CIBC Announces Fourth Quarter and Fiscal 2015 Results

CIBC's 2015 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. 3, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2015.

Fourth quarter highlights

  • Reported net income was $778 million, compared with $811 million for the fourth quarter a year ago, and $978 million for the prior quarter.
  • Adjusted net income(1) was $952 million, compared with $911 million for the fourth quarter a year ago, and $990 million for the prior quarter.
  • Reported diluted earnings per share (EPS) was $1.93, compared with $1.98 for the fourth quarter a year ago, and $2.42 for the prior quarter.
  • Adjusted diluted EPS(1) was $2.36, compared with $2.24 for the fourth quarter a year ago, and $2.45 for the prior quarter.
  • Reported return on common shareholders' equity (ROE) was 15.1% and adjusted ROE(1) was 18.5%.

CIBC's results for the fourth quarter of 2015 were affected by the following items of note aggregating to a negative impact of $0.43 per share:

  • $211 million ($161 million after-tax and non-controlling interests, or $0.40 per share) in restructuring charges;
  • $11 million ($9 million after-tax, or $0.02 per share) amortization of intangible assets; and
  • $3 million ($2 million after-tax, or $0.01 per share) loss from the structured credit run-off business.

For the year ended October 31, 2015, CIBC reported net income of $3.6 billion and record adjusted net income(1) of $3.8 billion, compared with reported net income of $3.2 billion and adjusted net income(1) of $3.7 billion for 2014. Reported diluted EPS of $8.87 and adjusted diluted EPS(1) of $9.45 for 2015 compared with reported diluted EPS of $7.86 and adjusted diluted EPS(1) of $8.94 for 2014.

CIBC's adjusted ROE(1) was 19.9% for the year ended October 31, 2015 and the Basel III Common Equity Tier 1 ratio was 10.8% as at October 31, 2015.

CIBC announced a quarterly dividend increase of 3 cents per common share to $1.15 per share.

"In 2015, all three of our strategic business units delivered strong performance," says Victor G. Dodig, CIBC President and Chief Executive Officer. "Looking to 2016, I am confident that our client-focused strategy and our investment in innovation and process improvements will add long-term value for our shareholders."

Core business performance
Retail and Business Banking reported net income of $2.5 billion in 2015, in-line with $2.5 billion in 2014. Excluding items of note(1), adjusted net income was $2.5 billion, up $0.1 billion or 3% from $2.4 billion in 2014.

Throughout 2015, Retail and Business Banking continued to make progress against our objectives of accelerating profitable revenue growth and enhancing the client experience. Key highlights included:

  • Supporting our brand promise of banking that fits your life, we began the rollout of a program to simplify the structure of our banking centres, placing greater emphasis on advice for clients while continuing to invest in digital channels to allow clients to bank when, where and how they want;
  • Continuing our leadership in innovation, we brought mobile banking to the Apple Watch for our clients, joined the new FinTech cluster at MaRS focused on innovation in financial services, and became the first major bank to participate in the new suretap™ digital wallet as part of our focus on payments innovation; and
  • Bringing two new innovative foreign exchange solutions to market for our clients in partnership with Capital Markets: CIBC Global Money Transfer™, our no-fee international remittance service, and CIBC Foreign Cash Online, which allows clients to order foreign cash online and have it delivered directly to their homes or Toronto Pearson airport at no extra cost.

"This year we established clear momentum in client experience and continued to invest in profitable revenue growth by making banking easy, personalized, and flexible for our clients," says David Williamson, SEVP and Group Head, Retail and Business Banking. "We will continue to focus on deepening client relationships by investing in advice for our clients across personal and business banking, and leveraging the power of digital to allow our clients to do more of their banking when, where and how they want."

Wealth Management reported net income of $520 million in 2015, compared with $471 million in 2014. Excluding items of note(1), adjusted net income was $538 million, up $52 million or 11% from $486 million in 2014.

Wealth Management made good progress in 2015 against its strategic objectives of enhancing the client experience, attracting new clients and pursuing strategic growth opportunities. Key highlights included:

  • CIBC Asset Management achieved its 6th consecutive sales record for long-term mutual funds of $5.5 billion this year;
  • Strong partnership with Retail and Business Banking helped drive CIBC Investor's Edge new account openings up 36% versus last year; and
  • Completed our integration of Atlantic Trust, a U.S. private wealth management firm as part of our strategic plan to grow our North American business.

"All of our Wealth Management businesses delivered strong results this year," says Steve Geist, SEVP and Group Head, Wealth Management. "In 2016 we will build on this momentum to continue offering integrated advice and investment solutions for our clients, drive asset growth and optimize our business platform."

Capital Markets reported net income of $1,004 million in 2015, compared with $895 million in 2014. Excluding items of note(1), adjusted net income was $1,012 million, up $99 million or 11% from $913 million in 2014.

Capital Markets provides integrated credit and global markets products, investment banking advisory services and top-ranked research to corporate, government and institutional clients around the world. During 2015, Capital Markets was:

  • Lead financial advisor to Shred-it Inc. on its sale to Stericycle Inc. for US$2.3 billion;
  • Sole bookrunner on the inaugural $1.0 billion senior unsecured notes offering for CPPIB Capital Inc.;
  • Joint bookrunner for a US$1.15 billion Class A Limited Voting Share offering for Brookfield Asset Management Inc.; and
  • Co-lead arranger and co-underwriter for a $1.8 billion and US$593 million senior secured credit facility, in addition to joint bookrunner on a $950 million bought deal of subscription receipts and extendible convertible debentures in support of DH Corporation's acquisition of Fundtech.

"In 2015, we helped our clients navigate volatile markets by delivering integrated advisory, lending, trading and research solutions," says Harry Culham, SEVP and Group Head, Capital Markets. "We also continued to innovate and leverage investments in our technology and our people to meet the banking needs of our clients globally."

Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2015, CIBC maintained its capital strength, competitive productivity and sound risk management practices:

  • CIBC's capital ratios were strong, with a Basel III Common Equity Tier 1 ratio of 10.8%, and Tier 1 and Total capital ratios of 12.5% and 15.0% respectively, at October 31, 2015;
  • Market risk, as measured by average Value-at-Risk, was $4.0 million in 2015 compared with $3.5 million in 2014; and
  • Credit quality improved, with CIBC's loan loss ratio of 27 basis points compared with 38 basis points in 2014.

Making a difference in our Communities
CIBC is committed to investing in the social and economic development of communities across Canada. During the fourth quarter of 2015, CIBC:

  • Helped to raise $21.5 million for breast cancer research, treatment and advocacy programs through the 2015 Canadian Breast Cancer Foundation CIBC Run for the Cure, including more than $3 million contributed by Team CIBC. 15,000 Team CIBC members participated, joining 115,000 Canadians in more than 60 communities;
  • Participated in announcing the Stand Up To Cancer Canada-Canadian Breast Cancer Foundation Dream Team, supported by CIBC -  a $9 million investment in innovative research and new approaches to treating people with aggressive types of breast cancer; and
  • Brought the TORONTO 2015 Parapan Am Games to life as Lead Partner of the Games, Premier Partner of Canada's Paralympic Team, and proud supporter of CIBC Team Next para athletes.

During the quarter, CIBC was ranked among the Top 10 Safest Banks in North America by Global Finance magazine, one of the Financial Post's Ten Best Companies to Work For, and was also recognized by Mediacorp as one of Canada's Top 100 Employers for a fourth consecutive year. CIBC was once again named a constituent of the following widely regarded indices:

  • Dow Jones Sustainability North American Index since its inception in 2005;
  • FTSE4Good Index since 2001; and
  • Jantzi Social Index since 2000.

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

Fourth quarter financial highlights

        As at or for the       As at or for the  
          three months ended       twelve months ended  
          2015     2015     2014       2015     2014  
Unaudited         Oct. 31     Jul. 31     Oct. 31 (1)     Oct. 31     Oct. 31 (1)
Financial results ($ millions)                                      
Net interest income       $ 2,043    $ 2,021    $ 1,881      $ 7,915    $ 7,459   
Non-interest income         1,440      1,499      1,332        5,941      5,904   
Total revenue         3,483      3,520      3,213        13,856      13,363   
Provision for credit losses         198      189      194        771      937   
Non-interest expenses         2,383      2,179      2,083        8,861      8,512   
Income before income taxes         902      1,152      936        4,224      3,914   
Income taxes         124      174      125        634      699   
Net income       $ 778    $ 978    $ 811      $ 3,590    $ 3,215   
Net income (loss) attributable to non-controlling interests                       14      (3)  
  Preferred shareholders               11      18        45      87   
  Common shareholders           767      962      791        3,531      3,131   
Net income attributable to equity shareholders       $ 776    $ 973    $ 809      $ 3,576    $ 3,218   
Financial measures                                      
Reported efficiency ratio         68.4  %   61.9  %   64.8  %     63.9  %   63.7  %
Adjusted efficiency ratio (2)         60.4  %   59.3  %   60.4  %     59.6  %   59.0  %
Loan loss ratio         0.26  %   0.25  %   0.30  %     0.27  %   0.38  %
Reported return on common shareholders' equity         15.1  %   20.4  %   17.9  %     18.7  %   18.3  %
Adjusted return on common shareholders' equity (2)         18.5  %   20.6  %   20.1  %     19.9  %   20.9  %
Net interest margin         1.70  %   1.75  %   1.78  %     1.74  %   1.81  %
Net interest margin on average interest-earning assets         1.95  %   2.01  %   2.02  %     2.00  %   2.05  %
Return on average assets         0.65  %   0.85  %   0.77  %     0.79  %   0.78  %
Return on average interest-earning assets         0.74  %   0.97  %   0.87  %     0.91  %   0.89  %
Total shareholder return         8.61  %   (2.40) %   2.66  %     1.96  %   20.87  %
Reported effective tax rate         13.7  %   15.1  %   13.4  %     15.0  %   17.9  %
Adjusted effective tax rate (2)         15.5  %   15.2  %   15.2  %     15.5  %   15.4  %
Common share information                                      
Per share ($) - basic earnings       $ 1.93    $ 2.42    $ 1.99      $ 8.89    $ 7.87   
  - reported diluted earnings         1.93      2.42      1.98        8.87      7.86   
  - adjusted diluted earnings (2)         2.36      2.45      2.24        9.45      8.94   
  - dividends         1.12      1.09      1.00        4.30      3.94   
  - book value         51.25      50.02      44.30        51.25      44.30   
Share price ($) - high         102.74      96.99      107.01        107.16      107.01   
  - low         86.00      89.55      95.93        86.00      85.49   
  - closing         100.28      93.46      102.89        100.28      102.89   
Shares outstanding (thousands) - weighted-average basic         397,253      397,270      397,009        397,213      397,620   
  - weighted-average diluted         397,838      397,828      397,907        397,832      398,420   
  - end of period         397,291      397,234      397,021        397,291      397,021   
Market capitalization ($ millions)       $ 39,840    $ 37,126    $ 40,850      $ 39,840    $ 40,850   
Value measures                                      
Dividend yield (based on closing share price)         4.4  %   4.6  %   3.9  %     4.3  %   3.8  %
Reported dividend payout ratio         58.0  %   45.0  %   50.3  %     48.4  %   50.0  %
Adjusted dividend payout ratio (2)         47.4  %   44.5  %   44.6  %     45.4  %   44.0  %
Market value to book value ratio         1.96      1.87      2.32        1.96      2.32   
On- and off-balance sheet information ($ millions)                                      
Cash, deposits with banks and securities       $ 93,619    $ 92,997    $ 73,089      $ 93,619    $ 73,089   
Loans and acceptances, net of allowance         290,981      285,502      268,240        290,981      268,240   
Total assets         463,309      457,842      414,903        463,309      414,903   
Deposits         366,657      360,525      325,393        366,657      325,393   
Common shareholders' equity         20,360      19,869      17,588        20,360      17,588   
Average assets         476,700      457,774      418,414        455,324      411,481   
Average interest-earning assets         415,783      399,444      370,020        395,616      362,997   
Average common shareholders' equity         20,122      18,733      17,528        18,857      17,067   
Assets under administration         1,846,142      1,871,875      1,703,360        1,846,142      1,703,360   
Assets under management (AUM)         170,465      172,316      151,913        170,465      151,913   
Balance sheet quality (All-in basis) and liquidity measures                                      
Risk-weighted assets (RWA) ($ billions)                                      
  Common Equity Tier 1 (CET1) capital RWA       $ 156.1    $ 153.9      141.3      $ 156.1      141.3   
  Tier 1 capital RWA         156.4      154.2      141.4        156.4      141.4   
  Total capital RWA         156.7      154.4      141.7        156.7      141.7   
Capital ratios                                      
  CET1 ratio         10.8  %   10.8  %   10.3  %     10.8  %   10.3  %
  Tier 1 capital ratio         12.5  %   12.5  %   12.2  %     12.5  %   12.2  %
  Total capital ratio         15.0  %   15.0  %   15.5  %     15.0  %   15.5  %
Basel III leverage ratio                                      
  Tier 1 capital   A     19.5      19.3      17.3        19.5      17.3   
  Leverage ratio exposure   B     502.6      493.5      n/a       502.6      n/a  
  Leverage ratio   A/B     3.9  %   3.9  %   n/a       3.9  %   n/a  
Liquidity coverage ratio (LCR)         118.9  %   120.7  %   n/a       n/a     n/a  
Other information                                      
Full-time equivalent employees         44,201      44,385      44,424        44,201      44,424   
(1) Certain information has been reclassified/restated to conform to the presentation adopted in the current year. See the "External reporting changes" section of the management's discussion and analysis for additional details.
(2) For additional information, see the "Non-GAAP measures" section.
n/a Not applicable.
   

 Review of Retail and Business Banking fourth quarter results

                          2015       2015       2014  
$ millions, for the three months ended                       Oct. 31       Jul. 31       Oct. 31 (1)
Revenue                                          
  Personal banking                     $ 1,749      $ 1,693      $ 1,629   
  Business banking                       414        410        393   
  Other                       20        24        24   
Total revenue                       2,183        2,127        2,046   
Provision for credit losses                       190        165        171   
Non-interest expenses                       1,101        1,097        1,072   
Income before income taxes                       892        865        803   
Income taxes                       237        229        201   
Net income                     $ 655      $ 636      $ 602   
Net income attributable to:                                          
  Equity shareholders (a)                     $ 655      $ 636      $ 602   
Efficiency ratio                       50.4  %     51.6  %     52.4  %
Return on equity (2)                       54.2  %     53.3  %     60.1  %
Charge for economic capital (2) (b)                     $ (144)     $ (143)     $ (122)  
Economic profit (2) (a+b)                     $ 511      $ 493      $ 480   
Full-time equivalent employees                       21,532        21,574        21,864   
(1) Certain information has been reclassified/restated to conform to the presentation adopted in the current year.
See the "External reporting changes" section of the management's discussion and analysis for additional details.
(2) For additional information, see the "Non-GAAP measures" section.

Net income was $655 million, up $53 million from the fourth quarter of 2014. Adjusted net income (2) was $656 million, up $40 million from the fourth quarter of 2014.

Revenue of $2,183 million was up $137 million from the fourth quarter of 2014. Personal banking and business banking revenue increased primarily due to volume growth across most products and higher fees. Other revenue was down primarily due to lower revenue in our exited FirstLine mortgage broker business.

Provision for credit losses of $190 million was up $19 million from the fourth quarter of 2014, mainly due to higher losses in the oil and gas sector within the business lending portfolio.

Non-interest expenses of $1,101 million were up $29 million from the fourth quarter of 2014, mainly due to higher spending on strategic initiatives.

Review of Wealth Management fourth quarter results

                          2015       2015       2014  
$ millions, for the three months ended                       Oct. 31       Jul. 31       Oct. 31  
Revenue                                          
  Retail brokerage                     $ 304      $ 312      $ 302   
  Asset management                       214        223        203   
  Private wealth management                       91        93        79   
Total revenue                       609        628        584   
Non-interest expenses                       447        443        428   
Income before income taxes                       162        185        156   
Income taxes                       39        45        37   
Net income                     $ 123      $ 140      $ 119   
Net income attributable to:                                          
  Equity shareholders (a)                     $ 123      $ 140      $ 119   
Efficiency ratio                       73.4  %     70.5  %     73.1  %
Return on equity (1)                       20.3  %     23.9  %     21.9  %
Charge for economic capital (1) (b)                     $ (72)     $ (70)     $ (65)  
Economic profit (1) (a+b)                     $ 51      $ 70      $ 54   
Full-time equivalent employees                       4,350        4,343        4,169   
(1) For additional information, see the "Non-GAAP measures" section.

Net Income for the quarter was $123 million, up $4 million from the fourth quarter of 2014.

Revenue of $609 million was up $25 million from the fourth quarter of 2014, primarily due to higher AUM in asset management from strong net sales of long-term mutual funds, the favourable impact of foreign exchange rates in private wealth management, and higher fee-based revenue in retail brokerage, partially offset by lower commission revenue, mainly due to a decline in transactional volumes.

Non-interest expenses of $447 million were up $19 million from the fourth quarter of 2014, primarily due to higher employee-related costs including performance-based compensation, and the unfavourable impact of foreign exchange rates.

Review of Capital Markets fourth quarter results

                          2015       2015       2014  
$ millions, for the three months ended                       Oct. 31       Jul. 31       Oct. 31  
Revenue                                          
  Global markets                     $ 310      $ 417      $ 196   
  Corporate and investment banking                       269        277        265   
  Other                                    
Total revenue (1)                       579        696        468   
Provision for (reversal of) credit losses                       (5)             14   
Non-interest expenses                       325        339        293   
Income before income taxes                       259        348        161   
Income taxes (1)                       50        78        25   
Net income                     $ 209      $ 270      $ 136   
Net income attributable to:                                          
  Equity shareholders (a)                     $ 209      $ 270      $ 136   
Efficiency ratio                       56.2  %     48.6  %     62.6  %
Return on equity (2)                       28.6  %     39.0  %     21.8  %
Charge for economic capital (2) (b)                     $ (87)     $ (82)     $ (75)  
Economic profit (2) (a+b)                     $ 122      $ 188      $ 61   
Full-time equivalent employees                       1,342        1,367        1,304   
(1) Revenue and income taxes are reported on a taxable equivalent basis (TEB) basis. Accordingly, revenue and income taxes include a TEB adjustment of $91 million for the quarter ended October 31, 2015 (July 31, 2015: $131 million; October 31, 2014: $85 million).
(2) For additional information, see the "Non-GAAP measures" section.

Net income for the quarter was $209 million, compared with net income of $136 million for the fourth quarter of 2014.  Adjusted net income (2) for the quarter was $211 million, compared with $216 million for the prior year quarter.

Revenue of $579 million was up $111 million from the fourth quarter of 2014, as the prior year quarter included a $112 million ($82 million after-tax) charge relating to the incorporation of FVA into the valuation of our uncollateralized derivatives, shown as an item of note. In global markets, lower equity underwriting activity in the quarter was offset by higher interest rate and equity trading revenue, and higher capital markets financing activity. In corporate and investment banking, higher corporate banking and advisory revenue was partially offset by lower equity underwriting activity.

Reversal of credit losses of $5 million compared with a provision for credit losses of $14 million in the fourth quarter of 2014, mainly due to a recovery in the current quarter compared with losses in the prior year quarter in our U.S. real estate finance portfolio.

Non-interest expenses of $325 million were up $32 million from the fourth quarter of 2014, primarily due to higher employee and performance-related expenses.

Review of Corporate and Other fourth quarter results

                        2015       2015       2014
$ millions, for the three months ended                       Oct. 31       Jul. 31       Oct. 31
Revenue                                        
  International banking                     $ 179      $ 175      $ 150 
  Other                       (67)       (106)       (35)
Total revenue (1)                       112        69        115 
Provision for credit losses                       13        15       
Non-interest expenses                       510        300        290 
Loss before income taxes                       (411)       (246)       (184)
Income taxes (1)                       (202)       (178)       (138)
Net loss                     $ (209)     $ (68)     $ (46)
Net income (loss) attributable to:                                        
  Non-controlling interests                     $     $     $
  Equity shareholders                       (211)       (73)       (48)
Full-time equivalent employees                       16,977        17,101        17,087 
(1)  TEB adjusted. See footnote 1 in "Capital Markets" section for additional details.

Net loss for the quarter was $209 million, compared with a net loss of $46 million in the same quarter last year, primarily due to higher non-interest expenses. Adjusted net loss (2) for the quarter was $44 million, compared with a net loss of $45 million for the prior year quarter.

Revenue was comparable with the fourth quarter of 2014.

Provision for credit losses was up $4 million from the fourth quarter of 2014, primarily due to an increase in the collective provision.

Non-interest expenses were up $220 million from the fourth quarter of 2014, mainly due to restructuring charges, shown as an item of note.

Income tax benefit was up $64 million from the fourth quarter of 2014, mainly due to the tax impact of the restructuring charges noted above.

Consolidated balance sheet

$ millions, as at October 31             2015        2014 
ASSETS                      
Cash and non-interest-bearing deposits with banks           $ 3,053      $ 2,694 
Interest-bearing deposits with banks             15,584        10,853 
Securities                      
Trading             46,181        47,061 
Available-for-sale (AFS)             28,534        12,228 
Designated at fair value (FVO)             267        253 
              74,982        59,542 
Cash collateral on securities borrowed             3,245        3,389 
Securities purchased under resale agreements             30,089        33,407 
Loans                      
Residential mortgages             169,258        157,526 
Personal             36,517        35,458 
Credit card             11,804        11,629 
Business and government             65,276        56,075 
Allowance for credit losses             (1,670)       (1,660)
              281,185        259,028 
Other                      
Derivative instruments             26,342        20,680 
Customers' liability under acceptances             9,796        9,212 
Land, buildings and equipment             1,897        1,797 
Goodwill             1,526        1,450 
Software and other intangible assets             1,197        967 
Investments in equity-accounted associates and joint ventures             1,847        1,923 
Deferred tax assets             507        506 
Other assets             12,059        9,455 
              55,171        45,990 
            $ 463,309      $ 414,903 
LIABILITIES AND EQUITY                      
Deposits                      
Personal           $ 137,378      $ 130,085 
Business and government             178,850        148,793 
Bank             10,785        7,732 
Secured borrowings             39,644        38,783 
              366,657        325,393 
Obligations related to securities sold short             9,806        12,999 
Cash collateral on securities lent             1,429        903 
Obligations related to securities sold under repurchase agreements             8,914        9,862 
Other                      
Derivative instruments             29,057        21,841 
Acceptances             9,796        9,212 
Deferred tax liabilities             28        29 
Other liabilities             12,195        10,903 
              51,076        41,985 
Subordinated indebtedness             3,874        4,978 
Equity                      
Preferred shares             1,000        1,031 
Common shares             7,813        7,782 
Contributed surplus             76        75 
Retained earnings             11,433        9,626 
Accumulated other comprehensive income (AOCI)             1,038        105 
Total shareholders' equity             21,360        18,619 
Non-controlling interests             193        164 
Total equity             21,553        18,783 
            $ 463,309      $ 414,903 
                       

Consolidated statement of income

        For the three   For the twelve
        months ended   months ended
          2015     2015     2014     2015     2014
$ millions, except as noted         Oct. 31     Jul. 31     Oct. 31     Oct. 31     Oct. 31
Interest income                                  
Loans       $ 2,385    $ 2,418    $ 2,410    $ 9,573    $ 9,504 
Securities         385      380      403      1,524      1,628 
Securities borrowed or purchased under resale agreements         60      69      82      310      320 
Deposits with banks         23      20          76      25 
          2,853      2,887      2,899      11,483      11,477 
Interest expense                                  
Deposits         680      728      842      2,990      3,337 
Securities sold short         52      55      86      230      327 
Securities lent or sold under repurchase agreements         23      29      35      110      127 
Subordinated indebtedness         39      40      45      181      178 
Other         16      14      10      57      49 
          810      866      1,018      3,568      4,018 
Net interest income         2,043      2,021      1,881      7,915      7,459 
Non-interest income                                  
Underwriting and advisory fees         100      106      128      427      444 
Deposit and payment fees         208      216      210      830      848 
Credit fees         140      136      123      533      478 
Card fees         115      109      106      449      414 
Investment management and custodial fees         208      211      186      814      677 
Mutual fund fees         363      369      337      1,457      1,236 
Insurance fees, net of claims(1)         103      81      88      361      356 
Commissions on securities transactions         88      93      98      385      408 
Trading income (loss)         (114)     (10)     (123)     (139)     (176)
AFS securities gains, net         19      17      44      138      201 
FVO gains (losses), net         19      (9)     (1)     (3)     (15)
Foreign exchange other than trading         46      29          92      43 
Income from equity-accounted associates and joint ventures         37      43      35      177      226 
Other         108      108      101      420      764 
          1,440      1,499      1,332      5,941      5,904 
Total revenue         3,483      3,520      3,213      13,856      13,363 
Provision for credit losses         198      189      194      771      937 
Non-interest expenses                                  
Employee compensation and benefits         1,379      1,231      1,167      5,099      4,636 
Occupancy costs         209      191      180      782      736 
Computer, software and office equipment         335      330      319      1,292      1,200 
Communications         80      80      80      326      312 
Advertising and business development         80      70      78      281      285 
Professional fees         78      65      61      230      201 
Business and capital taxes         16      15      15      68      59 
Other(1)         206      197      183      783      1,083 
          2,383      2,179      2,083      8,861      8,512 
Income before income taxes         902      1,152      936      4,224      3,914 
Income taxes         124      174      125      634      699 
Net income       $ 778    $ 978    $ 811    $ 3,590    $ 3,215 
Net income (loss) attributable to non-controlling interests       $   $   $   $ 14    $ (3)
  Preferred shareholders       $   $ 11    $ 18    $ 45    $ 87 
  Common shareholders         767      962      791      3,531      3,131 
Net income attributable to equity shareholders       $ 776    $ 973    $ 809    $ 3,576    $ 3,218 
Earnings per share (in dollars)                                  
  Basic       $ 1.93    $ 2.42    $ 1.99    $ 8.89    $ 7.87 
  Diluted         1.93      2.42      1.98      8.87      7.86 
Dividends per common share (in dollars)         1.12      1.09      1.00      4.30      3.94 
(1) Prior quarter information has been reclassified to conform to the presentation adopted in the first quarter of 2015.
   
   

Consolidated statement of comprehensive income

          For the three   For the twelve
          months ended   months ended
          2015     2015     2014     2015     2014
$ millions       Oct. 31     Jul. 31     Oct. 31     Oct. 31     Oct. 31
Net income     $ 778    $ 978    $ 811    $ 3,590    $ 3,215 
Other comprehensive income (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           817      296      1,445      694 
  Net (gains) losses on investments in foreign operations reclassified to net income                   (21)    
  Net gains (losses) on hedges of investments in foreign operations       (2)     (413)     (165)     (720)     (425)
  Net (gains) losses on hedges of investments in foreign operations reclassified
  to net income
                  18     
                404      131      722      269 
  Net change in AFS securities                                
  Net gains (losses) on AFS securities       (71)     22      36      (67)     152 
  Net (gains) losses on AFS securities reclassified to net income       (15)     (13)     (37)     (97)     (146)
            (86)         (1)     (164)    
  Net change in cash flow hedges                                
  Net gains (losses) on derivatives designated as cash flow hedges       35      (14)     13      (7)     94 
 
 
Net (gains) losses on derivatives designated as cash flow hedges reclassified
  to net income
     
 
 
(29)
 
 
 
16 
 
 
   
(13)
 
 
 
 
 
   
(81)
                    (4)     13 
OCI, net of income tax, that is not subject to subsequent reclassification to net income                                
  Net gains (losses) on post-employment defined benefit plans       240      221      (7)     374      (143)
  Net fair value change of FVO liabilities attributable to changes in credit risk                      
Total OCI       167      638      123      933      145 
Comprehensive income     $ 945    $ 1,616    $ 934    $ 4,523    $ 3,360 
Comprehensive income (loss) attributable to non-controlling interests     $   $   $   $ 14    $ (3)
  Preferred shareholders     $   $ 11    $ 18    $ 45    $ 87 
  Common shareholders       934      1,600      914      4,464      3,276 
Comprehensive income attributable to equity shareholders     $ 943    $ 1,611    $ 932    $ 4,509    $ 3,363 
                                   
                                   
          For the three   For the twelve
          months ended   months ended
            2015     2015     2014     2015     2014
$ millions       Oct. 31     Jul. 31     Oct. 31     Oct. 31     Oct. 31
Income tax (expense) benefit                                
Subject to subsequent reclassification to net income                                
  Net foreign currency translation adjustments                                
  Net gains (losses) on investments in foreign operations     $   $ (65)   $ (23)   $ (118)   $ (52)
  Net (gains) losses on investments in foreign operations reclassified to net income                       -  
  Net gains (losses) on hedges of investments in foreign operations           51      29      91      67 
  Net (gains) losses on hedges of investments in foreign operations reclassified to net income        -       -       -       (6)      -  
                (14)         (30)     15 
  Net change in AFS securities                                
  Net gains (losses) on AFS securities       18      (8)         42      (71)
  Net (gains) losses on AFS securities reclassified to net income           11          48      59 
            23          12      90      (12)
  Net change in cash flow hedges                                
  Net gains (losses) on derivatives designated as cash flow hedges       (13)         (5)         (34)
 
 
Net (gains) losses on derivatives designated as cash flow hedges reclassified
  to net income
     
 
 
10 
 
   
(6)
   
 
 
 
 
 
 
 
(2)
 
   
29 
          (3)     (1)             (5)
Not subject to subsequent reclassification to net income                                
  Net gains (losses) on post-employment defined benefit plans       (79)     (80)         (129)     54 
  Net fair value change of FVO liabilities attributable to changes in credit risk       (2)     (1)         (1)    
          $ (60)   $ (93)   $ 23    $ (70)   $ 52 
                                   
                                   

Consolidated statement of changes in equity

    For the three       For the twelve    
    months ended       months ended    
      2015     2015     2014         2015     2014    
$ millions   Oct. 31     Jul. 31     Oct. 31         Oct. 31     Oct. 31    
Preferred shares                                    
Balance at beginning of period $ 1,000    $ 1,000    $ 1,281        $ 1,031    $ 1,706     
Issue of preferred shares                   600      400     
Redemption of preferred shares           (250)         (631)     (1,075)    
Balance at end of period $ 1,000    $ 1,000    $ 1,031        $ 1,000    $ 1,031     
Common shares                                    
Balance at beginning of period $ 7,800    $ 7,803    $ 7,758        $ 7,782    $ 7,753     
Issue of common shares           27          30      96     
Purchase of common shares for cancellation   (2)         (5)         (2)     (65)    
Treasury shares       (5)                 (2)    
Balance at end of period $ 7,813    $ 7,800    $ 7,782        $ 7,813    $ 7,782     
Contributed surplus                                    
Balance at beginning of period $ 79    $ 77    $ 78        $ 75    $ 82     
Stock option expense                          
Stock options exercised   (1)         (4)         (4)     (14)    
Other   (3)                        
Balance at end of period $ 76    $ 79    $ 75        $ 76    $ 75     
Retained earnings                                    
Balance at beginning of period $ 11,119    $ 10,590    $ 9,258        $ 9,626    $ 8,318     
Net income attributable to equity shareholders   776      973      809          3,576      3,218     
Dividends                                    
  Preferred   (9)     (11)     (18)         (45)     (87)    
  Common   (445)     (433)     (398)         (1,708)     (1,567)    
Premium on purchase of common shares for cancellation   (9)         (24)         (9)     (250)    
Other           (1)         (7)     (6)    
Balance at end of period $ 11,433    $ 11,119    $ 9,626        $ 11,433    $ 9,626     
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 $ 1,035    $ 631    $ 182        $ 313    $ 44     
  Net change in foreign currency translation adjustments       404      131          722      269     
  Balance at end of period $ 1,035    $ 1,035    $ 313        $ 1,035    $ 313     
  Net gains (losses) on AFS securities                                    
  Balance at beginning of period $ 180    $ 171    $ 259        $ 258    $ 252     
  Net change in AFS securities   (86)         (1)         (164)        
  Balance at end of period $ 94    $ 180    $ 258        $ 94    $ 258     
  Net gains (losses) on cash flow hedges                                    
  Balance at beginning of period $ 16    $ 14    $ 26        $ 26    $ 13     
  Net change in cash flow hedges                   (4)     13     
  Balance at end of period $ 22    $ 16    $ 26        $ 22    $ 26     
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 $ (358)   $ (579)   $ (485)       $ (492)   $ (349)    
  Net change in post-employment defined benefit plans   240      221      (7)         374      (143)    
  Balance at end of period $ (118)   $ (358)   $ (492)       $ (118)   $ (492)    
  Net fair value change of FVO liabilities attributable to changes in credit risk                                
  Balance at beginning of period $ (2)   $ (4)   $       $   $    
  Net change attributable to changes in credit risk                          
  Balance at end of period $   $ (2)   $       $   $    
Total AOCI, net of income tax $ 1,038    $ 871    $ 105        $ 1,038    $ 105     
Non-controlling interests                                    
Balance at beginning of period $ 194    $ 178    $ 155        $ 164    $ 175     
Net income (loss) attributable to non-controlling interests                   14      (3)    
Dividends       (3)             (5)     (4)    
Other   (3)     14              20      (4)    
Balance at end of period $ 193    $ 194    $ 164        $ 193    $ 164     
Equity at end of period $ 21,553    $ 21,063    $ 18,783        $ 21,553    $ 18,783     

Consolidated statement of cash flows

  For the three       For the twelve    
  months ended       months ended    
 
 

2015

 
2015

 

 

2014

 

 

 

 

2015

 
 
2014

 

 
$ millions   Oct. 31     Jul. 31     Oct. 31         Oct. 31     Oct. 31    
Cash flows provided by (used in) operating activities                                    
Net income $ 778    $ 978 
$ 811        $ 3,590    $ 3,215     
Adjustments to reconcile net income to cash flows provided by (used in) operating activities:                                    
  Provision for credit losses   198      189      194          771      937     
  Amortization and impairment (1)   109      112      96          435      813     
  Stock option expense                          
  Deferred income taxes   (11)     (17)             (61)     57     
  AFS securities gains, net   (19)     (17)     (44)         (138)     (201)    
  Net losses (gains) on disposal of land, buildings and equipment   (4)                 (2)        
  Other non-cash items, net   (27)     (52)     (22)         (257)     (637)    
  Net changes in operating assets and liabilities        
   
       
   
   
    Interest-bearing deposits with banks   1,293      (2,471)     (2,636)         (4,731)     (6,685)    
    Loans, net of repayments   (4,104)     (11,148)     (5,003)         (22,610)     (16,529)    
    Deposits, net of withdrawals   5,847      19,212      3,151          40,510      10,213     
    Obligations related to securities sold short   (1,591)     839      196          (3,193)     (328)    
    Accrued interest receivable   (95)     42      (25)         (112)     79     
    Accrued interest payable   263      (233)     241          (77)     (32)    
    Derivative assets   3,675      (3,285)     (2,460)         (5,655)     (688)    
    Derivative liabilities   (2,815)     1,407      3,895          7,204      2,032     
    Trading securities   1,368      320      1,034          880      (2,991)    
    FVO securities       (17)             (14)     34     
    Other FVO assets and liabilities   421      (80)     (107)         327      (14)    
    Current income taxes   30      194      (28)         140      (27)    
    Cash collateral on securities lent   (138)     (209)     (456)         526      (1,196)    
    Obligations related to securities sold under repurchase agreements   812      (2,209)     425          (948)     4,975     
    Cash collateral on securities borrowed   114      215      (151)         144      28     
    Securities purchased under resale agreements   (2,098)     10,209      (8,302)         3,318      (8,096)    
    Other, net   (92)     804      (38)         (569)     (1,538)    
  3,918      14,785      (9,217)         19,483      (16,571)    
Cash flows provided by (used in) financing activities  
                               
Issue of subordinated indebtedness           1,000              1,000     
Redemption/repurchase/maturity of subordinated indebtedness       (10)     (250)         (1,130)     (264)    
Issue of preferred shares                   600      400     
Redemption of preferred shares           (250)         (631)     (1,075)    
Issue of common shares for cash           23          26      82     
Purchase of common shares for cancellation
 
(11)         (29)         (11)     (315)    
Net proceeds from treasury shares       (5)                 (2)    
Dividends paid   (454)     (444)     (416)         (1,753)     (1,654)    
Share issuance costs                   (7)     (5)    
    (450)     (457)     80          (2,903)     (1,833)    
Cash flows provided by (used in) investing activities                                    
Purchase of AFS securities   (15,709)     (17,517)     (7,091)         (41,145)     (27,974)    
Proceeds from sale of AFS securities   1,450      954      11,659          9,264      29,014     
Proceeds from maturity of AFS securities   10,738      2,044      4,337          15,451      14,578 
 

 
Net cash used in acquisitions                       (190)    
Net cash provided by dispositions                   185      3,611     
Net purchase of land, buildings and equipment   (91)     (59)     (100)         (256)     (251)    
    (3,612)     (14,578)     8,805          (16,501)     18,788     
Effect of exchange rate changes on cash and non-interest-bearing deposits with banks   (1)     135      51          280      99     
Net increase (decrease) in cash and non-interest-bearing deposits with banks                                    
  during period   (145)     (115)     (281)         359      483     
Cash and non-interest-bearing deposits with banks at beginning of period   3,198      3,313 
  2,975          2,694      2,211     
Cash and non-interest-bearing deposits with banks at end of period (2) $ 3,053    $ 3,198    $ 2,694        $ 3,053    $ 2,694     
Cash interest paid $ 548    $ 1,101    $ 777        $ 3,646    $ 4,050     
Cash income taxes paid   105      (3)     150          555      669     
Cash interest and dividends received   2,758      2,929      2,874          11,371      11,556     
(1) Comprises amortization and impairment of buildings, furniture, equipment, leasehold improvements, and software and other intangible assets. In addition, the year ended October 31, 2014 included the goodwill impairment charge. 
(2) Includes restricted balances of $406 million (July 31, 2015: $414 million; October 31, 2014: $324 million)

 

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.

The following table provides a quarterly reconciliation of non-GAAP to GAAP measures related to CIBC on a consolidated basis. For a more detailed discussion and for an annual reconciliation of non-GAAP to GAAP measures, see the "Non-GAAP measures" section of CIBC's 2015 Annual Report.

    As at or for the     As at or for the  
    three months ended     twelve months ended  
        2015       2015       2014         2015       2014  
$ millions,       Oct. 31       Jul. 31       Oct. 31         Oct. 31       Oct. 31  
Reported and adjusted diluted EPS                                            
Reported net income attributable to diluted common shareholders A   $ 767      $ 962      $ 791        $ 3,531      $ 3,131   
After-tax impact of items of note (1)       172        12        100          230        432   
Adjusted net income attributable to diluted common shareholders (2) B   $ 939      $ 974      $ 891        $ 3,761      $ 3,563   
Diluted weighted-average common shares outstanding (thousands) C     397,838        397,828        397,907          397,832        398,420   
Reported diluted EPS ($) A/C   $ 1.93      $ 2.42      $ 1.98        $ 8.87      $ 7.86   
Adjusted diluted EPS ($) (2) B/C     2.36        2.45        2.24          9.45        8.94   
Reported and adjusted return on common shareholders' equity                                            
Average common shareholders' equity D   $ 20,122      $ 18,733      $ 17,528        $ 18,857      $ 17,067   
Reported return on common shareholders' equity (%) A / D     15.1  %     20.4  %     17.9  %       18.7  %     18.3  %
Adjusted return on common shareholders' equity (%) (2) B / D     18.5  %     20.6  %     20.1  %       19.9  %     20.9  %

        Retail and                        
        Business   Wealth   Capital   Corporate   CIBC
$ millions, for the three months ended Banking   Management   Markets   and Other   Total
Oct. 31 Reported net income (loss)     $ 655      $ 123      $ 209      $ (209)     $ 778 
2015 After-tax impact of items of note (1)                         165        174 
    Adjusted net income (loss) (2)     $ 656      $ 129      $ 211      $ (44)     $ 952 
Jul. 31 Reported net income (loss)     $ 636      $ 140      $ 270      $ (68)     $ 978 
2015 After-tax impact of items of note (1)                               12 
    Adjusted net income (loss) (2)     $ 638      $ 143      $ 275      $ (66)     $ 990 
Oct. 31 Reported net income (loss)     $ 602      $ 119      $ 136      $ (46)     $ 811 
2014 After-tax impact of items of note (1)       14              80              100 
    Adjusted net income (loss) (2)     $ 616      $ 124      $ 216      $ (45)     $ 911 
                                               
$ millions, for the twelve months ended                                        
Oct. 31 Reported net income (loss)     $ 2,524      $ 520      $ 1,004      $ (458)     $ 3,590 
2015 After-tax impact of items of note (1)       (28)       18              234        232 
    Adjusted net income (loss) (2)     $ 2,496      $ 538      $ 1,012      $ (224)     $ 3,822 
Oct. 31 Reported net income (loss)     $ 2,483      $ 471      $ 895      $ (634)     $ 3,215 
2014 After-tax impact of items of note (1)       (64)       15        18        473        442 
    Adjusted net income (loss) (2)     $ 2,419      $ 486      $ 913      $ (161)     $ 3,657 
(1) Reflects impact of items of note under the "Financial results" section of the management's discussion analysis.
(2) Non-GAAP measure.

 

Items of note

  For the three     For the twelve  
months ending     months ending  
2015   2015   2014     2015   2014  
$ millions Oct. 31   Jul. 31   Oct. 31     Oct. 31   Oct. 31  
Gain arising from accounting adjustments on credit card-related balance sheet                                
  amounts $   $   $     $ (46)   $  
Gain on sale of an investment in our merchant banking portfolio                 (23)      
Gain in respect of the Aeroplan transactions with Aimia Canada Inc. and TD, net of           18            (190)  
  costs relating to the development of our enhanced travel rewards program                                
Gain within an equity-accounted investment in our merchant banking portfolio                     (52)  
Loss (income) from the structured credit run-off business           (2)       29      15   
Amortization of intangible assets   11      10      10        42      36   
Decrease in collective allowance (1) recognized in Corporate and Other                     (26)  
Charge resulting from operational changes in the processing of write-offs                     26   
  in Retail and Business Banking                                
Gain in our exited European leveraged finance portfolio                     (78)  
Loan losses in our exited U.S. leveraged finance portfolio                     22   
Restructuring charges   211                296       
Charges relating to CIBC FirstCaribbean                     543   
Charge relating to the incorporation of funding valuation adjustments (FVA) into the           112            112   
  valuation of our uncollateralized derivatives                                
Pre-tax impact of items of note on net income   225      16      138        298      408   
  Income tax impact on above items of note   (51)     (4)     (38)       (66)     34   
After-tax impact of items of note on net income   174      12      100        232      442   
  After-tax impact of items of note on non-controlling interests   (2)               (2)     (10)  
After-tax impact of items of note on net income attributable to common shareholders $ 172    $ 12    $ 100      $ 230    $ 432   
(1) Relates to the collective allowance, except for (i) residential mortgages greater than 90 days delinquent; (ii) personal loans and scored small business loans greater than 30 days delinquent; and (iii) net write-offs for the cards portfolio, which are all reported in the respective SBUs.

 

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, 2015.

Conference Call/Webcast

The conference call will be held at 8:00 a.m. (ET) and is available in English (416-340-2217, or toll-free 1-877-405-9213, passcode 6272962#) and French (514-861-2255, or toll-free 1-877-405-9213, passcode 1883806#). 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/ca/investor-relations/quarterly-results.html.

Details of CIBC's 2015 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 6371479#) and French (514-861-2272 or 1-800-408-3053, passcode 8556162#) until 23:59 (ET) December 10, 2015. The audio webcast will be archived at www.cibc.com/ca/investor-relations/quarterly-results.html.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com/ca/media-centre/.

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 news 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 "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 2015 Annual Report under the heading "Financial performance overview - Outlook for calendar year 2016" and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies and outlook for calendar year 2015 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, including the economic assumptions set out in the "Financial performance overview - Outlook for calendar year 2016" section of our 2015 Annual Report, as updated by quarterly reports, 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 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 U.S. Foreign Account Tax Compliance Act 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 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; changes to our credit ratings; 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; increasing cyber security risks which may include theft 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; global capital market activity; changes in monetary and economic policy; currency value and interest rate fluctuations, including as a result of oil price volatility; 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 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. 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

For further information:

Investor Relations:
Geoff Weiss, SVP
416-980-5093
geoffrey.weiss@cibc.com

Jason Patchett, analyst enquiries
416-980-8691
jason.patchett@cibc.com

Alice Dunning, investor enquiries
416-861-8870
alice.dunning@cibc.com

Media Inquiries:
Kevin Dove
416-980-8835
kevin.dove@cibc.com 

Erica Belling
416-594-7251
erica.belling@cibc.com


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