
Reported return on common shareholders' equity (%) I / L   19.9  %   21.6  %   21.7  %
Adjusted return on common shareholders' equity (%) (1) J / L   21.5  %   22.9  %   21.8  %
Reported and adjusted effective tax                    
Reported income before income taxes M $ 997    $ 1,069    $ 1,002   
Pre-tax impact of items of note     90      71      22   
Adjusted income before income taxes (1) N $ 1,087    $ 1,140    $ 1,024   
Reported income taxes O $ 161    $ 179    $ 150   
Tax impact of items of note     21      18      16   
Adjusted income taxes (1) P $ 182    $ 197    $ 166   
Reported effective tax rate (%) O / M   16.2  %   16.7  %   15.0  %
Adjusted effective tax rate (%) (1) P / N   16.8  %   17.2  %   16.2  %
(1) Non-GAAP measure.

          Retail and                
          Business   Wealth Wholesale Corporate CIBC
$ millions, for the three months ended Banking Management Banking and Other Total
Oct. 31   Reported net income (loss) $ 610  $ 104  $ 210  $ (88) $ 836 
2013   After-tax impact of items of note (1)   19        40    69 
      Adjusted net income (loss) (2) $ 629  $ 106  $ 218  $ (48) $ 905 
Jul. 31   Reported net income (loss) $ 638  $ 102  $ 217  $ (67) $ 890 
2013   After-tax impact of items of note (1)   16        30    53 
      Adjusted net income (loss) (2) $ 654  $ 103  $ 223  $ (37) $ 943 
Oct. 31   Reported net income $ 569  $ 84  $ 193  $ $ 852 
2012   After-tax impact of items of note (1)       (1)    
      Adjusted net income (2) $ 571  $ 84  $ 192  $ 11  $ 858 
(1) Reflects impact of items of note under "Financial results" section.
(2) Non-GAAP measure.

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 financial statements follow the same accounting policies and methods of application as CIBC's consolidated financial statements for the year ended October 31, 2013.

_______________________________________________

The information below forms a part of this press 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 press 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 press release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission 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 "Performance against Objectives", "Core business performance", "Strong Fundamentals" and "Making a Difference in Our Communities" sections of this press release, and other statements we make about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook for 2014 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", target", "objective" and other similar expressions or future or conditional verbs such as "will", "should", "would" and "could". By their nature, these statements require us to make assumptions and are subject to inherent risks and uncertainties that may be general or specific. 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: credit, market, liquidity, strategic, insurance, operational, reputation and legal, regulatory and environmental risk; the effectiveness and adequacy of our risk management models and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations issued and to be issued thereunder, the Basel Committee on Banking Supervision's (BCBS) global standards for capital and liquidity reform and those relating to the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; the resolution of legal and regulatory proceedings and related matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; political conditions and developments; the possible effect on our business of international conflicts and the war on terror; natural disasters, public health emergencies, 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, including the evolving risk of cyber attack; losses incurred as a result of internal or external fraud; 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; intensifying competition from established competitors and new entrants in the financial services industry; technological change; global capital market activity; changes in monetary and economic policy; currency value and interest rate fluctuations; general 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 Europe's sovereign debt crisis; 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; 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. We do not undertake to update any forward-looking statement that is contained in this press release or in other communications except as required by law. 

 

 

SOURCE CIBC

For further information:


Investor and analyst inquiries should be directed to Geoff Weiss, Senior Vice-President, Investor Relations, at 416-980-5093. Media inquiries should be directed to Kevin Dove, Senior Director, Communications and Public Affairs, at 416-980-8835, or to Mary Lou Frazer, Senior Director, Investor & Financial Communications, at 416-980-4111.