Skip to Content
News Releases
Back
CIBC Announces Fourth Quarter and Fiscal 2017 Results

CIBC's 2017 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 and supplementary regulatory capital reports which include fourth quarter financial information. All amounts are expressed in Canadian dollars, unless otherwise indicated.

 

TORONTO, Nov. 30, 2017 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2017.

Fourth quarter highlights


Q4/17

Q4/16

Q3/17

YoY Variance

QoQ Variance

Reported Net Income

$1,164 million

$931 million

$1,097 million

+25%

+6%

Adjusted Net Income (1)

$1,263 million

$1,041 million

$1,166 million

+21%

+8%

Reported Diluted Earnings Per Share (EPS)

$2.59

$2.32

$2.60

+12%

Adjusted Diluted EPS (1)

$2.81

$2.60

$2.77

+8%

+1%

Reported Return on Common Shareholders' Equity (ROE)

15.8%

16.8%

16.3%


Adjusted ROE (1)

17.2%

18.8%

17.3%

Basel III Common Equity Tier 1 Ratio (all-in basis)

10.6%

11.3%

10.4%

(1)

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

 

CIBC's results for the fourth quarter of 2017 were affected by the following items of note aggregating to a negative impact of $0.22 per share:

  • $98 million ($71 million after-tax, or $0.15 per share) in fees and charges related to the launch of Simplii Financial and the related wind-down of President's Choice Financial;
  • $46 million ($29 million after-tax, or $0.07 per share) in transaction and integration-related costs as well as purchase accounting adjustments associated with the acquisition of The PrivateBank and Geneva Advisors;
  • $19 million ($12 million after-tax, or $0.03 per share) amortization of intangible assets; and
  • $18 million ($13 million after-tax, or $0.03 per share) reduction in the portion of the collective allowance recognized in Corporate and Other.

For the year ended October 31, 2017, CIBC reported net income of $4,718 million and adjusted net income(1) of $4,665 million, compared with reported net income of $4,295 million and adjusted net income(1) of $4,104 million for 2016.

The following table summarizes our strong performance in 2017 against our key financial measures and targets:

Financial Measure

Target

2017 Reported Results

2017 Adjusted Results (1)

Diluted EPS growth

5%+ on average, annually

$11.24, up 5% from 2016

$11.11, up 9% from 2016

ROE

15%+

18.3%

18.1%

Efficiency ratio

55% run rate by 2019

58.8%, an improvement of 90 basis
points from 2016

57.2%, an improvement of 80 basis
points from 2016

Basel III CET1 ratio

Strong buffer to regulatory minimum

10.6%

Dividend payout ratio

40%-50%

45.6%

46.2%

Total shareholder return

Outperform the S&P/TSX Composite
Banks Index over a rolling five-year
period

CIBC – 81.6%
Banks Index – 103.6%

(1)

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

 

"In 2017, CIBC delivered record net income driven by strong performance across all of our strategic business units, as well as our acquisition of The PrivateBank," says Victor G. Dodig, CIBC President and Chief Executive Officer. "As we marked our 150th anniversary, we made excellent progress in the year, embedding a client-first culture, creating a strong cross-border platform and enhancing value for our shareholders. Looking forward, we are well positioned to continue to deliver sustainable growth to our shareholders."

Core business performance

F2017 Financial Highlights







(C$ million)


F2017


F2016 (1)

YoY Variance

Canadian Personal and Small Business Banking







Reported Net Income


$2,420


$2,160

up 12%


Adjusted Net Income (2)


$2,250


$2,135

up 5%







Canadian Commercial Banking and Wealth Management







Reported Net Income


$1,138


$991

up 15%


Adjusted Net Income (2)


$1,139


$993

up 15%







U.S. Commercial Banking and Wealth Management







Reported Net Income


$203


$87

up 133%


Adjusted Net Income (2)


$222


$93

up 139%







Capital Markets







Reported Net Income


$1,090


$992

up 10%


Adjusted Net Income (2)


$1,090


$1,020

up 7%

(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

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

 

Strong fundamentals
While investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2017, CIBC maintained its capital strength, competitive productivity and sound risk management practices:

  • CIBC's capital ratios were strong, with a Basel III CET1 ratio of 10.6% as noted above, and Tier 1 and Total capital ratios of 12.1% and 13.8% respectively, at October 31, 2017;
  • Market risk, as measured by average Value-at-Risk, was $6.5 million in 2017 compared with $5.8 million in 2016; and
  • We continued to have strong credit performance, with CIBC's loan loss ratio of 25 basis points compared with 31 basis points in 2016.

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 2017, CIBC:

  • Celebrated 21 years as title sponsor of the Canadian Cancer Society CIBC Run for the Cure and helped raise $17 million, including $3 million contributed by Team CIBC, for support programs and innovative breast cancer research;
  • Partnered with the Toronto 2017 Invictus Games as Signature Sponsor of Team Canada and the Games' Alumni Program; and
  • Continued our multi-year sponsorship of the Canadian Hockey League by introducing a financial literacy program for players of CIBC's 23 sponsored teams.

Fourth quarter financial highlights


As at or for the



As at or for the



three months ended



twelve months ended



2017


2017


2016



2017


2016


Unaudited

Oct. 31


Jul. 31

(1)

Oct. 31



Oct. 31

(1)

Oct. 31


Financial results ($ millions)

















Net interest income

$

2,464


$

2,276


$

2,110



$

8,977


$

8,366


Non-interest income


1,805



1,828



1,571




7,303



6,669


Total revenue


4,269



4,104



3,681




16,280



15,035


Provision for credit losses


229



209



222




829



1,051


Non-interest expenses


2,570



2,452



2,347




9,571



8,971


Income before income taxes


1,470



1,443



1,112




5,880



5,013


Income taxes


306



346



181




1,162



718


Net income

$

1,164


$

1,097


$

931



$

4,718


$

4,295


Net income attributable to non-controlling interests


5



4



4




19



20



Preferred shareholders


24



9



10




52



38



Common shareholders


1,135



1,084



917




4,647



4,237


Net income attributable to equity shareholders

$

1,159


$

1,093


$

927



$

4,699


$

4,275


Financial measures

















Reported efficiency ratio


60.2

%


59.7

%


63.8

%



58.8

%


59.7

%

Adjusted efficiency ratio (2)


56.5

%


57.3

%


58.2

%



57.2

%


58.0

%

Loan loss ratio (3)


0.23

%


0.24

%


0.27

%



0.25

%


0.31

%

Reported return on common shareholders' equity


15.8

%


16.3

%


16.8

%



18.3

%


19.9

%

Adjusted return on common shareholders' equity (2)


17.2

%


17.3

%


18.8

%



18.1

%


19.0

%

Net interest margin


1.72

%


1.66

%


1.59

%



1.66

%


1.64

%

Net interest margin on average interest-earning assets


1.92

%


1.85

%


1.81

%



1.85

%


1.88

%

Return on average assets


0.81

%


0.80

%


0.70

%



0.87

%


0.84

%

Return on average interest-earning assets


0.91

%


0.89

%


0.80

%



0.97

%


0.96

%

Total shareholder return


6.19

%


(0.65)

%


2.54

%



18.30

%


5.19

%

Reported effective tax rate


20.8

%


24.0

%


16.2

%



19.8

%


14.3

%

Adjusted effective tax rate (2)


21.8

%


24.1

%


17.5

%



20.3

%


16.6

%

Common share information

















Per share ($)

- basic earnings

$

2.60


$

2.61


$

2.32



$

11.26


$

10.72




- reported diluted earnings


2.59



2.60



2.32




11.24



10.70




- adjusted diluted earnings (2)


2.81



2.77



2.60




11.11



10.22




- dividends


1.30



1.27



1.21




5.08



4.75




- book value


66.55



64.29



56.59




66.55



56.59


Share price ($)

- high


114.01



109.57



104.46




119.86



104.46




- low


104.10



104.87



97.51




97.76



83.33




- closing


113.56



108.22



100.50




113.56



100.50


Shares outstanding (thousands)

- weighted-average basic (4)(5)


437,109



415,561



395,181




412,636



395,389




- weighted-average diluted (4)


438,556



416,385



395,750




413,563



395,919




- end of period (4)(5)


439,313



436,059



397,070




439,313



397,070


Market capitalization ($ millions)

$

49,888


$

47,190


$

39,906



$

49,888


$

39,906


Value measures

















Dividend yield (based on closing share price)


4.5

%


4.7

%


4.8

%



4.5

%


4.7

%

Reported dividend payout ratio


50.1

%


50.9

%


52.2

%



45.6

%


44.3

%

Adjusted dividend payout ratio (2)


46.1

%


47.8

%


46.6

%



46.2

%


46.4

%

Market value to book value ratio


1.71



1.68



1.78




1.71



1.78


On- and off-balance sheet information ($ millions)

















Cash, deposits with banks and securities

$

107,571


$

108,297


$

101,588



$

107,571


$

101,588


Loans and acceptances, net of allowance


365,558



358,993



319,781




365,558



319,781


Total assets


565,264



560,912



501,357




565,264



501,357


Deposits


439,706



439,357



395,647




439,706



395,647


Common shareholders' equity


29,238



28,036



22,472




29,238



22,472


Average assets


568,905



543,138



527,702




542,365



509,140


Average interest-earning assets


510,038



486,949



462,970




485,837



445,134


Average common shareholders' equity


28,471



26,447



21,763




25,393



21,275


Assets under administration (AUA) (6)(7)

2,192,947


2,105,626


2,041,887



2,192,947


2,041,887


Assets under management (AUM) (7)

221,571


201,275


183,715



221,571


183,715


Balance sheet quality (All-in basis) and liquidity measures

















Risk-weighted assets (RWA) ($ millions)


















Common Equity Tier 1 (CET1) capital RWA

$

203,321


$

198,459


$

168,996



$

203,321


$

168,996



Tier 1 capital RWA


203,321



198,686



169,322




203,321



169,322



Total capital RWA


203,321



198,867



169,601




203,321



169,601


Capital ratios


















CET1 ratio


10.6

%


10.4

%


11.3

%



10.6

%


11.3

%


Tier 1 capital ratio


12.1

%


11.9

%


12.8

%



12.1

%


12.8

%


Total capital ratio


13.8

%


13.7

%


14.8

%



13.8

%


14.8

%

Basel III leverage ratio


















Leverage ratio exposure ($ millions)

$

610,353


$

602,314


$

545,480



$

610,353


$

545,480



Leverage ratio


4.0

%


3.9

%


4.0

%



4.0

%


4.0

%

Liquidity coverage ratio (LCR)


120

%


125

%


124

%



n/a



n/a


Other information


















Full-time equivalent employees


44,928



45,685



43,213




44,928



43,213


(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. The results of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management strategic business unit. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

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

(3)

The ratio is calculated as the provision for credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses.

(4)

Excludes 2,010,890 common shares which are issued and outstanding but which have not been acquired by a third party as at October 31, 2017 (July 31, 2017: 2,010,890; October 31, 2016: nil). These shares were issued as a component of our acquisition of The PrivateBank. These shares are currently held on behalf of CIBC, and may be cancelled at CIBC's discretion.

(5)

Excludes 190,285 unvested restricted shares as at October 31, 2017 (July 31, 2017: 190,789; October 31, 2016: nil).

(6)

Includes the full amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $1,723.9 billion (July 31, 2017: $1,681.3 billion; October 31, 2016: $1,640.2 billion).

(7)

AUM amounts are included in the amounts reported under AUA.

n/a

Not applicable.


 

Review of Canadian Personal and Small Business Banking fourth quarter results







2017



2017



2016


$ millions, for the three months ended





Oct. 31



Jul. 31

(1)


Oct. 31

 (1)

Revenue














Personal and small business banking




$

2,086


$

2,028


$

1,981



Other





7



11



24


Total revenue





2,093



2,039



2,005


Provision for credit losses





183



190



189


Non-interest expenses





1,161



1,085



1,056


Income before income taxes





749



764



760


Income taxes





198



203



201


Net income




$

551


$

561


$

559


Net income attributable to:














Equity shareholders (a)




$

551


$

561


$

559


Efficiency ratio





55.5

%


53.2

%


52.7

%

Return on equity (2)





57.8

%


61.7

%


58.2

%

Charge for economic capital (2) (b)




$

(93)


$

(89)


$

(94)


Economic profit (2) (a+b)




$

458


$

472


$

465


Full-time equivalent employees





14,709



15,127



15,501


(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

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

 

Net income was $551 million, down $8 million from the fourth quarter of 2016. Adjusted net income (2) was $623 million, up $63 million from the fourth quarter of 2016.

Revenue of $2,093 million was up $88 million from the fourth quarter of 2016. Personal and small business banking revenue increased primarily due to volume growth across most products.

Provision for credit losses of $183 million was down $6 million from the fourth quarter of 2016, mainly due to a lower loss rate, partially offset by growth in the personal lending and card portfolios.

Non-interest expenses of $1,161 million were up $105 million from the fourth quarter of 2016, mainly due to fees and charges related to the launch of Simplii Financial and the related wind-down of President's Choice Financial, shown as an item of note.

Review of Canadian Commercial Banking and Wealth Management fourth quarter results







2017



2017



2016


$ millions, for the three months ended





Oct. 31



Jul. 31

(1)


Oct. 31

 (1)

Revenue














Commercial banking




$

348


$

333


$

312



Wealth management





574



570



534


Total revenue





922



903



846


Provision for (reversal of) credit losses





11



(3)



18


Non-interest expenses





520



508



481


Income before income taxes





391



398



347


Income taxes





104



107



93


Net income




$

287


$

291


$

254


Net income attributable to:














Equity shareholders (a)




$

287


$

291


$

254


Efficiency ratio





56.4

%


56.4

%


56.9

%

Return on equity (2)





37.1

%


38.4

%


33.4

%

Charge for economic capital (2) (b)




$

(76)


$

(73)


$

(74)


Economic profit (2) (a+b)




$

211


$

218


$

180


Full-time equivalent employees





5,081



5,090



4,986


(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

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

 

Net income for the quarter was $287 million, up $33 million from the fourth quarter of 2016. Adjusted net income (2) was $288 million, up $34 million from the fourth quarter of 2016.

Revenue of $922 million was up $76 million from the fourth quarter of 2016, driven by strong deposit and lending growth in our commercial banking business. In addition, wealth management revenue benefitted from growth in AUA and AUM, driven by market appreciation and strong net sales of long-term mutual funds.

Non-interest expenses of $520 million were up $39 million from the fourth quarter of 2016, primarily due to higher performance-based and employee-related compensation.

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







2017



2017



2016


$ millions, for the three months ended





Oct. 31



Jul. 31

(1)


Oct. 31

 (1)

Revenue














Commercial banking




$

283


$

150


$

49



Wealth management





115



80



57



Other





24



9



-


Total revenue (2)





422



239



106


Provision for credit losses





48



34



-


Non-interest expenses





235



154



77


Income before income taxes





139



51



29


Income taxes (2)





32



10



6


Net income




$

107


$

41


$

23


Net income attributable to:














Equity shareholders (a)




$

107


$

41


$

23


Efficiency ratio





55.7

%


64.3

%


73.3

%

Return on equity (3)





6.4

%


5.2

%


19.0

%

Charge for economic capital (3) (b)




$

(156)


$

(76)


$

(12)


Economic profit (3) (a+b)




$

(49)


$

(35)


$

11


Full-time equivalent employees





1,753



1,734



310


(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

Revenue and income taxes are reported on a taxable equivalent basis (TEB). Accordingly, revenue and income taxes include a TEB adjustment of $1 million for the quarter ended October 31, 2017 (July 31, 2017: $1 million; October 31, 2016: nil). The equivalent amounts are offset in the revenue and income taxes of Corporate and Other.

(3)

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

 

Net income for the quarter was $107 million, up $84 million from the fourth quarter of 2016. Adjusted net income (3) was $119 million, up $95 million from the fourth quarter of 2016.

Revenue of $422 million was up $316 million from the fourth quarter of 2016, reflecting a full quarter of strong performance from The PrivateBank, which rebranded during the quarter to CIBC Bank USA. Revenue for the quarter included $31 million of accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, shown as an item of note.

Provision for credit losses of $48 million included $35 million of collective allowance for new loan originations and renewals of acquired loans relating to CIBC Bank USA, shown as an item of note.

Non-interest expenses of $235 million were up $158 million from the fourth quarter of 2016, primarily due to the inclusion of the results of CIBC Bank USA.

Review of Capital Markets fourth quarter results







2017



2017



2016


$ millions, for the three months ended





Oct. 31



Jul. 31

(1)


Oct. 31

 (1)

Revenue














Global markets




$

299


$

362


$

366



Corporate and investment banking





326



318



265



Other





(3)



(1)



(5)


Total revenue (2)





622



679



626


Provision for credit losses





-



1



-


Non-interest expenses





320



340



308


Income before income taxes





302



338



318


Income taxes (2)





80



86



63


Net income




$

222


$

252


$

255


Net income attributable to:














Equity shareholders (a)




$

222


$

252


$

255


Efficiency ratio





51.3

%


50.0

%


49.3

%

Return on equity (3)





30.0

%


33.3

%


31.0

%

Charge for economic capital (3) (b)




$

(72)


$

(74)


$

(80)


Economic profit (3) (a+b)




$

150


$

178


$

175


Full-time equivalent employees





1,314



1,327



1,260


(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

Revenue and income taxes are reported on a TEB basis. Accordingly, revenue and income taxes include a TEB adjustment of $37 million for the quarter ended October 31, 2017 (July 31, 2017: $20 million; October 31, 2016: $97 million). The equivalent amounts are offset in the revenue and income taxes of Corporate and Other.

(3)

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

 

Net income for the quarter was $222 million, compared with net income of $255 million for the fourth quarter of 2016. Adjusted net income (3) for the quarter was $222 million, compared with $262 million for the fourth quarter of 2016.

Revenue of $622 million was down $4 million from the fourth quarter of 2016. In global markets, lower equity and commodities trading revenue was partially offset by higher foreign exchange trading revenue.  In corporate and investment banking, higher investment portfolio gains, debt underwriting and corporate banking revenue were partially offset by lower equity underwriting revenue.

Non-interest expenses of $320 million were up $12 million from the fourth quarter of 2016, largely due to higher spending on strategic initiatives.

Review of Corporate and Other fourth quarter results





2017

2017


2016


$ millions, for the three months ended




Oct. 31

Jul. 31

(1)

Oct. 31

(1)

Revenue













International banking




$

183

$

183


$

176



Other





27


61



(78)


Total revenue (2)





210


244



98


Provision for (reversal of) credit losses





(13)


(13)



15


Non-interest expenses





334


365



425


Loss before income taxes





(111)


(108)



(342)


Income taxes (2)





(108)


(60)



(182)


Net loss




$

(3)

$

(48)


$

(160)


Net income (loss) attributable to:













Non-controlling interests




$

5

$

4


$

4



Equity shareholders





(8)


(52)



(164)


Full-time equivalent employees





22,071


22,407



21,156


(1)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

(2)

Revenue and income taxes of Capital Markets and U.S. Commercial Banking and Wealth Management are reported on a TEB basis. The equivalent amounts are offset in the revenue and income taxes of Corporate and Other. Accordingly, revenue and income taxes include a TEB adjustment of $38 million for the quarter ended October 31, 2017 (July 31, 2017: $21 million; October 31, 2016: $97 million).

(3)

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

 

Net loss for the quarter was $3 million, compared with a net loss of $160 million in the same quarter last year, primarily due to higher revenue and lower non-interest expenses. Adjusted net income(3) for the quarter was $11 million, compared with a net loss of $59 million for the prior year quarter.

Revenue of $210 million was up $112 million from the fourth quarter of 2016, primarily due to higher Treasury revenue and a lower TEB revenue adjustment.

Reversal of credit losses was $13 million compared with a provision for credit losses of $15 million in the fourth quarter of 2016. Adjusting for the reduction in the collective allowance shown as an item of note, provision for credit losses was $5 million for the quarter, down $10 million from the fourth quarter of 2016.

Non-interest expenses of $334 million were down $91 million from the fourth quarter of 2016, as the prior year included higher restructuring charges primarily relating to employee severance, shown as an item of note.

Income tax benefit was down $74 million from the fourth quarter of 2016, mainly due to a lower loss and a lower TEB adjustment.

Consolidated balance sheet

$ millions, as at October 31



2017

(1)


2016

ASSETS







Cash and non-interest-bearing deposits with banks


$

3,440


$

3,500

Interest-bearing deposits with banks



10,712



10,665

Securities







Trading



50,679



49,915

Available-for-sale (AFS) and held-to-maturity (HTM)



42,592



37,253

Designated at fair value (FVO)



148



255




93,419



87,423

Cash collateral on securities borrowed



5,035



5,433

Securities purchased under resale agreements



40,383



28,377

Loans







Residential mortgages



207,271



187,298

Personal



40,937



38,041

Credit card



12,378



12,332

Business and government



97,766



71,437

Allowance for credit losses



(1,618)



(1,691)




356,734



307,417

Other







Derivative instruments



24,342



27,762

Customers' liability under acceptances



8,824



12,364

Land, buildings and equipment



1,783



1,898

Goodwill



5,367



1,539

Software and other intangible assets



1,978



1,410

Investments in equity-accounted associates and joint ventures



715



766

Deferred tax assets



727



771

Other assets



11,805



12,032




55,541



58,542



$

565,264


$

501,357

LIABILITIES AND EQUITY







Deposits







Personal


$

159,327


$

148,081

Business and government



225,622



190,240

Bank



13,789



17,842

Secured borrowings



40,968



39,484




439,706



395,647

Obligations related to securities sold short



13,713



10,338

Cash collateral on securities lent



2,024



2,518

Obligations related to securities sold under repurchase agreements



27,971



11,694

Other







Derivative instruments



23,271



28,807

Acceptances



8,828



12,395

Deferred tax liabilities



30



21

Other liabilities



15,275



12,898




47,404



54,121

Subordinated indebtedness



3,209



3,366

Equity







Preferred shares



1,797



1,000

Common shares



12,548



8,026

Contributed surplus



137



72

Retained earnings



16,101



13,584

Accumulated other comprehensive income (AOCI)



452



790

Total shareholders' equity



31,035



23,472

Non-controlling interests



202



201

Total equity



31,237



23,673



$

565,264


$

501,357

(1)

Includes the balances of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.


 

Consolidated statement of income



For the three



For the twelve



months ended



months ended



2017


2017



2016



2017


2016

$ millions, except as noted


Oct. 31


Jul. 31

(1)


Oct. 31



Oct. 31

(1)

Oct. 31

Interest income













Loans

$

3,143

$

2,802


$

2,531


$

11,028

$

9,833

Securities


479


441



457



1,890


1,774

Securities borrowed or purchased under resale agreements


148


129



90



495


329

Deposits with banks


55


46



37



180


156



3,825


3,418



3,115



13,593


12,092

Interest expense













Deposits


1,174


974



878



3,953


3,215

Securities sold short


64


49



45



226


199

Securities lent or sold under repurchase agreements


73


77



36



254


127

Subordinated indebtedness


38


34



35



142


137

Other


12


8



11



41


48



1,361


1,142



1,005



4,616


3,726

Net interest income


2,464


2,276



2,110



8,977


8,366

Non-interest income













Underwriting and advisory fees


116


124



103



452


446

Deposit and payment fees


214


211



207



843


832

Credit fees


199


199



166



744


638

Card fees


119


110



125



463


470

Investment management and custodial fees


284


261



233



1,034


882

Mutual fund fees


396


399



378



1,573


1,462

Insurance fees, net of claims


107


107



97



427


396

Commissions on securities transactions


86


82



83



349


342

Trading income (loss)


47


93



(32)



226


(88)

AFS securities gains, net


37


30



6



143


73

FVO gains (losses), net


(7)


7



10



1


17

Foreign exchange other than trading


59


74



53



252


367

Income from equity-accounted associates and joint ventures


26


29



24



101


96

Other


122


102



118



695


736



1,805


1,828



1,571



7,303


6,669

Total revenue


4,269


4,104



3,681



16,280


15,035

Provision for credit losses


229


209



222



829


1,051

Non-interest expenses













Employee compensation and benefits


1,316


1,324



1,292



5,198


4,982

Occupancy costs


215


205



209



822


804

Computer, software and office equipment


450


418



393



1,630


1,398

Communications


78


81



75



317


319

Advertising and business development


89


76



77



282


269

Professional fees


71


72



61



229


201

Business and capital taxes


26


24



18



96


68

Other


325


252



222



997


930



2,570


2,452



2,347



9,571


8,971

Income before income taxes


1,470


1,443



1,112



5,880


5,013

Income taxes


306


346



181



1,162


718

Net income

$

1,164

$

1,097


$

931


$

4,718

$

4,295

Net income attributable to non-controlling interests

$

5

$

4


$

4


$

19

$

20


Preferred shareholders

$

24

$

9


$

10


$

52

$

38


Common shareholders


1,135


1,084



917



4,647


4,237

Net income attributable to equity shareholders

$

1,159

$

1,093


$

927


$

4,699

$

4,275

Earnings per share (in dollars)














Basic

$

2.60

$

2.61


$

2.32


$

11.26

$

10.72


Diluted


2.59


2.60



2.32



11.24


10.70

Dividends per common share (in dollars)


1.30


1.27



1.21



5.08


4.75

(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.


 

Consolidated statement of comprehensive income



For the three


For the twelve



months ended


months ended




2017


2017


2016



2017


2016

$ millions


Oct. 31


Jul. 31

(1)

Oct. 31



Oct. 31

(1)

Oct. 31

Net income

$

1,164

$

1,097

$

931


$

4,718

$

4,295

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


1,084


(2,643)


606



(1,148)


487


Net (gains) losses on investments in foreign operations reclassified to net income


-


-


-



-


(272)


Net gains (losses) on hedges of investments in foreign operations


(653)


1,586


(383)



772


(257)


Net (gains) losses on hedges of investments in foreign operations reclassified to net income


-


-


-



-


121




431


(1,057)


223



(376)


79


Net change in AFS securities













Net gains (losses) on AFS securities


6


(23)


14



6


125


Net (gains) losses on AFS securities reclassified to net income


(30)


(19)


(5)



(107)


(58)




(24)


(42)


9



(101)


67


Net change in cash flow hedges













Net gains (losses) on derivatives designated as cash flow hedges


20


(20)


8



70


13


Net (gains) losses on derivatives designated as cash flow hedges reclassified to net income


(14)


1


(11)



(60)


(12)



6


(19)


(3)



10


1

OCI, net of income tax, that is not subject to subsequent reclassification to net income













Net gains (losses) on post-employment defined benefit plans


(125)


203


55



139


(390)


Net gains (losses) due to fair value change of FVO liabilities attributable

 to changes in credit risk


(3)


(1)


(3)



(10)


(5)

Total OCI (2)


285


(916)


281



(338)


(248)

Comprehensive income

$

1,449

$

181

$

1,212


$

4,380

$

4,047

Comprehensive income attributable to non-controlling interests

$

5

$

4

$

4


$

19

$

20


Preferred shareholders

$

24

$

9

$

10


$

52

$

38


Common shareholders


1,420


168


1,198



4,309


3,989

Comprehensive income attributable to equity shareholders

$

1,444

$

177

$

1,208


$

4,361

$

4,027

(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.

(2)

Includes $7 million of losses for the quarter ended October 31, 2017 (July 31, 2017: $11 million of losses; October 31, 2016: $2 million of gains), relating to our investments in equity-accounted associates and joint ventures.

 



For the three


For the twelve



months ended


months ended




2017


2017


2016



2017


2016

$ millions


Oct. 31


Jul. 31

(1)

Oct. 31



Oct. 31

(1)

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

$

(34)

$

89

$

(19)


$

42

$

(17)


Net (gains) losses on investments in foreign operations reclassified to net income


-


-


-



-


37


Net gains (losses) on hedges of investments in foreign operations


136


(343)


69



(170)


128


Net (gains) losses on hedges of investments in foreign operations reclassified to net income


-


-


-



-


(26)




102


(254)


50



(128)


122


Net change in AFS securities













Net gains (losses) on AFS securities


(8)


5


(6)



(23)


(24)


Net (gains) losses on AFS securities reclassified to net income


7


11


1



36


15




(1)


16


(5)



13


(9)


Net change in cash flow hedges













Net gains (losses) on derivatives designated as cash flow hedges


(5)


7


(3)



(23)


(5)


Net (gains) losses on derivatives designated as cash flow hedges reclassified to net income


5


-


4



22


5




-


7


1



(1)


-

Not subject to subsequent reclassification to net income













Net gains (losses) on post-employment defined benefit plans


42


(73)


(13)



(54)


149


Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk


1


1


-



4


1



$

144

$

(303)

$

33


$

(166)

$

263

(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.


 

Consolidated statement of changes in equity



For the three


For the twelve



months ended


months ended




2017


2017


2016



2017


2016

$ millions


Oct. 31


Jul. 31

(1)

Oct. 31



Oct. 31

(1)

Oct. 31

Preferred shares












Balance at beginning of period

$

1,796

$

1,000

$

1,000


$

1,000

$

1,000

Issue of preferred shares


-


800


-



800


-

Treasury shares


1


(4)


-



(3)


-

Balance at end of period

$

1,797

$

1,796

$

1,000


$

1,797

$

1,000

Common shares












Balance at beginning of period

$

12,197

$

8,509

$

7,806


$

8,026

$

7,813

Issued pursuant to the acquisition of The PrivateBank


-


3,443


-



3,443


-

Issued pursuant to the acquisition of Geneva Advisors


126


-


-



126


-

Other issue of common shares


241


224


212



957


273

Purchase of common shares for cancellation


-


-


-



-


(61)

Treasury shares


(16)


21


8



(4)


1

Balance at end of period

$

12,548

$

12,197

$

8,026


$

12,548

$

8,026

Contributed surplus












Balance at beginning of period

$

137

$

65

$

73


$

72

$

76

Issue of replacement equity-settled awards pursuant to the acquisition of The PrivateBank


-


72


-



72


-

Stock options and restricted shares expense


3


3


2



7


5

Stock options exercised


(3)


(4)


(2)



(15)


(9)

Other


-


1


(1)



1


-

Balance at end of period

$

137

$

137

$

72


$

137

$

72

Retained earnings












Balance at beginning of period

$

15,535

$

15,011

$

13,145


$

13,584

$

11,433

Net income attributable to equity shareholders


1,159


1,093


927



4,699


4,275

Dividends













Preferred


(24)


(9)


(10)



(52)


(38)


Common


(569)


(551)


(478)



(2,121)


(1,879)

Premium on purchase of common shares for cancellation


-


-


-



-


(209)

Other


-


(9)


-



(9)


2

Balance at end of period

$

16,101

$

15,535

$

13,584


$

16,101

$

13,584

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

$

307

$

1,364

$

891


$

1,114

$

1,035


Net change in foreign currency translation adjustments


431


(1,057)


223



(376)


79


Balance at end of period

$

738

$

307

$

1,114


$

738

$

1,114


Net gains (losses) on AFS securities













Balance at beginning of period

$

84

$

126

$

152


$

161

$

94


Net change in AFS securities


(24)


(42)


9



(101)


67


Balance at end of period

$

60

$

84

$

161


$

60

$

161


Net gains (losses) on cash flow hedges













Balance at beginning of period

$

27

$

46

$

26


$

23

$

22


Net change in cash flow hedges


6


(19)


(3)



10


1


Balance at end of period

$

33

$

27

$

23


$

33

$

23

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

$

(244)

$

(447)

$

(563)


$

(508)

$

(118)


Net change in post-employment defined benefit plans


(125)


203


55



139


(390)


Balance at end of period

$

(369)

$

(244)

$

(508)


$

(369)

$

(508)


Net gains (losses) due to fair value change of FVO liabilities attributable to changes in credit risk













Balance at beginning of period

$

(7)

$

(6)

$

3


$

-

$

5


Net change attributable to changes in credit risk


(3)


(1)


(3)



(10)


(5)


Balance at end of period

$

(10)

$

(7)

$

-


$

(10)

$

-

Total AOCI, net of income tax

$

452

$

167

$

790


$

452

$

790

Non-controlling interests












Balance at beginning of period

$

190

$

208

$

188


$

201

$

193

Net income attributable to non-controlling interests


5


4


4



19


20

Dividends


-


(4)


-



(8)


(19)

Other


7


(18)


9



(10)


7

Balance at end of period

$

202

$

190

$

201


$

202

$

201

Equity at end of period

$

31,237

$

30,022

$

23,673


$

31,237

$

23,673

(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.


 

Consolidated statement of cash flows



For the three




For the twelve




months ended




months ended




2017


2017



2016




2017


2016


$ millions


Oct. 31


Jul. 31

(1)(2)


Oct. 31

(2)



Oct. 31

(1)(2)

Oct. 31

(2)

Cash flows provided by (used in) operating activities















Net income

$

1,164

$

1,097


$

931



$

4,718

$

4,295


Adjustments to reconcile net income to cash flows provided by (used in) operating activities:
















Provision for credit losses


229


209



222




829


1,051



Amortization and impairment (3)


152


143



129




542


462



Stock options and restricted shares expense


3


3



2




7


5



Deferred income taxes


30


125



14




21


(20)



AFS securities losses (gains), net


(37)


(30)



(6)




(143)


(73)



Net losses (gains) on disposal of land, buildings and equipment


1


(3)



(11)




(305)


(72)



Other non-cash items, net


(32)


37



(93)




(15)


(692)



Net changes in operating assets and liabilities

















Interest-bearing deposits with banks


4,998


(4,481)



(479)




394


4,919




Loans, net of repayments


(7,392)


(7,926)



(9,003)




(30,547)


(27,464)




Deposits, net of withdrawals


(938)


2,721



6,277




18,407


28,440




Obligations related to securities sold short


1,131


(511)



905




3,375


532




Accrued interest receivable


(144)


155



(49)




(34)


(98)




Accrued interest payable


152


(120)



194




90


(72)




Derivative assets


2,097


(625)



768




3,588


(1,425)




Derivative liabilities


(4,881)


3,787



(1,386)




(5,549)


(232)




Trading securities


(2,606)


12,204



(746)




(764)


(3,734)




FVO securities


(5)


11



7




107


12




Other FVO assets and liabilities


(234)


52



15




1,071


807




Current income taxes


(17)


(1,227)



(20)




(1,063)


8




Cash collateral on securities lent


(37)


359



(212)




(494)


1,089




Obligations related to securities sold under repurchase agreements


5,418


(1,607)



1,056




16,277


2,780




Cash collateral on securities borrowed


831


828



(116)




398


(2,188)




Securities purchased under resale agreements


273


(2,058)



2,766




(10,556)


1,712




Other, net


1,842


(1,356)



1,409




2,103


169






1,998


1,787



2,574




2,457


10,211


Cash flows provided by (used in) financing activities















Issue of subordinated indebtedness


-


-



-




-


1,000


Redemption/repurchase/maturity of subordinated indebtedness


-


(35)



(14)




(55)


(1,514)


Issue of preferred shares, net of issuance cost


-


792



-




792


-


Issue of common shares for cash


38


33



46




194


100


Purchase of common shares for cancellation


-


-



-




-


(270)


Net sale (purchase) of treasury shares


(15)


17



8




(7)


1


Dividends paid


(393)


(373)



(324)




(1,425)


(1,753)






(370)


434



(284)




(501)


(2,436)


Cash flows provided by (used in) investing activities















Purchase of AFS securities


(8,975)


(12,074)



(6,380)




(37,864)


(31,625)


Proceeds from sale of AFS securities


1,923


4,224



1,755




18,787


10,750


Proceeds from maturity of AFS securities


4,645


8,884



2,925




19,368


12,299


Cash used in acquisitions, net of cash acquired


(27)


(2,490)



-




(2,517)


-


Net cash provided by dispositions of investments in equity-accounted associates and joint ventures


40


-



-




60


1,363


Net sale (purchase) of land, buildings and equipment


(66)


(26)



(75)




201


(170)






(2,460)


(1,482)



(1,775)




(1,965)


(7,383)


Effect of exchange rate changes on cash and non-interest-bearing deposits with banks


65


(147)



43




(51)


55


Net increase (decrease) in cash and non-interest-bearing deposits with banks during period


(767)


592



558




(60)


447


Cash and non-interest-bearing deposits with banks at beginning of period


4,207


3,615



2,942




3,500


3,053


Cash and non-interest-bearing deposits with banks at end of period (4)

$

3,440

$

4,207


$

3,500



$

3,440

$

3,500


Cash interest paid

$

1,209

$

1,262


$

811



$

4,526

$

3,798


Cash interest received


3,491


3,309



2,770




12,611


10,961


Cash dividends received


191


264



296




949


1,033


Cash income taxes paid


293


1,448



187




2,204


730


(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. See Note 3 of the 2017 Annual Report for additional details.

(2)

Certain information has been reclassified to conform to the presentation adopted in the current year.

(3)

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

(4)

Includes restricted balance of $436 million (July 31, 2017: $420 million; October 31, 2016: $422 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 2017 Annual Report.




As at or for the



As at or for the





three months ended



twelve months ended






2017



2017



2016




2017



2016


$ millions




Oct. 31



Jul. 31

(1)


Oct. 31




Oct. 31



Oct. 31


Reported and adjusted diluted EPS



















Reported net income attributable to common shareholders

A


$

1,135


$

1,084


$

917



$

4,647


$

4,237


After-tax impact of items of note (2)




99



69



110




(53)



(191)


Adjusted net income attributable to common shareholders (3)

B


$

1,234


$

1,153


$

1,027



$

4,594


$

4,046


Diluted weighted-average common shares outstanding (thousands)

C



438,556



416,385



395,750




413,563



395,919


Reported diluted EPS ($)

A/C


$

2.59


$

2.60


$

2.32



$

11.24


$

10.70


Adjusted diluted EPS ($) (3)

B/C



2.81



2.77



2.60




11.11



10.22


Reported and adjusted return on common shareholders' equity



















Average common shareholders' equity

D


$

28,471


$

26,447


$

21,763



$

25,393


$

21,275


Reported return on common shareholders' equity

A/D

(4)


15.8

%


16.3

%


16.8

%



18.3

%


19.9

%

Adjusted return on common shareholders' equity (3)

B/D

(4)


17.2

%


17.3

%


18.8

%



18.1

%


19.0

%

 



Canadian

U.S.






Canadian

Commercial

Commercial






Personal and

Banking and

Banking and






Small Business

Wealth

Wealth


Capital

Corporate

CIBC

$ millions, for the three months ended

Banking

Management

Management

(1)

Markets

and Other

Total

Oct. 31

Reported net income (loss)

$

551

$

287

$

107


$

222

$

(3)

$

1,164

2017

After-tax impact of items of note (2)


72


1


12



-


14


99


Adjusted net income (3)

$

623

$

288

$

119


$

222

$

11

$

1,263

Jul. 31

Reported net income (loss)

$

561

$

291

$

41


$

252

$

(48)

$

1,097

2017 (5)

After-tax impact of items of note (2)


1


-


4



-


64


69


Adjusted net income (3)

$

562

$

291

$

45


$

252

$

16

$

1,166

Oct. 31

Reported net income (loss)

$

559

$

254

$

23


$

255

$

(160)

$

931

2016 (5)

After-tax impact of items of note (2)


1


-


1



7


101


110


Adjusted net income (loss) (3)

$

560

$

254

$

24


$

262

$

(59)

$

1,041















$ millions, for the twelve months ended














Oct. 31

Reported net income (loss)

$

2,420

$

1,138

$

203


$

1,090

$

(133)

$

4,718

2017

After-tax impact of items of note (2)


(170)


1


19



-


97


(53)


Adjusted net income (loss) (3)

$

2,250

$

1,139

$

222


$

1,090

$

(36)

$

4,665

Oct. 31

Reported net income

$

2,160

$

991

$

87


$

992

$

65

$

4,295

2016 (5)

After-tax impact of items of note (2)


(25)


2


6



28


(202)


(191)


Adjusted net income (loss) (3)

$

2,135

$

993

$

93


$

1,020

$

(137)

$

4,104

(1)

Includes the results of CIBC Bank USA following the completion of the acquisition on June 23, 2017. The results of CIBC Bank USA are included in the U.S. Commercial Banking and Wealth Management SBU. See the "Significant events" section of the 2017 Annual Report for additional details.

(2)

Reflects impact of items of note under the "Financial results" section of the 2017 Annual Report.

(3)

Non-GAAP measure.

(4)

Annualized.

(5)

Certain information has been reclassified to conform to the presentation adopted in the current year. See the "External reporting changes" section of the 2017 Annual Report for additional details.

 

Items of note


For the three


For the twelve


months ended


months ended



2017


2017


2016



2017


2016

$ millions


Oct. 31


Jul. 31


Oct. 31



Oct. 31


Oct. 31

Gain on the sale and lease back of certain retail properties

$

-

$

-

$

-


$

(299)

$

-

Gain, net of related transaction costs, on the sale of our minority investment in ACI


-


-


-



-


(428)

Gain, net of related transaction and severance costs, on the sale of a processing centre


-


-


-



-


(53)

Loss (income) from the structured credit run-off business


-


-


9



-


(3)

Amortization of intangible assets


19


10


7



41


30

Fees and charges related to the launch of Simplii Financial and the related wind-down of President's Choice Financial


98


-


-



98


-

Transaction and integration-related costs as well as purchase accounting adjustments associated with the acquisition of The PrivateBank and Geneva Advisors (1)


46


38


-



104


-

Increase in legal provisions


-


45


-



45


77

Increase (decrease) in collective allowance recognized in Corporate and Other (2)


(18)


-


-



(18)


109

Loan losses in our exited European leveraged finance portfolio


-


-


-



-


40

Restructuring charges primarily relating to employee severance


-


-


134



-


134

Pre-tax impact of items of note on net income


145


93


150



(29)


(94)


Income tax impact on above items of note


(46)


(24)


(40)



(24)


(52)


Income tax recovery due to the settlement of transfer pricing-related matters


-


-


-



-


(30)


Income tax recovery arising from a change in our expected utilization of tax loss carryforwards


-


-


-



-


(15)

After-tax impact of items of note on net income

$

99

$

69

$

110


$

(53)

$

(191)

(1)

Transaction costs include legal and other advisory fees, as well as financing costs associated with: (i) pre-funding the cash component of the merger consideration; (ii) interest incurred on the obligation payable to dissenting shareholders; and (iii) changes in the fair value of contingent consideration on the Geneva Advisors acquisition. Integration costs are comprised of direct and incremental costs incurred as part of planning for integrating the businesses of The PrivateBank (subsequently rebranded as CIBC Bank USA) and Geneva Advisors with CIBC, including enabling cross-sell opportunities and expansion of services in the U.S. market, the upgrade and conversion of systems and processes, project management, integration-related travel, severance, consulting fees and marketing costs related to rebranding activities. Purchase accounting adjustments, included as items of note beginning in the fourth quarter of 2017, include the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, as well as the collective allowance established for new loan originations and renewals of acquired loans.

(2)

Relates to 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; (iii) net write-offs for the cards portfolio; and (iv) the collective allowance related to CIBC Bank USA, 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, 2017.

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 1-866-696-5910, passcode 6557163#) and French (514-861-2255, or toll-free 1-877-405-9213, passcode 8500566#). Participants are asked to dial in 10 minutes before the call. Immediately following the formal presentations, CIBC executives will be available to answer questions.

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

Details of CIBC's 2017 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 7670974#) and French (514-861-2272 or 1-800-408-3053, passcode 4687756#) until 11:59 p.m. (ET) December 7, 2017. The audio webcast will be archived at www.cibc.com/en/about-cibc/investor-relations/quarterly-results.html

About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

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 news release prior to it being issued.

A NOTE ABOUT FORWARD-LOOKING STATEMENTS:
From time to time, we make written or oral forward-looking statements within the meaning of certain securities laws, including in this news release, in other filings with Canadian securities regulators or the U.S. Securities and Exchange Commission 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 2017 Annual Report under the heading "Financial performance overview – Outlook for calendar year 2018" and other statements about our operations, business lines, financial condition, risk management, priorities, targets, ongoing objectives, strategies, the regulatory environment in which we operate and outlook for calendar year 2018 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 2018" section of our 2017 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 Organisation for Economic Co-operation and Development Common Reporting Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking Supervision's global standards for capital and liquidity reform, and those relating to bank recapitalization legislation and the payments system in Canada; amendments to, and interpretations of, risk-based capital guidelines and reporting instructions, and interest rate and liquidity regulatory guidance; 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, including changes relating to economic or trade matters; 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 market and 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 global credit risks; 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 synergies and benefits of the acquisition of PrivateBancorp, Inc. 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. 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: Amy South, SVP, 416-594-7386, [email protected]; Jason Patchett, analyst enquiries, 416-980-8691, [email protected]; Alice Dunning, investor enquiries, 416-861-8870, [email protected]; Media Inquiries: Erica Belling, 416-594-7251, [email protected]; Caroline Van Hasselt, 416-784-6699, [email protected]
Back
print email rss