CIBC Announces Third Quarter 2026 Results
TORONTO, Aug. 27, 2026 /CNW/ -- CIBC (TSX: CM) (NYSE: CM) today announced its financial results for the third quarter ended July 31, 2026.
Third quarter highlights
Q3/26 | Q3/25 | Q2/26 | YoY | QoQ | |
Revenue | $8,368 million | $7,254 million | $8,006 million | +15 % | +5 % |
Reported Net Income | $2,409 million | $2,096 million | $2,465 million | +15 % | -2 % |
Adjusted Net Income (1) | $2,648 million | $2,104 million | $2,471 million | +26 % | +7 % |
Adjusted pre-provision, pre-tax earnings (1) | $3,962 million | $3,289 million | $3,815 million | +20 % | +4 % |
Reported Diluted Earnings Per Share (EPS) | $2.47 | $2.15 | $2.53 | +15 % | -2 % |
Adjusted Diluted EPS (1) | $2.73 | $2.16 | $2.54 | +26 % | +7 % |
Reported Return on Common Shareholders' Equity (ROE) (2) | 15.2 % | 14.2 % | 16.4 % | ||
Adjusted ROE (1) | 16.8 % | 14.2 % | 16.4 % | ||
Net interest margin on average interest-earning assets (2)(3) | 1.63 % | 1.58 % | 1.67 % | ||
Net interest margin on average interest-earning assets (excluding trading) (2)(3) | 2.07 % | 1.94 % | 2.05 % | ||
Common Equity Tier 1 (CET1) Ratio (4) | 13.4 % | 13.4 % | 13.6 % | ||
Results for the third quarter of 2026 were affected by the following items of note resulting in a negative impact of $0.26 per share:
- $269 million ($232 million after-tax) of charges related to our announced sale of CIBC Caribbean Bank Limited (CIBC Caribbean); and
- $10 million ($7 million after-tax) amortization of acquisition-related intangible assets.
Our CET1 ratio(4) was 13.4% at July 31, 2026, compared with 13.6% at the end of the prior quarter. CIBC's leverage ratio(4) and liquidity coverage ratio(4) at July 31, 2026 were 4.3% and 127%, respectively.
"We continue to accelerate the execution of our strategy, driving another quarter of strong financial results including double-digit growth in net income and a higher return on equity compared to a year ago," said Harry Culham, CIBC President and Chief Executive Officer. "We're investing in key enablers including artificial intelligence (AI) to empower our team, as we continue to modernize our bank, drive efficiency and sharpen our focus on our clients. Leveraging our robust balance sheet and building on our strong credit quality, we stand ready to support our clients and further our momentum."
Core business performance
Canadian Personal and Business Banking reported net income of $948 million for the third quarter, up $136 million or 17% from the third quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were $1,707 million, up $156 million from the third quarter a year ago, as higher revenue was partially offset by higher adjusted(1) non-interest expenses. The higher revenue was mainly driven by higher net interest margin and loan growth. Reported and adjusted non-interest expenses were higher mainly due to higher spending on technology and other strategic initiatives and employee-related compensation.
Canadian Commercial Banking and Wealth Management reported net income of $619 million for the third quarter, up $21 million or 4% from the third quarter a year ago, primarily due to higher revenue, partially offset by higher non-interest expenses and a higher provision for credit losses. Adjusted pre-provision, pre-tax earnings were $1,000 million, up $156 million from the third quarter a year ago, as higher revenue was partially offset by higher non-interest expenses. Commercial banking revenue was higher compared to the prior year due to higher net interest margin and volume growth. In wealth management, the increase in revenue was due to higher fee-based revenue from higher average assets under administration (AUA) and assets under management (AUM) balances as a result of market appreciation, higher commission revenue from increased client activity, and higher net interest income from higher net interest margin and volume growth. Expenses increased primarily due to higher performance-based and other employee-related compensation, and higher spending on technology and other strategic initiatives.
(1) | This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section, including the quantitative reconciliations of reported GAAP measures to: adjusted non-interest expenses and adjusted net income on pages 3 to 7; and adjusted pre-provision, pre-tax earnings on page 8. |
(2) | Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Glossary" section of our Report to Shareholders for the third quarter of 2026 available on SEDAR+ at www.sedarplus.com. |
(3) | Average balances are calculated as a weighted average of daily closing balances. |
(4) | Our capital ratios are calculated pursuant to the Office of the Superintendent of Financial Institution's (OSFI's) Capital Adequacy Requirements (CAR) Guideline and the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, all of which are based on the Basel Committee on Banking Supervision (BCBS) standards. For additional information, see the "Capital management" and "Liquidity risk" sections of our Report to Shareholders for the third quarter of 2026 available on SEDAR+ at www.sedarplus.com. |
U.S. Commercial Banking and Wealth Management reported net income of $320 million (US$228 million) for the third quarter, up $66 million (US$42 million or 23%) from the third quarter a year ago, primarily due to a lower provision for credit losses, and higher revenue, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings(1) were $389 million (US$277 million), up $45 million (US$25 million or 10%) from the third quarter a year ago, as higher revenue was partially offset by higher adjusted(1) non-interest expenses. In commercial banking, higher revenue was primarily due to volume growth and higher net interest margin. Wealth management revenue was comparable with the same quarter last year. Reported and adjusted non-interest expenses increased mainly due to higher employee compensation.
Capital Markets reported net income of $722 million for the third quarter, up $182 million or 34% from the third quarter a year ago, primarily due to higher revenue and a lower provision for credit losses, partially offset by higher non-interest expenses. Adjusted pre-provision, pre-tax earnings were up $192 million or 24% from the third quarter a year ago as higher revenue was partially offset by higher non-interest expenses. Global markets revenue was up primarily driven by higher equity trading and financing revenue. Corporate and investment banking revenue was up primarily due to higher revenue from our lending and deposit activities with our corporate clients, partially offset by lower advisory and equity underwriting revenue in our investment banking business. Expenses were up due to higher spending on technology and other strategic initiatives, and higher employee-related compensation.
Credit quality
Provision for credit losses was $564 million, up $5 million from the same quarter last year. The current quarter included a provision reversal on performing loans due to a favourable change in our economic outlook and an allowance release related to a sale of a number of commercial real estate loans in the U.S., partially offset by an increase related to unfavourable credit migration, while the same quarter last year included a provision for credit losses due to an unfavourable change in our economic outlook, partially offset by a release related to favourable credit migration. Provision for credit losses on impaired loans was up mainly due to higher provisions in Canadian Commercial Banking and Wealth Management, Canadian Personal and Business Banking, and Capital Markets, partially offset by lower provisions in U.S. Commercial Banking and Wealth Management.
Key highlights across our bank in the third quarter of 2026 included:
- CIBC piloted the first enterprise-wide agentic AI workspace in Canadian banking with CAI 2.0 which enables users to integrate their data and tools into the platform and delegate work to AI-driven agents.
- CIBC launched a proprietary AI-enabled solution, CIBC AdvisorAssist, helping advisors spend less time on administrative work and more time on client conversations, advice and relationships.
- CIBC's leadership in Gen AI and digital transformation was recognized with the Best Digital Transformation Program award by Digital Banker for our Request a Call feature on our Knowledge Central AI platform which helps frontline team members get answers to questions more efficiently to deliver consistently positive client experiences.
- CIBC received the highest ranking in customer satisfaction for online banking among Canada's Big 5 banks by J.D. Power for a second consecutive year.
- CIBC Capital Markets was recognized at the Euromoney Awards for Excellence 2026 with the award for Best Investment Bank for Financing Solutions – Canada.
- CIBC Bank USA's strong net promoter scores (NPS) increased compared to a year ago in both Commercial Banking and Private Wealth reflecting disciplined execution, strong teamwork and continued focus on delivering for clients.
- CIBC was recognized as Canada's Best Overall Cash Management Bank by Global Finance for its innovative, client-focused solutions for its commercial banking clients.
Making a difference in our communities
At CIBC, we believe there should be no limits to ambition. We invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter:
- Team CIBC raised $1.7 million dollars for the 30th annual Tour CIBC Charles-Bruneau in CIBC's 20th year as title sponsor.
- CIBC Foundation donated $250,000 to the YMCA of Greater Toronto in support of the YMCA Black Achievers Mentorship Program, which creates more opportunities for Black youth to build confidence, expand their networks, and access mentorship that supports their personal and professional growth.
- CIBC donated $50,000 through the CIBC Foundation's Ontario Emergency Relief Fund to provide immediate and long-term support to those affected by the wildfires impacting northwestern Ontario, and the communities facing evacuation across the region.
(1) | This measure is a non-GAAP measure. For additional information and a reconciliation of reported results to adjusted results, where applicable, see the "Non-GAAP measures" section. |
Non-GAAP measures
We use a number of financial measures to assess the performance of our business lines as described below. Some measures are calculated in accordance with GAAP (International Financial Reporting Standards), while other measures do not have a standardized meaning under GAAP, and accordingly, these measures may not be comparable to similar measures used by other companies. Investors may find these non-GAAP measures, which include non-GAAP financial measures and non-GAAP ratios as defined in National Instrument 52-112 "Non-GAAP and Other Financial Measures Disclosure", useful in understanding how management views underlying business performance.
Management assesses results on a reported and adjusted basis and considers both as useful measures of performance. Adjusted measures, which include adjusted total revenue, adjusted provision for credit losses, adjusted non-interest expenses, adjusted income before income taxes, adjusted income taxes, adjusted net income and adjusted pre-provision, pre-tax earnings, remove items of note from reported results to calculate our adjusted results. Adjusted measures represent non-GAAP measures. Non-GAAP ratios include an adjusted measure as one or more of their components. Non-GAAP ratios include adjusted diluted EPS, adjusted efficiency ratio, adjusted operating leverage, adjusted dividend payout ratio, adjusted return on common shareholders' equity and adjusted effective tax rate.
Certain additional disclosures for these specified financial measures have been incorporated by reference and can be found in the "Non-GAAP measures" section of our Report to Shareholders for the third quarter of 2026 available on SEDAR+ at www.sedarplus.com.
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
U.S. | |||||||||||||||||
Canadian | U.S. | Commercial | |||||||||||||||
Canadian | Commercial | Commercial | Banking | ||||||||||||||
Personal | Banking | Banking | and Wealth | ||||||||||||||
and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | Management | |||||||||||
$ millions, for the three months ended July 31, 2026 | Banking | Management | Management | Markets | and Other | Total | (US$ millions) | ||||||||||
Operating results – reported | |||||||||||||||||
Total revenue | $ | 3,344 | $ | 2,037 | $ | 863 | $ | 1,834 | $ | 290 | $ | 8,368 | $ | 618 | |||
Provision for (reversal of) credit losses | 427 | 145 | (32) | 28 | (4) | 564 | (23) | ||||||||||
Non-interest expenses | 1,643 | 1,037 | 478 | 857 | 670 | 4,685 | 343 | ||||||||||
Income (loss) before income taxes | 1,274 | 855 | 417 | 949 | (376) | 3,119 | 298 | ||||||||||
Income taxes | 326 | 236 | 97 | 227 | (176) | 710 | 70 | ||||||||||
Net income (loss) | 948 | 619 | 320 | 722 | (200) | 2,409 | 228 | ||||||||||
Net income attributable to non-controlling interests | - | - | - | - | 10 | 10 | - | ||||||||||
Preferred shareholders and other equity instrument holders | 11 | 6 | 5 | 42 | 64 | 128 | 4 | ||||||||||
Common shareholders | 937 | 613 | 315 | 680 | (274) | 2,271 | 224 | ||||||||||
Net income (loss) attributable to equity shareholders | 948 | 619 | 320 | 722 | (210) | 2,399 | 228 | ||||||||||
Diluted EPS ($) | $ | 2.47 | |||||||||||||||
Impact of items of note (1) | |||||||||||||||||
Revenue | |||||||||||||||||
Amortization of acquisition-related intangible assets (2) | $ | - | $ | - | $ | 2 | $ | - | $ | - | $ | 2 | $ | 1 | |||
Impact of items of note on revenue | - | - | 2 | - | - | 2 | 1 | ||||||||||
Non-interest expenses | |||||||||||||||||
Amortization of acquisition-related intangible assets | (6) | - | (2) | - | - | (8) | (1) | ||||||||||
Charges related to our announced sale of CIBC Caribbean | - | - | - | - | (269) | (269) | - | ||||||||||
Impact of items of note on non-interest expenses | (6) | - | (2) | - | (269) | (277) | (1) | ||||||||||
Total pre-tax impact of items of note on net income | 6 | - | 4 | - | 269 | 279 | 2 | ||||||||||
Income taxes | |||||||||||||||||
Amortization of acquisition-related intangible assets (2) | 1 | - | 2 | - | - | 3 | 1 | ||||||||||
Charges related to our announced sale of CIBC Caribbean | - | - | - | - | 37 | 37 | - | ||||||||||
Impact of items of note on income taxes | 1 | - | 2 | - | 37 | 40 | 1 | ||||||||||
Total after-tax impact of items of note on net income | $ | 5 | $ | - | $ | 2 | $ | - | $ | 232 | $ | 239 | $ | 1 | |||
Impact of items of note on diluted EPS ($) (3) | $ | 0.26 | |||||||||||||||
Operating results – adjusted (4) | |||||||||||||||||
Total revenue – adjusted | $ | 3,344 | $ | 2,037 | $ | 865 | $ | 1,834 | $ | 290 | $ | 8,370 | $ | 619 | |||
Provision for (reversal of) credit losses – adjusted | 427 | 145 | (32) | 28 | (4) | 564 | (23) | ||||||||||
Non-interest expenses – adjusted | 1,637 | 1,037 | 476 | 857 | 401 | 4,408 | 342 | ||||||||||
Income (loss) before income taxes – adjusted | 1,280 | 855 | 421 | 949 | (107) | 3,398 | 300 | ||||||||||
Income taxes – adjusted | 327 | 236 | 99 | 227 | (139) | 750 | 71 | ||||||||||
Net income – adjusted | 953 | 619 | 322 | 722 | 32 | 2,648 | 229 | ||||||||||
Net income attributable to non-controlling interests – adjusted | - | - | - | - | 10 | 10 | - | ||||||||||
Preferred shareholders and other equity instrument holders – adjusted | 11 | 6 | 5 | 42 | 64 | 128 | 4 | ||||||||||
Common shareholders – adjusted | 942 | 613 | 317 | 680 | (42) | 2,510 | 225 | ||||||||||
Net income attributable to equity shareholders – adjusted | 953 | 619 | 322 | 722 | 22 | 2,638 | 229 | ||||||||||
Adjusted diluted EPS ($) | $ | 2.73 | |||||||||||||||
(1) | Items of note are removed from reported results to calculate adjusted results. | ||||||||||||||||
(2) | Includes the amortization of acquisition-related intangible assets that are a component of equity-accounted associates. | ||||||||||||||||
(3) | Includes the impact of rounding differences between diluted EPS and adjusted diluted EPS. | ||||||||||||||||
(4) | Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. | ||||||||||||||||
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
U.S. | |||||||||||||||||
Canadian | U.S. | Commercial | |||||||||||||||
Canadian | Commercial | Commercial | Banking | ||||||||||||||
Personal | Banking | Banking | and Wealth | ||||||||||||||
and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | Management | |||||||||||
$ millions, for the three months ended April 30, 2026 | Banking | Management | Management | Markets | and Other | Total | (US$ millions) | ||||||||||
Operating results – reported | |||||||||||||||||
Total revenue | $ | 3,174 | $ | 1,918 | $ | 821 | $ | 1,868 | $ | 225 | $ | 8,006 | $ | 599 | |||
Provision for (reversal of) credit losses | 474 | 121 | 21 | (15) | 4 | 605 | 16 | ||||||||||
Non-interest expenses | 1,571 | 960 | 469 | 807 | 392 | 4,199 | 342 | ||||||||||
Income (loss) before income taxes | 1,129 | 837 | 331 | 1,076 | (171) | 3,202 | 241 | ||||||||||
Income taxes | 283 | 223 | 71 | 284 | (124) | 737 | 51 | ||||||||||
Net income (loss) | 846 | 614 | 260 | 792 | (47) | 2,465 | 190 | ||||||||||
Net income attributable to non-controlling interests | - | - | - | - | 8 | 8 | - | ||||||||||
Preferred shareholders and other equity instrument holders | 10 | 6 | 4 | 39 | 55 | 114 | 3 | ||||||||||
Common shareholders | 836 | 608 | 256 | 753 | (110) | 2,343 | 187 | ||||||||||
Net income (loss) attributable to equity shareholders | 846 | 614 | 260 | 792 | (55) | 2,457 | 190 | ||||||||||
Diluted EPS ($) | $ | 2.53 | |||||||||||||||
Impact of items of note (1) | |||||||||||||||||
Non-interest expenses | |||||||||||||||||
Amortization of acquisition-related intangible assets | $ | (7) | $ | - | $ | (1) | $ | - | $ | - | $ | (8) | $ | (1) | |||
Impact of items of note on non-interest expenses | (7) | - | (1) | - | - | (8) | (1) | ||||||||||
Total pre-tax impact of items of note on net income | 7 | - | 1 | - | - | 8 | 1 | ||||||||||
Income taxes | |||||||||||||||||
Amortization of acquisition-related intangible assets | 2 | - | - | - | - | 2 | - | ||||||||||
Impact of items of note on income taxes | 2 | - | - | - | - | 2 | - | ||||||||||
Total after-tax impact of items of note on net income | $ | 5 | $ | - | $ | 1 | $ | - | $ | - | $ | 6 | $ | 1 | |||
Impact of items of note on diluted EPS ($) (3) | $ | 0.01 | |||||||||||||||
Operating results – adjusted (4) | |||||||||||||||||
Total revenue – adjusted | $ | 3,174 | $ | 1,918 | $ | 821 | $ | 1,868 | $ | 225 | $ | 8,006 | $ | 599 | |||
Provision for (reversal of) credit losses – adjusted | 474 | 121 | 21 | (15) | 4 | 605 | 16 | ||||||||||
Non-interest expenses – adjusted | 1,564 | 960 | 468 | 807 | 392 | 4,191 | 341 | ||||||||||
Income (loss) before income taxes – adjusted | 1,136 | 837 | 332 | 1,076 | (171) | 3,210 | 242 | ||||||||||
Income taxes – adjusted | 285 | 223 | 71 | 284 | (124) | 739 | 51 | ||||||||||
Net income (loss) – adjusted | 851 | 614 | 261 | 792 | (47) | 2,471 | 191 | ||||||||||
Net income attributable to non-controlling interests – adjusted | - | - | - | - | 8 | 8 | - | ||||||||||
Preferred shareholders and other equity instrument holders – adjusted | 10 | 6 | 4 | 39 | 55 | 114 | 3 | ||||||||||
Common shareholders – adjusted | 841 | 608 | 257 | 753 | (110) | 2,349 | 188 | ||||||||||
Net income (loss) attributable to equity shareholders – adjusted | 851 | 614 | 261 | 792 | (55) | 2,463 | 191 | ||||||||||
Adjusted diluted EPS ($) | $ | 2.54 | |||||||||||||||
See previous page for footnote references. | |||||||||||||||||
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
U.S. | |||||||||||||||||
Canadian | U.S. | Commercial | |||||||||||||||
Canadian | Commercial | Commercial | Banking | ||||||||||||||
Personal | Banking | Banking | and Wealth | ||||||||||||||
and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | Management | |||||||||||
$ millions, for the three months ended July 31, 2025 | Banking | Management | Management | Markets | and Other | Total | (US$ millions) | ||||||||||
Operating results – reported | |||||||||||||||||
Total revenue | $ | 3,061 | $ | 1,723 | $ | 790 | $ | 1,506 | $ | 174 | $ | 7,254 | $ | 576 | |||
Provision for credit losses | 444 | 21 | 17 | 76 | 1 | 559 | 14 | ||||||||||
Non-interest expenses | 1,517 | 879 | 450 | 721 | 409 | 3,976 | 327 | ||||||||||
Income (loss) before income taxes | 1,100 | 823 | 323 | 709 | (236) | 2,719 | 235 | ||||||||||
Income taxes | 288 | 225 | 69 | 169 | (128) | 623 | 49 | ||||||||||
Net income (loss) | 812 | 598 | 254 | 540 | (108) | 2,096 | 186 | ||||||||||
Net income attributable to non-controlling interests | - | - | - | - | 2 | 2 | - | ||||||||||
Preferred shareholders and other equity instrument holders | - | - | - | - | 82 | 82 | - | ||||||||||
Common shareholders | 812 | 598 | 254 | 540 | (192) | 2,012 | 186 | ||||||||||
Net income (loss) attributable to equity shareholders | 812 | 598 | 254 | 540 | (110) | 2,094 | 186 | ||||||||||
Diluted EPS ($) | $ | 2.15 | |||||||||||||||
Impact of items of note (1) | |||||||||||||||||
Non-interest expenses | |||||||||||||||||
Amortization of acquisition-related intangible assets | $ | (7) | $ | - | $ | (4) | $ | - | $ | - | $ | (11) | $ | (3) | |||
Impact of items of note on non-interest expenses | (7) | - | (4) | - | - | (11) | (3) | ||||||||||
Total pre-tax impact of items of note on net income | 7 | - | 4 | - | - | 11 | 3 | ||||||||||
Income taxes | |||||||||||||||||
Amortization of acquisition-related intangible assets | 2 | - | 1 | - | - | 3 | 1 | ||||||||||
Impact of items of note on income taxes | 2 | - | 1 | - | - | 3 | 1 | ||||||||||
Total after-tax impact of items of note on net income | $ | 5 | $ | - | $ | 3 | $ | - | $ | - | $ | 8 | $ | 2 | |||
Impact of items of note on diluted EPS ($) (3) | $ | 0.01 | |||||||||||||||
Operating results – adjusted (4) | |||||||||||||||||
Total revenue – adjusted | $ | 3,061 | $ | 1,723 | $ | 790 | $ | 1,506 | $ | 174 | $ | 7,254 | $ | 576 | |||
Provision for credit losses – adjusted | 444 | 21 | 17 | 76 | 1 | 559 | 14 | ||||||||||
Non-interest expenses – adjusted | 1,510 | 879 | 446 | 721 | 409 | 3,965 | 324 | ||||||||||
Income (loss) before income taxes – adjusted | 1,107 | 823 | 327 | 709 | (236) | 2,730 | 238 | ||||||||||
Income taxes – adjusted | 290 | 225 | 70 | 169 | (128) | 626 | 50 | ||||||||||
Net income (loss) – adjusted | 817 | 598 | 257 | 540 | (108) | 2,104 | 188 | ||||||||||
Net income attributable to non-controlling interests – adjusted | - | - | - | - | 2 | 2 | - | ||||||||||
Preferred shareholders and other equity instrument holders – adjusted | - | - | - | - | 82 | 82 | - | ||||||||||
Common shareholders – adjusted | 817 | 598 | 257 | 540 | (192) | 2,020 | 188 | ||||||||||
Net income (loss) attributable to equity shareholders – adjusted | 817 | 598 | 257 | 540 | (110) | 2,102 | 188 | ||||||||||
Adjusted diluted EPS ($) | $ | 2.16 | |||||||||||||||
See previous pages for footnote references. | |||||||||||||||||
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
U.S. | |||||||||||||||||
Canadian | U.S. | Commercial | |||||||||||||||
Canadian | Commercial | Commercial | Banking | ||||||||||||||
Personal | Banking | Banking | and Wealth | ||||||||||||||
and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | Management | |||||||||||
$ millions, for the nine months ended July 31, 2026 | Banking | Management | Management | Markets | and Other | Total | (US$ millions) | ||||||||||
Operating results – reported | |||||||||||||||||
Total revenue | $ | 9,813 | $ | 5,878 | $ | 2,558 | $ | 5,719 | $ | 804 | $ | 24,772 | $ | 1,847 | |||
Provision for credit losses | 1,347 | 350 | 10 | 20 | 10 | 1,737 | 8 | ||||||||||
Non-interest expenses | 4,772 | 2,938 | 1,430 | 2,500 | 1,573 | 13,213 | 1,033 | ||||||||||
Income (loss) before income taxes | 3,694 | 2,590 | 1,118 | 3,199 | (779) | 9,822 | 806 | ||||||||||
Income taxes | 940 | 710 | 244 | 808 | (854) | 1,848 | 176 | ||||||||||
Net income | 2,754 | 1,880 | 874 | 2,391 | 75 | 7,974 | 630 | ||||||||||
Net income attributable to non-controlling interests | - | - | - | - | 25 | 25 | - | ||||||||||
Preferred shareholders and other equity instrument holders | 33 | 18 | 14 | 122 | 161 | 348 | 10 | ||||||||||
Common shareholders | 2,721 | 1,862 | 860 | 2,269 | (111) | 7,601 | 620 | ||||||||||
Net income attributable to equity shareholders | 2,754 | 1,880 | 874 | 2,391 | 50 | 7,949 | 630 | ||||||||||
Diluted EPS ($) | $ | 8.22 | |||||||||||||||
Impact of items of note (1) | |||||||||||||||||
Revenue | |||||||||||||||||
Amortization of acquisition-related intangible assets (2) | $ | - | $ | - | $ | 2 | $ | - | $ | - | $ | 2 | $ | 1 | |||
Impact of items of note on revenue | - | - | 2 | - | - | 2 | 1 | ||||||||||
Non-interest expenses | |||||||||||||||||
Amortization of acquisition-related intangible assets | (19) | - | (7) | - | - | (26) | (5) | ||||||||||
Charges related to our announced sale of CIBC Caribbean | - | - | - | - | (269) | (269) | - | ||||||||||
Impact of items of note on non-interest expenses | (19) | - | (7) | - | (269) | (295) | (5) | ||||||||||
Total pre-tax impact of items of note on net income | 19 | - | 9 | - | 269 | 297 | 6 | ||||||||||
Income taxes | |||||||||||||||||
Amortization of acquisition-related intangible assets (2) | 5 | - | 3 | - | - | 8 | 2 | ||||||||||
Charges related to our announced sale of CIBC Caribbean | - | - | - | - | 37 | 37 | - | ||||||||||
Income tax recoveries related to a capital gains distribution and utilization of capital losses | - | - | - | - | 422 | 422 | - | ||||||||||
Impact of items of note on income taxes | 5 | - | 3 | - | 459 | 467 | 2 | ||||||||||
Total after-tax impact of items of note on net income | $ | 14 | $ | - | $ | 6 | $ | - | $ | (190) | $ | (170) | $ | 4 | |||
Impact of items of note on diluted EPS ($) (3) | $ | (0.19) | |||||||||||||||
Operating results – adjusted (4) | |||||||||||||||||
Total revenue – adjusted | $ | 9,813 | $ | 5,878 | $ | 2,560 | $ | 5,719 | $ | 804 | $ | 24,774 | $ | 1,848 | |||
Provision for credit losses – adjusted | 1,347 | 350 | 10 | 20 | 10 | 1,737 | 8 | ||||||||||
Non-interest expenses – adjusted | 4,753 | 2,938 | 1,423 | 2,500 | 1,304 | 12,918 | 1,028 | ||||||||||
Income (loss) before income taxes – adjusted | 3,713 | 2,590 | 1,127 | 3,199 | (510) | 10,119 | 812 | ||||||||||
Income taxes – adjusted | 945 | 710 | 247 | 808 | (395) | 2,315 | 178 | ||||||||||
Net income (loss) – adjusted | 2,768 | 1,880 | 880 | 2,391 | (115) | 7,804 | 634 | ||||||||||
Net income attributable to non-controlling interests – adjusted | - | - | - | - | 25 | 25 | - | ||||||||||
Preferred shareholders and other equity instrument holders – adjusted | 33 | 18 | 14 | 122 | 161 | 348 | 10 | ||||||||||
Common shareholders – adjusted | 2,735 | 1,862 | 866 | 2,269 | (301) | 7,431 | 624 | ||||||||||
Net income (loss) attributable to equity shareholders – adjusted | 2,768 | 1,880 | 880 | 2,391 | (140) | 7,779 | 634 | ||||||||||
Adjusted diluted EPS ($) | $ | 8.03 | |||||||||||||||
See previous pages for footnote references. | |||||||||||||||||
The following table provides a reconciliation of GAAP (reported) results to non-GAAP (adjusted) results on a segmented basis. | |||||||||||||||||
U.S. | |||||||||||||||||
Canadian | U.S. | Commercial | |||||||||||||||
Canadian | Commercial | Commercial | Banking | ||||||||||||||
Personal | Banking | Banking | and Wealth | ||||||||||||||
and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | Management | |||||||||||
$ millions, for the nine months ended July 31, 2025 | Banking | Management | Management | Markets | and Other | Total | (US$ millions) | ||||||||||
Operating results – reported | |||||||||||||||||
Total revenue | $ | 8,843 | $ | 5,066 | $ | 2,406 | $ | 4,625 | $ | 617 | $ | 21,557 | $ | 1,709 | |||
Provision for credit losses | 1,261 | 114 | 208 | 131 | 23 | 1,737 | 148 | ||||||||||
Non-interest expenses | 4,455 | 2,565 | 1,361 | 2,145 | 1,147 | 11,673 | 966 | ||||||||||
Income (loss) before income taxes | 3,127 | 2,387 | 837 | 2,349 | (553) | 8,147 | 595 | ||||||||||
Income taxes | 816 | 649 | 154 | 624 | (370) | 1,873 | 109 | ||||||||||
Net income (loss) | 2,311 | 1,738 | 683 | 1,725 | (183) | 6,274 | 486 | ||||||||||
Net income attributable to non-controlling interests | - | - | - | - | 19 | 19 | - | ||||||||||
Preferred shareholders and other equity instrument holders | - | - | - | - | 248 | 248 | - | ||||||||||
Common shareholders | 2,311 | 1,738 | 683 | 1,725 | (450) | 6,007 | 486 | ||||||||||
Net income (loss) attributable to equity shareholders | 2,311 | 1,738 | 683 | 1,725 | (202) | 6,255 | 486 | ||||||||||
Diluted EPS ($) | $ | 6.37 | |||||||||||||||
Impact of items of note (1) | |||||||||||||||||
Non-interest expenses | |||||||||||||||||
Amortization of acquisition-related intangible assets | $ | (20) | $ | - | $ | (14) | $ | - | $ | - | $ | (34) | $ | (10) | |||
Impact of items of note on non-interest expenses | (20) | - | (14) | - | - | (34) | (10) | ||||||||||
Total pre-tax impact of items of note on net income | 20 | - | 14 | - | - | 34 | 10 | ||||||||||
Income taxes | |||||||||||||||||
Amortization of acquisition-related intangible assets | 5 | - | 4 | - | - | 9 | 3 | ||||||||||
Impact of items of note on income taxes | 5 | - | 4 | - | - | 9 | 3 | ||||||||||
Total after-tax impact of items of note on net income | $ | 15 | $ | - | $ | 10 | $ | - | $ | - | $ | 25 | $ | 7 | |||
Impact of items of note on diluted EPS ($) (3) | $ | 0.03 | |||||||||||||||
Operating results – adjusted (4) | |||||||||||||||||
Total revenue – adjusted | $ | 8,843 | $ | 5,066 | $ | 2,406 | $ | 4,625 | $ | 617 | $ | 21,557 | $ | 1,709 | |||
Provision for credit losses – adjusted | 1,261 | 114 | 208 | 131 | 23 | 1,737 | 148 | ||||||||||
Non-interest expenses – adjusted | 4,435 | 2,565 | 1,347 | 2,145 | 1,147 | 11,639 | 956 | ||||||||||
Income (loss) before income taxes – adjusted | 3,147 | 2,387 | 851 | 2,349 | (553) | 8,181 | 605 | ||||||||||
Income taxes – adjusted | 821 | 649 | 158 | 624 | (370) | 1,882 | 112 | ||||||||||
Net income (loss) – adjusted | 2,326 | 1,738 | 693 | 1,725 | (183) | 6,299 | 493 | ||||||||||
Net income attributable to non-controlling interests – adjusted | - | - | - | - | 19 | 19 | - | ||||||||||
Preferred shareholders and other equity instrument holders – adjusted | - | - | - | - | 248 | 248 | - | ||||||||||
Common shareholders – adjusted | 2,326 | 1,738 | 693 | 1,725 | (450) | 6,032 | 493 | ||||||||||
Net income (loss) attributable to equity shareholders – adjusted | 2,326 | 1,738 | 693 | 1,725 | (202) | 6,280 | 493 | ||||||||||
Adjusted diluted EPS ($) | $ | 6.40 | |||||||||||||||
See previous pages for footnote references. | |||||||||||||||||
The following table provides a reconciliation of GAAP (reported) net income to non-GAAP (adjusted) pre-provision, pre-tax earnings on a segmented basis. | |||||||||||||||||||
U.S. | |||||||||||||||||||
Canadian | U.S. | Commercial | |||||||||||||||||
Canadian | Commercial | Commercial | Banking | ||||||||||||||||
Personal | Banking | Banking | and Wealth | ||||||||||||||||
and Business | and Wealth | and Wealth | Capital | Corporate | CIBC | Management | |||||||||||||
$ millions, for the three months ended | Banking | Management | Management | Markets | and Other | Total | (US$ millions) | ||||||||||||
2026 | Net income (loss) | $ | 948 | $ | 619 | $ | 320 | $ | 722 | $ | (200) | $ | 2,409 | $ | 228 | ||||
Jul. 31 | Add: provision for (reversal of) credit losses | 427 | 145 | (32) | 28 | (4) | 564 | (23) | |||||||||||
Add: income taxes | 326 | 236 | 97 | 227 | (176) | 710 | 70 | ||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) | 1,701 | 1,000 | 385 | 977 | (380) | 3,683 | 275 | ||||||||||||
Pre-tax impact of items of note (2) | 6 | - | 4 | - | 269 | 279 | 2 | ||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) | $ | 1,707 | $ | 1,000 | $ | 389 | $ | 977 | $ | (111) | $ | 3,962 | $ | 277 | |||||
2026 | Net income (loss) | $ | 846 | $ | 614 | $ | 260 | $ | 792 | $ | (47) | $ | 2,465 | $ | 190 | ||||
Apr. 30 | Add: provision for (reversal of) credit losses | 474 | 121 | 21 | (15) | 4 | 605 | 16 | |||||||||||
Add: income taxes | 283 | 223 | 71 | 284 | (124) | 737 | 51 | ||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) | 1,603 | 958 | 352 | 1,061 | (167) | 3,807 | 257 | ||||||||||||
Pre-tax impact of items of note (2) | 7 | - | 1 | - | - | 8 | 1 | ||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) | $ | 1,610 | $ | 958 | $ | 353 | $ | 1,061 | $ | (167) | $ | 3,815 | $ | 258 | |||||
2025 | Net income (loss) | $ | 812 | $ | 598 | $ | 254 | $ | 540 | $ | (108) | $ | 2,096 | $ | 186 | ||||
Jul. 31 | Add: provision for credit losses | 444 | 21 | 17 | 76 | 1 | 559 | 14 | |||||||||||
Add: income taxes | 288 | 225 | 69 | 169 | (128) | 623 | 49 | ||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) | 1,544 | 844 | 340 | 785 | (235) | 3,278 | 249 | ||||||||||||
Pre-tax impact of items of note (2) | 7 | - | 4 | - | - | 11 | 3 | ||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) | $ | 1,551 | $ | 844 | $ | 344 | $ | 785 | $ | (235) | $ | 3,289 | $ | 252 | |||||
$ millions, for the nine months ended | |||||||||||||||||||
2026 | Net income | $ | 2,754 | $ | 1,880 | $ | 874 | $ | 2,391 | $ | 75 | $ | 7,974 | $ | 630 | ||||
Jul. 31 | Add: provision for credit losses | 1,347 | 350 | 10 | 20 | 10 | 1,737 | 8 | |||||||||||
Add: income taxes | 940 | 710 | 244 | 808 | (854) | 1,848 | 176 | ||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) | 5,041 | 2,940 | 1,128 | 3,219 | (769) | 11,559 | 814 | ||||||||||||
Pre-tax impact of items of note (2) | 19 | - | 9 | - | 269 | 297 | 6 | ||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) | $ | 5,060 | $ | 2,940 | $ | 1,137 | $ | 3,219 | $ | (500) | $ | 11,856 | $ | 820 | |||||
2025 | Net income (loss) | $ | 2,311 | $ | 1,738 | $ | 683 | $ | 1,725 | $ | (183) | $ | 6,274 | $ | 486 | ||||
Jul. 31 | Add: provision for credit losses | 1,261 | 114 | 208 | 131 | 23 | 1,737 | 148 | |||||||||||
Add: income taxes | 816 | 649 | 154 | 624 | (370) | 1,873 | 109 | ||||||||||||
Pre-provision (reversal), pre-tax earnings (losses) (1) | 4,388 | 2,501 | 1,045 | 2,480 | (530) | 9,884 | 743 | ||||||||||||
Pre-tax impact of items of note (2) | 20 | - | 14 | - | - | 34 | 10 | ||||||||||||
Adjusted pre-provision (reversal), pre-tax earnings (losses) (3) | $ | 4,408 | $ | 2,501 | $ | 1,059 | $ | 2,480 | $ | (530) | $ | 9,918 | $ | 753 | |||||
(1) | Non-GAAP measure. | ||||||||||||||||||
(2) | Items of note are removed from reported results to calculate adjusted results. | ||||||||||||||||||
(3) | Adjusted to exclude the impact of items of note. Adjusted measures are non-GAAP measures. | ||||||||||||||||||
The Board of Directors of CIBC reviewed this news release prior to it being issued. CIBC's controls and procedures support the ability of the President and Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) of CIBC to certify CIBC's third quarter financial report and controls and procedures. CIBC's CEO and CFO will voluntarily provide to the United States (U.S.) Securities and Exchange Commission a certification relating to CIBC's third quarter financial information, including the unaudited interim consolidated financial statements, and will provide the same certification to the Canadian Securities Administrators.
All amounts are in Canadian dollars and are based on financial statements prepared in compliance with International Accounting Standard 34 Interim Financial Reporting, unless otherwise noted.
A NOTE ABOUT FORWARD-LOOKING STATEMENTS
From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this news release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission, in other reports to shareholders, and in other communications. All such statements are made pursuant to the "safe harbour" provisions of, and are intended to be forward-looking statements under applicable Canadian and U.S. securities legislation, including the U.S. Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about our operations, business lines, financial condition, risk management, priorities, targets and sustainability commitments (including with respect to our sustainability ambitions and related activities), ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2026 and subsequent periods. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "forecast", "target", "predict", "commit", "ambition", "goal", "strive", "project", "objective" and other similar expressions or future or conditional verbs such as "will", "may", "should", "would" and "could". By their nature, these statements require us to make assumptions, and are subject to inherent risks and uncertainties that may be general or specific. Given the potential negative economic impacts tied to the actual and proposed U.S. imposition of tariffs on Canada and other countries and their countermeasures, mixed signals from the labour market in the U.S., the continuing impact of hybrid work arrangements and high interest rates on the U.S. real estate sector, and the war in Ukraine and conflict in the Middle East, including their contribution to elevated energy and critical input costs, and ongoing supply chain disruptions, on the global economy, financial markets, and our business, results of operations and financial condition, there is inherently more uncertainty associated with our assumptions as compared to prior periods. A variety of factors, many of which are beyond our control, affect our operations, performance and results, and could cause actual results to differ materially from the expectations expressed in any of our forward-looking statements. These factors include: trade policies and tensions, including tariffs and government tariff mitigation policies; inflationary pressures in the U.S.; global supply-chain disruptions; geopolitical risk, including from the war in Ukraine and conflict in the Middle East; the impact of post-pandemic hybrid work arrangements; credit, market, liquidity, strategic, insurance, operational, reputation, conduct and legal, regulatory and environmental risk; currency value and interest rate fluctuations, including as a result of market and oil price volatility; the effectiveness and adequacy of our risk management and valuation models and processes; legislative or regulatory developments in the jurisdictions where we operate, including the Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation, open banking and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; exposure to, and the resolution of, significant litigation or regulatory matters, our ability to successfully appeal adverse outcomes of such matters and the timing, determination and recovery of amounts related to such matters; the effect of changes to accounting standards, rules and interpretations; changes in our estimates of reserves and allowances; changes in tax laws; changes to our credit ratings; political conditions and developments, including changes relating to economic matters; the possible effect on our business of international conflicts, such as the war in Ukraine and conflict in the Middle East, and terrorism; natural disasters, disruptions to public infrastructure and other catastrophic events; the occurrence of public health emergencies and any related government policies and actions; reliance on third parties to provide components of our business infrastructure; potential disruptions to our information technology systems and services; increasing cyber security risks, including the discovery and misuse of vulnerabilities and exposure to cyberattacks in connection with the use of artificial intelligence (AI), which may include theft or disclosure of assets, unauthorized access to sensitive information, or operational disruption; social media risk; losses incurred as a result of internal or external fraud; anti-money laundering; the accuracy and completeness of information provided to us concerning clients and counterparties; the failure of third parties to comply with their obligations to us and our affiliates or associates; intensifying competition from established competitors and new entrants in the financial services industry, including through internet and mobile banking; technological change, including the development and use of data and AI in our business and the ability to generate expected or potential benefits, such as increased productivity, cost savings, and improved accuracy and enhancement of business processes; the heavy reliance on AI-related capital spending for U.S. growth and the uncertain employment impacts from its adoption; global capital market activity; changes in monetary and economic policy; general business and economic conditions worldwide, as well as in Canada, the U.S. and other countries where we have operations, including increasing Canadian household debt levels and global credit risks; environmental and social risks, including climate-related risk, our ability to implement various sustainability-related initiatives internally and with our clients under expected time frames and our ability to scale our sustainable finance products and services; our success in developing and introducing new products and services, expanding existing distribution channels, developing new distribution channels and realizing increased revenue from these channels; changes in client spending and saving habits; our ability to attract and retain key employees and executives; our ability to successfully execute our strategies and complete and integrate acquisitions and joint ventures; the risk that expected benefits of an acquisition, merger or divestiture will not be realized within the expected time frame or at all; and our ability to anticipate and manage the risks associated with these factors. This list is not exhaustive of the factors that may affect any of our forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on our forward-looking statements. Additional information about these factors can be found in the "Management of risk" section of our 2025 Annual Report, as updated by our quarterly reports. Any forward-looking statements contained in this news release represent the views of management only as of the date hereof and are presented for the purpose of assisting our shareholders and financial analysts in understanding our financial position, objectives and priorities and anticipated financial performance as at and for the periods ended on the dates presented, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statement that is contained in this news release or in other communications except as required by law.
Conference Call/Webcast
The conference call will be held at 7:30 a.m. (ET) and is available in English (647-557-5624, or toll-free 1-888-440-4413, passcode 5677394#) and French (438-799-5050, or toll-free 1-888-440-6444, passcode 9555876#). 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 fiscal 2026 third quarter 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 (647-362-9199 or 1-800-770-2030, passcode 5677394#) and French (647-362-9199 or 1-800-770-2030, passcode 9555876#) until 11:59 p.m. (ET) September 10, 2026. The audio webcast will be archived at www.cibc.com/ca/investor-relations/quarterly-results.html.
About CIBC
CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking, Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://cibc.mediaroom.com/.
SOURCE CIBC - Investor Relations
For further information: Investor Relations: Financial analysts, portfolio managers and other investors requiring financial information may contact: Geoff Weiss, Senior Vice-President 416-980-5093, [email protected]; Media Enquiries: Financial, business and trade media may contact: Erica Belling, 416-594-7251, [email protected]; Tom Wallis, 416-980-4048, [email protected]
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