CIBC announces fourth quarter and fiscal 2007 results



    CIBC's 2007 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. 6 /CNW/ - CIBC announced net income of $884 million for the
fourth quarter ended October 31, 2007, up from $819 million a year ago.
Diluted earnings per share (EPS) were $2.53, up from $2.32 a year ago. Cash
diluted EPS(1) were $2.55, up from $2.34 a year ago.
    Return on equity for the fourth quarter ended October 31, 2007 was 30.3%,
down from 32.5% for the same period last year. CIBC's Tier 1 capital ratio at
October 31 was 9.7%.

    Diluted EPS for the fourth quarter of 2007 were increased by:
    -   $456 million ($381 million after-tax and minority interest, or
        $1.13 per share) gain from the completion of Visa's worldwide
        restructuring
    -   $27 million ($22 million after-tax, or $0.06 per share) net reversal
        of litigation accruals
    -   $17 million ($11 million after-tax, or $0.03 per share) due to the
        impact of changes in credit spreads on the mark-to-market of
        corporate loan credit derivatives

    Diluted EPS for the fourth quarter of 2007 were decreased by:
    -   $463 million ($302 million after-tax, or $0.89 per share)
        mark-to-market write-downs on collateralized debt obligations (CDOs)
        and residential mortgage-backed securities (RMBS) related to the
        U.S. residential mortgage market
    -   $47 million ($26 million after-tax, or $0.08 per share) of expenses
        related to the proposed sale of some of CIBC's U.S. businesses to
        Oppenheimer Holdings Inc. (Oppenheimer)

    CIBC's net income and diluted EPS for the fourth quarter of 2007 were up
from $835 million and $2.31, respectively, for the prior quarter, which
included items of note aggregating to a net loss of $0.11 per share and higher
than normal merchant banking gains.
    For the year ended October 31, 2007, CIBC reported record net income and
diluted EPS of $3.3 billion and $9.21 per share, respectively, compared with
net income of $2.6 billion and diluted EPS of $7.43 for 2006.
    Return on equity for 2007 was 28.7% compared with 27.9% for 2006.

    "CIBC delivered good overall financial results in 2007, underpinned by
our progress against our priorities" says Gerry McCaughey, CIBC President and
CEO. "However, the mark-to-market write-downs we recorded in our structured
credit business were not in line with our strategic imperative of consistent
and sustainable performance. Our focus in this area is on reducing existing
risk."

    Update on business priorities

    Business strength

    CIBC's retail businesses continue to perform well overall.
    CIBC Retail Markets' profitability was up 39% in 2007. The above noted
Visa gain, volume growth and CIBC's expanded ownership interest in
FirstCaribbean International Bank (FirstCaribbean) contributed to profit
growth.
    In Canada, CIBC remains well positioned in the market place. In 2007,
many of CIBC's core businesses delivered strong volume growth, while also
maintaining or enhancing market share. In the unsecured lending business,
CIBC's risk posture has been reflected in lower market share but improved loan
loss performance. CIBC's lending business is well positioned for improving
performance as the portfolio grows from a stronger base.
    The completion of the FirstCaribbean acquisition in early 2007 expands
CIBC's operations in the Caribbean region and provides a further source of
growth for CIBC's retail business.
    In 2008, CIBC Retail Markets will remain focused on strengthening its
client relationships and investing in its core businesses in Canada and the
Caribbean to maintain and enhance CIBC's market position.

    CIBC's World Markets' profitability was down 7% in 2007.
    CIBC's wholesale business delivered good performance in Canada in key
areas such as equity underwriting and M&A, with improving productivity. In the
U.S., real estate finance and merchant banking reported good results, with
other areas showing improvement. The good performance in these areas was
offset by the mark-to-market write-downs CIBC recorded in its structured
credit business related to the U.S. residential mortgage market.
    As at October 31, 2007, CIBC's net unhedged exposure to CDOs and RMBS
related to the U.S. residential mortgage market was approximately
$741 million. Mitigating this exposure are subprime index hedges of notional
$283 million, with a fair value of $119 million. Conditions in the U.S.
residential mortgage market have continued to deteriorate since year-end. We
estimate that mark-to-market write-downs will be approximately $225 million
($150 million after-tax) for November. Partially offsetting this were gains on
credit derivative hedges of approximately $45 million ($30 million after-tax).
    In addition, we have exposures to the U.S. subprime residential mortgage
market through derivative contracts which are hedged with investment-grade
counterparties. As at October 31, 2007, the notional amount of these hedged
contracts was $9.3 billion and the related on-balance sheet fair value was
$4.0 billion. Management has assessed the counterparty credit exposure
relating to these contracts in determining fair value. Market and economic
conditions relating to these counterparties may change in the future, which
could result in significant future losses.
    In early November, CIBC announced an agreement to sell its U.S.
investment banking, equities, leveraged finance and related debt capital
markets businesses to Oppenheimer.
    "This transaction gives CIBC the opportunity to benefit from
Oppenheimer's future success," says McCaughey. "It will also permit CIBC to
redeploy capital over time to further support the continued growth of our
strong and profitable U.S. and international operations, as well as our core
Canadian businesses."

    Productivity

    CIBC's second priority is to improve productivity.
    CIBC exceeded its 2007 productivity target, which was to hold expenses
flat to the fourth quarter of 2006, excluding FirstCaribbean. Expenses for the
fourth quarter of 2007 were $1,874 million (including FirstCaribbean expenses
of $98 million), compared with $1,892 million a year ago.
    CIBC has also made progress towards its strategic objective of a median
efficiency ratio among its Canadian bank peer group. CIBC's 2007 efficiency
ratio improved to 63.1% from 66.0% in 2006. CIBC's cash efficiency ratio
(TEB)(1) for 2007 improved to 61.3% from 64.4% a year ago.
    "In 2008, our focus will remain on productivity improvements that achieve
an effective balance between revenue growth and expense discipline," says
McCaughey. "Over the long term, we believe this balance is the best formula to
achieve sustainable growth."

    Balance sheet strength and capital usage

    CIBC's Tier 1 capital ratio is a primary measure of its balance sheet
strength.
    CIBC's objective is a target Tier 1 ratio of 8.5%. During the year,
CIBC's ratio declined from 10.4% to 9.7%, primarily due to the completion of
the FirstCaribbean acquisition.
    In terms of capital usage, CIBC's priority is to first invest in core
businesses, and then balance other deployment opportunities. During the year,
CIBC completed its FirstCaribbean acquisition, increasing its ownership level
to over 91%. CIBC recommenced its share repurchase program and, subsequent to
year end, announced a continuation of the program through October 31, 2008.
CIBC also increased its quarterly dividend twice, from $0.70 per share to
$0.77 per share in the second quarter and from $0.77 per share to $0.87 per
share in the fourth quarter, representing a 24% year over year increase to its
dividend. CIBC will continue to review dividend increases in 2008 as its
payout ratio remains below its target range of 40% - 50%.

    "In 2008, we will remain focused on our priorities of business strength,
productivity, as well as balance sheet strength and capital usage," says
McCaughey. "Given the current environment, our emphasis will be on building
CIBC's balance sheet strength."

    Review of Q4 performance

    CIBC reported net income of $884 million for the current quarter, up from
$819 million for the fourth quarter of 2006 and $835 million for the prior
quarter.
    Net interest income of $1,240 million was up from $1,130 million for the
fourth quarter of 2006, primarily due to CIBC's acquisition of a controlling
interest in FirstCaribbean, volume growth in cards, deposits and mortgages and
higher dividends from trading securities. Net interest income was up from
$1,180 million for the prior quarter, primarily due to higher dividends from
trading securities, partially offset by lower spreads in mortgages and
personal lending.
    Non-interest income of $1,706 million was down from $1,760 million for
the fourth quarter of 2006, primarily due to the above noted mark-to-market
write-downs on CDOs and RMBS, partially offset by the above noted gain on the
Visa restructuring and higher merchant banking gains net of write-downs. Non-
interest income was down from $1,799 million for the prior quarter, primarily
due to higher mark-to-market write-downs and lower trading revenue, partially
offset by the gain on the Visa restructuring.
    Provision for credit losses of $132 million was up from $92 million for
the fourth quarter of 2006, primarily due to the reversal of general allowance
for credit losses in the fourth quarter of 2006. Provision for credit losses
was down from $162 million for the prior quarter, primarily due to lower loss
ratios in the personal lending portfolio and higher recoveries and reversals
in the corporate lending portfolio.
    Non-interest expenses of $1,874 million were down from $1,892 million for
the fourth quarter of 2006, primarily due to lower performance-related
compensation, lower litigation costs and lower benefits expense, partially
offset by the FirstCaribbean acquisition and expenses related to the above
noted proposed sale of some of CIBC's U.S. businesses. Non-interest expenses
were up from $1,819 million for the prior quarter, primarily due to lower net
reversal of litigation accruals and expenses related to the proposed sale of
some of CIBC's U.S. businesses.
    Income tax expense of $45 million was down from $87 million for the
fourth quarter of 2006, primarily due to an increase in the relative
proportion of earnings subject to a lower effective rate of tax, including the
gain on the Visa restructuring, partially offset by lower tax recoveries and
income tax expense related to the repatriation of capital from a foreign
operation. Income tax expense was down from $157 million for the prior
quarter, primarily due to an increase in the relative proportion of earnings
subject to a lower effective tax rate, including higher tax exempt income and
the Visa gain, partially offset by income tax expense related to the
repatriation of capital from a foreign operation.
    Non-controlling interests of $11 million for the current quarter and
$6 million for the prior quarter are primarily attributable to non-controlling
interests in FirstCaribbean.

    CIBC Retail Markets

    CIBC Retail Markets reported net income of $912 million for the current
quarter, up from $501 million for the fourth quarter of 2006 and $555 million
for the prior quarter.
    Revenue of $2,652 million was up from $2,046 million for the fourth
quarter of 2006, primarily due to the Visa gain, the FirstCaribbean
acquisition and volume growth, partially offset by lower spreads. Revenue was
up from $2,259 million for the prior quarter, primarily due to the Visa gain,
partially offset by lower spreads.
    Provision for credit losses of $148 million was up from $132 million for
the fourth quarter of 2006, primarily due to volume growth in the cards
portfolio and the impact of the FirstCaribbean acquisition, partially offset
by lower loss ratios in the personal lending portfolio. Provision for credit
losses was down from $170 million for the prior quarter, primarily due to
lower loss ratios in the personal lending portfolio.
    Non-interest expenses of $1,335 million were up from $1,255 million for
the fourth quarter of 2006, primarily due to the FirstCaribbean acquisition.
Non-interest expenses were comparable with the prior quarter.
    Income tax expense of $246 million was up from $158 million for the
fourth quarter of 2006, primarily due to the impact of higher income,
including the Visa gain. Income tax expense was up from $188 million for the
prior quarter primarily due to the Visa gain.

    CIBC World Markets

    CIBC World Markets reported a net loss of $64 million for the current
quarter, compared with net income of $218 million for the fourth quarter of
2006 and net income of $261 million for the prior quarter.
    Revenue of $147 million was down from $697 million for the fourth quarter
of 2006 primarily due to the above noted mark-to-market write-downs on CDOs
and RMBS. Revenue was down from $582 million for the prior quarter, primarily
due to higher mark-to-market write-downs, lower debt capital markets revenue
and lower gains associated with corporate loan hedging programs.
    Non-interest expenses of $424 million were down from $485 million for the
fourth quarter of 2006, primarily due to lower performance-related
compensation, partially offset by the expenses related to the proposed sale of
some of CIBC's U.S. businesses. Non-interest expenses were up from
$384 million for the prior quarter primarily due to lower net reversals of
litigation accruals and the expenses related to the proposed sale of some of
CIBC's U.S. businesses, partially offset by lower performance-related
compensation.
    Income tax recovery of $197 million was up from $5 million for the fourth
quarter of 2006, primarily due to lower pre-tax earnings in the current
quarter. Income tax recovery was up from $56 million for the prior quarter,
primarily due to higher mark-to-market losses and tax exempt income in the
current quarter, partially offset by a tax recovery in the prior quarter from
the favourable resolution of an income tax audit.

    Corporate and Other

    Corporate and Other reported net income of $36 million for the current
quarter, down from $100 million for the fourth quarter of 2006 and up from
$19 million for the prior quarter.
    Revenue of $147 million was comparable to the fourth quarter of 2006.
Revenue was up from $138 million for the prior quarter, primarily due to
higher revenue from hedges on stock appreciation rights (SARs).
    There was no provision for credit losses in the current or prior quarter.
There was a reversal of the general allowance for credit losses of $39 million
in the fourth quarter of 2006.
    Non-interest expenses of $115 million were down from $152 million for the
fourth quarter of 2006, primarily due to lower unallocated corporate support
costs. Non-interest expenses were up from $94 million for the prior quarter,
primarily due to higher expenses related to SARs.
    Income tax recovery of $4 million was down from $66 million for the
fourth quarter of 2006. The fourth quarter of 2006 included higher tax
recoveries related to the resolution of various income tax audit issues and
contingencies.

    
    Our Balanced Scorecard

    -------------------------------------------------------------------------
                 Medium-term objectives     2007 Results(2)     Comments
    -------------------------------------------------------------------------
                 Our previously stated
                 objective was diluted EPS
                 growth of 10% per annum,
                 on average, over the next    Year-over-     EPS growth was
                 3-5 years.                   year diluted   above our
    EPS Growth                                EPS growth     medium-term
                 Our objective moving         of 24%.        target.
                 forward is diluted EPS
                 growth of 5%-10% per annum,
                 on average, over the next
                 3-5 years.
    -------------------------------------------------------------------------
                 Return on average common
                 equity of at least 20%
                 through the cycle
                 (calculated as net income
    ROE          less preferred share         28.7%          ROE was above
                 dividends and premium on                    our target.
                 redemptions expressed as a
                 percentage of average
                 common shareholders' equity).
    -------------------------------------------------------------------------
                 Tier 1 capital ratio         Tier 1
                 of 8.5%.                     capital        Capital ratios
    Capital                                   ratio - 9.7%   were above
    Strength                                                 our targets.
                 Total capital ratio          Total capital
                 of 11.5%                     ratio - 13.9%
    -------------------------------------------------------------------------
                 Our previously stated
                 objective was 65%-75%
                 retail/25%-35% wholesale
    Business     (as measured by economic     73%/27%        Business mix was
    Mix(1)       capital).                    retail/        within our
                                              wholesale      target range.
                 Our objective moving
                 forward is at least
                 75% retail.
    -------------------------------------------------------------------------
                 Maintain provision for       Loan loss      Loan loss
                 credit losses as a           ratio -        performance was
                 percentage of loans and      37 basis       better than our
                 bankers' acceptances, net    points         medium-term
                 of reverse repurchase                       objective.
                 agreements (loan loss ratio)
                 between 50 and 65 basis points
    Risk         through the business cycle.

                 Our previously stated        Merchant       The carrying
                 objective was to maintain    banking        value of our
                 the carrying value of our    portfolio -    merchant banking
                 merchant banking portfolio   $1.1 billion   portfolio
                 below $1.4 billion. Our                     continued to
                 objective moving forward is                 decline.
                 to maintain the carrying
                 value below $1.2 billion.
    -------------------------------------------------------------------------
                 Achieve a median ranking     Cash           CIBC's
                 within our industry group,   efficiency     efficiency ratio
                 in terms of our non-         ratio          has improved
                 interest expenses to total   (TEB)(1) -     relative to the
                 revenue (cash efficiency     61.3%          median of our
                 ratio (TEB)(1)).                            industry group.

                 Our 2007 target was to hold  Non-interest   We achieved our
                 expenses flat relative to    expenses of    2007 goal.
    Product-     annualized 2006 fourth       $7,612 million
    ivity        quarter expenses ($7,568     (including
                 million), excluding          FirstCaribbean
                 FirstCaribbean. Our 2008     expenses of
                 target is flat expenses      $325 million)
                 relative to annualized 2006
                 fourth quarter expenses,
                 excluding FirstCaribbean,
                 and our US restructuring.
    -------------------------------------------------------------------------
                 40%-50% (common share        Dividend       CIBC's dividend
    Dividend     dividends paid as a          payout ratio   payout ratio was
    Payout       percentage of net income     - 33.4%        below our target
    Ratio        after preferred share                       range.
                 dividends and premium
                 on redemptions).
    -------------------------------------------------------------------------
                                              Five years
                                              ended          CIBC delivered
    Total        Outperform the S&P/TSX       October 31,    the highest TSR
    Shareholder  Composite Banks Index        2007:          for the year, as
    Return       (dividends reinvested) on                   well as the past
    (TSR)        a rolling five-year basis.   CIBC - 211.2%  five years,
                                              Bank Index     among the major
                                              - 154.4%       Canadian banks.
    -------------------------------------------------------------------------

    Making a difference in our communities

    On September 30, 2007, in 53 communities across Canada, over 170,000
people participated in the annual Canadian Breast Cancer Foundation CIBC Run
for the Cure, raising more than $26 million to fund breast cancer research,
community education and awareness programs. Team CIBC, comprised of
approximately 10,000 participants, raised almost $3 million.
    As part of its ongoing commitment to support youth and education, CIBC
contributed leadership funding in the amount of $1 million to the Canada
Company Scholarship Fund to provide financial assistance for post-secondary
education to children of parents who have been killed while serving in the
Canadian Forces.

                  ----------------------------------------

    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. These
statements include, but are not limited to, statements we make about our
operations, business lines, financial condition, risk management, priorities,
targets, ongoing objectives, strategies and outlook for 2008 and subsequent
periods. Forward-looking statements are typically identified by the words
"believe", "expect", "anticipate", "intend", "estimate" 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, operational, reputation and legal, regulatory and environmental
risk; legislative or regulatory developments in the jurisdictions where we
operate; amendments to, and interpretations of, risk-based capital guidelines
and reporting instructions; the resolution of legal 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; that our estimate of sustainable effective tax rate will not be
achieved; 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; the accuracy and completeness of information provided
to us by 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; interest rate and
currency value fluctuations; general economic conditions worldwide, as well as
in Canada, the U.S. and other countries where we have operations; changes in
market rates and prices which may adversely affect the value of financial
products; 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; 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.

    -----------------------
    (1) For additional information, see the "Non-GAAP measures" section in
        CIBC's Q4/07 Supplementary Financial Information available on
        www.cibc.com.
    (2) For additional information, see the "Overview" section of CIBC's 2007
        Management Discussion and Analysis available on www.cibc.com.



    FOURTH QUARTER FINANCIAL HIGHLIGHTS

    -------------------------------------------------------------------------
                                      As at or for the      As at or for the
                                    three months ended            year ended
                      --------------------------------- ---------------------
                            2007       2007       2006       2007       2006
    Unaudited            Oct. 31    Jul. 31  Oct. 31(1)   Oct. 31  Oct. 31(1)
    --------------------------------------------------- ---------------------
    Common share
     information
    Per share
      - basic earnings  $   2.55   $   2.33   $   2.34   $   9.30   $   7.50
      - cash basic
        earnings            2.57       2.36       2.36       9.38       7.56
      - diluted
        earnings            2.53       2.31       2.32       9.21       7.43
      - cash diluted
        earnings            2.55       2.34       2.34       9.30       7.49
      - dividends           0.87       0.77       0.70       3.11       2.76
      - book value         33.31      33.05      29.59      33.31      29.59
    Share price
      - high              103.30     106.75      87.87     106.75      87.87
      - low                87.00      92.37      77.95      87.00      72.90
      - closing           102.00      92.50      87.60     102.00      87.60
    Shares outstanding
     (thousands)
      - average basic    334,849    335,755    335,522    336,092    335,135
      - average diluted  337,927    338,691    338,737    339,316    338,360
      - end of period    334,989    334,595    335,977    334,989    335,977
    Market
     capitalization
     ($ millions)       $ 34,169   $ 30,950   $ 29,432   $ 34,169   $ 29,432
    --------------------------------------------------- ---------------------
    Value measures
    Price to earnings
     multiple
     (12 month trailing)    11.1       10.3       11.8       11.1       11.8
    Dividend yield
     (based on closing
     share price)            3.4%       3.3%       3.2%       3.0%       3.2%
    Dividend payout ratio   34.1%      33.0%      29.9%      33.4%      36.8%
    Market value to
     book value ratio       3.06       2.80       2.96       3.06       2.96
    --------------------------------------------------- ---------------------
    Financial results
     ($ millions)
    Total revenue       $  2,946   $  2,979   $  2,890   $ 12,066   $ 11,351
    Provision for
     credit losses           132        162         92        603        548
    Non-interest
     expenses              1,874      1,819      1,892      7,612      7,488
    Net income               884        835        819      3,296      2,646
    --------------------------------------------------- ---------------------
    Financial measures
    Efficiency ratio        63.6%      61.1%      65.5%      63.1%      66.0%
    Cash efficiency
     ratio, taxable
     equivalent basis
     (TEB)(2)               60.9%      59.4%      63.5%      61.3%      64.4%
    Return on equity        30.3%      28.3%      32.5%      28.7%      27.9%
    Net interest margin     1.45%      1.41%      1.50%      1.39%      1.52%
    Net interest margin
     on average interest-
     earning assets         1.67%      1.61%      1.72%      1.59%      1.76%
    Return on average
     assets                 1.03%      1.00%      1.08%      1.00%      0.91%
    Return on average
     interest-earning
     assets                 1.19%      1.14%      1.25%      1.15%      1.05%
    Total shareholder
     return                 11.2%     (4.6)%      14.3%      20.2%      25.6%
    --------------------------------------------------- ---------------------
    On- and off-balance
     sheet information
     ($ millions)
    Cash, deposits with
     banks and
     securities         $100,247   $102,143   $ 95,351   $100,247   $ 95,351
    Loans and
     acceptances         170,678    167,828    151,916    170,678    151,916
    Total assets         342,178    338,881    303,984    342,178    303,984
    Deposits             231,672    230,208    202,891    231,672    202,891
    Common shareholders'
     equity               11,158     11,058      9,941     11,158      9,941
    Average assets       340,236    331,553    299,513    328,520    291,277
    Average interest-
     earning assets      294,591    290,157    260,569    286,682    251,437
    Average common
     shareholders'
     equity               11,191     10,992      9,601     10,905      9,016
    Assets under
     administration    1,187,567  1,124,079  1,068,600  1,187,567  1,068,600
    --------------------------------------------------- ---------------------
    Balance sheet
     quality measures
    Common equity to
     risk-weighted
     assets                  8.8%       8.8%       8.7%       8.8%       8.7%
    Risk-weighted assets
     ($ billions)       $  127.4   $  125.0   $  114.8   $  127.4   $  114.8
    Tier 1 capital
     ratio                   9.7%       9.7%      10.4%       9.7%      10.4%
    Total capital ratio     13.9%      13.7%      14.5%      13.9%      14.5%
    --------------------------------------------------- ---------------------
    Other information
    Retail/wholesale
     ratio(3)             73%/27%    76%/24%    72%/28%    73%/27%    72%/28%
    Regular workforce
     headcount            40,457     40,315     37,016     40,457     37,016
    --------------------------------------------------- ---------------------
    (1) Certain comparative financial information has been restated to
        conform with the presentation adopted in the current year.
    (2) For additional information, see the "Non-GAAP measures" section in
        the "Q4/07 Supplementary Financial Information" available on
        www.cibc.com.
    (3) Retail includes CIBC Retail Markets and commercial banking (reported
        as part of CIBC World Markets). Wholesale reflects CIBC World
        Markets, excluding commercial banking. The ratio represents the
        amount of capital attributed to the business lines as at the end of
        the period. For further details, see the "Non-GAAP measures" section
        in the "Q4/07 Supplementary Financial Information" available on
        www.cibc.com.
    

    %SEDAR: 00002543EF




For further information:

For further information: Investor and analyst inquiries should be 
directed to John Ferren, Vice-President, Investor Relations, at (416) 
980-2088; Media inquiries should be directed to Rob McLeod, Senior Director, 
Communications and Public Affairs, at (416) 980-3714, or to Mary Lou Frazer, 
Senior Director, Investor & Financial Communications, at (416) 980-4111


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